ETH Reserve Companies Become New Favorites on US Stock Market: Analysis of Four Star Companies' Businesses and Backgrounds

Recently, Ethereum has once again become the focus of market attention. From "Ethereum is the oil of the digital age" to the slogan "ETH is going to rise to 10,000", the future development of Ethereum has sparked heated discussions. This wave of enthusiasm is not limited to the cryptocurrency market but extends to the US stock market as well.

As Bitcoin reserves become a new trend for public companies, Ethereum reserves have quickly become the new favorite in the U.S. stock market. Many companies have announced large-scale purchases of ETH, leading to a surge in stock prices. This phenomenon reflects the optimism of the traditional financial market towards Ethereum and brings new growth momentum for ETH.

This article will focus on four US-listed companies that actively embrace Ethereum: SharpLink, BitMine, Blockchain Technology Consensus Solutions, and Bit Digital. These companies each have unique business backgrounds and development strategies, but all have chosen Ethereum as the key to their transformation and growth.

Business Analysis of Four Companies

SharpLink (SBET): From Betting to Crypto

SharpLink Gaming primarily engages in online sports betting. In 2024, the company reported revenue of only $3.66 million, a year-on-year decrease of 26%. Faced with business growth bottlenecks and delisting risks, SharpLink made a large-scale purchase of ETH through a $425 million private placement, becoming one of the largest publicly traded holders of ETH in the world.

Currently, SharpLink holds 205,634 ETH, with over 95% deployed in liquid staking protocols. This strategy not only optimizes the company's financial structure but also transforms it from a nearly delisted small company into a highly sought-after "crypto concept stock".

BitMine (BMNR): From Bitcoin Mining to Ethereum Reserve

BitMine Immersion Technologies was originally a Bitcoin mining company that operated mines in Texas and Trinidad using immersion cooling technology. However, high energy consumption and low profit margins put the company in trouble.

To turn the situation around, BitMine announced plans to acquire approximately 95,000 ETH. This decision caused the company's stock price to surge by 3000% in a short period, with its market value skyrocketing to around $5.7 billion. It is worth noting that BitMine still retains its original BTC mining business, and the ETH reserve plan seems more like a short-term strategy.

Blockchain Technology Consensus Solutions (BTCS): Blockchain infrastructure operator

BTCS was founded in 2014 and 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 decline in revenue and a net loss in 2024, BTCS has been holding ETH and operating validator nodes since 2021. Recently, BTCS has accelerated its accumulation of ETH and plans to launch a $100 million fundraising initiative to further expand its ETH holdings. This strategy aligns with the company's core business and has received a positive market response.

Bit Digital (BTBT): Fully Transitioning to ETH

Bit Digital was established in 2015, initially focusing on Bitcoin mining, and later gradually laying out Ethereum staking infrastructure. In the face of operating losses, the company decided to raise $172 million through a public offering and sell part of its BTC, significantly increasing its holdings of ETH to 100,603, making ETH account for 60% of the company's assets.

This move makes Bit Digital the second largest ETH holder after SharpLink, demonstrating its confidence in the future development of Ethereum.

The Key Drivers Behind Transformation

Behind the transformation of these four companies, there are key individuals and resource support unique to each.

1. SharpLink is led by Joseph Lubin, co-founder of Ethereum, and is supported by well-known institutions such as ConsenSys, ParaFi Capital, and Pantera Capital.

2. BitMine's ETH reserve strategy is driven by Wall Street renowned strategist Thomas Lee, attracting investments from Founders Fund, Pantera, FalconX, and others.

3. Samir Tabar, the CEO of Bit Digital, was formerly an advisor at Bitfinex, and his transformation has received support from institutions such as BlackRock and H.C. Wainwright.

4. The CEO of BTCS, Charles Allen, is a veteran of the crypto industry, and the company acquired ETH through AAVE lending and traditional financing methods.

The commonality among these companies is that their core figures have deep connections to the crypto space, and there is some overlap in their fundraising targets. Crypto funds and traditional funds that have previously invested in ETH have become important drivers of the ETH reserve boom, reflecting the broad influence of the Ethereum ecosystem's capital network.

As ETH reserve companies become a new hotspot in 2025, this innovation that combines cryptocurrency and traditional finance is continuing to ferment, and future developments are worth looking forward to.