Cryptocurrency and Stock Market Trends | Strategyeger suspends BTC acquisitions, cash reserves increase to $2.19 billion; Bitmine's ETH holdings increase to nearly 4.1 million, total value exceeds $12.5 billion (December 23)

Editor's Note: The crypto market remains in a volatile downward trend, with US stocks and crypto-related stocks once again exhibiting a stark contrast – on one hand, the US stock market index is steadily rising, while on the other hand, crypto-related stocks are experiencing a continuous decline. Whether it's DAT-based companies like Strategy, Bitmine, and Sharplink, or crypto mining companies like IREN, Riot, and Cleanspark, their stock performance last week was lackluster. Among crypto mining companies, only Hut8 saw its stock price rise by about 15% due to a $7 billion order, and ABTC rebounded by over 11% due to previous overselling. We reiterate our advice: crypto-stock investors should be cautious about bottom-fishing and focus on trading with a rebound-oriented mindset, avoiding impulsive all-in moves.

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 .

Market outlook for crypto concept stocks

UBS: US stock rally may continue into 2026; S&P 500 target at 7700.

On December 22, UBS Group believes that the US stock market's rally from 2025 will continue into 2026, driven by strong corporate earnings, loose monetary policy, and a clearer policy outlook. The bank noted that corporate profits (especially in the technology sector) remain strong, keeping current valuations at reasonable levels. UBS predicts that S&P 500 earnings will grow by 10%, potentially pushing the index to around 7700 points.

Furthermore, further interest rate cuts by the Federal Reserve and the inauguration of a new chairman could provide additional support to the market. Clarity regarding future tariff policies will also help reduce uncertainty. Based on this, UBS maintains its "attractive" rating on US equities and recommends investors maintain their allocations to capitalize on continued market growth opportunities.

10x Research: The market downturn has not yet reversed; BTC mining companies and crypto firms performed poorly last week.

On December 21st, 10x Research released a crypto market review , noting that due to global policy uncertainties and legislative delays, Bitcoin prices remained low, and the market downturn had not yet been reversed. The overall performance of publicly traded cryptocurrency stocks was poor. Coinbase's new product launch failed to offset the overall market weakness, and Strategy's stock price remained weak. Although ARK Invest increased its holdings in BitMine, it still failed to boost its stock price.

In the Bitcoin mining sector, Bitdeer faces pressure from class-action lawsuits, CleanSpark's earnings fell short of expectations and it faced insider selling, Iren received a neutral rating and its stock price suffered, and although TeraWulf completed a large-scale financing round, its stock price still declined due to equity dilution.

Bloomberg analysts: BlackRock IBIT is the only one among the top 25 US equity ETFs with negative returns.

On December 20th, Eric Balchunas, Senior ETF Analyst at Bloomberg, published an article stating that BlackRock's IBIT is the only ETF with a negative annual return among the top 25 US equity ETFs in terms of inflows in 2025, with an annual return of -9.59%. However, he also noted that despite the negative return, IBIT still ranks sixth in annual inflows, even surpassing the GLD ETF with a return of 64%. From a long-term perspective, this is a very positive sign, as attracting over $25 billion in inflows during a bear market suggests even greater potential once a bull market begins.

Weekly Updates on Cryptocurrency Stock Companies

Representative listed companies in the BTC Treasury

Global listed companies net bought $26.35 million worth of BTC last week; Strategy paused its BTC acquisitions.

According to SoSoValue data, as of December 22, 2025 (Eastern Time), global listed companies (excluding mining companies) had a net weekly purchase of $26.35 million in Bitcoin last week. Strategy (formerly MicroStrategy) announced on December 22 that it did not purchase any new Bitcoins last week. Japanese listed company Metaplanet did not purchase any Bitcoins last week.

In addition, two other companies purchased Bitcoin last week. Japanese fashion company ANAP invested $1.74 million on December 16th, acquiring 18.6424 Bitcoins at a price of $93,138.2, bringing its total holdings to 1,218.8424. Digital health and sales development company CIMG invested $24.61 million on December 17th, acquiring 230 Bitcoins at a price of $107,000, bringing its total holdings to 730.

