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You Can Earn Ethereum by Playing These Free Mobile Games

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Ethereum recently surged to an all-time high price just shy of $5,000, finally breaking its long-standing record from 2021. And if you’re keen on racking up as much ETH as you can while it’s hot, then here’s another method you might not have considered: playing games.

Much like with Bitcoin, a number of free mobile games pay out real ETH rewards. Games like Ethereum Blast, Word Breeze, and even Bitcoin Solitaire are built on the Bling Financial platform, letting players earn points that can be converted to Ethereum or Bitcoin, with ETH available to withdraw to a Coinbase account.

Keep your expectations in check: The amount of ETH you’ll earn typically averages out to pennies’ worth per hour, and you’ll watch a lot of ads between levels. But you’ll also earn real ETH, and most of these iOS and Android games are solidly fun aside from the interruptions.



Ethereum Blast

Download: iOS or Android

The one Ethereum-named game on this list is a space-themed puzzler, and it’s a simple one: When two or more like-colored blocks connect, you can tap to clear them from the board. You’ll do so to either axe a certain number of blocks or complete some kind of mission, like clearing a path for gems to fall to the bottom. It’s relatively mindless, but a decent diversion.

Sweet Bitcoin

Download: iOS or Android

Sweet Bitcoin is an unabashed Candy Crush Saga clone, and there’s truly no shortage of those on the App Store or Play Store. But this one’s a decent enough copycat, tasking you with swiping to match like-colored fruits and clear them from the screen—and like the other Bling games on this list, it’ll net you ETH or BTC rewards along the way.

Word Breeze

Download: iOS or Android

One of the more entertaining games on this list is Word Breeze—a simple game that tasks you with completinga crossword-style grid with words via a jumble of letters. You can play a few levels between the ad breaks, and while not especially difficult, it uses your brain more than some other games on this list… and might teach you a few terms in the process.

Bitcoin Solitaire

Download: iOS or Android

It’s solitaire, but with Bitcoin (and Ethereum). Yep, Bitcoin Solitaire is exactly what it says in the title: It’s a simple, straightforward rendition of the single-player card game, but with the ability to earn cryptocurrency along the way. We’ve enjoyed this one, and since solitaire games last longer than most of the titles on this list, you’ll encounter fewer ads.

Bitcoin Sudoku

Download: iOS or Android

Much like the above, Bitcoin Sudoku is simply sudoku with an added dollop of crypto rewards. And just like with Bitcoin Solitaire, the longer games work to your advantage if you loathe video ads, though you still get to withdraw Bitcoin or Ethereum rewards. It’s a solid rendition of the beloved number grid game with no frills, but that works just fine.

And more

There are a few other Bling Financial games that offer rewards in both Ethereum and Bitcoin—regardless of what the title says—such as Bitcoin Blocks, Bitcoin Food Fight, Bitcoin Blast, and Bitcoin Pop.

You can also find several other mobile games that only pay out Bitcoin rewards, but of course, you’re welcome to take those BTC winnings and swap them for ETH or other coins. We’ve covered many of them, including Bitcoin Miner and Idle Mine.

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Stablecoin Retail Transfers Hit Record Level as BSC, Ethereum Gains Ground, Tron Slips
Crypto Trends

Stablecoin Retail Transfers Hit Record Level as BSC, Ethereum Gains Ground, Tron Slips

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Stablecoin adoption among retail users has set new records this year, with transaction volumes through August already exceeding last year’s total, a fresh report by CEX.io said.

Retail-sized transfers, counting transactions under $250, crossed $5.84 billion in August alone, the highest ever recorded, according to data by Visa and Allium cited in the report. With nearly four months left in the year, 2025 has already become the busiest period yet for stablecoin transfer volume at the consumer level.

The figures underscore stablecoins, a group of cryptos tied to fiat currencies like the U.S. dollar, becoming increasingly embedded into everyday financial activity, from cross-border remittances to microtransactions, the report pointed out.

