Cryptocurrency & Stock Weekly Report | Strategy spent $835.6 million to acquire 8,178 Bitcoins in a single week; Metaplanet's Bitcoin holdings suffered a floating loss of over 16%, and its stock price fell to a year-to-date low (November 18).

Editor's Note: Last week, the cryptocurrency market, along with traditional financial markets, experienced a sharp decline. BTC prices fell below the $100,000 support level, ETH prices briefly dropped below $3,000, and while SOL prices showed some resilience, they couldn't mask the overall downward trend. Affected by this, most cryptocurrency-related stocks trended downwards, with only a few oversold stocks maintaining gains. Furthermore, to provide readers with more helpful insights through data and content analysis, we have added a "Cryptocurrency Stock Commentary" section starting this week. This does not constitute investment advice and is for educational and exchange purposes only. The following is a summary of last week's cryptocurrency and stock market information compiled by Odaily Planet Daily. All US stock data is from msx.com .

Sharp Commentary on Crypto Concept Stocks

Q3 financial reports are out, some are happy and some are disappointed.

Last week, many crypto-related stocks, including DAT, released their third-quarter earnings reports. Although a few companies performed well in terms of net profit and revenue, even achieving their "best quarterly results," their stock prices inevitably entered a downward trend during this period of market decline and volatility.

• Established crypto stocks, such as Coinbase and Robinhood, inevitably experienced five consecutive days of decline, with the former falling by more than 15% and the latter by more than 12% in five days.
• Even star stocks that went public this year, such as Circle and Bullish, were not spared, with the former falling below the key support level of $100 and the latter falling below the key support level of $45.
• In addition, the outlook for crypto mining stocks is also not optimistic. Only a few mining companies, such as American Bitcoin (ABTC) and Bitdeer, saw their stock prices rise in a single week, while the stock prices of the rest of the mining companies all fell to varying degrees.

Based on the current performance of the crypto market, the downward trend in crypto-related stocks may continue.

Peter Thiel's Founders Fund sold some of its ETH Treasury shares, prompting Wall Street to adopt a wait-and-see approach.

Furthermore, one of the most noteworthy pieces of information last week was the sale of some ETH Treasury shares by Founders Fund, the venture capital firm led by billionaire and top Silicon Valley investor Peter Thiel. While not all of this occurred recently, it still reveals the cautious attitude of Wall Street capital institutions towards the DAT narrative and crypto-related stocks. Specific sale details are as follows:

• The fund sold half of its stake in Bitmine. As of November 15, the fund held 2,547,001 shares of the company.
• As of September 30, 2025 (end of Q3), Peter Thiel held 928,389 shares of ETHZilla, representing 5.6% of ETHZilla's stock. Compared to the 7.5% ETHZilla stock he reported on August 4, Peter Thiel and related entities had reduced their ETHZilla stock holdings by 1.9% before September 30.

The crypto market saw a major reshuffling of major positions, but industry insiders remain cautiously optimistic.

In response to the significant decline in the cryptocurrency market, industry insiders have offered their opinions, with the following being representative viewpoints:

• CryptoQuant CEO Ki Young Ju believes the current market correction is primarily due to a turnover among long-term holders, with early Bitcoin holders selling their holdings to traditional financial institutions, which also tend to hold for the long term. He recalled that the reason he predicted a temporary top earlier this year was because "OG whales" were selling off heavily at the time, but the market structure has since changed.
• BitMine Chairman Tom Lee stated that the current cryptocurrency market downturn is primarily due to the influence of one or two market makers with significant balance sheet vulnerabilities, and a group of sharks poised to trigger a Bitcoin price crash/sell-off. However, he believes the pain caused by these issues will not be long-lasting and will not change Wall Street's goal of building an "ETH supercycle." He cautioned that now is not the time to use leverage, as it is easy to get trapped. Furthermore, in response to a community question about when the market maker balance sheet issues would be resolved, Lee indicated that it seems likely to take 6-8 weeks.

In any case, the pain continues, and the exact timing of the price recovery remains unknown.

Weekly Summary

Representative companies of BTC Treasury listed companies

Data: Publicly listed companies purchased approximately 195,000 Bitcoins in Q3, worth $20.5 billion.

