Editor's Note: After a brief strong rebound, the overall crypto market has fallen back to the $76,000-$79,000 range. Affected by this, crypto-related stocks have declined across the board, with leading DAT stocks like Strategy and Bitmine nearly wiping out gains made over the past month. Additionally, influenced by various events and news such as potential Federal Reserve interest rate hikes, South Korea's financial and U.S. stock markets have recently experienced minor corrections. Compared to the optimistic information mentioned in last week's "Currency and Stock Market Barometer," recent negative news including the U.S.-Iran situation and the Wash administration coming to power has arrived one after another. In the short term, the crypto and stock sector may still require stimuli from events like SpaceX's IPO or Anthropic's financing news. On the policy front, noteworthy news is that the U.S. SEC may launch a tokenized stock regulatory framework as early as this week, potentially ushering in another explosive period for on-chain securities.
For more information on the currency and stock market, please visit MSX.com.
U.S. Stock Correction Risk Increases Sharply, Financial Titans Bet on Chip Sector
Morgan Stanley: Risk of Significant U.S. Stock Correction Increases Sharply, 10-Year Treasury Yield Breaks Above 4.5%
The "warning line" for U.S. stocks set by Morgan Stanley has been breached. The bank's Chief Investment Officer and Wall Street's well-known bull, Michael Wilson, warns that if U.S. Treasury yields continue to rise and volatility climbs, the U.S. stock market will face "its first significant correction since late March." Michael Wilson stated: "If the rise in long-term yields is accompanied by an increase in bond volatility, we expect a significant correction in stocks for the first time since the bottom in late March." Previously, Morgan Stanley marked the 10-year Treasury yield reaching 4.5% as a "critical point where yields may pose a more obvious obstacle to stock valuations."
Warren Buffett and Ray Dalio Q1 Portfolio Dynamics: Betting on Chip Infrastructure, Reducing Software Stocks, Concentration Increases
Berkshire Q1 Significantly Increased Alphabet Holdings, Initiated Delta Air Lines, Exited Amazon
According to Berkshire Hathaway's disclosed first-quarter holdings report (13F), Berkshire increased its holdings in stocks like Alphabet (GOOGL.O) and The New York Times in Q1. Alphabet received over 36 million additional shares, raising its portfolio weight from 2.04% to 5.93%; it exited positions in Amazon (AMZN.O), Visa (V.N), Mastercard (MA.N), UnitedHealth (UNH.N), and others; reduced holdings in stocks like Chevron (CVX.N) and Bank of America (BAC.N); and initiated a position in Delta Air Lines (DAL.N), buying 39.8 million shares valued at approximately $2.65 billion. Overall, Berkshire's U.S. stock portfolio value at the end of Q1 was $26.3 billion, compared to $27.4 billion in the previous quarter. The company bought about $16 billion worth of stocks and sold about $24 billion worth in the quarter, resulting in net sales of about $8.15 billion. The number of holdings dropped sharply from 42 to 29, indicating significantly increased concentration.
Bridgewater's Q1 U.S. Stock Portfolio Value $22.4 Billion, Increased Chip Stocks and Reduced Software Stocks
The world's largest hedge fund, Bridgewater Associates, disclosed its Q1 U.S. stock holdings report (13F) as of the end of March this year. The report shows Bridgewater initiated positions in 214 stocks, increased holdings in 292 stocks, exited positions in 261 stocks, and reduced holdings in 487 stocks in Q1. It significantly increased holdings in chip stocks like Nvidia, Broadcom, and Micron Technology; exited enterprise software stocks like Salesforce and ServiceNow; and reduced its position in Adobe. As of the end of Q1, Bridgewater's U.S. stock portfolio value was $22.4 billion, compared to $27.4 billion in the previous quarter. Specifically, Bridgewater increased its Nvidia holding by 827,800 shares, raising its portfolio weight from 2.63% at year-end to 3.65%; increased Broadcom by 670,000 shares, raising its weight from 1.47% to 2.54%; and increased Micron Technology by 586,000 shares, raising its weight from 0.93% to 2.23%. Additionally, Bridgewater initiated a position in Taiwan Semiconductor Manufacturing Company (TSMC) with 1.077 million shares. As of the end of Q1, this stock accounted for 1.62% of the portfolio.
