Analysis of Listed Companies' Crypto Assets Reserve Strategies

Introduction

Recently, more and more publicly listed companies have started adopting Crypto Assets reserve strategies, a trend that is not limited to Bitcoin and Ethereum. Some companies see this as a last-ditch effort to save their business, while others simply replicate the practices of pioneers, but there are also a few truly innovative projects that stand out.

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

Bitcoin Reserve Strategy

Overview

According to data statistics, among the entities that publicly disclose their holdings, MicroStrategy has rapidly risen to become the largest corporate holder, second only to the iShares Bitcoin Trust, controlling nearly 2.865% of the total supply of 21 million.

Nevertheless, ETFs and trusts still dominate, led by iShares, Fidelity, and Grayscale. At the sovereign level, the United States holds the most Bitcoin, while Ukraine also maintains a considerable reserve. Among private companies, Block.one and Tether Holdings are at the forefront.

Among all entities holding Bitcoin, the United States and Canada rank at the top, followed by the United Kingdom. However, it is worth noting that Japan's Metaplanet( ranks 5) and China's Next Technology Holding( ranks 12).

The following list shows the Bitcoin holdings of the top 30 publicly traded companies, with MicroStrategy taking the lead by a significant margin. Even excluding MicroStrategy, MARA and Twenty One Capital still rank high, but the holdings remain highly concentrated.

When evaluating the Bitcoin reserves of publicly traded companies, there are two indicators that are particularly worth paying attention to:

• Present Value to Cost Ratio: Compares the current USD value of Bitcoin holdings to the initial payment cost. A higher ratio indicates significant unrealized gains.

• Bitcoin NAV Multiple ( BTC NAV Multiple ): The dollar value of the company's market capitalization divided by its Bitcoin reserves. This multiple reflects investors' premium assessment of the company's core business outside of Crypto Assets.

The NAV multiple analysis of the top 30 companies shows significant differences among groups, such as Tesla and Coinbase. After excluding non-Bitcoin reserve companies, it can be seen that most companies are actually trading at higher NAV multiples, many exceeding 2. Only four are below NAV=1, while large holders like MSTR and MARA do not exhibit the extreme multiples seen among smaller companies.

Metaplanet Inc. (MPLAN)

Among the many listed companies that have emulated MicroStrategy's strategy, the Japanese company Metaplanet stands out. So far, it has accumulated a total of 16,352 coins of Bitcoin, ranking among the top five listed companies publicly holding Bitcoin.

Metaplanet adopts an innovative financing structure:

1. Raise cash by issuing six-month zero-coupon bonds at par.

2. Grant the EVO Fund the corresponding number of stock appreciation rights (SARs).

3. At the bond's maturity, the cash paid using the EVO fund to exercise the SARs shall be the sole source of funds for redeeming the bonds.

This arrangement avoids any regular interest expenses. The income of the EVO fund comes from principal protection and upside gains.

Tax advantages constitute another core value: In Japan, capital gains and dividends from stocks are subject to a single tax rate of about 20%, whereas profits from spot Bitcoin trading are classified as miscellaneous income, with a maximum combined tax rate of up to 55%. For investors in high tax brackets seeking exposure to Bitcoin, Metaplanet has become an extremely attractive alternative.

other Bitcoin reserve companies

Many companies are competing to emulate MicroStrategy's Bitcoin reserve strategy. Notably, SPAC companies like Twenty One Capital and ProCap Financial have quickly risen to become top holders through complex fundraising structures immediately after the merger is completed.

The SPAC path of Twenty One Capital integrates physical Bitcoin commitments, PIPE and convertible bond financing, as well as a two-step merger structure, allowing the company to have a fully funded reserve of 42,000 coins on its first day of listing on Nasdaq.

ProCap Financial has raised a total of $1.008 billion to launch its Bitcoin reserve platform, with $256 million coming from SPAC trust, $517 million from preferred stock PIPE, and $235 million from zero-interest, preferred secured convertible bond rounds. Nearly 95% of the total fundraising amount ( $195 million ) was immediately invested in acquiring 9,498 coins.

At the same time, some cash-rich Crypto Asset platforms are also continually and steadily investing in digital assets:

• Tether has actively started incorporating Bitcoin into its reserves since the end of 2022, allocating up to 15% of its net profits for direct market purchases and renewable energy mining investments each quarter.

