SBET CEO Says Ethereum Bear Case Is ‘Very Small’ Amid Institutional Crypto Adoption

• According to Sharplink CEO Joseph Chalom, the key debate is no longer whether crypto succeeds, but how quickly mainstream adoption occurs.
• He described Ethereum as uniquely positioned because of its decade-long operational history, liquidity, and reliability.
• Chalom said stablecoins and tokenization remain in the early stages of adoption and could significantly reshape global finance.

SharpLink Gaming (SBET) CEO Joseph Chalom said on Thursday that the bear market case for the cryptocurrency industry and Ethereum (ETH) is “very small” with the adoption accelerating across institutions, payments, tokenization and decentralized finance (DeFi).

His main argument was that the technology is no longer experimental, since it is starting to be used in real financial systems. “The institutions are here. They’re not experimenting,” Shalom said in an interview with CoinDesk at Consenus Miami 2026. 

According to Shalom, the biggest risk now is not whether crypto succeeds, but how fast adoption happens. “The bear case is timing,” he said, arguing that stablecoins and tokenized assets are inevitably going mainstream.

Ethereum At Center Of Tokenization Push

Shalom stated that Ethereum is especially well-positioned because it already has scale, liquidity, and reliability. “Ethereum has been proven for 10 years, never gone down, has liquidity, has trust,” he said.

Ethereum’s price fell around 2.7% in the last 24 hours, dipping below the key support level of $2,300. Retail sentiment on Stocktwits around the leading altcoin trended in ‘neutral’ territory over the past day, accompanied by ‘normal’ levels of chatter. 

Meanwhile, SBET’s stock took a dive of over 4.7% in midday trade. Retail sentiment around the company was also in the ’neutral’ territory over the past day, but chatter stayed at ‘low’ levls. 

SBET CEO Calls ‘Super Cycle’ On Tokenization

Shalom acknowledged recent price weakness caused by geopolitical fears and leveraged speculation, but he believes those pressures are temporary and that crypto is now entering a new growth phase. “The tailwinds have never been stronger,” he said.

Shalom stated that stablecoins are still “in their infancy,” meaning adoption is only beginning. He expects stablecoins to eventually become a common way people make payments online and move money globally.

He also said the market is entering a “super cycle on tokenization,” referring to the process of turning real-world assets like stocks, bonds, and funds into blockchain-based digital assets. According to Shalom, tokenization could expand massively because it allows 24/7 trading, instant settlement, and lower costs.

His narrative echoes Bitmine’s (BMNR) Tom Lee who stated that “crypto winter” is over and “crypto spring” has kicked in. He said this means that the crypto bull market is starting and that agentic AI as well as tokenization are likely to be the main drivers of the next crypto rally. 

SharpLink is currently the second largest corporate holder of Ethereum, after Bitmine, with 868,699 ETH on its balance sheet. SBET’s stock has fallen nearly 20% this year, while Ethereum’s price has dipped over 22%. 

Read also: Michael Saylor Says ‘Buy More Bitcoin Than You Can Sell’ After MSTR Opened Door To BTC Sales

For updates and corrections, email newsroom[at]stocktwits[dot]com