Author: Sam @IOSG
Abstract
Highly concentrated positions: MSTR accounts for 2.865% of the total BTC held by listed companies, with a low proportion of external holdings in the Top 10.
Severe project homogeneity: Most reserve projects lack sustainable advantages, leading to a long-term NAV premium or the decline of relatively high-quality projects.
Valuation bubble emerging: NAV multiples are generally >2× (only a few at 1×), stock prices are easily driven by announcements, and bear market risks can quickly erode premiums.
Metaplanet profits from zero-interest convertible bonds + SAR financing, leveraging a 20% dividend tax and a 55% Bitcoin trading tax differential.
SPAC/PIPE/convertible bonds/physical commitments are mainstream, with TwentyOne and ProCap achieving listing with full reserves through multi-step mergers.
SharpLink's financing scale exceeds $838 million, nearly fully collateralized by ETH, Joseph Lubin joins the board, and 10,000 ETH is settled with the Ethereum Foundation OTC.
BTCS innovatively borrows USDT through Aave to purchase ETH for staking, while being sensitive to borrowing rates and on-chain liquidity.
Crypto funds strategically position reserve stocks through PIPE and other means, establishing dedicated funds; industry veterans serve as strategic advisors, providing practical support and professional experience.
I. Introduction
The trend of listed companies shifting to cryptocurrency reserve strategies shows no signs of waning. Some companies see this as a last-ditch effort to save their business, while others simply replicate MicroStrategy's approach, but a few truly innovative projects have emerged.
This article will explore the leaders in the strategic reserve field for Bitcoin and Ethereum—analyzing how they provide alternatives to spot ETFs, deploy complex financing structures, achieve tax optimization, create staking yields, integrate the DeFi ecosystem, and leverage unique competitive advantages.
II. Bitcoin
Overview
According to the rectangular tree diagram from BitcoinTreasuries.net, MicroStrategy has rapidly risen to become the largest corporate holder among publicly disclosed entities—second only to the iShares Bitcoin Trust—controlling nearly 2.865% of the total supply of 21 million as of today.
▲ bitcointreasuries.net
Nevertheless, ETFs and trusts still dominate, led by iShares, Fidelity, and Grayscale. At the sovereign level, the United States and China hold the most Bitcoin, with Ukraine also maintaining a significant reserve. Among private companies, Block.one and Tether Holdings are at the forefront.
Among all entities holding Bitcoin, the United States and Canada rank highest, followed by the United Kingdom. Notably, Japan's Metaplanet (ranked 5th) and China's Next Technology Holding (ranked 12th) are also noteworthy.
▲ bitcointreasuries.net
The following list shows the Bitcoin holdings of the top 30 publicly traded companies, with MicroStrategy significantly leading the pack.
Even excluding MicroStrategy, MARA and Twenty One Capital still rank high, but the distribution of holdings remains highly concentrated—most companies outside the top ten hold a moderate amount of Bitcoin compared to the leaders.
▲ bitcointreasuries.net, IOSG
When evaluating the Bitcoin reserves of publicly traded companies, two indicators are particularly noteworthy:
Current Value to Cost Ratio
This compares the current dollar value of Bitcoin holdings to the initial payment cost. A higher ratio indicates significant unrealized gains—enhancing return rates and providing a buffer against market volatility.
Bitcoin Net Asset Multiple (BTC NAV Multiple)
The calculation of mNAV is the company's market capitalization divided by the dollar value of its Bitcoin reserves; some companies use enterprise value (EV) instead of market capitalization when reporting mNAV.
This 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 its Bitcoin holding value, indicating that investors are willing to pay a premium for each unit of "Bitcoin holding."
The key is that mNAV > 1 can achieve anti-dilution financing: when mNAV > 1, the company can issue new shares → purchase Bitcoin → increase Bitcoin net asset value → drive enterprise value (EV) growth, while increasing the per-share Bitcoin holding.
Analysis of the NAV multiples of the top 30 companies shows significant differences among groups, such as Tesla (TSLA) and Coinbase (COIN). Since these companies do not primarily focus on Bitcoin reserves and have other core businesses, their NAV multiples are correspondingly higher.
▲ bitcointreasuries.net, IOSG
Excluding non-Bitcoin reserve companies, it is evident that most companies actually trade at higher NAV multiples—many exceeding 2. Only four are below NAV = 1, and large holders like MSTR and MARA do not exhibit the extreme multiples seen among smaller companies.
