Most reserve projects lack sustainable advantages, and long-term NAV premiums are likely to erode against relatively high-quality projects.

TL;DR

  • Highly concentrated holdings: MSTR accounts for 2.865% of the total Bitcoin held by publicly traded companies, with low holding ratios outside the top 10.

  • Significant project homogeneity: Most reserve projects lack sustainable advantages, and long-term NAV premiums may erode against relatively high-quality projects.

  • Valuation bubbles are emerging: NAV multiples are generally >2× (only a few at <1×), stock prices are easily driven by announcements while bear market risks can quickly erode premiums.

  • Metaplanet profits from zero-interest convertible bonds + SAR financing, leveraging the 20% dividend tax and 55% Bitcoin trading tax differential.

  • SPAC/PIPE/convertible bonds/physical commitments are mainstream, with TwentyOne and ProCap achieving full reserves upon listing through multi-step mergers.

  • SharpLink's financing scale exceeds $838 million, nearly fully staking ETH, with Joseph Lubin joining the board and OTC settling 10,000 ETH with the Ethereum Foundation.

  • BTCS innovatively borrows USDT on Aave to purchase ETH for staking, being sensitive to lending rates and on-chain liquidity.

  • Crypto funds are allocating strategic reserve stocks through PIPEs and establishing dedicated funds; industry veterans serve as strategic advisors, providing practical support and expertise.

Introduction

The trend of public companies turning to cryptocurrency reserve strategies shows no sign of waning. Some companies view this as a last-ditch effort to save their business, others simply replicate MicroStrategy's approach, but a few truly innovative projects are standing out.

This article will explore the leaders in the strategic reserve fields of Bitcoin and Ethereum—analyzing how they provide alternatives to spot ETFs, deploy complex financing structures, achieve tax optimization, create staking yields, integrate DeFi ecosystems, and leverage unique competitive advantages.

Bitcoin

Panoramic Overview

According to BitcoinTreasuries.net's rectangular tree diagram, MicroStrategy has rapidly ascended to become the largest corporate holder among publicly disclosed entities—second only to iShares Bitcoin Trust—controlling nearly 2.865% of the total supply of 21 million Bitcoins 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 Bitcoins, 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 first, followed by the United Kingdom. However, it is also worth noting Japan's Metaplanet (ranked 5th) and China's Next Technology Holding (ranked 12th).

▲ bitcointreasuries.net

The following list shows the Bitcoin holdings of the top 30 publicly traded companies, with MicroStrategy significantly leading the pack.

Even without MicroStrategy, MARA and Twenty One Capital remain at the forefront, but the distribution of holdings is still highly concentrated—most companies outside the top ten hold a medium level of Bitcoin compared to the leaders.

▲ bitcointreasuries.net, IOSG

When assessing public traded companies' Bitcoin reserves, two indicators are particularly noteworthy:

Present value to cost ratio

Compare the current dollar value of Bitcoin holdings to the initial payment cost. A higher ratio indicates substantial unrealized gains—which can enhance return rates and provide a buffer against market volatility.

Bitcoin NAV Multiple

The calculation method for mNAV is to divide the company’s market value by the dollar value of its Bitcoin reserves; some companies use enterprise value (EV) instead of market value when reporting mNAV.

This multiple reflects investors' premium assessment of the company's core business beyond 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 allows for anti-dilutive financing: when mNAV > 1, the company can issue new shares → purchase Bitcoin → enhance Bitcoin net asset value → drive enterprise value (EV) growth, while increasing per-share Bitcoin holdings.

Analysis of the NAV multiples of the top 30 companies shows significant disparity groups, such as Tesla (TSLA) and Coinbase (COIN). As these companies do not primarily operate with Bitcoin reserves and have other core businesses, their NAV multiples are correspondingly higher.

▲ bitcointreasuries.net, IOSG

Excluding non-Bitcoin reserve companies, it can be seen that most companies are actually trading at high NAV multiples—many above 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 publicly traded 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 traded companies holding Bitcoin, and has significantly accelerated its acquisition pace in recent months.

▲ bitcointreasuries.net, IOSG

As it self-describes: "Raise $500 million in equity capital", "Japan's largest equity issuer in 2025", "the largest zero-cost financing in history."

Japan's interest rates have remained low for a long time, only rising to 0.25% in July 2024 and again to 0.5% in January 2025, where they currently remain. This interest rate gap is also evident in the convertible bond market: as shown in Metaplanet's chart, convertible bonds issued in the U.S. typically carry 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 options (SARs) as compensation.

▲ Metaplanet Analytics

Metaplanet first raised cash by issuing zero-coupon bonds at par. To ensure solvency, the company granted stock appreciation rights (SARs) corresponding to the same number of shares to the EVO fund based on the same board resolution.

Bond covenants stipulate that upon maturity, Metaplanet must use cash to exercise the aforementioned SARs paid by the EVO fund as the sole source of funds for redeeming the bonds.

Through this arrangement, Metaplanet avoided any periodic interest expenses.

