币股风向标丨Strategy上周投入超20亿美元买入超2.48万枚BTC；Bitmine ETH持仓增加至总供应量的4.37%（5月19日）

Editor's Note: After a brief strong rebound, the broader crypto market has once again fallen to the $76,000-$79,000 range. Affected by this, crypto-related stocks have broadly declined, with leading "Digital Asset Treasury" (DAT) stocks like Strategy and Bitmine nearly erasing their gains over the past month. Additionally, influenced by various events and potential news of a Fed rate hike, the South Korean financial market and the U.S. stock market have also seen modest pullbacks recently. Compared to the optimistic signals mentioned in last week's "Crypto-Stock Barometer", negative news such as the U.S.-Iran situation and Kevin Warsh taking office has followed in succession. In the short term, the crypto and stock sectors may still be awaiting catalysts from a potential SpaceX IPO or an Anthropic financing round. A noteworthy policy development is that the U.S. SEC could unveil a regulatory framework for tokenized stocks as early as this week, potentially heralding another boom period for on-chain securities.

For more information on the crypto-stock market, please refer to MSX.com.

Risk of U.S. Stock Correction Surges, Financial Titans Bet on Chip Sector

Morgan Stanley: Risk of Significant U.S. Stock Correction Surges; 10-Year Treasury Yield Breaks 4.5%

Morgan Stanley's "danger line" for U.S. stocks has been breached. Chief Investment Officer and prominent Wall Street bull Michael Wilson warned that if Treasury yields continue to rise and volatility increases, the U.S. stock market will face "its first significant correction since the end of March." Michael Wilson stated: "If the rise in long-term yields is accompanied by an increase in bond volatility, we expect equities to experience their first significant correction since their bottoming in late March." Previously, Morgan Stanley had marked a 10-year Treasury yield of 4.5% as a "tipping point where yields could pose more significant resistance to equity valuations."

Buffett and Ray Dalio's Q1 Holdings Updates: Betting on Chip Infrastructure, Reducing Software Stocks, Increasing Concentration

Berkshire Hathaway Q1: Significantly Increased Stake in Alphabet, New Position in Delta Air Lines, Liquidated Amazon

According to Berkshire Hathaway's first-quarter holdings report (13F), Berkshire increased its stakes in Alphabet (GOOGL.O) and The New York Times in Q1, adding over 36 million shares of Alphabet, raising the position's portfolio weight from 2.04% to 5.93%. It liquidated holdings in Amazon (AMZN.O), Visa (V.N), Mastercard (MA.N), and UnitedHealth Group (UNH.N). It reduced stakes in Chevron (CVX.N) and Bank of America (BAC.N). It opened a new position in Delta Air Lines (DAL.N), purchasing 39.8 million shares valued at approximately $2.65 billion. Overall, Berkshire's U.S. equity portfolio value was $26.3 billion at the end of Q1, compared to $27.4 billion in the previous quarter. During the quarter, it bought approximately $16 billion in stocks and sold about $24 billion, resulting in net sales of roughly $8.15 billion. The number of holdings drastically decreased from 42 to 29, indicating significantly increased concentration.

Bridgewater Associates' Q1 U.S. Equity Portfolio Valued at $22.4 Billion, Added Chip Stocks, Reduced Software Stocks

Bridgewater Associates, the world's largest hedge fund, released its first-quarter 13F filing for U.S. stock holdings as of the end of March. The filing shows that Bridgewater initiated positions in 214 stocks, added to 292 stocks, liquidated 261 stocks, and reduced holdings in 487 stocks during Q1. It significantly increased stakes in chip stocks like Nvidia, Broadcom, and Micron Technology, liquidated enterprise software stocks like Salesforce and ServiceNow, and reduced its position in Adobe. As of the end of Q1, Bridgewater's U.S. equity portfolio value was $22.4 billion, compared to $27.4 billion in the previous quarter. Specifically, Bridgewater added 827,800 shares of Nvidia, raising its portfolio weight from 2.63% at the end of last year to 3.65%; added 670,000 shares of Broadcom, raising the weight from 1.47% to 2.54%; and added 586,000 shares of Micron Technology, raising the weight from 0.93% to 2.23%. Additionally, Bridgewater established its first position in TSMC with 1.077 million shares, which comprised 1.62% of the portfolio as of Q1's end.

