币股风向标丨全球BTC财库公司单周净卖出1592万美元；Bitmine过去一周增持9946枚ETH并回购610万股普通股（7月28日）

Editor's Note: In last week's "Crypto-Stock Barometer" article, we provided a brief commentary on markets including Korean stocks, US stocks, A-shares, and crypto-related stocks. Our view remains that major global capital markets are in a phase of aggressive deleveraging and bubble purging in the short term.

Over the past week, the South Korean stock market experienced its 8th circuit breaker of the year. The US stock memory chip sector saw a slight rebound but failed to reverse the overall downward trend. Despite ChangXin Memory Technologies (CXMT) listing on the STAR Market, A-shares still experienced a modest pullback, and the memory chip sector could not buck the trend. This week, the US stock market enters a heavy earnings reporting period. Following sharp declines after Tesla and Google's earnings releases, investors should be aware of the associated risks from related news. On the data front, leverage in US stocks continues to escalate: As of June, the net credit balance in US brokerage accounts fell by approximately $70 billion in a single month, dropping to negative $1.061 trillion, a record low. Over the same period, margin debt increased by about $86 billion to $1.53 trillion, rising for the third consecutive month and setting a new record.

Regarding crypto-related stocks, many public companies holding Bitcoin treasuries are again liquidating assets or selling BTC, expressing a bearish or neutral stance on the crypto market outlook. Although various indicators and the shutdown of several crypto exchanges previously suggested that the bear market bottom may have arrived, it remains difficult to conclude that crypto-concept related stocks won't decline further based on the current situation.

For more information on crypto and stock markets, please refer to MSX.COM. (Note from Odaily: This article is for educational and informational purposes only and does not constitute investment advice.)

Weekly Updates on Listed Crypto & Stock Companies

Representative Public Companies with BTC Treasuries

BTC Allocation Sentiment Among Public Companies Continues to Cool, Net Selling of $15.92 Million for the Week

According to SoSoValue data, as of 8:00 AM EST on July 27, 2026, the total net selling of Bitcoin by global public companies (excluding mining companies) for the week was $15.92 million, a decrease of 1,296.99% compared to the previous week.

Official documents show that Strategy did not purchase Bitcoin last week. Between July 20 and 26, it sold approximately 5.43 million MSTR shares, generating net proceeds of $544.5 million, and spent $25 million to repurchase 288,930 STRC preferred shares.

Japanese listed company Metaplanet did not purchase Bitcoin last week.

Additionally, three other companies bought or sold Bitcoin last week. KULR Technology Group, specializing in aerospace-grade defense battery thermal management and safety solutions, announced on July 24 that it generated approximately $21.5 million in revenue from July 9, 2026, to July 23, 2026, sold 333 Bitcoins at a price of $64,538, reducing its total holdings to approximately 760 BTC. Asset management company Strive announced on July 27 that it spent $5.19 million to purchase 79 Bitcoins at a price of $65,723, bringing its total holdings to approximately 20,000 BTC. Brazilian Bitcoin company OrangeBTC announced on July 27 that it spent $394,500 to purchase 6 Bitcoins at a price of $65,742, bringing its total holdings to 3,918 BTC.

Metaplanet's subsidiary, Bitcoin Japan, announced a convertible bond financing agreement with EVO Fund, aiming to raise 9.66 billion Japanese Yen (approximately $59.5 million) to establish a crypto asset treasury.

As of press time, the total Bitcoin holdings of global public companies tracked (excluding mining companies) amount to 1,139,480 BTC, a decrease of 0.02% from last week. Their current market value is approximately $74.16 billion, representing 5.7% of Bitcoin's circulating market cap.

Metaplanet Acquires Siiibo Securities, Plans to Build a Bitcoin Fixed-Income Market in Japan

Japanese listed company Metaplanet has acquired Siiibo Securities, which holds a Type I financial instruments business license, gaining approval to design and sell securities in Japan. Research firm Benchmark notes that while the market generally views this acquisition, totaling approximately 2.1 billion Japanese Yen (about $13 million), as a small-scale expansion, Metaplanet's actual plan is to issue Bitcoin-collateralized bonds (Bitbonds) with an annual yield of approximately 4% to 6%, and subsequently migrate them on-chain, settle via stablecoins, and gradually build a secondary market.

KULR Technology Sells 333 Bitcoins, Fully Repays $20 Million Coinbase Credit Line

BitcoinTreasuries.NET reported that listed company KULR Technology has sold 333 Bitcoins to fully repay its $20 million Coinbase credit line. The company currently holds a total of 760 BTC.

