Joseph Chalom, CEO of Sharplink, has observed a strategic shift among Ethereum treasury firms, which are increasingly prioritizing staking rewards over traditional financing models. Chalom noted that these companies are moving away from the Strategy and Michael Saylor model, focusing instead on generating returns through holding ETH and maintaining streamlined balance sheets. He emphasized that reliance on leverage is becoming less necessary. Chalom also predicted that only a few Ethereum treasury firms will endure market downturns. He referenced BlackRock CEO Larry Fink's description of Ethereum as a "tokenized toll road" and highlighted developments such as the NYSE and Nasdaq's 24-hour trading plans and DTCC's exploration of tokenized collateral as factors driving tokenized assets into mainstream finance. Chalom anticipates that as stablecoins, tokenized assets, DeFi, and AI applications grow, Ethereum will increasingly diverge from Bitcoin's trajectory.