Editor's Note: After a brief rebound, the cryptocurrency market has once again consecutively broken through the key support levels of $90,000 and $85,000. Meanwhile, Strategy has unusually indicated that it may sell BTC to repay convertible bond debts and dividend distributions, casting another shadow over the market's decline. Despite this, many cryptocurrency mining companies' stock prices have begun to rebound significantly, with several mining stocks rising over 20% in a single week, including Cleanspark and Cipher Mining, which we mentioned in last week's cryptocurrency stock trend report. This indicates that the mining companies' transformation into the AI field is beginning to show results. Additionally, benefiting from the popularity of industry topics such as quantum algorithms and quantum attacks, some concept stocks have also seen impressive gains. It is recommended to continue monitoring the trends of mining company stocks and the latest developments in cryptocurrency quantum algorithms in the long term.
Below is a summary of last week's cryptocurrency stock market information compiled by Odaily Planet Daily, all U.S. stock data is sourced from msx.com.
Cryptocurrency Concept Stock Commentary
Mining company stock prices stabilize and rebound, with several companies seeing weekly gains over 20%
According to TheMinerMag report, the Bitcoin mining industry is experiencing the most severe profit contraction in 15 years, with hash prices dropping to a structural low of about $35/PH/s. The payback period for new generation mining machines has extended to over 1,000 days, while the next halving is only about 850 days away. Additionally, MARA, CleanSpark, Riot, and HIVE have seen declines ranging from 32% to 54% since mid-October.
Despite this, the recent performance of mining company stocks has been outstanding, as can be seen from the long chart data mentioned above. According to data from msx.com, among them:
- Applied Digital Corporation (APLD) stock price increased by 33.48% in the past 7 days;
- Cipher Mining Inc. (CIFR) stock price increased by 39.22% in the past 7 days;
- TeraWulf Inc. (WULF) stock price increased by 36.05% in the past 7 days;
- Riot Platforms, Inc. (RIOT) stock price increased by 22.27% in the past 7 days;
- Hut 8 Corp. (HUT) stock price increased by 27.69% in the past 7 days;
- Cleanspark, Inc. (CLSK) stock price increased by 46.35% in the past 7 days;
- Bitdeer (BTDR) stock price increased by 24.88% in the past 7 days;
- Bitfarms Ltd. (BITF) stock price increased by 35.8% in the past 7 days.
Wall Street institutions continue to increase their positions in cryptocurrency concept stocks: Cathie Wood and Benchmark express their views
Despite rising expectations for interest rate cuts, the cryptocurrency market has still experienced significant declines this month, but some Wall Street institutions remain optimistic.
Cathie Wood's Ark Invest continued to increase its holdings in cryptocurrency-related stocks last Wednesday (November 27), buying approximately $16.47 million worth of Coinbase stock, totaling 62,166 shares, distributed among the ARKK, ARKW, and ARKF funds.
Wall Street broker Benchmark analyst Mark Palmer also reiterated a "buy" rating for Strategy with a target stock price of $705, pointing out that critics confuse short-term trends with real solvency risks, overlooking the balance sheet aimed at maximizing Bitcoin leverage.
New Direction: Nasdaq accelerates the regulatory approval process for tokenized stocks
On November 30, Nasdaq's head of digital asset strategy, Matt Savarese, stated that the exchange has prioritized the SEC approval of its tokenized stock program and will "accelerate the process as much as possible." The proposal was submitted on September 8, aiming to allow investors to trade tokenized assets based on publicly listed company shares on the Nasdaq platform.
Savarese emphasized that Nasdaq is not trying to "disrupt the existing system," but rather hopes to promote tokenized assets to the mainstream in a "responsible, investor-oriented" manner within the SEC regulatory framework. He stated that the proposal will be continuously improved based on public feedback and regulatory issues.
Weekly Updates on Cryptocurrency-Related Public Companies
BTC Treasury Representative Companies
According to SoSoValue data, as of December 1, 2025, the total net purchase of Bitcoin by global listed companies (excluding mining companies) last week was $21.86 million.
Strategy (formerly MicroStrategy) announced on December 1 that it invested $12 million to acquire 130 Bitcoins at a price of $89,959, bringing its total holdings to 650,000 Bitcoins.
The Japanese listed company Metaplanet did not purchase Bitcoin last week.
Additionally, three other companies purchased Bitcoin last week. French Bitcoin company Capital B announced on November 25 that it invested $460,000 to acquire 5 Bitcoins at a price of $92,188, bringing its total holdings to 2,823 Bitcoins; Hong Kong genetic testing and health technology company Prenetics invested $630,000 to purchase 7 Bitcoins last week, bringing its total holdings to 508.0341 Bitcoins; and food content company DayDayCook announced on November 26 that it invested $8.77 million to acquire 100 Bitcoins at a price of $87,739.58, bringing its total holdings to 1,183 Bitcoins.
