Ethereum reserves become a new favorite in US stocks, a review of the businesses and promoters of four star companies

A notable trend recently is that investors are becoming bullish on Ethereum again. From "Ethereum is the oil of the digital age" to the slogan "ETH will rise to 10,000" appearing at EthCC, Ethereum seems to be making a comeback. However, this momentum may not stem from on-chain activity, but rather from the US stock market.

As "Bitcoin reserves" become a new trend for publicly traded companies, Ethereum reserves have become a darling of the US stock market. For example, SharpLink recently purchased another 7,689 ETH, becoming the publicly traded company with the largest ETH reserves, and its stock price subsequently rose nearly 30%.

BitMine, focused on Bitcoin mining, also announced 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 a month, creating a significant short-term wealth effect.

In addition, Blockchain Technology Consensus Solutions (BTCS) plans to raise $100 million to purchase Ether, and after the announcement, the stock price soared by 110%. Bit Digital is even more aggressive, announcing a complete shift to Ethereum and selling Bitcoin, leading to a subsequent surge of about 20% in its stock price.

These four companies represent a microcosm of the U.S. stock market's active embrace of the Ethereum narrative, becoming stars at the forefront of the capital market. They are competing to announce ETH reserve plans, aiming to gain clear market positioning and investor attention.

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

SharpLink, BitMine, BTCS, and Bit Digital, despite competing to bet on Ether, have seen their stock prices soar, but each has its own business logic behind it.

SharpLink: From Gambling to Digital Assets

SharpLink Gaming 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 year-on-year decrease of 26%. Before the transformation, the company's market value was about $10 million, and its stock price was close to the delisting threshold.

In May 2025, SharpLink acquired a large amount of ETH through a $425 million private placement, currently holding 205,634 ETH, becoming one of the largest publicly traded holders of ETH in the world. The company has deployed over 95% of its ETH in liquid staking protocols, having earned staking rewards of 322 ETH.

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". However, the high proportion of ETH also makes it highly susceptible to price fluctuations.

BitMine: From Bitcoin Mine to Ethereum Vault

BitMine Immersion Technologies was originally a Bitcoin mining company operating in Texas and Trinidad through immersion cooling technology. In the first quarter of 2025, the company generated $3.31 million in revenue but faced challenges of high energy consumption and low profit margins.

On June 30, BitMine announced a private placement fundraising plan to purchase approximately 95,000 Ether. After the news was released, the company's stock price soared from $4.50 to $111.50, with an increase of 3000% since June. Unlike other companies, BitMine still retains its original BTC mining business, and the ETH reserves appear to be more of a short-term strategy.

BTCS: Blockchain Infrastructure and ETH Reserves in Parallel

BTCS, established in 2014, is one of the early blockchain companies listed on NASDAQ. The company focuses on the infrastructure operation of Ethereum and other PoS blockchain networks, with its main business including running Ethereum nodes and providing the data analysis platform ChainQ.

Despite a 12% decline in revenue to $2.6 million in 2024 and a net loss of $5.8 million, BTCS has held Ether since 2021 and operates validator nodes. In June and July of this year, the company accelerated its accumulation of Ether and plans to launch a $100 million fundraising initiative to further expand its Ether holdings.

Increasing the holding of Ether (ETH) helps to enhance the staking capability of validator nodes in BTCS's main business, improving gas fee revenue and market competitiveness. The market reacted positively to this, with BTCS's stock price soaring over 100% in a single day after the announcement.

Bit Digital: Fully Transitioning to Ether

Bit Digital was established in 2015, initially focusing on Bitcoin mining, and gradually began to lay out Ethereum staking infrastructure starting in 2022. In the first quarter of 2025, the company reported revenue of $25.1 million, but an adjusted loss of about $44.5 million.

In July this year, Bit Digital increased its ETH holdings to 100,603 coins (approximately $264 million) by raising $172 million through public offerings and selling 280 BTC, with ETH accounting for 60% of its assets, making it the company with the second largest ETH holdings after SharpLink.

These four companies all face the problems of poor financial conditions and low market capitalization, but after gaining new narratives and attention, their stock prices quickly surged, similar to the performance of certain low market cap protocols in the crypto market.

Key Drivers Behind the Transformation

Behind the transformation of these companies are different key figures, from big shots in the cryptocurrency circle to giants in investment banking, whose connections and resources have brought the narrative of cryptocurrency into traditional capital markets.

SharpLink: Ethereum co-founder and crypto investment circle

The transformation of SharpLink cannot be separated from the efforts of Joseph Lubin, the co-founder of Ethereum. As the founder and CEO of ConsenSys, Lubin oversees important infrastructure within the Ethereum ecosystem.

In May 2025, Lubin joined the SBET board as chairman, promoting a $463 million financing. ConsenSys led a $425 million private placement, collaborating with several well-known crypto investment institutions. Lubin's connections and ConsenSys's resources provided strong support for SBET to become a pioneer in the Wall Streetization of Ethereum.

BitMine: Wall Street Strategists and Silicon Valley VCs Join Forces

Thomas Lee, a well-known strategist on Wall Street and co-founder of Fundstrat, is the mastermind behind the BitMine ETH reserve strategy. Lee has been optimistic about cryptocurrencies for a long time and will serve as the chairman of the BMNR board starting in June 2025.

The BitMine fundraising plan of 250 million US dollars proposed by him has received support from the well-known Silicon Valley VC Founders Fund, which was founded by Peter Thiel and has recently begun to heavily invest in crypto assets. In addition, several crypto-native institutions have also participated.

Bit Digital: Former Exchange Advisor at the Helm

Samir Tabar is a key figure in Bit Digital's ETH reserve strategy. He previously served as the head of capital markets at Merrill Lynch, was a strategic advisor for a trading platform from 2017 to 2018, and joined Bit Digital in 2021.

Tabar describes Ethereum as "a blue-chip asset that reshapes the financial system," emphasizing its potential in stablecoins and DeFi applications. Its traditional financial background and cryptocurrency experience provide more credibility for Bit Digital's transformation.

BTCS: Make good use of DeFi lending

BTCS CEO Charles Allen is relatively low-key, but he is also a veteran of the crypto industry. His blockchain experience began with a Bitcoin investment in 2011, switched to Ethereum in 2014, and in 2016 he pushed BTCS to become the first blockchain company listed on Nasdaq.

In June 2025, Allen led BTCS to borrow $2.5 million through a DeFi protocol to purchase 1,000 Ether and plans to raise $100 million in July to expand its Ether holdings.

The common point among these four companies is that each has core figures closely related to the crypto circle, and there is some overlap in the fundraising targets of different companies. Crypto funds and traditional funds that have previously invested in Ethereum have become the driving force behind the ETH reserve craze, highlighting the extensive influence of the Ethereum ecosystem capital network.

As the ETH reserve company becomes a new concept stock in 2025, this feast of coin-stock linkage seems to be far from over.