Coin-Stock Barometer | Strategy Buys 1,550 BTC at Low to Prop Up Buying; Bitmine Added Nearly 127,000 ETH Last Week (June 9)
- Core View: This issue focuses on the divergence between the US stock and cryptocurrency markets, emphasizing that the retreat in traditional financial markets is seen as a healthy correction, while the crypto market is in a cyclical bear market phase. Simultaneously, several listed companies continue to increase their holdings of digital assets like Bitcoin and Ethereum, exploring crossover investment opportunities between AI and crypto.
- Key Elements:
- Morgan Stanley believes the recent sell-off in US stocks is a healthy pullback, maintaining its S&P 500 price target of 8,000 and expects corporate earnings to continue strengthening.
- The founder of Token Bay Capital notes the current Bitcoin decline displays characteristics of a "mid-cycle bear market," and a structural market collapse is only a concern if recovery fails to materialize by Q4.
- Net weekly purchases of Bitcoin by listed companies surged over 9x compared to the previous week. Strategy added 1,550 BTC for approximately $100 million, bringing its total holdings to 845,256 BTC.
- French company Capital B is seeking shareholder approval to raise over $100 billion through the issuance of new shares and credit instruments to increase its BTC holdings.
- Ethereum treasury company FG Nexus incurred a loss of over $100 million from selling 10,000 ETH, whereas Bitmine disclosed an increase of over 120,000 ETH in its holdings.
- Forward Industries suffered a loss of nearly $11.3 billion on its Solana investment, while Hyperliquid Strategies holds an unrealized profit of over $1.1 billion on its HYPE position.
- Genius Group launched an AI treasury, investing in unlisted AI companies like SpaceX and OpenAI, thereby gaining indirect exposure to the crypto sector.
Editor's Note: In last week's "Crypto and Stock Market Barometer" article, we highlighted NVIDIA founder Jensen Huang's "market-moving calls," after which several stocks, including Marvell Technology (MRVL), performed strongly. Although some stocks dipped on Friday due to an overall pullback in the U.S. stock market, they remain high-quality assets in the long term and are worth a long-term bet. Additionally, the "White-Haired Stock Guru" Serenity has begun frequently publishing stock picks beyond the U.S. market, temporarily driving up the stock prices of A-share targets like Leaderdrive and Zhongji Innolight by over 10% or even 20% to their daily limit. Finally, the AI boom-fueled rally in semiconductor stocks continues, with employees from Samsung and SK Hynix sharing updates on business operations on the X platform. It is recommended to follow research institution @citrini and its affiliated analyst accounts for close attention to market hotspots. The "largest IPO in history," the SpaceX IPO, will take place this week. For participation channels, please refer to the article "The Largest IPO in History is Coming, What Channels Do Retail Investors Have for SpaceX?".
For more information on the crypto and stock markets, please visit MSX.COM. (Odaily Note: This content is for learning and communication purposes only and does not constitute investment advice.)
Diverging Fortunes in the U.S. Stock and Crypto Markets, Traditional Financial Market Uptrend May Continue
Morgan Stanley: The Recent Selloff in U.S. Stocks is a Healthy Correction, Maintains S&P 500 Target of 8000 Points
Morgan Stanley strategists stated that the selloff in U.S. stocks last Friday driven by position adjustments is a healthy correction. The team led by Mike Wilson pointed out in a research report that the decline was led by the semiconductor and memory sectors, which have seen significant gains year-to-date. Concurrently, concentrated holdings by hedge funds and leveraged ETFs have led to a continuous accumulation of risk. The team believes that if the current bull market extends to the year-end, a market correction is inevitable and is positive in the long term. The strategists maintain their base target of 8000 points for the S&P 500 index, implying roughly 8% upside from current levels, and expect corporate earnings to continue strengthening, growth breadth to expand further, and macroeconomic data to continue providing support for the market.
