TL;DR
Highly concentrated holdings : MSTR accounts for 2.865% of the total BTC held by listed companies, and the proportion of holdings outside the top 10 is relatively low
Serious project homogeneity: Most reserve projects lack sustainable advantages, and the long-term NAV premium or relatively high-quality projects fade
Valuation bubble looms: NAV multiples are generally >2× (only a few are <1×), stock prices are easily driven by announcements, and bear market risks can quickly erode premiums
Metaplanet uses zero-coupon convertible bonds + SAR financing to profit from the difference between 20% dividend tax and 55% Bitcoin transaction tax
SPAC /PIPE/convertible bonds/physical commitments are the mainstream, TwentyOne and ProCap achieved full stock upon listing through multi-step merger
SharpLink raised over $838 million, almost fully pledged ETH, Joseph Lubin joined the board of directors, and delivered 10,000 ETH OTC with the Ethereum Foundation
BTCS innovatively borrows USDT through Aave to purchase ETH for pledge, and is sensitive to lending rates and on-chain liquidity
Crypto funds deploy strategic reserve stocks through PIPE and other means, and set up special funds; industry veterans serve as strategic consultants, providing practical support and professional experience
introduction
The excitement surrounding public companies turning to cryptocurrency reserve strategies shows no sign of abating. Some are doing this as a last-ditch effort to save their businesses, others are simply copying MicroStrategy’s approach, but a few truly innovative projects stand out.
This article will explore the dominant players in the Bitcoin and Ethereum strategic reserve space - analyzing how they provide alternatives to spot ETFs, deploy complex financing structures, achieve tax optimization, generate staking income, integrate the DeFi ecosystem, and leverage unique competitive advantages.
Bitcoin
Panoramic Overview
According to a treemap from BitcoinTreasuries.net, MicroStrategy has quickly risen to become the largest corporate holder among entities that have publicly disclosed their holdings — second only to the iShares Bitcoin Trust — controlling nearly 2.865% of the 21 million total supply today alone.
Still, ETFs and trusts dominate, led by iShares, Fidelity and Grayscale. At the sovereign level, the U.S. and China hold the most Bitcoin, with Ukraine also maintaining a sizeable reserve. Among private companies, Block.one and Tether Holdings top the list.
Among all entities holding Bitcoin, the United States and Canada top the list, followed by the United Kingdom, but also worth noting are Japan's Metaplanet (ranked 5th) and China's Next Technology Holding (ranked 12th).
The following list shows the top 30 publicly traded companies holding Bitcoin, with MicroStrategy coming in first by a significant margin.
Even if MicroStrategy is excluded, MARA and Twenty One Capital still rank at the top, but the distribution of holdings is still highly concentrated - most companies outside the top ten hold only moderate amounts of Bitcoin compared to the leaders.
When evaluating the Bitcoin reserves of publicly traded companies, there are two metrics that are particularly worth paying attention to:
Present value to cost ratio
Compare the current USD value of your Bitcoin holdings to your initial outlay. A higher ratio means large unrealized gains - both boosting returns and providing a buffer against market volatility.
BTC NAV Multiple
mNAV is calculated by dividing a company’s market capitalization by the dollar value of its Bitcoin reserves; some companies use enterprise value (EV) instead of market capitalization when reporting mNAV.
The multiple reflects investors' premium assessment of the company's core business outside of crypto assets.
When mNAV > 1, the market values the company higher than the value of its Bitcoin holdings, indicating that investors are willing to pay a premium for each unit of "Bitcoin holdings."
The key is that mNAV > 1 can achieve anti-dilution financing: when mNAV > 1, the company can issue additional shares → purchase Bitcoin → increase the net asset value of Bitcoin → drive enterprise value (EV) growth, while increasing the number of Bitcoins held per share.
Analysis of the NAV multiples of the top 30 companies shows that there are significant differences, such as Tesla (TSLA) and Coinbase (COIN). Since these companies are not primarily engaged in Bitcoin reserves and have other core businesses, their NAV multiples are correspondingly higher.
After removing non-Bitcoin reserve companies, it can be seen that most companies actually trade at higher NAV multiples - many over 2. Only four are below NAV = 1, and large holders such as MSTR and MARA do not have the extreme multiples seen in smaller companies.
According to data from BitcoinTreasuries.net, companies that provide comprehensive public disclosure do exhibit high cost-basis ratios, reflecting significant unrealized gains — most likely because companies with greater earnings are more inclined to disclose relevant information.
