Editor's Note: The cryptocurrency market is still in a downward trend, with U.S. stocks and cryptocurrency concept stocks once again showcasing a "tale of two cities" — on one side, the steadily rising U.S. stock index market, and on the other, the continuously declining cryptocurrency concept stocks. Whether represented by DAT financial companies like Strategy, Bitmine, and Sharplink, or cryptocurrency mining companies like IREN, Riot, and Cleanspark, last week's stock performance was disappointing. Among cryptocurrency mining companies, only Hut8 saw its stock price rise by about 15% due to a $7 billion large order, and ABTC rebounded by over 11% due to previous overselling. Once again, we remind investors in cryptocurrency stocks to be cautious about bottom-fishing and to trade with a rebound strategy, avoiding going all in.
Below is a summary of last week's cryptocurrency stock market information compiled by Odaily Planet Daily, all U.S. stock data comes from msx.com.
Cryptocurrency Concept Stock Market Insights
UBS: U.S. Stock Market Rally May Continue Until 2026, S&P 500 Target at 7700 Points
On December 22, UBS Group stated that the U.S. stock market's rally in 2025 is expected to continue into 2026, driven by strong corporate earnings, loose monetary policy, and a clearer policy outlook. The bank noted that corporate profits (especially in the tech sector) remain strong, keeping current valuations at reasonable levels. UBS predicts that S&P 500 earnings will grow by 10%, potentially pushing the index to around 7700 points.
Additionally, further interest rate cuts by the Federal Reserve and the appointment of a new chair may provide additional support to the market. The clarification of future tariff policies will also help reduce uncertainty. Based on this, UBS maintains an "attractive" rating for the U.S. stock market and advises investors to maintain their positions to seize ongoing growth opportunities.
10x Research: Market Downturn Not Yet Reversed, BTC Mining Companies and Crypto Firms Performed Poorly Last Week
On December 21, 10x Research released a cryptocurrency market review, indicating that due to global policy uncertainties and legislative delays, Bitcoin prices remain low, and the market downturn has not been reversed. The stock performance of publicly listed cryptocurrency companies was generally poor, with the launch of new products by Coinbase failing to offset the overall market weakness. Strategy's stock price remains weak, and although ARK Invest increased its stake in BitMine, it did not boost its stock price.
In terms of Bitcoin mining companies, Bitdeer is facing collective lawsuit pressures, CleanSpark's earnings fell short of expectations and faced insider selling, Iren encountered a neutral rating that affected its stock price, and despite TeraWulf completing significant financing, its stock price still fell due to equity dilution.
Bloomberg Analyst: BlackRock's IBIT is the Only ETF Among the Top 25 U.S. ETFs with Negative Returns
On December 20, Bloomberg senior ETF analyst Eric Balchunas stated that BlackRock's IBIT is the only ETF among the top 25 U.S. ETFs by inflow for 2025 with a negative annual return of -9.59%. However, he also noted that despite the negative return, IBIT's annual inflow still ranks sixth, even surpassing the GLD ETF, which has a return of 64%. In the long run, this is a very positive sign, as it managed to attract over $25 billion in inflows during a bear market, indicating greater potential once the market shifts to a bull phase.
Weekly Updates on Cryptocurrency-Related Public Companies
Representative Companies in BTC Treasury
According to SoSoValue data, as of December 22, 2025, Eastern Time, the total net purchase of Bitcoin by global listed companies (excluding mining companies) for the week was $26.35 million. Strategy (formerly MicroStrategy) announced on December 22 that it did not add any Bitcoin last week. The Japanese listed company Metaplanet did not purchase Bitcoin last week.
Additionally, two other companies purchased Bitcoin last week. The Japanese fashion company ANAP invested $1.74 million on December 16 to acquire 18.6424 BTC at a price of $93,138.2, bringing its total holdings to 1,218.8424 BTC; the digital health and sales development company CIMG invested $24.61 million on December 17 to acquire 230 BTC at a price of $107,000, bringing its total holdings to 730 BTC.
The technology company Metador Technologies, which offers Bitcoin financial products, signed a revised secured convertible note financing agreement for up to $100 million with ATW Partners, with the first phase of financing of $10.5 million allocated for Bitcoin purchases. AI data center company Hyperscale Data announced the launch of an at-the-market (ATM) common stock issuance plan of up to $50 million, most of which will be used to purchase Bitcoin.
As of the time of publication, the total amount of Bitcoin held by the global listed companies (excluding mining companies) is 916,750 BTC, with a current market value of approximately $8.277 billion, accounting for 4.59% of Bitcoin's circulating market value.
Strategy increased cash reserves to $2.19 billion and paused Bitcoin purchases
As of December 21, within a week, Strategy Inc raised $748 million through the sale of common stock, increasing its cash reserves to $2.19 billion, and has paused Bitcoin purchases. The company currently holds Bitcoin valued at approximately $60 billion. Earlier this month, Strategy Inc set aside $1.4 billion as reserves for future dividends and interest payments. According to TD Cowen analyst Lance Vitanza, Strategy Inc needs to pay approximately $824 million annually in interest and dividends.
Representative Companies in ETH Treasury
Bitmine's ETH Holdings Increased to Nearly 4.1 Million, Total Value Exceeds $1.25 Billion
On December 23, Bitmine increased its holdings by 29,463 ETH, valued at approximately $88.4 million.
Additionally, Bitmine purchased 98,852 ETH last week, bringing its total holdings to 4,066,062 ETH, valued at approximately $12.42 billion. This holding accounts for 3.37% of the total ETH supply.
Ethereum treasury company ETHZilla has sold 24,291 ETH, raising approximately $74.5 million
On December 22, Ethereum treasury company ETHZilla disclosed that it has sold 24,291 ETH, raising approximately $74.5 million. This transaction is reportedly part of the redemption of outstanding senior secured convertible notes, and the company's future value will be driven more by its RWA tokenization business's revenue and cash flow, thus it will stop publicly disclosing the mNAV panel but will continue to regularly disclose its balance sheet and update ETH treasury and share changes through SEC filings and social media.
Representative Companies in SOL Treasury
On December 19, Nasdaq-listed company Mangoceuticals announced a partnership with Cube Group to establish a subsidiary, Mango DAT, to advance a digital asset treasury (DAT) strategy worth $100 million, focusing on SOL investments. The related funds will be raised through an ATM financing plan and the sale of common stock. The company has also submitted a trademark application for "MULTI-DAT" to the U.S. Patent and Trademark Office to implement a series of strategic digital asset and DeFi plans.
SOL treasury company Forward Industries FWDI stock token is now live on Solana
On December 19, Nasdaq-listed SOL treasury company Forward Industries is issuing its stock on-chain through a native blockchain tokenization platform. Forward stated that its SEC-registered stock is now live on the Solana blockchain via Superstate's Opening Bell platform, marking the first time a listed company's equity can be directly used in the DeFi space. As an SPL token, the tokenized FWDI will integrate into Solana's DeFi ecosystem.
It is reported that the company currently holds approximately 6.8 million SOL, exceeding the total holdings of the other three largest SOL DAT companies combined.
On December 17, according to an announcement from the Hong Kong Stock Exchange, Hong Kong-listed company MemeStrategy disclosed that it has spent HKD 2.4 million in the open market to purchase 2,440 SOL, bringing its total holdings to 12,290 SOL, with a purchase cost of approximately HKD 14.9 million. MemeStrategy stated that it will use dedicated Solana validators to stake its SOL holdings to generate income through staking rewards and create new revenue streams.
Representative Companies in Altcoin Treasury
None.
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