Crypto Stock Barometer丨Strategy Invested $264 Million to Purchase 2,932 Bitcoins Last Week; Ethereum Treasury Company ETHZilla Spent $12.2 Million on Two Jet Engines (January 27)
- Core View: Against the backdrop of global geopolitical tensions and a surge in demand for precious metal assets, the crypto market and related stocks are generally under pressure. However, the industry continues to actively engage in asset allocation and strategic positioning, with a growing focus shifting towards regulated new financial infrastructure development.
- Key Elements:
- Challenging Market Environment: Soaring prices of precious metals like gold and silver have attracted market capital, leading to a general decline in crypto-related stocks and a lack of immediate positive catalysts in the short term.
- Sustained Corporate Buying: Despite the market pullback, public companies, represented by Strategy, still achieved a net purchase of $290 million worth of Bitcoin last week, demonstrating long-term allocation intent.
- Strategic Adjustments and Rebranding: Some companies, such as KindlyMD changing its name to Nakamoto to clarify its Bitcoin strategy, while BitMine and ETHZilla disclosed moves to increase ETH holdings or diversify asset allocation.
- Shift Towards Regulation and Infrastructure: Industry analysis suggests 2026 will be a critical inflection point, with the focus shifting from proof-of-concept to production-grade deployment under clear regulations, such as tokenized assets and CBDCs.
- Individual Companies Face Challenges: K Wave Media, which adopted a Bitcoin treasury strategy, received another delisting warning from Nasdaq due to failing to meet market cap requirements, indicating that not all strategies proceed smoothly.
Editor's Note: Over the past two weeks, as global political and economic tensions have intensified, the cryptocurrency market has experienced another flash crash. Last week, crypto-related stock prices fell across the board, with leading stocks like Strategy and Bitmine also failing to stem the decline, abruptly halting any rebound momentum. According to statistics, including CME Group, only 10 crypto-related stocks showed positive gains, while the rest were in decline. With no other direct positive catalysts in the short term and against the backdrop of continuously rising prices for precious metals like gold and silver, crypto-related stocks may continue to face downward pressure.
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.
Broad Market Sees Significant Correction, Crypto-Related Stocks Return to Downtrend
Recently, both traditional financial markets and the crypto market have focused their attention on the continuously rising precious metal assets like gold and silver, which currently rank first and second among global assets. Meanwhile, several research institutions, capital firms, and investment banks have adjusted their gold price forecasts to the range of $5,400-$6,000 per ounce, further fueling market enthusiasm for precious metal investments. Silver has broken through to a new high of $115, surging 517% over the past 8 years, even surpassing the gains of BTC and gold over the same period. At a time when crypto-related stocks and crypto mining stocks are mired in downtrends, perhaps following the trend and joining the hype around precious metals, mineral resources, memory resources, and GPU resource-related stocks is a better choice.
It is worth mentioning that despite the pressure on crypto-related stocks, 11 Wall Street analysts still predict Strategy's stock target price could exceed $440 within the year.
eToro: Gold is Replacing Traditional Stable Low-Risk Assets as a Portfolio Hedge
eToro analyst Lale Akoner pointed out that as investors seek new ways to hedge equity risks, gold is increasingly replacing traditional stable low-risk assets—long-term government bonds—as a portfolio allocation choice. "Historically, duration exposure helped cushion the decline of risk assets. However, the recent phenomenon of simultaneous selling in both stocks and long-term bonds has weakened investors' trust in bonds as a reliable hedge at critical moments." She stated that investors are therefore replacing bond exposure with gold in their portfolios, signaling that "a broader reflection on portfolio risk management" is underway.
Viewpoint: 2026 is a Key Inflection Point for the Crypto Market, Industry to Shift Towards New Financial Infrastructure Construction
André Casterman, founder of Casterman Advisory, posted on X, stating that 2026 will be a key inflection point for the crypto market. Industry focus has shifted from "whether crypto is needed" to building new financial infrastructure. Tokenization and digital assets will transition from the pilot phase to regulated, production-level deployment. In transaction banking, central banks and institutions have uniformly adopted a "wholesale-first" strategy for Central Bank Digital Currencies (CBDCs), tokenized deposits, and regulated stablecoins (like USDC and RLUSD). The upcoming crypto market structure legislation will support institutional adoption. Once regulations are clear, banks will heavily invest in areas like crypto trading. Digital currency forms will coexist and achieve interoperability. Blockchain will become a parallel financial track, banks will continue to act as intermediaries, and the industry's focus will shift to building infrastructure under clear regulation.
Weekly Updates on Listed Crypto-Related Companies
Representative Companies with BTC Treasuries
According to SoSoValue data, as of 8:30 AM EST on January 26, 2025, the total weekly net purchase of Bitcoin by global listed companies (excluding mining companies) was $290 million, a decrease of 86.5% compared to the previous week.
Strategy (formerly MicroStrategy) announced on January 26 an investment of $264 million (an 87.7% decrease in purchase amount compared to the previous week) to acquire an additional 2,932 bitcoins at an average price of $90,061, bringing its total holdings to 712,647 bitcoins.
Japanese listed company Metaplanet did not purchase any Bitcoin last week, marking two consecutive weeks without purchases.
