Ethereum Version of MicroStrategy Q&A: Analysis of the Logic and Holdings of Four Major US Companies Betting on ETH

This article revolves around ten key questions and systematically organizes the core logic of the four Ethereum reserve companies regarding funding pathways, on-chain deployment, strategic motivations, and risk governance. (Background: Dialogue with DeFi Report founder: 10 charts reveal the beginning of the Ethereum bull run, institutional funds may become the biggest driving force) (Additional background: SharpLink Gaming increased its position by 4,904 Ethereum with “unrealized gains of $260 million,” SBET has surged nearly 3 times this month) Since 2025, four U.S. stock companies represented by SharpLink Gaming, Bitmine Immersion Tech, Bit Digital, and BTCS Inc. have constructed a set of “ETH MicroStrategy” through large-scale purchases of ETH and on-chain staking, distinguishing it from MicroStrategy’s (now Strategy) normalized holdings. This strategy not only reshapes the structure of corporate balance sheets but also promotes the narrative leap of Ethereum in the capital market. This article systematically organizes the core logic of the four companies regarding funding pathways, on-chain deployment, strategic motivations, and risk governance around ten key questions. Question 1: Which U.S. listed companies currently hold the most ETH? How much do they each hold? As of July 2025, SharpLink Gaming, Bitmine Immersion Tech, Bit Digital, and BTCS Inc. are the companies with the largest ETH holdings in the U.S. stock market. SharpLink Gaming holds about 358K ETH, Bitmine follows closely with about 300.7K; Bit Digital holds about 120.3K, and BTCS Inc. disclosed holdings of 31.9K. Although Coinbase holds about 137.3K ETH as a trading platform, it is mainly for operational needs and is not considered a strategic holding, thus usually not counted in the “MicroStrategy” category. The above four companies constitute the current representatives of the Ethereum “MicroStrategy” trend in the U.S. stock market. Question 2: What are the main businesses of these four companies? Who is leading their Ethereum microstrategy? These four companies have different original business backgrounds, and the current Ethereum microstrategy is led by the current CEO or core board members of the company: SharpLink Gaming (SBET): SharpLink Gaming was originally a provider of sports prediction and interactive gaming technology. Since 2025, the company has gradually increased its ETH holdings through PIPE and ATM financing methods, positioning it as a core allocation of its balance sheet. The related financing is led by Consensys Software Inc., with participation from well-known crypto capitals such as Pantera Capital, Electric Capital, ParaFi Capital, and Galaxy Digital. Board Chairman Joseph Lubin (co-founder of Ethereum and founder of Consensys) is seen as a key driver of this strategic transformation, and his deep background in the blockchain field provides directional support for the company’s Ethereum reserves. Bitmine Immersion Tech (BMNR)): Bitmine was originally a blockchain infrastructure company, primarily focusing on Bitcoin mining site operations and liquid-cooled hardware sales, with business covering low-cost energy areas such as Texas and Trinidad. In June 2025, the company raised about $250 million by issuing 55.6 million shares at $4.50 each through a private placement to expand its ETH reserves. Founders Fund, Pantera Capital, and other crypto capitals participated. Fundstrat co-founder Tom Lee was appointed as board chairman, leading the ETH strategic path. Bit Digital (BTBT): Originally a Bitcoin mining company, it has transformed in recent years into a digital asset infrastructure platform, focusing on expanding ETH validator deployment and staking yield strategies. Current CEO Samir Tabar has a background with Merrill Lynch and BitMEX, and since 2022 has led the company to gradually accumulate and stake ETH, obtaining yield by executing Ethereum validators. As of March 31, 2025, institutional shareholders include BlackRock, Invesco, and VanEck, holding 3.53%, 2.12%, and 1.61% of the company’s shares respectively. BTCS Inc. (BTCS): Focused on building blockchain infrastructure since 2014, it has concentrated on the Ethereum ecosystem since 2021, laying out validator nodes and block building business, and launched the Builder+ block optimization tool in 2024 to explore Ethereum staking and block yield opportunities. The ETH strategy is led by CEO Charles W. Allen, reflecting the company’s ongoing investment in long-term blockchain development. Question 3: What are the main funding sources for these companies’ large-scale ETH purchases? All four companies have not relied on operational cash flow to purchase coins but have instead diversified paths such as PIPE, ATM issuance, convertible bonds, DeFi lending, and BTC asset monetization to provide funding support for the ETH microstrategy, reflecting a common strategy of “leveraging balance sheets for on-chain yields.” SharpLink Gaming primarily builds its financing platform through a combination of PIPE and ATM. In May 2025, the company completed approximately $420 million in PIPE financing; on July 17, it submitted a revised filing to the U.S. SEC, increasing the original ATM financing cap from $1 billion to $6 billion and including the PIPE portion into a unified registration scope. The company has clearly stated in multiple declarations that these funds will be used to build ETH strategic reserves and execute on-chain staking. Bitmine Immersion Tech completed a $250 million private placement in July 2025 and brought in Founders Fund to obtain a 9.1% strategic stake. The company stated that it plans to use all financing to build ETH reserves, including subsequent staking yield construction, but to date has not disclosed a public path for on-chain staking deployment. Bit Digital uses a combined financing strategy of “BTC monetization + public issuance.” In July 2025, the company raised about $172 million through public issuance and the sale of BTC (approximately 280 coins) specifically for purchasing ETH and constructing an on-chain staking yield model. Subsequently, on July 15, it announced another fundraising of about $67.3 million through a targeted issuance of common stock to continue expanding its ETH strategic allocation. BTCS Inc. primarily builds its ETH holdings through “ATM issuance + convertible bonds + DeFi lending” pathways continuously and has…