Survey data from emerging markets, asking over 2,600 consumer in Nigeria, India, Bangladesh, Pakistan and Indonesia, reinforced this picture, CEX.io analysts. A majority of respondents said they turned to stablecoins to avoid high banking fees and slow transfers, the report said. Nearly 70% of them reported using stablecoins more frequently than last year, and more than three-quarters expect usage to keep rising, the report said.

Survey results about stablecoin motivations in emerging countries. (CEX.io)

Ethereum gains, Tron falls back

The distribution of activity among blockchains have shifted, the report noted. The Tron TRX$0.3272 blockchain, traditionally popular for retail transfers due to its low fees and wide support for Tether’s USDT (USDT), has given up market share. Monthly transaction counts fell by 1.3 million, or 6%, and its growth in volume lagged behind its closest competitors.

In its place, Binance Smart Chain (BSC) emerged as the top choice for retail users, capturing nearly 40% of retail stablecoin activity, the report said. The network’s transaction count jumped 75% this year with transfer volume rising 67%. Much of the momentum came after Binance delisted USDT in March for European users and a resurgence of memecoin trading on PancakeSwap on BSC.

The Ethereum complex, with the base chain and layer-2 networks combined, made up over 20% of transfer volume and 31% of transaction counts, the report noted. While small transfers largely took place on L2s, the mainnet enjoyed a significant rise in the retail segment. Sub-$250 transfers on the mainnet rose 81% in volume and 184% in count.

Ethereum has been mostly used for large-value transactions due to its high fees, but transaction costs have dropped more than 70% over the past year, making mainnet transactions more competitive even in the sub-$250 range, the authors said.

Read more: Ripple Brings $700M RLUSD Stablecoin to Africa, Trials Extreme Weather Insurances



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Ethereum Foundation's Oldest Wallet? $17 Million Wake-Up Call
GameFi Guides

Ethereum Foundation’s Oldest Wallet? $17 Million Wake-Up Call

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The market is alarmed after an Ethereum wallet connected to the Ethereum Foundation unexpectedly came back to life after almost 10 years of inactivity. The recent transfer of 4,000 ETH (worth $17.13 million) to a new address by wallet 0x0F08 has sparked conjecture that additional movement of its holdings may have an effect on Ethereum’s price.

The history of Ethereum is closely linked to this wallet. In 2015, when the total value of the tokens was only $91,000, or about $0.93 per ETH at the time, the Ethereum Foundation sent 97,500 ETH directly to the address. The wallet then sent its first Ethereum to Kraken at $4.65, a move that, looking back, hardly touched the surface of Ethereum’s potential for long-term value.

ETH/USDT Chart by TradingView

Two factors make the nine-year reawakening noteworthy. It first draws attention to the extent to which early ETH allocations are dormant and subject to abrupt reintroduction into the market. Second, because investors perceive them as possible selling pressure, big transfers like these frequently cause market anxiety. The psychological effects of old Ethereum moving after almost 10 years tend to affect sentiment, even though a $17 million transfer might not seem like much given Ethereum’s market capitalization.

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Technically speaking, Ethereum is currently consolidating at $4,307, hovering just above the 50-day moving average, or short-term support at $4,144. Major downside protection is located at $3,190 (200-day EMA), while stronger support is located close to $3,607 (100-day EMA). The intensity of whale activity from dormant wallets may test these levels.

The timing is crucial, even though the transfer does not ensure an instant sale.

Because markets are sensitive to whale behavior, periods of increased volatility have historically corresponded with the resurgence of early Ethereum addresses. The movement of these funds to centralized exchanges, which would validate selling intent, will be closely monitored by traders.

Finally, the resurgence of wallet 0x0F08, a part of Ethereum’s founding history, serves as a reminder to the market that supply that has lain dormant for a long time can suddenly come back to life. The hypothetical 4,000 ETH transfer adds short-term downside risk to Ethereum’s otherwise bullish structure, even if it doesn’t immediately impact exchanges.



