Ethereum reserves become the new favorite on Wall Street, four star companies and their backers

Recently, the market sentiment towards Ethereum has clearly warmed up. From "Ethereum is the oil of the digital age" to the rallying cry of "ETH is going to 10,000" at EthCC, Ethereum seems to be regaining attention. This wave of enthusiasm is not limited to the crypto market, but has also extended to the US stock market.

As "Bitcoin reserves" become a new trend for publicly listed companies, Ethereum reserves are also gaining favor. For example, SharpLink recently increased its holdings by 7,689 ETH, making it one of the publicly listed companies with the largest ETH holdings. The company’s stock price subsequently rose by nearly 30%.

Another Bitcoin mining company, BitMine, announced a $250 million ETH asset reserve plan. The company's stock price surged 16 times in a month, with short-term returns even surpassing some popular tokens.

In addition, the Bitcoin mining company Blockchain Technology Consensus Solutions (BTCS) also plans to raise $100 million to purchase Ether, and after the announcement, the stock price surged by 110%.

More aggressively, Bit Digital announced a complete shift to Ethereum and the sale of Bitcoin. After the news was released, its stock briefly rose by about 20% during trading.

These four companies represent a microcosm of the U.S. stock market's active embrace of the Ethereum narrative. They are competing to announce relevant plans, aiming to capture market attention and investor mindset.

Different businesses but all seeking to turn losses into profits

Although these four companies have all bet on Ether and experienced a rise in stock prices, the underlying business logic is different.

SharpLink: From Gambling to Crypto

SharpLink Gaming focuses on online sports betting. In 2024, the company's revenue was only $3.66 million, a 26% decrease year-on-year. Before its transformation, the company's market value was about $10 million, and its stock price was close to the delisting edge, making it difficult to break through in the highly competitive gambling industry.

In May 2025, the company made a large purchase of ETH through a private placement of $425 million, currently holding 205,634 ETH, becoming one of the largest publicly traded holders of ETH in the world. Over 95% of the ETH is deployed in liquidity staking protocols, having earned staking rewards of 322 ETH.

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 ETH also makes it highly susceptible to price fluctuations.

BitMine: From BTC Mine to ETH Vault

BitMine Immersion Technologies was originally a Bitcoin mining company that generated revenue through its own mining and the hosting of third-party equipment. In the first quarter of 2025, it reported revenue of $3.31 million, but 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 news was released, the stock price skyrocketed from $4.50 to $111.50, surging 3000% since June. The current market capitalization is approximately $5.7 billion. It is worth noting that BitMine still retains its original BTC mining business, and the ETH reserves seem more like a short-term narrative strategy.

Blockchain Technology Consensus Solutions: New Packaging for Old Business

BTCS was established in 2014 and is one of the early blockchain companies listed on NASDAQ. Its core business focuses on the infrastructure operation of Ethereum and other PoS blockchain networks, including running Ethereum nodes and providing data analysis platforms.

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

This move can enhance the staking capability of validator nodes in BTCS's main business, increasing gas fee revenue and market competitiveness. The market reacted positively, with BTCS's stock price soaring over 100% in a single day after the announcement.

Bit Digital: Fully Transitioning to Ether

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

In July 2025, the company raised $172 million through public offerings and sold 280 BTC, increasing its holdings of Ether to 100,603 (approximately $264 million), with Ether accounting for 60% of its assets, making it the company with the second-largest amount of Ether held, only behind SharpLink.

These four companies are all facing the predicament of poor financial conditions and low market capitalization, similar to certain low market cap protocols in the crypto market that lack revenue. After gaining narrative and attention, their stock prices quickly surged.

The Key Driver Behind the Transformation

SharpLink: Ethereum Co-Founder and Crypto Investor

SharpLink went from the brink of delisting to becoming the largest holder of Ether, thanks in no small part to the efforts of Ethereum co-founder Joseph Lubin. 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, collaborating with several institutions including ParaFi Capital, Pantera Capital, and Galaxy Digital.

BitMine: The Connection Between Thomas Lee and Silicon Valley Venture Capital

Thomas Lee, a renowned strategist on Wall Street and co-founder of Fundstrat, is the driving force behind the BitMine ETH reserve strategy. Lee has been bullish on Bitcoin since 2017 and became the chairman of the BMNR board in June 2025.

Lee's BitMine fundraising plan of 250 million USD has received support from the well-known Silicon Valley venture capital firm Founders Fund. In addition, crypto-native institutions such as Pantera, FalconX, Kraken, Galaxy Digital, and DCG are also involved.

Bit Digital: Former Bitfinex Advisor Leads

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

In June 2025, Bit Digital raised $172 million through an IPO to purchase Ether, with major investors including BlackRock and investment bank underwriter H.C. Wainwright.

BTCS: Make Good Use of DeFi Lending

Charles Allen, the CEO of BTCS, is a veteran of the cryptocurrency industry, having started focusing on Ethereum in 2014. In June 2025, he led BTCS to borrow $2.5 million through AAVE to purchase 1,000 ETH, and plans to raise $100 million to further expand their ETH holdings.

The commonality among these four companies is that they all have key figures related to the crypto space, and their fundraising targets overlap. Crypto funds and traditional funds that have previously invested in Ethereum have become the driving force behind the ETH reserve craze, showcasing 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 coming to an end.