Editor's Note: At the beginning of the new year, thanks to Trump's "proactive approach" and the enthusiastic sentiment in the capital markets, the U.S. stock market has seen a broad rally, and stocks related to cryptocurrency concepts have also experienced a wave of increases. Currently, market hotspots are still concentrated on leading crypto concept stocks (such as Robinhood and Coinbase), crypto ETFs, and crypto mining companies that have successfully transformed into AI. Pure DAT narrative concept stocks are increasingly difficult for the market to fully accept, with only a few leading stocks (such as Strategy and Bitmine) showing rebound potential, but still highly dependent on macro policy impacts in January.
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.
Overview of Cryptocurrency Stock Market Opinions
Review of Cryptocurrency Stock Performance in 2025: BitMine, IREN, and Robinhood Lead, Strategy Struggles
On December 25 last year, according to TheBlock statistics, since the beginning of 2025, the S&P 500 index has risen nearly 20%, while the price of Bitcoin has dropped about 4%.
The performance of U.S. cryptocurrency companies has been mixed, with the best-performing cryptocurrency stocks in 2025 including: BitMine (+345%), IREN (+300%), Cipher Mining (+250%), Robinhood Markets (+208%), Hut 8 (+136%), Terawulf (+132%), and Bitfarms (+72%);
The worst-performing cryptocurrency stocks in 2025 include: Sol Strategies (-88%), Fold Holdings (-75%), Gemini (-67%), Semler Scientific (-66%), Exodus Movement (-45%), and Strategy (-44%).
Concerns for Cryptocurrency Treasury Companies in 2026, Most Cryptocurrency Asset Treasury Companies May Liquidate
Several industry executives have stated that as the market environment weakens, digital asset treasury companies (DAT) face severe challenges as they enter 2026, and large-scale liquidations may occur in the industry.
Altan Tutar, co-founder and CEO of MoreMarkets, pointed out that a large number of DAT companies emerged in 2025, providing Wall Street investors with exposure to cryptocurrency assets, but after the market correction, many companies' stock prices have significantly retreated, and the overall outlook is dim. He believes that as competition intensifies, most cryptocurrency treasury companies will struggle to survive, especially those focused on altcoins, which may exit the market first due to their market value being difficult to remain above the net asset value (mNAV) of the cryptocurrencies they hold. He also stated that even treasury companies built around mainstream assets like Ethereum, Solana, or XRP may face similar pressures later on.
Ryan Chow, co-founder of Solv Protocol, added that the number of publicly listed or quasi-listed companies holding Bitcoin has significantly increased in 2025, but "simply holding Bitcoin is not a sustainable growth model," and companies lacking revenue management capabilities may struggle to survive the next downturn. He noted that treasury companies that survive will often view cryptocurrency assets as digital capital that can generate revenue and liquidity, rather than merely a store of value.
Additionally, Vincent Chok, CEO of First Digital, stated that cryptocurrency ETFs are becoming significant competitors to DAT, as they can provide investors with more compliant and transparent price exposure. He believes that for the cryptocurrency treasury model to continue to develop, it needs to integrate more deeply with traditional financial infrastructure, approaching ETF standards in compliance, auditing, and asset management.
Weekly Update on Cryptocurrency Stock Companies
Representative Companies in BTC Treasury Listings
According to SoSoValue data, as of January 5, 2025, Eastern Time, the total net purchase of Bitcoin by global listed companies (excluding mining companies) for the week was $567 million.
Strategy (formerly MicroStrategy) announced on January 4 that it invested $116 million to increase its holdings by 3 Bitcoins at a price of $88,210 and by 1,283 Bitcoins at a price of $90,391, bringing its total holdings to 673,783 Bitcoins.
Japanese listed company Metaplanet invested $451 million on December 30 to increase its holdings by 4,279 Bitcoins at a price of $105,412, bringing its total holdings to 35,102 Bitcoins.
Additionally, one other company purchased Bitcoin last week. The UK Bitcoin reserve company BHODL announced on December 31 that it invested $90,000 to increase its holdings by 1 Bitcoin at a price of $88,965, bringing its total holdings to 158.2 Bitcoins.