Weekly Update on Crypto-Related Public Company Dynamics
BTC Treasury Representative Public Companies
Public Company Weekly Net BTC Purchases Rebound Strongly to $2.03 Billion, Surging Over 44 Times from Last Week
According to SoSoValue data, as of 8 AM ET on May 18, 2026, the total weekly net Bitcoin purchases by global public companies (excluding mining companies) last week amounted to $2.03 billion, an increase of 4,403.11% compared to the previous week.
Strategy (formerly MicroStrategy) announced an investment of $2.01 billion (an increase of 4,574.4% compared to last week) to purchase 24,869 Bitcoins at an average price of $80,985, bringing its total holdings to 843,738 Bitcoins.
Japanese public company Metaplanet did not purchase Bitcoin last week.
Additionally, 4 other companies purchased Bitcoin last week. Asset management company Strive announced the purchase of 9 Bitcoins on May 12, without disclosing the specific amount spent, bringing its total holdings to 15,009 Bitcoins; UK Bitcoin company The Smarter Web Company announced on May 12 and May 15 an investment of $2.84 million to purchase 25 Bitcoins at $81,592.67 and 10 Bitcoins at $79,662, bringing its total holdings to 2,840 Bitcoins; French Bitcoin company Capital B announced on May 18 an investment of $15.02 million to purchase 192 Bitcoins at $78,205.4, bringing its total holdings to 3,135 Bitcoins; Brazilian Bitcoin company OrangeBTC announced on May 18 an investment of $390,900 to purchase 5 Bitcoins at $78,180, bringing its total holdings to 3,737 Bitcoins.
As of publication, the total Bitcoin held by the tracked global public companies (excluding mining companies) is 1,113,841 coins, an increase of 2.37% from last week. The current market value is approximately $86.16 billion, accounting for 5.6% of Bitcoin's circulating market cap.
Strive Q1 Increased Bitcoin Holdings by 6,001 Coins, Net Loss of $265.9 Million
Bitcoin treasury company Strive released its 2026 Q1 financial results and announced that starting June 16, 2026, its SATA preferred stock dividends will be paid daily on business days, maintaining an annualized dividend yield of 13%. As of May 12, 2026, Strive's Bitcoin reserve reached 15,009 coins, including approximately 5,048 Bitcoins acquired through the acquisition of Semler Scientific; the company added 6,001 Bitcoins in Q1 2026 and purchased an additional 1,381 Bitcoins in Q2 up to May 12. The financial report shows Strive's Q1 GAAP net loss was $265.9 million, with approximately $295.8 million of the loss related to the decrease in the fair value of its Bitcoin holdings.
ETH Treasury Representative Public Companies
Bitmine Bought 71,672 ETH in the Past Week
Over the past week, Bitmine purchased a total of 71,672 ETH. Currently, Bitmine holds 5,278,462 ETH, valued at $11.56 billion, accounting for 4.37% of ETH's total supply. Its holdings also include 202 Bitcoins, $200 million worth of Beast Industries shares, $83 million worth of Eightco Holdings shares, and $685 million in cash.
Additionally, Bitmine has staked 4,712,917 ETH, valued at $1.03 billion, generating annualized staking revenue of $289 million.
Sharplink CEO: Ethereum Treasury Companies Diverge from Strategy Model, Focusing More on Staking Yield
Sharplink CEO Joseph Chalom stated that Ethereum treasury companies are gradually diverging from the Strategy and Michael Saylor model, focusing more on staking yield and a clean balance sheet rather than relying on complex financing structures.
