Crypto Stock Barometer丨Vanguard's US Mid-Cap Index Fund Makes First Purchase of Over $500 Million in Strategy Stock; BitMine's Total Staking Exceeds 1.77 Million ETH, Valued at Over $5.6 Billion (January 20)
- Core View: Crypto concept stocks experienced a broad-based, phased rally after volatility, but the overall market remains suppressed by macro factors such as Fed policy expectations and progress on crypto legislation. The short-term rebound has a strong speculative nature, and investors should remain cautious.
- Key Factors:
- Expectations for Fed rate cuts have "shrunk" due to Trump's nomination of a new Fed Chair candidate. The 2-year Treasury yield rose to 3.61%, and traders reduced their bets on rate cuts for the year.
- The crypto industry is divided on the CLARITY Act. Institutions like a16z and Ripple urge continued negotiations, while Coinbase threatens to withdraw its support, leaving the bill's prospects uncertain.
- The NYSE plans to open 7*24 hour trading for tokenized stocks and launch an on-chain settlement platform, which could either pose a challenge or bring benefits to existing crypto concept stock businesses.
- Multiple listed companies continue to increase their cryptocurrency holdings. For example, Vanguard's fund bought Strategy stock, and companies like Strive and Steak'n Shake announced purchases or increased holdings of Bitcoin.
- Ethereum treasury company BitMine has staked over 1.77 million ETH and co-led a $200 million investment in Beast Industries, aiming to transform into a holding company in the digital economy sector.
- Solana treasury companies are active. Forward Industries disclosed holdings of nearly 7 million SOL, and Upexi plans to raise $36 million to increase its SOL holdings.
Editor's Note: After a period of continuous decline and volatility, crypto-related stocks experienced a broad-based rally last week. Companies with BTC treasuries, represented by Strategy, saw their stock prices recover. Although still significantly below their previous highs, this shows initial signs of a rebound. Meanwhile, the main market drivers are increasingly focused on events such as the nomination of the new Federal Reserve Chair, expectations for Fed rate cuts, and the progress of the U.S. CLARITY crypto bill. Considering the overall market conditions, crypto-related stocks are likely to remain under pressure. It is advisable to maintain the previous strategy of "trading short-term rebounds" and avoid going all-in.
The following is a summary of last week's crypto-stock market information compiled by Odaily. All U.S. stock data is sourced frommsx.com.
Overview of Main Factors Affecting Crypto-Related Stocks
Trump's Decision Against Hassett Significantly Reduces Fed Rate Cut Expectations
As Trump hinted he would nominate someone other than National Economic Council Director Hassett to succeed Powell, U.S. Treasury prices fell, and traders scaled back expectations for two Fed rate cuts in 2026. The decline in U.S. Treasuries pushed the two-year yield up by 5 basis points to 3.61%, reaching its highest level since the Fed's last rate cut in December. Following Trump's comments on Hassett, short-term interest rate contracts reflected a reduced probability of the Fed implementing two 25-basis-point rate cuts this year. Meanwhile, the Treasury market continues to be unsettled by the December jobs data released a week ago, which led Wall Street banks that previously predicted a Fed rate cut at its next meeting on January 28th to abandon that view. Morgan inflation economists predict the Fed will not cut rates further, despite the ongoing leadership transition. John Fath, Managing Partner at BTG Pactual Asset Management US, stated: "The previous trade was betting that whoever the next Fed Chair would be would be dovish. That dynamic has reversed in the past few days."
Crypto Industry Divided on Market Structure Bill: a16z, Ripple Take Opposite Stance from Coinbase
Coinbase CEO Brian Armstrong previously indicated plans to withdraw support for the crypto market structure bill (CLARITY), stating he would "rather have no bill than a bad bill." However, several major industry players hold the opposite view. Kraken CEO Arjun Sethi argued that remaining issues should be resolved through negotiation rather than abandoning years of bipartisan progress. a16z Managing Partner Chris Dixon, Ripple CEO Brad Garlinghouse, and White House Special Advisor on AI and Crypto David Sacks expressed similar views, urging parties to resolve differences before the end of the month. Ledger's Global Policy Head Seth Hertlein noted it's hard to imagine a future environment as favorable as the present, with a widespread feeling in the industry that if legislation isn't completed now, it may either never happen or occur under much less favorable conditions. The crypto industry does not want software usability or content publishing permissions to change with each administration.
