Crypto Stock Barometer | BitMine's ETH Holdings Show Paper Losses of $6.95 Billion, but Tom Lee Says Bitmine Has No Debt; Strategy Raises $7.4 Billion via Digital Credit in 2025 (February 3rd)
- Core View: Influenced by macro news last week, the crypto market saw a broad decline, leading to significant unrealized losses in related publicly traded companies' holdings. However, some institutions like Ark Invest and Strategy continued to buy the dip or raise funds, demonstrating long-term confidence in the industry.
- Key Elements:
- Broad Market Decline: BTC briefly fell below $76,000, and ETH dropped below $2,200, causing unrealized losses of up to $6.95 billion on ETH holdings for companies like BitMine.
- Institutions Buying the Dip: Ark Invest increased its holdings of crypto-related stocks like Circle, Bitmine, and Bullish by approximately $21.65 million; Strategy added 855 BTC worth $75.3 million.
- Public Companies Continue Buying: Global public companies (excluding miners) had a net purchase of $123 million in BTC last week, bringing their total holdings to about 974,000 BTC, accounting for 4.9% of the circulating market cap.
- Active Fundraising: Metaplanet plans to raise approximately $135 million, and French company Capital B renewed a €300 million financing plan, with funds intended for increasing Bitcoin holdings.
- Diverging Market Views: Some institutions reduced positions due to losses, but Bitmine Chairman Tom Lee considers the current pullback "extremely attractive," noting the company has staked a significant amount of ETH to earn annualized rewards.
Editor's Note: Last week, influenced by the Federal Reserve's decision not to cut interest rates and news of Trump nominating Kevin Warsh as the new Fed Chair, the crypto market, along with precious metals like gold and silver, and even traditional financial markets, experienced another flash crash. BTC once fell below $76,000, and ETH once dropped below $2,200. As a result, unrealized losses on holdings of leading crypto-related stocks like Strategy and Bitmine have further widened, leading to a decline in their stock prices. Currently, the key level for BTC is in the $74,000-$76,000 range; the key support level for ETH is in the $2,000-$2,200 range. Without other positive news stimuli, crypto-related stocks may continue to trend lower.
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 Continues to Decline, Crypto-Related Stocks Keep Falling
Ark Invest Buys the Dip on Crypto Stocks Like Circle, Bitmine, and Bullish
Against the backdrop of a continued correction in the crypto market and related stocks, Ark Invest continued to buy the dip on several crypto-related companies. Trading documents show that Ark purchased approximately $9.4 million worth of Circle stock on Monday through two of its ETFs; it also increased its holdings in Ethereum treasury company Bitmine by about $6.25 million and in crypto exchange Bullish by about $6 million. Additionally, Ark slightly increased its positions in Block and Coinbase, with amounts of approximately $1.9 million and $1.25 million, respectively.
It is reported that the stock prices of the aforementioned companies have recently experienced significant declines. Circle's stock price has fallen by about 65% over the past six months, while Bitmine, Bullish, and Coinbase also recorded varying degrees of decline on the day. Analysis suggests that Ark's move indicates it maintains a long-term bullish stance on the crypto industry even during market adjustments. Previously, Ark CEO Cathie Wood also stated that the recent strength in gold prices might signal the arrival of Bitcoin's next bull market.
It is worth mentioning that Cathie Wood previously stated that, contrary to the current consensus view, BTC, ETH, SOL, and HYPE could be good choices for portfolio diversification. Since early 2020, the correlation between BTC price and gold price has been low, at only 0.14. In the past two major BTC bull markets, gold's performance led that of BTC.
Finally, boosted by recent positive news such as sustained growth in gold and silver contract trading volume and testing of native prediction markets, the price of HYPE surged significantly. The stock price of its DAT company, Hyperion Defi, Inc., rose by about 23% in the past 7 days, leading the gainers among crypto-related stocks.
Weekly Updates on Listed Crypto/Stock Companies
Representative BTC Treasury Listed Companies
According to SoSoValue data, as of 8:30 AM EST on February 3, 2026, the total weekly net purchases of Bitcoin by global listed companies (excluding mining companies) last week amounted to $123 million, a decrease of 57.6% compared to the previous week.