As of the time of publication, the total amount of Bitcoin held by the listed companies in the statistics (excluding mining companies) is 923,680 Bitcoins, with a current market value of approximately $8.578 billion, accounting for 4.62% of Bitcoin's circulating market value.
Strategy increased its holdings by 1,286 BTC, bringing total holdings to 673,783 BTC
Walter Bloomberg posted on X platform that as of January 4, 2026, Strategy's total Bitcoin holdings reached 673,783 Bitcoins, with a total value of $50.55 billion. The company purchased 1,286 Bitcoins between late December 2025 and early January 2026, with the funds raised through market-priced equity issuance. During 2025, the company's unrealized losses on digital assets were $5.4 billion, offset by $1.55 billion in deferred income tax benefits. As of December 31, 2025, its digital assets had a book value of $58.85 billion, with $2.25 billion in reserves and an additional $41.5 billion available for future equity issuance.
Semler Scientific proposed a merger with Strive, which will hold nearly 13,000 BTC post-merger
On December 30, Semler Scientific founder Eric Semler announced that Semler Scientific has proposed to its shareholders to vote in favor of a merger with Strive. A special shareholder meeting will be held on January 13, and upon approval, SMLR shareholders will receive ASST shares at a conversion ratio of 21.05 times. The merged entity will hold nearly 13,000 BTC, placing it among the top five listed companies that consider BTC as a primary strategic reserve. This move aims to enhance Strive's financing capabilities in the digital credit space and maximize long-term shareholder value. Eric Semler will join the Strive board.
Last week, Tether CEO Paolo Ardoino stated that Tether purchased 8,888 Bitcoins on New Year's Eve 2025, valued at approximately $780 million. This transaction brought the publicly held Bitcoin amount of the stablecoin issuer to over 96,000 Bitcoins. Tether currently allocates 15% of its quarterly profits to Bitcoin.
Additionally, Tether purchased 26 tons of gold in the third quarter of 2025, bringing its total gold holdings to 116 tons, ranking among the top 30 gold holders globally. Paolo Ardoino stated that some of the Bitcoins held by Tether have been injected into its supported joint venture, Twenty One Capital, which held 43,514 Bitcoins as of January 1, 2026. Currently, Tether's main Bitcoin address ranks fifth globally and second among private enterprise treasuries.
Representative Companies in ETH Treasury Listings
Bitmine purchased 32,977 ETH last week, currently holding $13.08 billion in ETH
According to Onchain Lens monitoring, Bitmine (@BitMNR) purchased 32,977 ETH last week, valued at $10.4 million. Bitmine currently holds a total of 4,143,502 ETH, with a total value of $13.08 billion.
On January 6, BitMine transferred approximately 28,320 ETH (valued at about $91.16 million) to wallet 0x921 for Ethereum PoS staking. Data shows that as of now, the total amount of staked ETH at that address has increased to approximately 520,864 ETH, valued at about $1.636 billion at current prices.
Cathie Wood-supported Quantum Solutions disclosed an increase in ETH holdings to approximately 5,418
Ark Invest founder Cathie Wood-supported Japanese listed Ethereum treasury company Quantum Solutions officially disclosed that after purchasing 187.53 ETH, the company currently holds a total of 5,418.32 ETH, with an average purchase price of $3,943 and a total purchase cost of $20.58 million. Its ETH holdings rank 15th among listed Ethereum treasury companies, and the company also holds 11.6 BTC.
Representative Companies in SOL Treasury Listings
No relevant updates.
Representative Companies in Altcoin Treasury Listings
On December 30, NASDAQ-listed company Cypherpunk Holdings has increased its Zcash holdings to 290,062.67 coins, accounting for approximately 1.76% of the circulating supply of Zcash. The recent purchase of 56,418.09 ZEC was valued at about $29 million, with an average purchase price of $514.02 per coin. The cumulative average purchase price for all ZEC held is $334.41 per coin. Cypherpunk Holdings Chief Investment Officer Will McEvoy stated that the company will continue to pursue its goal of holding a 5% share of the Zcash network.
Listed company Tron Inc. received a $18 million strategic investment from Justin Sun
Last week, NASDAQ-listed digital asset treasury company Tron Inc. announced that it has received an $18 million strategic investment from Justin Sun. The company plans to use the funds to expand its TRX treasury, strengthen its balance sheet, and increase its digital asset reserves.
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