Furthermore, the NYSE's plan to open 7*24 trading for tokenized stocks and launch an on-chain settlement platform may impact crypto-related stocks, with some potentially benefiting and rising. For details, recommended reading: "NYSE Plans to Launch 7*24 Tokenized Stock Trading, Leaving 'Competitors' Stunned", "NYSE's 7*24 Crypto-Stock Trading: Which Crypto Businesses Will Directly Benefit or Suffer?".
Weekly Updates on Listed Crypto Companies
Representative Companies with BTC Treasuries
Vanguard's U.S. Mid-Cap Index Fund Makes First Purchase of Strategy Stock
Vanguard Group Mid-Cap Index Fund Institutional Shares (VMCIX) disclosed its first purchase of Strategy stock. The fund reportedly bought 2.91 million shares, worth approximately $505 million.
Additionally, Strategy announced it will report its Q4 2025 financial results after the U.S. financial markets close on Thursday, February 5, 2026, and will host a webcast at 5:00 p.m. ET to discuss the performance. The company currently holds 687,410 Bitcoin, with a treasury value of approximately $66.47 billion.
Strive Completes Semler Scientific Acquisition, Becomes 11th Largest Public Company by BTC Holdings
On January 16, Nasdaq-listed Bitcoin financial services company Strive announced the formal completion of its acquisition of Semler Scientific. The combined company now holds a total of 12,797.9 Bitcoin, making it the 11th largest public company globally by BTC holdings. The company also announced the appointment of Avik Roy as Chief Strategy Officer, while former Semler Scientific Chairman Eric Semler joined Strive as an independent director, and Bitcoin Strategy Director Joe Burnett became Strive's Vice President of Bitcoin Strategy.
Steak'n Shake Buys $10 Million in Bitcoin, Advancing Corporate BTC Treasury Strategy
U.S. fast-food chain Steak ‘n Shake announced it allocated $10 million to Bitcoin this week, officially adding BTC to its corporate balance sheet. This move continues its crypto strategy of accepting Bitcoin payments at all U.S. stores over the past eight months.
The company stated this decision is part of what it calls a "self-reinforcing cycle": consumer Bitcoin payments drive sales growth, and related revenue is continuously invested into the company's Bitcoin Reserve (SBR). This funds operational investments like ingredient upgrades and store renovations without raising menu prices.
Steak'n Shake has accepted Bitcoin payments via the Lightning Network at all U.S. stores since May 2025, aiming to reduce credit card fees and attract younger crypto users. The company disclosed that same-store sales grew over 10% year-over-year in Q2 2025, and payment processing fees can be reduced by approximately 50% when customers choose to pay with Bitcoin.
U.S.-Listed Company DDC Enterprise Completes 200 BTC Purchase, Total Holdings Increase to 1,383 BTC
On January 16, U.S.-listed company DDC Enterprise Limited announced the completion of its first Bitcoin purchase in 2026, acquiring an additional 200 BTC. After the transaction, DDC's total Bitcoin holdings increased to 1,383 BTC.
The announcement shows DDC's current average Bitcoin cost basis is approximately $88,998, with a阶段性 Bitcoin return of 16.9%. Approximately 0.046482 BTC corresponds to every 1,000 shares of DDC stock. The company stated this purchase continues its prudent, disciplined capital allocation strategy and views Bitcoin as a strategic reserve asset aligned with long-term value creation.
Representative Companies with ETH Treasuries
BitMine Total Staking Exceeds 1.77 Million ETH, Valued at $5.65 Billion
According to OnchainLens monitoring, BitMine recently staked an additional 86,848 ETH, worth $279.4 million. Its cumulative staked amount has now reached 1,771,936 ETH, with a total value of $5.65 billion. Last week, Bitmine purchased 24,068 ETH ($80.57 million) via FalconX.