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Ethereum Is Dying, Researcher Says
Crypto Trends

Ethereum Is Dying, Researcher Says

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  • Misleading metrics? 
  • Ethereum’s strongest Q3 to date  

AJC, a researcher at data analytics firm Messari, argues that the Ethereum network is actually dying despite the recent price rally. 

The researcher’s conclusion is based on the fact that Ethereum revenue is seemingly collapsing. 

In August, the network generated a total of $39.2 million worth of revenue, which is down 75% from August 2023 and down 30% from August 2024. In fact, this is the lowest revenue that the network has recorded since January 2021. 

Misleading metrics? 

After some ETH supporters accused Messari of being biased against the flagship altcoin, AJC noted that some members of the team actually disagree with him. 

There are multiple people from Messari disagreeing with me in the replies, so not sure what your point is.

Another Messari analyst has noted that active addresses have started showing small positive trends, and other trends, such as transaction count as throughput, are also showing positive developments. 

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However, AJC argues that such as metrics as active addresses and throughput are actually “meaningless statistics.” 

Furthermore, he has noted that stablecoin supply does not impact Ethereum unless it also increases velocity. Meanwhile, continued L2 scaling doesn’t mean all that much “if there’s no marginal user demand for another L2”, AJC argues. 

Ethereum’s strongest Q3 to date  

As reported by U.Today, the second-largest cryptocurrency is now on track to score its best-performing Q3 since its launch. 

ETH is currently up by a whopping 73% during the current quarter. 

That said, the fact that this impressive rally does not translate into meaningful network revenue certainly seems to be concerning.  



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Ethereum-Whale
GameFi Guides

Ethereum whale cashes out $8.97M profit after Kraken deposit

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Ethereum’s market is on edge as massive whale activity and sudden liquidations create chaos and uncertainty for traders. According to Onchain Lens, one whale deposited 2,074 ETH, worth about $8.97 million, into Kraken, making a profit of $6.07 million. This particular whale had gathered a total of 3,289 ETH between September 2021 and December 2024 for $6.43 million.

In another twist, Onchain Lens revealed that a whale with a hefty 15x ETH long position closed out with a $35.39 million loss. This whale continued with a pivot to a 25x leveraged Bitcoin short position, valued at $122.6 million.

Moreover, the Onchain tracker EmberCN had earlier reported an Ethereum whale, which had been quiet for a while moved 150,000 ETH to a staking address. According to EmberCN, three wallets from the ICO era transferred a total of $646 million in ETH, marking their first activity since February 2022.

These transactions are part of a larger trend of ICO whales making a comeback. Just last month, one whale sent $19 million in ETH to Kraken, while another moved 2,300 ETH to the exchange.

Traders Face Heavy Liquidations

Coinglass data shows Ethereum’s total open positions at $9.04 billion, with short positions slightly dominating at 52.86%, totaling $4.78 billion. Long positions make up 47.14%, valued at $4.26 billion.

Margins are still balanced, with a $1 billion total margin split between longs at $473.25 million and shorts at $527.97 million. Losses are severe, reaching $237.29 million, with short positions down $215.31 million and longs down $21.99 million.

Ethereum Sentiment on Exchanges, Source: Coinglass

Funding fees highlight demand for shorts. Long traders paid $39.46 million, while shorts earned $138.86 million, showing stronger pressure from bearish bets.

High Volatility Despite Bullish Ratios

Even with bearish positions, sentiment on exchanges is bullish. According to the platform data, ETH/USDT long-to-short ratio on Binance is at 2.48, and among the top traders, it climbs to 3.07. OKX is showing a similar level of optimism with a ratio of 2.3.

That said, over the last day, with $23.98 million coming from the long liquidations and $8.88 million from the shorts, approximately $32.86 million in liquidations were recorded amid high volatility. 

