币股风向标丨上市公司单周BTC净买入骤降逾80%，Coinbase、Block 首次逆势增持；Bitmine ETH持仓量增至约 520.6 万枚，目标为年内持有5%流通量的ETH（5月12日）

Editor's Note: After the phased resolution of the US-Iran situation, the US stock market and global indices have begun to rise simultaneously. Sectors related to the AI track, such as storage, computing power, and energy, have seen particularly fierce gains. Additionally, crypto-related stocks have gradually recovered. Leading stocks we have repeatedly mentioned, such as Strategy (MSTR), Coinbase (COIN), and Circle (CRCL), have also started their own strong rebounds. Circle (CRCL), in particular, after releasing its Q1 earnings report last night, initially fell sharply due to market performance such as revenue falling short of expectations. However, buoyed by product and business updates like Arc Network and Agent Stack, it subsequently rebounded strongly, with its price briefly breaking $130. It is now less than 15% away from our previously mentioned target price of $150, and we maintain a bullish outlook. It is worth noting that the US stock market is currently experiencing an influx of global liquidity, and its market performance is highly similar to that of the crypto market. The situation where "leading stocks continue to strengthen, while small-cap or junk stocks are ignored" persists. For more information on the crypto stock market, please visit msx.com.

Global Hot Money Flows into US Stocks; AI Far from the "Bubble" Stage

Overseas Investors' Allocation to US Stocks Reaches 63%, Surpassing Peak of the Internet Bubble Era

Cointelegraph previously reported that overseas investors are pouring into the US stock market at a record pace, with their stock allocation ratio reaching 63%. This ratio has doubled from the level seen after the 2008 financial crisis and has surpassed the peak of the internet bubble era.

CICC: AI Has Not Yet Entered a Typical "Bubble" Stage

According to a research report from China International Capital Corporation (CICC), since the end of March, led by AI, the US stock market, China's A-share ChiNext board, and stock markets in South Korea and Japan have continued to strengthen. While this is undoubtedly supported by factors such as the lack of further deterioration in geopolitical tensions and improved market sentiment, the stellar performance of tech stocks in the first quarter has also played a significant role. AI has "dominated" recent market performance and has also "dominated" earnings and growth.

Considering discussions from the three dimensions of demand, investment intensity, and market pricing, AI has not yet reached a typical "bubble" stage. However, the "front-running" of investment relative to demand and capacity is an objective reality, which is the main reason AI has advanced amidst setbacks over the past few years. In fact, the AI market trend since 2023 has not been a one-way upward movement. Roughly speaking, it generally experiences rapid growth for two quarters, followed by increased bubble concerns, and then a period of consolidation or decline for one quarter while awaiting new catalysts.

Weekly Updates on Listed Crypto-related Companies

Representative Companies Holding BTC in Treasury

Weekly Net BTC Purchases by Listed Companies Plunge Over 80%; Coinbase and Block Appear for First Time

According to SoSoValue data, as of 8:00 AM EST on May 11, 2026, the total weekly net BTC purchases by global listed companies (excluding mining companies) stood at $45.08 million, a decrease of 83.5% compared to two weeks ago.

Strategy announced it invested $43 million (an 83.1% decrease from two weeks ago) to purchase 535 Bitcoins at a price of $80,340, bringing its total holdings to 818,869 BTC.

Japanese listed company Metaplanet did not purchase Bitcoin last week.

Additionally, four other companies bought Bitcoin last week. Crypto exchange Coinbase announced on May 7th that it had increased its holdings by 1,103 Bitcoins, without disclosing the specific amount spent, bringing its total holdings to 16,949 BTC. Fintech company Block announced on May 7th that it had added 149 Bitcoins, without disclosing the specific purchase amount, bringing its total holdings to 9,032 BTC. Bitcoin company American Bitcoin announced on May 6th that it had purchased approximately 1,600 Bitcoins, without revealing the specific amount, bringing its total holdings to about 7,021 BTC. UK-based Bitcoin company The Smarter Web Company announced on May 5th that it had invested $2.08 million to purchase 27 Bitcoins at a price of $77,087, bringing its total holdings to 2,805 BTC.

Capital B announced the completion of a €15.2 million funding round, with participants including global institutional investors and strategic investors Adam Back and TOBAM, aimed at accelerating Bitcoin purchases.

As of press time, total Bitcoin holdings by global listed companies (excluding mining companies) tracked stand at 1,088,090 BTC, an increase of 0.3% from two weeks ago. The current market value is approximately $88.32 billion, accounting for 5.4% of Bitcoin's circulating market cap.

Strategy's Bitcoin Holdings Now Showing Unrealized Profit of $4.54 Billion

According to on-chain analyst Ember monitoring, Bitcoin treasury company Strategy (MSTR) purchased 535 BTC ($43 million) last week at approximately $80,340. They now hold a total of 818,869 BTC ($66.398 billion), with an average cost of $75,540, resulting in an unrealized profit of $4.54 billion (+7.3%).

