Recently, I noticed that U.S.-listed companies holding Ethereum as a "strategic reserve" are becoming more active.

Particularly noteworthy is SharpLink Gaming (SBET), and the movement of this company's SBET stock price has become a hot topic in the market.

Over the past few months, ETH has risen significantly, and the strategies of these companies are attracting attention.
SBET, BMNR, BTBT, BTCS, and GAME are five companies accumulating ETH strategically, but especially SBET purchased about 50,000 ETH in just five days, and reports that its holdings have surpassed those of the Ethereum Foundation were shocking.

Looking at SBET's stock price, it once surged from $3 to over $100, then fell back, but recently it has been trading again above $20.
It might indicate that the market's valuation has stabilized.

An interesting aspect is the mNAV analysis. This shows the ratio of a company's market capitalization to its assets, and compared to MicroStrategy's Bitcoin strategy, the current evaluation of ETH strategy companies is still within a reasonable range.
SBET and BTCS have an mNAV in the neutral range of 2 to 2.5, which suggests the market has not yet fallen into FOMO.

Considering a scenario where ETH rises to $5,000, the stock prices of these companies, including SBET, could potentially reach two to three times their current levels.
This assumes that ETH holdings remain unchanged and no additional issuance occurs.
If market sentiment further intensifies, the upward potential could be even greater.

Why have institutional investors started focusing on ETH?
There are several reasons. First, MicroStrategy's successful Bitcoin strategy model is being applied to ETH.
Second, ETH has a natural ability to generate revenue through staking.
SBET is already earning income from staking, which provides tangible returns to shareholders.

Another point of interest is the potential of RWA (Real-World Asset Tokenization).
When financial institutions and tech companies enter RWA, ETH is highly likely to be chosen as the underlying blockchain platform.

Bit Digital's CEO is confident that ETH will rise to $10,000, and states that the company's current strategy is still in its early stages.
Monitoring the future movement of SBET's stock price is valuable as part of this larger trend.

Looking at the current valuation levels, these ETH strategy companies are still not overheated.
It can be considered a long-term growth-oriented investment strategy.