Author: TechFlow
Original Title: ETH Reserve Companies Become New Darlings of US Stocks, Exploring 4 Star Enterprises' Business and Driving Forces
Recently, it's quite obvious that people are starting to be bullish on Ethereum again.
From shouting "Ethereum is the oil of the digital era" to the slogan "ETH will rise to 10,000" at EthCC... What else could revive ETH?
The answer might not be on the chain, but in US stocks.
As "Bitcoin reserves" become a new trend for US-listed companies, Ethereum reserves have become the new darling of the US stock market.
For example, last week, SharpLink announced purchasing another 7,689 ETH, making it the listed company with the most ETH reserves; yesterday, its stock price (SBET) also rose nearly 30%;
BitMine (BMNR), a mining company focused on Bitcoin mining, recently announced a $250 million ETH asset reserve plan, intending to emulate MicroStrategy. The company's stock price has risen 16-fold in one month, with its short-term wealth effect even surpassing some meme coins.
Additionally, another US-listed Bitcoin mining company, Blockchain Technology Consensus Solutions (BTCS), also followed a similar path, announcing on Tuesday a plan to raise $100 million to purchase ETH.
Upon the news, the company's stock price soared 110%.
Even more aggressive is Bit Digital, whose main business is Bitcoin mining and Ethereum staking, directly announcing a full pivot to Ethereum and selling Bitcoin, with its BTBT stock rising about 20% intraday yesterday.
These 4 enterprises are a microcosm of US stocks actively embracing the Ethereum narrative and are stars at the forefront of capital markets.
Speculative funds have limited attention, and markets often can't remember too many latecomers, so you can see them rushing to make official announcements, seeking a clear stance and mental positioning.
We've also analyzed the similarities and differences in these companies' businesses and resources to provide some reference for players focusing on crypto-stock interactions.
Different Businesses, But All Seeking Profitability
SharpLink (SBET), BitMine (BMNR), Blockchain Technology Consensus Solutions (BTCS), and Bit Digital (BTBT) are competing to bet on ETH, with stock price surges driven by their respective business logics.
[The rest of the translation continues in the same professional and accurate manner, maintaining the specific translations for crypto terms as instructed.]Obviously, these 4 companies all have characteristics of poor financial conditions and low market value, similar to some low-market-cap protocols in the crypto market without revenue, which quickly surge after gaining narrative and attention.
Key Drivers Behind the Transformation
Bankless founder David Hoffman had a profound insight into the ETH reserve phenomenon in a recent article:
"The strategy is simple: incorporate ETH into the balance sheet and then sell ETH to Wall Street... Ethereum itself has many narrative highlights, and ETH only needs someone vibrant enough to excite Wall Street".
Connections and resources link the crypto narrative to traditional capital markets. From crypto giants to investment banking giants, these 4 companies also have different key figures behind them.
SharpLink: Ethereum Co-Founder and His Crypto Gang
From near delisting to the largest ETH holder, this is inseparable from Ethereum co-founder Joseph Lubin's operation.
As the founder and CEO of ConsenSys, Lubin manages critical infrastructure in the Ethereum ecosystem, such as MetaMask wallet and Infura (which handles over 50% of Ethereum transactions).
In May 2025, Lubin joined SBET's board of directors as chairman, personally driving a $463 million financing. This is also closely linked to crypto VCs who previously invested in various Ethereum ecosystem projects:
His own ConsenSys led SBET's $425 million private placement, together with ParaFi Capital (top DeFi VC, invested in Uniswap, Aave), Pantera Capital (early Ethereum investor, managing over $5 billion in assets), and Galaxy Digital (managing Ethereum ETF) and other institutions.
Despite community suspicions of an Ethereum Foundation conspiracy, Lubin's connections and ConsenSys's resources undoubtedly give SBET the ability to become a pioneer of Ethereum's Wall Street transformation.
BitMine: Thomas Lee and Silicon Valley VC Collaboration
Thomas Lee, a well-known Wall Street strategist and Fundstrat co-founder known for precise predictions, is the mastermind behind BitMine (BMNR)'s ETH reserve strategy.
Lee has been bullish on Bitcoin since 2017, predicted ETH would reach $5,000-6,000 in 2024, and announced becoming BMNR's board chairman in June 2025.
In an interview, he mentioned the reason for betting on Ethereum:
"Frankly, the real reason I chose Ethereum is the stablecoin explosion. Circle is one of the best IPOs in five years, with a 100x EBITDA multiple, bringing very good performance to some funds... Stablecoins are the ChatGPT of the crypto world, already mainstream, and evidence of Wall Street trying to 'tokenize' equity. The crypto world is 'equitizing' tokens, such as tokenizing the dollar."
He also stated on CNBC that BMNR would become the "MicroStrategy of Ethereum".
In Lee's $250 million fundraising plan for BitMine, we also see the presence of famous Silicon Valley VC Founders Fund, founded by Peter Thiel, which has invested in SpaceX, Palantir, and started heavily investing in crypto in 2021, including Ethereum, Solana, and Bullish group, which also acquired CoinDesk.
Additionally, native crypto institutions like Pantera, FalconX, Kraken, Galaxy Digital, and DCG also participated.
Bit Digital: CEO Was Once Bitfinex Advisor
Samir Tabar is the helmsman of Bit Digital (BTBT)'s ETH reserve strategy, with a cross-industry experience from Wall Street to crypto.
Tabar was Merrill Lynch's capital markets head, served as Bitfinex's strategic advisor from 2017-2018, optimizing USDT's transaction flow on the Ethereum network, and joined Bit Digital in 2021.
Tabar called Ethereum a "blue-chip asset reshaping the financial system" on CNBC, emphasizing its huge potential in stablecoin and DeFi applications. His traditional financial background and crypto experience provide more credibility for Bit Digital's transformation, and his "blue-chip asset" rhetoric also caters to the narrative of reviving Ethereum.
In June 2025, Bit Digital raised $172 million through public offering (ATM issuance) to purchase ETH; major investors include BlackRock and investment bank underwriter H.C. Wainwright, the latter having provided financing for Bit Digital multiple times, reaffirming BTBT as a "buy" rating in 2025 with a target price of $5-7.
BTCS: Utilizing Aave Lending to Purchase ETH
Compared to the previous three, BTCS's CEO Charles Allen is relatively low-key.
However, he is also a veteran in the crypto industry, with blockchain experience starting from Bitcoin investment in 2011, turning to Ethereum in 2014, and promoting BTCS to become the first Nasdaq blockchain enterprise in 2016.
In June 2025, he led BTCS's action of borrowing $2.5 million through Aave to purchase 1,000 ETH, with plans to raise $100 million in July, with investors including ATW Partners and H.C. Wainwright, the former being a New York-based hybrid venture capital/private equity firm investing in both debt and equity.
From these 4 companies, we can see the commonality:
Each company has core figures related to the crypto circle, and the fundraising targets of different companies also overlap.
Crypto funds and traditional funds that previously invested in Ethereum are also behind-the-scenes drivers of the ETH reserve trend; the Ethereum ecosystem's capital network has extensive reach, which may also be another evidence of the Ethereum network's robustness.
Money never sleeps. When ETH reserve companies become the new meme stocks of 2025, enterprises will inevitably create wealth in their transformation, and currently, this crypto stock feast is far from over.
