Coin-Stock Barometer | Strategy Spent Over $20 Billion Last Week to Buy More Than 24,800 BTC; Bitmine ETH Holdings Increase to 4.37% of Total Supply (May 19)

After a brief but strong rebound, the cryptocurrency market has once again fallen into the $76,000-$79,000 range. Consequently, crypto-related stocks have broadly declined, with leading DAT stocks like Strategy and Bitmine nearly erasing their gains from the past month. Additionally, influenced by various events and the possibility of Federal Reserve interest rate hikes, the South Korean financial and US stock markets have also experienced a modest pullback recently. Compared to the optimistic signals mentioned in last week's《Crypto-Stock Barometer》, recent negative news such as the US-Iran situation and the potential appointment of Warsh have come in succession. In the short term, the crypto and stock sectors may still need catalysts like the SpaceX IPO or Anthropic funding news. On the policy front, a notable development is that theUS SEC could introduce a regulatory framework for tokenized stocks as early as this week, potentially heralding a new boom period for on-chain securities.

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

Risk of US Stock Correction Sharply Increases, Financial Giants Bet on Chip Sector

Morgan Stanley: Risk of Significant US Stock Correction Sharply Increases, 10-Year Treasury Yield Breaks Above 4.5%

Morgan Stanley's designated "warning line" for US 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 US stock market will experience its "first significant correction since the end of March." Michael Wilson stated, "If long-term yields rise alongside bond market volatility, we expect the first significant correction in equities since the bottom in late March." Previously, Morgan Stanley had marked a 10-year Treasury yield of 4.5% as "the threshold where yields could pose a more pronounced resistance to equity valuations."

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

Berkshire Q1 Heavily Adds to Alphabet, Initiates Delta Air Lines Stake, Exits Amazon

According to Berkshire Hathaway's first-quarter holdings report (13F), Berkshire increased its stakes in Alphabet (GOOGL.O), The New York Times, and other stocks in Q1. Notably, it added over 36 million shares of Alphabet, raising its portfolio weight from 2.04% to 5.93%. It completely exited positions in Amazon (AMZN.O), Visa (V.N), Mastercard (MA.N), UnitedHealth (UNH.N), and others. It reduced holdings in Chevron (CVX.N), Bank of America (BAC.N), and other stocks. A new position was initiated in Delta Air Lines (DAL.N) with the purchase of 39.8 million shares, valued at approximately $2.65 billion. Overall, Berkshire's US stock portfolio value at the end of Q1 was $26.3 billion, down from $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 sharply decreased from 42 to 29, indicating a significant increase in concentration.

Bridgewater Associates' Q1 US Stock Portfolio Valued at $22.4 Billion, Added to Chip Stocks, Reduced Software Holdings

Bridgewater Associates, the world's largest hedge fund, released its first-quarter US stock holdings report (13F) as of the end of March. The report shows that Bridgewater initiated positions in 214 stocks, added to 292, exited 261, and reduced holdings in 487 stocks during Q1. It significantly increased stakes in chip stocks like Nvidia, Broadcom, and Micron Technology, exited positions in enterprise software stocks such as Salesforce and ServiceNow, and reduced its stake in Adobe. As of the end of Q1, Bridgewater's US stock portfolio was valued at $22.4 billion, down from $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%. It added 670,000 shares of Broadcom, increasing the weight from 1.47% to 2.54%. It added 586,000 shares of Micron Technology, raising its weight from 0.93% to 2.23%. Additionally, Bridgewater initiated a new position of 1.077 million shares of TSMC, which accounted for 1.62% of the portfolio by the end of Q1.

Weekly Updates on Crypto-Stock Listed Companies

Representative Companies with Bitcoin Treasury

Listed Companies' Weekly Net BTC Purchases Strongly Rebound to $2.03 Billion, Surging Over 44 Times from Previous Week

According to SoSoValue data, as of 8:00 AM Eastern Time on May 18, 2026, the total weekly net purchases of Bitcoin by global listed companies (excluding mining companies) amounted to $2.03 billion, an increase of 4,403.11% compared to the previous week.

