BitMine, SharpLink and Joe Lubin back ETHLabs, Ethereum Institutional and EthSystems, concentrating protocol R&D, institutional go-to-market and privacy around BMNR, SBET and Lubin. That capital is procyclical because BMNR and SBET are ETH treasury companies, the opposite of the EF Treasury Policy’s 2.5-year operating buffer and counter-cyclical spending mandate.

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