ETH is rising, and these Ethereum strategic reserve stocks can capture more emotional premiums.

Written by: EeeVee

In the past month, Ethereum (ETH) has surged from $2,100 to $3,000. During this rally, U.S. companies and mining firms have announced purchases of ETH as their "strategic reserves," with some mining companies even selling all their BTC to buy ETH in cash.

Statistics show that 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 use ETH as a strategic reserve, saw its stock price soar from $3 to over $100 after announcing its ETH purchase, only to fall back to single digits, facing market criticism. Currently, its stock price has risen again to over $20.

Recently, SBET made a significant purchase of nearly 50,000 ETH within just five days, bringing its total ETH holdings to surpass that of the Ethereum Foundation.

Additionally, SBET has staked some of its ETH on-chain to earn staking rewards. As of July 8, its staking position has earned 322 ETH.

Currently, there are five U.S. companies that use ETH as a "strategic reserve":

• SharpLink Gaming (SBET)

• BitMine Immersion Technologies (BMNR)

• Bit Digital (BTBT)

• Blockchain Technology Consensus Solutions (BTCS)

• GameSquare (GAME)

The ETH holdings of each company are as follows:

mNAV is the ratio of market capitalization to net asset value (NAV), calculated as follows:

The mNAV of Ethereum strategic reserve companies is primarily estimated based on their "total market capitalization" / "total value of held ETH."

Is the market experiencing FOMO?

The mNAV data represents the disconnection between a company's market value and its assets, reflecting the market's emotional premium for a particular concept or stock. A higher mNAV often indicates stronger speculative sentiment in the market, while a lower mNAV suggests that investors are in a relatively rational state regarding a particular concept or stock.

Looking at the premium rates of BTC strategic reserve companies, as of May 2025, MicroStrategy (MSTR) has a market value approximately 1.78 times its Bitcoin net asset value (mNAV). Its mNAV fluctuated between 1 and 4.5 from August 2022 to August 2024.

The mNAV curve of MSTR reflects how market sentiment dominates the valuation of such companies.

Its peak, such as 4.5 times, typically occurs during BTC bull market cycles and when MSTR significantly increases its BTC holdings, indicating strong investor enthusiasm. Conversely, the drop to a low of 1 corresponds to bear markets and consolidation periods in the crypto market, showing that investors are unwilling to pay an emotional premium.

An mNAV in the range of 2-2.5 represents relatively neutral investment sentiment and premium.

Using this standard to evaluate these five Ethereum strategic reserve companies: SBET and BTCS are currently within this range, while BMNR and BTBT have slightly higher mNAVs.

It is important to note that BMNR and BTBT were originally mining companies and may still hold other assets besides ETH, the value of which has not yet been calculated.

Overall, the current valuation range of Ethereum strategic reserve stocks is still relatively rational, and market enthusiasm has not yet reached FOMO levels.

If Ethereum rises to $5,000, how many times can these companies multiply?

If the price of ETH continues to rise to $5,000 in the coming months, assuming these companies maintain their total ETH holdings and do not issue new shares for fundraising, estimating based on a relatively rational premium (mNAV = 2), the stock prices and potential increases would be:

Investors should note that mNAV = 2 is a relatively neutral premium rate. If ETH does rise to $5,000, the market may be willing to pay a higher emotional premium for these ETH strategic reserve companies.

Additionally, during this period, the ETH staked by these companies will also generate income, increasing their total ETH holdings.

Ethereum value discovery? Why has it suddenly become a favorite among institutions?

When these companies with Ethereum strategic reserves discuss why they chose ETH, they mainly mention the following three reasons:

• The success of BTC reserve companies like MSTR

• The staking rewards of ETH

• The potential of ETH in narratives related to stablecoins and RWA.

Sam Tabar, CEO of Bit Digital, is very optimistic about replicating MSTR's model for ETH and is confident that ETH will rise to $10,000:

"Establishing an Ethereum reserve is just the beginning for us. This is just a warm-up. Think about how Saylor cycles his stock to acquire BTC, and then BTC keeps rising, enabling him to repeat the entire process."

Primitive Ventures emphasized the potential of ETH staking rewards in their reasoning for betting on SBET:

"ETH has a natural yield-generating capability in staking and the DeFi ecosystem, making it a truly productive asset, while Bitcoin lacks such mechanisms. SBET is expected to directly leverage ETH's on-chain mechanisms for compound growth, delivering real and quantifiable returns to shareholders."

The CEO of Bitmine Immersion Technologies is more optimistic about ETH's potential in RWA and TradFi narratives, stating in an interview:

"In my view, Ethereum is attractive because it is the first layer blockchain for tokenizing real-world assets. As more and more things in the financial world and the real world are tokenized, financial institutions like Goldman Sachs, JPMorgan, and companies like Amazon and Walmart will want to stake Ethereum itself, just like they do with stablecoins. We are doing what these enterprises will do in the future."

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。