Bitcoin Treasury Companies Shift Strategy Collectively: Selling BTC, Repaying Debt, and Betting on AI; Slumping Stock Prices Force Strategic Adjustment

As Bitcoin prices experience a significant correction, public companies that had aggressively accumulated BTC are facing multiple challenges, including declining stock prices, debt pressure, and a deteriorating financing environment. Some companies have begun selling Bitcoin, repaying debt, and even pivoting towards Artificial Intelligence (AI) data center operations.

Strategy pioneered the "Digital Asset Treasury (DAT)" model, continuously buying Bitcoin through financing and borrowing, prompting a wave of public companies to follow suit. However, as the BTC price retreated from its high of approximately $126,000 set in October 2025, accumulating a decline of about 50%, the stock prices of related companies also shrunk significantly, forcing them to reassess their Bitcoin accumulation strategy.

This week, London-listed Satsuma Technology shareholders approved the liquidation of all its 668 BTC and the return of capital, while proceeding with delisting. Another London-listed company, The Smarter Web Company, sold 178 BTC to repay convertible debt.

Additionally, Sequans Communications has sold 1,025 BTC and further sold nearly 80% of its remaining holdings to repay convertible bonds. The company stated it will not continue purchasing Bitcoin in the future and plans to sell the remaining approximately 658 BTC.

Nakamoto's stock price has fallen approximately 99% since its SPAC listing in May 2025. It recently sold about 284 BTC, raising approximately $20 million for operational funds. Of its remaining approximately 5,342 BTC, nearly 70% has been used as collateral for a Kraken loan, leading market participants to consider it a potential risk event.

Meanwhile, Bitcoin mining companies are also adjusting their strategies. Companies like Bitdeer Technologies and MARA Holdings are selling some BTC for stock buybacks, debt repayment, and pivoting their energy resources and computing infrastructure towards AI data center operations.

Other companies selling BTC include Empery Digital. Data shows that Strategy has recently sold approximately 3,620 BTC and authorized further asset sales to maintain its US dollar reserves.

Nevertheless, Strategy remains the world's largest public holder of Bitcoin, with holdings exceeding 840,000 BTC. CEO Michael Saylor indicated that the company might sell some Bitcoin in the future to pay dividends, but this does not mean the company is exiting its Bitcoin investment. Besides asset adjustments, management and capital operations at some Bitcoin treasury companies have also changed. Jack Mallers has stepped down as CEO; Adam Back's Bitcoin Standard Treasury Company (BSTR) also failed to complete a proposed merger due to deteriorating market conditions.

Analysts believe that with rising financing costs and increased BTC price volatility, the "borrow-to-buy-Bitcoin" treasury model is undergoing a reshuffle. Some companies are transitioning from simply hoarding Bitcoin towards AI infrastructure and business transformations that offer stronger cash flow potential.

Multiple Public Companies Abandon Bitcoin Reserve Strategy; Bitdeer, Prenetics, and Others Have Liquidated BTC Holdings

Matthew Sigel, Head of Digital Assets Research at VanEck, stated that since 2026, several public companies that adopted the Digital Asset Treasury (DAT) strategy have abandoned or adjusted their Bitcoin reserve strategies. Among them, Satsuma Technology, Bitdeer, Prenetics, Genius Group, Vaultz Capital, and MAIA Biotechnology have sold all their Bitcoin or digital asset holdings. Companies like MARA Holdings, Strategy, Nakamoto, Smarter Web Company, and Cango have sold some Bitcoin for debt repayment, share buybacks, or working capital. Additionally, companies like Exodus and DigitalX have shifted from simply accumulating coins to actively managing digital asset holdings.

Empery Digital Makes $20 Million Strategic Investment in CDP for AI Data Center Deployment

Nasdaq-listed Bitcoin treasury company Empery Digital announced it has completed a $20 million preferred stock strategic investment in AI data center developer Cardinal Data Power (CDP). Upon completion of the transaction, Empery Digital holds approximately an 8% equity stake in CDP. This investment is a key component of CDP's total $70 million Series A funding round, and the entire proceeds will be used to fund the construction of its first AI data center campus in West Texas, USA.

Representative Public Companies with ETH Treasuries

Bitmine Increased Holdings by 9,946 ETH and Repurchased 6.1 Million Common Shares Over the Past Week

Bitmine Immersion Technologies increased its holdings by 9,946 ETH and repurchased 6.1 million common shares over the past week. As of July 27, Beijing time, its total ETH holdings have risen to 5.7874 million, accounting for approximately 4.8% of the total Ethereum supply.

Representative Public Companies with SOL Treasuries

According to Coingecko data, over the past 30 days, only one SOL treasury company, Forward Industries, increased its holdings by 500,000 SOL on June 30. Its overall holdings increased to 7.55 million SOL, valued at nearly $554 million.

Representative Public Companies with Altcoin Treasuries

None.