Metaplanet Inc. (MPLAN)
Among the many listed companies that have followed MicroStrategy's strategy, a Japanese company stands out: Metaplanet. So far, it has purchased a total of 16,352 bitcoins, ranking among the top five listed companies that publicly hold bitcoins, and has significantly accelerated its acquisition pace in the past few months.
As it describes itself: "Raising $500 million in equity capital", "Japan's largest equity issuer in 2025", and "the largest zero-cost financing in history".
Japan's interest rate remained low for a long time until it was raised to 0.25% in July 2024, and then raised again to 0.5% in January 2025, and currently remains at 0.5%. This spread is also reflected in the convertible bond market: as shown in Metaplanet's chart, convertible bonds issued in the United States usually come with higher coupons, while those issued in Japan have very low interest rates and less volatility.
Although market interest rates in Japan are generally low, Metaplanet’s “zero interest financing” is not cost-free—the company balances the costs by granting stock subscription rights (SARs) as compensation.
Metaplanet first raised cash by issuing six-month zero-coupon bonds at par. To ensure solvency, the company granted a corresponding number of stock appreciation rights (SARs) to the EVO Fund by the same board resolution.
The bond indenture provides that upon maturity, Metaplanet must use the cash paid by the EVO Fund upon exercise of the above SARs at the floating exercise price as the sole source of funds for redeeming the bonds.
Through this arrangement, Metaplanet avoids any regular interest payments.
The income source of EVO Fund includes double protection:
1. Principal protection: The principal will be fully repaid in cash when the bond matures, thus avoiding the risk of the underlying stock falling;
2. Upside Benefit: When the Metaplanet stock price exceeds the floating exercise price, the EVO Fund obtains the difference between the market price and the exercise price by exercising SARs.
The "555 million plan" (stock appreciation rights number #20-#22) launched on June 6, 2025 is Metaplanet's largest single financing plan to date. A total of 555 million stock appreciation rights (SARs) were issued, equivalent to 92.4% of the 600.7 million shares in circulation, and the maximum financing after exercise is 770 billion yen. The initial floating exercise price of this right is 1,388 yen per share, and it is reset every three trading days at 100%/101%/102% of the average closing price of the previous three days, but it must not be lower than the minimum guaranteed price of 777 yen.
The EVO Fund can exercise the option at any time between June 24, 2025 and June 23, 2027, when Metaplanet will issue new shares and obtain the exercise funds. In order to control equity dilution and market impact, Metaplanet can suspend the exercise of the option by announcing five trading days in advance, or repurchase the unexercised shares by giving two weeks’ notice.
Tax advantages constitute another core value: in Japan, capital gains and dividends from stocks are subject to a flat tax rate of approximately 20%, while profits from spot Bitcoin trading are classified as miscellaneous income and are subject to a progressive national tax rate of 5%-45%, plus a 10% local resident tax (and applicable surcharges), for a combined tax rate of up to 55%. Metaplanet becomes an attractive alternative for investors in high-tax brackets seeking Bitcoin exposure - and Japan has not yet approved the listing of spot Bitcoin ETFs.
Metaplanet has historically traded at a high mNAV multiple - often exceeding 5x, and even climbing to 20x at one point, much higher than other major holders. While this premium reflects investor confidence in its financing structure, tax advantages, and optimized Bitcoin returns, it also carries higher risk and may mean that its stock price is overhyped.
Other Bitcoin Reserve Companies: Riding the SPAC Wave
Many companies are scrambling to emulate MicroStrategy’s Bitcoin reserve strategy. It is worth noting that SPAC companies such as Twenty One Capital (ranked 3rd) and ProCap Finance (ranked 13th) have become top holders immediately after the merger through complex fundraising structures.
Twenty One Capital, Inc.
Co-founded by Strike CEO Jack Mallers. Twenty One’s SPAC path combines physical Bitcoin commitments, PIPE and convertible debt financing, and a two-step merger structure, allowing the company to have a fully funded 42,000 Bitcoin reserve on its first day of listing on the Nasdaq.
The transaction began with Tether and Bitfinex pledging 31,500 bitcoins to a private placement entity called NewCo, while Tether spent an additional $462 million to purchase bitcoins. A $200 million PIPE funded the SPAC trust, which was then merged into its consolidated subsidiary and issued Class A shares to SPAC and PIPE investors.
