Crypto Stock Barometer丨 Strategy invested $90 million last week to purchase 1,142 Bitcoins; Bitmine increased its holdings by 40,613 ETH last week (February 10th)
- Core View: In early 2026, the performance of crypto concept stocks diverged. Bitcoin miners saw strong stock price performance due to their pivot towards AI/HPC computing power, but overall valuations remained below previous highs. Meanwhile, publicly listed companies reliant on crypto asset treasuries faced significant selling pressure and stock price corrections.
- Key Elements:
- A JPMorgan report noted that the total market capitalization of 14 US-listed mining companies increased by 23% month-on-month to $60 billion in January, far exceeding the gains of the S&P 500. This was primarily attributed to reduced network competition and efforts to transition towards AI data centers.
- Morgan Stanley analysts are bullish on Terawulf and Cipher Mining due to their secured power agreements with Google and Amazon, forecasting over 150% upside potential for their stock prices. The core logic is that the economic benefits of AI operations surpass those of mining.
- Bloomberg analysis pointed out that the stock prices of publicly listed companies with crypto asset treasuries (DATs) have fallen by a median of 62% from their highs last October, far exceeding Bitcoin's decline. The risk of these companies selling their holdings to sustain operations could trigger a chain reaction in the market.
- Public company Bitcoin holding dynamics show that Strategy (formerly MicroStrategy) added 1,142 BTC last week. However, the global weekly net purchase volume by public companies decreased by 24.5% month-on-month, indicating a slowdown in market buying momentum.
- Signs of DeFi and traditional finance convergence are emerging in the industry. Jupiter Lend has listed the liquid staking token dfdvSOL from the publicly listed company DFDV as collateral, aiming to unlock on-chain liquidity for staked assets.
Editor's Note: For the cryptocurrency industry, the market performance in the first month of 2026 is nothing short of an industry winter, a point particularly evident in the price action of crypto-related stocks. Treasury companies for BTC, ETH, and SOL such as Strategy, Bitmine, Sharplink, and Forward have all seen significant price pullbacks. In contrast, benefiting from AI/HPC computing demand and large orders, many mining-related stocks have performed well, though they still remain some distance from last year's price highs. Considering the current market conditions, mining stocks may continue their upward trend, with Terawulf and Cipher Mining receiving particular favor from well-known investment bank analysts. Meanwhile, Jupiter Lend listing the liquid staking token dfdvSOL from the listed company DFDV as collateral may signal a further deepening of liquidity integration between DeFi and TradFi.
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.
Crypto Stock Spotlight: Mining Stocks Shine in January, But Still 15% Below Last Year's Highs
JPMorgan: Mining Stocks Significantly Outperformed BTC in January, Short-Term Outlook Supported but Valuation Gap Widens
JPMorgan stated in a report that Bitcoin miners had a strong start to 2026, benefiting from reduced network competition and renewed enthusiasm for high-performance computing (HPC). The bank noted that the 14 U.S.-listed Bitcoin miners and data center operators it tracks ended last month with a total market capitalization of $60 billion, a 23% increase month-over-month, far exceeding the S&P 500's 1% gain. This rally was partly fueled by news of Riot Platforms signing an HPC agreement with AMD, highlighting miners' efforts to diversify beyond Bitcoin. Facing record-low margins post the 2024 halving, Bitcoin miners are repositioning themselves as digital infrastructure providers, converting power-intensive mining sites into data centers usable for AI to seek more stable, long-term revenue.
The report pointed out that winter storms across the U.S. in January caused the average network hash rate to drop 6% month-over-month to 981 EH/s, with mining difficulty down 5% from December. The decline in competition helped offset Bitcoin's price weakness. Analysts estimate that miners' daily block reward revenue in January was approximately $42,350 per EH/s, slightly up from December, while gross profit rose 24% to about $21,200 per EH/s. Among the 14 miners tracked by JPMorgan, 12 outperformed Bitcoin's 4% decline in January, with IREN up 42% and Cango down 18%. The group's total valuation remains about 15% below its October 2025 peak.
Bloomberg: Selling Pressure Rises for Listed Crypto Treasury Companies, Potentially Triggering Market Contagion Risk
Listed Digital Asset Treasury companies (DATs), which fueled last year's market rally, are now facing the risk of market contagion due to increased selling pressure. Data shows that since Bitcoin fell nearly half from its $126,000 high last October, the median stock price of the 150 largest DATs has dropped 62%, an even steeper decline than Bitcoin's. Hayden Hughes, Managing Partner at Tokenize Capital, analyzed that DATs with no operating revenue, relying solely on hoarding crypto assets, will be forced to sell holdings to sustain operations. This could shake investor confidence in their "long-term conviction" narrative, potentially triggering broader market sentiment contagion.
