Editor's Note: At the beginning of the new year, thanks to Trump's "proactive approach" and the bullish sentiment in the capital markets, the U.S. stock market experienced a broad rally. Cryptocurrency-related concept stocks also saw a wave of gains influenced by this. Currently, market focus remains concentrated on leading crypto concept stocks (such as Robinhood, Coinbase), crypto ETFs, and crypto mining companies that have successfully transitioned to AI. Pure DAT narrative concept stocks are finding it difficult to gain full market acceptance, with only a few leading stocks (like Strategy, Bitmine) showing rebound potential, though they remain highly dependent on January's macro policy influences.
The following is a summary of last week's crypto stock market information compiled by Odaily Planet Daily. All U.S. stock data is sourced frommsx.com.
Overview of Crypto Concept Stock Market Views
2025 Performance Review of Crypto Stocks: BitMine, IREN, and Robinhood Lead the Pack, Strategy Struggles
On December 25 last year, according to TheBlock's statistics, the S&P 500 index rose nearly 20% in 2025, while the price of Bitcoin fell by about 4%.
The performance of U.S.-listed crypto companies was mixed. The best-performing cryptocurrency stocks in 2025 included: BitMine (+345%), IREN (+300%), Cipher Mining (+250%), Robinhood Markets (+208%), Hut 8 (+136%), Terawulf (+132%), Bitfarms (+72%);
The worst-performing cryptocurrency stocks in 2025 included: Sol Strategies (-88%), Fold Holdings (-75%), Gemini (-67%), Semler Scientific (-66%), Exodus Movement (-45%), Strategy (-44%).
Cryptocurrency Treasury Companies Face Grim Prospects in 2026, Majority May Liquidate
Multiple industry executives stated that as market conditions weaken, Digital Asset Treasury (DAT) companies face severe tests entering 2026, and the industry may see large-scale liquidations.
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 crypto asset exposure. However, after the market correction, the stock prices of many companies have significantly retreated, and the overall outlook has dimmed. He believes that as competition intensifies, most crypto treasury companies will struggle to survive, particularly those focused on altcoin treasuries, which may exit the market first due to their market capitalization struggling to remain above the net asset value of their held crypto assets (mNAV) for long. He also stated that even treasuries built around mainstream assets like Ethereum, Solana, or XRP could face similar pressures later.
Ryan Chow, co-founder of Solv Protocol, added that the number of listed or listed-like companies holding Bitcoin increased significantly in 2025, but "simply holding Bitcoin is not a sustainable growth model," and companies lacking yield management capabilities may struggle to survive the next downturn. He noted that surviving treasury companies often treat crypto assets as digital capital capable of generating yield and liquidity, rather than merely a store of value.
Furthermore, Vincent Chok, CEO of First Digital, stated that crypto ETFs are becoming significant competitors to DATs as they provide investors with more compliant and transparent price exposure. He believes that for the crypto treasury model to persist, it needs deeper integration with traditional financial infrastructure, approaching ETF standards in terms of compliance, auditing, and asset management.
Weekly Update on Listed Company Dynamics
Representative BTC Treasury Listed Companies
Global listed companies net bought $567 million worth of BTC last week; Metaplanet buys Bitcoin again after three months.
According to SoSoValue data, as of U.S. Eastern Time January 5, 2025, the total net purchase of Bitcoin by global listed companies (excluding mining companies) last week was $567 million.
Strategy (formerly MicroStrategy) announced on January 4 that it invested $116 million to acquire 3 Bitcoin at $88,210 and 1,283 Bitcoin at $90,391, bringing its total holdings to 673,783 Bitcoin.
Japanese listed company Metaplanet invested $451 million on December 30 to acquire 4,279 Bitcoin at $105,412, bringing its total holdings to 35,102 Bitcoin.
Additionally, one other company purchased Bitcoin last week. UK Bitcoin reserve company BHODL announced on December 31 that it invested $90,000 to acquire 1 Bitcoin at $88,965, bringing its total holdings to 158.2 Bitcoin.
As of press time, the total Bitcoin holdings of the tracked global listed companies (excluding mining companies) amounted to 923,680 Bitcoin, with a current market value of approximately $85.78 billion, accounting for 4.62% of Bitcoin's circulating market capitalization.
