Ethereum reserves become a new favorite in the US stock market, a review of four star companies' businesses and the driving forces behind them.

Recently, the market sentiment towards Ethereum has clearly warmed up. From the saying "Ethereum is the oil of the digital age" to the slogan "ETH will rise to $10,000" at the EthCC conference, people are beginning to pay attention to the potential of Ethereum again. However, the factors driving the value of ETH may not be limited to on-chain activities; the U.S. stock market is also playing an important role.

As "Bitcoin reserves" become a new trend among publicly listed companies in the US stock market, Ethereum reserves are gradually becoming the new favorite in the market. For example, SharpLink recently increased its holdings by 7,689 ETH, becoming the publicly listed company with the largest ETH reserves, and its stock price subsequently rose by nearly 30%. BitMine, which focuses on Bitcoin mining, also announced the launch of a $250 million ETH asset reserve plan, and its stock price skyrocketed 16 times within a month.

In addition, Bitcoin mining company Blockchain Technology Consensus Solutions (BTCS) plans to raise $100 million to purchase ETH, and after the announcement, the stock price surged by 110%. Bit Digital, on the other hand, announced a full shift to Ethereum and the sale of Bitcoin, with its stock temporarily rising by about 20%.

These four companies represent a microcosm of the U.S. stock market's active embrace of the Ethereum narrative and have become the focus of the capital market. They are competing to announce ETH reserve plans, aiming to establish a clear market position and attract investor attention.

Different businesses, but all seek to turn losses into profits

Although SharpLink, BitMine, BTCS, and Bit Digital have all bet on ETH and their stock prices have surged, their business models are quite different.

SharpLink: From Gambling to Crypto

SharpLink Gaming specializes in online sports betting and provides strategic and innovative solutions for sports media companies. However, in 2024, the company's revenue was only $3.66 million, a decrease of 26% year-on-year. 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, making it one of the largest publicly traded holders of ETH in the world. Over 95% of the ETH held by the company is deployed in liquidity staking protocols, and it has earned staking rewards of 322 ETH.

This strategy not only optimized the company's financial structure but also transformed it from a small company on the verge of delisting into a "crypto concept stock" highly sought after by the capital market. However, the high proportion of ETH also makes the company more susceptible to the fluctuations in coin prices.

BitMine: From BTC Mining Farm to Ethereum Vault

BitMine Immersion Technologies was originally a Bitcoin mining company that operated mining farms in Texas and Trinidad using immersion cooling technology. In the first quarter of 2025, the company generated revenue of $3.31 million, but high energy consumption and low profit margins led to operational difficulties.

On June 30, the company announced a private placement fundraising plan to purchase approximately 95,000 Ether. After the news was released, BitMine's stock price soared from $4.50 to $111.50, marking a 3000% increase since June. The company's current market value is about $5.7 billion. Meanwhile, BitMine still retains its original BTC mining business.

BTCS: Blockchain Infrastructure Operator

BTCS was founded in 2014 and focuses on blockchain infrastructure, being one of the early blockchain companies listed on NASDAQ. The company's main business includes operating Ethereum nodes and providing the data analysis platform ChainQ.

In 2024, BTCS's revenue is approximately $2.6 million, a year-on-year decrease of 12%, with a net loss of $5.8 million. The company has held Ether since 2021 and operates validator nodes, currently accumulating a total of 14,600 Ether. In June-July of this year, BTCS accelerated its Ether accumulation and plans to launch a $100 million fundraising initiative to further expand its Ether holdings.

Increasing ETH holdings helps enhance the staking capacity of BTCS validator nodes, increasing gas fee revenue and market competitiveness. This strategy has also been recognized by the market, with the company's stock price soaring over 100% in a single day.

Bit Digital: Fully Transitioning to Ether

Bit Digital was founded in 2015, initially focusing on Bitcoin mining, and gradually began to develop Ethereum staking infrastructure starting in 2022. In the first quarter of 2025, the company reported revenue of $25.1 million but still incurred losses.

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

These four companies are all facing 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.

The Key Drivers Behind the Transformation

SharpLink: Ethereum co-founder and crypto investor

SharpLink's transformation is inseparable from the maneuvering 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, driving a $463 million financing round. Participants included well-known crypto investment firms such as ConsenSys, ParaFi Capital, Pantera Capital, and Galaxy Digital.

BitMine: Wall Street Strategists and Silicon Valley Venture Capitalists

Thomas Lee is the mastermind behind BitMine's ETH reserve strategy. As a well-known strategist on Wall Street and co-founder of Fundstrat, Lee has been bullish on Bitcoin since 2017 and became the chairman of the BMNR board in June 2025.

The $250 million fundraising plan proposed by Lee has received support from the well-known Silicon Valley VC Founders Fund. In addition, crypto-native institutions such as Pantera, FalconX, Kraken, Galaxy Digital, and DCG are also involved.

Bit Digital: Former Bitfinex Advisor at the Helm

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

Tabar describes Ethereum as "a blue-chip asset reshaping the financial system," highlighting its immense potential in stablecoins and DeFi applications. In June 2025, Bit Digital raised $172 million through an IPO to acquire ETH, with major investors including BlackRock and investment bank H.C. Wainwright.

BTCS: Veteran of the crypto industry

Charles Allen, the CEO of BTCS, is a veteran in the cryptocurrency industry, having started investing in Bitcoin in 2011 and shifting to Ethereum in 2014. In June 2025, he led BTCS to borrow $2.5 million through AAVE to purchase 1,000 ETH, with plans to raise $100 million for further acquisitions.

The commonality among these four companies is that they all have core figures related to the crypto space, and there is some overlap in their fundraising targets. Crypto funds and traditional funds that have previously invested in Ethereum have become the driving force behind the ETH reserve craze, demonstrating the extensive reach of the Ethereum ecosystem's capital network.

As ETH reserve companies become the new hot stocks in 2025, this cryptocurrency stock feast does not seem to be over yet, and the transformation of enterprises may create a new wave of wealth effect.