Chalom believes Ethereum treasury companies can directly earn yield by holding ETH, thus avoiding the need for excessive leverage. He also stated that only a few Ethereum treasury companies will survive market downturns.
Furthermore, citing BlackRock CEO Larry Fink's previous view, he described Ethereum as a "tokenized toll road" and pointed out that events like the NYSE and Nasdaq advancing 24/7 trading plans, DTCC exploring tokenized collateral, and Bullish's acquisition of Equiniti will all push tokenized assets further into the traditional financial system.
Chalom expects that with the continued expansion of stablecoins, tokenized assets, DeFi, and AI applications, Ethereum will gradually chart a different development path from Bitcoin in the future.
SOL Treasury Representative Public Companies
Solana Treasury Company Upexi Stock Falls 8% After Reporting Q3 Net Loss Widened to $109 Million
The stock of Solana treasury company Upexi fell 8.16% on Tuesday after the company reported its third fiscal quarter net loss widened to $109 million, primarily due to a decrease in the value of its cryptocurrency holdings. The company's filing on Tuesday showed an unrealized loss on digital assets of $92.3 million. Despite total revenue growing 46% year-over-year to $4.6 million, driven by cryptocurrency staking income, it still reported a loss.
Upexi's results show that as of March 31, the company held 2.5 million Solana tokens, valued at over $238 million, making it the second-largest corporate treasury holder of Solana after Forward Industries, which holds over 7 million tokens.
DeFi Development Q1 Net Loss $83.4 Million, SOL Holdings Per Share Grew 108% in One Year
Solana treasury company DeFi Development Corp reported that despite a widening loss in Q1, SOL holdings per share grew 108% over the past year, from 0.0322 to 0.0670 tokens. As of May 13, the company holds approximately 2.2946 million SOL and equivalents. CEO Joseph Onorati stated the company achieved growth through strategies like internal staking, operating a joint validator node with Bonk, deploying over 25% of its treasury on-chain, and believes Strategy's approach is a starting point, not the ceiling. The company's Q1 revenue was $2.66 million, up 827% year-over-year; net loss was $83.4 million, compared to $778,000 in the same period last year, primarily affected by SOL price decline.
SOL Strategies Appoints Jon Matonis as Board Chairman
On May 12, Nasdaq-listed Solana ecosystem treasury company SOL Strategies announced the appointment of Jon Matonis as Chairman of the Board. Jon Matonis is a founding director of the Bitcoin Foundation, a long-time activist advocating for financial privacy, and has decades of industry experience.
Altcoin Treasury Representative Public Companies
Hyperion DeFi Discloses HYPE Token Holdings Exceed 2 Million Coins, Q1 Net Profit Reaches $8.8 Million
Nasdaq-listed HYPE treasury company Hyperion DeFi released its Q1 financial report, disclosing a Q1 net profit of $8.8 million, an improvement from the Q4 2025 net loss of $39.8 million. Since the end of Q1, it has added approximately 60,000 HYPE tokens, and its current HYPE token holdings have exceeded 2 million coins. Its validator node has received delegation of 10.2 million HYPE, ranking among the top six validator nodes, second only to the Hyperliquid Foundation.
Additionally, the company holds 1.92 million KNTQ tokens and 10 million HPL tokens.
Bitwise to Use Part of Hyperliquid ETF Management Fees to Accumulate HYPE Tokens
Bitwise Asset Management announced that it will allocate 10% of the management fee income from its BHYP Hyperliquid ETF to holding the Hyperliquid native token HYPE on its corporate balance sheet. The related HYPE holdings will also be staked.
Bitwise stated that Hyperliquid adopts a "community-first" model where approximately 99% of on-chain revenue is used to buy back and burn HYPE tokens, hence the company's decision to hold HYPE in sync. Bitwise's Hyperliquid ETF (ticker: BHYP) was listed on the New York Stock Exchange last Friday, providing investors with exposure to Hyperliquid and staking yield.
