Editor’s Note: The cryptocurrency market is still in a long-awaited winter, with visible tightening of liquidity in the market. As a result, related cryptocurrency stocks are also in a sluggish state. In the backdrop of continuous declines, only a few stocks have performed well due to potential positive news: this includes some mining companies whose prices have risen due to favorable Nvidia earnings reports and news of transitioning to AI HPC, as well as established platforms returning to the cryptocurrency market and financial service providers closely related to cryptocurrency mining companies. Overall, the cryptocurrency stock market is still in a price recovery phase, and future trends highly depend on the performance of the U.S. stock market. 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 Commentary
Capital Institutions Diverge: Cathie Wood Buys Multiple Cryptocurrency Stocks
Following last week's mention in "Cryptocurrency Stock Indicator | Cryptocurrency Concept Stock Commentary" about Peter Thiel's Founders Fund selling parts of its cryptocurrency concept stocks, last week, Ark Invest Tracker monitored that Cathie Wood's Ark Invest increased its holdings in multiple cryptocurrency concept stocks on November 20, including:
- 134,650 shares of Circle (approximately $9.01 million);
- 380,244 shares of BitMine (approximately $9.89 million);
- 63,991 shares of Robinhood (approximately $6.79 million);
- 42,419 shares of Coinbase (approximately $1.01 million).
Whether this is bottom-fishing or buying at mid-levels may need to wait until the end of the year to determine, but regardless, Cathie Wood has made her "bet," and it is a free choice to follow or not.
JPMorgan: Cipher and CleanSpark Ratings Upgraded to "Overweight"; Price Targets for MARA and RIOT Downgraded
Based on recent financing, cooperation orders, and transitions to AI HPC data center businesses by cryptocurrency mining companies, the well-known investment bank JPMorgan provided its reference opinion.
On November 24, JPMorgan upgraded the ratings of Bitcoin mining companies Cipher and CleanSpark to "Overweight," citing strong momentum in HPC transitions, raising Cipher's target stock price from $12 to $18, and CleanSpark's to $10.8.
However, at the same time, JPMorgan downgraded the stock price targets for two other Bitcoin mining companies, MARA and Riot, to reflect expectations of a softening Bitcoin market and increasing stock dilution.
Currently, facing the computing power and energy gaps under the development of AI giants, cryptocurrency mining companies may occupy a favorable position in commercial cooperation, coupled with the stock price boost from traditional computing and chip companies like Nvidia, cryptocurrency mining-related stocks still have potential for price increases.
Weekly Updates on Cryptocurrency Stock Listed Companies
Representative Companies in BTC Treasury
According to SoSoValue data, as of November 24, 2025, Eastern Time, the total net purchase of Bitcoin by global listed companies (excluding mining companies) last week was $13.4 million.
Strategy (formerly MicroStrategy) and Japanese listed company Metaplanet did not purchase Bitcoin last week.
Additionally, four other companies purchased Bitcoin last week. Japanese fashion company ANAP announced on November 20 that it invested $2.08 million to increase its holdings by 20.4422 Bitcoin at a price of $101,906.6, bringing its total holdings to 1,145.6951 Bitcoin; Hong Kong genetic testing and health technology company Prenetics invested $620,000 to purchase 7 Bitcoin, bringing its total holdings to 501.0341 Bitcoin; Japanese nail salon operation and franchise company Convano announced on November 21 that it invested $1.05 million to increase its holdings by 97.6775 Bitcoin at a price of $107,888.2, bringing its total holdings to 762.67758328 Bitcoin; British Bitcoin company B HODL announced on November 18 that it invested $200,000 to purchase 2 Bitcoin at a price of $98,667, bringing its total holdings to 155.039 Bitcoin.
As of the time of writing, the total amount of Bitcoin held by the listed companies (excluding mining companies) is 893,640, with a current market value of approximately $7.732 billion, accounting for 4.48% of Bitcoin's circulating market value.
DDC Enterprise Reaches Purchase Agreement to Increase Holdings by 300 Bitcoin
On November 20, U.S. listed company DDC Enterprise announced that it had reached a purchase agreement to buy 300 Bitcoin, reportedly the company's largest single Bitcoin acquisition to date. After the transaction is completed, DDC Enterprise's total Bitcoin holdings will increase to 1,383, and the company expects its Bitcoin yield in the second half of 2025 to reach 99%.
Onfolio Holdings Raises $300 Million to Establish BTC, ETH, SOL Digital Asset Treasury
On November 19, Nasdaq-listed company Onfolio Holdings announced that it had raised $300 million through convertible note financing from a U.S. institutional investor. The new funds will be used to support the establishment of a digital asset treasury, initially purchasing the three mainstream cryptocurrencies BTC, ETH, and SOL. The company stated it would utilize cryptocurrency staking to generate income to enhance its balance sheet and accelerate business growth.
