Crypto Stock Barometer | MicroStrategy's Average BTC Holding Cost Declines for First Time in 2.5 Years; Bitcoin Miner IREN to be Included in MSCI US Index (February 24)
- Core View: The crypto market is facing multiple structural pressures, including corporate treasury sell-offs of Bitcoin, continuous outflows from ETFs, and valuation pressure on Ethereum. Market sentiment is low, with some signs potentially indicating the market is at or nearing a bottom.
- Key Factors:
- Multiple listed companies' treasuries have continuously reduced their BTC holdings. For example, Bitdeer sold off its entire 943 BTC, Cango Inc. reduced its holdings by over 54% within two weeks, and US spot Bitcoin ETFs have seen net outflows for five consecutive weeks.
- Ethereum treasury company Bitmine is facing approximately $8.8 billion in paper losses. After aggressively accumulating ETH, it now faces structural market skepticism regarding its value proposition.
- The move by veteran miner Bitdeer to liquidate its BTC holdings and sell its mining output is seen as a signal of intensifying market pressure and the difficulty for industry participants to sustain operations.
- The market is showing divergent signals. For instance, MicroStrategy's average holding cost has declined for the first time in two and a half years, while companies like Metaplanet continue to increase holdings and announce ambitious accumulation targets.
- Market focus is shifting to the progress of the CLARITY Act in April. Whether it can pass is seen as a key external factor that could influence a potential market bottom and rebound.
Editor's Note: Misfortune never comes singly. After the Lunar New Year, the crypto market has been hit by a double whammy of "tariffs and liquidity shortages." Affected by this, crypto-related stock prices have also declined across the board, with only a few mining companies experiencing slight gains due to positive news or revenue performance. Notably, one of the landmark events in the crypto-stock industry last week was perhaps the veteran mining company Bitdeer liquidating its entire BTC holdings and selling all its mining output. Against the backdrop of BTC's price falling below $63,000 today, it seems even mining companies that have weathered several industry cycles can no longer hold on. This also reflects that the market may have already bottomed out or is about to, but a rebound likely still awaits the positive news of whether the CLARITY Act will pass in April.
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.
Crypto Stock Review: Market Bleeding Continues, Structural Pressure Mounts
Analysis: Short-term BTC Pressure Triggers First Three-Week Selling Streak for Bitcoin Treasury Companies; ETFs Record Net Outflows for Fifth Consecutive Week
Data from Capriole Investments shows that corporate treasuries holding Bitcoin have seen three consecutive weeks of selling. Nic Puckrin, co-founder of Coin Bureau, stated that if companies continue to sell, Bitcoin's price could fall towards bear market lows. Among specific holders:
1. Bitdeer has sold its 943 Bitcoin holdings, reducing its treasury balance to zero.
2. The publicly listed company Cango Inc., ranked 27th, reduced its Bitcoin holdings by over 54% in the past two weeks, from 8,095 BTC to 3,644 BTC, valued at $246 million.
3. Exodus Movement's Bitcoin holdings decreased from 1,704 BTC to 1,694 BTC, valued at $114 million.
4. AI education company Genius Group reduced its holdings from 180 BTC to 84 BTC, valued at $5.6 million.
Additionally, U.S. spot Bitcoin ETFs have recorded net outflows for five consecutive weeks, with outflows totaling approximately $2.6 billion year-to-date in 2026.
Viewpoint: Ethereum Enters Critical Valuation Zone; Bitmine's Massive Unrealized Losses Highlight Structural Pressure
Crypto research firm 10x Research published an analysis stating that Ethereum is at a critical juncture facing dual tests of valuation and fundamentals. The market needs to determine whether its current slump is a cyclical bottom or a sign of deeper structural damage. Ethereum treasury company Bitmine is currently bearing approximately $8.8 billion in unrealized losses, exceeding the roughly $8 billion in customer losses during the initial FTX collapse. The company's aggressive accumulation of ETH amid weakening demand and with ETH prices near April 2021 levels has further fueled market debate. This comparison highlights the potential for vastly different outcomes from capital allocation and how timing and governance decisions ultimately determine long-term value creation. Ethereum's current trading price is approaching a critical valuation and cost range, and its core value proposition is undergoing a structural test. Investors must carefully assess whether Ethereum is in a cyclical trough or entering a phase of deeper structural impairment.
Weekly Updates on Listed Crypto Companies
Representative BTC Treasury Listed Companies
The Entry Threshold for the Top 50 Public Companies by BTC Holdings is 1,000 BTC
As of February 23, a public company now needs to hold over 1,000 BTC to enter the top 50 by Bitcoin holdings. This threshold continues to rise.
MicroStrategy's Average BTC Cost Basis Declines for the First Time in 2.5 Years
According to Arkham monitoring, Michael Saylor's average Bitcoin purchase price has decreased. MicroStrategy purchased BTC for $168.4 million, lowering MSTR's average cost basis by $29 to $76,027. This marks the first decline in this data point in nearly two and a half years, since September 25, 2023.
On February 16, Japanese Bitcoin treasury company Metaplanet released its fiscal year 2025 report on platform X, disclosing that it has become Japan's largest Bitcoin holder. As of the end of 2025, it holds 35,102 BTC, representing approximately 0.16% of the global Bitcoin supply, ranking fourth globally among public companies by Bitcoin holdings. The company plans to achieve the goal of holding 1% of the global Bitcoin supply by 2027 and will continue to use its "Bitcoin yield business" as a core profit growth driver.
