Since 2020, corporations began amassing Bitcoin, with MicroStrategy leading the charge. Fast forward to mid-2025, and Ethereum has seen a noticeable spike in institutional reserves. What is the status of these reserve companies today, and how extensive are their collective holdings?
How Are Bitcoin Reserves Shaping Up?
MicroStrategy, the most prominent reserve entity, made notable acquisitions in November, purchasing 397, 487, and 8,178 BTC. The cost per Bitcoin climbed from $74,064 to $74,430 with these purchases. In 2025 alone, the company’s overall BTC holdings reached 203,470, with an average acquisition price increasing by over $11,000. A major purchase was the acquisition of 21,021 BTC in July, while subsequent buys were limited due to declining MNAV and fiscal restrictions.
Post-2024 elections, large-scale BTC purchases were scarce, yet MicroStrategy has maintained a pattern of steady acquisitions. Currently, there are 100 Bitcoin-focused companies boasting assets above 132 BTC each. Total BTC holdings exceed 1,061,000 across these firms, with the number approaching 4 million when factoring in assets from decentralized finance, national reserves, and private entities. This figure remains modest when contemplating the 21 million maximum Bitcoin supply.
The scarcity narrative of Bitcoin remains highly compelling, particularly given the current nascent stage of these corporations.
What Challenges Face Ethereum Reserve Entities?
BitMine takes the lead among Ethereum reserve companies, possessing 3.63 million ETH. The firm’s ambition is to control 5% of Ethereum’s circulating supply—60.15% of which has already been acquired. With an mNAV of 1.07, BitMine stands narrowly advantaged, while other firms like ETHZilla face challenges with an mNAV of 0.71, forcing asset sell-offs.
On November 14, ETHZilla declared a sale of 8,243 ETH to manage its financial standings—a common scenario for companies including Sharps and LM Funding.
The current month’s asset reserve actions are primarily documented in recent company disclosures.
- •Smaller BTC acquisitions continue due to cash constraints.
- •BitMine leads with 60.15% of its 5% Ethereum market goal achieved.
- •High mNAV levels shield MicroStrategy but challenge Ethereum-focused firms.
Even though digital asset hoarding by firms is at an early stage, the potential implications for supply scarcity remain substantial. This ongoing narrative promises to continually reshape the industry’s future dynamics.