Coin Stock Barometer | Strategy Invested $255 Million Last Week to Acquire 3,273 BTC; Bitmine's Total Assets Reach $13.3 Billion, Holding Over 5.07 Million ETH (April 28)
- Core Viewpoint: This week, the crypto market continued its broad decline without direct positive catalysts, primarily due to the potential outflow of risk asset liquidity from mega IPOs (such as SpaceX) and macroeconomic uncertainties stemming from the unclear policy stance of new Federal Reserve Chairman Warsh, putting pressure on capital flows.
- Key Factors:
- SpaceX plans to go public with a valuation of $1.75 trillion, raising up to $75 billion, setting a historical record; OpenAI and Anthropic also plan to list this year, with the three companies expected to attract a combined total of over $240 billion, potentially siphoning significant liquidity from the crypto market.
- In his confirmation hearing, Fed Chair nominee Warsh denied promising Trump to cut interest rates and criticized the Fed for being "politicized," raising market questions about his policy stance; Goldman Sachs believes his tenure will not lead to rapid rate cuts, predicting 25-basis-point cuts in September and December.
- Global listed companies' net weekly Bitcoin purchases were only $260 million, a sharp 89.8% drop month-over-month; Strategy (formerly MicroStrategy) reduced its purchases by 90% to $255 million, with a total holding of 818,000 BTC.
- Japan's Metaplanet issued ¥8 billion in zero-coupon bonds to accumulate more Bitcoin, with three other small companies in France and the UK making minor follow-up purchases; global listed companies collectively hold 1.085 million BTC (accounting for 5.4% of the circulating supply).
- ETH treasury company Bitmine holds over 5.07 million ETH (accounting for 4.21% of the supply), with total assets of $13.3 billion; over 3.7 million of these ETH are staked, yielding an annualized return of 3.033%.
- For altcoins, Eightco disclosed holdings of 283 million WLD and 11,000 ETH; Aurelion holds 33,000 Tether Gold (worth $157 million) and has staked 10,000 tokens for the first time.
Editor’s Note: The US-Iran conflict remains deadlocked, but as we mentioned last week, traditional financial markets have already begun to surge: stock markets in Japan and South Korea have hit record highs; Nvidia, a leading US stock, has once again risen above a $5 trillion market cap, with indices like the Nasdaq and S&P 500 maintaining an upward trajectory. Additionally, whether newly appointed Federal Reserve Chair Kevin Warsh can smoothly assume office has become the next focal point for capital market pricing. As for the crypto-related US stock market, with no direct positive catalysts, it continued its broad decline this week. The recommendation remains to only engage in bottom-fishing or short-term rebound trades on a few leading stocks.
The following is a summary of last week's information on the crypto and stock markets compiled by Odaily, with all US stock data sourced frommsx.com.
US Stock Market Faces Major IPO Liquidity Test, New Fed Chair's Policy Stance Under Scrutiny
The focal point of the past week centered on the confirmation hearing for newly appointed Federal Reserve Chair Kevin Warsh and the market liquidity test brought on by the year's IPO热潮 led by SpaceX.
Analysis: IPOs of SpaceX, OpenAI, and Anthropic Could Drain Liquidity from BTC and Crypto Markets
SpaceX confidentially filed an S-1 with the US SEC earlier this month, planning an IPO with a valuation of approximately $1.75 trillion and aiming to raise up to $75 billion. If it goes public as expected in June, it would surpass Saudi Aramco's 2019 record of $29 billion raised, becoming the largest IPO in history. Meanwhile, OpenAI and Anthropic are also planning to go public in the second half of this year, with the three companies expected to attract over $240 billion in combined capital.
