Stock & Crypto Barometer | Bitcoin mining firm MARA Holdings spends over $860K on bulletproof vehicle armor services for executives; Bitmine selected for initial inclusion list of FTSE Russell 1000 Index (May 19)
- Core View: The crypto market and US-listed crypto concept stocks generally declined, but sectors such as quantum computing and commercial aerospace are gaining attention driven by policy and events. Meanwhile, despite the impact of macro factors (easing US-Iran tensions, potential Fed rate hikes), several publicly traded companies continue to adjust their allocations of crypto assets (BTC, ETH, SOL, WLFI), reflecting a long-term strategic divergence among enterprises regarding digital assets.
- Key Elements:
- Quantum computing concept stocks were boosted by a $2 billion funding pledge from the Trump administration, with the market advising long-term attention on targets such as Infleqtion and IONQ.
- Morgan Stanley executives point out that the AI M&A wave is covering the full spectrum of fields including chips, electricity, and infrastructure, but valuation is difficult due to execution risks.
- Multiple Bitcoin treasury company updates: DDC increased holdings by 200 BTC (total holdings: 2,583), Nakamoto proposes reverse stock split to maintain listing eligibility.
- Ethereum treasury company Bitmine is included in the preliminary Russell 1000 Index list, with its associated wallet withdrawing 60,000 ETH (worth $126 million).
- Solana treasury company Solmate raised $11.4 million through a rights offering, issuing Class B common stock at $4.97 per share.
- WLFI treasury company AI Financial faces going-concern risks, reporting a quarterly net loss of $271.5 million, primarily due to unrealized losses from the decline in WLFI token value.
- Elon Musk’s SpaceX and Tesla together hold 30,221 BTC (worth $2.3 billion), making them the fifth-largest corporate BTC holder.
Editor's Note: After a broad market decline and a slight rebound in crypto, US-listed crypto-related stocks experienced a widespread drop. Additionally, following Trump's previous investment in Intel, which yielded over $45 billion in profit, the Trump administration's recent provision of a total of $2 billion in funding to nine quantum computing companies has injected a powerful stimulant into quantum computing stocks. To some extent, this has also provided upward momentum and price support for stocks in strategic sectors like semiconductors, AI, and quantum computing. Long-term attention is recommended for stocks including: Infleqtion, RGTI, QUBT, QBTS, IONQ, IBM. Furthermore, as SpaceX's IPO date approaches, the commercial aerospace sector may experience volatility, presenting potential short-term trading opportunities. Finally, the US-Iran situation has seen a phased de-escalation, with both sides potentially reaching a ceasefire agreement; the market is gradually absorbing positive news. The Federal Reserve's potential interest rate hikes will also continue to impact the stock market.
For more information on the crypto and equity markets, please refer to MSX.com. (Editor's note from Odaily: This content is for informational and educational purposes only and does not constitute investment advice.)
Opinion: Morgan Stanley Exec Believes AI M&A Wave Shows 'Full Spectrum' Development Trend
Wally Cheng, Global Head of Technology M&A at Morgan Stanley, stated that as companies race to fill technological gaps in areas like chips, power, networks, and infrastructure, M&A deals in the AI field are covering various scales and expanding across multiple industries. Cheng said, "I believe transaction activity will span the full spectrum, including private and public companies." Although semiconductors providing computational power for AI are in the spotlight due to their "technological marvel" status, the infrastructure surrounding these chips holds significant value, including areas like networking, storage, electricity, and real estate. Cheng indicated that valuation in the AI industry remains "very difficult" because it requires balancing "imaginative unicorn and rainbow-like prospects" against actual execution risks. Tammy Kiely, Senior Managing Director in Technology Investment Banking at Evercore, echoed similar sentiments. She stated that potential acquirers must evaluate the potential value they can create while weighing the cost of missing out.
Weekly Updates on Public Crypto-Related Companies
Representative Public Companies with BTC Treasuries
Michael Saylor: Bought Bonds Last Week, Not Bitcoin
Michael Saylor, founder and Executive Chairman of Bitcoin treasury company Strategy, posted last week that he bought bonds instead of Bitcoin, adding that ₿itVac is charging.
Bitcoin Miner MARA Holdings Spent Over $869,000 on Vehicle Armor for Executives
Bitcoin miner MARA Holdings' recently filed DEF14A compensation table shows that, under its security plan, the company paid $4.3 million in personal security-related costs for CEO Fred Thiel, including a one-time vehicle armor expense of $430,000 and a home security installation cost of $58,000. It also paid $3.946 million in personal security costs for CFO Salman Khan, including a one-time vehicle armor expense of $438,000.
MARA Holdings' board stated that due to the company's public disclosure of holding a large amount of Bitcoin assets, its executives face risks that are distinctly higher than those of executives in other public companies, making the aforementioned security measures commercially relevant and necessary.
BitcoinTreasuries.NET reported that Elon Musk's SpaceX and Tesla currently hold a combined total of 30,221 Bitcoin, worth $2.3 billion. If counted together, they would become the fifth-largest public company BTC holder.
