PANews reported on May 15th that, according to The Block, Sharplink CEO Joseph Chalom stated that Ethereum treasury companies are shifting from the Strategy and Michael Saylor model to a different path, focusing on staking revenue and simpler balance sheets rather than complex funding structures. Chalom believes that only a few Ethereum treasury companies will survive market downturns.

Chalom stated that Ethereum treasury companies can generate returns directly from their holdings, rather than relying excessively on leverage or complex financing structures, contrasting with Strategy's model. He cited BlackRock CEO Larry Fink's description of Ethereum as a "toll road for tokenization," and believes that developments such as the 24-hour trading schedules of the New York Stock Exchange and Nasdaq, the tokenized collateral work of the DTCC, and Bullish's acquisition of Equiniti will further propel tokenization into traditional finance. Chalom anticipates that as stablecoins, tokenized assets, DeFi, and AI applications expand on Ethereum, Ethereum will gradually diverge from Bitcoin's path.