Coin & Stock Barometer | Listed Companies’ Weekly BTC Net Purchases Plunge Over 80%, Coinbase and Block Buck the Trend with First-Time Accumulation; Bitmine ETH Holdings Rise to Approximately 5.206 Million, Targeting 5% of Circulating Supply by Year-End (May 12)
- Core View: After the easing of US-Iran tensions, US stocks and crypto-related stocks have experienced a broad rebound, and the AI sector is far from reaching a bubble phase. Meanwhile, global liquidity is pouring in, leading to strong performances from leading stocks, while listed companies' net Bitcoin purchases have plummeted, with some firms shifting towards accumulating ETH and SOL.
- Key Elements:
- Overseas investors' equity allocation in US stocks has reached 63%, exceeding the peak level during the internet bubble era, as hot money from around the world flows in to drive the market.
- CICC believes AI has not entered a typical bubble phase, but "front-running" in investments does exist, with markets typically experiencing rapid gains for two quarters before entering a consolidation phase to await new catalysts.
- Last week, global listed companies (excluding miners) recorded net Bitcoin purchases of only $45.08 million, down 83.5% from two weeks prior, with Strategy purchasing 535 BTC.
- Coinbase and Block made their debut appearances in Bitcoin accumulation, purchasing 1,103 and 149 BTC respectively, bringing their total holdings to 16,949 and 9,032 BTC.
- Bitmine's ETH holdings have increased to approximately 5.206 million tokens, with a staking scale of $11.1 billion. The company plans to hold 5% of Ethereum's circulating supply by the end of 2026.
- Solana treasury companies are actively expanding: SOL Strategies has acquired HoudiniSwap, and DeFi Development has initiated a $200 million ATM financing plan to accumulate more SOL.
- Hyperliquid Strategies' financial report reveals HYPE holdings have increased to 20 million tokens, recording a net profit of $152.5 million over nine months, driven by unrealized gains.
Editor's Note: Following a phased resolution of the US-Iran situation, the US stock market and global indices have simultaneously started to rise, with AI-related sectors such as storage, computing power, and energy leading the surge particularly strongly. Additionally, crypto-related stocks have gradually recovered, with major players we have frequently mentioned, like Strategy (MSTR), Coinbase (COIN), and Circle (CRCL), all beginning their strong rebounds. Circle (CRCL), in particular, initially fell sharply after releasing its Q1 earnings last night due to market performance metrics like revenue falling short of expectations. However, it subsequently rebounded significantly, buoyed by product and business updates such as Arc Network and Agent Stack. Its price briefly broke through $130, leaving less than a 15% increase to reach the $150 target price we previously mentioned, maintaining a bullish outlook. It is worth noting that the US stock market is currently experiencing an influx of global liquidity, and its market performance is highly similar to the crypto market, with the trend of "strong leaders getting stronger, while small-cap or junk stocks are ignored" continuing. More information on the crypto stock market can be found at msx.com.
Global Hot Money Flows into US Stocks, AI Far from "Bubble" Stage
Overseas Investors' Allocation to US Stocks Reaches 63%, Surpassing Dot-Com Bubble Peak
Cointelegraph recently reported that overseas investors are pouring into the US stock market at a record pace, with their stock allocation ratio hitting 63%. This figure has doubled from the level following the 2008 financial crisis and has surpassed the peak seen during the dot-com bubble.
CICC: AI Has Not Yet Reached a Typical "Bubble" Stage
A research report from China International Capital Corporation (CICC) states that since the end of March, led by AI, the US stock market, the A-share ChiNext board, and stock markets in South Korea and Japan have continued to strengthen. While factors such as the lack of further deterioration in geopolitical tensions and improved market sentiment have contributed, the standout performance of tech stocks in Q1 has also played a significant role. AI has "dominated" recent market performance as well as earnings and growth.
Considering discussions from the three dimensions of demand, investment intensity, and market pricing, AI has not yet reached a typical "bubble" stage. However, it is objectively true that investment is "front-running" relative to demand and capacity, which is a primary reason AI has progressed amidst setbacks over the past few years. In fact, the AI rally since 2023 has not been a one-way upward trend. Roughly speaking, it typically involves two quarters of rapid increase, followed by increased concerns about a bubble, leading to a quarter of consolidation or decline while waiting for new catalysts.
Weekly Updates on Crypto Stock Listed Companies
Representative Companies with BTC Treasuries
Weekly Net BTC Purchases by Listed Companies Plunge Over 80%; Coinbase and Block Make First Appearances on the Buy Side
According to SoSoValue data, as of 8:00 AM Eastern Time on May 11, 2026, the total net BTC purchases by global listed companies (excluding mining companies) last week amounted to $45.08 million, a decrease of 83.5% compared to two weeks prior.
Strategy announced an investment of $43 million (down 83.1% from two weeks ago), purchasing 535 BTC at a price of $80,340, bringing its total holdings to 818,869 BTC.
Japanese listed company Metaplanet did not purchase BTC last week.
Additionally, four other companies bought BTC last week. Crypto exchange Coinbase announced on May 7 that it increased its holdings by 1,103 BTC. The specific amount spent was not disclosed, bringing its total holdings to 16,949 BTC. Fintech company Block announced on May 7 that it increased its holdings by 149 BTC. The specific purchase amount was not disclosed, bringing its total holdings to 9,032 BTC. Bitcoin company American Bitcoin announced on May 6 that it purchased approximately 1,600 BTC. The specific amount was not disclosed, bringing its total holdings to approximately 7,021 BTC. UK-based Bitcoin company The Smarter Web Company announced on May 5 that it invested $2.08 million to purchase 27 BTC at a price of $77,087, bringing its total holdings to 2,805 BTC.