Strategy increases holdings by 1,286 BTC, total holdings reach 673,783
Walter Bloomberg posted on platform X that as of January 4, 2026, Strategy's total Bitcoin holdings reached 673,783, with a total value of $50.55 billion. The company purchased 1,286 Bitcoin between late December 2025 and early January 2026, with funds raised through at-the-market equity offerings. During 2025, the company's unrealized loss on digital assets was $5.4 billion, offset by a $1.55 billion deferred tax benefit. As of December 31, 2025, the carrying value of its digital assets was $58.85 billion, it had $2.25 billion in reserves, and an additional $41.5 billion available for future equity offerings.
Semler Scientific proposes merger with Strive; merged entity would hold nearly 13,000 BTC
On December 30, Eric Semler, founder of Semler Scientific, stated 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. Upon approval, SMLR shareholders will receive ASST shares at an exchange ratio of 21.05x. The merged entity would hold nearly 13,000 BTC, placing it among the top five listed companies using BTC as a primary strategic reserve. This move aims to enhance Strive's financing capabilities in the digital credit field and maximize long-term shareholder value. Eric Semler will join the Strive board.
Tether buys 8,888 Bitcoin at end of 2025, total holdings exceed 96,000; Gold holdings reach 116 tons; Joint venture holds 43,514 BTC
Last week, Tether CEO Paolo Ardoino stated that Tether purchased 8,888 Bitcoin on New Year's Eve 2025, worth approximately $780 million. This transaction increased the stablecoin issuer's publicly disclosed Bitcoin holdings to over 96,000. Tether currently allocates 15% of its quarterly profits regularly to Bitcoin.
Furthermore, Tether purchased 26 tons of gold in Q3 2025, bringing its total gold holdings to 116 tons, ranking it among the top 30 global gold holders. Paolo Ardoino stated that some of Tether's Bitcoin has been injected into the joint venture Twenty One Capital, which it backs. As of January 1, 2026, Twenty One Capital holds 43,514 Bitcoin. Currently, Tether's main Bitcoin address ranks fifth globally and second among private corporate treasuries.
Representative ETH Treasury Listed Companies
Bitmine bought 32,977 ETH last week, now holds $13.08 billion worth of ETH
According to Onchain Lens monitoring, Bitmine (@BitMNR) bought 32,977 ETH last week, worth $104 million. Bitmine currently holds a total of 4,143,502 ETH, with a total holding value of $13.08 billion.
On January 6, BitMine transferred approximately 28,320 ETH (worth approximately $91.16 million) to wallet 0x921 for Ethereum PoS staking. Data shows that the cumulative amount of staked ETH at this address has now increased to approximately 520,864, valued at approximately $1.636 billion at current prices.
Cathie Wood-backed Quantum Solutions discloses ETH holdings increased to approximately 5,418
Quantum Solutions, a Japanese-listed Ethereum treasury company backed by Ark Invest founder Cathie Wood, officially disclosed that after purchasing 187.53 ETH, the company now holds a total of 5,418.32 ETH. The average purchase price was $3,943, with a total purchase cost of $20.58 million. Its ETH holdings rank 15th among listed Ethereum treasury companies. Additionally, the company holds 11.6 BTC.
Representative SOL Treasury Listed Companies
No relevant updates.
Representative Altcoin Treasury Listed Companies
Nasdaq-listed Cypherpunk Holdings buys 56,000 ZEC for $29 million, holdings increase to 290,000
On December 30, Nasdaq-listed company Cypherpunk Holdings increased its Zcash holdings to 290,062.67 ZEC, representing approximately 1.76% of Zcash's circulating supply. This new purchase of 56,418.09 ZEC was worth approximately $29 million, with an average purchase price of $514.02 per ZEC. The cumulative average purchase price for all its held ZEC is $334.41 per ZEC. Will McEvoy, Chief Investment Officer of Cypherpunk Holdings, stated that the company will continue to execute its goal of holding a 5% share of the Zcash network.
Listed company Tron Inc receives $18 million strategic investment from Justin Sun
Last week, Nasdaq-listed digital asset treasury company Tron Inc. announced it has received an $18 million strategic investment from Justin Sun. The company plans to use the proceeds to expand its TRX treasury and strengthen its balance sheet and digital asset reserves.









