Cryptocurrency and Stock Market Indicators | Strategy's total BTC holdings have risen to over 670,000, with an annualized return of 24.6%; Bitmine's holdings have increased to nearly 397 ETH, with unrealized losses exceeding $3 billion (December 16).

Editor's Note: Following the "positive news immediately followed by negative news" of the Federal Reserve's 25 basis point rate cut, cryptocurrency stocks have once again experienced a large-scale decline. According to data from msx.com , among more than 50 related stocks, only 5 have maintained positive price increases over the past 7 days, while the rest have seen declines exceeding 30%. While the US stock market is reaching new highs, many cryptocurrency stocks, including Strategy and Circle, are facing their darkest hour. Considering the complexity of Trump's nomination of the new Federal Reserve Chairman, this year's "Christmas rally" may turn into a "Christmas disaster." With winter approaching, investors involved in cryptocurrency-stock trading are advised to exercise caution in the near future.

The following is a summary of last week's cryptocurrency and stock market information compiled by Odaily Planet Daily. All US stock data comes from msx.com .

Sharp Commentary on Crypto Concept Stocks

A key step in equity tokenization: JPMorgan Chase issues and settles short-term bonds for Galaxy.

On December 12, JPMorgan Chase created, issued, distributed, and settled a short-term bond for Galaxy Digital Holdings LP on the Solana blockchain. The $50 million U.S. commercial paper was reportedly purchased by Coinbase and asset management firm Franklin Templeton, with payment made in USDC stablecoins issued by Circle Internet Group Inc., the companies stated in a press release on Thursday. Redemption proceeds upon maturity will also be paid in USDC.

Considering that "Ripple, Circle's First National Digital Currency Bank, BitGo, Fidelity Digital Assets, and Paxos received conditional approval from the Office of the Comptroller of the Currency (OCC) last week to become federally chartered trust banks ," it may not be impossible that SEC Chairman Paul Atkins previously mentioned that "the US economy will be fully on-chain within a few years."

After the initial testing phase, crypto IPOs will face a major test for "crypto concept stocks" next year.

Laura Katherine Mann, a partner at the international law firm White & Case, recently stated that 2025 will be a "test year" for crypto IPOs, while 2026 will be the crucial year to determine whether digital asset IPOs possess long-term sustainability. She pointed out that the market will judge whether crypto IPOs represent a "sustainable asset class" or are merely cyclical transactions that only work during market booms.

Mann stated that several crypto companies went public in 2025, including stablecoin issuers Circle, Bullish, and Gemini. Looking ahead to 2026, potential IPO candidates include Upbit, FalconX, Chainalysis, and Grayscale, which has already filed for an IPO.

It's worth noting that Ark Invest, managed by Cathie Wood, increased its allocation to cryptocurrency-related stocks such as BitMine, Coinbase, Circle, Block, and Bullish on Monday, with total purchases exceeding $56 million .

Nasdaq tightens IPO window, promising a bright future for stock tokenization.

The phenomenon of "peaking immediately upon listing" isn't limited to the cryptocurrency industry; it's also prevalent in the US stock market. Last Friday, with approval from the US SEC, Nasdaq gained greater discretion to reject IPO applications with perceived manipulation risks. The new rule authorizes Nasdaq to reject a company's listing in the following circumstances: the company's place of business does not cooperate with US regulatory scrutiny; the underwriters, brokers, lawyers, or auditors have been involved in questionable transactions; or there are doubts about the integrity of management or major shareholders.

This move aims to address the problem of numerous small IPOs experiencing sharp price drops after listing in recent years. In the past year, half of Nasdaq IPOs raised less than $15 million, and most of these saw their share prices fall by more than 35% within a year.

Furthermore, Greg Cipolaro, Global Head of Research at NYDIG, stated that while the tokenization of real-world assets (RWAs) such as stocks will initially bring limited direct benefits to the crypto market and blockchain networks, their long-term value is expected to gradually materialize as accessibility, interoperability, and composability improve. He pointed out that in the short term, the main revenue for blockchain networks comes from transaction fees generated by tokenized assets and the network effects accumulated through the custody of these assets. As tokenized assets become more deeply integrated into the blockchain ecosystem, entering DeFi scenarios as collateral, lending assets, or trading instruments, the benefits to related networks will significantly increase.

