Finally, there is research that clarifies the entry strategies and costs of several $ETH micro-strategies. According to today's report from Coingecko:

BMNR average entry cost 3251 u

SBET is 2864 u

BMNR's entry time was earlier, with most ETH purchased around 3200 at the end of last year.

While SBET began accumulating in mid-year when ETH briefly dropped to around 2700, thus having a lower cost.

In simple terms, there are three main motivations driving the accumulation:

1. Believing that ETH is a productive asset: Compared to BTC, ETH can be staked to generate annual returns. According to disclosures, these companies seem to use Figment for staking, not Lido.

2. Stronger application value on the chain: Through DeFi, NFT, and re-staking on-chain models, ETH is viewed as the energy of the Web3 world, while BTC is seen as digital gold.

3. Diversification of financial reserve structure: Including ETH on the balance sheet can hedge against the risk of dollar depreciation, although BTC can also serve this purpose.

Additionally, Coingecko believes that ETH is becoming the next corporate strategic reserve after BTC. According to previous views, in the future $BTC will be BTC, ETH will be ETH, and the crypto space's imitation will be purely imitation.