Recently, Ethereum ( ETH ) related coin stock companies have been fervently sought after by investors. This phenomenon reflects an emerging "money printing machine" model: leveraging market hot money to increase the value of its own assets while retaining ownership of stocks and cryptocurrencies, thus avoiding the potential risks of traditional debt-to-equity conversion models.

This scene reminds one of the recent trends of Bitcoin (BTC) mining companies. At the end of last year, when BTC approached $100,000, many companies announced financing of billions of dollars to purchase BTC. However, as more companies followed suit, BTC failed to continue setting new highs, leading to a decline in the prices of mining stocks. Although BTC has set new highs again now, the prices of mining stocks have not yet recovered to last year's levels.

This situation indicates that the coin-stock companies may significantly outperform ETH in the initial stage, but may lag behind considerably in the long run. Investors may encounter situations where the company's market value doubles while the stock price remains unchanged, a phenomenon already observed in projects like ARB.

In this investment game, there are two key points worth paying attention to:

First of all, who are the industry leaders? Companies with the largest holdings, lowest costs, and highest market capitalization tend to have better resilience against downturns and are more likely to achieve higher premium spaces. This is the main difference between MicroStrategy and other mining stock companies. Currently, SBET holds about $1 billion in ETH; although its holding costs are relatively low, its position in the industry regarding holding size is still unclear.

Secondly, is there still room for ETH to rise? The current ETH price is close to 4000 USD, which is a critical position and there are a lot of trapped positions. For companies that are just now starting to announce the purchase of ETH, the investment risk may be greater due to the high holding cost.

Overall, investors need to carefully assess when considering coin stock companies, paying attention to the company's holdings size, costs, and the overall market trend, in order to make more informed investment decisions.