Crypto-Stock Barometer丨BitMine’s Holdings and Total Investment Reach $10.7 Billion, Surpassing Approximately $9.3 Billion in Unrealized Losses; Strategy Only Purchased 520 BTC, Strive Goes Against the Trend to Increase Holdings (June 23)
- Core View: The current global stock market is heavily reliant on sentiment-driven hype surrounding the AI boom. The market is shifting from blindly pursuing AI concepts to demanding actual performance. Liquidity tightening has become the primary threat to U.S. stocks, with stock markets in Japan and South Korea already experiencing significant corrections.
- Key Factors:
- Stock markets in Japan and South Korea suffered heavy losses. South Korea's KOSPI index plummeted nearly 10%, Japan's Nikkei 225 closed down 3.55%, U.S. stock futures also fell, and large-cap tech stocks led the decline.
- Morgan Stanley believes that liquidity tightening, rather than interest rate hikes, is the main risk for U.S. stocks. It anticipates increased market volatility in July, potentially leading to a correction.
- Regarding corporate Bitcoin reserves, Strategy only purchased 520 BTC last week, while asset management company Strive bucked the trend by adding 759 BTC to its holdings.
- ETH treasury company BitMine bought 52,203 ETH in the past week. Its total holdings account for 4.7% of the total ETH supply, making it the world's largest corporate treasury.
- Performance among Solana treasury companies diverged. Solmate is being sued by shareholders over management issues, and its stock price has fallen approximately 78% year-to-date, significantly underperforming SOL itself.
Editor's Note: In last week's "Crypto-Stock Market Compass" article, we mentioned that "the stock market focus remains on areas related to the AI industry chain, such as optics, storage, and materials." Subsequently, related individual stocks and ETF leveraged funds rose on this momentum. Additionally, the "Trump Quantum Computing Concept" sector we previously highlighted has once again attracted high-level U.S. government attention and long-term plans, with IBM experiencing another uptick.
However, as predicted by the well-known research firm Citrini, the U.S. stock market may be facing a significant correction-style washout. Stock markets in Japan and South Korea followed suit today: South Korea's KOSPI index closed sharply down nearly 10%, while Japan's Nikkei 225 index fell 3.55%. On the other hand, the "storage boom" driven by the AI wave is also facing a test. The total market value of leveraged ETFs for SK Hynix and Samsung Electronics shares has grown to around 10 trillion Korean won. Regulators, concerned about the risk of retail investors chasing highs, are considering taking relevant measures.
After hitting new highs, SpaceX's stock price fell over 16% in a single day, now dropping below its initial offering price of $150. Unless Musk delivers more, the stock may continue to face downward pressure. However, considering potential future index inclusion and limited unlock events, a rebound remains possible.
As for the crypto-concept stock sector, treasury companies like Strategy, Bitmine, and Sharplink continue to finance and accumulate holdings, but a counter-trend rally may be difficult before Q4. The progress of US-Iran peace talks and the Fed's subsequent actions are also key market focal points. Micron's earnings report on Wednesday may determine the duration of the near-term market correction. Recommended reading: "Micron Earnings on Wednesday: Reduce Position Risk and Wait for Cheap Entry Points in the Storage Sector".
In summary, major markets including the US, Japan, South Korea, Taiwan, Hong Kong, and China A-shares remain highly dependent on sentiment-driven speculation fueled by the AI boom. Until OpenAI and Anthropic launch their IPOs, these markets will likely continue to experience sustained upward movements with high volatility, driven by sentiment and news flow.
For more information on crypto and stock markets, please refer to MSX.COM. (Odaily Note: This content is for informational and educational purposes only and does not constitute investment advice.)
European and U.S. Stock Index Futures Decline; Japanese and South Korean Markets Correct
U.S. Stock Futures Plunge, Large Tech Stocks Lead the Downturn Again
U.S. stock futures fell on Tuesday as selling in mega-cap tech stocks spilled over into Asian AI-related equities, with investors also awaiting further progress in US-Iran negotiations.
