Ethereum co-founder and Consensys CEO Joseph Lubin just gave ETH bulls something to chew on. In a post on X, he applauded Fundstrat’s Tom Lee on his vision for the future of finance and the expanding role of Ethereum in traditional institutions.

“Yes, ETH will likely 100x from here. Probably much more.”

Joseph Lubin agrees; Wall Street will stake on Ethereum

As a blockchain pioneer, Joseph Lubin is best known as a co-founder of Ethereum and the founder and CEO of Consensys, the largest web3 software studio. Drawing on deep roots in finance as a former Goldman Sachs VP, Lubin has been instrumental in developing Ethereum as the preeminent platform for decentralized finance and smart contracts since 2014.

Responding to Tom Lee’s bullish outlook, Lubin predicts a seismic shift in global finance: Wall Street giants will soon run validators, operate L2s and L3s, and write smart contracts to move their business infrastructure onto Ethereum rails.

JPMorgan, for example, has used Ethereum-based technology for its permissioned blockchain projects for about a decade and is joined by Goldman Sachs, Onyx, and a growing roster of major banks launching stablecoin and DeFi initiatives on Ethereum.

Since June 2025, treasury companies, including Bitmine Immersion and Sharplink Gaming, have added 2.6% of all ETH in circulation to their reserves.

When combined with inflows to new ETH ETFs, institutional buyers account for nearly 5% of Ethereum’s supply so far this year. Sharplink and Bitmine now hold over $6 billion in ETH, setting industry benchmarks for corporate adoption.

And with the approval of multiple Ethereum ETFs, asset managers like BlackRock and VanEck have invested billions into ETH for their clients, marking a tipping point in its adoption as a primary digital asset for institutional treasuries.

Why Ethereum? ‘Decentralized trust’

VanEck’s CEO recently dubbed Ethereum “Wall Street’s token,” and Lubin argues that the transformative potential of Ethereum derives from “decentralized trust,” a quality Wall Street sorely needs.

As legacy institutions migrate from fragmented, siloed infrastructure to unified decentralized rails, staking ETH becomes both a technical and economic imperative:

“Nobody on the planet can currently fathom how large and fast a rigorously decentralized economy, saturated with hybrid human-machine intelligence, operating on decentralized Ethereum Trustware, can grow.”

In his view, not only will L2s and L3s drive more usage of the Ethereum base layer, but “ETH will likely 100x from here” and eventually “flippen the Bitcoin/BTC monetary base.”

September is Ethereum’s toughest month

Ethereum’s surging momentum doesn’t come without bumps in the road. September is historically Ethereum’s toughest month, averaging a -6.42% return since 2016.

The combination of a meteoric summer rally (up 76% year-to-date, nearly 25% in August) and seasonal trends may see a pullback in the month ahead, especially as macro sentiment, monetary policy, and profit-taking could weigh on prices.

Still, bullish fundamentals remain. Net ETH inflows from institutions, the steady climb in corporate treasury holdings, rising yields from staking (~3% APY), and ongoing upgrades all point to a stronger long-term outlook, as Lubin states:

“The one quibble that I have with what Tom has been saying, and I keep telling him this: he is not nearly bullish enough.”

Mentioned in this article

Ethereum co-founder Joseph Lubin says the project’s development focus could have been behind the lag in ETH‘s price.

In a new interview with Milk Road, Lubin, the chair of SharpLink, a gaming company with an Ethereum treasury, notes that the ecosystem is focused on block space.

“The way the technology is built, it’s built out in the open with a lot of people bickering about a lot of great ideas and prioritizing them, and so that may look like there’s discord in the Ethereum ecosystem, or it just looks like we’re building and scrutinizing lots of different potential paths forward, so pretty healthy in general. When it gets to feel negative, is when price leads sentiment, so if for some reason, the price is lagging, if it’s lagging for a couple of years or three years, against big brother Bitcoin or little brother Solana, then people start to get stressed and they start pointing fingers.

So as I said before, we didn’t have as many applications as we would’ve liked to have, we didn’t have as many users as we would’ve liked to have. We had has much block space as we wanted because that was our goal, to build as much capacity as we could as fast as we could because we want to move the web onto Web3 and we want to move the entire global economy onto sounder, decentralized rails, so that they can take advantage of the much greater trust properties of Ethereum and decentralized trust in general.”

Lubin explains that the “glut” of block space and ETH led to a lack of demand. ETH accumulators are now focused on trying to “tighten up” the asset’s supply/demand dynamics, the Sharplink chair explains.

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Ethereum and Consensys co-founder Joe Lubin said companies adopting ETH treasury strategies will play a critical role in communicating the second-largest digital asset’s value to Wall Street, as major financial institutions ramp up blockchain use and process around 24 million transactions daily.

Lubin made the statement during an interview with CNBC on July 8 in response to queries about the rising trend of Ethereum treasury adoption.

According to Lubin:

“It’s about telling the Ethereum story. What does Wall Street pay attention to? It pays attention to being able to make money.”

He contrasted Bitcoin’s strong narrative with Ethereum’s future-focused positioning, explaining that while Bitcoin has a value proposition people “can understand and get behind,” Ethereum has spent the last decade building scalable infrastructure in anticipation that internet activity will shift to Web3.

Lubin described Web3 as the natural decentralization of the web and said that Ethereum is now scalable, affordable, and legally usable in the US.

However, he added that regulatory hurdles under former SEC Chair Gary Gensler made it unattractive for projects to build and issue tokens, delaying broader consumer and enterprise adoption.

‘The biggest splash’

Lubin said that treasury strategies are emerging as a solution to address Ethereum’s current supply-demand imbalance. He added that holding ETH in treasuries is a strong business model and will be critical to stabilizing market conditions as more applications are built on Ethereum.

He pointed to SharpLink Gaming as an example, describing it as the largest ETH treasury company so far, with holdings exceeding 200,000 ETH. While other firms like Bitmain have also adopted similar strategies, Lubin said SharpLink has made “the biggest splash.”

According to Lubin:

“Because decentralization is the direction of travel for the world. We believe that we’re going to see Ether and Bitcoin continue to rise over the next years and decades as we paradigm shift to more and more decentralization.”

He added that his team is acquiring tens of millions of dollars in Ethereum daily through multiple channels and plans to “stay the course.”

Lubin concluded that these treasury strategies will play a key role in cementing Ethereum’s relevance in traditional finance as the blockchain shifts from infrastructure building to mass application deployment.

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A company chaired by the chief executive of crypto wallet developer Consensys is announcing plans to create an Ethereum (ETH) treasury.

In a new press release, SharpLink Gaming – chaired by Consensys CEO and Ethereum co-founder Joseph Lubin – says it’s going to purchase $475 million worth of ETH and use it as a primary treasury reserve asset.

To raise the funds to accumulate the tokens, SharpLink is selling just over 69 million shares of its common stock.

As stated by Lubin in the press release,

“On close, Consensys looks forward to partnering with SharpLink to explore and develop an Ethereum Treasury Strategy and to work with them in their core business as a strategic advisor.

This is an exciting time for the Ethereum community, and I am delighted to work with [SharpLink CEO Rob Phythian] and the team to bring the Ethereum opportunity to public markets.”

SharpLink’s (SBET) stock has been soaring over the last week, rising from a low of $2.79 on May 22nd to a peak of $50.06 on May 27th, a staggering increase of over 945%. The stock has since retraced and is valued at $29.78 at time of writing.

Ethereum is trading at $2,635 at the time of writing.

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