Coin Stock Barometer丨BitMine Holds $10.7 Billion in Assets and Total Investments, Surpassing Approximately $9.3 Billion in Unrealized Losses; Strategy Acquires Only 520 BTC, While Strive Defies the Trend to Add Positions (June 23)
- Core Viewpoint: The current global stock market is highly dependent on speculative sentiment driven by the AI boom. The market is shifting from blindly chasing AI concepts to demanding actual performance. Liquidity tightening has become a major threat to U.S. stocks, with stock markets in Japan and South Korea already experiencing significant corrections.
- Key Elements:
- Stock markets in Japan and South Korea suffered heavy losses. South Korea's KOSPI index plunged nearly 10%, and Japan's Nikkei 225 closed down 3.55%. U.S. stock futures also declined, with large-cap tech stocks leading the losses.
- Morgan Stanley believes that liquidity tightening, rather than interest rate hikes, is the main risk for the U.S. stock market, and expects 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 defied the trend and added 759 BTC to its holdings.
- ETH treasury company BitMine acquired 52,203 ETH over the past week. Its total holdings now account for 4.7% of the total ETH supply, making it the largest corporate treasury globally.
- Performance divergence is seen among Solana treasury companies. Solmate is being sued by shareholders due to 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 and Stock Market Barometer" article, we mentioned that "the stock market's focus remains on AI-related sectors such as optics, storage, and materials," leading to gains in related individual stocks and ETF leveraged funds. 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 seeing another uptick.
However, as predicted by renowned research firm Citrini, U.S. stocks may be heading for a significant correction and washout, with Japanese and Korean stock indices also declining in tandem today: South Korea's KOSPI closed down nearly 10%, while Japan's Nikkei 225 fell 3.55%. On the other hand, the "storage boom" driven by the AI craze 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 South Korean won. Regulators are considering measures to control risks from retail investor speculation.
After reaching new highs, SpaceX's stock price fell over 16% in a single day, dropping below its opening price of $150. It may continue to face pressure until Musk delivers more. However, considering potential index inclusion and limited unlocking events, an upward move 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 before Q4 may be difficult. Further progress in U.S.-Iran peace talks and the Fed's subsequent actions are also key market focuses. Micron's earnings report on Wednesday may determine the duration of the short-term market correction. Recommended reading: "Micron Earnings Coming Wednesday; Reduce Position Risk and Wait for Bargain Opportunities in the Storage Sector".
In summary, major markets including U.S., Japanese, Korean, Taiwanese, Hong Kong, and Chinese A-shares remain highly dependent on speculative sentiment driven by the AI craze. Until OpenAI and Anthropic kick off their IPO sprints, these markets will likely continue a pattern of high volatility, sustained rallies, and sentiment and news-driven speculation.
For more crypto-stock market information, please refer to MSX.COM. (Odaily Note: This content does not constitute investment advice and is for educational and reference purposes only.)
U.S. and European Stock Index Futures Decline, Japanese and Korean Markets Correct
U.S. Stock Futures Plunge, Big Tech Leads Another Sell-off
U.S. stock futures fell on Tuesday as selling pressure in big tech stocks spread to Asian AI-related shares, with investors also awaiting further progress in U.S.-Iran negotiations.
Asian tech sub-sectors suffered heavy blows on Tuesday, ending an eight-day winning streak. Japanese and Korean markets corrected collectively, with Korean stocks plunging nearly 10%. The mega-cap tech stocks are currently exhibiting synchronized volatility. Alphabet showed weakness, and SpaceX declined due to fading IPO enthusiasm. This sentiment is gradually spreading to other leading tech stocks, prompting renewed caution across the tech sector. This shift contrasts sharply with last year, when nearly every AI-related company was seen as a "gold mine" and any business mentioning AI was embraced by the market. However, the market is now entering a phase of "delivering results," with investors demanding that massive investments in AI infrastructure generate tangible returns.
This is particularly pronounced for companies like SpaceX, which have negative cash flow yet raised $75 billion from their IPO. This shift keeps market sentiment on edge, with the spotlight this week turning to Micron Technology's earnings call. "Many investors hold AI stocks and have seen substantial gains; any volatility could prompt them to trim 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 future rate hikes by the Fed."
Morgan Stanley: Liquidity Squeeze is the Main Threat to U.S. Stocks
Mike Wilson, Chief Investment Officer and Chief U.S. Equity Strategist at Morgan Stanley, stated that liquidity, not rate hikes, is the primary near-term risk for U.S. stocks. He noted that the size of the Reserve Management Program has fallen about 75% from its peak, and treasury buyback volumes have shrunk by 50%. Wilson expects U.S. stock market movements to be volatile in July, potentially leading to a correction, with the next leg of the earnings-driven bull market delayed until liquidity headwinds subside.
