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Competition is also fierce among ETH treasury companies. As the first publicly listed company to coin the term "ETH micro-strategy," SBET, led by Joseph Lubin, leveraged its first-mover advantage and its ETH-as-a-spokesman narrative to quickly trigger intense fear of market euphoria in the early days of the market. Its price soared from $3 to over $120, becoming a benchmark for the alt-treasury model.
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