Most of these $20.59 million liquidations occurred within the span of approximately four hours, punishing the long traders the most.

Ethereum’s market is volatile at the moment. Big whale moves, heavy betting with leverage, and sudden liquidations are creating wild swings, bringing chances to profit but also big risks.

Also Read: ARK Invest Buys $16M BitMine and $7.5M Bullish Stocks





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NFT Gaming

World Liberty Blacklists Justin Sun’s Ethereum Wallet After Moving Millions in WLFI

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In brief

  • A wallet linked to Tron founder Justin Sun was blacklisted by World Liberty Financial after moving $9 million in WLFI tokens.
  • WLFI token has dropped 19% to $0.18, with retail traders who bought at launch prices above $0.33 now down 45%, while early investors like Sun remain profitable with 10x+ gains
  • Sun denied selling tokens in a message on X, claiming the transfers were just “deposit tests.”

An Ethereum wallet linked to Tron founder Justin Sun has been blacklisted after moving more than $9 million worth of World Liberty Financial tokens, or WLFI, according to blockchain data.

At the time of writing, WLFI, the native token of the Trump family’s World Liberty Financial DeFi project, is changing hands for $0.1789, or 19% lower than it was this time yesterday. The token only just started trading on exchanges earlier this week. Exchange volumes indicate the token has been especially popular with traders in South Korea, on exchanges Upbit and Bybit.

It’s unclear why World Liberty Financial would have blacklisted the wallet, identified as belonging to Sun by blockchain analytics platforms Arkham and Nansen, for transferring tokens. But it is possible that early investors, like Sun or the Tron DAO, would have received token warrants that prohibit them from selling for a set amount of time.

Neither World Liberty nor Justin Sun immediately responded to a request for comment from Decrypt.

Nick Vaiman, co-founder and CEO of Bubblemaps, told Decrypt he’s not convinced Sun moved the tokens with the intention of selling.

“To be honest, I don’t think this dump has anything to do with Justin Sun. He barely moved funds to centralized exchanges, and this morning’s transfers were just from one of his addresses to another,” he said. “His latest statement saying he has nothing to do with the dump looks legitimate.”

我们的地址只是笼统地做了几笔交易所充值测试，金额非常低，然后做了一个地址分散，没有涉及任何买卖，不可能对市场产生任何影响。

— H.E. Justin Sun 👨‍🚀 (Astronaut Version) (@justinsuntron) September 4, 2025

The Sun statement the Bubblemaps team was referring to appeared on X in Mandarin. In it, Sun said the wallet “only generally did a few exchange deposit tests, the amounts were very low, then did a distribution to one address.” He added that the tests “did not involve any buying or selling,” and that it would have been impossible for the token movements to have impacted the market.

Another Bubblemaps analyst, the pseudonymous Deebs, added that sending tokens to an exchange doesn’t prove that they were sold.

“The $9 million transfer that Arkham and others have cited was simply a transfer to another wallet under his control. He did not send those funds to an exchange (yet),” he said. But he cautioned that it’s possible that World Liberty has access to non-public information that explains the blacklisting.

Some analysts have been incredibly skeptical about the World Liberty project. Last week, analysts at Compass Point flagged WLFI as “another catalyst that could potentially decimate retail traders.”

And users on Myriad, a prediction market owned by Decrypt parent company Dastan, have overwhelmingly agreed with them. Before the market closed yesterday afternoon, odds had tipped entirely in favor of WLFI seeing a red candle within its first 69 hours of trading.

Early investors of the WLFI token, including Sun, managed to buy in at just $0.015 per token, or a $1.5 billion valuation, and are still very much in the green by more than 10X. But those retail traders who bought WLFI as soon as it became tradeable at a price above $0.33? They’re now down 45%.

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NFT Gaming

Ethereum Staking In Focus: SharpLink Considers Linea For Treasury Yield – Details

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

SharpLink is weighing a bold move that could reshape how corporations manage digital assets. Presently, the company is exploring the option of staking a portion of its Ethereum on the Linea network.