• Block invested $50 million in Bitcoin for the first time in October 2020 and has since maintained its Bitcoin holdings. In April 2024, it launched an enterprise-level dollar-cost averaging plan, using 10% of the gross profit from its Bitcoin products each month for systematic purchases.

• Coinbase officially established its corporate Bitcoin strategy in August 2021, with the board approving a one-time purchase of $500 million in digital assets and committing to invest 10% of quarterly net profits into a portfolio that includes Bitcoin.

Ethereum Reserve Strategy

Many companies have joined the Ethereum reserve camp with the same enthusiasm as MicroStrategy's Bitcoin strategy. The driving forces behind this are the bullish expectations for ETH, staking rewards, and the fact that ETH ETFs cannot participate in staking at this stage.

Leading companies participating in the Ethereum reserve strategy include BitMine, SharpLink, Big Digital, and BTCS, all of which have seen significant increases in their holdings over the past 30 days.

SharpLink Gaming (SBET)

SharpLink Gaming is a Nasdaq-listed iGaming affiliate company that announced the launch of its Ethereum reserve strategy through a $425 million private placement in 2025.

SharpLink has built this strategy around two financing channels: large PIPE and ATM equity mechanisms. On May 27, 2025, SharpLink announced the completion of a $425 million PIPE placement led by major crypto venture capitals including Consensys, ParaFi Capital, and Electric Capital.

After the transaction was completed, Joseph Lubin joined the board of SharpLink and served as chairman, responsible for guiding the strategic direction of the Ethereum reserve project.

SharpLink promises to use nearly 100% of its ETH holdings for staking to earn returns. As of mid-July 2025, approximately 99.7% of its Ethereum assets have participated in staking.

On July 10, 2025, SharpLink reached a final agreement with the Ethereum Foundation to directly purchase 10,000 coins of ETH, paying a total price of $25,723,680. This is the first over-the-counter transaction between the Ethereum Foundation and a publicly listed company.

BTCS Inc. (BTCS)

On July 8, 2025, BTCS announced plans to raise $100 million in 2025 for the acquisition of its Ethereum reserves.

BTCS has established a hybrid financing model that combines traditional financing with decentralized finance: funds for the ongoing accumulation of ETH will be provided through ATM equity sales, convertible bond issuance, and on-chain DeFi lending via Aave.

In the on-chain part, BTCS's strategy is centered around Aave: the company borrows USDT with ETH as collateral on the Aave protocol, and then uses the obtained funds to purchase additional ETH. Subsequently, BTCS stakes these ETH through its NodeOps validator network to earn rewards.

Other companies

• BitMine Immersion Technologies: Launched a "light asset" Ethereum reserve strategy in July 2025, completing a private placement of $250 million on the same day to purchase ETH. Within a week, BitMine accumulated approximately 300,657 ETH.

• Bit Digital: Announced on July 7, 2025, that it has completed the transition to an Ethereum reserve strategy. It raised approximately $172 million through a public stock offering and liquidated 280 BTC on its books, reinvesting the proceeds into Ethereum.

• GameSquare Holdings: Launching a maximum $100 million Ethereum reserve plan on July 10, 2025. In the announcement on that day, it confirmed an initial investment of $5 million to purchase approximately 1,818 ETH at a price of about $2,749 each.

Conclusion

The trend of corporate Crypto Assets reserves has far exceeded the scope of Bitcoin and Ethereum, with many companies expanding their reserve layouts to include SOL, BNB, XRP, HYPE, etc., to seize the opportunity.

However, most projects suffer from severe homogenization and lack sustainable competitive advantages, and their NAV premium is likely to be eroded over time by competitors with more strategic advantages.

Companies with real advantages often possess stronger financing structures and strategic partnerships. For example, Metaplanet benefits from Japan's favorable tax treatment for stocks and the market environment lacking a BTC spot ETF; Twenty One adopts a complex financing structure to leverage all available channels to acquire Bitcoin and has established strategic partnerships with Tether, Bitfinex, and SoftBank; SharpLink is led by Consensys and top crypto VCs, with Joseph Lubin joining its board, while BTCS is involved in the Ethereum DeFi ecosystem.

It is crucial for public investors to remain cautious: under the massive hype, many companies are still at high NAV multiples, and their stock prices often fluctuate due to announcements. Furthermore, broader market risks, especially in a bear market, can quickly erode any premiums these strategies may offer.

In the institutional sector, an increasing number of crypto funds are allocating crypto reserve stocks and even launching dedicated funds. At the same time, experienced industry veterans are intervening as strategic advisors.

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