Weekly Updates on Publicly Listed Crypto-Treasury Companies

Representative Companies with BTC Treasuries

Weekly Net BTC Purchases by Public Companies Rebounded Strongly to $2.03 Billion, Surging Over 44 Times from Previous Week

According to SoSoValue data, as of 8:00 AM ET on May 18, 2026, global public companies (excluding mining firms) recorded total weekly net BTC purchases of $2.03 billion, an increase of 4,403.11% compared to the previous week.

Strategy (formerly MicroStrategy) announced it spent $2.01 billion (up 4,574.4% from the prior week) to purchase 24,869 bitcoins at an average price of $80,985, bringing its total holdings to 843,738 BTC.

Japanese publicly listed company Metaplanet did not purchase Bitcoin last week.

Furthermore, four other companies bought Bitcoin last week. Asset management firm Strive announced the purchase of 9 BTC on May 12, without disclosing the specific amount spent, bringing its total holdings to 15,009 BTC. UK Bitcoin company The Smarter Web Company announced on May 12 and May 15 that it spent $2.84 million to purchase 25 BTC at $81,592.67 and 10 BTC at $79,662, bringing total holdings to 2,840 BTC. French Bitcoin company Capital B announced on May 18 that it spent $15.02 million to purchase 192 BTC at $78,205.4, bringing total holdings to 3,135 BTC. Brazilian Bitcoin company OrangeBTC announced on May 18 that it spent $390,900 to purchase 5 BTC at $78,180, bringing total holdings to 3,737 BTC.

As of press time, the surveyed global public companies (excluding mining firms) collectively hold a total of 1,113,841 BTC, an increase of 2.37% from the previous week. This is currently valued at approximately $86.16 billion, representing 5.6% of Bitcoin's circulating market cap.

Strive Q1: Added 6,001 BTC, Reported Net Loss of $265.9 Million

Bitcoin treasury company Strive released its Q1 2026 earnings report and announced that, starting June 16, 2026, its SATA preferred shares will switch to daily dividend payments on business days, maintaining an annualized dividend yield of 13%. As of May 12, 2026, Strive's Bitcoin reserves stood at 15,009 BTC, including approximately 5,048 BTC acquired through the acquisition of Semler Scientific. The company added 6,001 BTC in Q1 2026 and an additional 1,381 BTC in Q2 up to May 12. The financial report shows Strive's Q1 GAAP net loss was $265.9 million, with approximately $295.8 million of the loss attributed to the decline in the fair value of its Bitcoin holdings.

Representative Companies with ETH Treasuries

Bitmine Purchased 71,672 ETH Over the Past Week

Over the past week, Bitmine purchased a total of 71,672 ETH. Bitmine currently holds 5,278,462 ETH, valued at $11.56 billion, representing 4.37% of ETH's total supply. Its holdings also include 202 BTC, as well as $200 million in Beast Industries shares, $83 million in Eightco Holdings shares, and $685 million in cash.

Additionally, Bitmine has staked 4,712,917 ETH, valued at $1.03 billion, generating an annualized staking income of $289 million.

Sharplink CEO: Ethereum Treasury Companies Are Diverging from Strategy's Model, Focusing More on Staking Yields

Sharplink CEO Joseph Chalom stated that Ethereum treasury companies are gradually moving away from the model pioneered by Strategy and Michael Saylor, instead focusing more on staking yields and maintaining a clean balance sheet rather than relying on complex financing structures.