Asian tech sub-sectors took a heavy hit on Tuesday, snapping an eight-day winning streak. Japanese and South Korean markets corrected broadly, with the KOSPI plunging nearly 10%. Mega-cap tech stocks are currently moving in sync. Alphabet showed weakness, while SpaceX fell as the IPO frenzy subsided. Bearish sentiment is spreading to other leading tech stocks, prompting a renewed cautious stance on the sector. This marks a stark contrast to last year, when almost any AI-related company was considered a "gold mine" and any business mentioning AI was chased by the market. Now, the market is entering a phase demanding tangible results, with investors requiring real returns on massive AI infrastructure spending.
This is particularly pronounced for companies like SpaceX, which have negative cash flow yet still raised $75 billion from their IPO. This shift is keeping market sentiment on edge. This week, market focus will turn to Micron Technology's earnings conference call. "Many investors hold AI stocks and have seen substantial gains; any volatility could prompt them to reduce positions and lock in profits,"
said Jian Shi Cortesi, a fund manager at Gam Investment Management. "Tech stocks are also particularly sensitive to the interest rate outlook and potential Fed rate hikes."
Morgan Stanley: Liquidity Tightening is the Main Threat to US Stocks
Mike Wilson, Chief Investment Officer and Chief US Equity Strategist at Morgan Stanley, stated that liquidity, not rate hikes, is the primary risk currently facing US equities. He noted that the size of the reserve management program has declined by about 75% from its peak, and the scale of Treasury buybacks has also been reduced by 50%. Wilson expects the US stock market to be volatile in July with a potential correction, and the next leg up in the earnings-driven bull market may be delayed until liquidity headwinds subside.
Weekly Updates on Listed Crypto-Related Companies
Representative BTC Treasury Companies
According to SoSoValue data, as of 8:00 AM EST on June 22, 2026, the total weekly net Bitcoin purchases by global listed companies (excluding mining companies) amounted to $86.03 million, a decrease of 13.97% compared to the previous week.
Strategy (formerly MicroStrategy) spent approximately $34.9 million last week to purchase 520 Bitcoins at an average price of $67,068, increasing its total holdings to 847,363 BTC.
Japanese listed company Metaplanet did not purchase Bitcoin last week, marking its ninth consecutive week without buying.
In addition, four other companies bought Bitcoin last week. Japanese food brand DayDayCook announced on June 17 that it spent $7.43 million to purchase 95 BTC at an undisclosed price, bringing its total holdings to 2,899 BTC. Brazilian Bitcoin company OrangeBTC announced on June 21 that it invested $1.15 million to purchase 18 BTC at $64,121 each, bringing its total holdings to 3,822 BTC. Asset management firm Strive announced between June 15 and June 21 that it spent $49.98 million to purchase 759 BTC at $65,850 each, bringing its total holdings to 19,864 BTC.
As of press time, the total Bitcoin holdings of tracked global listed companies (excluding mining companies) amount to 1,142,276 BTC, an increase of 1.87% compared to last week. The current market value is approximately $74.17 billion, representing 5.7% of the circulating Bitcoin market cap.
Mara Holdings Increases Holdings by 1,000 BTC, Total Reaches 36,303 BTC
According to monitoring by BitcoinTreasuries.NET, publicly listed company Mara Holdings added 1,000 BTC last week, bringing its total holdings to 36,303 BTC.
Shareholders of the Bitcoin treasury company have approved a massive financing plan. The company can raise up to approximately $5.76 billion through new share issuance and up to about $115.2 billion through credit instruments for further Bitcoin accumulation. This plan indicates that Capital B will rely on both equity financing and debt instruments to expand its crypto asset exposure, potentially increasing the correlation of its capital structure with the BTC price.
At current prices, the financing scale theoretically supports the purchase of over 1.87 million BTC, highlighting a potential continued strengthening of its "Bitcoin treasury" asset allocation strategy.
BitFuFu Announces Up to $5 Million Share Buyback Program
Nasdaq-listed Bitcoin mining company BitFuFu (NASDAQ: FUFU) announced that its board has approved a share buyback program of up to $5 million. Under the plan, the company can repurchase its Class A ordinary shares over two years starting June 24, 2026.
BitFuFu Chairman and CEO Leo Lu stated that this buyback program reflects the company's strong confidence in long-term shareholder value, prudent capital allocation, and long-term strategic development. The company will continue to advance its global infrastructure expansion and hashrate growth strategy, aiming to scale its computing power.
