Over the past month, Ethereum (ETH) has surged from $2,100 to $3,000. During this rally, US stock companies and mining firms have announced purchasing ETH as their "strategic reserve", with some mining companies even selling all their BTC to buy ETH with cash.
According to statistics, Ethereum strategic reserve companies have purchased over 545,000 ETH in the past month, with a total value exceeding $1.6 billion.
SharpLink (SBET), as the first company to adopt ETH as a strategic reserve, saw its stock price skyrocket from $3 to over $100 after announcing ETH purchase, then drop back to single digits, facing market criticism, and is now trading above $20 again.
Recently, SBET has purchased nearly 50,000 ETH in just 5 days, with its total ETH holdings now exceeding those of the Ethereum Foundation.
Additionally, SBET has staked part of its ETH on-chain to earn staking rewards, and as of July 8, its staking position has earned 322 ETH.
Currently, the main US stock companies with ETH as "strategic reserve" are 5:
· SharpLink Gaming (SBET)
· BitMine Immersion Technologies (BMNR)
· Bit Digital (BTBT)
· Blockchain Technology Consensus Solutions (BTCS)
· GameSquare (GAME)
ETH holdings for each company are as follows:
mNAV is the ratio of market capitalization to net asset value, calculated by:
The mNAV of ETH strategic reserve companies is primarily estimated by "stock market capitalization" / "total ETH value held".
Is the Market in FOMO?
This mNAV data represents the disconnection between company market value and assets, also reflecting market sentiment premium for a concept or stock. A higher mNAV often indicates stronger market speculative sentiment, while a lower one suggests a relatively rational investor state.
Looking at BTC strategic reserve companies, as of May 2025, MicroStrategy's (MSTR) market value is about 1.78 times its Bitcoin net asset value (mNAV), which fluctuated between 1 and 4.5 times between August 2022 and August 2024.
MSTR's mNAV curve reflects how crypto market sentiment dominates such companies' valuations.
Its peak of 4.5 times typically occurs during BTC bull markets and massive BTC accumulation periods, showing strong investor enthusiasm. The low point of 1 times corresponds to crypto market bear and consolidation periods, indicating investors' unwillingness to pay emotional premiums.
An mNAV between 2-2.5 represents a relatively neutral investment sentiment and premium.
By this standard, SBET and BTCS are currently in this range, while BMNR and BTBT's mNAV are slightly high.
It's worth noting that BMNR and BTBT were originally mining companies and may hold other assets besides ETH, whose value has not yet been calculated.
Overall, the current ETH strategic reserve stocks are still in a relatively rational valuation range, and market enthusiasm has not reached FOMO.
If Ethereum Rises to $5,000, How Many Times Could These Companies Multiply?
If ETH price continues to rise to $5,000 in the coming months, assuming these companies maintain their current ETH holdings without additional fundraising, and using a rational premium (mNAV = 2), the potential stock prices and gains would be:
Investors should note that mNAV = 2 is a relatively neutral premium rate. If ETH truly rises to $5,000, the market might be willing to pay a higher emotional premium for these ETH strategic reserve companies.
Additionally, the ETH staked by these companies during this period will generate rewards, increasing their total ETH holdings.
Ethereum's Value Discovery: Why Suddenly Popular with Institutions?
When these Ethereum strategic reserve companies discuss why they chose ETH, they mainly cite three reasons:
· Success of BTC reserve companies like MSTR
· ETH's staking rewards
· ETH's potential in stablecoin and RWA narratives
Bit Digital's CEO Sam Tabar is very optimistic about replicating MSTR's model with ETH and confident about ETH reaching $10,000:
"(Establishing Ethereum reserves) We're just getting started. This is just a warm-up. Think about how Saylor continuously issues stocks to buy BTC, and then BTC keeps rising, enabling him to repeat the entire process."
Primitive Ventures, in betting on SBET, emphasized ETH's staking rewards potential:
"ETH has inherent earning capabilities through staking and DeFi ecosystems, making it a truly productive asset, which Bitcoin lacks. SBET can potentially directly leverage ETH's on-chain mechanisms for compound growth, delivering real and quantifiable returns for shareholders."
Bitmine Immersion Technologies' CEO is more optimistic about ETH's potential in RWA and TradFi narratives:
"In my view, Ethereum is attractive because it's the first-layer blockchain for tokenizing real-world assets. As more things in the financial and real worlds become tokenized, financial institutions like Goldman Sachs, JPMorgan, Amazon, and Walmart will want to stake Ethereum itself, just as they do with stablecoins. We're doing what these enterprises will do in the future."
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