Strategy (formerly MicroStrategy) announced an investment of $2.01 billion (up 4,574.4% week-over-week) to purchase 24,869 Bitcoins at an average price of $80,985, bringing its total holdings to 843,738 BTC.

Japanese listed company Metaplanet did not purchase Bitcoin last week.

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

As of press time, the tracked global listed companies (excluding mining companies) collectively hold a total of 1,113,841 Bitcoins, an increase of 2.37% from last week. The current market value is approximately $86.16 billion, representing 5.6% of Bitcoin's circulating market cap.

Strive Q1 Added 6,001 Bitcoins, Reports 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 rate 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 Bitcoins in Q1 2026 and purchased an additional 1,381 Bitcoins in Q2 up to May 12. The earnings report showed a GAAP net loss of $265.9 million for Q1, with approximately $295.8 million of the loss related to the decline in the fair value of its Bitcoin holdings.

Representative Companies with Ethereum Treasury

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 the total ETH supply. Its holdings also include 202 Bitcoins, $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 deviating from the model of Strategy and Michael Saylor, focusing more on staking yields and a clean balance sheet rather than relying on complex financing structures.

Chalom believes Ethereum treasury companies can generate returns directly by holding ETH, thus avoiding the excessive use of leverage. He also stated that only a few Ethereum treasury companies are likely to survive downturns in the market cycle.

Furthermore, citing a previous view from BlackRock CEO Larry Fink, Chalom described Ethereum as a "tokenized toll road." He pointed out that events like the NYSE and Nasdaq advancing 24/7 trading plans, the DTCC exploring tokenized collateral, and Bullish's acquisition of Equiniti will all drive tokenized assets further into the traditional financial system.

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

Representative Companies with Solana Treasury

Solana Treasury Company Upexi Stock Drops 8%, Reports Q3 Net Loss Widens to $109 Million

Shares of Solana treasury company Upexi fell 8.16% on Tuesday after the company reported its fiscal third-quarter net loss widened to $109 million, primarily due to the decline in the value of its cryptocurrency holdings. A Tuesday filing showed the company recorded an unrealized loss of $92.3 million on its digital assets. Despite total revenue increasing 46% year-over-year to $4.6 million, driven by crypto staking income, the company still posted a loss.

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

DeFi Development Q1 Net Loss $83.4 Million, Per-Share SOL Holdings Increased 108% Over the Year

Solana treasury company DeFi Development Corp reported that despite widening losses in the first quarter, its per-share SOL holdings increased 108% year-over-year, from 0.0322 SOL to 0.0670 SOL. As of May 13, the company held approximately 2.2946 million SOL and equivalents. CEO Joseph Onorati stated that the company achieved growth through strategies including internal staking, operating a joint validator with Bonk, and deploying over 25% of its treasury on-chain. He considers Strategy's approach a starting point, not a ceiling. The company reported Q1 revenue of $2.66 million, an 827% increase year-over-year. Its net loss was $83.4 million, compared to $778,000 in the same period last year, primarily impacted by 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 with decades of industry experience.

Representative Companies with Altcoin Treasury

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, a significant improvement from a net loss of $39.8 million in Q4 2025. The company has added approximately 60,000 HYPE tokens since the end of Q1, pushing its total HYPE holdings to over 2 million tokens. Its validator node has received delegations of 10.2 million HYPE, ranking it among the top six validators, just behind 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 Purchase HYPE Tokens

Bitwise Asset Management announced that it will allocate 10% of the management fee revenue from its BHYP Hyperliquid ETF to acquire Hyperliquid's native token, HYPE, to be held on the company's balance sheet. These HYPE holdings will also be staked.

Bitwise stated that Hyperliquid operates a "community-first" model, with approximately 99% of on-chain revenue used to buy back and burn HYPE tokens, prompting the firm's decision to concurrently hold HYPE. Bitwise's Hyperliquid ETF (ticker: BHYP) was listed on the New York Stock Exchange last Friday, offering investors exposure to Hyperliquid along with staking yields.