Chalom believes that Ethereum treasury companies can generate returns directly by holding ETH, thus reducing the need for excessive leverage. He also noted that only a few Ethereum treasury companies are likely to survive a prolonged market downturn.

Furthermore, citing BlackRock CEO Larry Fink's previous comments describing Ethereum as a "tokenized toll road," Chalom pointed to developments such as the NYSE and Nasdaq pushing for 24-hour trading plans, DTCC exploring tokenized collateral, and Bullish's acquisition of Equiniti as events that will further drive tokenized assets into the traditional financial system.

Chalom predicts that as stablecoins, tokenized assets, DeFi, and AI applications continue to expand, Ethereum will gradually follow a different development path than Bitcoin.

Representative Companies with SOL Treasuries

Solana Treasury Company Upexi Shares Fall 8% After Reporting Q3 Net Loss Widened to $109 Million

Shares of Solana treasury company Upexi fell 8.16% on Tuesday after it reported a widening Q3 net loss to $109 million, primarily due to a decrease in the value of its cryptocurrency holdings. A company filing on Tuesday showed unrealized losses on its digital assets reached $92.3 million. Despite total revenue rising 46% year-over-year to $4.6 million, driven by crypto staking income, the company still reported a loss.

Upexi's results showed that as of March 31, the company held 2.5 million Solana tokens worth over $238 million, making it the second-largest corporate treasury holder of Solana, behind only Forward Industries which holds over 7 million SOL tokens.

DeFi Development Corp Q1 Net Loss Reaches $83.4 Million, Per-Share SOL Holdings Increase 108% YoY

Solana treasury company DeFi Development Corp reported that despite widening losses in Q1, its per-share SOL holdings rose 108% year-over-year from 0.0322 SOL to 0.0670 SOL. As of May 13, the company held approximately 2,294,600 SOL and equivalents. CEO Joseph Onorati stated that the company achieved growth through strategies including internal staking, operating joint validators with Bonk, and deploying over 25% of its treasury on-chain. He views Strategy's approach as a starting point, not a ceiling. The company reported Q1 revenue of $2.66 million, up 827% YoY, and a net loss of $83.4 million, compared to a $778,000 loss in the same period last year, primarily attributed to the decline in SOL's price.

SOL Strategies Appoints Jon Matonis as Chairman of the Board

On May 12, Nasdaq-listed Solana ecosystem treasury company SOL Strategies announced the appointment of Jon Matonis as Chairman of the Board. Jon Matonis is one of the founding directors of the Bitcoin Foundation and a long-time advocate for financial privacy, bringing decades of industry experience.

Representative Companies with Altcoin Treasuries

Hyperion DeFi Discloses HYPE Token Holdings Exceed 2 Million, Q1 Net Profit Reaches $8.8 Million

Nasdaq-listed HYPE treasury company Hyperion DeFi released its Q1 earnings report, disclosing a net profit of $8.8 million for the period, an improvement from a net loss of $39.8 million in Q4 2025. Since the end of Q1, the company has added approximately 60,000 HYPE tokens. Current HYPE token holdings have surpassed 2 million, and its validator node has been delegated 10.2 million HYPE, ranking it among the top six validators, behind only the Hyperliquid Foundation.

Additionally, the company holds 1.92 million KNTQ tokens and 10 million HPL tokens.

Bitwise to Use Portion of Hyperliquid ETF Management Fees to Accumulate HYPE Tokens

Bitwise Asset Management announced that it will allocate 10% of the management fee income from its BHYP Hyperliquid ETF to hold the Hyperliquid native token, HYPE, on its corporate balance sheet, and will also stake the acquired HYPE tokens.

Bitwise stated that Hyperliquid employs a "community-first" model, where approximately 99% of on-chain revenue is used to buy back and burn HYPE tokens, leading the firm to concurrently hold HYPE. Bitwise's Hyperliquid ETF (ticker: BHYP) began trading on the New York Stock Exchange last Friday, offering investors exposure to Hyperliquid and staking rewards.