Morgan Stanley Analyst: Two Mining Companies Could Surge Over 150% Within a Year
Morgan Stanley analyst Stephen Byrd stated that despite Bitcoin's price falling 44% since October, Bitcoin miners have found new life as AI data centers. Stephen Byrd initiated coverage on Terawulf and Cipher Mining on Monday, forecasting share price increases of 159% and 158%, respectively. Stephen Byrd pointed out that miners' core asset is power access, and AI companies are willing to pay a premium for it, with AI business economics being superior to crypto mining. Currently, Terawulf has signed a 510-megawatt power agreement with Google, and Cipher Mining has secured similar deals with companies like Amazon. Additionally, Stephen Byrd gave MARA Holdings an Underweight rating, viewing its AI strategy as lacking focus.
Weekly Updates on Listed Crypto Companies
Representative BTC Treasury Companies
According to SoSoValue data, as of 8:30 AM EST on February 9, 2026, the total weekly net purchase of Bitcoin by global listed companies (excluding mining companies) last week was $92.83 million, a decrease of 24.5% compared to the previous week.
Strategy (formerly MicroStrategy) announced on February 9 an investment of $90 million (a 19.5% increase from last week's purchase amount) to acquire 1,142 Bitcoin at an average price of $78,815, bringing its total holdings to 714,644 BTC.
Japanese listed company Metaplanet did not purchase Bitcoin last week, marking four consecutive weeks without a purchase.
Additionally, five other companies bought Bitcoin last week. Japanese food brand DayDayCook announced on February 5 an investment of $9.12 million to purchase 105 BTC at $86,868, raising its total holdings to 1,888 BTC. Entrepreneurial education platform Genius Group Limited announced on February 6 the sale of 96 BTC at $73,238, generating $7.03 million in proceeds, reducing its total holdings to 84.15 BTC. Swedish health tech company H100 invested $3 million on February 6 to buy 4.39 BTC at $66,620, increasing its total holdings to 1,051.05 BTC. UK Bitcoin company BHODL announced on February 6 spending $70,000 to purchase 1 BTC at $66,950, bringing its total holdings to 161.388 BTC. French Bitcoin reserve company Capital B announced on February 9 an investment of $370,000 to buy 5 BTC at $73,893, raising its total holdings to 2,828 BTC.
Canadian Bitcoin ecosystem company Metador Technologies announced the initiation of an ATM equity offering process, aiming to raise up to approximately $21.98 million to purchase Bitcoin. Metador Technologies plans to hold 1,000 BTC by the end of 2026.
As of press time, the total Bitcoin holdings of the tracked global listed companies (excluding mining companies) amounted to 974,480 BTC, an increase of 0.035% from last week. The current market value is approximately $67.36 billion, representing 4.9% of Bitcoin's circulating market cap.
Bitcoin Treasury Company ProCap Repurchases Approximately $135M in Convertible Bonds
On February 9, Nasdaq-listed Bitcoin treasury company ProCap Financial disclosed the repurchase of approximately $135 million worth of convertible bonds today. The company has repurchased about 2% of its outstanding common shares since December 2025. Additionally, the company disclosed its current Bitcoin holdings of approximately 5,007 BTC, a cash balance of $72 million, and outstanding convertible bonds of about $100 million.
UK's Largest Bitcoin Treasury Company Listed on London Stock Exchange Main Market Last Week
The UK's largest Bitcoin treasury company, Smarter Web Company, officially listed on the London Stock Exchange Main Market on February 3 under the ticker SWC. Its share price closed at 43 pence on the first day, corresponding to a market cap of approximately £118 million. Public information shows that Smarter Web Company currently holds 2,674 BTC with an average purchase price of around $111,000, making it the largest Bitcoin treasury-type listed company in the UK by holdings.
Representative ETH Treasury Companies
BitMine: Added 40,613 ETH Last Week, Total Holdings Increase to ~4.326 Million
Ethereum treasury company BitMine Immersion Technologies disclosed the addition of 40,613 ETH last week. The company's current crypto asset holdings include 4,325,738 ETH, 192 BTC, $19 million worth of equity in Eightco Holdings, $200 million worth of shares in Beast Industries, and $595 million in cash.