Furthermore, Metaplanet's revenue for fiscal year 2025 reached 8.905 billion yen, a year-on-year increase of 738.3%; operating profit was 6.287 billion yen, a year-on-year increase of 1694.5%.
Bitcoin Miner IREN to be Included in MSCI USA Index
In February, Bitcoin mining company IREN Limited announced it will be added to the MSCI USA Index after the market close on February 27. This marks another crypto-related company entering the index following MicroStrategy (formerly known as MicroStrategy).
Previously, index provider MSCI considered removing Digital Asset Treasury (DAT) companies with over 50% of their balance sheets allocated to cryptocurrencies from major stock indices but ultimately decided not to exclude such companies.
U.S.-Listed Company DDC Increases Bitcoin Holdings by 80 BTC, Total Holdings Exceed 2,000
On February 17, U.S.-listed company DDC Enterprise Limited (DDC) announced an increase of 80 Bitcoin to its holdings, bringing its corporate treasury total to 2,068 BTC, with an average acquisition price of $84,944. This latest purchase marks DDC's sixth consecutive week of Bitcoin accumulation, with holdings growing 74.8% since the beginning of 2026, solidifying Bitcoin's role as a foundational component of the company's financial strategy.
It is reported that this transaction was completed under DDC's established capital deployment framework, which emphasizes prudent scaling, liquidity oversight, and balance sheet robustness. The company's strategy aims to navigate market cycle volatility while enhancing long-term per-share value.
On February 18, Hyperscale Data, a Bitcoin treasury company listed on NYSE American, announced the launch of a strategic silver reserve plan, aiming to acquire 100,000 ounces of silver over time to fortify its balance sheet for the long term, similar to its Bitcoin holdings. According to the latest data from Hyperscale Data, the company's total Bitcoin holdings have increased to approximately 600 BTC, including about 554 BTC held by its wholly-owned subsidiary Sentinum and about 46 BTC purchased from the open market by its other subsidiary, ACG.
Nakamoto Completes Acquisition of BTC Inc and UTXO for Approximately $81.63 Million
On February 21, Bitcoin treasury company Nakamoto announced the completion of its acquisition of Bitcoin media and events company BTC Inc and investment firm UTXO Management. Both companies will become its wholly-owned subsidiaries. The entire transaction was paid in Nakamoto common stock and its options.
According to the disclosure, security holders of BTC Inc and UTXO collectively received 364,795,104 shares of Nakamoto common stock on a fully diluted basis, with a total value of approximately $81.63 million. BTC Inc is the organizer of The Bitcoin Conference and the parent company of Bitcoin Magazine.
U.S.-Listed Company SOLOWIN Plans to Raise $100 Million to Support Stablecoin and Asset Tokenization
On February 12, Nasdaq-listed fintech company SOLOWIN HOLDINGS announced it has entered into a securities purchase agreement with Streeterville Capital for $100 million in financing. SOLOWIN will issue and sell prepaid shares for Streeterville Capital to purchase. The initial transaction involving approximately $5.415 million in prepaid shares has been completed. The company plans to use the funds to support its stablecoin and asset tokenization business. SOLOWIN previously disclosed plans to launch a Bitcoin quantitative fund of up to $100 million with Antalpha, employing a data-driven algorithmic trading strategy to invest in Bitcoin.
On February 13, Swedish listed company H100 Group completed the acquisition of Swiss Bitcoin treasury company Future Holdings AG, which is backed by Adam Back.
Representative ETH Treasury Listed Companies
Bitmine Increased ETH Holdings by 51,000 Last Week, Valued at $95.36 Million
On February 23, according to Onchain Lens monitoring, Bitmine (@BitMNR) purchased 51,162 ETH last week, valued at $95.36 million. Currently, Bitmine holds a total of 4,422,659 ETH, valued at $8.65 billion, of which 3,040,483 ETH (valued at $6 billion) are in a staked state.
Peter Thiel and Founders Fund Have Fully Divested Their Stake in Ethereum Treasury Company ETHZilla
On February 18, according to a 13G filing submitted to the SEC, Peter Thiel and his affiliated entity Founders Fund have fully sold their 7.5% stake in Ethereum financial strategy company ETHZilla (ETHZ).
ETHZilla changed its name from biotechnology company 180 Life Sciences Corp. and transitioned to an Ethereum treasury model in August 2025. News of Peter Thiel's participation in the funding round at that time drove its stock price up over 90% in a single day. The stock currently trades around $3.2, down approximately 97% from its high of $107 in August last year.
Sharplink's Institutional Ownership Hits Record High, ETH Holdings Reach 867,798
On February 20, Nasdaq-listed Ethereum treasury company Sharplink announced that its institutional ownership has reached a record high of 46%. The company also announced a brand refresh and leadership team expansion. Additionally, the company disclosed ETH holdings of 867,798 (including 587,232 native ETH, 225,429 ETH redeemed from LsETH, and 55,137 ETH redeemed from WeETH). Since June 2025, it has generated 13,615 ETH in staking rewards, all distributed to shareholders.
Ethereum Treasury Company Republic Technologies Announces $3 Million Private Placement
On February 16, Canada-listed Ethereum treasury company Republic Technologies announced a private placement of up to 14,087,000 special warrants at a price of $0.21 per warrant, raising a total of $3 million. The company previously disclosed ETH holdings of approximately 1,570.6, with an average acquisition price of $2,700, and a current holding value of approximately $3.2 million.
