Editor's note: When it rains, it pours. After the Lunar New Year, the cryptocurrency market faces another double blow of "tariffs + liquidity shortage." As a result, prices of crypto-related stocks have once again fallen across the board, with only a few mining companies seeing slight increases due to favorable news or revenue performance. Notably, one of the landmark events in the crypto stock industry last week was perhaps the liquidation of BTC by the traditional mining company Bitdeer, which sold all its mining output. Given that the price of BTC has today broken below $63,000, it seems that mining companies that have weathered several industry cycles have also reached their breaking point. This also indirectly reflects that the market may have reached, or is about to reach, a bottom. As for a rebound from the bottom, it may still require waiting for good news regarding the passage of the CLARITY Act in April.
The following is a summary of last week's cryptocurrency stock market information compiled by Odaily Planet Daily, all U.S. stock data comes frommsx.com.
Cryptocurrency concept stock sharp review: Market continues to bleed, structural pressure is coming
Analysis: Short-term pressure on BTC causes the first consecutive three-week sale of Bitcoin treasury companies, ETF has recorded net outflows for five consecutive weeks
Data from Capriole Investments shows that businesses holding Bitcoin have seen three consecutive weeks of reductions in their treasuries. Coin Bureau co-founder Nic Puckrin stated that if companies continue to sell, the price of Bitcoin may drop towards bear market lows. Among the specific holders:
1. Bitdeer has sold all of its 943 Bitcoins, reducing its treasury balance to zero.
2. Listed company Cango Inc., ranked 27th, has reduced its Bitcoin holdings by over 54% in the past two weeks, from 8,095 to 3,644, valued at $246 million.
3. Exodus Movement's Bitcoin holdings have decreased from 1,704 to 1,694, valued at $114 million.
4. AI education company Genius Group has seen its holdings drop from 180 to 84, valued at $5.6 million.
In addition, the U.S. spot Bitcoin ETF has recorded net outflows for five consecutive weeks, with outflows of approximately $2.6 billion from the beginning of 2026 to date.
Opinion: Ethereum enters a critical valuation range, Bitmine's huge floating loss highlights structural pressure
Crypto research firm 10x Research pointed out in an analysis that Ethereum is at a critical stage of dual testing of valuation and fundamentals, and the market needs to determine whether its current slump is a cyclical bottom or a deeper structural impairment. Bitmine, the treasury company for Ethereum, is currently facing about $8.8 billion in unrealized losses, exceeding the approximately $8 billion loss scale during the early phase of the FTX collapse. The company increased its holdings significantly as demand weakened and the ETH price approached April 2021 levels, further exacerbating market controversies. This comparison highlights the potential for significant divergence in capital allocation outcomes and how timing and governance decisions ultimately determine the long-term value creation. The current trading price of Ethereum is approaching critical valuation and cost ranges, and its core value proposition is facing structural scrutiny. Investors need to carefully assess whether Ethereum is at a cyclical low or is stepping into a deeper phase of structural impairment.
Weekly updates on cryptocurrency listed companies
Representative companies with BTC treasury listings
The threshold for listed companies in the top 50 BTC holdings is 1,000 BTC
As of February 23, currently, if a listed company wants to enter the top 50 in BTC holdings, the holding must exceed 1,000 BTC. This holding threshold continues to increase.
Strategy's average BTC holding cost declines for the first time in 2.5 years
According to Arkham monitoring, Michael Saylor's average purchase price of BTC has decreased. Strategy bought BTC for $168.4 million, causing MSTR's average cost basis to drop by $29 to $76,027. This marks the first decline in this data in almost two and a half years since September 25, 2023.
On February 16, the Japanese Bitcoin treasury company Metaplanet released its fiscal report for 2025 on X platform, revealing it has become Japan's largest holder of Bitcoin, holding 35,102 Bitcoins by the end of 2025, accounting for approximately 0.16% of the global Bitcoin supply, ranking fourth among publicly traded companies globally in Bitcoin holdings. The plan is to achieve the goal of holding 1% of the global Bitcoin supply by 2027 and continue to use "Bitcoin revenue business" as a core driver of profit growth.
Additionally, Metaplanet's revenue for FY2025 reached 8.905 billion yen, a year-on-year increase of 738.3%; operating profit was 6.287 billion yen, a year-on-year increase of 1694.5%.
Bitcoin mining company IREN to be included in the MSCI U.S. index
In February, Bitcoin mining company IREN Limited announced its inclusion in the MSCI U.S. index after the market close on February 27. This follows Strategy (formerly MicroStrategy) as another crypto-related company entering the index.
