Cryptocurrency and Stock Market Trends | StrategyY suspends Bitcoin purchases, ending six consecutive weeks of accumulation; Bitmine's holdings reach 3% of the ETH supply, currently showing a paper loss of $4.28 billion (November 25).

Editor's Note: The crypto market remains in a long-awaited winter, with liquidity visibly tightening. As a result, crypto-related stocks are also sluggish. Amidst the continuous decline, only a few stocks have shown strength due to potential positive factors: these include some mining companies whose prices have risen due to positive earnings reports from Nvidia and its transformation into AI HPC; established platforms returning to the crypto market; and financial service providers closely related to crypto mining companies. Overall, the crypto stock market is still in a price recovery phase, and its future performance is highly dependent on the performance of the US stock market. The following is a summary of last week's crypto stock market information compiled by Odaily Planet Daily. All US stock data is from msx.com .

Sharp Commentary on Crypto Concept Stocks

Capital institutions part ways: Sister Wood buys multiple crypto stocks

Following last week's report in "Crypto Stock Market Trends | Sharp Commentary on Crypto Concept Stocks," which mentioned Peter Thiel's Founders Fund selling shares in several crypto concept stocks, Ark Invest, managed by Cathie Wood, increased its holdings in several crypto concept stocks on November 20th, according to Ark Invest Tracker monitoring . These included:

• 134,650 Circle shares (approximately US$9.01 million);
• 380,244 shares of BitMine stock (approximately US$9.89 million);
• 63,991 shares of Robinhood stock (approximately $6.79 million);
• 42,419 shares of Coinbase stock (approximately $10.1 million).

Whether it's buying at the bottom or buying halfway up the mountain, we may have to wait until the end of the year to find out. But in any case, Sister Mu has already made her "betting move," and whether to follow or not is a free choice.

JPMorgan Chase upgrades Cipher and CleanSpark to "Overweight"; lowers share price forecasts for MARA and RIOT.

Based on information regarding recent financing, partnerships, and the shift towards AI HPC data center businesses among cryptocurrency mining companies, renowned investment bank JPMorgan Chase has provided its own insights .

On November 24, JPMorgan Chase upgraded Bitcoin mining companies Cipher and CleanSpark to "overweight" ratings, citing strong momentum in HPC transformation. The company raised its target price for Cipher from $12 to $18 and for CleanSpark to $10.8.

However, JPMorgan Chase also lowered its target price for two other Bitcoin mining companies, MARA and Riot, to reflect the weakening expectations for Bitcoin and increased stock dilution.

Given the current situation, with the computing power and energy gaps created by the development of AI giants, crypto mining companies may have a favorable position in business cooperation. Coupled with the stock price boost of traditional computing power and chip companies like Nvidia, crypto mining-related stocks still have the potential to rise.

Weekly Updates on Cryptocurrency Stock Companies

Representative companies of BTC Treasury listed companies

Global listed companies net bought $13.4 million worth of BTC last week, while Strategy did not buy any Bitcoin last week.

According to SoSoValue data, as of November 24, 2025 (Eastern Time), the total net purchase of Bitcoin by global listed companies (excluding mining companies) last week was $13.4 million.

Strategy (formerly MicroStrategy) and the Japanese listed company Metaplanet did not purchase Bitcoin last week.

In addition, four other companies purchased Bitcoin last week. On November 20th, Japanese fashion company ANAP announced an investment of $2.08 million to acquire 20.4422 bitcoins at a price of $101,906.6, bringing its total holdings to 1,145.6951 bitcoins. Hong Kong-based genetic testing and health technology company Prenetics invested $620,000 last week to purchase 7 bitcoins, bringing its total holdings to 501.0341 bitcoins. On November 21st, Japanese nail salon operation and franchising company Convano announced an investment of $1.05 million between October 17th and November 21st to acquire 97.67750000 bitcoins at a price of $107,888.2, bringing its total holdings to 762.67758328 bitcoins. On November 18th, UK-based Bitcoin company B HODL announced an investment of $200,000 to purchase 2 bitcoins at a price of $98,667, bringing its total holdings to 155.039 bitcoins.

As of press time, the total number of Bitcoins held by listed companies worldwide (excluding mining companies) is 893,640, with a current market value of approximately US$77.32 billion, accounting for 4.48% of the circulating market capitalization of Bitcoin.

DDC Enterprise has reached a purchase agreement to acquire 300 more bitcoins.

On November 20, DDC Enterprise, a US-listed company, announced that it had reached a purchase agreement to buy 300 Bitcoins. This is reportedly the company's largest single Bitcoin acquisition to date. After the transaction is completed, DDC Enterprise's total Bitcoin holdings will increase to 1,383, and the company expects its Bitcoin return rate to reach 99% in the second half of 2025.

Onfolio Holdings raises $300 million to establish a treasury for BTC, ETH, and SOL digital assets.

