Crypto Stocks Gauge | Strive Adds 6,182 Bitcoin; Bitmine Sitting on $6.118 Billion Unrealized Loss, Just 55,000 ETH Short of "5% Holding" Target (October 27)
- Key Takeaways: Geopolitical factors such as the U.S. midterm elections and the U.S.-Iran conflict will continue to unsettle the market, while structural risks in the AI industry and setbacks in stock tokenization pose near-term pressure; however, Bitcoin treasury public companies continue to accumulate, deepening the linkage between crypto assets and U.S. equities.
- Key Elements:
- Global public companies (excluding miners) net bought $510 million worth of Bitcoin in a single week, up 42.5% week-over-week, with total holdings of 1.168 million BTC, accounting for 5.8% of Bitcoin's circulating market cap.
- Strive added 6,182 BTC at an average price of $82,700, bringing total holdings to approximately 43,000 BTC; Strategy holds 848,500 BTC and $5.1 billion in assets, and has repurchased $205 million of STRC.
- Bitmine added 10,450 ETH, bringing total holdings to 6.05 million ETH (4.95% of supply), but is sitting on an unrealized loss of approximately $6.118 billion, a decline of 30.3%.
- Anthropic plans to raise over $100 billion in an IPO, potentially draining market liquidity and exposing the imbalance between investment and revenue structure in the AI industry.
- The number of public companies opposing stock tokenization issuance has risen to 26, reflecting low trust from traditional finance, with progress dependent on the SEC's push.
- SOL treasury company DeFi Development Corp added 5,346 SOL; Hyperliquid Strategies expanded its share buyback program to $100 million.
Editor's Note: In last week's Crypto Stocks Barometer, we continued to maintain our previously pessimistic stance on the capital markets, and the overall market direction was consistent with our judgment. With the one-week countdown to the US midterm elections underway, the Democrats' advantage in House seats and the intensifying contest with Republicans for Senate seats are heating up. Combined with earlier remarks by US military officials that "a new round of large-scale operations against Iran could be launched within 96 hours," regardless of the midterm election outcome, the US-Iran conflict will continue, and both US equities and the crypto market will still face the volatile test of macroeconomic and geopolitical conditions.
In addition, after official news emerged that Anthropic is about to IPO, although it briefly drove gains in AI-sector stocks, the information in its prospectus still exposed to some extent issues such as the AI industry's imbalanced investment structure, fragile revenue structure, and slowing industry profit growth. Coupled with the fact that its current financing valuation remains unclear while its financing plan still stands at over $100 billion, it may drain a large amount of market liquidity and further exacerbate the volatility and risk of US equities. Under short-term pressure, the medium- to long-term trend of an "index and leading-stock bull market" has yet to see major change.
On the crypto-concept stock front, Strategy has emerged from its debt quagmire and shifted its focus to STRC dividend payments and improving cash flow operations; the risk of MSCI index removal has already been priced in, short-term share price is relatively stable, and subsequent performance will depend on third-quarter earnings data; companies such as Circle, Coinbase, and Robinhood are also showing stable trends, waiting for the midterm election situation to become clear before the contest is settled.
Finally, it is worth mentioning the stock tokenization sector. The number of listed companies opposing the issuance of their shares in tokenized form on the proposed platform supported by OKX and Intercontinental Exchange (ICE) has risen to 26, as mentioned last week. It is clear that traditional financial markets remain in a state of deep distrust toward emerging assets such as tokenized stocks, and are heavily influenced by factors such as off-exchange risks and insider manipulation. The process of stock tokenization has a long way to go and may still depend on strong push from the US SEC.
For more crypto stock market information, please visit MSX.COM. (Odaily Note: The content of this article does not constitute investment advice and is for learning and exchange purposes only.)
Weekly Update on Crypto Stock Listed Company Developments
Representative BTC Treasury Listed Companies
Strive Adds 6,182 BTC, Pushing Listed Companies' Weekly Net Buying to $510 Million
According to SoSoValue data, as of 8:00 AM ET on October 26, 2026, the total weekly net buying of Bitcoin by global listed companies (excluding mining companies) last week was $510 million, an increase of 42.5% compared with two weeks ago.