What Staking Ethereum Means For SharpLink

SharpLink Gaming (NASDAQ: SBET), one of the largest Ethereum treasury firms, is taking a step into the future of decentralized finance, with plans to stake a portion of its massive $3.6 billion ETH treasury on the Linea layer-2 network. 

According to Co-CEO Joseph Chalom, this strategic decision will help diversify the company’s staking strategy while actively contributing to the growth of the Ethereum ecosystem. By choosing to explore staking on Linea, the company is signaling a strong belief in ETH scaling solutions, which comes as Linea prepares for its official mainnet launch on September 10.

The company has also joined the Linea Consortium, which oversees the distribution of 75% of the LINEA token supply. This strategic alliance helps SharpLink advance its own financial goals and also positions it as a key partner in the long-term development and governance of the Linea network.

In an X post, SharpLink Gaming makes a clear statement that the company is fully compliant with Nasdaq rules and does not require further shareholder approvals to execute its At-the-Market (ATM) program for funding Ethereum purchases.

SharpLink’s core strategy remains focused on raising capital only when it is accretive for shareholders, which adds to the value of the company’s stock. Recent media reports have suggested that some Digital Asset Trust (DAT) companies may need shareholder approval before issuing new shares to fund crypto acquisitions.

However, these reports likely reference newer DATs that may face challenges meeting Nasdaq requirements or are under increased regulatory scrutiny. SharpLink maintains a rigorous commitment to compliance and transparency, ensuring all its transactions are conducted in accordance with Nasdaq rules and industry best practices.

Institutional Inflows Fuel Ethereum Momentum

The Ethereum narrative has shifted from a speculative play to a deeply convictional institutional bet. Amid this shift, CryptoBusy has revealed that Ethereum has seen a massive price surge of nearly 200% since April, driven by a confluence of powerful on-chain and institutional forces.

According to recent data, Whales have added 5.54 million ETH to their holdings, reinforcing confidence in Ethereum’s long-term potential. Institutional bets are intensifying, with BitMine $65 million ETH purchase, and other major players increasing their exposure. Meanwhile, $151 million of ETH has moved into Aave, showing robust demand within the DeFi ecosystem.

ETF inflows reached $3.87 billion in August alone, further strengthening ETH’s performance. These combined forces are building a solid structural floor under Ethereum, reinforcing market conviction and positioning ETH as a top-tier cyclical leader.

BTC trading at $4,302 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Bitcoin stays below $112K. (geralt/Pixabay)
Crypto Trends

Santiment’s Take on Bitcoin, Ethereum and Dogecoin

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Crypto analytics platform Santiment said on Friday that several well-known assets captured the most attention in online discussions this week, with BTC, ETH, DOGE, USDT and EGLD leading the list.

According to Santiment, BTC dominated conversation as users debated its role as “digital gold,” its long-term investment appeal and the significance of growing government and institutional involvement. The firm noted that discussion also emphasized self-custody and the use of nodes as a way to secure the network.

ETH also featured prominently. Santiment observed that ETH was frequently referenced in promotional materials for short-lived tokens marketed as easily transferable and spendable, suggesting ether continues to play a role in how new products are presented to crypto audiences.

DOGE’s surge in attention came from two developments, Santiment said. Rex-Osprey is preparing to launch what would be the first U.S.-listed Dogecoin exchange-traded fund, while Trump-backed Thumzup announced an expansion of its mining operations with the purchase of 3,500 rigs.

Tether drew interest over its strategy to invest more heavily in the entire gold supply chain, Santiment reported. The firm said Tether executives described the metal as “natural bitcoin,” underscoring how the stablecoin issuer is broadening its portfolio beyond digital assets.

Finally, Santiment said discussion around MultiversX centered on concerns about dilution from an increase in EGLD supply. Users expressed worries about projects leaving for other chains such as Sui, though some noted ongoing work on services like xPortal and xMoney.