Additionally, three other companies purchased Bitcoin last week. Japanese fashion brand ANAP announced on January 21 an investment of $6.94 million to acquire an additional 70.4485 bitcoins at a price of $98,574.8, bringing its total holdings to 1,417.0341 bitcoins. Japanese food brand DayDayCook announced on January 22 an investment of $17.62 million to purchase 200 bitcoins at a price of $88,085, bringing its total holdings to 1,583 bitcoins. UK-based website and digital marketing services company The Smarter Web Company announced on January 22 an investment of $900,000 to acquire an additional 10 bitcoins at a price of $90,289, bringing its total holdings to 2,674 bitcoins.
Asset management and Bitcoin reserve company Strive announced a subsequent issuance of Variable Rate Series A Perpetual Preferred Stock (SATA Stock) to raise $150 million. The funds will be used, among other things, to acquire over 5,000 additional bitcoins.
As of press time, the total Bitcoin holdings of the tracked global listed companies (excluding mining companies) amounted to 963,020 bitcoins, an increase of 0.3% compared to the previous week. The current market value is approximately $84.66 billion, accounting for 4.8% of Bitcoin's circulating market cap.
Nasdaq Issues Another Delisting Notice to Bitcoin Treasury Company K Wave Media
On January 24, Nasdaq issued another delisting notice to K-Pop media company K Wave Media, which employs a Bitcoin treasury strategy. This time, the notice was due to the company's failure to meet Nasdaq's minimum market value (MVLS) requirement. Nasdaq requires the company to achieve a market value of at least $50 million for 10 consecutive trading days by June 2026; otherwise, it will be unable to continue listing on the Nasdaq Global Market.
Previous news indicated that K Wave Media received a $1 billion capital injection to advance its Bitcoin treasury strategy. Earlier this year, it received a delisting notice from Nasdaq because its stock price remained below $1 for 30 consecutive trading days. The company was required to raise its stock price above $1 and maintain it for 10 consecutive trading days by July 6, 2026, to avoid delisting.
On January 21, Nasdaq-listed Bitcoin treasury company KindlyMD announced its official renaming to Nakamoto, aiming to align its corporate image with its long-term strategy within the Bitcoin ecosystem. The move also clarifies the company's goals and its ongoing plans to support Bitcoin's long-term success. Furthermore, the company disclosed that it has accumulated approximately 5,400 bitcoins since implementing its Bitcoin treasury strategy, with the current holding value exceeding $500 million.
Representative Companies with ETH Treasuries
Ethereum treasury company BitMine Immersion Technologies disclosed the acquisition of 40,302 ETH last week. The company's current crypto asset holdings include 4,243,338 ETH, 192 BTC, $19 million worth of equity in Eightco Holdings, $200 million worth of shares in Beast Industries, and $682 million in cash. Additionally, Bitmine previously received shareholder approval to increase its authorized shares. However, the related proposal does not mean an immediate issuance of new shares but rather raises the ceiling on the number of shares the company can issue in the future.
Ethereum Treasury Company ETHZilla Spends $12.2 Million to Purchase Two Jet Engines
ETHZilla disclosed in an SEC filing that the company, through its newly formed subsidiary ETHZilla Aerospace LLC, purchased two CFM56-7B24 aircraft engines for $12.2 million. The engines are currently leased to a major airline. ETHZilla had previously sold at least $114.5 million worth of ETH over the past few months. In October and December of last year, the company sold $40 million and $74.5 million worth of ETH, respectively, for stock buybacks and debt redemption. ETHZilla stated it would pivot to the asset tokenization space, planning to collaborate with regulated broker-dealers to bring cash-flow-generating assets like auto loans and home mortgages on-chain. It expects to launch its first batch of tokenized assets in the first quarter of this year.
FG Nexus Discloses Holdings of 37,594 ETH and Has Repurchased Over $32 Million Worth of Common Stock
On January 21, Nasdaq-listed Ethereum treasury company FG Nexus disclosed that as of January 20, the company held 37,594 ETH, had total outstanding debt of $1.9 million, and had 33.6 million common shares outstanding. Furthermore, FG Nexus stated it had repurchased approximately 9.9 million common shares at an average price of about $3.24 per share and approximately 53,000 preferred shares at an average price of about $24.16 per share, with a total value exceeding $32 million.
Representative Companies with SOL Treasuries
SOL Strategies Launches Liquid Staking Token STKESOL with Initial Stake of 500,000 SOL
On January 20, SOL treasury company SOL Strategies announced the launch of the STKESOL liquid staking token with an initial stake of 500,000 SOL. The product distributes stake across dozens of validators through its automated delegation model. It will also be offered on several major Solana DeFi platforms, including Orca, Squads, Kamino, and Loopscale, aiming to add new revenue streams for SOL Strategies' validator and treasury operations.
Representative Companies with Altcoin Treasuries
Canton Treasury Company Tharimmune Plans to Raise $55 Million Through Registered Stock Offering
On January 20, Nasdaq-listed Canton treasury company Tharimmune announced plans to raise $55 million through a registered stock offering. The company will issue 1,800,000 shares of common stock at a price of $2.92 per share, along with pre-funded warrants. Each pre-funded warrant allows the purchase of up to 17,000,000 shares of common stock at a price of $2.9199 per warrant. The fundraising transaction is expected to be completed on January 21. The new funds will be used to continue expanding its digital asset management strategy centered around the Canton Network token.