Representative ETH Treasury Companies
BitMine: Purchased 52,203 ETH Worth $92 Million Over the Past Week
As of June 21, 2026, the total value of BitMine's crypto assets, cash, marketable securities, and "Moonshots" investments reached $10.7 billion. Its crypto asset holdings include 5,672,956 ETH and 205 BTC.
Additionally, BitMine has staked 4,718,677 ETH, with its ETH holdings representing 4.7% of the total ETH supply, making it the world's largest corporate ETH treasury. In the past week, BitMine purchased a total of 52,203 ETH, valued at $92 million.
Sharplink Completes $75 Million Private Placement, Plans to Expand ETH Reserves and Repurchase Shares
Sharplink announced it has signed a securities purchase agreement to sell 10.0134 million common shares and warrants for an equal number of shares, raising approximately $75 million. Proceeds will be used for working capital, continuing to accumulate ETH assets, and repurchasing company shares under a buyback program. As of June 16, Sharplink held a total of 875,776 ETH.
Representative SOL Treasury Companies
Top Five Listed Solana Treasury Companies Hold Over 15.7 Million SOL
Several listed companies are adding Solana to their balance sheets alongside Bitcoin and Ethereum. Based on currently disclosed holdings, the top five Solana treasury companies collectively hold over 15.7 million SOL.
Forward Industries holds 7,044,079 SOL, ranking first. Upexi holds 2,361,931 SOL, ranking second. DeFi Development Corp. holds 2,294,576 SOL, in third place. Solana Company holds 2,071,127 SOL, and SkyAI disclosed holding approximately 2,000,000 SOL on its balance sheet, ranking fourth and fifth respectively.
Forward Industries has staked all its SOL treasury assets and previously disclosed generating approximately $4.6 million in staking revenue in Q4. DeFi Development Corp. established a $5 billion equity credit line in June 2026 for strategic purchases of Solana. Solana Company was renamed from medical device company Helius Technologies. SkyAI was renamed from Sharps Technology.
Solana Treasury Company Solmate's Largest External Shareholder Sues Board of Directors
RBCH, the largest external shareholder of Solana digital asset treasury company Solmate Infrastructure (SLMT), has sued the company's current executives and directors in the New York State Supreme Court, alleging breach of fiduciary duty, misleading statements, and self-dealing.
RBCH, associated with RockawayX founder and CEO Viktor Fischer, currently holds approximately 22.74% of shares in Solmate's parent company, Brera Holdings. The entity led Solmate's $300 million PIPE financing in September 2025 and had committed $50 million.
The lawsuit claims that the Solmate board engaged in several actions detrimental to shareholder interests, including selling shares while other investors were still under lock-up, signing advisory agreements favoring board-related parties, and directors Ron Sade and Keren Maimon personally purchasing approximately 2.298 million Class B shares at $4.97 per share, resulting in a roughly 20% dilution for other shareholders. The plaintiff alleges these transactions were illegal.
Fischer stated that Solmate has significantly underperformed, trading at roughly a 50% discount to its net asset value, attributing the issues to poor management and board self-dealing. Solmate currently holds about 2 million SOL on its books, and its stock price has fallen approximately 78% year-to-date, making it one of the worst-performing SOL DATs. Comparatively, SOL fell about 50% over the same period.
Representative Altcoin Treasury Companies
Canton Strategic Launches $50 Million Share Buyback Program
Nasdaq-listed Canton Coin treasury company Canton Strategic announced that its board has approved a $50 million share buyback program. The repurchase will be executed through the open market or other compliant methods under US securities laws. However, the timing, scale, and method of execution may be adjusted or terminated based on market conditions, stock performance, trading volume, and the regulatory environment. The company does not commit to a minimum or fixed repurchase amount.
Litecoin Treasury Company Lite Strategy Leads $1 Million Strategic Investment in LitVM
Nasdaq-listed Litecoin treasury company Lite Strategy announced it is leading a $1 million strategic investment in LitVM, gaining governance participation rights and potential future token subscription opportunities. LitVM is a zero-knowledge Layer 2 scaling network built on Litecoin. The new funding will support bringing smart contract capabilities and a programmable application layer to Litecoin after its mainnet launch.