▲ bitcointreasuries.net, IOSG
According to data from BitcoinTreasuries.net, companies that provide comprehensive public disclosures indeed show high cost basis ratios, reflecting substantial unrealized gains—likely because more profitable companies are more inclined to disclose relevant information.
▲ bitcointreasuries.net, IOSG
Metaplanet Inc. (MPLAN)
Among the many listed companies emulating MicroStrategy's strategy, one Japanese company stands out—Metaplanet. To date, it has accumulated 16,352 Bitcoins, ranking among the top five publicly held Bitcoin companies, and has significantly accelerated its acquisition pace in recent months.
▲ bitcointreasuries.net, IOSG
As it self-describes: "Raising $500 million in equity capital," "Japan's largest equity issuer by 2025," "The largest zero-cost financing in history."
Japan's interest rates have long remained low, only increasing to 0.25% in July 2024, and again to 0.5% in January 2025, currently still at 0.5%. This interest rate differential is also evident in the convertible bond market: as shown in Metaplanet's chart, convertible bonds issued in the U.S. typically come with higher coupon rates, while those issued in Japan have very low rates and less volatility.
▲ Metaplanet Investor Deck
Despite Japan's generally low market interest rates, Metaplanet's "zero-interest financing" is not without cost—the company balances costs by granting Stock Appreciation Rights (SARs) as compensation.
▲ Metaplanet Analytics
Metaplanet first raised cash through a par issuance of six-month zero-interest bonds. To ensure solvency, the company granted the EVO fund a corresponding number of stock appreciation rights (SARs) based on the same board resolution.
The bond covenant stipulates that at maturity, Metaplanet must use cash paid for the SARs exercised at a floating strike price by the EVO fund as the sole source of funds for redeeming the bonds.
Through this arrangement, Metaplanet avoids any periodic interest expenses.
The revenue sources of the EVO fund include dual protections:
Principal Protection: The bond principal is fully repaid in cash at maturity, avoiding the risk of the underlying stock price decline.
Upside Gains: When Metaplanet's stock price exceeds the floating strike price, the EVO fund gains the difference between the market price and the strike price by exercising the SARs.
▲ Metaplanet Investor Deck
The "5.55 Billion Plan" (Stock Appreciation Rights No. #20-#22) launched on June 6, 2025, is Metaplanet's largest single financing scheme to date. A total of 555 million Stock Appreciation Rights (SARs) were issued, equivalent to 92.4% of 600.7 million circulating shares, with a maximum financing potential of 770 billion yen upon exercise. The initial floating exercise price for these rights is set at 1,388 yen per share, which is reset every three trading days based on the average closing price of the previous three days at 100%/101%/102%, but not lower than a minimum guaranteed price of 777 yen.
The EVO fund can exercise these rights at any time between June 24, 2025, and June 23, 2027, at which point Metaplanet will issue new shares and receive the exercise funds. To control equity dilution and market impact, Metaplanet can announce a suspension of exercise five trading days in advance or notify two weeks in advance to repurchase unexercised shares.
Tax advantages constitute another core value: in Japan, capital gains on stocks and dividends are subject to a single tax rate of about 20%, while profits from spot Bitcoin trading are classified as miscellaneous income, subject to a progressive national tax rate of 5%-45%, plus a 10% local resident tax (and applicable additional taxes), with a combined tax rate of up to 55%. For high-tax bracket investors seeking Bitcoin exposure, Metaplanet becomes an attractive alternative—especially since Japan has yet to approve the listing of a spot Bitcoin ETF.
▲ Metaplanet Investor Deck
Metaplanet has historically traded at a high mNAV multiple—usually exceeding 5×, and even reaching 20× at one point, far surpassing other major holders. Although this premium reflects investor confidence in its financing structure, tax advantages, and optimized Bitcoin returns, it also brings higher risks and may indicate that its stock price is overhyped.
Other Bitcoin Reserve Companies: Riding the SPAC Wave
Several companies are competing to emulate MicroStrategy's Bitcoin reserve strategy. Notably, SPAC companies like Twenty One Capital (ranked 3rd) and ProCap Financial (ranked 13th) have quickly risen to become top holders through complex fundraising structures after completing mergers.
Twenty One Capital, Inc.
