Ethereum reserves become a new hotspot in US stocks, four star companies' businesses and behind-the-scenes supporters come to light

Recently, the market's sentiment towards Ethereum has clearly rebounded. From "Ethereum is the oil of the digital age" to the slogan "ETH should rise to 10,000" appearing at the EthCC conference, people are starting to think about what factors could revitalize ETH.

The answer may not be on the blockchain, but in the US stock market. As "Bitcoin reserves" become a new trend for listed companies, Ethereum reserves have become the new darling of the US stock market.

Last week, a certain company announced that it had purchased 7,689 ETH again, making it the publicly traded company with the largest ETH reserves. The company's stock price subsequently rose by nearly 30%.

Another company focused on Bitcoin mining has recently announced the launch of a $250 million ETH asset reserve plan, intending to emulate the strategy of a well-known company. The company's stock price has increased 16 times in one month, and the short-term wealth effect even surpasses that of some popular tokens.

In addition, two other Bitcoin mining companies have also taken similar measures. One announced plans to raise $100 million to purchase ETH, and after the news was released, its stock price surged by 110%. The other announced a complete shift to Ethereum and sold Bitcoin, with its stock price briefly rising by about 20% during trading.

These four companies are a reflection of the recent enthusiasm in the US stock market for the Ethereum narrative and are also stars at the forefront of the capital market. They are competing to announce their plans to reserve ETH, aiming to establish a clear position in the market.

We have organized the business and underlying resources of these companies to provide a reference for investors interested in the correlation between cryptocurrencies and stocks.

Different businesses, but all seek to turn losses into profits.

These four companies are competing to bet on Ether, with their respective business logic behind the skyrocketing stock prices.

From gambling to Ether reserve

The first company specializes in online sports betting and collaborates with sports media companies to provide strategic and innovative solutions. However, in 2024, the company's revenue was only $3.66 million, a significant decrease of 26% compared to the previous year. The company faces the risk of delisting, with shareholder equity of less than $2.5 million.

In May 2025, the company acquired a large amount of ETH through a private placement of $425 million, currently holding 205,634 ETH. This makes it one of the largest publicly traded holders of ETH in the world, second only to the Ethereum Foundation.

More than 95% of the company's ETH has been deployed in liquidity staking protocols, earning 322 ETH in staking rewards. This strategy not only optimized the financial structure but also transformed the company from a small business on the verge of delisting into a highly sought-after "crypto concept stock."

From BTC mining farm to ETH vault

The second company was originally a Bitcoin mining enterprise, generating Bitcoin revenue through its own mining and hosting third-party equipment. However, high energy consumption and low profit margins have made it difficult for the company to survive.

On June 30, the company announced a private placement fundraising plan to purchase approximately 95,000 Ether. After the announcement, the stock price soared from $4.50 to $111.50, an increase of 3000% since June. The company's market capitalization is currently around $5.7 billion.

Unlike the first company, this company still retains its original BTC mining business, and the ETH reserves seem more like a short-term narrative strategy.

New Direction for Old Business

The third company focuses on blockchain infrastructure, established in 2014, and is one of the early publicly listed blockchain enterprises. Its core business includes operating Ethereum nodes and providing a data analysis platform, offering staking and data services for DeFi and enterprises.

The company has held ETH and operated validator nodes since 2021. In June and July of this year, the company accelerated its accumulation of ETH and expanded its holdings through DeFi lending and traditional financing. On July 8, the company announced plans to raise $100 million to further increase its ETH holdings.

This measure caused the company's stock price to surge over 100% in a single day, rising from $2.50 to $5.25.

fully transitioned to Ether

The fourth company initially focused on Bitcoin mining and gradually started to develop Ethereum staking infrastructure from 2022, as well as GPU cloud computing power and asset management services.

In July 2025, the company increased its ETH holdings to 100,603 coins (approximately $264 million) through a $172 million public offering and the sale of 280 BTC, with ETH accounting for 60% of its assets, becoming the second-largest holder of ETH after the first company.

These four companies all face issues of poor financial conditions and low market capitalization, similar to certain low market cap protocols in the crypto market. After gaining narrative and attention, their stock prices quickly surged.

Key Drivers Behind Transformation

Ethereum co-founders' operation

The first company went from the brink of delisting to becoming the largest holder of Ether, thanks in part to the operations of a certain Ethereum co-founder. As the founder and CEO of an important infrastructure company, he oversees key components within the Ethereum ecosystem.

In May 2025, he joined the company's board of directors as chairman, promoting a $463 million financing. Behind this, there are multiple cryptocurrency venture capital firms that have previously invested in Ethereum ecosystem projects.

Wall Street strategists team up with Silicon Valley VCs

The ETH reserve strategy of the second company is led by a well-known strategist from Wall Street. He has been optimistic about Bitcoin since 2017 and became the chairman of the company's board in June 2025.

He stated on CNBC that the company will become "a well-known company in Ethereum." The company's $250 million fundraising plan also involves participation from a well-known Silicon Valley venture capital firm that has previously invested in several tech giants and crypto projects.

Former Exchange Advisor at the Helm

The ETH reserve strategy of the third company is led by the CEO, who was a veteran on Wall Street and has also served as a strategic advisor for a well-known exchange. He refers to Ethereum as "a blue-chip asset that is reshaping the financial system," emphasizing its potential in stablecoins and DeFi applications.

The company raised $172 million through an initial public offering to purchase Ether, with major investors including large asset management firms and investment banks.

The crypto veteran makes good use of DeFi

The CEO of the fourth company is a veteran of the crypto industry, having invested in Bitcoin since 2011 and turned to Ethereum in 2014. In June 2025, he led the company to borrow $2.5 million through DeFi to purchase 1,000 ETH, and in July, he plans to raise $100 million to further expand the ETH holdings.

The common point of these four companies is that their core figures have deep connections with the crypto space, and there is also overlap in their fundraising targets. Crypto funds and traditional funds that have previously invested in Ethereum are important drivers of the ETH reserve craze.

When ETH reserve companies become the new hot stocks of 2025, corporate transformations will surely create a wave of new millionaires. As it stands, this coin-stock feast is still not over.