Representative Companies Holding ETH in Treasury

Bitmine: ETH Holdings Increase to Approximately 5.206 Million; Staking Scale Reaches $11.1 Billion

Ethereum treasury company Bitmine Immersion Technologies disclosed that its current ETH holdings have increased to approximately 5.206 million. The specific assets held include: 5,206,790 ETH, 201 BTC, equity in Eightco Holdings worth $88 million, and shares in Beast Industries worth $200 million. Additionally, the total amount of ETH staked by the company is 4,712,917 ETH (totaling $11.1 billion, based on an ETH price of $2,336).

Bitmine Chairman Tom Lee subsequently stated that Bitmine still plans to hold 5% of Ethereum's circulating supply by the end of 2026. Meanwhile, Bitmine's Ethereum holdings are currently showing an unrealized loss of $6.297 billion.

SharpLink Earnings Report: ETH Holdings Increase to 873,000; Treasury Strategy Drives Revenue Growth

Nasdaq-listed company SharpLink (SBET) released its Q1 2026 earnings report for the period ending March 31, 2026, revealing the continued expansion of its Ethereum (ETH) treasury strategy and a move from basic staking towards a broader phase of on-chain yield management.

The report shows Q1 2026 revenue surged year-over-year to $12.1 million, primarily driven by the active ETH management strategy. During the same period, SG&A expenses rose to $9.9 million, allocated for expanding institutional-grade ETH asset management infrastructure. Impacted by accounting standards, the company reported a net loss of $686 million for the quarter, mainly consisting of $507 million in unrealized ETH losses and $192 million in LsETH impairment. SharpLink emphasized these are non-cash accounting losses and do not represent realized economic losses or a reduction in ETH holdings.

As of the end of March, SharpLink held approximately 870,800 ETH, which increased to 873,000 by May. Its GAAP-valued crypto assets amount to approximately $1.7 billion. Since launching the ETH treasury strategy in June 2025, the ETH Concentration per share indicator has risen from 2.0 to 4.02, with cumulative staking and on-chain yields generating approximately 18,800 ETH.

Treasure Global to Deploy $100 Million to Establish ETH-Centric Digital Asset Treasury

Nasdaq-listed company Treasure Global announced plans to gradually deploy $100 million in capital to establish a digital asset treasury reserve centered on ETH, with future plans to expand the treasury to include other digital assets. The company stated its digital asset treasury framework will serve as a long-term capital allocation tool, providing strategic exposure to the development of digital financial infrastructure without altering its core business operations.

Representative Companies Holding SOL in Treasury

SOL Strategies Acquires Cross-Chain Aggregator HoudiniSwap for $18 Million

Nasdaq-listed Solana ecosystem treasury company SOL Strategies announced it has entered into a definitive agreement to acquire cross-chain privacy swap aggregation platform HoudiniSwap for $18 million.

HoudiniSwap is a non-custodial, privacy-focused cross-chain transaction aggregator that allows users to find the best exchange routes across centralized exchanges, decentralized exchanges, and cross-chain bridges. The platform generated approximately $13 million in revenue last year.

SOL Strategies stated that the acquisition supports its long-term strategy of "embedding Solana into institutional financial infrastructure," expanding from validator node and staking operations into transaction routing, cross-chain liquidity, and software-based revenue structures.

Solana Treasury Company DeFi Development Launches $200 Million ATM Financing Plan

Nasdaq-listed Solana treasury company DeFi Development announced the launch of a $200 million At-The-Market (ATM) equity financing plan. The proceeds will be used to further increase its Solana holdings, supplement working capital, and support strategic development. The company stated the funds raised will primarily be used to continue executing its Solana reserve strategy, issuing shares only when it has an accretive effect on the per-share SOL holdings value for shareholders, ensuring the financing has an "accretive" characteristic.

DeFi Development Corp Chairman and CEO Joseph Onorati stated that the company's core mission is to continuously accumulate SOL reserves for shareholders. This financing plan provides up to $200 million in financial flexibility to continue accumulating assets when market conditions are favorable.

Representative Companies Holding Altcoins in Treasury

Hyperliquid Strategies Earnings Report: HYPE Holdings Increased to 20 Million by End of April

Nasdaq-listed HYPE treasury company Hyperliquid Strategies released its quarterly and nine-month financial and operating results for the period ending March 31, 2026. The report disclosed an investment of $216 million to purchase approximately 7.3 million HYPE. As of April 29, its HYPE reserve holdings had increased to 20 million. The company still holds $103 million in cash on its books and also spent $10.5 million to repurchase approximately 3 million shares at an average cost of $3.42 per share. For the nine months ended March 31, 2026, the company generated $2.6 million in HYPE staking revenue, driven by $198.4 million in unrealized HYPE gains, and recorded a net profit of $152.5 million.