Coin-Stock Barometer | Strategy Halts BTC Accumulation, Board Approves Up to $1.25 Billion BTC Sale Plan; Bitmine ETH Holdings Rise to 5.7 Million Coins (June 30)
- Core View: Last week saw clear divergence in the dynamics of global crypto-related listed companies. Net BTC purchases by BTC treasury companies plummeted by 83%, while ETH treasury company Bitmine significantly increased its holdings. The South Korean government launched an 800 trillion won investment plan betting on semiconductors. Micron's impressive earnings report boosted market confidence, and the inclusion of several crypto concept stocks in the Russell Index marks mainstream recognition.
- Key Elements:
- Global listed companies (excluding miners) recorded only $14.65 million in net BTC purchases for the week, a decrease of 83% month-over-month. Strategy did not buy and approved a plan to sell up to $1.25 billion in Bitcoin to optimize its capital structure.
- A Fidelity report shows that the number of listed companies holding at least 1,000 BTC has increased from 22 at the end of 2024 to 49, controlling nearly 5% of Bitcoin's supply.
- ETH treasury company Bitmine added 27,084 ETH last week, bringing its total holdings to 5.7 million ETH, representing approximately 4.7% of Ethereum's circulating supply.
- SOL treasury company Upexi raised $19.5 million through a private placement to repay debts and increase its SOL holdings. Solmate, on the other hand, faced a shareholder lawsuit due to mismanagement, and its stock price has fallen roughly 78% year-to-date.
- The South Korean government launched an 800 trillion won semiconductor investment plan. Micron reported Q3 revenue of $41.46 billion with an 84.9% gross margin, and its Q4 revenue guidance exceeded $50 billion, boosting sector confidence.
- The Russell Index has newly added crypto concept stocks such as Bitmine, Sharplink, and Galaxy Digital, indicating that crypto companies are gradually gaining recognition from the mainstream market.
Editor's Note: In last week's "Crypto-Stock Barometer" article, we mentioned that "South Korean regulators are considering measures to control retail investor risk-taking," but just as the semiconductor sector faced a pullback, the South Korean government unexpectedly pivoted to an ALL-IN approach, unveiling an "800 trillion won investment plan." (Recommended reading: "This Afternoon, South Korea Will Bet It All on the Next Decade's National Fortune"). Therefore, while the KOSPI may experience short-term corrections, the long-term upward trend remains dominant.
Furthermore, Micron's impressive earnings report last Wednesday, with a gross margin of 84.9% and revenue of $41.46 billion, and a projected Q4 revenue of $50 billion, far exceeded market expectations. The massive $100 billion in long-term supply agreements has also bolstered confidence for Micron and the broader US semiconductor sector. (Recommended reading:"Supernova Blowout: Micron's Earnings Reignite the Semiconductor Bull Run")
Another noteworthy development is the inclusion of several crypto-related publicly traded companies in the Russell indices, including ETH treasury firms like Bitmine and Sharplink, as well as established asset managers like Galaxy. As the DAT model marks its first anniversary, the few surviving crypto-concept stocks are gradually gaining mainstream market recognition. The next step involves the gradual validation of their business models and cash flow generation capabilities. (Recommended reading: "From SpaceX, Micron to Galaxy Digital: A Guide to the 37 New AI Companies and 7 Crypto Dark Horses in the Russell Indices")
Finally, news of ChangXin Memory Technologies' (CXMT) upcoming IPO and the recently signed $3 billion memory chip supply agreement with Tencent have refocused capital markets' attention on the domestic memory chip race in China. Coupled with Apple's previous lobbying efforts to persuade the US government to lift procurement restrictions on CXMT, next month's CXMT IPO could become another landmark listing worth participating in. Pre-IPO pricing is likely to become a fiercely contested arena for major platforms.
For more information on the crypto-stock market, please visit MSX.COM. (Odaily Note: The content of this article does not constitute investment advice and is for educational and informational purposes only.)
Weekly Update on Crypto-Related Public Companies
Representative Companies with BTC Treasury
Strategy Holds Steady, Weekly Net Buying by Bitcoin-holding Companies Plunges 83%
According to SoSoValue data, as of 8:00 AM ET on June 29, 2026, the total weekly net Bitcoin purchases by global publicly traded companies (excluding mining companies) amounted to $14.65 million, an 83% decrease from the previous week.
