Crypto-Stock Barometer: Strategy Adds 1,286 BTC, Total Holdings Reach 673,783; Bitmine Buys 32,977 ETH Last Week, Staked ETH Exceeds 500,000 (Jan 6)
- Core View: Performance of crypto stocks diverges, DAT model faces challenges.
- Key Elements:
- Leading crypto stocks like BitMine have gained over 300% in 2025.
- Prospects for most digital asset treasury companies are dim, potentially leading to liquidation.
- Companies like Strategy continue to increase BTC holdings, with public companies making a net weekly purchase of $567 million.
- Market Impact: Capital concentrates towards leading compliant targets, putting pressure on the DAT model.
- Timeliness Note: Medium-term impact.
Editor's Note: At the beginning of the new year, benefiting from Trump's "proactive moves" and the bullish sentiment in the capital market, the U.S. stock market experienced a broad rally. Cryptocurrency-related concept stocks also saw a wave of gains influenced by this. Currently, market focus remains concentrated on leading crypto concept stocks (such as Robinhood, Coinbase), crypto ETFs, and crypto mining companies that have successfully transitioned to AI. Pure DAT narrative plays are finding it difficult to gain full market acceptance, with only a few leading names (such as Strategy, Bitmine) showing rebound potential, which remains highly dependent on macro policy influences in January.
The following is a summary of last week's crypto and stock market information compiled by Odaily. All U.S. stock data is sourced frommsx.com.
Overview of Crypto Concept Stock Market Views
2025 Performance Review of Crypto Stocks: BitMine, IREN, and Robinhood Lead, Strategy Struggles
On December 25 last year, according to TheBlock statistics, since 2025, the S&P 500 index has risen by nearly 20%, while the price of Bitcoin has fallen by about 4%.
The performance of U.S.-listed crypto companies has been mixed. The best-performing cryptocurrency stocks in 2025 include: BitMine (+345%), IREN (+300%), Cipher Mining (+250%), Robinhood Markets (+208%), Hut 8 (+136%), Terawulf (+132%), Bitfarms (+72%).
The worst-performing cryptocurrency stocks in 2025 include: Sol Strategies (-88%), Fold Holdings (-75%), Gemini (-67%), Semler Scientific (-66%), Exodus Movement (-45%), Strategy (-44%).
Digital Asset Treasury Companies Face Bleak Prospects in 2026, Majority May Liquidate
Multiple industry executives have stated that as market conditions weaken, Digital Asset Treasury (DAT) companies face severe challenges entering 2026, with the industry potentially seeing large-scale liquidations.
Altan Tutar, Co-founder and CEO of MoreMarkets, pointed out that a large number of DAT companies emerged in 2025, providing Wall Street investors with exposure to crypto assets. However, after the market correction, the stock prices of many companies have significantly retreated, and the overall outlook has dimmed. He believes that as competition intensifies, most crypto treasury companies will struggle to survive. Particularly, treasuries focused on altcoins may be the first to exit the market, as their market capitalization struggles to remain above the market-adjusted Net Asset Value (mNAV) of their holdings for long. He also noted that even treasuries built around mainstream assets like Ethereum, Solana, or XRP may face similar pressures later.
Ryan Chow, Co-founder of Solv Protocol, added that the number of listed or quasi-listed companies holding Bitcoin increased significantly in 2025, but "simply holding Bitcoin is not a sustainable growth model." Companies lacking yield management capabilities may find it difficult to survive the next downturn. He pointed out that treasury companies that can survive often treat crypto assets as digital capital capable of generating yield and liquidity, rather than as a single store of value.
Furthermore, Vincent Chok, CEO of First Digital, stated that crypto ETFs are becoming significant competitors to DATs, as they offer investors more compliant and transparent price exposure. He believes that for the crypto treasury model to persist, it needs deeper integration with traditional financial infrastructure, approaching ETF standards in terms of compliance, auditing, and asset management.
Weekly Updates on Listed Crypto Companies
Representative Companies with BTC Treasuries
According to SoSoValue data, as of January 5, 2025 (Eastern Time), the total weekly net purchase of Bitcoin by global listed companies (excluding mining companies) last week was $567 million.
Strategy (formerly MicroStrategy) announced on January 4 that it invested $116 million to acquire 3 Bitcoin at $88,210 and 1,283 Bitcoin at $90,391, bringing its total holdings to 673,783 Bitcoin.
Japanese listed company Metaplanet invested $451 million on December 30 to acquire 4,279 Bitcoin at $105,412, bringing its total holdings to 35,102 Bitcoin.