Co-founded by Strike CEO Jack Mallers, Twenty One's SPAC path integrates physical Bitcoin commitments, PIPE and convertible bond financing, and a two-step merger structure, allowing the company to have a fully funded reserve of 42,000 Bitcoins on its first day of trading on NASDAQ.
The transaction began with Tether and Bitfinex committing to provide 31,500 Bitcoins to a private entity named NewCo, while Tether additionally invested $462 million to purchase Bitcoin. A $200 million PIPE provided funding for the SPAC trust, which was then merged into its subsidiary and issued Class A shares to SPAC and PIPE investors.
Meanwhile, NewCo completed the merger with the same 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 the PIPE and convertible bonds to repurchase the previously committed Bitcoins from Tether and Bitfinex. SoftBank, as a strategic anchor, subscribed to equity equivalent to 10,500 Bitcoins, and if the final reserve does not reach the target of 42,000 Bitcoins, Tether will be responsible for covering the shortfall.
▲ Twenty One Investor Deck
After completing the SPAC merger, Twenty One's control will primarily be held by Tether and its affiliated exchange Bitfinex, with SoftBank Group holding a significant minority stake.
▲ Twenty One Investor Deck
Tether and Bitfinex each committed a substantial amount of Bitcoin before the merger in exchange for newly issued shares, ultimately holding controlling stakes (Tether 42.8%, Bitfinex 16.0%). SoftBank subsequently purchased shares worth 10,500 Bitcoins at the same price, obtaining a similar proportion of shares (24.0%). In contrast, the SPAC trust's cash (approximately $100 million) and PIPE and convertible bond holdings are relatively small.
ProCap BTC (PCAP)
ProCap Financial raised a total of $1.008 billion to launch its Bitcoin reserve platform, with $256 million coming from the SPAC trust (assuming minimal redemption), $517 million from preferred stock PIPE, and $235 million from zero-interest, senior secured convertible bond rounds. Nearly 95% of the total fundraising amount ($950 million) was immediately invested in acquiring 9,498 Bitcoins.
▲ ProCap BTC Investor Deck
Public SPAC shareholders exchanged $256 million from the trust for 25 million shares, accounting for 19.7%; led by Magnetar Capital, ParaFi, Blockchain.com Ventures, Arrington Capital, Woodline Partners, Anson Funds, RK Capital, Off the Chain Capital, FalconX, and BSQ Capital, the $517 million preferred stock PIPE underwrote 63.5 million shares, accounting for 50.1%; the $235 million zero-interest, senior secured convertible bond round converted into 18.1 million shares, accounting for 14.3%; Inflection Points Inc. exchanged its existing shares and additionally invested $8.5 million in equity subscriptions, receiving 11.1 million shares, accounting for 8.7%; the SPAC sponsor retained 9 million shares as a promote, accounting for 7.1%.
Despite the generally poor performance of SPAC projects, Bitcoin reserve SPACs are still recognized for their transparency in shareholding and cost basis. Their S-1/S-4 filing documents provide detailed disclosures of cash contributions, equity distribution, and the value of physical Bitcoin contributions from each participant (for example, Twenty One Capital's $200 million PIPE financing corresponds to an exercise price of $10 per share, and the $340 million zero-interest convertible bonds convert at $13 per share, clearly listing the number of shares before and after conversion). Since these companies share a similar "acquire and hold Bitcoin" business model, such disclosures provide reliable references for investors to assess equity dilution, holding costs, and reserve composition.
Compared to recent SPAC financing models relying on complex structures, early adopters like Next Technology Holding have accumulated Bitcoin reserves through more direct equity cash transactions.
At the same time, GameStop's actions are also noteworthy: on May 28, 2025, this game retailer with cash reserves of $4.8 billion announced that as part of its digital asset strategy, it had spent approximately $513 million to acquire 4,710 Bitcoins.
Cash-Rich Crypto Platforms
While many companies are emulating MicroStrategy's full Bitcoin strategy, several native crypto platforms continue to invest steadily in digital assets, occasionally seeing one-time large buyers like Tesla.
▲ bitcointreasuries.net, IOSG
Tether, the issuer of USDT, began actively incorporating Bitcoin into its reserves at the end of 2022, allocating up to 15% of its net profits each quarter for direct market purchases and renewable energy mining investments. As its CTO Paolo Ardoino stated, "By holding Bitcoin, we add a long-term asset with upside potential to our reserves," Tether also indicated that this move "will enhance market confidence in USDT by diversifying reserves into digital asset value storage." Consequently, Tether's Bitcoin reserves have seen quarterly growth since 2023—currently doubling to over 100,000 Bitcoins, accumulating approximately $3.9 billion in unrealized gains.