ETHZilla Launches Aircraft Engine Cash Flow RWA Token
Nasdaq-listed company ETHZilla (ETHZ) announced it will launch the Eurus Aero Token I this week, tokenizing and splitting the monthly cash flow generated from leasing aircraft engines to provide investors with on-chain yield exposure.
The token is issued by its subsidiary ETHZilla Aerospace, with the underlying assets being two commercial aircraft engines leased to a "leading U.S. airline." Token holders will receive monthly distributions of cash flow generated from base rent and usage fees via an ERC-20 token.
ETHZilla is backed by Peter Thiel's Founders Fund. The company was previously known for its Ethereum reserve strategy but has gradually shifted towards real-world asset (RWA) tokenization since last year. Previously, the company completed a pilot tokenizing a portfolio of 95 housing loans.
As the blockchain industry accelerates the on-chain movement of traditional assets, RWA is seen as one of the fastest-growing sectors. Ark Invest estimates the tokenized asset market could reach $11 trillion by 2030, while the current market size is approximately $220 billion.
ETHZilla Pivots to Real Estate Tokenization, Secures $4.7M Housing Loan Deal
Ethereum treasury company ETHZilla (ETHZ) is accelerating its asset tokenization efforts, acquiring a $4.7 million portfolio of 95 manufactured and modular housing loans. It plans to tokenize these loans on an Ethereum Layer-2 network and issue cash-flow digital tokens to investors via the regulated trading platform Liquidity.io. The loan portfolio is secured by first-lien mortgages, with an expected annualized yield of around 10%. ETHZilla Chairman and CEO McAndrew Rudisill stated that this deal is a natural extension of the company's tokenization strategy, noting that manufactured housing loans offer stable cash flow and strong collateral, making them well-suited for tokenization within a regulated, transparent framework.
Ethereum Treasury Company FG Nexus Announces 1-for-5 Reverse Stock Split
Nasdaq-listed Ethereum treasury company FG Nexus announced it will implement a 1-for-5 reverse stock split, where every 5 shares of common stock will be automatically combined into 1 share. The company expects the split to take effect at 9:30 AM EST on February 13, 2026, concurrently with the adoption of a new CUSIP number 30329Y403. Post-split, its stock will continue trading on Nasdaq under the ticker "FGNX." Based on the current approximately 32.7762 million outstanding shares, the number is expected to be reduced to about 6.5552 million post-split. The number of authorized shares of common stock will decrease from 900 billion to 180 billion.
Bit Digital Discloses Holdings of 155,239.4 ETH Valued Over $380M as of End-January
On February 6, Nasdaq-listed Ethereum treasury company Bit Digital released a holdings update report. As of January 31, 2026, the company held 155,239.4 ETH, valued at approximately $380.2 million, with an average purchase price of $3,045. Additionally, the company disclosed that as of the end of January, it had staked 138,266 ETH, generating approximately 344 ETH in staking rewards.
Representative SOL Treasury Companies
Solana treasury company Forward Industries (FWDI) Chief Investment Officer Ryan Navi stated that current market mispricing creates potential opportunities for the company. Ryan Navi pointed out that Forward Industries currently has no debt and would adopt an offensive strategy to drive consolidation of other SOL treasury companies if the industry faces funding constraints.
He disclosed that Forward Industries currently holds nearly 7 million SOL, a holding size exceeding the combined total of its next three largest competitors. Ryan Navi further stated that a leverage-free, debt-free balance sheet is viewed as a core advantage in the crypto treasury market. The company will continue to allocate to Solana as a long-term strategic infrastructure without using leverage or taking on debt, rather than as a short-term speculative tool.
Solana Treasury Company Upexi to Raise $7.4M via Private Placement
On February 6, Nasdaq-listed Solana treasury company Upexi announced it had entered into a definitive agreement with an institutional investor to sell and issue 6,337,000 shares of its common stock and warrants at $1.17 per share to raise $7.4 million. Net proceeds from this offering will be used for working capital, general corporate purposes, and expanding its SOL token investment strategy. AGP/Alliance Global Partners acted as the sole placement agent for this offering of common stock and warrants.
Jupiter Lend Lists DFDV's Liquid Staking Token dfdvSOL as Collateral
On February 5, Jupiter's lending platform Jupiter Lend announced that it has listed the liquid staking token dfdvSOL, issued by Solana treasury company DeFi Development (DFDV), as collateral. This allows users to directly borrow assets on-chain and unlock the liquidity of their staked SOL.