Founded in 2016, Santiment tracks market, sentiment and on-chain data across thousands of crypto assets. Its weekly roundups highlight which projects are generating the most discussion among traders and investors.



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Crypto Trends

Linea: Everything You Need to Know About the Ethereum Layer-2 Network Airdrop and Token

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In brief

  • The LINEA token will begin its airdrop process on September 10.
  • More than 9 billion tokens will be available to early users when the claim opens.
  • An additional 75% of the total supply will ultimately be distributed to ecosystem participants.

Ethereum layer-2 network Linea aims to use its upcoming LINEA token as an incentive to draw the world’s capital to Ethereum. 

Described by backers as the most Ethereum-aligned layer-2 network, Linea will offer native yield to ETH stakers, as well as an ecosystem fund made up of around 54 billion LINEA tokens to draw users to its network. 

Linea’s long-awaited token generation event (TGE) is coming on September 10. Here’s a look at everything you need to know about what the LINEA token is and who can claim it.

Five weeks ago, Ethereum celebrated 10 years of zero downtime. Next week, LINEA becomes the most significant token to enter the ecosystem since ETH itself.

The eligibility checker is now live ahead of the September 10 TGE.

Check yours at https://t.co/GDV3kRe0Kf pic.twitter.com/emB8WlqCNF

— Linea.eth (@LineaBuild) September 3, 2025

What is the LINEA token?

Distributed by Swiss nonprofit the Linea Association, LINEA is the native token of the Ethereum layer-2 network of the same name. The network was developed by Ethereum software development firm, Consensys, and Linea is described an “extension” of the established layer-1 network. (Disclaimer: Consensys is one of 22 investors in an editorially independent Decrypt). 

Unlike other layer-2 network tokens, LINEA will not act as the native gas token for the Linea network. Instead, Linea will use ETH as its gas token to pay transaction fees. The LINEA token also differentiates itself from other layer-2 network tokens, as it does not have any governance powers and it is subject to a buyback and burn mechanism. 



In other words, using a portion of the ETH revenue it earns from transaction fees, the network will buy LINEA and subsequently burn it, or effectively remove it from the circulating supply. 

The token will maintain a total supply of 72,009,990,000 LINEA, or 10 times the initial circulating supply of Ethereum. 

When is LINEA dropping?

The LINEA token generation event (TGE) will take place on September 10, at which point any eligible airdrop participants can begin the claim process. 

Eligible parties will have up to 90 days to claim their LINEA tokens. After that time, any unclaimed LINEA tokens will be added to the ecosystem fund and subsequently distributed by the Linea Consortium. 

Who will get the LINEA airdrop?

The LINEA token will be distributed in three major buckets: early users, ecosystem participants, and the Consensys treasury. 

10% Early Adopters

Early users of Linea’s network that earned points via the Linea Voyage and Linea Surge campaigns are eligible to claim their respective share of around 10% of the LINEA supply. In order to be eligible, campaign participants must have achieved at least 2,000 points in the Voyage campaign and 15,000 points in the Surge campaign. 

This criteria and the elimination of around 800,000 sybil wallets, or those who tried to game the system to earn the token, left around 750,000 eligible wallets to split 9.3 billion LINEA tokens. 

A further 1% of the early adopters bucket is set aside for strategic builders in the Linea ecosystem, but those tokens will be directly distributed and will not be claimed as part of the airdrop.

An airdrop eligibility checker was released by Linea on September 3. 

75% Linea Ecosystem Participants

The largest chunk of LINEA tokens, 75% of the total supply, will be awarded to active participants within the Linea ecosystem and distributed by a collective body of Ethereum-aligned entities dubbed the Linea Consortium. 

Made up of firms like publicly traded Ethereum treasury SharpLink Gaming, ENS Labs, Eigen Labs, and Consensys, the consortium is mandated to distribute the ecosystem fund to those helping propel the Linea network and Ethereum. 

