Crypto Stock Barometer丨Strategy Invests $1.57 Billion to Increase Holdings by 22,337 Bitcoins; Bitmine, ARK Invest, and Others to Invest $125 Million in Eightco Holdings (March 17)
- Core View: Against the backdrop of geopolitical turmoil and pressure on U.S. stocks, crypto assets and their related concept stocks have demonstrated strong independent performance and safe-haven attributes. Continued institutional capital inflows and active allocation by listed companies highlight the increasingly prominent role of cryptocurrencies within the mainstream financial system.
- Key Elements:
- Strong Performance of Crypto Concept Stocks: Circle (CRCL) stock price is nearing $130, Bitmine has gained over 15% in the past seven days, and Bitdeer has risen nearly 10%, all outperforming the broader market.
- Institutions Continue to Accumulate Bitcoin: Strategy purchased 22,337 BTC at an average price of approximately $70,000, bringing its total holdings to 761,000 BTC; spot Bitcoin ETFs have seen inflows of about $2.1 billion over the past three weeks.
- Active Allocation by Listed Companies: Global listed companies (excluding miners) made net purchases of BTC worth $1.57 billion last week, with total holdings reaching 1.02 million BTC, accounting for 5.1% of Bitcoin's circulating market value.
- Ethereum Foundation Conducts Asset Reallocation: Sold 5,000 ETH to the listed company BitMine for approximately $10.2 million to support ecosystem development, while also planning to stake 70,000 ETH.
- Continued Capital Inflow into the Crypto Space: Eightco Holdings secured a $125 million funding commitment, with Bitmine leading a $75 million investment. The funds will be used for investments in areas such as AI and blockchain infrastructure.
Editor's Note: As mentioned in last week's Crypto-Stock Barometer, after the initial volatility caused by the Iran-Israel situation, crypto-related stocks, especially leading stocks, have charted their own independent course against the backdrop of a declining U.S. stock market, showing impressive gains over the past seven days. Notably, Circle (CRCL), which we previously discussed in "Behind Circle's Strong Stock Price Rebound: AI, Prediction Markets, and Institutional Adoption", has seen its stock price continue to rise, now approaching $130. It is less than 16% away from the $150 target price, and the upward trend is expected to continue this month. Additionally, riding the wave of the crypto market's rebound from the bottom, Bitmine's stock price surged over 15% in the past seven days, partly due to its lead investment of up to $75 million in WLD treasury company Eightco Holdings Inc. Meanwhile, Bitdeer has adhered to its "selling BTC" strategy, continuously selling its mining output, which has gained market recognition. Its stock price rose nearly 10% over the past seven days, making it a stock worth long-term attention.
The following is a summary of last week's crypto-stock market information compiled by Odaily. All U.S. stock data is sourced from msx.com.
Crypto-Related Stocks Review: Amid Geopolitical Shocks, Crypto Stocks Become an Asset Safe Haven
Wall Street's Three Giants Remain Bullish on U.S. Stocks: Geopolitical Shocks Won't Alter the Bull Market
Strategists from major Wall Street banks state that their bullish rationale for U.S. stocks remains intact despite risks from the war in Iran. Rising oil prices, cost-of-living concerns, and uncertainty over the Federal Reserve's interest rate outlook drove the S&P 500 (SPX) to its worst two-week performance since the tariff turmoil of April last year. Nevertheless, strategists from Goldman Sachs Group, Morgan Stanley, and JPMorgan Chase point out that earnings growth and valuations provide support, with valuations still high but not as extreme as before. Wilson's base-case year-end target for the S&P 500 is 7800 points, implying about 18% upside from last Friday's close. Goldman's Snider expects the benchmark index to rebound to 7600 points.
As the war enters its third week, a sharp rise in crude oil has pushed up U.S. Treasury yields and weakened bets on Fed rate cuts due to heightened inflation concerns. The Strait of Hormuz has become a focal point; any prolonged disruption would intensify market worries about deepening global economic risks from the conflict. Despite this, U.S. stocks have so far seen only a moderate pullback since the outbreak of the Iran war, with less than 20% of developed market stocks in a technically oversold state.
Analysis: Bitcoin Outperforms Gold and Stocks Amid Global Turmoil, with ETFs and MicroStrategy Accelerating Accumulation
Bitcoin and Ethereum have recently outperformed gold and global stock markets, highlighting safe-haven demand amid geopolitical tensions. Wall Street brokerage Bernstein notes that Bitcoin's resilience reflects a fundamental shift in its ownership structure, with institutional investors now dominating the market. On the institutional holdings front, MicroStrategy, dubbed "the last central bank of Bitcoin," continues to buy Bitcoin during market downturns. It recently added 22,337 BTC at an average price of approximately $70,194 per coin, bringing its total holdings to 761,068 BTC with an average cost of about $75,696. Analysis indicates that Bitcoin's recent performance under geopolitical pressure has reignited discussions about its role as "digital gold." MicroStrategy stock (MSTR) currently trades at a discount of about 14% to its Bitcoin Net Asset Value (NAV), offering stock market investors a high-beta way to participate in Bitcoin's rise. Through high-yield financing provided by its STRC product, MicroStrategy further gains liquidity to support market purchases.