Block (formerly Square) made its first "bet" in October 2020—investing $50 million to purchase 4,709 Bitcoins, which accounted for about 1% of its assets at the time. In the first quarter of 2021, it added another $170 million (3,318 Bitcoins), raising its reserve to over 8,000 Bitcoins. Since then, Block has maintained its Bitcoin holdings. In April 2024, Block launched an enterprise-level dollar-cost averaging plan, allocating 10% of the monthly gross profit from Bitcoin products to execute systematic purchases at a two-hour weighted average price through over-the-counter liquidity providers.
Coinbase officially confirmed its corporate Bitcoin strategy in August 2021, with the board approving a one-time purchase of $500 million in digital assets and committing to invest 10% of quarterly net profits into a portfolio that includes Bitcoin.
In January 2021, Tesla's board approved the purchase of $1.5 billion in Bitcoin, stating, "We believe in the long-term potential of digital assets as an investment and the value of them as a cash alternative." Months later, CEO Elon Musk indicated that Tesla sold about 10% of its Bitcoin "to prove liquidity," realizing a profit of $128 million in the first quarter of 2021; in the second quarter of 2022, Tesla sold approximately 75% of its remaining holdings, with Musk explaining that this move was to "maximize cash position amid production challenges in China due to the pandemic," while emphasizing that "this should not be seen as a negative judgment on Bitcoin."
III. Ethereum
Many companies have enthusiastically joined the Ethereum reserve camp, driven by bullish expectations for ETH, staking rewards, and the current inability of ETH ETFs to participate in staking. As Wintermute founder Evgeny Gaevoy stated on July 17, "Clearly, ETH is almost impossible to buy on Wintermute's OTC desk."
▲ strategicethreserve.xyz
Companies participating in the Ethereum reserve strategy are marked with a "T" symbol. Leading companies include BitMine, SharpLink, Big Digital, and BTCS, each showing significant increases in holdings over the past 30 days, reflecting their active accumulation of ETH.
While BitMine and SharpLink's holdings have surpassed those of the Ethereum Foundation, their individual holdings remain moderate compared to MicroStrategy's control of nearly 2.865% of the circulating Bitcoin supply—approximately 0.25% and 0.23% of the total supply, respectively. Additionally, most of these Ethereum reserve projects were initiated between May and July of this year, representing a very recent trend.
SharpLink Gaming (NASDAQ: SBET)
SharpLink Gaming is a publicly traded iGaming affiliate company on NASDAQ that announced the launch of its Ethereum reserve strategy in 2025 through a $425 million private placement.
SharpLink built this strategy around two financing channels: a large PIPE (Private Investment in Public Equity) and an ATM (At-the-Market) equity mechanism. On May 27, 2025, SharpLink announced the completion of a $425 million PIPE (6.91 million shares at an issue price of $6.15), led by major crypto venture capital firms including Consensys (a company owned by Joe Lubin), ParaFi Capital, Electric Capital, Pantera Capital, Arrington Capital, GSR, and Primitive Ventures.
After the transaction was completed, Lubin joined SharpLink's board and became the chairman, responsible for guiding the strategic direction of the Ethereum reserve project.
▲ SharpLink Investor Deck
Following the PIPE completion, SharpLink initiated the ATM placement mechanism, selling shares to the market based on demand. For example, by the end of June 2025, approximately $64 million was raised through ATM sales, and in early July 2025, 24.57 million shares were sold, raising about $413 million.
Meanwhile, SharpLink committed to staking nearly 100% of its ETH holdings to earn rewards. As of mid-July 2025, approximately 99.7% of its Ethereum assets had been staked.
On July 10, 2025, SharpLink reached a final agreement with the Ethereum Foundation to directly purchase 10,000 ETH for a total price of $25,723,680 (equivalent to $2,572.37 per ETH). This was the first OTC transaction between the Ethereum Foundation and a publicly listed company.
