币股风向标丨Strategy上周投入超20亿美元买入超2.48万枚BTC；Bitmine ETH持仓增加至总供应量的4.37%（5月19日）
- Core View: The crypto market has once again fallen to the $76,000-$79,000 range, dragging down crypto-related stocks broadly. However, listed companies' net BTC purchases surged over 44 times week-over-week to $2.03 billion, led by Strategy. Meanwhile, Ethereum treasury companies are shifting towards a staking yield model, diverging from the traditional Bitcoin treasury strategy.
- Key Factors:
- The broader crypto market has corrected back to the $76,000-$79,000 range, nearly wiping out the monthly gains of leading stocks like Strategy and Bitmine.
- Compounding negative factors such as US-Iran tensions and Warsh's potential appointment, the crypto stock sector may require catalysts like the SpaceX IPO or Anthropic financing for a short-term rebound.
- Listed companies' net BTC purchases reached $2.03 billion last week, a 4,403% surge from the previous week. Notably, Strategy deployed $2.01 billion to acquire 24,869 BTC.
- Listed companies globally (excluding miners) hold approximately 1.1138 million BTC, valued at $86.16 billion, representing 5.6% of the circulating supply.
- Ethereum treasury company Bitmine purchased 71,672 ETH over the past week, bringing its total holdings to 5.278 million ETH, or 4.37% of the total ETH supply.
- Ethereum treasury companies are diverging from Strategy's model, focusing more on staking yields and a clean balance sheet rather than relying on complex financing leverage.
- Solana treasury company Upexi reported a net loss expanding to $109 million in its third fiscal quarter, attributed to a decline in the value of its cryptocurrency holdings.
Editor's Note: After a brief strong rebound, the crypto market has once again fallen to the $76,000-$79,000 range. Consequently, crypto-related stocks have broadly declined, with leading DAT (Digital Asset Treasury) stocks like Strategy and Bitmine nearly erasing their gains from the past month. Additionally, influenced by various events and potential Fed interest rate hikes, the South Korean financial market and the US stock market have also recently experienced a modest pullback. In contrast to the optimistic signals mentioned in last week's "Crypto-Stock Wind Vane", recent bearish news such as the US-Iran situation and Kevin Warsh's potential appointment have ensued. In the short term, the crypto and stock sectors may still need catalysts like a SpaceX IPO or Anthropic funding news. A noteworthy development on the policy front is that the US SEC may introduce a regulatory framework for tokenized stocks as early as this week, potentially ushering in another boom period for on-chain securities.
For more information on the crypto and stock markets, please refer to MSX.com.
US Stock Correction Risk Surges; Financial Titans Bet on Chip Sector
Morgan Stanley: Risk of Significant US Stock Correction Surges; 10-Year Treasury Yield Breaks Above 4.5%
Morgan Stanley's designated "danger line" for US stocks has been breached. Chief Investment Officer and prominent Wall Street bull Michael Wilson warned that if Treasury yields continue to rise and volatility climbs, the US stock market will face its "first significant correction since the end of March." Michael Wilson stated: "If long-term yields rise accompanied by increased bond volatility, we expect the stock market to experience its first substantial correction since bottoming out at the end of March." Previously, Morgan Stanley had pegged the 10-year Treasury yield reaching 4.5% as the "tipping point where yields could pose a more significant resistance to stock market valuations."
Buffett and Ray Dalio Q1 Holdings Update: Betting on Chip Infrastructure, Reducing Software Stocks, Increasing Concentration
Berkshire Hathaway Q1 Heavily Increased Stake in Alphabet, Opened New Position in Delta Air Lines, Exited Amazon
According to Berkshire Hathaway's first-quarter holdings report (13F), Berkshire increased its stakes in Alphabet (GOOGL.O) and The New York Times in Q1, with Alphabet receiving an additional over 36 million shares, increasing its portfolio weight from 2.04% to 5.93%. It exited positions in Amazon (AMZN.O), Visa (V.N), Mastercard (MA.N), and UnitedHealth (UNH.N). It reduced stakes in Chevron (CVX.N) and Bank of America (BAC.N). A new position was opened in Delta Air Lines (DAL.N), purchasing 39.8 million shares valued at approximately $2.65 billion. Overall, Berkshire's US stock portfolio value stood at $26.3 billion at the end of Q1, down from $27.4 billion the previous quarter. During the quarter, it purchased approximately $16 billion in stocks and sold about $24 billion, resulting in net sales of roughly $8.15 billion. The number of holdings sharply decreased from 42 to 29, indicating a significant increase in concentration.