The revenue sources of the EVO fund include dual protections:

  • Principal protection: Bonds repay the principal in cash at maturity, avoiding the risk of the underlying stock price decline;

  • Upside yields: When Metaplanet's stock price exceeds the floating exercise price, the EVO fund realizes the difference between market price and exercise price by exercising SARs.

▲ Metaplanet Investor Deck

The "$5.55 Billion Plan" (Stock Appreciation Rights number #20-#22) launched on June 6, 2025, is Metaplanet's largest single financing plan to date. A total of 5.55 billion stock appreciation rights (SARs) were issued, equivalent to 92.4% of 600.7 million shares outstanding. The maximum financing that can be raised after exercising is ¥770 billion. The initial floating exercise price of this right is ¥1,388 per share, which will be reset every three trading days based on the average closing price of the previous three days at 100%/101%/102%, but not lower than the minimum guaranteed price of ¥777.

The EVO fund can be exercised at any time between June 24, 2025, and June 23, 2027, at which point Metaplanet will issue new shares and obtain exercise funds. To control equity dilution and market impact, Metaplanet may announce the suspension of exercises five trading days in advance or notify the repurchase of unexercised shares two weeks in advance.

Tax advantages constitute another core value: in Japan, stock capital gains 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 surcharges), resulting in a maximum combined tax rate of up to 55%. For high-tax-bracket investors seeking Bitcoin exposure, Metaplanet becomes an extremely attractive alternative—especially as Japan has not yet approved the listing of spot Bitcoin ETFs.

▲ Metaplanet Investor Deck

Metaplanet has historically traded at high mNAV multiples—typically exceeding 5×, and even once peaked at 20×, far above other major holders. Although this premium reflects investors' confidence in its financing structure, tax advantages, and optimized Bitcoin returns, it also brings higher risks and may imply that its stock price is being overhyped.

Other Bitcoin reserve companies: Riding the SPAC wave

Multiple 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 jumped to become top holders immediately after completing complex fundraising structures following their 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 the first day of its listing 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 funded the SPAC trust, which was subsequently merged into its merger subsidiary and issued A-class shares to SPAC and PIPE investors.

Meanwhile, NewCo completed the merger with the same merger subsidiary by exchanging A-class and B-class shares. At the same time, a $340 million convertible bond financing was injected directly 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 subscribed to equity worth 10,500 Bitcoins as a strategic anchor, 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, the majority of Twenty One's controlling interest will be held by Tether and its affiliate exchange Bitfinex, with SoftBank Group holding a significant minority stake.

▲ Twenty One Investor Deck

Tether and Bitfinex each committed a large amount of Bitcoins before the merger in exchange for newly issued shares, ultimately holding controlling stakes (Tether 42.8%, Bitfinex 16.0%). SoftBank subsequently purchased stock equivalent to 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 significantly lower.

ProCap BTC (PCAP)

ProCap Financial raised a total of $1.008 billion to launch its Bitcoin reserve platform, with $256 million from SPAC trust (assuming minimal redemption), $517 million from preferred stock PIPE, and $235 million from zero-coupon, preferred secured convertible bond rounds. Nearly 95% of the total fundraising amount ($950 million) was immediately invested to acquire 9,498 Bitcoins.

▲ ProCap BTC Investor Deck

Public SPAC shareholders exchanged $256 million in 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, BSQ Capital, etc., raised $517 million in preferred stock PIPE, underwriting 63.5 million shares, accounting for 50.1%; $235 million of zero-coupon, preferred secured convertible bond rounds converted to 18.1 million shares, accounting for 14.3%; Inflection Points Inc. replaced its existing shares and additionally contributed $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%.

Although SPAC projects generally perform poorly, Bitcoin reserve SPACs are still recognized for their transparency in shareholding and cost basis. Their S-1/S-4 filing documents disclose the cash contributions, equity distribution, and physical Bitcoin contribution value of each participant in detail (for example, Twenty One Capital's $200 million PIPE financing corresponding to an exercise price of $10 per share, $385 million zero-coupon convertible bonds convertible at $13 per share, and clearly indicating the number of shares before and after conversion). Since these companies share a similar business model of "acquire and hold Bitcoin," such disclosures provide reliable references for investors to assess equity dilution levels, holding costs, and reserve composition.

In contrast to the recent reliance on complex SPAC financing structures, early adopters like Next Technology Holding are accumulating Bitcoin reserves through more straightforward equity cash transactions.

At the same time, GameStop's move is also noteworthy: on May 28, 2025, the gaming 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, numerous native crypto platforms continue to invest steadily in digital assets, with occasional large one-time buyers like Tesla appearing.

▲ bitcointreasuries.net, IOSG

The issuer of USDT, Tether, began actively incorporating Bitcoin into its reserves since the end of 2022, with up to 15% of its net profits each quarter used 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." As a result, 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—purchasing 4,709 Bitcoins for $50 million, accounting 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 program that uses 10% of the monthly gross profit from Bitcoin products to systematically buy in at a two-hour weighted average price through OTC liquidity providers.

