币股风向标丨Strategy抛售MSTR股票变现20.07亿美元；BitMine上周增持32447枚ETH，资产规模达149亿美元（8月25日）
- 核心观点：受益于美国监管利好与政策风向转变，加密市场持续一周上涨，BTC突破81000美元、ETH突破2500美元，带动Strategy、Bitmine等加密概念股大幅反弹。与此同时，对冲基金大幅削减美股多头敞口，叠加AI叙事进入证伪期与国债收益率高企，市场对美股前景趋于谨慎。
- 关键要素：
- 上周对冲基金净卖出美股规模创2025年4月以来最大单周水平，其中个股占53%，集中于信息技术、工业等9个行业，结束此前连续3周净买入。
- 上市公司单周净买入比特币8,148万美元，环比增加1,431.6%；Strategy未买卖BTC，但出售MSTR股票套现20.07亿美元，持有840,447枚BTC，账面盈利约25.3亿美元。
- BitMine持有584.76万枚ETH（占总供应量4.8%），资产规模达149亿美元；董事长Tom Lee表示以太坊市值反超比特币是"站得住脚的说法"。
- Strive CEO称比特币牛市才刚刚开始，仍保持All-in；BSTR终止与Cantor合并，称市场环境致融资工具在财库策略中的作用受限。
- 摩根大通策略师指出，AI交易热潮类似1999-2000年科技泡沫，科技板块持仓过度集中加大调整风险；网红经济学家付鹏称市场处于AI商业闭环的"证明证伪真空期"，逻辑转向"资本支出军备竞赛的惩罚"。
- Druckenmiller二季度买入Bitdeer 410万股（价值6470万美元）和Hyperliquid Strategies 290万股（价值2310万美元），与Jane Street、Citadel等机构增持方向一致。
Editor's Note: In the last week's Crypto-Stock Market Barometer outlook section, we estimated that the crypto market might see a turnaround in late September, but the reflexivity of the market once again showcased its captivating nature. Thanks to favorable regulatory developments from the U.S. government, statements from Trump, and positive policy signals, the crypto market experienced an overnight bull run that has persisted for a week now. BTC briefly surpassed $81,000, and ETH briefly exceeded $2,500. Driven by this market movement, many crypto-related stocks have rebounded sharply, with notable performances from Strategy, Bitmine, and Circle. For more data on rebounds from lows, we recommend reading"BTC Returns to $80,000, Crypto Stocks Finally Stand Tall".
On the other side, Japanese and South Korean stock markets are still in a price recovery phase; the U.S. storage sector is also experiencing a period of downturn, and AI-related stocks have seen a significant slowdown in gains. According to macroeconomic account The Kobeissi Letter post, last week, hedge funds recorded their largest weekly net selling of U.S. stocks since the "Liberation Day" week in April 2025, ending three consecutive weeks of net buying. Individual stocks accounted for approximately 53% of total sales, with 9 out of 11 sectors seeing net selling, mainly concentrated in information technology, industrials, utilities, healthcare, and materials. Meanwhile, macro products such as index futures and ETFs accounted for approximately 47% of total sales. Additionally, hedge funds slightly increased their short positions in U.S.-listed ETFs, ending six consecutive weeks of short covering, indicating that hedge funds are significantly reducing their long exposure to U.S. stocks.
On another front, internet-famous economist Fu Peng recently shared his views, noting that the market is currently in a vacuum period of proving or disproving AI (complete viable business closed-loop). Market euphoria is cooling, shifting from the "reward for capital expenditure arms race" logic to the "penalty for capital expenditure arms race." In this environment, the previous punishment of Alphabet for its free cash flow turning negative and the pivot toward Apple in the U.S. stock market are classic examples of this shift. Now, similar dynamics are playing out among Chinese internet giants.
JPMorgan strategist Jason Hunter pointed out that the current AI trading boom shares similarities with the tech bubble of 1999-2000. Overly concentrated positioning in the tech sector could increase the risk of a correction. Additionally, persistently rising U.S. Treasury yields, geopolitical tensions in the Middle East, and slowing consumer spending were also cited by JPMorgan as potential sources of market pressure. Based on this view, the upcoming September may not bode well for the U.S. stock market.