Additionally, one other company purchased Bitcoin last week. UK-based Bitcoin reserve company BHODL announced on December 31 that it invested $90,000 to acquire 1 Bitcoin at $88,965, bringing its total holdings to 158.2 Bitcoin.
As of press time, the total Bitcoin holdings of the tracked global listed companies (excluding mining companies) amount to 923,680 Bitcoin, with a current market value of approximately $85.78 billion, accounting for 4.62% of Bitcoin's circulating market capitalization.
Strategy increases BTC holdings by 1,286, total holdings reach 673,783
Walter Bloomberg posted on X platform that as of January 4, 2026, Strategy's total Bitcoin holdings reached 673,783, with a total value of $50.55 billion. The company purchased 1,286 Bitcoin between late December 2025 and early January 2026, with funds raised through at-the-market equity offerings. During 2025, the company's unrealized loss on digital assets was $5.4 billion, offset by a $1.55 billion deferred tax benefit. As of December 31, 2025, the carrying value of its digital assets was $58.85 billion. It has $2.25 billion in reserves and an additional $41.5 billion available for future equity offerings.
Semler Scientific proposes merger with Strive; combined entity to hold nearly 13,000 BTC
On December 30, Eric Semler, founder of Semler Scientific, stated that Semler Scientific has proposed to its shareholders to vote in favor of a merger with Strive. A special shareholder meeting will be held on January 13. Upon approval, SMLR shareholders will receive ASST shares at an exchange ratio of 21.05x. The merged entity will hold nearly 13,000 BTC, placing it among the top five listed companies using BTC as a primary strategic reserve. This move aims to enhance Strive's financing capabilities in the digital credit space and maximize long-term shareholder value. Eric Semler will join Strive's board of directors.
Last week, Tether CEO Paolo Ardoino stated that Tether purchased 8,888 Bitcoin on New Year's Eve 2025, worth approximately $780 million. This transaction increased the stablecoin issuer's publicly disclosed Bitcoin holdings to over 96,000. Tether currently allocates 15% of its quarterly profits to Bitcoin on a regular basis.
Furthermore, Tether purchased 26 tons of gold in Q3 2025, bringing its total gold holdings to 116 tons, ranking it among the top 30 global gold holders. Paolo Ardoino stated that part of Tether's Bitcoin holdings have been injected into the joint venture Twenty One Capital, which it backs. As of January 1, 2026, Twenty One Capital holds 43,514 Bitcoin. Currently, Tether's main Bitcoin address ranks fifth globally and second among private corporate treasuries.
Representative Companies with ETH Treasuries
Bitmine bought 32,977 ETH last week, now holds $13.08 billion worth of ETH
According to Onchain Lens monitoring, Bitmine (@BitMNR) purchased 32,977 ETH last week, worth $104 million. Currently, Bitmine holds a total of 4,143,502 ETH, with a total holding value of $13.08 billion.
On January 6, BitMine transferred approximately 28,320 ETH (worth about $91.16 million) to wallet 0x921 for Ethereum PoS staking. Data shows that as of now, the cumulative amount of ETH staked by this address has increased to approximately 520,864, valued at about $1.636 billion at current prices.
Cathie Wood-backed Quantum Solutions discloses ETH holdings increased to approximately 5,418Japanese listed Ethereum treasury company Quantum Solutions, backed by Ark Invest founder Cathie Wood, officially disclosed that after purchasing 187.53 ETH, the company now holds a total of 5,418.32 ETH. The average purchase price was $3,943, with a total purchase cost of $20.58 million. Its ETH holdings rank 15th among listed Ethereum treasury companies. Additionally, the company holds 11.6 BTC.
Representative Companies with SOL Treasuries
No relevant updates.
Representative Companies with Altcoin Treasuries
Nasdaq-listed Cypherpunk Holdings buys 56,000 ZEC for $29 million, holdings increase to 290,000
On December 30, Nasdaq-listed company Cypherpunk Holdings increased its Zcash holdings to 290,062.67 ZEC, representing approximately 1.76% of Zcash's circulating supply. The new purchase was 56,418.09 ZEC, worth approximately $29 million, with an average purchase price of $514.02 per ZEC. The cumulative average purchase price for all its ZEC holdings is now $334.41 per ZEC. Will McEvoy, Chief Investment Officer of Cypherpunk Holdings, stated that the company will continue to execute its goal of holding 5% of the Zcash network's supply.
Listed company Tron Inc receives $18 million strategic investment from Justin Sun
Last week, Nasdaq-listed digital asset treasury company Tron Inc. announced that it has received an $18 million strategic investment from Justin Sun. The company plans to use the proceeds to expand its TRX treasury and strengthen its balance sheet and digital asset reserves.