On November 19, Nasdaq-listed Onfolio Holdings announced that it had secured $300 million in financing from a U.S. institutional investor through convertible notes. The new funds will be used to support the establishment of its digital asset treasury, initially purchasing three major cryptocurrencies: BTC, ETH, and SOL. The company stated that it will use cryptocurrency staking to generate returns to strengthen its balance sheet and accelerate the growth of its operations.

Representative companies of the ETH Treasury listed companies

BitMine increased its holdings by 69,822 ETH last week, bringing its total holdings to approximately 3.629 million ETH.

On November 24th, Nasdaq-listed BitMine disclosed that it increased its holdings of ETH by 69,822 last week, bringing its total ETH holdings to 3,629,701. In addition, the company also holds 192 Bitcoins and $38 million worth of shares in Eightco Holdings. According to existing data, BitMine's total ETH holdings represent 3% of the total ETH supply, with an average holding price of $3,988, and currently showing a paper loss of $4.28 billion (-29.6%).

SharpLink address transferred 5533 ETH to Galaxy Digital OTC wallet 3 hours ago.

On November 20, according to on-chain analyst Ember, 5,533 ETH (worth $16.52 million) were transferred from the SharpLink address (0x70D...13E3) to the Galaxy Digital OTC wallet.

Since the early morning of November 19, 10,975 ETH (worth $33.54 million) have been transferred from the SharpLink address to Galaxy Digital.

Representative companies of SOL Treasury listed companies

DFDV disclosed that its year-to-date gains in the fair value of digital assets are approximately $96 million.

On November 19, Nasdaq-listed DeFi Development Corp. (DFDV) filed its quarterly report (Form 10-Q) for the period ending September 30, 2025, disclosing that the company’s fair value gain on digital assets reached approximately $74 million in the third quarter, and $96 million year-to-date.

Representative companies of altcoin treasury listed companies

AVAX One spent $110 million to purchase 9.37 million AVAX tokens, increasing its holdings to 13.8 million tokens.

On November 25, AVAX One announced that it had acquired 9,377,475 AVAX tokens for $110 million between November 5 and 23, 2025. The company disclosed that the weighted average price of the acquisition was $11.73 per token, increasing its total AVAX holdings to over 13.8 million tokens, worth approximately $193 million at current token prices.

AVAX One CEO Jolie Kahn stated that the company will retain approximately $35 million in cash for further token acquisitions and its own share buybacks. The company also plans to raise up to $550 million to further expand its AVAX treasury. AVAX One received approval for a $40 million share buyback program on November 20th. This accumulation strategy marks a significant transformation for the company, which previously operated as the agricultural technology business of AgriFORCE Growing Systems. Earlier this month, it completed a rebranding as AVAX One and changed its ticker symbol from AGRI to AVX.

In addition, the Avalanche Foundation is reportedly raising $1 billion to launch a digital asset treasury tool aimed at strengthening AVAX’s role in on-chain finance and capital markets.

Nasdaq-listed Enlivex plans to raise $212 million to establish a Rain token treasury.

On November 24, Nasdaq-listed Enlivex announced plans to raise $212 million to establish a Rain token treasury. The company stated it would become the first DAT company built on a prediction market token. Rain is a decentralized prediction market protocol on the Arbitrum network that allows anyone to create markets and trade custom options on any event in any language. The results are determined by artificial intelligence, and a buyback and burn mechanism is implemented with the RAIN token pegged to it.

US-listed mF International plans to raise $500 million to establish a BCH treasury.

On November 22, Nasdaq-listed mF International announced that it will raise $500 million through a private placement (PIPE) of 50 million Class A ordinary shares and prepaid warrants to accredited institutional investors at a price of $10.00 per share. The financing transaction is expected to close on December 1, 2025, and the proceeds will be used to purchase Bitcoin Cash and establish a related digital asset treasury.

Nasdaq-listed CYPH purchased another $18 million worth of ZEC, bringing its total holdings to 1.43% of the network's supply.

On the evening of November 18, Cypherpunk Technologies Inc. (Nasdaq: CYPH) announced that it had spent another $18 million to purchase 29,869.29 ZEC (Zcash), at an average price of $602.63 per ZEC. Combined with its previous purchase of $50 million worth of ZEC, Cypherpunk's total ZEC holdings have reached 233,644.56, with an average cost of $291.04 per ZEC.

This acquisition brings the company’s total ownership in the Zcash network to 1.43%.

Cypherpunk focuses on privacy and self-sovereignty, viewing Zcash as a "digital privacy asset" and a hedge against Bitcoin's transparency and its financial infrastructure, especially in an AI-rich future.

Previously, the company had just appointed Will McEvoy, head of Winklevoss Capital, as Chief Investment Officer (CIO) and a board member. Winklevoss Capital had previously led a $58.88 million private placement to the company. The company aims to eventually hold at least 5% of the total ZEC supply, continuing to advance its Zcash-centric digital asset vault strategy.