For more crypto-stock market information, please refer to MSX.COM. (Odaily Note: The content of this article does not constitute investment advice and is for learning and exchange purposes only.)
Weekly Updates on Listed Crypto-Related Companies
Representative BTC Treasury Listed Companies
According to SoSoValue data, as of 8:00 AM ET on August 24, 2026, the total weekly net buying of Bitcoin by global listed companies (excluding mining companies) stood at $81.48 million, an increase of 1,431.6% compared to the previous week.
Strategy did not purchase or sell Bitcoin last week but sold 18,261,118 shares of MSTR common stock, generating $2.007 billion in proceeds.
Japanese listed company Metaplanet did not purchase Bitcoin last week, marking six consecutive weeks without any Bitcoin purchases.
Additionally, two other companies announced Bitcoin purchases last week. Asset management firm Strive announced on August 24 that it spent $81.48 million last week to purchase 1,110 BTC at $73,409 per coin, bringing its total holdings to approximately 21,356 BTC. Ethereum asset company Bitmine announced on August 24 that it purchased 1 BTC without disclosing the specific amount, bringing its total holdings to 210 BTC.
Furthermore, Boyaa Interactive announced on August 20 that it spent $7.35 million in Q2 2026 to purchase 108 BTC at approximately $68,047 per coin, bringing its total holdings to 4,201 BTC as of June 30, 2026.
As of press time, the global listed companies (excluding mining companies) tracked in our statistics hold a combined total of 1,140,751 BTC, an increase of 0.1% from last week, with a current market value of approximately $89.52 billion, representing 5.7% of Bitcoin's circulating market cap.
Strategy Holds 840,447 BTC with Unrealized Gains of Approximately $2.53 Billion
Bitcoin treasury company Strategy holds 840,447 BTC with an average purchase price of $75,385. After Bitcoin rose for five consecutive days and broke above $78,000, the position returned to profitability for the first time since July.
At a Bitcoin price of $78,400, the position is valued at approximately $65.89 billion, representing unrealized gains of approximately $2.53 billion against the invested $63.36 billion, a return of approximately 4%. Over the past six weeks, the position's value has changed by approximately $15.5 billion.
Since May, Strategy has sold 6,948 BTC, realizing approximately $432.5 million. During the same period, the company raised $334 million through MSTR stock sales, allocating funds to preferred stock dividends, STRC buybacks, and dollar reserves, the latter currently standing at $6.7 billion.
Strive CEO: The Bitcoin Bull Market Is Just Beginning; Company Remains All-In
Strive CEO Matt Cole stated in a post that February 19 marked the bottom of the current bear market for ASST. Despite extreme market pessimism toward the company at the time, his conviction in Bitcoin and the company's long-term strategy never wavered. During that period, company executives and directors purchased ASST shares with their own funds, and some directors resigned from the board to join the company full-time. Strive noted that while ASST's stock price has surged significantly and market sentiment has clearly improved, the company's focus remains unchanged. The company believes the Bitcoin bull market is just beginning, has built a capital structure around Bitcoin that can amplify its performance, and remains "All-in."
Bitcoin Treasury Company BSTR Terminates Merger Plan with Cantor Equity Partners
Bitcoin treasury company BSTR Holdings announced it has reached an agreement with Cantor Equity Partners to terminate the business combination agreement signed on July 16, 2025. The termination is due to the continued valuation pressure on Bitcoin and listed Bitcoin treasury companies in the current market environment, creating a capital market mismatch that limits the amplifying effect of financing tools such as convertible bonds and perpetual preferred stock in Bitcoin treasury strategies. BSTR stated that it will continue to advance its institutional-grade Bitcoin asset management business once market conditions stabilize.
Metaplanet's U.S. Subsidiary Super League Raises $2.3 Million in First ATM Offering
Super League is a Bitcoin treasury subsidiary established by Japan's Metaplanet in the United States. This fundraising marks the company's first ATM offering since the related transaction was announced. Metaplanet is raising capital through capital markets across two continents.