As of the time of publication, the total amount of Bitcoin held by the listed companies (excluding mining companies) is 893,890 Bitcoins, with a current market value of approximately $7.691 billion, accounting for 4.48% of Bitcoin's circulating market value.
Strategy establishes a $1.44 billion dividend reserve fund for dividends
On December 1, Strategy announced the establishment of a $1.44 billion dividend reserve fund for dividends, funded by the proceeds from the sale of Class A common stock through the company's market issuance plan. Strategy aims to maintain a dollar reserve sufficient to pay at least 12 months of dividends and plans to gradually increase the reserve, with the ultimate goal of covering 24 months or more of dividend payments. Additionally, the maintenance of this reserve fund, as well as the amount, terms, and conditions of the reserve, are at the sole discretion of Strategy and may be adjusted from time to time based on market conditions, liquidity needs, and other factors.
ETH Treasury Representative Companies
BitMine: Last week increased its holdings by 96,798 ETH, bringing total holdings to 3,726,499 ETH
On December 1, BitMine announced that it increased its holdings by 96,798 ETH last week, bringing its total holdings to 3,726,499 ETH. Additionally, the company disclosed that it holds 192 BTC, shares of Eightco Holdings worth $36 million, and $882 million in unencumbered cash.
SOL Treasury Representative Companies
SOL Treasury company Upexi plans to raise $23 million to strengthen SOL treasury strategy
On November 26, Nasdaq-listed company Upexi announced that it signed a securities purchase agreement with a single institutional investor to issue approximately 3.29 million shares of common stock and an equal number of warrants at a price of $3.04 per share, raising a total of $23 million to support its core Solana treasury strategy.
On November 26, Nasdaq-listed Solana treasury company DeFi Development (DFDV) announced that two of its executives had purchased a total of 14,244 shares of common stock in the open market, with Chief Operating Officer and Chief Investment Officer Parker White purchasing 10,044 shares and Chief Strategy Officer Daniel Kang purchasing 4,200 shares.
Altcoin Treasury Representative Companies
On November 25, independent investment company Valereum, based in the Cayman Islands, announced that it has secured a $200 million investment. The new funds will be used to support the establishment of a digital asset treasury (DAT) and strategically accumulate and manage digital assets, as well as develop AI-driven tokenization and royalty and streaming platforms.
On November 28, investment firm YZiLabs announced that it has submitted a preliminary consent statement to the U.S. SEC, proposing to expand the board of directors of Nasdaq-listed CEA Industries Inc. (BNC) by soliciting written consent from shareholders and electing several new directors. YZiLabs stated that its investment in BNC is based on confidence in the company's fundamentals, the digital asset treasury (DAT) strategy centered around BNB, and the potential to become a "category-defining DAT company." However, since completing a $500 million PIPE financing this summer, BNC's stock performance has significantly diverged from this logic, even though BNB's price has seen considerable gains during this period.
Ella Zhang, head of YZiLabs, stated that BNC's current poor performance is primarily due to "weak strategic execution, insufficient communication with investors, and ineffective board oversight." Therefore, YZiLabs hopes to strengthen corporate governance, improve information disclosure and market communication, and realign the stock price with the intrinsic value of net assets and treasury strategy by expanding the board and bringing in more experienced and capable new directors. YZiLabs also pointed out issues such as delays in submitting key SEC documents, failure to timely update digital asset treasury and NAV data, and confusion regarding external identity and strategic narrative, believing that shareholders can no longer wait.
The announcement indicated that participants in this consent solicitation are expected to include YZiLabs Management, CZ, and several proposed director candidates. YZiLabs currently directly holds approximately 2.15 million shares of BNC common stock and holds various warrants that could potentially convert to common stock, but these warrants will not be exercised in the short term due to a 4.99% ownership limit. YZiLabs stated that it will soon announce a specific list of director candidates, aiming to release the company's potential value through stronger board governance without undermining BNC's digital asset treasury vision.
TON Treasury Company AlphaTON Deploys First Batch of NVIDIA B200 GPUs
On December 1, coinciding with the official launch of Cocoon (Confidential Computing Open Network) by Telegram founder Pavel Durov, Nasdaq-listed TON treasury company AlphaTON announced the deployment of its first batch of NVIDIA B200 GPUs, which have been deployed to Telegram's Cocoon AI network.
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