Market analysis suggests these mega-IPOs could significantly drain liquidity from risk assets, and the crypto market shares the same capital pool. Given that major crypto assets like Bitcoin and Ethereum have been highly correlated with the risk appetite of the Nasdaq and US stock market in recent years, a large shift of funds towards subscriptions for these tech giant IPOs could weaken buy-side support for BTC, ETH, and altcoins. Analysts point out that Coinbase's listing day in 2021 coincided with a local top for Bitcoin; this SpaceX IPO could again mark a significant liquidity turning point for the crypto market.
High-Stakes Warsh Hearing: Denies Promising Trump Rate Cuts, Blasts Fed for Losing Its Way, Called a "Puppet"
Kevin Warsh, Trump's pick for Fed Chair, went on the offensive during his confirmation hearing. He refused to answer whether Trump lost the election, was denounced by Warren as a "puppet"; in turn, he blasted the Fed for "losing its way and playing politics"; and repeatedly denied promising the president low interest rates. Nick Timiraos, often called the "Fed whisperer," wrote that Senator Elizabeth Warren characterized Warsh as both a "puppet" and an opportunist in her opening statement. Warren's argument was that a Fed chair who wouldn't dare to state a simple fact that might displease the president who nominated him would not stand up to that president in a critical moment. This theme ran throughout the hearing, with Democrats returning to it repeatedly.
Warsh also stated that the Fed needs "fundamental policy reform," including a new inflation framework, new tools, and new ways of communicating. While Warsh sidestepped Trump's public attacks on the Fed, he repeatedly denied to senators from both parties that Trump had sought any commitment on interest rates. "The President has never asked me to pre-decide, promise, determine, or decide any interest rate decision, not in any of our discussions, and I would never agree to do so."
Goldman Sachs: Fed Leadership Change Won't Bring Rapid Rate Cuts
Goldman Sachs economist David Mericle said in a note to clients that the path for Kevin Warsh to become Fed Chair is now clear, but the leadership change may not immediately alter the Fed's policy stance in the coming months. He noted: "When the FOMC is divided, the new chair may not be able to push for rate cuts as forcefully as Powell." Regardless of Warsh's influence, the new chair's enthusiasm for rate cuts may not be much higher than Powell's, especially given the high uncertainty surrounding the Middle East conflict. However, Goldman Sachs still expects easing by year-end, maintaining its forecast that the Fed will cut rates by 25 basis points in September and December.
Weekly Update on Crypto-Related Listed Companies
Representative Companies with BTC Treasuries
According to SoSoValue data, as of 8:00 AM EST on April 27, 2026, the total net purchases of Bitcoin by global listed companies (excluding mining companies) last week was $260 million, a 89.8% decrease from the previous week.
Strategy (formerly MicroStrategy) announced an investment of $255 million (a 90% decrease from the previous week) to purchase 3,273 Bitcoins at $77,906, bringing its total holdings to 818,334 BTC.
Japanese listed company Metaplanet did not purchase Bitcoin last week.
Additionally, three other companies bought Bitcoin last week. Japanese fashion brand ANAP invested $770,000 on April 21, adding 9.1785 Bitcoins at $84,239.7 each, bringing its total holdings to 1,431.9716 BTC; UK Bitcoin company The Smarter Web Company announced on April 24 that it invested $3.39 million to purchase 44 Bitcoins at $77,071 each, bringing its total holdings to 2,750 BTC; a French Bitcoin company announced on April 27 that it invested $460,000 to purchase 6 Bitcoins at $77,151 each, bringing its total holdings to 2,943 BTC.
Metaplanet has issued ¥80 billion (approximately $50 million) in zero-interest bonds to purchase Bitcoin.
As of press time, global listed companies (excluding mining companies) hold a total of 1,084,909 Bitcoins, a 0.3% increase from last week, with a current market value of approximately $84.34 billion, representing 5.4% of Bitcoin's circulating market cap.
Metaplanet Issues ¥8 Billion Zero-Coupon Bonds to Increase Bitcoin Holdings
Last week, Japanese Bitcoin treasury company Metaplanet announced the issuance of ¥8 billion in zero-coupon unsecured bonds to further purchase Bitcoin.
