Since early 2025, four U.S. public companies — SharpLink Gaming, Bitmine Immersion Tech, Bit Digital, and BTCS Inc. — have adopted large-scale ETH purchases and on-chain staking to establish a new model of “Ethereum Microstrategy,” distinct from the Bitcoin-focused strategy pioneered by MicroStrategy. This approach not only reshapes corporate balance sheets but also elevates Ethereum’s role in capital markets narratives. This article systematically outlines the funding paths, on-chain strategies, strategic motivations, and risk governance frameworks of these four companies through ten essential questions. Q1: ... (full story)