Simultaneously, spot Bitcoin ETFs attracted approximately $2.1 billion in inflows over the past three weeks, accounting for about 6.1% of total supply. Institutional investors include wealth management firms, pension funds, and sovereign investors. Retail investors have been net sellers recently, but the proportion of long-term holders remains high, with about 60% of Bitcoin not having moved in a year, indicating the persistence of its long-term value storage properties.
Weekly Updates on Listed Crypto Companies
Representative Companies with BTC Treasuries
According to SoSoValue data, as of 8:30 AM EST on March 16, 2026, the total weekly net purchase of Bitcoin by global listed companies (excluding mining companies) last week was $1.57 billion, a 22.7% increase compared to the previous week.
MicroStrategy (formerly MicroStrategy) announced on March 16 that it invested $1.57 billion (a 22.7% increase in purchase amount compared to last week) to acquire 22,337 Bitcoin at an average price of $70,194, bringing its total holdings to 761,068 BTC.
Japanese listed company Metaplanet did not purchase Bitcoin last week, marking nine consecutive weeks without a purchase.
Additionally, two other companies purchased Bitcoin last week. UK-based Bitcoin company The Smarter Web Company announced on March 10 an investment of $200,000 to purchase 3 BTC at a price of $65,291, bringing its total holdings to 2,695 BTC. UK-based Bitcoin company BHODL announced on March 13 an investment to purchase 1 BTC at a price of $71,161.
Nasdaq-listed company Zeta Network Group Inc. announced the issuance of $10 million in convertible bonds, with the first tranche of $6 million to be used for purchasing Bitcoin.
As of press time, the total Bitcoin holdings of the tracked global listed companies (excluding mining companies) amounted to 1.02 million BTC, a 2.1% increase from last week. The current market value is approximately $75.4 billion, accounting for 5.1% of Bitcoin's circulating market capitalization.
Metaplanet CEO Simon Gerovich posted that the company has issued 100 million Moving Strike Warrants with an mNAV clause. By design, these warrants can only be exercised when the company's stock price exceeds 1.01 times the mNAV, ensuring that each new share issued enhances shareholder value.
Simon Gerovich stated that this mechanism is expected to raise approximately $234 million in additional funds for the company to purchase Bitcoin. Exercise will only be triggered if it has a positive effect on the Bitcoin holdings per share.
Representative Companies with ETH Treasuries
Ethereum Foundation Sold 5,000 ETH to BitMine for $10.2 Million Last Week
The Ethereum Foundation completed an over-the-counter (OTC) transaction, selling 5,000 ETH to BitMine Immersion Technologies at a price of $2,042.96 per ETH, for a total value of approximately $10.2 million. The transaction was conducted via an on-chain transfer from the Ethereum Foundation's Safe multi-signature wallet. The Ethereum Foundation posted on X that the proceeds will be used to support core operations of the Ethereum ecosystem, including protocol development, community grants, and broader ecosystem building.
BitMine Immersion Technologies is listed on the NYSE American under the ticker BMNR, with Fundstrat co-founder Tom Lee serving as Chairman. The company currently holds over 4.5 million ETH, valued at approximately $9.3 billion, and has been continuously accumulating ETH since mid-2025.
This is the Ethereum Foundation's second OTC sale of ETH to a corporate buyer. In July 2025, the foundation sold 10,000 ETH to SharpLink Gaming at an average price of $2,572.37, in a transaction worth about $25.7 million. These transactions are part of the financial management framework launched by the Ethereum Foundation in June 2025, which allows the foundation to periodically convert a portion of its ETH holdings into fiat reserves to support operational expenses. Additionally, the Ethereum Foundation recently plans to deploy approximately 70,000 ETH for staking in validator nodes.
Representative Companies with SOL Treasuries
None.
Representative Companies with Altcoin Treasuries
Eightco Holdings Secures $125 Million Funding Commitment, Bitmine to Lead $75 Million Investment
Nasdaq-listed company Eightco Holdings announced securing $125 million in new funding commitments. Ethereum treasury company Bitmine will lead the investment with $75 million. ARK Invest has committed to investing at least $25 million, and Payward, the parent company of crypto platform Kraken, has also committed $25 million to ORBS. The new funds will support its business expansion and investments in technologies shaping the next generation of artificial intelligence, blockchain infrastructure, and global digital consumer platforms. The company also stated it will continue to hold Worldcoin, co-founded by Sam Altman, and Ethereum, maintaining a long-term bullish outlook on the ERC-20 protocol. It is reported that Bitmine Chairman Tom Lee will join the Eightco Holdings board. ARK Invest Chief Futurist Brett Winton will serve as an advisor to the ORBS board, while Dan Ives will step down as Chairman of ORBS.
U.S.-Listed Company Cypherpunk Invests $5 Million in Zcash Open Development Lab
Nasdaq-listed company Cypherpunk Technologies announced it has invested $5 million in the Zcash Open Development Lab (ZODL), founded by former Electric Coin Company (ECC) CEO Josh Swihart. This marks the company's first technology investment outside of ZEC. ZODL currently owns the Zashi wallet technology and related intellectual property, aiming to support Zcash through continuous wallet development and protocol-level support.
