Coin-Stock Barometer丨Global BTC Treasury Companies Net Sell $15.92 Million in a Single Week; Bitmine Increases Holdings by 9,946 ETH and Repurchases 6.1 Million Common Shares in the Past Week (July 28)

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

Over the past week, the South Korean stock market experienced its 8th market-wide circuit breaker of the year. The US stock storage sector saw a slight rebound, but it was insufficient to reverse the overall downward trend. Although A-shares saw the IPO of ChangXin Memory Technologies (CXMT) on the STAR Market, the overall market still experienced a modest correction, and the storage sector failed to buck the trend. This week, the US stock market enters a dense period of earnings reports. Following sharp declines after the earnings reports of companies like Tesla and Google, investors should be mindful of the associated risks from related news. On the data front, leverage in US stocks continues to increase: As of June, the net credit balance in US brokerage accounts decreased by approximately $70 billion in a single month, falling to negative $1.061 trillion, a record low. During 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 concept stocks, numerous Bitcoin treasury-listed companies are again liquidating assets or selling BTC, expressing a bearish or neutral outlook on the crypto market. Although various indicators and the closure of several crypto exchanges previously suggested that the bear market bottom might have been reached, based on the current situation, it is difficult to conclude that crypto concept stock-related targets will not decline further.

For more information on the crypto and stock markets, please refer to MSX.COM. (Odaily Note: The content of this article does not constitute investment advice and is for learning and communication purposes only.)

Weekly Updates on Crypto/Stock Listed Companies

Representative Bitcoin Treasury Companies

Bitcoin Allocation Enthusiasm Among Listed Companies Continues to Cool, Net Sales of $15.92 Million in a Single Week

According to SoSoValue data, as of 8:00 AM Eastern Time on July 27, 2026, global listed companies (excluding mining companies) had a total net sale of Bitcoin of $15.92 million for the past week, a decrease of 1,296.99% compared to the previous week.

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

Japanese listed company Metaplanet did not purchase Bitcoin last week.

Additionally, three other companies bought or sold Bitcoin last week. KULR Technology, a provider of 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 $64,538 each, reducing its total holdings to approximately 760 Bitcoins. Asset management company Strive announced on July 27 that it spent $5.19 million to purchase 79 Bitcoins at $65,723 each, bringing its total holdings to approximately 20,000 Bitcoins. Brazilian Bitcoin company OrangeBTC announced on July 27 that it spent $394,500 to purchase 6 Bitcoins at $65,742 each, bringing its total holdings to 3,918 Bitcoins.

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

As of press time, global listed companies (excluding mining companies) in the statistics collectively hold a total of 1,139,480 Bitcoins, a decrease of 0.02% from last week. The current market value is approximately $74.16 billion, representing 5.7% of Bitcoin's circulating market cap.

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

Japanese listed company Metaplanet has acquired Siiibo Securities, which holds a Type 1 Financial Instruments Business license, gaining approval to design and sell securities in Japan. Research firm Benchmark points out that while the market generally views this approximately 2.1 billion Japanese Yen (about $13 million) acquisition as a small-scale expansion, Metaplanet actually plans to use it as a foundation to issue Bitcoin-backed bonds (Bitbonds) with an annual yield of approximately 4% to 6%, and subsequently migrate them on-chain, settling via stablecoins, gradually forming a secondary market.

KULR Technology Sells 333 Bitcoins to Fully Repay $20 Million Coinbase Credit Line

BitcoinTreasuries.NET reported that listed company KULR Technology sold 333 Bitcoins to fully repay its $20 million Coinbase credit line, currently holding 760 BTC.

Bitcoin Treasury Companies Collectively Shift Direction: Selling BTC, Repaying Debt, and Betting on AI; Soaring Stock Prices Force Strategic Adjustments

As Bitcoin prices undergo a significant correction, listed companies that had aggressively accumulated BTC are facing multiple challenges, including falling 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 imitators. However, with the BTC price falling approximately 50% from its high of around $126,000 in October 2025, the stock prices of related companies have also shrunk significantly, forcing them to reassess their Bitcoin accumulation strategies.

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

Additionally, Sequans Communications 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 working capital. Of its remaining approximately 5,342 BTC, nearly 70% has been pledged as collateral for Kraken loans, leading market observers to consider it a potential risk event.

Meanwhile, Bitcoin mining companies are also adjusting 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 recently sold approximately 3,620 BTC and authorized further asset sales to maintain USD reserves.

Nevertheless, Strategy remains the world's largest corporate Bitcoin holder, with holdings exceeding 840,000 BTC. CEO Michael Saylor has indicated that the company may sell some Bitcoin to pay dividends in the future, 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 seen changes. Jack Mallers has stepped down as CEO; Adam Back's Bitcoin Standard Treasury Company (BSTR) also failed to complete its 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 shifting from simply hoarding Bitcoin towards AI infrastructure and business transformations that offer stronger cash flow capabilities.

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

Matthew Sigel, Head of Digital Assets Research at VanEck, stated that since 2026, several listed 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 holding coins to actively managing their digital asset positions.

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

Nasdaq-listed Bitcoin treasury company Empery Digital announced the completion of 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 8% equity in CDP. This investment is a key component of CDP's total $70 million Series A funding round, and the raised capital will be fully used for the construction of its first AI data center campus in West Texas, USA.

Representative ETH Treasury Listed Companies

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

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

Representative SOL Treasury Listed Companies

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

Representative Altcoin Treasury Listed Companies

None.