Since 2020, MicroStrategy began accumulating BTC, marking the onset of a trend that saw numerous companies joining the fray. Fast forward to June 2025, a surge in Ethereum reserve companies becomes evident. But what is the current status of these reserve companies, and what is the scale of their total assets?
Bitcoin Reserve Companies
As the largest reserve company, MicroStrategy announced three acquisitions throughout November. These acquisitions consisted of 397, 487, and a significant 8,178 BTC. Initially, at the start of the month, the cost per Bitcoin was $74,064, which increased to $74,430 after the latest purchases. At the start of the year, the average cost was $63,500, and throughout 2025, with a total acquisition of 203,470 BTC, the average cost spiked over $11,000. A substantial acquisition of 21,021 BTC on July 29 was notable, but subsequent smaller purchases under 4,000 BTC occurred due to MNAV decline and cash constraints, except for the acquisition on November 17.
Post the 2024 elections, the market has been devoid of huge single acquisitions like 27,000 or 55,000 lots, yet MSTR continues with modest but consistent acquisitions. There are 100 Bitcoin reserve companies with assets exceeding 132 BTC. Cumulatively, these assets amount to over 1,061,000, and when including DeFi, national assets, and private companies, the figure nears 4 million. This figure is relatively low concerning the 21 million maximum BTC supply. Considering these companies are still in their early phases, the supply scarcity narrative holds substantial potential.
For MicroStrategy, the mNAV is at 1.11, teetering close to the 1 threshold. This is not favorable and complicates the issuance of debt for further BTC purchases. Among Ethereum reserve companies, the situation is slightly worse.
Ethereum Reserve Companies
The largest Ethereum reserve company, BitMine, holds 3.63 million BTC. The company’s objective is to possess 5% of the ETH supply and has already achieved 60.15% of that goal. Here, the mNAV stands at 1.07, which is borderline, whereas ETHZilla’s mNAV treads at a concerning 0.71 range. With higher average costs, these companies, having started stockpiling since June, are not as fortunate as MicroStrategy. BTC’s fall to MSTR’s acquisition cost is not a significant issue due to the longer-term payment plans in place.
However, companies like ETHZilla find their mNAV distressingly low, below 1, compelling them to liquidate assets. On November 14, the company announced it had to sell 8,243 ETH. This situation is pervasive among companies like Sharps, with very low MNAV, and others such as Greenlane, LM Funding, The Ethereum Machine, ALT5 Sigma, Sharplink, and so forth.
The current total reserves and this month’s movements are as depicted above.