Today, the US-listed company Sharplink Gaming, known in the crypto circle as the "Ethereum version of MicroStrategy," announced the purchase of 21,959 Ethereum. Since June of this year, the company has followed MicroStrategy's operational model, continuously incorporating Ethereum into its reserve assets. As of now, Sharplink Gaming has accumulated a total of 568,000 Ethereum, with a total value of approximately $2.215 billion, currently showing a floating profit of $433 million.
MicroStrategy, as its model, is the most aggressive Bitcoin holder in the US stock market. Founded in 1989 by Michael Saylor, known as the "gambler" in the crypto circle, this enterprise software company has been buying Bitcoin in large quantities since mid-2020 through continuous financing (including bond issuance and stock offerings).
This strategy has yielded a return of up to 2478% over the past five years, even surpassing the star company Nvidia, at a time when the company was on the brink of bankruptcy. By going "All in" on Bitcoin, MicroStrategy successfully turned around, rising from the edge of bankruptcy to become the 88th largest company by market value in the United States and was included in the Nasdaq 100 index. Its journey is also seen as a microcosm of Bitcoin assets gradually being accepted by the mainstream.
MicroStrategy's tremendous success has triggered a wave of imitation among publicly listed companies worldwide. Many companies seem to have discovered a "shortcut" to soaring market values, relying solely on financing to continuously purchase cryptocurrencies (such as Bitcoin, Ethereum, Solana, etc.) without depending on complex actual business operations. Currently, it appears that this model focused on cryptocurrency asset allocation has brought significant paper profits to many imitators.