Strategy (formerly MicroStrategy) did not purchase Bitcoin last week. Concurrently, Strategy announced two securities buyback programs, each worth up to $1 billion, targeting Class A common stock and Digital Credit Preferred Stock (led by STRC with an annual dividend rate of 8% to 10%), aiming to optimize its capital structure without depleting existing USD reserves. To fund these buybacks and support general corporate expenses, the board also approved a Bitcoin monetization plan, allowing the company to sell Bitcoin to generate up to $1.25 billion in additional proceeds to bolster its USD Reserve. This would be used, when deemed more advantageous by management than issuing Class A common stock or other capital market transactions, to pay dividends and interest on outstanding preferred stock (or to replenish the USD Reserve after such payments), as well as to directly provide additional funding for the aforementioned buyback programs (including related taxes and transaction costs). While this move authorizes potential Bitcoin sales, it currently serves as a strategic backstop for the buybacks, representing a "preparation without selling" stance. MicroStrategy's core logic has shifted from an initial phase of "aggressively expanding the balance sheet" to a more sophisticated operational phase focused on "utilizing crypto assets to optimize equity capital structure and reduce the capital costs associated with high-yield securities."
Japanese listed company Metaplanet did not purchase Bitcoin last week, marking 10 consecutive weeks without a purchase.
Additionally, two other companies bought Bitcoin last week. Hong Kong-based globalization digital health, consumer goods sales, and AI computing power technology group CIMG announced the completion of the first tranche of a large stock and warrant offering, receiving $13.5 million paid in Bitcoin (207.7 BTC at an average price of $65,000), bringing its total holdings to 937.7 BTC. Brazilian Bitcoin company OrangeBTC announced on June 29 that it invested $4.9 million to purchase 74 BTC at $66,233, bringing its total holdings to 3,896 BTC.
As of press time, the total Bitcoin holdings of global publicly traded companies (excluding mining companies) tracked stand at 1,142,484 BTC, an increase of 0.02% from last week, with a current market value of approximately $68.52 billion, representing 5.7% of Bitcoin's circulating market cap.
Fidelity: Number of Public Companies Holding Over 1,000 BTC More Than Doubles Year-over-Year
Fidelity Digital Assets reported that as of the end of 2025, the number of publicly traded companies holding at least 1,000 BTC increased to 49 from 22 at the end of 2024. These companies now control nearly 5% of the Bitcoin supply.
Among them, Strategy holds approximately 847,000 BTC, Twenty One Capital holds about 43,500 BTC, Metaplanet holds roughly 40,000 BTC, and MARA Holdings holds about 36,000 BTC. As of early June 2026, between 170 and 199 publicly traded companies held approximately 1.265 million BTC, representing 6% of the total supply and valued at around $76 billion. During May 2026, public companies net added 43,557 BTC, with entities like SpaceX appearing on the holder list.
Strategy Board Approves Plan to Sell Up to $1.25 Billion in Bitcoin
Strategy launched the "Digital Credit Capital Framework" on Monday, disclosing conditions under which it might sell Bitcoin in the future. The company's board has approved a plan allowing Strategy to sell up to $1.25 billion worth of Bitcoin to replenish cash reserves, fund payments for products like Stretch (STRC), or repurchase common stock and other securities when appropriate.
Strategy co-founder and Executive Chairman Michael Saylor stated that the company remains committed to Bitcoin as its primary treasury reserve asset, but noted that Digital Credit requires liquidity, discipline, and proactive capital management. Saylor stated the framework aims to enhance credit quality and reduce anticipated preferred stock dividend payments when accretive.
Strategy did not announce new Bitcoin purchase plans this time and stated its USD Reserve has been restored to $2.25 billion. The company stated that at current levels, its cash reserves can cover approximately one and a half years of dividend payments.
Representative Companies with ETH Treasury
Bitmine Adds 27,084 ETH Last Week, Holdings Rise to 5.7 Million
Bitmine Immersion Technologies purchased 27,084 ETH for approximately $43 million last week, bringing its total holdings to 5.7 million ETH, representing about 4.7% of Ethereum's circulating supply.
The company currently controls approximately $9.8 billion in crypto assets, cash, and investments, and is nearing its target of holding 5% of all ETH, though its recent purchase pace has slowed. Chairman Tom Lee attributed the recent crypto price weakness to quarter-end "window dressing."