Strategy (formerly MicroStrategy) announced on February 3 that it invested $75.3 million (a 71.4% decrease from the previous week's purchase amount) to acquire an additional 855 bitcoins at an average price of $87,974, bringing its total holdings to 713,502 bitcoins.
Japanese listed company Metaplanet did not purchase any Bitcoin last week, marking three consecutive weeks without purchases.
Additionally, three other companies purchased Bitcoin last week. Japanese food brand DayDayCook announced on January 28 and 29 that it invested $17.63 million to purchase 100 bitcoins at $88,130 and another 100 bitcoins at $88,170, bringing its total holdings to 1,783 bitcoins. American Bitcoin Company purchased 416 bitcoins on January 27, with the specific investment amount and purchase price unknown, bringing its total holdings to 5,843 bitcoins. Bitcoin asset management company Strive invested $30 million on January 28 to acquire an additional 333.89 bitcoins at $89,851, bringing its total holdings to 13,131.82 bitcoins.
Metaplanet announced financing through a third-party placement of ordinary shares and the issuance of its 25th series of subscription warrants, aiming to raise approximately $135 million. The raised funds will be used to increase Bitcoin holdings. French Bitcoin company Capital B announced the renewal of a €300 million ATM capital increase plan with asset management firm TOBAM, with the funds raised to be used to continue increasing Bitcoin holdings.
As of press time, the total Bitcoin holdings of the tracked global listed companies (excluding mining companies) amounted to 974,140 bitcoins, an increase of 1.16% from the previous week. The current market value is approximately $76.01 billion, accounting for 4.9% of Bitcoin's circulating market capitalization.
Strategy announced that in 2025, the company raised a total of approximately $7.4 billion through its perpetual preferred stock instrument (Digital Credit) and has cumulatively paid distributions of $413 million.
The announcement shows that in 2025, Strategy completed 5 IPOs of its Digital Credit instrument, raising about $5.5 billion, followed by an additional approximately $1.9 billion raised through an ATM (At-The-Market) offering. The weighted annualized dividend yield for these instruments is approximately 9.6%.
Strategy also stated that for U.S. federal income tax purposes, the distributions paid by the company to the preferred equity instruments in 2025, to the extent they do not exceed a shareholder's tax basis, are treated as non-taxable returns of capital. The company expects that for the foreseeable future (10 years or longer), related distributions will continue to be treated as returns of capital.
Representative ETH Treasury Listed Companies
Multiple ETH treasury companies face losses; BitMine's ETH holdings show paper loss of $6.95 billion
On February 2, affected by the decline in the crypto market, corporate Bitcoin and Ethereum treasuries faced severe paper losses. BitMine, as the company holding the most ETH, currently has an unrealized loss of $6.95 billion on its holdings, with an average purchase price of $3,883, while ETH's current price has fallen to $2,240. Additionally, SharpLink Gaming faces a paper loss of $1.09 billion.
Due to market pressure, some institutions have begun reducing their positions. Trend Research (0x4a2...b82) sold a total of 53,589 ETH today to repay debt, valued at approximately $123 million. Although the institution still holds 618,000 ETH, it has incurred over $534 million in unrealized losses. Trend Research founder Jack Yi stated that previously believing ETH was undervalued and being prematurely bullish when it was at $3,000 was a mistake. Meanwhile, Nansen data shows that Smart Money addresses bought $38.3 million worth of ETH against the market trend in the past week.
Tom Lee: Bitmine currently has no debt, recent market pullback is "extremely attractive"
On February 2, Tom Lee, Chairman of Ethereum treasury company Bitmine, stated that Bitmine has just updated its ETH and cash holdings. The company currently has no debt. Given the strengthening fundamentals of Ethereum, the recent market pullback is "extremely attractive." As of February 1, Bitmine has staked 2,897,459 ETH (approximately 67% of its total ETH holdings), an increase of 888,192 from last week. The annual value of ETH staking rewards is estimated to reach $374 million, equivalent to $1 million per day.
Representative Altcoin Treasury Listed Companies
Nasdaq-listed company Tron purchases another 173,051 TRX tokens
Nasdaq-listed company Tron announced that it purchased another 173,051 TRX tokens today at an average price of $0.29, further increasing its TRX treasury holdings to over 679.2 million tokens. The company plans to further increase its holdings of Tron DAT to enhance long-term shareholder value.
