One of the most common criticisms of Ethereum, and crypto in general, is that it lacks a clear valuation framework.
Unlike traditional businesses, it does not produce cash flows or generate revenue, leaving investors to question how its native asset should be priced.
During a recent interview with TheStreet Roundtable, Sharplink's CEO Joseph Chalom argued that the question of valuation comes only after a more fundamental one: why Ethereum should exist as a multi-decade investment at all.
What is driving growth for Ethereum?
Chalom outlined three forces he believes are converging on Ethereum. The first is stablecoins. Roughly $300 billion in stablecoins are currently in circulation, largely denominated in U.S. dollars, and global competition is accelerating their expansion.
“Every country has a strategic imperative to launch a local stablecoin,” he said, pointing to demand for Korean won, Japanese yen, and Hong Kong dollar based tokens.
Around 65% of stablecoins are issued and transacted within the Ethereum ecosystem.
The second driver is tokenization. Chalom pointed to growing interest from large financial institutions in moving stocks, funds, and commodities onto blockchains.
He referenced public comments from firms such as Franklin Templeton, JPMorgan, and BlackRock about tokenizing trillions of dollars in assets.
The third pillar is decentralized finance. Chalom said institutional participation in DeFi is expanding beyond experimentation into real usage.
“We’re seeing more institutions go to DeFi to borrow, to lend, to swap,” he said.
Taken together, Chalom argued these trends position Ethereum as the dominant settlement layer for high-value financial activity.
“If you believe most of this happens on Ethereum,” he said, “then you want to own Ether.”
This story was originally published by TheStreet on Feb 25, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.