SharpLink's value proposition for its Ethereum reserves is based on four core pillars: attractive staking rewards, high Total Value Secured (TVS), operational efficiency, and broader network effects. Staking rewards not only provide a stable income buffer for reserve allocation but also help offset acquisition costs. To date, Ethereum's TVS has reached $800 billion, with a security ratio of 5.9×—the total value of on-chain collateralized ETH, ERC-20 tokens, and NFTs ($800 billion) divided by the value of staked ETH ($140 billion). In addition to these financial metrics, Ethereum boasts superior energy efficiency compared to proof-of-work networks, with thousands of independent validators achieving deep decentralization and a clear scalability 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 its Ethereum reserve acquisitions.
BTCS has developed a hybrid financing model that combines traditional financing with decentralized finance: it will fund ongoing ETH accumulation through ATM equity sales, convertible bond issuance, and on-chain DeFi lending via Aave.
In the on-chain portion, BTCS's strategy centers around Aave: the company borrows USDT using ETH as collateral on the Aave protocol, then uses the proceeds for additional ETH purchases. Subsequently, BTCS stakes these ETH through its NodeOps validator network to earn rewards. CEO Charles Allen emphasized that this low-dilution, steady approach—"slow and steady wins the race"—aims to increase the per-share ETH holding 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), using approximately 3,900 ETH as collateral. In July 2025, it borrowed another $2.34 million USDT (with total Aave debt of about $17.8 million), using approximately 16,232 ETH as collateral.
Most of the newly acquired ETH is used for staking. BTCS connects these ETH to its NodeOps validator network while operating independent validator nodes and RocketPool nodes.
BTCS's on-chain strategy is quite innovative—integrating DeFi into its strategic reserve strategy. However, its cost advantage depends on the interest rate environment of the Aave platform, and leveraged operations carry inherent risks. Meanwhile, the surge in demand for ETH from other companies focused on reserve management may reduce on-chain liquidity. As a potential exacerbator of this form of on-chain leveraged buying, BTCS may support prices in the short term, but the long-term impact needs to be closely monitored—especially when its positions are sufficient to influence the Aave market.
Other Companies
BitMine Immersion Technologies (NYSE American: BMNR)
On July 8, 2025 (initial financing). Crypto mining company BitMine launched a "light asset" Ethereum reserve strategy in July 2025 and completed a $250 million private placement (PIPE) on the same day to purchase ETH. Within a week, BitMine 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)
On July 7, 2025. Originally focused on Bitcoin mining, Bit Digital announced it had completed its transition to an Ethereum reserve strategy. According to its press release that day, Bit Digital raised approximately $172 million through a public stock offering and liquidated its 280 BTC on its books, reinvesting the proceeds into Ethereum. As a result, the company's total ETH holdings reached approximately 100,603 (continuously accumulated through staking since 2022).
GameSquare Holdings (NASDAQ: GAME)
On July 10, 2025. Digital media/gaming company GameSquare launched an Ethereum reserve plan of up to $100 million. In the announcement that day, GameSquare confirmed an initial investment of $5 million to purchase approximately 1,818 ETH at a price of about $2,749 each. The company initially raised $9.2 million in its public stock offering in July, and then announced an additional $70 million follow-on placement (with the option to upsize to $80.5 million) to further expand its ETH reserves.
IV. Conclusion
The trend of corporate crypto asset reserves has far exceeded the scope of Bitcoin and Ethereum—many companies are expanding their reserve layouts to include SOL, BNB, XRP, HYPE, and others, seizing opportunities.
However, most projects suffer from severe homogeneity and lack sustainable competitive advantages, and their NAV premiums are likely to be eroded over time by more strategically advantageous competitors.
Companies with real advantages often possess 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 in the market; Twenty One employs a complex financing structure to leverage all available channels to acquire Bitcoin—establishing strategic partnerships with Tether, Bitfinex, and SoftBank, thereby becoming the third-largest holder and maximizing its scale advantage. Meanwhile, SharpLink is led by Consensys and top crypto VCs, with Joseph Lubin joining its board, while BTCS is involved in the Ethereum DeFi ecosystem.
For public investors, maintaining caution is crucial: amid significant hype, many companies remain at high NAV multiples, and their stock prices often fluctuate due to announcements—while investors frequently lack the transparent, real-time information needed to assess changes in the companies. Additionally, broader market risks, especially in a bear market, could quickly erode any premiums brought by these strategies.
In the institutional space, an increasing number of crypto funds are allocating crypto reserve stocks and even launching dedicated funds. Meanwhile, experienced industry veterans are stepping in as strategic advisors.
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