At the same time, NewCo merged with the same merged subsidiary through a stock swap, exchanging Class A and Class B shares. At the same time, a $340 million convertible bond financing was directly injected into Twenty One. Twenty One then used the funds from PIPE and convertible bonds to buy back the previously promised Bitcoin from Tether and Bitfinex. SoftBank, as a strategic anchor, subscribed to an equivalent equity of 10,500 Bitcoins. If the final reserve does not reach the target of 42,000 Bitcoins, Tether will be responsible for making up the difference.
Upon completion of the SPAC merger, Twenty One’s controlling stake will be primarily held by Tether and its affiliated exchange Bitfinex, with SoftBank Group holding a significant minority stake.
Tether and Bitfinex each pledged large amounts of Bitcoin in exchange for newly issued shares before the merger, and ended up holding controlling stakes (42.8% for Tether and 16.0% for Bitfinex). SoftBank subsequently purchased 10,500 Bitcoins worth of shares at the same price, acquiring a similar percentage of the shares (24.0%). In contrast, the SPAC trust has less cash (about $100 million) and PIPE and convertible bond holdings.
ProCap BTC (PCAP)
ProCap Financial raised a total of $1.008 billion to launch its Bitcoin Reserve platform, including $256 million from SPAC trusts (assuming minimal redemptions), $517 million from preferred stock PIPEs, and $235 million from zero-interest, senior secured convertible bonds. Nearly 95% of the total raised ($950 million) was immediately invested in the acquisition of 9,498 bitcoins.
Public SPAC shareholders exchanged $256 million in the trust for 25 million shares, accounting for 19.7%; Magnetar Capital, ParaFi, Blockchain.com Ventures, Arrington Capital, Woodline Partners, Anson Funds, RK Capital, Off the Chain Capital, FalconX, BSQ Capital and others led a $517 million preferred stock PIPE, underwriting 63.5 million shares, accounting for 50.1%; $235 million of zero-interest, priority secured convertible bonds were converted into 18.1 million shares, accounting for 14.3%; Inflection Points Inc. exchanged its existing shares and invested an additional $8.5 million in equity subscriptions, and was allocated 11.1 million shares, accounting for 8.7%; SPAC sponsors retained 9 million shares of promote, accounting for 7.1%.
Despite the generally poor performance of SPAC projects, Bitcoin Reserve SPACs are still highly recognized for their transparency in shareholding and cost basis. Their S-1/S-4 filing documents disclose in detail the cash injections, equity distributions and physical Bitcoin contribution values of each participant (for example, Twenty-One Capital's $200 million PIPE financing corresponds to an exercise price of $10 per share, and $385 million zero-interest convertible bonds are converted at $13 per share, and the number of shares before and after the conversion is clearly listed). Since these companies have a similar "acquire and hold Bitcoin" business model, such disclosures provide investors with a reliable reference for evaluating the degree of equity dilution, holding costs and reserve composition.
Compared to the recent SPAC financing model that relies on complex structures, early adopters such as Next Technology Holding are accumulating Bitcoin reserves through more direct equity cash transactions.
At the same time, GameStop's move is also eye-catching: On May 28, 2025, the gaming retailer with cash reserves of $4.8 billion announced that it had spent approximately $513 million to acquire 4,710 bitcoins as part of its digital asset strategy.
Cash-Rich Crypto Platforms
While many companies are following MicroStrategy's cross margin Bitcoin strategy, there are also many native crypto platforms that continue to invest steadily in digital assets, and occasionally there are one-time large buyers like Tesla.
Tether, the issuer of USDT, has been actively adding Bitcoin to its reserves since the end of 2022, using up to 15% of its net profit each quarter for direct market purchases and renewable energy mining investments. As its CTO Paolo Ardoino said: "By holding Bitcoin, we add a long-term asset with upside potential to our reserves," Tether also said that this move "will enhance market confidence in USDT by diversifying reserves into digital asset value storage." As a result, Tether's Bitcoin reserves have grown quarterly since 2023 - now doubling to more than 100,000 Bitcoins and accumulating approximately $3.9 billion in unrealized gains.
Block (formerly Square) made its first “bet” in October 2020, purchasing 4,709 bitcoins for $50 million, about 1% of its assets at the time. In the first quarter of 2021, it added another $170 million (3,318 bitcoins), increasing its reserve size to more than 8,000 bitcoins. Since then, Block has maintained its Bitcoin holdings. In April 2024, Block launched an enterprise-level dollar-cost averaging program that uses 10% of monthly gross profits from Bitcoin products to execute systematic buys at a two-hour weighted average price through OTC liquidity providers.