Strategy (formerly MicroStrategy) did not purchase Bitcoin last week.
Japanese listed company Metaplanet did not purchase Bitcoin last week.
In addition, three other companies announced Bitcoin purchases or holdings last week. Asset management company Strive announced on October 26 that it spent approximately $510 million last week to purchase 6,182 BTC at a price of $82,732, bringing its total holdings to approximately 43,000 BTC; UK Bitcoin treasury company The Smarter Web Company announced on October 23 that it invested $1.65 million to purchase 20 BTC at a price of $82,286, bringing its total holdings to 2,850 BTC; French fabless semiconductor company Sequans Communications announced that as of October 23 it held a total of 1,018 BTC, with the specific total purchase amount and average total Bitcoin cost unknown.
As of press time, the global listed companies tracked (excluding mining companies) collectively hold a total of 1,167,845 BTC, an increase of 0.5% compared with two weeks ago, with a current market value of approximately $93.64 billion, accounting for 5.8% of Bitcoin's circulating market cap.
Holding 848,500 BTC and $5.1 Billion in Assets, Strategy Has Repurchased $205 Million of STRC
Michael Saylor posted on X that Strategy has repurchased $205 million of STRC. As of October 25, 2026, Strategy holds 848,500 BTC and $5.1 billion in assets.
Representative ETH Treasury Listed Companies
Bitmine Immersion Technologies (BMNR) announced that it added 10,452 ETH over the past week, bringing its total ETH holdings to 6.05 million, accounting for 4.95% of Ethereum's total supply. The company's total holdings of crypto assets, cash, and marketable securities are valued at approximately $15 billion.
Of this, approximately 5.23 million ETH has been staked, with expected annualized staking revenue of approximately $318 million. In addition, Bitmine has repurchased a total of 22.9 million shares of common stock year-to-date, with a repurchase amount of approximately $399.6 million.
Bitmine Sitting on Unrealized Loss of $6.118 Billion, Only 55,000 ETH Away from "5% Holdings" Target
On-chain analyst Yu Jin has calculated that Bitmine holds a cumulative 6.0519 million ETH, valued at approximately $14.04 billion, with an average cost of $3,331, representing an unrealized loss of approximately $6.118 billion, or a decline of 30.3%, and is still about 55,000 ETH short of its 5% ETH holdings target.
Representative SOL Treasury Listed Companies
Bitcoin Treasuries posted that DeFi Development Corp has added 5,346 SOL and currently holds 2.595 million SOL, making it the world's second-largest SOL treasury company.
Representative Altcoin Treasury Listed Companies
Hyperliquid Strategies Expands Share Repurchase Plan to $100 Million
According to US SEC filings, HYPE treasury company Hyperliquid Strategies (Nasdaq: PURR) has received board approval to expand its share repurchase plan from $30 million to a maximum of $100 million, leaving approximately $72 million in remaining available repurchase capacity after the expansion.
At the same time, the termination date of the plan has been extended from December 5, 2026 to October 31, 2027. The company may conduct repurchases through open market or privately negotiated transactions, with the specific timing and size to be determined by management.
According to the Nasdaq official website, BNB treasury company BNB Standard Corporation (Nasdaq: BNC) held an opening bell ceremony at the Nasdaq MarketSite from 9:15 to 9:45 AM ET, with the opening bell rung by company CEO Alex Odagiu.
The event was held to celebrate the company's renaming and the appointment of its new CEO. BNB Standard, formerly known as CEA Industries, officially changed its name on September 29 and currently focuses on managing a BNB corporate treasury.
Evernorth plans to raise approximately $80.7 million through a committed equity financing arrangement with an affiliate of Cantor Fitzgerald, with the funds intended for general corporate purposes, including purchasing XRP. Evernorth currently holds approximately 473 million XRP. According to an SEC filing submitted by Evernorth on October 23, the company has the right, subject to satisfying relevant conditions, to sell up to approximately 5.219 million newly issued shares of common stock to CF Principal Investments in tranches. Based on the closing price of $15.46 per share on October 22, the financing amount would be approximately $80.7 million; the actual financing amount depends on the number of shares sold and the transaction price, and this arrangement does not represent that the financing or coin purchase has been completed. Evernorth is an XRP treasury company.