On November 12, according to BTC Treasuries, publicly traded companies purchased a total of 195,000 Bitcoins in the third quarter of 2025, worth $20.5 billion.

Last week, global listed companies net bought $847.64 million worth of BTC, with StrategyEco spending $835.6 million to acquire 8,178 Bitcoins.

According to SoSoValue data, as of November 17, 2025 (Eastern Time), the total net purchase of Bitcoin by global listed companies (excluding mining companies) last week was $847.64 million.

Strategy (formerly MicroStrategy) invested $835 million last week to acquire 8,178 bitcoins at an average price of $102,171, bringing its total holdings to 649,870 bitcoins.

Metaplanet, a Japanese publicly traded company, did not purchase any Bitcoin last week.

In addition, two other companies purchased Bitcoin last week: Japanese fashion company ANAP bought Bitcoin twice last week, increasing its holdings by 3.3996 Bitcoins at a price of $108,510 and by 10.8304 Bitcoins at a price of $110,587.6, bringing its total holdings to 1,125.3 Bitcoins; Hong Kong-based genetic testing and health technology company Prenetics invested US$10.57 million this week to purchase 106 Bitcoins, bringing its total holdings to 493.4 Bitcoins.

Bitcoin ecosystem company Metador Technologies has completed its first convertible bond financing, raising $10.5 million to increase its Bitcoin holdings. As of press time, the total number of Bitcoins held by publicly listed companies worldwide (excluding mining companies) is 893,370, with a current market value of approximately $83.94 billion, representing 4.48% of Bitcoin's circulating market capitalization.

Metaplanet's Bitcoin holdings have suffered a paper loss of over 16%, and its stock price has fallen to a year-to-date low.

On November 18, data from BitcoinTreasuries showed that Metaplanet, a Japanese listed company, held 30,823 BTC, with a total value of approximately $2.78 billion and an average holding cost of $108,036. Currently, it is experiencing a floating loss of 16.86%. Metaplanet's stock price has fallen back to its April 2025 level.

Furthermore, Metaplanet CEO Simon Gerovich stated on the X platform that despite today's market volatility, the company's strategy remains unchanged. While short-term price fluctuations may cause concern, the company will continue to focus on the steady accumulation of long-term value.

Representative companies of the ETH Treasury listed companies

Bitmine added approximately $234 million worth of ETH to its portfolio last week.

On November 16th, according to THE DATA NERD, Bitmine continued its large-scale acquisitions over the past week, purchasing a total of 67,021 ETH from channels including Galaxy Digital, FalconX, and Coinbase, worth approximately $234.47 million. Furthermore, according to filings with the U.S. Securities and Exchange Commission (SEC) , Founders Fund, a venture capital firm led by billionaire and top Silicon Valley investor Peter Thiel, has sold half of its Bitmine shares. As of November 15th, the fund held 2,547,001 shares of the company.

At the organizational level , Bitmine has welcomed a new CEO – Chi Tsang, who previously led the venture capital fund m1720 and worked at HSBC for ten years, will succeed Jonathan Bates as CEO and join the board of directors. The company has also appointed three new independent directors: Robert Sechan, founder of NewEdge Capital Group and CEO of NewEdge Wealth; Jason Edgeworth, asset manager at JPD Family Holdings; and Olivia Howe, chief legal officer of RigUp.

SharpLink reported a net profit of $104.3 million in the third quarter, and its ETH holdings increased to 861,000.

On November 13, according to an official announcement, SharpLink Gaming (SBET), a US-listed ETH treasury company, released its financial report for the third quarter of 2025. The company's net profit increased significantly to approximately $104.3 million, with earnings per share of $0.62, compared to a net loss of $885,000 in the same period last year.

As of September 30, SharpLink held approximately 817,700 ETH, which increased to 861,250 ETH as of November 9. Total revenue for the third quarter was approximately $10.8 million, representing a year-over-year increase of over 1100%. The company's total crypto assets were approximately $3 billion, with $11.1 million in cash and $26.7 million in USDC stablecoins.

On the operations front, the board approved a $1.5 billion stock repurchase program, and has already repurchased 1.938 million shares at a cost of $31.6 million. The company also announced a $200 million ETH deployment on Consensys' Linea Layer 2 network, leveraging ether.fi and EigenCloud for enhanced returns. Co-CEO Joseph Chalom stated that the company's ETH per share ratio has increased from 2.0 to 4.0.

