MicroStrategy as of 2020 BTC started accumulating and then new companies got into the game. When we come to June 2025, Ethereum 
$3,030.16 We see that reserve companies are starting to grow stronger. So what is the latest situation in reserve companies? What is the size of their total assets?
Bitcoin Reserve Companies
The largest reserve company Strategy It announced 3 acquisitions during November. These were 397, 487 and 8,178 units. Bitcoin 
$91,270.62 While its cost per head was 74,064 dollars at the beginning of this month, it reached 74,430 with the latest purchases. Its average cost at the beginning of this year was $63,500, and its total of 203,470 BTC through 2025 has increased its average cost by more than $11 thousand. He made his last big purchase on July 29 with a significant amount of 21,021 BTC. However, since MNAV experienced a decline and it was difficult to find cash, we saw purchases below 4 thousand. The November 17 purchase was an exception.
Although the market is longing for large purchases of 27 thousand 55 thousand in a single item after the 2024 elections, MSTR continues its weak but stable purchases. There are 100 Bitcoin reserve companies with assets greater than 132 BTC. Their total assets are at the level of 1 million 61 thousand, and when we include DeFi, country assets, private companies, etc., the figure reaches 4 million. This figure is quite low for BTC, which has a maximum supply of 21 million. Considering that these companies are still in the early stages, the potential for a supply shortage story is strong.
mNAV for MSTR is at 1.11, right next to the 1 threshold. This is not good and makes it difficult to issue debt to buy more BTC. This is slightly worse with ETH reserve companies.
Ethereum Reserve Companies
biggest Ethereum reserve company BitMine and holds 3.63 million BTC. This company’s goal is to hold 5% of the ETH supply and they have already reached 60.15% of the target. Here mNAV is at 1.07. This is at the limit but for example ETHZilla mNAV is in the 0.71 band. These companies, whose average costs are high and have created reserves as of June, are not as lucky as MSTR. Even the decline of BTC to MSTR cost is not a big problem for him because the payment plan is longer term and so on.
However, companies like ETHZilla are forced to sell assets because MNAV is at an uncomfortable level below 1. On November 14, the company announced that it had to sell 8243 ETH. Other companies have these problems too, for example Sharps has a very low MNAV. Or Greenlane, LM Funding, The Ethereum Machine, ALT5 Sigma, Sharplink and so on.
Current total reserve size and this month’s movements are as above.
