Ethereum Reserves Become the New Favorite in US Stocks: Analysis of Four Star Companies and Their Driving Forces

Recently, there has been a noticeable trend in the market: investors are becoming optimistic about Ethereum. From predictions like "Ethereum is the oil of the digital age" to "ETH will rise to 10,000 dollars," Ethereum seems to be regaining favor in the market. However, the factors driving Ethereum's value may not be limited to on-chain activities; the U.S. stock market is also playing an important role.

With "Bitcoin reserves" becoming a new trend for listed companies, Ethereum reserves are also gradually becoming a darling of the U.S. stock market. For example, last week a company announced it had purchased another 7,689 ETH, becoming the listed company with the largest ETH reserves; the company's stock price then rose nearly 30%. Another company focused on Bitcoin mining recently announced the launch of a $250 million ETH asset reserve plan, and its stock price has increased 16 times in a month, with short-term returns even surpassing some popular tokens.

In addition, two other listed companies have adopted similar strategies. One company announced plans to raise $100 million to purchase ETH, and its stock price soared by 110% after the news was released. Another company announced a complete shift to Ethereum and the sale of Bitcoin, with its stock surging about 20% at one point during the trading session.

The actions of these four companies reflect the growing interest in Ethereum in the US stock market. Speculative capital's attention is often limited, and the market tends to struggle to focus on too many latecomers. Therefore, these companies are competing to announce their Ethereum reserve plans, aiming to establish a clear position in the minds of investors.

Different businesses, but all seeking to turn losses into profits

Although these four companies all choose to bet on ETH, their main businesses are different.

The first company mainly operates online sports betting and collaborates with sports media companies. However, the company's revenue in 2024 was only $3.66 million, a significant decrease of 26% year-on-year. Before the transformation, the company's market value was around $10 million, with its stock price near the delisting edge, and shareholder equity was less than $2.5 million, facing compliance pressure. In May 2025, the company acquired a large amount of ETH through a $425 million private placement, becoming one of the largest publicly traded ETH holders in the world.

The second company was originally a Bitcoin mining company that operated mining farms in the United States and the Caribbean relying on special cooling technology. In the first quarter of 2025, the company generated revenue of 3.31 million dollars, but high energy consumption and low profit margins (net loss of 3.29 million dollars in 2024) made its operations difficult. At the end of June, the company announced a private placement financing plan to purchase approximately 95,000 ETH, and after the news was released, the stock price skyrocketed from 4.50 dollars to 111.50 dollars, with an increase of 3000% since June.

The third company focuses on blockchain infrastructure and was established in 2014, being one of the early blockchain companies listed on Nasdaq. Its core business includes operating Ethereum nodes and providing data analysis platforms. However, in 2024, the company's revenue was only about 2.6 million USD, a year-on-year decrease of 12%, with a net loss of 5.8 million USD. The company has held ETH and operated validator nodes since 2021, accelerated ETH accumulation in June-July this year, and plans to launch a fundraising program of 100 million USD to further expand its ETH holdings.

The fourth company initially focused on Bitcoin mining and gradually laid out its Ethereum staking infrastructure starting in 2022. In the first quarter of 2025, the company's revenue was $25.1 million, but it reported an adjusted loss of about $44.5 million. In July 2025, the company increased its ETH holdings to 100,603 coins, accounting for about 60% of its assets, through a public offering of $172 million and the sale of Bitcoin.

These four companies are facing issues of poor financial conditions and low market capitalization, similar to some low market cap projects in the crypto market that have no revenue. After gaining market attention, their stock prices surged quickly.

Key Figures Behind the Transformation

From crypto industry tycoons to investment banking giants, these four companies are driven by different key figures behind their transformations.

The transformation of the first company cannot be separated from the operations of a certain Ethereum co-founder. As the founder and CEO of an important infrastructure company, he joined the company's board of directors as chairman in May 2025, personally driving a $463 million financing round. Several well-known crypto investment institutions participated in this round of financing.

Behind the ETH reserve strategy of the second company is a well-known Wall Street strategist who has been optimistic about Bitcoin since 2017, predicting that ETH will reach 5000-6000 USD in 2024. He will serve as the chairman of the company's board in June 2025. The company's fundraising plan also involves participation from well-known Silicon Valley venture capitalists.

The CEO of the third company is a veteran of the crypto industry, whose blockchain experience began with Bitcoin investments in 2011 and shifted to Ethereum in 2014. In June 2025, he led the company in borrowing $2.5 million through a certain lending platform to purchase 1,000 ETH.

The CEO of the fourth company was an advisor to a well-known trading platform and has a dual background in traditional finance and cryptocurrency. He described Ethereum as "a blue-chip asset that is reshaping the financial system," emphasizing its tremendous potential in stablecoins and DeFi applications.

The common point of these companies is that each has core figures closely related to the crypto circle, and there is also overlap in the financing targets of different companies. Crypto funds and traditional funds that have previously invested in Ethereum are also important forces driving the ETH reserve craze.

As ETH reserve companies become the new hot stocks of 2025, this wave of transformation is bound to create wealth for some. Currently, it seems that this feast of the coin-stock linkage has not yet ended.