Coin-Stock Barometer丨Global BTC Treasury Companies Net Sell $15.92 Million in a Single Week; Bitmine Increases Holdings of 9,946 ETH and Repurchases 6.1 Million Common Shares Over the Past Week (July 28)
- Core Viewpoint: The global capital market remains in a phase of intense deleveraging. Crypto-concept stocks are collectively adjusting their strategies, selling off Bitcoin, repaying debt, and pivoting to AI businesses to cope with falling share prices and deteriorating financing conditions.
- Key Elements:
- Global Macro: Leverage in US stocks continues to increase, with margin debt rising to a record high of $1.53 trillion, exposing the market to contagion risk during earnings season.
- BTC Treasury Cooling: Listed companies recorded a net sell-off of $15.92 million in Bitcoin over a single week. Strategy (formerly MicroStrategy) realized net proceeds of $544.5 million from selling MSTR shares.
- Current Holdings: Listed companies worldwide collectively hold approximately 1.14 million Bitcoin, valued at $74.16 billion, representing 5.7% of Bitcoin's circulating market cap.
- Treasury Model Transformation: Companies like Satsuma, Smarter Web, and KULR are selling BTC to repay debt or buy back shares, with some pivoting towards AI data center operations.
- ETH and SOL Holdings: Bitmine increased its ETH holdings by 9,946 tokens within a week, bringing total holdings to 5.7874 million. Over the past 30 days, Forward Industries added 500,000 SOL tokens to its treasury.
Editor's Note: In last week's "Crypto-Stock Indicator" article, we provided a brief commentary on markets including the Korean stock market, US stocks, A-shares, and crypto-related stocks. Our view remains that major global capital markets are in a phase of aggressive deleveraging and bubble clearing in the short term.
Over the past week, South Korea's stock market experienced its 8th market-wide circuit breaker this year. The US stock storage sector saw a slight rebound, but it was insufficient to counter the overall downward trend. Although ChangXin Memory Technologies (CXMT) listed on the STAR Market of the A-share market, the broader market still saw a modest pullback, and the storage sector failed to establish an independent trend. This week, the US stock market enters a heavy week of earnings reports. Following previous earnings releases from Tesla, Google, and others, stocks saw significant drops. Investors should be aware of the knock-on risks associated with related news. On the data front, leverage in US stocks continues to increase: As of June, the net credit balance in US brokerage accounts fell by approximately $70 billion in a single month to negative $1.061 trillion, a historic low. During the same period, margin debt increased by about $86 billion to $1.53 trillion, rising for the third consecutive month and setting a new record.
Regarding crypto-related stocks, numerous BTC treasury-listed companies have once again liquidated assets or sold BTC, signaling a bearish or neutral stance on the crypto market's outlook. Although various indicators and the closure of several crypto exchanges previously suggested that a bear market bottom might have been reached, based on the current situation, it is difficult to conclude that crypto-related stocks will not decline further.
More information on crypto and stock markets can be found at MSX.COM. (Odaily Note: This article is for educational and discussion purposes only and does not constitute investment advice.)
Weekly Updates on Listed Crypto and Stock Companies
Representative BTC Treasury Companies
According to SoSoValue data, as of 8:00 AM Eastern Time on July 27, 2026, the total net sales of Bitcoin by global listed companies (excluding mining companies) for the previous week were $15.92 million, a decrease of 1,296.99% compared to the previous week.
Official filings show that Strategy did not purchase Bitcoin last week. Between July 20 and 26, it sold approximately 5.43 million shares of MSTR, generating net proceeds of $544.5 million, and spent $25 million to repurchase 288,930 shares of STRC preferred stock.
Japanese listed company Metaplanet did not purchase Bitcoin last week.
Additionally, three other companies bought or sold Bitcoin last week. KULR Technology Group, a provider of aerospace-grade defense battery thermal management and safety solutions, announced on July 24 that it generated approximately $21.5 million in revenue from July 9, 2026, to July 23, 2026. It sold 333 Bitcoins at $64,538 each, reducing its total holdings to approximately 760 BTC. Asset management company Strive announced on July 27 that it spent $5.19 million to purchase 79 Bitcoins at $65,723 each, bringing its total holdings to approximately 20,000 BTC. Brazilian Bitcoin company OrangeBTC announced on July 27 that it spent $394,500 to purchase 6 Bitcoins at $65,742 each, bringing its total holdings to 3,918 BTC.
Metaplanet's subsidiary, Bitcoin Japan, announced a convertible bond financing agreement with EVO Fund, aiming to raise 9.66 billion Japanese yen (approximately $59.5 million) to establish a crypto asset treasury.
As of press time, global listed companies (excluding mining companies) tracked hold a total of 1,139,480 Bitcoins, a decrease of 0.02% from the previous week. Their current market value is approximately $74.16 billion, representing 5.7% of Bitcoin's circulating market cap.