Representative ETH Treasury Listed Companies
As of 2:00 PM ET on August 23, BitMine holds 5,847,611 ETH, representing approximately 4.8% of Ethereum's total supply, adding 32,447 ETH last week. Its crypto assets, cash, marketable securities, and "Moonshot" investments total approximately $14.9 billion, including $308 million in cash and marketable securities, 210 BTC, $180 million in Beast Industries equity, and $89 million in Eightco Holdings investments. BitMine has staked 5,067,309 ETH, representing approximately 87% of its holdings, valued at approximately $12.4 billion, with an estimated annual staking income of approximately $330 million.
According to Bitmine's holdings data from August 22, the company held 5.815164 million ETH at that time, with an average cost of $3,366. At ETH's then-price of $2,436, its total position's unrealized loss had narrowed to $5.408 billion.
Bitmine Chairman Tom Lee stated that Bitmine's historical contribution lies in helping Ethereum maintain its position as the most important public chain. He noted that Ethereum's market cap surpassing Bitcoin is a "very defensible claim" and stated that Ethereum reaching $50,000, $100,000, or $200,000 would deliver "legendary" returns to shareholders.
Worth $91 Million, SharpLink Gaming Stakes Another 39,300 ETH
On August 21, according to Lookonchain monitoring, SharpLink Gaming (@Sharplink) staked another 39,300 ETH four hours prior, valued at $91 million.
Representative SOL Treasury Listed Companies
Solmate Adds 1,000 SOL Last Week, Clarifies No Change to SOL Treasury Strategy
Nasdaq-listed Solana treasury company Solmate Infrastructure announced the addition of 1,000 SOL today, bringing its total SOL holdings to approximately 1.25 million SOL, with an estimated market value of approximately $102.2 million. Additionally, Solmate clarified that while it has begun venturing into AI infrastructure, this strategic pivot will not change its long-term commitment to the Solana ecosystem.
Representative Altcoin Treasury Listed Companies
Nasdaq-Listed AIxCrypto Plans to Exit Crypto Assets and Pivot to Robot Leasing
AIxCrypto Holdings plans to orderly exit its crypto asset positions and pivot to robot leasing operations. As of June 30, the company held 46 BTC, 616 ETH, 6,659 SOL, 1,308 BNB, and small amounts of ADA, LINK, TRX, USDT, and XRP, with a total cost basis of $10.43 million and a fair value of $5.21 million. The company consumed $7.94 million in operational cash in the first half of the year, with cumulative losses of $150 million and quarter-end cash of $577,000. The company did not execute any crypto asset purchases or sales in Q2 and stated that volatility, market depth, and custody restrictions could cause actual realized values to be significantly lower than book values.
Nasdaq-listed Eightco Holdings (NASDAQ: ORBS) announced that it has repurchased approximately 14 million shares of its stock over the past two weeks. The company's treasury assets currently stand at approximately $389 million.
According to company disclosures, Eightco's current treasury primarily includes approximately 302 million WLD (Worldcoin) tokens, 16,278 ETH, approximately $90 million in indirect OpenAI equity exposure, and an $18 million equity investment in Beast Industries.
Eightco previously stated that it is building its asset allocation framework around three major trends: artificial intelligence, digital identity, and the creator economy. Among these, its WLD position is a key component of its digital identity strategy, with the company's WLD holdings representing approximately 8% of circulating supply, making it one of the largest disclosed institutional holdings.
Stanley Druckenmiller, founder of Duquesne Family Office, purchased 4.1 million shares of high-performance computing company Bitdeer Technologies Group (BTDR) in Q2, with a position value exceeding $64.7 million at an average purchase price of $12.26. The company manufactures cryptocurrency mining hardware and operates data centers in the U.S. and other regions.
Additionally, Druckenmiller purchased 2.9 million shares of Hyperliquid Strategies (PURR), a digital asset treasury company in the HYPE space, with a position value of $23.1 million, gaining indirect exposure to HYPE. Hyperliquid Strategies aims to provide U.S. and institutional investors with investment channels related to the HYPE token.
Druckenmiller's moves are similar to the concurrent increases in BTDR positions by Jane Street and Citadel, with Jane Street currently holding BTDR shares valued at over $112 million. BlackRock, State Street, and Citadel also increased their PURR positions in Q2; HYPE previously reached an all-time high following news of related compliance progress.