Viewpoint: Current Situation Still a "Classic Cyclical Bear Market"; Only a Lack of BTC Recovery in Q4 Would Be Worrisome
Lucy Gazmararian, founder of Token Bay Capital, stated that the recent Bitcoin price correction is more characteristic of a typical "mid-cycle bear market" rather than a structural market collapse. The market is currently in a normal adjustment phase within its historical cycle. Despite the price pressure on Bitcoin, no signs indicate that its long-term investment thesis has been broken. Therefore, this correction should be viewed more as cyclical volatility rather than a signal of fundamental deterioration in the crypto market.
However, Gazmararian also emphasized that if Bitcoin fails to show a clear recovery by Q4 of this year, it could signal the market entering a deeper adjustment or a phase of structural risk. Currently, investment interest in the AI sector is rising, particularly with the market's increasing focus on Anthropic's potential IPO. However, such capital flows belong to a different capital pool than native crypto capital. Thus, the AI investment boom does not necessarily imply a massive exodus of funds from the crypto market.
Weekly Update on Public Companies' Crypto Holdings
Representative Companies with BTC Treasury
According to SoSoValue data, as of 8:00 AM ET on June 8, 2026, the total weekly net BTC purchases by global public companies (excluding mining companies) amounted to $101 million, an increase of 925.38% compared to the previous week.
Strategy (formerly MicroStrategy) spent approximately $100 million last week to purchase 1,550 Bitcoins at a price of $65,332, bringing its total holdings to 845,256 BTC.
Japanese public company Metaplanet did not purchase Bitcoin last week.
Additionally, one other company purchased Bitcoin last week. Asset management firm Strive announced between June 1 and June 7 that it spent $2.05 million to purchase 32 Bitcoins at an average price of $63,911, bringing its total holdings to 19,032 BTC.
Capital B announced that online voting for its June 17 general meeting of shareholders is now open. The meeting will authorize the board to set up a capital increase of up to €5 billion nominal value and a debt instrument issuance quota of up to €100 billion nominal value for purchasing Bitcoin. Ethereum-heavy holder BitMine announced plans to replicate MicroStrategy's financing model by issuing up to $300 million in Series A perpetual preferred stock (ticker: BMNP) on the New York Stock Exchange, with an annualized dividend rate of 9.5% payable weekly, to raise substantial capital.
As of press time, the tracked global public companies (excluding mining companies) collectively hold 1,115,732 Bitcoins, an increase of 0.14% from last week. The current market value of these holdings is approximately $70.3 billion, representing 5.6% of Bitcoin's circulating market cap.
Michael Saylor: Strategy's USD Reserve Increases by $100 Million, Total Reaches $1 Billion
Strategy founder Michael Saylor stated that Strategy has increased its USD reserve by $100 million, bringing the total size to $1 billion.
Strategy previously disclosed adding 1,550 Bitcoins last week, further boosting its Bitcoin reserve to 845,256 BTC. Following this increase, Strategy remains one of the top publicly traded companies holding Bitcoin globally and further solidifies its Bitcoin-centric asset allocation strategy.
Strategy Announces STRC Dividend Payment Period Adjusted to Semi-Monthly
Bitcoin treasury company Strategy announced that the adjustment of the dividend payment mechanism for its perpetual preferred stock, STRC, has been approved by shareholders and will be distributed on a semi-monthly basis.
Capital B Plans to Raise $116.4 Billion via Credit Instruments to Increase BTC Holdings
French-listed company Capital B (ALCPB) is seeking shareholder approval to raise up to $5.82 billion via new share issuance and up to $116.4 billion via credit instruments to increase its BTC holdings.
Bitcoin treasury company Genius Group announced the official launch of its AI Treasury. The first investments in the AGI Infinity Portfolio have been completed, acquiring 10,000 shares of Destiny Tech100 and 800 shares of the Fundrise Innovation Fund, representing the initial capital for its phased plan to reach a $100 million AI Treasury target.