Coinbase formalized its corporate Bitcoin strategy in August 2021, with the board of directors approving a one-time $500 million purchase of digital assets and pledging to invest 10% of quarterly net income in an investment portfolio including Bitcoin.
In January 2021, Tesla's board of directors approved the purchase of Bitcoin for $1.5 billion, citing "we believe in both the long-term potential of digital assets as an investment and their value as a cash flow alternative." A few months later, CEO Elon Musk said that Tesla sold about 10% of its Bitcoin "to prove liquidity" and realized $128 million in revenue in the first quarter of 2021; in the second quarter of 2022, Tesla sold about 75% of its remaining holdings. Musk explained that this move was to "maximize cash positions in China amid production challenges caused by the epidemic," while emphasizing that "this should not be seen as a negative judgment on Bitcoin."
Ethereum
Many companies have joined the Ethereum reserve camp with the same enthusiasm as MicroStrategy's Bitcoin strategy - the driving forces behind this are the bullish expectations for ETH, staking rewards, and the fact that ETH ETFs cannot participate in staking at this stage. As Wintermute founder Evgeny Gaevoy said on July 17: "It is obvious that ETH is almost impossible to buy on the Wintermute OTC desk."
Companies participating in Ethereum reserve strategies are marked with a "T" symbol. Leading companies include BitMine, SharpLink, Big Digital and BTCS, each of which has seen significant increases in holdings in the last 30 days, reflecting their active ETH accumulation trend.
Although BitMine and SharpLink's holdings have surpassed the Ethereum Foundation, their individual holdings are still modest compared to MicroStrategy's control of nearly 2.865% of the circulating supply of Bitcoin - about 0.25% and 0.23% of the total supply, respectively. In addition, most of these Ethereum reserve projects were launched between May and July this year, which is still a very recent development.
SharpLink Gaming (NASDAQ:SBET)
SharpLink Gaming, a Nasdaq-listed iGaming affiliate, announced the launch of its Ethereum reserve strategy in 2025 through a $425 million private placement.
SharpLink built this strategy around two financing channels: large PIPE (Private Investment in the Public Market) and ATM (ATM) equity mechanism. On May 27, 2025, SharpLink announced the completion of the placement of a $425 million PIPE (69.1 million shares at an issue price of $6.15) led by Consensys (Joe Lubin's company) and major crypto venture capital firms such as ParaFi Capital, Electric Capital, Pantera Capital, Arrington Capital, GSR, and Primitive Ventures.
Following the transaction, Lubin joined SharpLink’s board of directors as chairman, responsible for guiding the strategic direction of the Ethereum Reserve project.
After completing the PIPE, SharpLink launched an ATM placement mechanism to sell shares to the market based on demand. For example, approximately $64 million was raised through ATM sales at the end of June 2025, and 24.57 million shares were sold in early July 2025, raising approximately $413 million.
At the same time, SharpLink has pledged to stake almost 100% of its ETH holdings to generate returns. As of mid-July 2025, approximately 99.7% of its Ethereum assets have been staked.
On July 10, 2025, SharpLink reached a final agreement with the Ethereum Foundation to directly purchase 10,000 ETH, paying a total price of US$25,723,680 (equivalent to US$2,572.37 per ETH). This is the first over-the-counter transaction between the Ethereum Foundation and a listed company.
SharpLink's Ethereum reserve value proposition is based on four core pillars: attractive staking yields, high total value security (TVS), operational efficiency, and broader network benefits. Staking rewards not only provide a stable yield buffer for reserve allocations, but also help offset acquisition costs. As of now, Ethereum's TVS has reached 0.80 trillion US dollars, and its security ratio is 5.9× - that is, the total value of ETH, ERC-20 tokens and NFTs secured on the chain ($0.80 trillion) divided by the value of staked ETH ($0.14 trillion). In addition to these financial indicators, Ethereum has better energy efficiency than proof-of-work networks, has thousands of independent validators to achieve deep decentralization, and has a clear expansion roadmap through sharding and Layer 2 solutions.
BTCS Inc. (NASDAQ: BTCS)
On July 8, 2025, BTCS (Blockchain Technology & Consensus Solutions) announced plans to raise $100 million in 2025 for the acquisition of its Ethereum reserves.
