BitMine Immersion Technologies · Ethereum · The Block
Bitmine, SharpLink and Joe Lubin back Ethlabs nonprofit to advance Ethereum’s ‘next phase’ of growth
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Former Ethereum Foundation researchers have launched Ethlabs, a nonprofit backed by Ethereum co-founder Joe Lubin as well as the two largest ETH treasury firms, Bitmine Immersion Technologies and SharpLink, to help prepare the network for its "next phase" of institutional adoption.
Key facts
- Ethlab backers Bitmine and Sharplink are the two largest publicly-traded Ethereum digital asset treasuries, with holdings of roughly 5.7 million and 876,000 ETH tokens, respectively
- Former Ethereum Foundation researchers have launched Ethlabs, a nonprofit backed by Ethereum co-founder Joe Lubin as well as the two largest ETH treasury firms, Bitmine Immersion Technologies
- Lubin previously told The Block that there was a plan for several organizations to spin out of the Ethereum Foundation, which announced a singular focus on supporting censorship resistance, open
- Five former senior Ethereum Foundation researchers co-founded Ethlabs, according to Monday's statement
Summary
"As stablecoins, tokenized real-world assets, funds and autonomous AI commerce move onchain, they are converging on Ethereum," according to a statement. Ethlabs' launch could eventually play a major role in how the Ethereum ecosystem evolves in the years to come. Five former senior Ethereum Foundation researchers co-founded Ethlabs, according to Monday's statement. The Ethereum Foundation has historically been a lightning rod for controversy, including from ETH holders and community members who argue the organization has failed to maintain a competitive footing.