Editor's note: For the cryptocurrency industry, the market performance in the first month of 2026 is akin to an industry winter, particularly evident in the price performance of cryptocurrency stocks. Companies with BTC, ETH, and SOL reserves like Strategy, Bitmine, Sharplink, and Forward have all seen significant price corrections; in contrast, many mining enterprise concept stocks have performed well due to AI/HPC computing power demand and large orders, though they are still some distance from last year's price peaks. Considering the current market conditions, mining stocks may continue their upward trend, especially as Terawulf and Cipher Mining have garnered favor from well-known investment bank analysts. Meanwhile, Jupiter Lend listing the liquidity staking token dfdvSOL of public company DFDV as collateral may signify a deepening integration of DeFi and TradFi liquidity.
Below 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 Commentary: Mining stocks had a bright rally in January, but are still 15% away from last year’s peak
JPMorgan: Mining stocks significantly outperformed BTC in January, with short-term outlook supported but valuation divergence widening
JPMorgan stated in a report that Bitcoin mining companies performed strongly at the start of 2026, thanks to a decline in network competition and renewed enthusiasm for high-performance computing (HPC). The bank pointed out that the total market capitalization of the 14 Bitcoin mining firms and data center operators it tracks reached $60 billion at the end of last month, a 23% increase month-on-month, far surpassing the S&P 500 index's 1% gain. This increase was partially attributed to news of Riot Platforms signing an HPC agreement with AMD, highlighting the efforts of mining firms to diversify beyond Bitcoin. In the face of record low profit margins following the 2024 halving, Bitcoin mining companies are repositioning as digital infrastructure providers, transforming energy-intensive mining sites into data centers for AI in search of more stable, long-term revenue.
The report noted that winter storms across the U.S. in January caused average network hash rate to decrease by 6% month-on-month to 981 EH/s, with mining difficulty down 5% from December. The decline in competition helped to offset the weakness in Bitcoin prices. Analysts estimate that in January, miners’ daily block reward income was approximately $42,350 per EH/s, a slight increase from December, while gross profit rose by 24% to about $21,200 per EH/s. Among the 14 mining companies tracked by JPMorgan, 12 outperformed Bitcoin's 4% decline in January, with IREN up 42% and Cango down 18%. The total valuation of this group is still about 15% lower than the peak in October 2025.
Bloomberg: Selling pressure on publicly traded cryptocurrency treasury companies rises, potentially triggering market chain risks
After propelling the market upward last year, publicly traded cryptocurrency treasury companies (DATs) are now facing risks of market contagion due to increasing selling pressure. Data shows that since Bitcoin dropped nearly half from its $126,000 peak in October last year, the median stock price of the 150 largest DATs has declined by 62%, with the drop even exceeding that of Bitcoin. Hayden Hughes, managing partner at Tokenize Capital, analyzed that DATs, which rely solely on accumulating crypto assets without any operating revenue, will be forced to sell their holdings to maintain operations, potentially shaking investors' confidence in their "long-term holding" narrative, thereby triggering wider market sentiment contagion.
Morgan Stanley analyst: Two mining companies are expected to rise over 150% within a year
Morgan Stanley analyst Stephen Byrd indicated that despite Bitcoin's price dropping 44% since October, Bitcoin mining companies have been rejuvenated as AI data centers. On Monday, he initiated coverage on Terawulf and Cipher Mining, forecasting that stock prices will rise by 159% and 158% respectively. Stephen Byrd noted that the core asset of mining companies is access to power, with AI companies willing to pay a premium for electricity, and the economic benefits of AI businesses are better than those of cryptocurrency mining. Currently, Terawulf has signed a power agreement for 510 megawatts with Google, and Cipher Mining has similar partnerships with companies like Amazon. Additionally, Stephen Byrd gave MARA Holdings a downgraded rating, believing its AI strategy is not focused enough.
Weekly Updates on Cryptocurrency Stocks and Public Companies
Representational Companies in BTC Treasury Public Companies
According to SoSoValue data, as of 8:30 AM ET on February 9, 2026, last week, global publicly traded companies (excluding mining companies) net purchased a total of $92.83 million in Bitcoin over a week, representing a decrease of 24.5% from the previous week.
Strategy (formerly MicroStrategy) announced on February 9 that it invested $90 million (a 19.5% increase compared to the previous week's amount) to increase its holdings of 1,142 Bitcoins at a price of $78,815, bringing its total holdings to 714,644 Bitcoins.
Japanese publicly traded company Metaplanet did not purchase Bitcoin last week, marking four consecutive weeks without purchases.
Furthermore, five other companies purchased Bitcoin last week. Japanese food brand DayDayCook announced on February 5 that it invested $9.12 million to buy 105 Bitcoins at a price of $86,868, increasing its total holdings to 1,888 Bitcoins; the entrepreneurial education platform Genius Group Limited announced on February 6 that it sold 96 Bitcoins at a price of $73,238, generating $7.03 million in revenue, reducing its total holdings to 84.15 Bitcoins; Swedish health tech company H100 invested $3 million on February 6 to acquire 4.39 Bitcoins at a price of $66,620, bringing its total holdings to 1,051.05; UK Bitcoin company BHODL announced on February 6 that it spent $70,000 to buy 1 Bitcoin at a price of $66,950, increasing its total holdings to 161.388 Bitcoins; French Bitcoin reserve company Capital B announced on February 9 that it invested $370,000 to purchase 5 Bitcoins at a price of $73,893, bringing its total holdings to 2,828 Bitcoins.
Canadian Bitcoin ecosystem company Metador Technologies announced the launch of an ATM equity issuance program to raise approximately $21.98 million for purchasing Bitcoin. Metadoor Technologies plans to hold 1,000 Bitcoins by the end of 2026.
