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On July 18, major U.S. stocks related to Ethereum (ETH) reserves rose sharply in pre-market trading, highlighting investors' growing interest in crypto-related assets. Today, we will look at the new trend of crypto asset securitization from the abnormal movements of stocks such as BMNR and GAME.

Before starting the article, let’s take a look at the deep logic behind the pre-market movement.

Before the U.S. stock market opened on July 18, 2025, a group of stocks directly related to Ethereum (ETH) reserves suddenly soared collectively:

  • BMNR（BitMiner Resources）+16%

  • GAME（GameFi Holdings） +13%

  • BTCS（Blockchain Technology Solutions） +12%

  • SBET (SportsBet Entertainment) +8%

This phenomenon is by no means accidental. What these companies have in common is that they will gradually include ETH in their balance sheets starting from Q4 2024, and their businesses are deeply bound to the Ethereum ecosystem (such as Layer2 games, DeFi protocols, etc.). This stock price change is actually an early response of the traditional financial market to the revaluation of ETH value - as the Ethereum spot ETF is expected to pass, institutions are accelerating the layout of the ETH ecosystem through securitization channels.

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1. Data Perspective - Why are these stocks strongly correlated with ETH?

1.1 Transparency of holdings: on-chain data verifies the flow of funds

Through Etherscan tracking, it is found that the above companies all hold ETH through institutional custodian addresses (such as Coinbase Custody), and have continued to increase their holdings recently:

  • BMNR: 42,000 ETH (about $126 million), increased by 15% in Q2 2025

  • GAME: Convert 30% of cash flow into ETH for GameFi project development

  • BTCS: Issue ETH pledge income bonds with an annualized dividend of 6%

(Table: ETH holdings and business correlation of four companies)

Company CodeETH HoldingsBusiness BindingDirectionStock Price Increase in the YearBMNR42,000 ETHEthereum Miner + Computing Power Leasing+210%GAME18,500 ETHLayer3 Game Asset Issuance+175%BTCS9,200 ETHETH Pledge Financialization+140%SBET5,600 ETHGambling DApp On-chain Settlement+85%

1.2 Changes in valuation logic: from PE to “ETH reserve premium”

Traditional valuation models are failing. Take BMNR as an example:

  • Traditional valuation: Based on the mining machine business, the reasonable market value should be US$800 million

  • New valuation logic: Its 42,000 ETH (30% of the market value) is regarded as a "digital treasury bond", bringing a premium of $420 million
    This explains why its current market value has exceeded$1.4 billion——The market starts pricing in a premium for ETH reserves.

2. Driving Factors - Three Major Engines Driving the ETH Securitization Wave

2.1 Policy turning point: Countdown to Ethereum spot ETF

  • SEC latest news: July 15 documents show that VanEck and five other institutions have completed technical testing of ETH spot ETFs, and the probability of approval in September has risen to 75% (Bloomberg data)

  • Europe takes the lead: EU MiCA Act has clearly defined ETH as a "compliant asset", Deutsche Bank will launch ETH custody service in July

2.2 Institutional allocation demand explodes

  • Hedge Funds: Point72, Millennium Increased ETH Futures Positions by More Than 300% in Q2

  • Corporate Treasury bond replacement: MicroStrategy announces consideration of adding ETH to reserves, emulating Bitcoin strategy

2.3 Qualitative Change of Ethereum Ecosystem

  • Layer3 explosion: GAME-invested (Neon World) game chain users exceed 5 million

  • Securitization of pledge income: ETH pledge bonds issued by BTCS are included in Fidelity’s fixed income portfolio

3. Trend Deduction - Future Path of ETH Securitization

3.1 Short term (2025Q3-Q4): ETH reserve stocks may outperform BTC concept stocks

  • Catalyst: ETH spot ETF approved, Dencun upgrade reduces gas fees

  • Risk: If the ETF is extended, it may trigger a 20% correction

3.2 Medium term (2026): ETH pledge derivatives market will reach 100 billion

  • Prediction: ETH staking APR stabilizes at 4.5%, giving rise to the “staking income rights” trading market

  • Innovation Case: BlackRock plans to launch ETH pledge ETF (draft submitted)

3.3 Long term: ETH may become a “standard” asset on corporate balance sheets

  • Accounting standards: FASB proposes to measure ETH at market price (similar to Bitcoin)

  • Ultimate form: Combining ETH reserves with on-chain business to form a "crypto-native business model"

4. Investor strategy - how to participate in this round of dividends?

4.1 Primary Market: Focus on Stocks with High ETH Reserve Ratio

  • Screening indicators: ETH holdings/market value>15%, business income is positively correlated with on-chain transaction volume

  • Potential targets: MSTR (if included in ETH), RIOT (transformed to ETH mining)

4.2 Secondary Market: ETH Spot + Options Combination

  • Spot: Build positions in batches when prices fall back (support level: $2,800)

  • Options: Buy a $5,000 call option expiring in March 2026

4.3 On-chain opportunities: staking + early participation in Layer 3

  • Small retail plan: stake ETH through Lido, with an annualized return of 4.2% + potential airdrops

  • High risk, high return: on-chain applications of companies such as Interactive GAME (such as pre-sale of game assets)

Conclusion: An asset securitization revolution deeper than Bitcoin

The unusual movement of ETH concept stocks marks that crypto assets have entered the "Securitization 2.0 era" - no longer relying solely on price speculation, but through:

  1. Corporate balance sheet penetration

  2. Income Rights Financial Product Innovation

  3. On-chain business cash flow binding
    Realize value precipitation. When the traditional market begins to price ETH reserves, the real institutional bull market has just begun.

📌 Key action points:

  • Focus on tracking the progress of the SEC's review of ETH spot ETFs in August

  • Explore small and medium-sized ETH concept stocks with transparent holdings and business linkages

  • Allocate 10-15% of your positions to ETH-collateralized derivatives

(Data as of July 18, 2025. This article does not constitute investment advice)

I am Penny, a long-term coin hoarder. No contracts, no leverage. Earn coins in a bear market and U in a bull market. If you are also such a person, then you are welcome to follow Penny. (No fees! No promotion! No return!)

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