Bridgewater Associates' Q1 US Stock Portfolio Valued at $22.4 Billion; Added Chip Stocks, Reduced Software Stakes
Bridgewater Associates, the world's largest hedge fund, released its 13F filing for US stocks held through the end of March. The report shows Bridgewater initiated positions in 214 stocks, increased stakes in 292, exited 261, and reduced holdings in 487. It significantly added to positions in chip stocks like NVIDIA, Broadcom, and Micron Technology, while exiting enterprise software stocks like Salesforce and ServiceNow and reducing its Adobe position. As of the end of Q1, Bridgewater's US stock portfolio was valued at $22.4 billion, down from $27.4 billion in the prior quarter. Specifically, the fund increased its NVIDIA holdings by 827,800 shares, raising its portfolio weight from 2.63% at the end of last year to 3.65%. It added 670,000 Broadcom shares, increasing the weight from 1.47% to 2.54%. It increased Micron Technology holdings by 586,000 shares, raising the weight from 0.93% to 2.23%. Furthermore, Bridgewater established a new position in TSMC with 1.077 million shares, which constituted 1.62% of the portfolio at the end of Q1.
Weekly Update on Crypto-Related Listed Companies
Representative Bitcoin Treasury Companies
Public Companies' Weekly Net BTC Purchases Rebound Strongly to $2.03 Billion, Surging Over 44 Times Week-over-Week
According to SoSoValue data, as of 8:00 AM EST on May 18, 2026, the total net BTC purchases by global public companies (excluding mining firms) for the week reached $2.03 billion, an increase of 4,403.11% compared to the previous week.
Strategy (formerly MicroStrategy) announced a $2.01 billion investment (up 4,574.4% week-over-week) to purchase 24,869 Bitcoins at an average price of $80,985, bringing its total holdings to 843,738 BTC.
Japanese public company Metaplanet did not purchase Bitcoin last week.
Additionally, four other companies bought Bitcoin last week. Asset management firm Strive announced the purchase of 9 Bitcoins on May 12, without disclosing the exact amount spent, reaching a total holding of 15,009 BTC. UK Bitcoin company The Smarter Web Company announced on May 12 and May 15 an investment of $2.84 million, purchasing 25 Bitcoins at $81,592.67 and 10 Bitcoins at $79,662, reaching a total holding of 2,840 BTC. French Bitcoin company Capital B announced on May 18 an investment of $15.02 million, purchasing 192 Bitcoins at $78,205.4, reaching a total holding of 3,135 BTC. Brazilian Bitcoin company OrangeBTC announced on May 18 an investment of $390,900, purchasing 5 Bitcoins at $78,180, reaching a total holding of 3,737 BTC.
As of press time, the total Bitcoin holdings of the tracked global public companies (excluding miners) stand at 1,113,841 BTC, an increase of 2.37% from last week, with a current market value of approximately $86.16 billion, representing 5.6% of Bitcoin's circulating market cap.
Strive Q1 Added 6,001 Bitcoins, Net Loss of $265.9 Million
Bitcoin treasury company Strive released its Q1 2026 earnings report and announced that, starting June 16, 2026, its SATA preferred shares will pay daily dividends on business days, maintaining an annualized dividend rate of 13%. As of May 12, 2026, Strive's Bitcoin reserves totaled 15,009 BTC, including approximately 5,048 BTC acquired through the acquisition of Semler Scientific. The company added 6,001 Bitcoins in Q1 2026 and purchased an additional 1,381 Bitcoins in Q2 up to May 12. The report shows Strive reported a GAAP net loss of $265.9 million for Q1, of which approximately $295.8 million was related to the decrease in fair value of its Bitcoin holdings.
Representative Ethereum Treasury Companies
Bitmine Bought 71,672 ETH Over the Past Week
Over the past week, Bitmine purchased 71,672 ETH. Bitmine currently holds 5,278,462 ETH, valued at $11.56 billion, representing 4.37% of the total ETH supply. Its holdings also include 202 Bitcoins, as well as $200 million in Beast Industries shares, $83 million in Eightco Holdings shares, and $685 million in cash.