On January 17, at a recent shareholder meeting, Bitmine Chairman Tom Lee announced the company is即将 launch an APP, though no further details were disclosed. However, shareholder reactions seemed dissatisfied, viewing significant investment in an APP as unnecessary. Additionally, Tom Lee透露 Bitmine no longer wants to扮演 solely as a single Ethereum yield instrument but is considering positioning itself as a Berkshire Hathaway-style holding company in the digital economy. In this model, Ethereum would serve as the cash-flow-generating base layer and capital allocator, driving the next phase of growth.
Furthermore, on January 15, Beast Industries announced the completion of a $200 million funding round led by BitMine. The project's main business is media and consumer holdings, encompassing content production, consumer brand Feastables, MrBeast Burger, and commercial investments.
BitMine stated it has agreed to invest $200 million in Beast Industries, a media and consumer holding company founded by YouTube creator MrBeast. BitMine currently holds over 4 million ETH, worth approximately $13 billion, making it the world's largest Ethereum treasury holder. Beast Industries CEO Jeff Housenbold said the funds will support growth plans and explore integrating DeFi functionality into future financial service products. The transaction is expected to be completed around January 19.
Treasury Company FG Nexus, Holding $120 Million in ETH, Sells 2,500 ETH
On-chain analyst Yu Jin monitored that Ethereum treasury company FG Nexus (fg-nexus) sold 2,500 ETH on January 20, worth $8.04 million. Between August and September last year, FG Nexus储备 50,770 ETH at a high average price of $3,944, worth $200 million. As ETH prices fell, the company has since减持 13,475 ETH at an average price of $3,089, realizing a loss of $11.52 million. FG Nexus still holds 37,594 ETH, worth $120 million. The company's mNAV is 0.84, meaning its stock market capitalization is below the value of its held ETH.
Representative Companies with SOL Treasuries
SOL Treasury Company Sharps Technology Enters 90-Day Stock Lock-Up Agreement with SOL Markets
According to Globenewswire, Nasdaq-listed Solana treasury company Sharps Technology (STSS) announced it has entered a 90-day stock lock-up agreement with SOL Markets. Under the agreement, SOL Markets agrees to restrict the sale of its advisor warrants and related shares for 90 days, effective January 16, 2026. Previously, Sharps Technology's board approved a stock repurchase program of up to $100 million. The company is currently developing a universal digital identity and verification framework through strategic partnerships with Coinbase, Crypto.com, and Jupiter.
Forward Industries: SOL Holdings Increase to Nearly 6.98 Million, Staking Rewards Reach 133,450 SOL
Nasdaq-listed Solana treasury company Forward Industries公布 its financial performance report, disclosing that as of January 15, the company holds a total of 6,979,967.46 SOL. Since establishing its Solana treasury, it has staked nearly all SOL and received 133,450 SOL in staking rewards. Additionally, Forward Industries disclosed that its SEC-registered stock was launched on the Solana blockchain via Superstate's Opening Bell platform in December last year.
Solana Treasury Company Upexi Enters Securities Purchase Agreement to Raise $36 Million
Last week, Nasdaq-listed Solana treasury company Upexi announced it entered a securities purchase agreement with Hivemind Capital Partners to raise $36 million. The note offering is expected to be completed around January 14, 2026, subject to customary closing conditions. The notes are backed by locked SOL tokens and will be added to the company's Solana treasury upon transaction completion. The deal is expected to increase Upexi's SOL holdings by 12% to over 2.4 million SOL, making it the second-largest corporate SOL holder after Forward Industries, which holds 6.9 million SOL.
Representative Companies with Altcoin Treasuries
TON Treasury Company AlphaTON Capital Raises $15 Million via Registered Offering of Common Stock
On January 16, Nasdaq-listed TON treasury company AlphaTON Capital announced raising $15 million through a registered offering of common stock, issuing a total of 15,000,000 shares of common stock at $1 per share. HC Wainwright & Co. acted as the exclusive placement agent for the offering. The company stated it plans to use the net proceeds to expand GPU deployment for Cocoon AI, supplement working capital, and for general corporate purposes.
