🧵 【In-depth Analysis Report on ETH Holdings by Global Listed Companies】 📊 Who is the "Ethereum Microstrategy"? Which companies hold the most ETH? Who is betting behind it? Understand the craziest crypto hoarding wave in 2025 in one article! 🧵1/ 💼 More than 10 listed companies have included ETH in their treasury, holding a total of 1.283 million ETH, accounting for about 1.06% of the total supply. The largest currency holding company 👇 •🥇Bitmine(BMNR):566,776 ETH •🥈SharpLink(SBET):360,807 ETH •🥉Coinbase(COIN):137,300 ETH Data as of July 2025 🧵2/ 🔥 Bitmine is called the "ETH version of the microstrategy": • $250 million in private placement funds for coin purchases • Chairman Thomas Lee said: The goal is to capture 5% of the total supply of ETH • The current position is worth about $2.1 billion, close to its market cap! 🧵3/ 🎮 SharpLink was originally a gaming company, and after Consensys took a stake, it transformed into an "ETH treasury" giant: • Raised $400 million through PIPE and ATM> • The stock price rose 1,160 times during the year, reaching a market capitalisation of $2.1 billion • Board seats include Joseph Lubin (Ethereum co-founder) 🧵4/ 📈 The stock price performance of the holding company is amazing: • Bitmine once skyrocketed to $161 (up 3480%) • SharpLink reached a high of $22 • BTCS increased ETH to 55,000 through ATM/convertible bonds, increasing its market capitalisation 🧵5/ 🔍 The institutions behind investing in these companies include: • Pantera Capital (Invest in Bitmine + SharpLink) •ConsenSys •ARK Invest •Founders Fund(Peter Thiel) •Galaxy Digital •BlackRock (indirectly holds Bit Digital) 🧵6/ 📊 Valuation vs holding: • Small and medium-sized "ETH micro-strategy" companies: market capitalisation ≈ ETH market cap • Large platforms such as Coinbase: Fewer coin holdings, low proportion, and more valuation driven by the main business 🧵7/ 📍 Exchange Distribution: • NASDAQ is the main position: more than 70% of companies are concentrated here • Bitmine is listed on AMEX • Galaxy Digital is listed on the Canadian TSX 🧵8/ 📉 Extremely high concentration: • The top two holding companies (Bitmine + SharpLink) together account for ~60% •The total holdings of the latter six companies are not as large as the first two alone 🧵9/ 💡 Epilogue: 2025 is the first year of the Ethereum treasury. More and more companies are choosing to "short fiat currency, long ETH". Outside of traditional industries, ETH is becoming a new weapon in the capital market.