DDC Annual Report: Holds 2,383 BTC and Launches AI-Powered Treasury Intelligence Platform
US-listed company DDC Enterprise released its fiscal year 2025 results last week, reporting annual revenue of $39.2 million, a year-over-year increase of 4.6%, reaching an all-time high. As of April 21, 2026, it held approximately 2,383 Bitcoins, valued at around $182 million, ranking among the top 30 global public companies for Bitcoin holdings. DDC also announced the launch of an AI-driven "DDC Treasury Intelligence Platform" to optimize Bitcoin treasury management and capital allocation.
Representative Companies with ETH Treasuries
Bitmine Total Assets Reach $13.3 Billion, Holds Over 5.07 Million ETH, 4.21% of Supply
As of April 26, 2026, Bitmine's cryptocurrency holdings, cash, and investments total $13.3 billion. It currently holds 5,078,386 ETH, worth approximately $12.03 billion, representing 4.21% of the total ETH supply. Additionally, its holdings include 200 Bitcoins, $200 million in Beast Industries equity, $91 million in Eightco Holdings equity, and $940 million in cash.
Bitmine has currently staked 3,701,589 ETH, valued at about $8.8 billion at a price of $2,369. Its annualized staking yield is 3.033%, with an estimated annual income of $363 million. Bitmine transferred its listing from the NYSE American to the New York Stock Exchange on April 9, 2026.
Additionally, the Ethereum Foundation sold 10,000 ETH to Bitmine via OTC last week at an average price of $2,387.
Representative Companies with Altcoin Treasuries
Eightco Discloses WLD Holdings Increased to Over 283 Million, ETH Holdings Maintained at 11,068
Nasdaq-listed Eightco Holdings (ORBS) last week released a portfolio update, disclosing total asset value increased to $336 million, including: 283,452,700 Worldcoin (WLD), 11,068 ETH, a $90 million investment in OpenAI, a $25 million investment in Beast Industries, and $118 million in cash and stablecoins. Eightco Holdings stated that WLD token value accounts for 23% of its total assets, the OpenAI investment's proportion dropped to 27% of total assets, and the Beast Industries investment constitutes 7% of total assets.
AVAX One Reports Q1 Results: Holds ~14 Million AVAX, Revenue Doubles Quarter-over-Quarter
Nasdaq-listed AVAX treasury company AVAX One last week released preliminary results for Q1 2026. Benefiting from Avalanche staking rewards and growth in Bitcoin mining operations, quarterly revenue doubled quarter-over-quarter to approximately $2.4 million. In terms of asset allocation, it holds approximately 14 million AVAX, with over 90% staked. Meanwhile, AVAX One has signed a letter of intent to build a 10MW Tier 3 AI/HPC data center in Alberta, Canada. The project is expected to be operational in Q1 2027, leveraging low-cost natural gas power to advance a dual strategy of "crypto asset yield + computing infrastructure." The company has also added 220 new Bitcoin miners, boosting its hashrate to over 200 PH/s.
US-Listed Company Aurelion Discloses Holdings of 33,318 Tether Gold, 10,000 of Which Are Staked
Nasdaq-listed Aurelion last week disclosed it currently holds 33,318 Tether Gold (XAUT). At a price of $4,719.15 per ounce on April 23, its holdings are worth over $157 million. The company also disclosed that it has staked 10,000 XAUT, transforming the gold token from a pure reserve asset into an income-generating collateral asset, with the remaining 23,318 XAUT remaining unstaked.
Tron Inc. Increased TRX Holdings by 154,494 Tokens Last Week
Tron Inc. posted on X, stating that the company recently purchased 154,494 TRX tokens at an average price of $0.3236, bringing its total TRX holdings to over 693 million tokens. The company aims to continue increasing its Tron DAT inventory to enhance long-term shareholder value.