Sharplink Purchases Total of 39,196 ETH Last Week, Valued at Approximately $62.43 Million
Last week, SharpLink Gaming purchased a total of 39,196 ETH, valued at approximately $62.43 million. The company's ETH holdings now exceed 202,000.
FG Nexus Sells Another 3,375 ETH, Loss Exceeds $86.8 Million
ETH treasury company FG Nexus has sold another 3,375 ETH for $5.34 million, bringing its total realized loss to over $86.8 million. FG Nexus previously purchased 50,770 ETH for $196 million and has now sold 41,675 ETH for $94.51 million.
Representative Companies with SOL Treasury
Nasdaq-listed Solana treasury company Upexi announced it has signed a securities purchase agreement to sell approximately 12.24 million shares of common stock (or equivalent pre-funded warrants) at an issuance price of approximately $1.60 per share via private placement, raising a total of $19.5 million. New funds will be used to repay existing debt and continue increasing its SOL strategic reserve.
Largest External Shareholder of Solana Treasury Company Solmate Sues Board
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 breaches of fiduciary duty, misleading statements, and self-dealing.
RBCH is associated with RockawayX founder and CEO Viktor Fischer and currently holds approximately 22.74% of Brera Holdings, Solmate's parent company. The institution led Solmate's $300 million PIPE financing in September 2025, committing $50 million.
The lawsuit alleges that the Solmate board engaged in multiple actions detrimental to shareholder interests, including selling stock while other investors were under lock-up periods, 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 approximately 20% dilution for other shareholders. The plaintiff claims the transaction was illegal.
Fischer stated that Solmate has significantly underperformed, currently trading at approximately a 50% discount to net asset value, attributing the issues to poor management and board self-dealing. Solmate's books show it holds approximately 2 million SOL. Its stock price is down approximately 78% year-to-date, making it one of the worst-performing SOL DATs. In comparison, SOL is down approximately 50% over the same period.
Representative Companies with Altcoin Treasury
Zcash Mining Firm Plans Merger with HeartSciences, Latter's Stock Surges Over 55%
Fortitude Mining, a Zcash mining firm under Digital Currency Group, announced it has signed a definitive merger agreement with HeartSciences Inc., a Nasdaq-listed small-cap medical technology company, to merge the two entities. Following the news, HeartSciences' stock price rose as much as 60% during Tuesday's trading session, closing up approximately 55% at $2.70.
Fortitude primarily engages in Zcash mining. Despite ZEC's recent weak performance, DCG founder and CEO Barry Silbert stated that Zcash represents one of the most attractive opportunities in the digital asset space.
Fortitude CEO Andrea Childs stated that the merger is not based on business synergies but rather to gain access to the public capital markets, thereby obtaining more flexible financing channels to accelerate its core strategy, which includes a "venture mining" platform focused on Zcash, and to continue pursuing high-return opportunities within its power asset portfolio.
The parties expect the transaction to close in the second half of this year. The deal also indicates that some crypto mining firms are attempting to access capital markets through mergers with publicly traded companies to support future expansion.
YZi Labs Management, the managing entity of YZi Labs, announced it has reached an agreement with Nasdaq-listed CEA Industries (BNC) to drive further optimization around digital asset strategy and corporate management. According to the agreement, BNC and YZi Labs will jointly seek an independent director with experience in digital assets, capital markets, and public company governance to further improve the board structure. David Namdar, who previously served as CEO, will continue his existing duties during the transition period. YZi Labs has agreed to terminate its previously initiated shareholder consent solicitation and withdraw related requests for books and records inspection and stockholder list dates. This agreement signifies an end to the previous potential governance differences between the parties, shifting towards promoting the company's development through board restructuring and management optimization.
Nasdaq-listed SUI Group Holdings Limited announced it has expanded its strategic lending partnership with Bluefin, a decentralized exchange on the Sui ecosystem. According to an amended digital currency loan agreement, SUI Group will lend an additional 4 million SUI to Bluefin, bringing the total loan size to 6 million SUI. Concurrently, the company has increased its revenue share from the initial 5% to 11%, payable in SUI. The new funds will be used to support Bluefin's participation in the financing transaction for Bluewater's acquisition of Suilend, the largest lending and DeFi platform on the Sui blockchain.