Weekly Updates on Listed Crypto-Stock Companies
Representative Bitcoin Treasury Companies
According to SoSoValue data, as of 8:00 AM EST on June 22, 2026, the total net weekly Bitcoin purchases by global listed companies (excluding mining firms) 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 BTC at an average price of $67,068, bringing its total holdings to 847,363 BTC.
Japanese listed company Metaplanet did not purchase Bitcoin last week, marking nine consecutive weeks without a purchase.
Additionally, 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 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 a price of $64,121, bringing 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 a price of $65,850, bringing total holdings to 19,864 BTC.
As of press time, the global listed companies tracked (excluding mining companies) hold a total of 1,142,276 BTC, an increase of 1.87% from last week. The current market value of these holdings is approximately $74.17 billion, representing 5.7% of Bitcoin's circulating market cap.
Mara Holdings Increases Holdings by 1,000 BTC, Total Reaches 36,303 BTC
According to monitoring by BitcoinTreasuries.NET, listed company Mara Holdings added 1,000 BTC last week, bringing total holdings to 36,303 BTC.
Shareholders of Bitcoin treasury company Capital B have approved a massive financing plan, allowing the company to raise up to approximately $5.76 billion through new share issuance and up to approximately $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, suggesting the company may continue to strengthen its "Bitcoin treasury" asset allocation strategy in the future.
BitFuFu Announces Up to $5 Million Share Buyback Plan
Nasdaq-listed Bitcoin miner BitFuFu (NASDAQ: FUFU) announced that its board has approved a share buyback program of up to $5 million. Under this plan, the company can repurchase its Class A ordinary shares over a two-year period starting June 24, 2026.
Leo Lu, Chairman and CEO of BitFuFu, stated that this buyback plan reflects the company's strong confidence in long-term shareholder value, prudent capital allocation, and its long-term strategic development. The company will continue to advance its global infrastructure layout and hashrate expansion strategy, continuously scaling its computing power.
Representative Ethereum Treasury Companies
BitMine: Purchased a Total of 52,203 ETH, Worth $92 Million, Over the Past Week
As of June 21, 2026, BitMine's total holdings of 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. Its ETH holdings represent 4.7% of the total ETH supply, making it the world's largest corporate treasury for ETH. Over the past week, BitMine purchased a total of 52,203 ETH, worth $92 million.
Sharplink Completes $75 Million Private Placement, Plans to Expand ETH Reserves and Buy Back Shares
Sharplink announced it has signed a securities purchase agreement to sell 10,013,400 common shares and warrants for an equal number of common shares, raising total proceeds of approximately $75 million. The funds will be used for working capital, continuing to accumulate ETH assets, and repurchasing company shares under its stock buyback plan. As of June 16, Sharplink held a total of 875,776 ETH.
Representative Solana Treasury Companies
Top Five Listed Solana Treasury Companies Hold Over 15.7 Million SOL Combined
Beyond Bitcoin and Ethereum, several listed companies are adding Solana to their balance sheets. Based on current disclosed holdings, the top five Solana treasury companies hold over 15.7 million SOL combined.
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, ranking third. 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 and previously disclosed generating approximately $4.6 million in staking income in Q4. DeFi Development Corp. established a $5 billion equity credit line in June 2026 for strategic Solana purchases. Solana Company was formerly known as the medical device firm Helius Technologies. SkyAI was formerly known as Sharps Technology.
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 filed a lawsuit in the New York State Supreme Court against the company's current executives and directors, alleging breach of fiduciary duty, misleading statements, and self-dealing.
RBCH is linked to Viktor Fischer, founder and CEO of RockawayX, and currently holds approximately 22.74% of Brera Holdings, Solmate's parent company. The institution led a $300 million PIPE financing for Solmate in September 2025 and committed $50 million.
The lawsuit alleges that Solmate's board engaged in several actions detrimental to shareholder interests, including selling shares while other investors were still under lock-up, signing advisory agreements biased towards 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 shareholders. The plaintiff claims the transaction violated the law.
Fischer stated that Solmate's performance has been severely poor, currently trading at about a 50% discount to net asset value, attributing the problem to poor management and board self-dealing. Solmate's books show approximately 2 million SOL held. Its stock price has fallen roughly 78% year-to-date, making it one of the worst-performing SOL treasury companies. In comparison, SOL itself is down about 50% over the same period.
Representative Altcoin Treasury Companies
Canton Strategic Launches $50 Million Share Buyback Plan
Nasdaq-listed Canton Coin treasury company Canton Strategic announced that its board has approved a $50 million share buyback program. The repurchases will be executed on the open market or through other compliant methods under U.S. securities laws. However, the timing, size, and execution method may be adjusted or terminated based on market conditions, stock price performance, trading volume, and the regulatory environment. The company does not commit to a minimum or fixed buyback quantity.
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 round in LitVM, also securing governance participation rights and potential future token subscription opportunities. LitVM is a zero-knowledge Layer 2 scaling network built on Litecoin. The new funds will support the introduction of smart contract capabilities and a programmable application layer for Litecoin after its mainnet launch.