DDC Adds 200 BTC, Total Bitcoin Holdings Rise to 2,583
NYSE-listed Bitcoin treasury company DDC Enterprise Limited announced the purchase of an additional 200 Bitcoin, increasing its total holdings to 2,583, further strengthening the crypto asset allocation on its balance sheet.
The average purchase cost for this transaction was approximately $79,496 per coin. The company stated that no new shares were issued for this purchase. Without diluting equity, the Bitcoin holdings per 1,000 shares increased by 8.4% to 0.0543 BTC.
According to the disclosure, DDC's year-to-date BTC yield has reached 36.6%. Its current scale places it among the top 30 public company Bitcoin holders globally. The company emphasized that the closed loop of "value-accretive financing plus value-accretive allocation" has been completed, and it plans to continue accumulating BTC in the coming weeks and months, with the specific pace determined by liquidity and balance sheet conditions, rather than short-term price fluctuations.
Bitcoin Treasury Company Nakamoto Plans 1:40 Reverse Stock Split to Maintain Nasdaq Listing
Bitcoin treasury company Nakamoto plans a 1:40 reverse stock split to push its share price back above $1, thereby meeting Nasdaq's continued listing requirements.
According to the plan, the company's outstanding shares would be reduced from approximately 696.1 million to about 17.4 million after the split, which is expected to take effect on May 22.
Previously, Nakamoto reported a net loss of $238.8 million for its fiscal first quarter of 2026. This included approximately $107.7 million in write-downs related to pre-acquisition options and approximately $102.5 million in losses from the book value decline of its 5,058 BTC holdings, as the Bitcoin price fell 23% during the quarter.
Tether Acquires SoftBank's Stake in Twenty One Capital
Tether announced it has acquired Twenty One Capital (XXI) shares held by SoftBank Group, further increasing its controlling stake in the company. Following the transaction, SoftBank's appointed board member at XXI has resigned per the shareholder agreement. Tether stated this move reflects its continued bullish outlook on XXI's long-term Bitcoin strategy and considers XXI one of the most significant opportunities to "build a public company from scratch around Bitcoin." Tether CEO Paolo Ardoino noted that SoftBank provided important institutional resources and strategic perspectives during the company's early development stage, while Tether's confidence in XXI has "further strengthened."
Representative Public Companies with ETH Treasuries
Tom Lee: Bitmine Added to Preliminary FTSE Russell 1000 Index Inclusion List
Tom Lee stated that Bitmine has been added to the preliminary inclusion list for the FTSE Russell large-cap Russell 1000 Index. He added that BMNR's market capitalization has surpassed the minimum threshold of $5.7 billion.
Two New Wallets Possibly Linked to Bitmine Withdraw 60,000 ETH ($126 Million) from Bitgo and Kraken
According to Onchain Lens monitoring, two new wallets (0x9529...8B28, 0x59Ee...3fa5), potentially linked to Bitmine, withdrew 60,000 ETH, valued at $126 million, from Bitgo and Kraken.
SharpLink to be Added to Russell 2000 and Russell 3000 Indices on June 29
Nasdaq-listed Ethereum treasury company SharpLink announced on platform X that it will be included as a constituent of the Russell 2000 and Russell 3000 indices. The inclusion will become effective at the opening of the US stock market on June 29, 2026, coinciding with the semi-annual rebalancing of the Russell indices.
Representative Public Companies with SOL Treasuries
Solana Treasury Company Solmate Announces $11.4 Million Rights Offering
Nasdaq-listed Solana treasury company Solmate Infrastructure announced a registered direct offering of a total of 2,298,000 Class B ordinary shares. The offering price is $4.97 per share, with expected total gross proceeds of approximately $11.4 million. The transaction is expected to close around May 27, 2026, subject to customary closing conditions.
Representative Public Companies with Altcoin Treasuries
WLFI treasury company AI Financial reported a net loss of $271.5 million for the first quarter of 2026, compared to a loss of $2.4 million in the same period last year. As of March 28, the company had a working capital deficit of approximately $5.5 million, total liabilities of $391,000, and total assets of $322,000, raising substantial doubt about its ability to continue as a going concern within one year.
As the WLFI treasury company, AI Financial held 7.3 billion WLFI tokens as of March 28, valued at $703.4 million. This value has fallen by one-third from over $1 billion at the end of last December, resulting in an unrealized loss of $348.3 million, against a purchase cost of nearly $1.46 billion for the tokens. Additionally, the company borrowed nearly $15 million from WLFI in January. Its stock closed down nearly 6.3% at $0.85 on Tuesday.
SUI Group Discloses SUI Holdings Exceed 108 Million Tokens, Market Cap-to-NAV Ratio Falls to 0.91x
Nasdaq-listed company SUI Group disclosed its latest operational data. As of May 19, it held 108,793,779 SUI tokens. Based on a unit price of $1.06, the corresponding market value is approximately $115 million, with a staking yield of 1.8%. The ratio of market capitalization to net asset value stands at 0.91x, indicating a decline in valuation compared to the previous period.