ETHZilla releases Q3 financial report: Ethereum holdings increase to 102,273 ETH

On November 15th, ETHZilla Corporation, a Nasdaq-listed Ethereum treasury company, released its Q3 2025 financial report, disclosing that its Ethereum holdings had increased to 102,273 ETH, worth approximately $424 million. It has already spent $46.3 million to repurchase 2,099,472 shares. ETHZilla also disclosed that it expects to launch its RWA product in the coming weeks, but did not disclose specific details. Furthermore, according to filings with the U.S. Securities and Exchange Commission (SEC) , Founders Fund, a venture capital firm led by billionaire and top Silicon Valley investor Peter Thiel, held 928,389 shares of ETHZilla as of September 30, 2025, representing 5.6% of ETHZilla's stock. Compared to its reported 7.5% stake on August 4th, Peter Thiel-related entities had reduced their ETHZilla holdings by 1.9% before September 30th.

Representative companies of SOL Treasury listed companies

Forward Industries deposited 1.44 million SOL tokens, worth $201 million, into Coinbase Prime.

On the evening of November 17, according to Onchain Lens monitoring, Forward Industries deposited 1.4435 million SOL tokens, worth $201.34 million, into Coinbase Prime.

Solana treasury company Upexi launched a $50 million stock buyback program , achieved record quarterly results, and generated over $6 million in digital asset revenue.

On November 13, Upexi, a Nasdaq-listed Solara treasury company, announced that its board of directors had approved a share repurchase program to repurchase $50 million of its outstanding common stock. The timing, method, price, and quantity of the repurchase will be determined by management at its discretion based on factors such as share price, market conditions, and available liquidity. On November 12, Upexi, also listed on Nasdaq , reported record-breaking quarterly earnings , with digital asset revenue exceeding $6 million and gross profit of $8.3 million, a 183% year-over-year increase. Its total revenue for the first fiscal quarter was $9.2 million, compared to $4.4 million in the same period last year, of which $6.1 million was from digital asset revenue (primarily from staking). For the quarter ending September 30, 2024, the company reported net income of $66.7 million, or $1.21 per share, compared to a net loss of $1.6 million, or $1.55 per share, in the same period last year. The growth was primarily driven by approximately $78 million in unrealized gains from Solara reserves. In addition, following last week's Upexi purchase update, Solana's total holdings exceeded 2.1 million, making it the second-largest Solana reserve holder after DeFi Development Corp.

DFDV will issue perpetual preferred shares to raise $65 million to continue increasing its stake in SOL.

On November 12, Nasdaq-listed Solana DeFi Development (DFDV) announced that it will issue perpetual preferred shares to raise $65 million. The new funds will be used to further increase its holdings of SOL tokens and for general corporate operations.

Representative companies of altcoin treasury listed companies

Leap Therapeutics received $58.88 million in investment and purchased approximately 203,700 ZEC tokens.

On November 12, Nasdaq-listed Leap Therapeutics announced the purchase of 203,775.27 ZEC tokens at an average price of $245 per token and announced its transformation into ZEC Treasury, now renamed Cypherpunk Technologies Inc. In addition, the company announced a $58.88 million private funding round led by Winklevoss Capital.

Jia Yueting: QLGN will be renamed AIxCrypto before November 20th.

On November 17th, Jia Yueting, founder of Faraday Future, announced that QLGN, a US-listed company strategically invested in by Faraday Future (NASDAQ: FFAI), will be renamed AIxCrypto (AIXC) by November 20th, and a ceremony will be held to mark the name change and stock ticker change. Furthermore, all proposals from QLGN shareholders have been approved, making FF the controlling shareholder and a majority shareholder.

IP Strategy disclosed that it holds 52.5 million IP tokens, worth over $230 million.

On November 11, Nasdaq-listed IP Strategy disclosed that its IP token holdings had reached 52.5 million (an increase of approximately 9 million from the previous month), worth over $230 million. In addition, the company announced a partnership with Crypto.com, which will provide execution, custody, over-the-counter trading, and staking services for its digital asset treasury.