BTCS has developed a hybrid financing model that combines traditional financing with decentralized finance: continued ETH accumulation will be funded through ATM equity sales, convertible bond issuance, and on-chain DeFi lending through Aave.
On the chain, BTCS's strategy is centered on Aave: the company borrows USDT on the Aave protocol with ETH as collateral, and then uses the proceeds to purchase additional ETH. BTCS then stakes these ETH through its NodeOps validator network to earn rewards. CEO Charles Allen emphasized that this low-dilution, steady-state strategy - "slow and steady wins the race" - aims to increase ETH holdings per share at the lowest cost.
For example, in June 2025, BTCS borrowed an additional $2.5 million USDT on Aave (bringing its total Aave debt to $4 million), collateralized by approximately 3,900 ETH. In July 2025, it borrowed another $2.34 million USDT (total Aave debt of approximately $17.8 million), collateralized by approximately 16,232 ETH.
Most of the newly purchased ETH is used for staking. BTCS connects these ETH to its NodeOps validator network, running both independent validator nodes and RocketPool nodes.
BTCS's on-chain strategy is quite innovative - integrating DeFi into a strategic reserve strategy. However, its cost advantage depends on the interest rate environment of the Aave platform, and leverage operations come with inherent risks. At the same time, the surge in demand for ETH from other companies focused on reserve management may reduce on-chain liquidity. As an on-chain leveraged buyer that may exacerbate this situation, BTCS may support prices in the short term, but the long-term impact needs to be closely monitored - especially when its positions are large enough to affect the Aave market.
Other companies
BitMine Immersion Technologies (NYSE American: BMNR)
July 8, 2025 (initial financing). Crypto mining company BitMine launched its “light asset” Ethereum reserve strategy in July 2025 and completed a $250 million private placement (PIPE) to purchase ETH on the same day. Within a week, BitMine had accumulated approximately 300,657 ETH. The company publicly stated that its long-term goal is to “acquire and stake 5% of all ETH.”
Bit Digital（NASDAQ: BTBT）
July 7, 2025. Bit Digital, which originally focused on Bitcoin mining, announced that it had completed its transition to an Ethereum reserve strategy. According to its press release on the same day, Bit Digital raised approximately $172 million through a public offering and liquidated 280 BTC on its books, reinvesting the proceeds in Ethereum. As a result, the company's total holdings of ETH reached approximately 100,603 (which has been accumulated through staking since 2022).
GameSquare Holdings (NASDAQ: GAME)
July 10, 2025. Digital media/gaming company GameSquare launches a plan to reserve up to $100 million in Ethereum. In the announcement on the same day, GameSquare confirmed that it had invested $5 million for the first time and purchased approximately 1,818 ETH at a price of approximately $2,749 per ETH. The company initially raised $9.2 million (issued amount) in its public offering in July, and subsequently announced an additional $70 million in follow-up placements (with an over-allotment of up to $80.5 million) to further expand its ETH reserves.
Conclusion
The craze for corporate crypto asset reserves has gone far beyond Bitcoin and Ethereum - many companies are expanding their reserve layout to SOL, BNB, XRP, HYPE, etc. to seize the opportunity.
However, most projects are highly homogeneous and lack sustainable competitive advantages. Their NAV premiums will most likely be eroded by competitors with greater strategic advantages over time.
Companies that truly have an advantage often have stronger financing structures and strategic partnerships. For example, Metaplanet benefits from Japan's favorable tax treatment of stocks and the lack of a BTC spot ETF market environment; Twenty One uses a complex financing structure to use all available channels to obtain Bitcoin-and has established strategic partnerships with Tether, Bitfinex, and SoftBank, becoming the third largest holder in one fell swoop, maximizing its scale advantage. Meanwhile, SharpLink is led by Consensys and a top crypto VC, with Joseph Lubin joining its board of directors, while BTCS is involved in the Ethereum DeFi ecosystem.
For public investors, it is critical to remain cautious: Amid the hype, many companies still trade at high NAV multiples, their share prices tend to fluctuate on announcements — and investors often lack the transparent, real-time information needed to assess company changes. In addition, broader market risks, especially in a bear market, can quickly erode any premium these strategies offer.
In the institutional space, more and more crypto funds are allocating crypto reserve stocks and even launching dedicated funds. At the same time, experienced industry veterans are stepping in as strategic advisors.
Sources
MSTR
Metaplanet
Others BTC
Ethereum
Others
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