Additionally, Bitmine has staked 4,712,917 ETH, valued at $1.03 billion, generating an annualized staking income of $289 million.
Sharplink CEO: Ethereum Treasury Companies Diverging from Strategy's Model, Focusing on Staking Yields
Sharplink CEO Joseph Chalom stated that Ethereum treasury companies are gradually moving away from the model of Strategy and Michael Saylor, focusing more on staking yields and simpler balance sheets rather than relying on complex financing structures.
Chalom believes Ethereum treasury companies can generate returns directly by holding ETH, thus avoiding excessive leverage. He also stated that only a few Ethereum treasury companies are likely to survive market downturns.
Furthermore, citing BlackRock CEO Larry Fink's previous comments, he described Ethereum as a "tokenized toll road." He pointed out that initiatives like the NYSE and Nasdaq pushing for 24-hour trading, the DTCC exploring tokenized collateral, and Bullish's acquisition of Equiniti will all facilitate the further entry of tokenized assets into the traditional financial system.
Chalom predicts that as stablecoins, tokenized assets, DeFi, and AI applications continue to expand, Ethereum will gradually follow a different development path from Bitcoin.
Representative Solana Treasury Companies
Solana Treasury Company Upexi Shares Fall 8% as Q3 Net Loss Widens to $109 Million
Solana treasury company Upexi's shares fell 8.16% on Tuesday after reporting a widened fiscal third-quarter net loss of $109 million, primarily due to a decline in the value of its cryptocurrency holdings. The company's filing on Tuesday showed unrealized losses on its digital assets of $92.3 million. Despite total revenue increasing 46% year-over-year to $4.6 million, boosted by crypto staking income, the company still reported a loss.
Upexi's results revealed it held 2.5 million Solana tokens, valued at over $238 million, as of March 31, making it the second-largest corporate treasury after Forward Industries, which holds over 7 million Solana tokens.
DeFi Development Q1 Net Loss $83.4 Million; Per-Share SOL Holdings Up 108% YoY
Solana treasury company DeFi Development Corp reported that despite a widening loss in Q1, its per-share SOL holdings increased 108% year-over-year, rising from 0.0322 SOL to 0.0670 SOL. As of May 13, the company held approximately 2,294,600 SOL and equivalents. CEO Joseph Onorati attributed the growth to strategies including in-house staking, operating a co-validation node with Bonk, and deploying over 25% of its treasury on-chain. He views Strategy's approach as a starting point, not a ceiling. The company reported Q1 revenue of $2.66 million, up 827% year-over-year, but a net loss of $83.4 million, compared to a $778,000 loss in the same period last year, mainly due to the decline in SOL price.
SOL Strategies Appoints Jon Matonis as Chairman of the Board
On May 12, Nasdaq-listed Solana ecosystem treasury company SOL Strategies announced the appointment of Jon Matonis as Chairman of the Board. Jon Matonis is a former founding director of the Bitcoin Foundation and a long-time advocate for financial privacy with decades of industry experience.
Representative Altcoin Treasury Companies
Hyperion DeFi Discloses HYPE Token Holdings Exceed 2 Million, Q1 Net Profit Reaches $8.8 Million
Nasdaq-listed HYPE treasury company Hyperion DeFi published its first-quarter earnings report, disclosing a Q1 net profit of $8.8 million, a significant improvement from a net loss of $39.8 million in Q4 2025. It has added approximately 60,000 HYPE tokens since the end of Q1, bringing its total HYPE holdings to over 2 million tokens. Its validator node has been delegated 10.2 million HYPE, ranking it among the top six validators, trailing only the Hyperliquid Foundation.
Additionally, the company holds 1.92 million KNTQ tokens and 10 million HPL tokens.
Bitwise to Use Portion of Hyperliquid ETF Management Fees to Accumulate HYPE Tokens
Bitwise Asset Management announced it will allocate 10% of the management fee income from its BHYP Hyperliquid ETF to hold Hyperliquid's native token, HYPE, on its corporate balance sheet. These HYPE holdings will also be staked.
Bitwise stated that Hyperliquid operates a "community-first" model, with approximately 99% of its on-chain revenue used to buy back and burn HYPE tokens, leading the firm to simultaneously hold HYPE. Bitwise's Hyperliquid ETF (ticker: BHYP) listed on the New York Stock Exchange last Friday, offering investors exposure to Hyperliquid and staking yields.