Metaplanet Acquires Siiibo Securities, Plans to Build Bitcoin Fixed Income Market in Japan
Japanese listed company Metaplanet has acquired Siiibo Securities, which holds a Type 1 financial instruments business license, allowing it to design and sell securities in Japan. Research firm Benchmark notes that while the market generally views this acquisition, worth approximately 2.1 billion yen (about $13 million), as a small-scale expansion, Metaplanet's actual plan is to use this as a foundation to issue Bitcoin-backed bonds ("Bitbonds") with an annualized yield of approximately 4% to 6%, and subsequently migrate them on-chain and settle via stablecoins, gradually forming a secondary market.
KULR Technology Sells 333 Bitcoin, Fully Repays $20 Million Coinbase Credit Line
BitcoinTreasuries.NET reported that listed company KULR Technology has sold 333 Bitcoins to fully repay its $20 million Coinbase credit line. It currently holds a total of 760 BTC.
With the significant pullback in Bitcoin's price, listed companies that had heavily accumulated BTC are facing multiple challenges, including falling stock prices, debt pressure, and a deteriorating financing environment. Some companies have begun selling Bitcoin, repaying debts, and even pivoting towards Artificial Intelligence (AI) data center operations.
Strategy pioneered the "Digital Asset Treasury (DAT)" model, continuously buying Bitcoin through financing and borrowing, prompting a wave of listed companies to follow suit. However, as the BTC price fell from its high of approximately $126,000 set in October 2025, accumulating a total decline of about 50%, the stock prices of related companies also shrank significantly, forcing them to reassess their BTC accumulation strategies.
This week, London-listed Satsuma Technology shareholder approved the liquidation of all 668 BTC held, returning capital to shareholders while proceeding with delisting. Another London-listed company, The Smarter Web Company, sold 178 BTC to repay convertible debt.
Furthermore, Sequans Communications has sold 1,025 BTC and further sold nearly 80% of its remaining holdings to repay convertible bonds. The company stated it will not continue buying Bitcoin and plans to sell the remaining approximately 658 BTC.
Nakamoto's stock price has fallen approximately 99% since its SPAC listing in May 2025. It recently sold about 284 BTC, raising roughly $20 million for working capital. Of its remaining approximately 5,342 BTC, nearly 70% has been pledged as collateral for a Kraken loan, leading market participants to view it as a potential risk event.
Meanwhile, Bitcoin mining companies are also adjusting their strategies. Companies like Bitdeer Technologies and MARA Holdings are selling portions of their BTC to repurchase shares, repay debt, and redirect energy resources and computing infrastructure towards AI data center operations.
Other companies selling BTC include Empery Digital. Data shows that Strategy has recently sold approximately 3,620 BTC and authorized further asset sales to maintain its USD reserves.
Nevertheless, Strategy remains the world's largest corporate Bitcoin holder, with holdings exceeding 840,000 BTC. CEO Michael Saylor indicated that while the company might sell some Bitcoin in the future to pay dividends, this does not signify a retreat from Bitcoin investment. Beyond asset adjustments, management and capital operations at some Bitcoin treasury companies are also changing. Jack Mallers has stepped down as CEO. Adam Back's Bitcoin Standard Treasury Company (BSTR) also failed to complete its proposed merger due to worsening market conditions.
Analysts believe that with rising financing costs and increased BTC price volatility, the "borrow-to-buy-BTC" treasury model is undergoing a reshuffle. Some companies are shifting from simply hoarding Bitcoin towards AI infrastructure and business transformation that offer stronger cash flow generation capabilities.
Matthew Sigel, Head of Digital Assets Research at VanEck, stated that since 2026, multiple listed companies adopting the Digital Asset Treasury (DAT) strategy have abandoned or adjusted their Bitcoin reserve strategies. Among them, Satsuma Technology, Bitdeer, Prenetics, Genius Group, Vaultz Capital, and MAIA Biotechnology have sold all their Bitcoin or digital asset holdings. Companies like MARA Holdings, Strategy, Nakamoto, Smarter Web Company, and Cango have sold portions of their Bitcoin to repay debt, buy back shares, or supplement working capital. Additionally, firms like Exodus and DigitalX have shifted from simply holding coins to actively managing their digital asset positions.
Empery Digital Invests $20 Million in CDP for AI Data Center Expansion Strategy
Nasdaq-listed Bitcoin treasury company Empery Digital announced it has completed a $20 million strategic investment in preferred shares of AI data center developer Cardinal Data Power (CDP). Upon completion of the transaction, Empery holds approximately an 8% equity stake in CDP. This investment is a significant component of CDP's total $70 million Series A funding round. The raised capital will be entirely used to fund the construction of its first AI data center campus in West Texas, USA.
Representative ETH Treasury Companies
Bitmine Increases ETH Holdings by 9,946 and Repurchases 6.1 Million Common Shares Over the Past Week
Bitmine Immersion Technologies increased its ETH holdings by 9,946 tokens over the past week and repurchased 6.1 million common shares. As of July 27, Beijing time, its total ETH holdings rose to 5.7874 million tokens, representing approximately 4.8% of Ethereum's total supply.
Representative SOL Treasury Companies
According to Coingecko data, over the past 30 days, among SOL treasury companies, only Forward Industries increased its holdings on June 30, adding 500,000 SOL. Its total holdings increased to 7.55 million SOL, valued at nearly $554 million.
Representative Altcoin Treasury Companies
None.