Weekly Updates on Cryptocurrency Stock Companies

Representative listed companies in the BTC Treasury

Last week, global listed companies were net buyers of BTC worth $980 million, with Strategy purchasing 10,645 Bitcoins.

According to SoSoValue data, as of December 15, 2025 (Eastern Time), the total net purchase of Bitcoin by global listed companies (excluding mining companies) last week was $980 million.

On December 15, Strategy (formerly MicroStrategy) announced an investment of $980 million to acquire 10,645 Bitcoins at a price of $92,098, bringing its total holdings to 671,268 Bitcoins.

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

In addition, two other companies purchased Bitcoin last week. ProCap Financial revealed on December 10th that its total Bitcoin holdings had increased to 5,000, though the specific quantity and amount purchased were not disclosed. Brazilian Bitcoin reserve company OrangeBTC announced on December 14th that it invested $180,000 last week, acquiring 2 Bitcoins at a price of $89,815 each, bringing its total holdings to 3,722.2 Bitcoins.

Strive, a publicly traded Bitcoin treasury, announced a plan to launch a SATA stock offering at-the-market (ATM) of up to $500 million, with the proceeds intended to be used to purchase Bitcoin.

As of press time, the total number of Bitcoins held by listed companies worldwide (excluding mining companies) is 916,510, with a current market value of approximately US$82.05 billion, accounting for 4.59% of Bitcoin's circulating market capitalization.

Data shows that listed companies and private enterprises have cumulatively increased their holdings by 883,000 BTC since January 2023.

On December 13, the number of BTC held by listed companies and private enterprises increased from 197,000 to 1.08 million since January 2023.

Michael Saylor: Strategy's Bitcoin return year-to-date is 24.9%.

Michael Saylor, founder and executive chairman of Strategy, stated that after adding 10,645 bitcoins, Strategy's year-to-date bitcoin return is 24.9%, and as of December 14, 2025, it holds 671,268 bitcoins at an average purchase price of $74,972.

The National Pension Service of South Korea increased its holdings in Strategy to $93 million.

BitcoinTreasuries.NET reported that the National Pension Service (NPS) of South Korea, with assets of $1 trillion, has increased its holdings in Strategy (MSTR), a publicly traded company that holds Bitcoin, to $93 million.

Representative companies of the ETH Treasury listed companies

BitMine's average ETH holding price is $3,906, currently showing a floating loss of $3.019 billion.

According to on-chain analyst Ember, Ethereum treasury company BitMine (BMNR) increased its holdings by 102,259 ETH ($325 million) last week at a price of approximately $3,182. They now hold a total of 3,967,210 ETH ($12.476 billion), with an average cost of $3,906, resulting in a paper loss of $3.019 billion.

Representative companies of SOL Treasury listed companies

Figure has filed for a second IPO, seeking approval to natively issue equity on Solana.

At the Solana Breakpoint conference, Figure co-founder and executive chairman Mike Cagney stated that Figure has recently submitted a new S-1 application to regulators, planning to issue blockchain-native common stock securities.

The blockchain-based stock will be traded on Figure's proprietary Alternative Trading System (ATS) and can be converted into Figure's Class A common stock at a 1:1 ratio. The securities support self-custody, self-settlement, and self-clearing, and users can participate in trading directly through their wallets. The ATS functions similarly to a decentralized exchange, allowing securities assets to be used in on-chain protocols.

Furthermore, blockchain stockholders can also engage in collateralized lending on Democratized Prime, a decentralized finance protocol based on the Provenance blockchain. Cagney further revealed that Figure plans to introduce this equity product to the Solana ecosystem in the future and explore native equity issuance on the Solana network.

Representative companies of altcoin treasury listed companies

Nasdaq-listed Caliber disclosed that it has pledged 75,000 LINK tokens and will increase the pledge ratio.

On December 11, Caliber, a Nasdaq-listed diversified real estate and digital asset management platform, disclosed that it had pledged 75,000 LINK tokens from its treasury to a Chainlink node operator. The aim is to directly participate in the construction of the core infrastructure for Chainlink network security and earn staking rewards. Caliber also stated that it will further increase the staking ratio in the future.