Coinbase officially established its corporate Bitcoin strategy in August 2021, with the board approving a one-time purchase of $500 million in digital assets, committing 10% of quarterly net profits to an investment 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, as well as their value as a cash flow alternative." Months later, CEO Elon Musk stated that Tesla sold about 10% of its Bitcoin "to prove liquidity," realizing $128 million in profits in the first quarter of 2021; in the second quarter of 2022, Tesla sold the remaining holdings of approximately 75%, with Musk explaining that this move was to "maximize cash position amid production challenges due to the pandemic in China," while emphasizing that "this should not be viewed 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 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: "Clearly, ETH is nearly impossible to buy on the Wintermute 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 last 30 days, reflecting their aggressive ETH accumulation trend.

While BitMine and SharpLink's holdings have exceeded that of the Ethereum Foundation, their individual holdings remain moderate compared to MicroStrategy, which controls nearly 2.865% of the circulating supply of Bitcoin—approximately 0.25% and 0.23% of the total supply, respectively. Additionally, these Ethereum reserve projects primarily launched between May and July of this year, representing very recent movements.

SharpLink Gaming is a publicly traded iGaming affiliate company on NASDAQ that announced the launch of an Ethereum reserve strategy through a $425 million private placement in 2025.

SharpLink built this strategy around two financing channels: large PIPE (public market private investment) and ATM (at-the-market) equity mechanisms. 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 VCs including Consensys (Joe Lubin's company), ParaFi Capital, Electric Capital, Pantera Capital, Arrington Capital, GSR, and Primitive Ventures.

After the transaction, Lubin joined the SharpLink board and took on the role of chairman, responsible for guiding the strategic direction of the Ethereum reserve project.

▲ SharpLink Investor Deck

After completing the PIPE, SharpLink launched the ATM placement mechanism, selling stocks to the market based on demand. For instance, approximately $64 million was raised through ATM sales at the end of June 2025, and 24.57 million shares were sold in early July, raising about $413 million.

Meanwhile, SharpLink has committed to using almost 100% of its ETH holdings for staking to earn profits. 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 $25,723,680 (equivalent to $2,572.37 per ETH). This marks the first OTC transaction between the Ethereum Foundation and a publicly traded company.

SharpLink's Ethereum reserve value proposition 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 allocations but also help offset acquisition costs. To date, Ethereum's TVS has reached $800 billion, with a security ratio of 5.9×—that is, the total value of on-chain collateralized ETH, ERC-20 tokens, and NFTs ($800 billion) divided by the value of staked ETH ($140 billion). Besides 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 roadmap for scaling 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 for the acquisition of its Ethereum reserves.

BTCS has established a hybrid financing model that combines traditional financing with decentralized finance: funding for ongoing ETH accumulation will come from ATM equity sales, convertible bond issuance, and on-chain DeFi lending through Aave.

On the on-chain side, BTCS's strategy centers around Aave: the company borrows USDT using ETH as collateral on the Aave protocol and 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 progress strategy—"slow and steady wins the race"—is designed to enhance the per-share ETH holdings 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 (total Aave debt approximately $17.8 million) using about 16,232 ETH as collateral.

Most newly acquired ETH is used for staking. BTCS connects these ETH to its NodeOps validator network, while also operating independent validator nodes and RocketPool nodes.

BTCS's on-chain strategy is quite innovative—integrating DeFi into its strategic reserve approach. 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 close monitoring—especially when its holdings 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 and completed a $250 million private placement (PIPE) on the same day to purchase ETH. Within a week, BitMine acquired 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, Bit Digital, originally focused on Bitcoin mining, announced that it has 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 280 BTC on its books, reinvesting the proceeds into Ethereum. As a result, the total amount of ETH held by the company reached about 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 with a maximum of $100 million. In the announcement that day, GameSquare confirmed an initial investment of $5 million, purchasing approximately 1,818 ETH at a price of about $2,749 each. The company initially raised $9.2 million in its public offering in July, followed by an additional $70 million follow-on placement (which could be oversubscribed to $80.5 million) to further expand its ETH reserves.

Conclusion

The trend of corporate crypto asset reserves has far exceeded Bitcoin and Ethereum categories—many companies are expanding their reserve layouts to SOL, BNB, XRP, HYPE, etc., seizing the initiative.

However, most projects show significant homogeneity, lacking sustainable competitive advantages, and their NAV premiums are likely to be eroded over time by more strategically advantaged competitors.

Companies with real advantages often have stronger financing structures and strategic partnerships. For example, Metaplanet benefits from Japan's favorable tax treatment of stocks and the market environment lacking BTC spot ETFs; Twenty One employs a complex financing structure to leverage all available channels to acquire Bitcoin—and has established strategic partnerships with Tether, Bitfinex, and SoftBank, catapulting it to the position of the third-largest holder and maximizing its scale advantages. 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: under significant hype, many companies are still trading at high NAV multiples, with their stock prices often fluctuating due to announcements—while investors often lack the transparency and real-time information needed to assess company changes. Additionally, broader market risks, especially in bear markets, can quickly erode any premiums generated by these strategies.

In the institutional space, more and more 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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