Metador Technologies, a technology company specializing in Bitcoin financial products, signed a revised secured convertible note financing agreement with ATW Partners for up to $100 million, with the first tranche of $10.5 million to be used to purchase Bitcoin. Hyperscale Data, an AI data center company, announced a planned at-the-market (ATM) common stock offering of up to $50 million, with the majority of the proceeds earmarked for Bitcoin purchases.

As of press time, the total number of Bitcoins held by listed companies worldwide (excluding mining companies) is 916,750, with a current market value of approximately US$82.77 billion, accounting for 4.59% of Bitcoin's circulating market capitalization.

Strategy increased its cash reserves to $2.19 billion and suspended Bitcoin purchases.

In the seven days ending December 21, Strategy Inc. raised $748 million through the sale of common stock, bringing its cash reserves to $2.19 billion, and has suspended its purchases of Bitcoin. The company currently holds Bitcoin worth approximately $60 billion. Earlier this month, Strategy Inc. established a $1.4 billion reserve to pay future dividends and interest. According to TD Cowen analyst Lance Vitanza, Strategy Inc. pays approximately $824 million in interest and dividends annually.

Representative companies of the ETH Treasury listed companies

Bitmine's ETH holdings have increased to nearly 4.1 million coins, with a total value exceeding $12.5 billion.

On December 23, Bitmine acquired another 29,463 ETH, worth approximately $88.4 million.

In addition, Bitmine bought 98,852 ETH last week , bringing its total holdings to 4,066,062 ETH, worth approximately $12.42 billion. This holding represents 3.37% of the total ETH supply.

Ethereum treasury company ETHZilla has sold 24,291 ETH, raising approximately $74.5 million.

On December 22, Ethereum treasury company ETHZilla announced that it had sold 24,291 ETH, raising approximately $74.5 million. This transaction was reportedly part of the redemption of outstanding senior secured convertible notes. The company's future value will be driven more by revenue and cash flow from its RWA tokenization business, and therefore it will cease publicly disclosing its mNAV panel, but will continue to regularly disclose its balance sheet and update its ETH treasury and shareholding changes through SEC filings and social media.

Representative companies of SOL Treasury listed companies

Mangoceuticals, a US-listed company, plans to launch a $100 million digital asset treasury strategy, with a focus on investing in SOL.

On December 19th, Nasdaq-listed Mangoceuticals announced a partnership with Cube Group to establish a subsidiary, Mango DAT, to advance its strategy of building a $100 million digital asset treasury (DAT), with a focus on investing in SOL. Funding will be raised through an ATM fundraising program and the sale of common stock. The company has also reportedly filed a trademark application with the U.S. Patent and Trademark Office for "MULTI-DAT" to promote a series of strategic digital asset and DeFi initiatives.

Forward Industries' FWDI stock token is now listed on Solana.

On December 19th, Nasdaq-listed SOL treasury company Forward Industries issued its shares on-chain via a native blockchain tokenization platform. Forward stated that its SEC-registered shares are now listed on the Solana blockchain through Superstate's Opening Bell platform, marking the first time that equity from a publicly traded company can be directly used within the DeFi space. As an SPL token, the tokenized FWDI will be integrated into Solana's DeFi ecosystem.

It is understood that the company currently holds approximately 6.8 million SOL tokens, exceeding the combined holdings of the remaining three largest SOL DAT companies.

Hong Kong-listed company MemeStrategy increased its holdings by 2,440 SOL tokens, bringing its total holdings to 12,290 tokens.

On December 17, according to a Hong Kong Stock Exchange announcement, Hong Kong-listed company MemeStrategy disclosed that it had spent HK$2.4 million to purchase 2,440 SOL tokens on the open market. As of now, the company holds a total of 12,290 SOL tokens, with a purchase cost of approximately HK$14.9 million. MemeStrategy stated that it will use its dedicated Solana validator to stake its SOL holdings to generate returns through staking rewards and create a new source of income.

Representative companies of altcoin treasury listed companies

none.