ETH breaks through $3,000, which crypto holding company is most worth watching?

The following content is for sharing only and does not constitute investment advice. Please think carefully and make prudent decisions when investing.

Looking at the ETH holding data of various companies:

1) $Sharplink(SBET.US)

Valuation is reasonable, even slightly low. Why? Because of its large financing scale, fast execution, and the fact that its board chairman is Ethereum co-founder Joseph Lubin, who can buy ETH at a lower price from the Ethereum Foundation. These factors give it a premium in the market.

2) $GameSquare(GAME.US)

Valuation is low, reflecting its small holding size and the team's limited experience in crypto. To increase valuation, it needs to improve its holding strategy and execution.

3) $BTCS(BTCS.US)

Valuation is reasonable. Founder Charles Allen has extensive experience in crypto and actively promotes ETH holdings and staking.

4) $BitMine Immersion Tech(BMNR.US)

Valuation is high. Short-term hype may continue due to unlisted private shares, but it's clearly detached from fundamentals, posing high risks.

When investing in crypto holding stocks, focus on these three factors:

Holding Market Value

Investing in these stocks is about future holding value. If ETH or SOL rises further, the actual holding value may exceed current financing, requiring target price adjustments.

Example: SBET's average ETH holding cost is ~$2,500. If ETH reaches $5,000, the target price could double.

Premium Rate (mNAV)

Holding stocks trade at a premium to holding value. Based on mstr data, a 1.6x–2.3x premium is reasonable, but it can rise with ETH price and market sentiment.

Example: When Bitcoin hit $100k, mstr's mNAV was 3.89x, peaking at over 5x.

Management Experience

Choose companies with crypto-experienced management for higher execution and market premium.

Example: SBET's board chairman is Ethereum co-founder Lubin.

TL;DR:

If bullish on ETH, my ranking: SBET > GAME > BTCS > BMNR