Today, ETH is worth 16,700, but not for you Here’s what’s going on: Consensys, Electric Capital, Parafi, and Galaxy Digital quietly built something like a MicroStrategy for ETH. But instead of talking about it publicly, they used a small public company called Sharplink Gaming. The plan is simple, but smart: – They put in 425 million to buy shares of this company at 6.15 each – On May 27, they sent ETH to the company, priced at around 2,646 per coin – The company now looks like it holds Ethereum and trades on Nasdaq – The share price goes up, more shares are issued, more ETH is bought – The stock is now trading at 39.08 That means ETH put on the balance sheet at 2,646 is now reflected in stock value as if it’s worth 16,700 per coin. Instead of waiting for an ETF or market demand, they created their own structure, private ETH wrapped in a public stock. It’s legal, clever, and looks nothing like a crypto dump chart. It’s also a reminder: open on-chain activity can be hidden behind closed company doors. While retail avoids buying altcoins that crash every week, insiders find new ways to extract huge value. This move will likely work until the next bear market, just like GBTC once did. And once again, it won’t be retail that gets the best price.