The U.S. stock market sees a surge in Ethereum reserves, with four companies seizing the opportunity

Recently, there has been a noticeable trend in the U.S. stock market - publicly traded companies are increasingly joining the ranks of Ethereum reserves. This phenomenon has attracted widespread market attention and has become a new hotspot following "Bitcoin reserves."

Last week, a certain company announced that it had purchased 7,689 ETH again, making it the publicly listed company with the largest reserve of ETH. The company's stock price subsequently rose by nearly 30%.

Another company focused on Bitcoin mining has also announced the launch of a $250 million Ether asset reserve plan. The company's stock price has increased 16-fold within a month, with short-term performance even surpassing some popular tokens.

In addition, two companies listed on the US stock market have also announced ETH reserve plans. One of them plans to raise $100 million to purchase ETH, and after the announcement, the stock price surged by 110%. The other has announced a full transition to Ethereum and the sale of Bitcoin, and its stock price also saw a significant increase.

These four companies represent a microcosm of the U.S. stock market's active embrace of the Ethereum narrative and have become the focus of the capital markets. They are competing to announce ETH reserve plans, aiming to seize a market advantage.

The four companies have different businesses, but all seek to turn losses into profits.

The four companies are SBET, BMNR, BTCS, and BTBT. Although their strategies for betting on Ether are similar, their main businesses are different.

SBET is primarily engaged in online sports betting, but its revenue in 2024 was only $3.66 million, a significant decline compared to the previous year. The company barely turned a profit by selling off part of its business. Before the transformation, SBET had a market value of only $10 million, with its stock price hovering on the verge of delisting. In May 2025, SBET made a large-scale purchase of $425 million in ETH through a private placement, currently holding over 200,000 coins, becoming one of the largest publicly traded ETH holders in the world.

BMNR was originally a Bitcoin mining company, but high energy consumption and low profit margins led to continuous losses. On June 30, the company announced a private placement fundraising, planning to purchase approximately 95,000 Ether. After the news was released, BMNR's stock price skyrocketed from $4.50 to $111.50, with an increase of 3000% since June.

BTCS was established in 2014 and is one of the earlier listed blockchain companies. It primarily operates the infrastructure for PoS networks such as Ethereum, but in 2024, revenue fell by 12% year-on-year, with a net loss of 5.8 million dollars. Since 2021, BTCS has held ETH and operated validator nodes, announcing on July 8 plans to raise another 100 million dollars to expand its ETH holdings.

BTBT initially focused on Bitcoin mining, and since 2022 has expanded into Ethereum staking. In July 2025, the company increased its ETH holdings to over 100,000 coins, accounting for 60% of total assets, through a public offering and the sale of BTC amounting to $172 million.

These four companies are facing financial pressure and are seeking breakthroughs by betting on ETH.

Key Drivers Behind the Transformation

The transformation of SBET is inseparable from the maneuvering of the co-founder of Ethereum. He joined the SBET board to promote a financing of 463 million dollars. Several well-known investment institutions in the crypto field participated.

The ETH reserve strategy of BMNR is led by a well-known strategist from Wall Street. He predicts that ETH will soar and claims that BMNR will become "the MicroStrategy of Ethereum." Notable Silicon Valley venture capitalists and several crypto institutions are participating in the financing.

The CEO of BTBT previously served as an advisor to a large exchange, and he referred to Ethereum as "a blue-chip asset that reshapes the financial system." The company raised $172 million through an IPO to purchase ETH, with major investors including large asset management firms.

The CEO of BTCS is a veteran of the crypto industry, leading the company's action to purchase Ether through DeFi lending. They plan to raise $100 million, with investors including hybrid investment institutions.

The common point of these companies is that the core figures have deep connections with the crypto circle, and there is overlap in the fundraising targets. Crypto funds and traditional funds that have previously invested in Ethereum have become the driving force behind the ETH reserve craze.

As ETH reserves become a hot concept for 2025, this wave of transformation will bring a wealth effect to some people. Currently, this feast of coin-stock linkage has not yet ended.