Ethereum reserves have become the new darling of U.S. stocks, and the business and background analysis of four star companies

A clear trend recently is that the market is regaining confidence in Ethereum. From "Ethereum is the oil of the digital age" to the slogan shouted at EthCC that "ETH will rise to 10,000," it seems that there is something that can rejuvenate confidence in ETH.

The answer may not be on-chain, but in the U.S. stock market. As "Bitcoin reserves" have become a new trend for listed companies, Ethereum reserves have become the new favorite of the U.S. stock market.

! ETH Reserve Company Becomes the New Favorite of U.S. Stocks, Inventory of the Business and Driving Forces Behind 4 Star Companies

For example, SharpLink recently purchased 7,689 Ether, becoming the publicly traded company with the largest reserve of Ether, and its stock price subsequently rose by nearly 30%. BitMine, which focuses on Bitcoin mining, also announced the launch of a $250 million Ether asset reserve plan, intending to emulate MicroStrategy. The company's stock price increased 16 times within a month, with short-term wealth effects even surpassing some popular cryptocurrencies.

In addition, the Bitcoin mining company Blockchain Technology Consensus Solutions plans to raise $100 million to purchase ETH, and the news caused the stock price to soar by 110%. Bit Digital announced a complete shift to Ethereum and the sale of Bitcoin, with its stock rising about 20% at one point during trading.

These four companies are the epitome of the narrative of U.S. stocks actively embracing Ethereum, and they are also stars on the cusp of the capital market. They are scrambling to announce reserve plans in order to gain a clear market position. Let's analyze the similarities and differences between these companies in terms of business and background resources.

Businesses vary, but all seek to turn losses into profits.

SharpLink, BitMine, Blockchain Technology Consensus Solutions, and Bit Digital are competing to bet on Ether, with their respective business logics behind the soaring stock prices.

SharpLink: From Gambling to Ethereum Reserve

SharpLink Gaming specializes in online sports betting, but its revenue in 2024 was only $3.66 million, a 26% decrease year-on-year. Before its transformation, its market value was about $10 million, and its stock price was close to the delisting edge, with shareholders' equity of less than $2.5 million.

In May 2025, the company purchased a large amount of ETH through a $425 million private placement and currently holds 205,634 ETH, becoming one of the world's largest publicly traded ETH holders. More than 95% of ETH is deployed in liquid staking protocols, and 322 ETH staking rewards have been earned.

This strategy not only optimized the financial structure but also transformed SharpLink from a small company on the verge of delisting into a highly sought-after "crypto concept stock." However, the high proportion of Ether also makes it highly susceptible to price fluctuations.

! ETH Reserve Company Becomes the New Favorite of U.S. Stocks, Inventory of the Business and Driving Forces of 4 Star Companies

BitMine: From Bitcoin Mining to Ethereum Reserve

BitMine Immersion Technologies was formerly a Bitcoin mining company that generates revenue through its own mining and hosting of third-party equipment. Revenue for the first quarter of 2025 was $3.31 million, but high energy consumption and low margins resulted in a net loss of $3.29 million in 2024.

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

Blockchain Technology Consensus Solutions: Blockchain Infrastructure & ETH Reserves

BTCS focuses on blockchain infrastructure, primarily operating nodes for Ethereum and other PoS networks, as well as providing data analysis platforms. In 2024, revenue is approximately $2.6 million, a year-on-year decrease of 12%, with a net loss of $5.8 million.

The company has been holding ETH and running validator nodes since 2021 and has accumulated 14,600 ETH so far. In June and July this year, the accumulation of ETH will be accelerated, and it plans to launch a $100 million fundraising to further expand its ETH holdings. Increasing ETH holdings can enhance the staking ability of validator nodes and improve gas fee income and competitiveness.

! ETH Reserve Company Becomes the New Favorite of U.S. Stocks, Inventory of the Business and Driving Forces Behind 4 Star Companies

Bit Digital: Fully Transitioning to Ethereum

Bit Digital initially focused on Bitcoin mining and started to develop Ethereum staking infrastructure in 2022. In the first quarter of 2025, revenue was $25.1 million, with an adjusted loss of approximately $44.5 million.

In July this year, the company increased its holdings of ETH to 100,603 BTC (about $264 million) through a $172 million public offering and sale of 280 BTC, with ETH accounting for 60% of assets, making it the second largest company in ETH holdings after SharpLink.

These four companies are facing issues of poor financial conditions and low market value, and their stock prices have rapidly surged after gaining new narratives and attention.

! ETH Reserve Company Becomes the New Favorite of U.S. Stocks, Inventory of the Business and Driving Forces Behind 4 Star Enterprises

Key Drivers Behind the Transformation

SharpLink: Resources in the crypto circle co-founded by Ethereum

The transformation of SharpLink is inseparable from the maneuvers 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 round. ConsenSys led a $425 million private placement, joined by institutions such as ParaFi Capital, Pantera Capital, and Galaxy Digital. Lubin's connections and ConsenSys's resources position SBET to potentially become a pioneer in the Wall Street-style of Ethereum.

BitMine: Wall Street Strategists Team Up with Silicon Valley Venture Capitalists

Thomas Lee, co-founder of Fundstrat, is the mastermind behind the BitMine ETH reserve strategy. Lee has been bullish on Bitcoin since 2017 and will become the chairman of the BMNR board in June 2025.

Lee's $250 million fundraising plan is backed by the well-known Silicon Valley VC Founders Fund, which was founded by Peter Thiel and has also begun to invest heavily in crypto assets in recent years. In addition, crypto-native institutions such as Pantera, FalconX, Kraken, Galaxy Digital, and DCG are also involved.

Bit Digital: Former Bitfinex advisor leads the transformation

Bit Digital CEO Samir Tabar previously served as the head of capital markets at Merrill Lynch and was a strategic advisor at Bitfinex from 2017 to 2018. He referred to Ethereum as a "blue-chip asset that is reshaping the financial system," highlighting its potential in stablecoins and DeFi applications.

In June 2025, Bit Digital raised $172 million in ETH through a public offering, with major investors including BlackRock and investment bank underwriter H.C. Wainwright。

BTCS: Make good use of DeFi lending to purchase Ether

The CEO of BTCS, Charles Allen, is a veteran of the crypto industry. He began focusing on Ethereum in 2014 and led BTCS to become the first blockchain company listed on NASDAQ in 2016.

In June 2025, Allen led BTCS to borrow $2.5 million through AAVE to purchase 1,000 Ether. In July, it plans to raise $100 million, with investors including ATW Partners and H.C. Wainwright.

The commonality among these four companies is that their core figures have deep connections in the cryptocurrency circle, and there is overlap in their fundraising targets. Cryptocurrency funds and traditional funds that have previously invested in Ethereum have become the driving force behind the ETH reserve craze, reflecting the wide reach of the Ethereum ecological capital network.

When ETH reserve companies become a popular concept stock in 2025, this feast of coin and stock linkage seems to have not come to an end.

! ETH Reserve Company Becomes the New Favorite of U.S. Stocks, Inventory of the Business and Driving Forces of 4 Star Companies