“It’s users, it’s builders, it’s liquidity providers, it’s institutions, it’s creators… anything or anyone that’s going to help make Ethereum and Linea successful,” Head of Linea Declan Fox told Decrypt in July. 

Small portions of the 75% have already been approved for distribution by the consortium, including 4% at TGE for liquidity providers during the Linea Surge event. Distribution of a further 1 billion LINEA tokens was approved as part of Linea Ignition, a liquidity bootstrapping event running through October 26. 

15% Consensys Treasury

The final 15% of the LINEA supply is set aside for Consensys, the development firm that incubated the layer-2 network. All 15% of the tokens set aside for the software firm are locked up for five years.

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Will an Ethereum Run Make It Hard for ETH Treasuries to Raise Cash?

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In brief

  • Digital asset treasury companies face shrinking market-to-net asset value (mNAV) ratios.
  • BitMine and SharpLink Gaming have seen their mNAV fall below 1.0, to 0.99 and 0.89 respectively.
  • The mNAV erosion threatens DATs’ ability to raise capital through at-the-market equity programs, forcing painful share dilution and stalling capital raises, analysts said.

As Ethereum claws its way upward this week, a looming challenge threatens digital asset treasury (DAT) companies as their mNAVs have come close to 1 or slipped below it, with experts signaling potential trouble for future capital inflows.

mNAV, or market-to-net asset value, compares a company’s stock value to that of its assets. And for digital asset treasury companies, the value of their crypto treasuries can experience dramatic fluctuations.

Data from Strategic ETH Reserve shows a steep drop in mNAV for key players. BitMine and SharpLink Gaming have seen their mNAV fall below 1, to 0.99 and 0.89, respectively. BitDigital and GameSquare Holdings Inc have seen there’s slip, but hold above 1 so far. BTBT is at 1.51 and GAME has fallen to 1.13.

The downtick in mNAV tracks the broader crypto market’s dip, with Bitcoin falling from its mid-August peak, when it set a new all-time high of $124,545.6, to $112,154, per CoinGecko.



For DATs holding hefty Ethereum reserves—BitMine has $8.3 billion and Sharplink holds $3.7 billion worth of ETH—this erosion of premium could choke off their ability to raise cash without punishing existing investors.

“I think that’s why we’ve seen capital raises stall after a busy stretch earlier this year: Investors just don’t want to pay the premiums for the same ETH exposure,” Arthur Azizov, founder and investor at B2 Ventures, told Decrypt.

For DATs, mNAV is the lifeblood of capital raises, particularly through at-the-market (ATM) equity programs, where a premium over net asset value allows companies to issue stock without harming investors.

But as mNAVs shrink, “companies must issue far more shares to raise the same capital, leading to painful dilution,” CryptoQuant analyst Maarten Regterschot told Decrypt.

While Ethereum’s price volatility erodes mNAV cushions, relentless ATM share sales flood the market, driving down valuations, Azizov highlighted. Adding pressure, spot Ethereum ETFs offer investors direct exposure without the premium DATs once commanded, he said.

“Investors aren’t willing to pay extra for the same Ethereum,” Azizov explained, noting why capital raises have ground to a halt lately.

According to Regterschot, a stagnant ETH/BTC price is another source that has pressured mNAVs’ recent plunge, creating a feedback loop where fading premiums and rising share supply choke demand.

The outlook for Q4 is make-or-break, both experts highlighted.

A bullish Ethereum run could revive mNAVs, allowing DATs to issue stock on favorable terms and bolster ETH holdings, thereby restarting growth. But if ETH stalls or the crypto market turns bearish due to macroeconomic concerns, mNAVs could dip below 1, effectively putting a stop on new issuance.

“A strong quarter is critical,” Azizov said. Without it, DATs may be forced to lean on staking yields, with netflows stalling as they navigate a constrained funding landscape.

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