Previously, index provider MSCI had considered removing digital asset treasury (DAT) companies with over 50% of their balance sheets allocated to cryptocurrency from major stock indices but ultimately decided not to exclude such companies.
U.S. listed company DDC increases holdings by 80 Bitcoins, total holdings exceed 2,000
On February 17, U.S. listed company DDC Enterprise Limited (DDC) announced an increase of 80 Bitcoins, bringing its treasury holding to 2,068 BTC, with an average holding price of $84,944. This latest purchase marks DDC's sixth consecutive week of increasing Bitcoin holdings, growing by 74.8% since the beginning of 2026, solidifying Bitcoin's position as a fundamental component of the company's financial strategy.
It is reported that this transaction was completed within DDC's established capital deployment framework, emphasizing robust scale expansion, liquidity regulation, and balance sheet stability. The company's strategy aims to address market cycle fluctuations while enhancing long-term per-share value.
On February 18, Bitcoin treasury company Hyperscale Data, listed on NYSE American, announced the launch of a strategic silver reserve plan, aiming to acquire 100,000 ounces of silver over time, solidifying its balance sheet in the long term, similar to Bitcoin. Additionally, according to the latest data from Hyperscale Data, the company's total Bitcoin holdings have increased to approximately 600 BTC, including around 554 Bitcoins held by its wholly-owned subsidiary Sentinum and about 46 Bitcoins purchased from the open market by another subsidiary, ACG.
Nakamoto completes acquisition of BTC Inc and UTXO for approximately $81.63 million
On February 21, Bitcoin treasury company Nakamoto announced that it had completed the acquisition of Bitcoin media and events company BTC Inc and investment firm UTXO Management, with both companies becoming its wholly-owned subsidiaries. This transaction was entirely paid for in the form of Nakamoto common stock and options.
According to disclosures, securities holders of BTC Inc and UTXO collectively received 364,795,104 shares of Nakamoto common stock on a fully diluted basis, with a total value of approximately $81.63 million. BTC Inc is the organizer of the Bitcoin Conference and the parent company of Bitcoin Magazine.
On February 12, Nasdaq-listed fintech company SOLOWIN HOLDINGS announced that it has reached a securities purchase agreement with Streeterville Capital to obtain $100 million in financing, and SOLOWIN will issue and sell prepaid shares for Streeterville Capital to purchase, with the first transaction of approximately $5.415 million in prepaid shares already completed. The company plans to use these funds to support its stablecoin and asset tokenization business. SOLOWIN had previously disclosed its intention to launch a quantitative Bitcoin fund of up to $100 million with Antalpha, employing data-driven algorithmic trading strategies to invest in Bitcoin.
On February 13, Swedish listed company H100 Group completed its acquisition of Swiss Bitcoin treasury company Future Holdings AG, supported by Adam Back.
Representative companies with ETH treasury listings
Bitmine increased its holdings by 51,162 ETH last week, valued at $95.36 million
On February 23, according to Onchain Lens monitoring, Bitmine (@BitMNR) purchased 51,162 ETH last week, valued at $95.36 million. Currently, Bitmine holds a total of 4,422,659 ETH, valued at $8.65 billion, of which 3,040,483 ETH are staked, worth $6 billion.
Peter Thiel and Founders Fund have fully sold all shares in Ethereum treasury company ETHZilla
On February 18, according to a 13G filing submitted to the SEC, Peter Thiel and his associated entity Founders Fund have fully sold their 7.5% stake in Ethereum financial strategy company ETHZilla (ETHZ).
ETHZilla had changed its name from biotechnology company 180 Life Sciences Corp. in August 2025, transforming into an Ethereum treasury model, and at that time, the news of Peter Thiel's investment pushed its stock price up over 90% in a single day. Currently, the stock price is about $3.2, down approximately 97% from last August's peak of $107.
On February 20, Nasdaq-listed Ethereum treasury company Sharplink announced that its institutional ownership percentage reached an all-time high of 46% and that it would undergo a brand reshaping and expand its leadership team. In addition, the company also disclosed ETH holdings of 867,798 (including 587,232 native ETH, 225,429 ETH redeemed from LsETH, and 55,137 ETH redeemed from WeETH), generating staking rewards of 13,615 ETH since June 2025, all distributed to shareholders.
Ethereum treasury company Republic Technologies announces private placement financing of $3 million
On February 16, Canadian-listed Ethereum treasury company Republic Technologies announced it would issue up to 14,087,000 special warrants via private placement, with a price of $0.21 per warrant, raising a total of $3 million. The company had previously disclosed ETH holdings of approximately 1,570.6, with an average acquisition price of $2,700, and the current holding market value is about $3.2 million.
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