According to disclosed data, this allocation provides Genius Group with indirect exposure to several leading unlisted AI companies, including Anthropic (~16% of portfolio), SpaceX (11%), OpenAI (7.4%), Databricks (7.4%), Shield AI (2%), and Anduril Industries (0.7%). Genius Group stated it will continue to expand its AI Treasury scale through a monthly dollar-cost averaging plan over the coming months.
Representative Companies with ETH Treasury
FG Nexus Sells 10,000 ETH, Total Loss Exceeds $100 Million
A wallet labeled by Arkham as belonging to Nasdaq-listed company FG Nexus (0x4a2...b82) transferred 10,000 Ethereum, worth approximately $17.8 million, on Wednesday. FG Nexus accumulated 50,770 Ethereum between August and September 2025 at an average price of $3,860, with the then-portfolio valued at approximately $196 million.
Due to the drop in Ethereum's price to around $1,765, its original investment has incurred realized and unrealized losses exceeding $100 million. As of Thursday pre-market, FG Nexus shares fell 13.40% to $7.11.
Bitmine Discloses Increase of 126,971 ETH, Total Staked Amount Exceeds 4.718 Million ETH
Ethereum treasury company Bitmine Immersion Technologies disclosed an increase of 126,971 ETH last week. The company's current crypto asset holdings include 5,543,872 ETH, 204 BTC, equity in Eightco Holdings worth $88 million, and shares in Beast Industries worth $180 million. Additionally, the total amount of ETH staked by the company is 4,718,677 (totaling $7.7 billion based on $1,630 per ETH).
Representative Companies with SOL Treasury
Loss of Nearly $1.13 Billion: Forward Industries Deposits 455,000 SOL to Coinbase
According to Lookonchain monitoring, Forward Industries deposited 455,784 SOL, valued at $31.87 million, to Coinbase Prime after a month-long pause. Since launching its Solana reserve strategy in September 2025, Forward Industries has invested a total of approximately $1.59 billion, buying 6.83 million SOL at an average price of $232.08. Currently, the value of this 6.83 million SOL holding is only $458.6 million.
Representative Companies with Altcoin Treasury
Unrealized Profit Exceeds $1.1 Billion: Hyperliquid Strategies Holds Approximately 23.7 Million HYPE
As of June 5, 2026, DAT companies primarily holding Bitcoin, Ethereum, and Solana, such as Strategy and Metaplanet, have generally experienced significant unrealized losses. Data shows that Hyperliquid Strategies currently holds approximately 23.7 million HYPE. Although HYPE has retreated from its all-time high above $74 this week, the company still holds an unrealized profit exceeding $1.1 billion. Hyperion DeFi holds approximately 2 million HYPE, with an unrealized profit of about $35 million.
Hyperliquid treasury company Hyperion DeFi is unwinding two protocols totaling approximately $28.7 million, involving about 800,000 HYPE, representing roughly 40% of its total holdings. The stablecoin USDH underpinning these two transactions has effectively ceased operations. The larger of the two is a 500,000 HYPE protocol with the Felix Foundation, valued at $18.3 million as of March 31, which supported USDH-denominated trading activity in the HIP-3 perpetual contract market. The second is a temporary usage agreement for 300,000 HYPE with Native Markets, valued at $10.4 million on the same date, aimed at broader support for the USDH economy.
TON Strategy: Received 3.3 Million TON Staking Rewards in May, Income of Approximately $5.6 Million
Nasdaq-listed company TON Strategy disclosed that it received approximately 3.3 million TON in rewards from staking about 227 million Toncoin in May, equivalent to roughly $5.6 million at market price. The preliminary annualized staking yield is approximately 1.48%. The company has staked almost all of its TON holdings and supported a series of network upgrades that have taken effect in recent governance proposals, including improvements to smart contract execution efficiency, block synchronization, and validation capabilities to enhance throughput and scalability.