Representative Companies in ETH Treasury
On November 24, Nasdaq-listed company BitMine disclosed that it increased its holdings by 69,822 ETH last week, bringing its total ETH holdings to 3,629,701. Additionally, the company holds 192 Bitcoin and shares of Eightco Holdings worth $38 million. According to existing data, BitMine's total ETH holdings account for 3% of the total ETH supply, with an average holding price of $3,988, currently showing a floating loss of $4.28 billion (-29.6%).
SharpLink Address Transferred 5,533 ETH to Galaxy Digital OTC Wallet 3 Hours Ago
On November 20, on-chain analyst Yu Jin monitored that 5,533 ETH (worth $16.52 million) was transferred from the SharpLink address (0x70D…13E3) to the Galaxy Digital OTC wallet.
Since the early morning of November 19, a total of 10,975 ETH (worth $33.54 million) has been transferred from the SharpLink address to Galaxy Digital.
Representative Companies in SOL Treasury
DFDV Discloses Fair Value Gains of Approximately $96 Million in Digital Assets Year-to-Date
On November 19, Nasdaq-listed company DeFi Development Corp. (DFDV) submitted its quarterly report (Form 10-Q) for the period ending September 30, 2025, disclosing that the company's fair value gains from digital assets reached approximately $74 million in the third quarter, totaling $96 million year-to-date.
Representative Companies in Altcoin Treasury
AVAX One Spent $110 Million to Purchase 9.37 Million AVAX, Total Holdings Increased to 13.8 Million
On November 25, AVAX One announced that it spent $110 million to acquire 9,377,475 AVAX tokens between November 5 and 23, 2025. The company disclosed that the weighted average price for this acquisition was $11.73 per token, increasing its total AVAX holdings to over 13.8 million, valued at approximately $193 million at current token prices.
AVAX One CEO Jolie Kahn stated that the company will retain approximately $35 million in cash for further token acquisitions and its own stock buybacks. The company also plans to raise up to $550 million to further expand its AVAX treasury. AVAX One was approved for a $40 million stock buyback plan on November 20. This accumulation strategy marks a significant transformation for the company, which previously operated under AgriFORCE Growing Systems in the agricultural technology sector. Earlier this month, it completed a rebranding to AVAX One and changed its stock ticker from AGRI to AVX.
Additionally, the Avalanche Foundation is reportedly raising $1 billion to launch a digital asset treasury tool aimed at strengthening AVAX's role in on-chain finance and capital markets.
Nasdaq-listed Company Enlivex Plans to Raise $212 Million to Establish Rain Token Treasury
On November 24, Nasdaq-listed company Enlivex announced plans to raise $212 million to establish a Rain token treasury. The company stated it will become the first DAT company built on a prediction market token. Rain is a decentralized prediction market protocol on the Arbitrum network that allows anyone to create markets and trade custom options on any event in any language, with results resolved by artificial intelligence and a buyback and burn mechanism linked to the RAIN token.
Nasdaq-listed Company mF International Plans to Raise $500 Million to Establish BCH Treasury
On November 22, Nasdaq-listed company mF International announced it will conduct a private placement (PIPE) of 50 million shares of Class A common stock and pre-funded warrants to qualified institutional investors at a price of $10.00 per share to raise $500 million. This financing transaction is expected to be completed by December 1, 2025, and the funds will be used to purchase Bitcoin Cash (BCH) and establish a related digital asset treasury.
Nasdaq-listed Company CYPH Acquires $18 Million in ZEC, Total Holdings Reach 1.43% of Network Supply
On the evening of November 18, Cypherpunk Technologies Inc. (Nasdaq: CYPH) announced that the company has spent an additional $18 million to acquire 29,869.29 ZEC (Zcash) at an average purchase price of $602.63. Including the previously purchased ZEC for $50 million, Cypherpunk's total ZEC holdings have reached 233,644.56, with an average holding cost of $291.04.
This acquisition brings the company's total ownership percentage in the Zcash network to 1.43%.
Cypherpunk focuses on privacy and self-sovereignty, believing that Zcash is a "form of digital privacy asset" and a hedge against the transparency of Bitcoin and its financial infrastructure, especially in an AI-rich future.
Previously, the company appointed Will McEvoy, head of Winklevoss Capital, as Chief Investment Officer (CIO) and board member. Winklevoss Capital had previously led a $58.88 million private placement for the company. The company's goal is to ultimately hold at least 5% of the total ZEC supply, continuously advancing its Zcash-centered digital asset treasury strategy.
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