As of publication, the total Bitcoin holdings of globally listed companies (excluding mining companies) in the statistics is 974,480 Bitcoins, an increase of 0.035% from last week, with a current market value of approximately $6.736 billion, accounting for 4.9% of Bitcoin's circulating market value.
Bitcoin treasury company ProCap repurchased approximately $135 million in convertible bonds
On February 9, Nasdaq-listed Bitcoin treasury company ProCap Financial disclosed that it repurchased convertible bonds valued at approximately $135 million today, having repurchased about 2% of its circulating common shares since December 2025. In addition, the company reported a current Bitcoin holding of approximately 5,007 Bitcoins, with a cash balance of $72 million and an outstanding convertible bond size of approximately $100 million.
The largest Bitcoin treasury company in the UK, Smarter Web Company, officially listed on the main market of the London Stock Exchange on February 3, with the stock code SWC. On its first day of trading, the stock price closed at 43 pence, corresponding to a market capitalization of approximately £118 million. Public records show that Smarter Web Company currently holds 2,674 Bitcoins, with an average purchase price of approximately $111,000, making it the largest Bitcoin treasury-type public company in the UK.
Representational Companies in ETH Treasury Public Companies
Ethereum treasury company BitMine Immersion Technologies reported last week that it increased its holdings by 40,613 ETH, with its currently held crypto assets including 4,325,738 ETH, 192 BTC, $19 million in Eightco Holdings equity, $200 million in Beast Industries shares, and $595 million in cash.
ETHZilla launches cash flow RWA tokens from aviation engines
Nasdaq-listed company ETHZilla (ETHZ) announced that it will launch Eurus Aero Token I this week, tokenizing the monthly cash flow generated from leasing aircraft engines to provide on-chain yield exposure for investors.
The token is issued by its subsidiary ETHZilla Aerospace, with related assets being two commercial aircraft engines leased to a "leading U.S. airline." Token holders will receive monthly cash flow distributions from base rent and usage fees via ERC-20 tokens.
ETHZilla was previously known for its Ethereum reserve strategy but has gradually shifted towards the tokenization of real-world assets (RWA) since last year. The company has previously completed a tokenization experiment involving 95 mortgage loans.
With the blockchain industry accelerating the push for traditional assets on-chain, RWA is seen as one of the fastest-growing tracks. Ark Invest estimates that tokenized assets may reach $11 trillion by 2030, while the current market size is approximately $22 billion.
ETHZilla turns to real estate tokenization, completes a $4.7 million mortgage loan deal
Ethereum treasury company ETHZilla (ETHZ) is accelerating its layout for asset tokenization, investing $4.7 million to acquire a portfolio of 95 housing and modular home loans, and plans to tokenize these loans on the Ethereum Layer-2 network, issuing cash flow digital tokens to investors via the regulated trading platform Liquidity.io. The loan portfolio will be secured by a first lien mortgage, with an expected annual return of about 10%. ETHZilla Chairman and CEO McAndrew Rudisill stated that this transaction is a natural extension of the company’s tokenization strategy, with manufactured home loans providing stable cash flows and strong collateral, making them ideal candidates for tokenization within a regulated and transparent framework.
Ethereum treasury company FG Nexus announces implementation of 1:5 reverse stock split
Nasdaq-listed Ethereum treasury company FG Nexus announced it will implement a 1:5 reverse stock split, whereby every 5 shares of common stock will automatically combine into 1 share. The company expects this to officially take effect at 9:30 AM ET on February 13, 2026, along with a new CUSIP number 30329Y403. After the split, its stock will continue to trade on Nasdaq under the code "FGNX," and it is reported that based on the current circulating shares of approximately 32.7762 million, the number of shares in circulation is expected to decrease to about 6.5552 million shares; the number of authorized common shares will decrease from 900 billion to 180 billion.
Bit Digital disclosed it held 155,239.4 ETH at the end of January, worth over $380 million
On February 6, Nasdaq-listed Ethereum treasury company Bit Digital released a holding update report, stating that as of January 31, 2026, it held 155,239.4 ETH, valued at approximately $380.2 million, with an average purchase price of $3,045. Additionally, the company disclosed that it has staked a total of 138,266 ETH as of the end of January, generating approximately 344 ETH in staking rewards.
Representational Companies in SOL Treasury Public Companies
Solana treasury company Forward Industries (FWDI) Chief Information Officer Ryan Navi stated that there is current mispricing in the market, creating potential opportunities for the company. Ryan Navi pointed out that Forward Industries currently has no debt, and if the industry faces funding constraints, the company will adopt an aggressive strategy to drive consolidation of other SOL treasury companies.
He revealed that Forward Industries currently holds nearly 7 million SOL, with a holding size exceeding the combined total of its top three competitors. Ryan Navi further stated that a debt-free balance sheet is seen as a core advantage in the crypto treasury market, and the company will continue to allocate Solana as a long-term strategic infrastructure rather than a short-term speculative tool without using leverage or incurring debt.
Solana treasury company Upexi will raise $7.4 million through a stock offering
On February 6, Nasdaq-listed Solana treasury company Upexi announced it has reached a final agreement with an institutional investor to sell and issue 6,337,000 shares of the company's common stock and warrants at a price of $1.17 per share, raising $7.4 million. The net proceeds from this offering will be used for working capital, general corporate purposes, and to expand its SOL token investment strategy, with AGP/Alliance Global Partners acting as the exclusive placement agent for this common stock and warrant offering.
Jupiter Lend lists DFDV's liquidity staking token dfdvSOL as collateral
On February 5, Jupiter's lending platform Jupiter Lend announced it has listed the liquidity staking token dfdvSOL launched by the Solana treasury company DeFi Development (DFDV) as collateral, allowing users to directly lend assets on-chain and release liquidity on their staked SOL.
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