Capital B announced the completion of a €15.2 million funding round, with participants including global institutional investors and strategic investors Adam Back and TOBAM, aimed at accelerating Bitcoin purchases.
As of press time, the total Bitcoin holdings of global listed companies (excluding mining companies) in the statistics stand at 1,088,090 BTC, an increase of 0.3% compared to two weeks ago. The current market value is approximately $88.32 billion, representing 5.4% of Bitcoin's circulating market cap.
Strategy's Bitcoin Holdings Show Unrealized Profit of $4.54 Billion
According to on-chain analyst Ember's monitoring, Bitcoin treasury company Strategy (MSTR) purchased 535 BTC ($43 million) last week at approximately $80,340. They now hold a total of 818,869 BTC ($66.398 billion) at an average cost of $75,540, resulting in an unrealized profit of $4.54 billion (+7.3%).
Representative Companies with ETH Treasuries
Bitmine: ETH Holdings Increase to Approximately 5.206 Million, Staking Scale Reaches $11.1 Billion
Ethereum treasury company Bitmine Immersion Technologies disclosed that its ETH holdings have increased to approximately 5.206 million. Its asset holdings include: 5,206,790 ETH, 201 BTC, equity in Eightco Holdings worth $88 million, and shares in Beast Industries valued at $200 million. Additionally, the total amount of ETH staked by the company is 4,712,917 (totaling $11.1 billion, calculated at an ETH price of $2,336).
Bitmine Chairman Tom Lee subsequently stated that Bitmine still plans to hold 5% of Ethereum's circulating supply by the end of 2026. Furthermore, Bitmine's ETH holdings currently show an unrealized loss of $6.297 billion.
SharpLink Earnings: ETH Holdings Increase to 873,000; Treasury Strategy Drives Revenue Growth
Nasdaq-listed SharpLink (SBET) released its Q1 2026 earnings for the period ending March 31, showing its Ethereum (ETH) treasury strategy continues to expand, moving from basic staking towards a broader phase of on-chain yield management.
The earnings report shows Q1 2026 revenue surged year-over-year to $12.1 million, primarily driven by the active ETH management strategy. SG&A expenses rose to $9.9 million during the same period, used to expand institutional-grade ETH asset management infrastructure. Affected by accounting standards, the company reported a net loss of $686 million for the quarter, mainly comprising an unrealized loss of $507 million on ETH and an impairment of $192 million on LsETH. SharpLink emphasized these are non-cash accounting losses and do not represent realized economic losses or a reduction in ETH holdings.
As of the end of March, SharpLink held approximately 870,800 ETH, which increased to 873,000 by May. Its GAAP-valued crypto asset size was approximately $1.7 billion. Since launching the ETH treasury strategy in June 2025, the ETH Concentration per share metric has improved from 2.0 to 4.02, with cumulative staking and on-chain yield generating approximately 18,800 ETH.
Treasure Global to Deploy $100 Million to Establish ETH-Centric Digital Asset Treasury
Nasdaq-listed Treasure Global announced it will gradually deploy $100 million in capital to establish a digital asset treasury reserve centered on ETH, with plans to expand the treasury to include other digital assets in the future. The company stated that its digital asset treasury framework will serve as a long-term capital allocation tool, providing strategic exposure to the development of digital financial infrastructure without altering its core business.
Representative Companies with SOL Treasuries
SOL Strategies Acquires Cross-Chain Aggregator HoudiniSwap for $18 Million
Nasdaq-listed Solana ecosystem treasury company SOL Strategies announced it has entered into a definitive agreement to acquire cross-chain privacy exchange aggregation platform HoudiniSwap for $18 million.
HoudiniSwap is a non-custodial, privacy-oriented cross-chain trading aggregator that helps users find optimal swap routes across centralized exchanges, decentralized exchanges, and cross-chain bridges. The platform generated approximately $13 million in revenue last year.
SOL Strategies stated that the acquisition supports its long-term strategy to "embed Solana into institutional financial infrastructure" and expand its business beyond single validator node and staking operations into trade routing, cross-chain liquidity, and software-based revenue structures.
Solana Treasury Company DeFi Development Launches $200 Million ATM Financing Plan
Nasdaq-listed Solana treasury company DeFi Development announced the launch of a $200 million At-The-Market (ATM) equity financing plan to further increase its Solana holdings, supplement working capital, and support strategic development. The company stated that the raised funds will primarily be used to continue executing its Solana reserve strategy. It will only issue shares when it provides an accretive effect on shareholders' per-share SOL holdings value, ensuring the financing has "accretive" attributes.
DeFi Development Corp Chairman and CEO Joseph Onorati stated that the company's core mission is to continuously accumulate SOL reserves for shareholders. This financing plan provides up to $200 million in capital flexibility to continuously increase holdings when market conditions are appropriate.
Representative Companies with Altcoin Treasuries
Hyperliquid Strategies Earnings Report: HYPE Holdings Increase to 20 Million as of End of April
Nasdaq-listed HYPE treasury company Hyperliquid Strategies released its quarterly and nine-month financial and operational results for the period ending March 31, 2026. The report disclosed an investment of $216 million to purchase approximately 7.3 million HYPE. As of April 29, its HYPE reserve holdings had increased to 20 million tokens. The company currently holds $103 million in cash on its books and also invested $10.5 million to repurchase approximately 3 million shares at an average cost of $3.42 per share. In the nine months ended March 31, 2026, driven by an unrealized gain of $198.4 million on HYPE, it generated $2.6 million in HYPE staking revenue and recorded a net profit of $152.5 million.
