Editor's Note: In last week's "Crypto Stock Vane" article, we briefly commented on markets such as Korean stocks, US stocks, A-shares, and crypto concept stocks. Our view remains that in the short term, major global capital markets are in a phase of aggressive deleveraging and bubble cleansing.
In the past week, the Korean stock market experienced its 8th full-market circuit breaker of the year; the US stock storage sector saw a slight rebound but failed to reverse the overall downtrend; although A-shares saw Changxin's IPO on the STAR Market, the overall market still experienced a slight pullback, and the storage sector failed to stage an independent rally. This week, the US stock market will enter a dense earnings reporting period. After Tesla, Google, and others reported earnings, their stocks plunged sharply. Investors should be aware of the associated risks from related news. On the data front, leverage in US stocks continues to increase: as of June, the net credit balance of US brokerage accounts fell by about $70 billion in a single month to negative $1.061 trillion, a record low. During the same period, margin debt increased by about $86 billion to $1.53 trillion, rising for the third consecutive month and hitting a new record.
In terms of crypto concept stocks, many BTC treasury listed companies have again liquidated assets or sold BTC, expressing a bearish or neutral stance on the crypto outlook. Although multiple indicators and the closure of several crypto exchanges previously suggested that the bear market bottom may have arrived, based on current conditions, it is still difficult to conclude that crypto concept stocks will not decline further.
For more information on the crypto stock market, please refer to MSX.COM. (Odaily Planet Daily Note: This content does not constitute investment advice and is for learning and communication purposes only)
Weekly Update on Crypto Stock Listed Companies
Representative BTC Treasury Listed Companies
The enthusiasm for BTC allocation among listed companies continues to cool, with a net sell of $15.92 million in a single week
According to SoSoValue data, as of 8:00 AM Eastern Time on July 27, 2026, the total net sell of Bitcoin by global listed companies (excluding mining companies) last week was $15.92 million, a decrease of 1,296.99% compared to the previous week.
Official documents show that Strategy did not purchase Bitcoin last week. From July 20 to 26, it sold approximately 5.43 million shares of MSTR, generating net proceeds of $544.5 million, and spent $25 million to repurchase 288,930 shares of STRC preferred stock.
Japanese listed company Metaplanet did not purchase Bitcoin last week.
In addition, three other companies bought or sold Bitcoin last week. KULR, a provider of aerospace-grade defense battery thermal management and safety solutions, announced on July 24 that it received approximately $21.5 million in revenue from July 9, 2026 to July 23, 2026, and sold 333 Bitcoins at $64,538, reducing its total holdings to about 760 Bitcoins. Asset management company Strive announced on July 27 that it spent $5.19 million to purchase 79 Bitcoins at $65,723, bringing its total holdings to approximately 20,000 Bitcoins. Brazilian Bitcoin company OrangeBTC announced on July 27 that it spent $394,500 to purchase 6 Bitcoins at $65,742, bringing its total holdings to 3,918 Bitcoins.
Metaplanet's subsidiary Bitcoin Japan announced a convertible bond financing agreement with EVO Fund, planning to raise 9.66 billion yen (approximately $59.5 million) to establish a crypto asset treasury.
As of press time, global listed companies (excluding mining companies) in the statistics collectively hold a total of 1,139,480 Bitcoins, a decrease of 0.02% from last week, with a current market value of approximately $74.16 billion, accounting for 5.7% of Bitcoin's circulating market cap.
Metaplanet Acquires Siiibo Securities, Plans to Build Bitcoin Fixed Income Market in Japan
Japanese listed company Metaplanet has acquired Siiibo Securities, which holds a Type I financial instruments business license, allowing it to design and sell securities in Japan. Research firm Benchmark noted that the market generally views this acquisition, worth about 2.1 billion yen (approximately $13 million), as a small-scale expansion, but Metaplanet actually plans to use it as a basis to issue Bitcoin-backed bonds (Bitbonds) with an annual yield of approximately 4% to 6%, and subsequently migrate them on-chain and settle via stablecoins, gradually forming a secondary market.
KULR Technology Sells 333 Bitcoins, Fully Repays $20 Million Coinbase Credit Line
BitcoinTreasuries.NET reported that listed company KULR Technology has sold 333 Bitcoins to fully repay its $20 million Coinbase credit line, and currently holds a total of 760 BTC.
Bitcoin Treasury Companies Shift Strategy: Sell BTC, Repay Debt, and Bet on AI; Stock Plunges Force Strategic Adjustments
As Bitcoin prices undergo a significant correction, listed companies that had heavily accumulated BTC are facing multiple challenges such as falling stock prices, debt pressure, and deteriorating financing conditions. Some companies have begun selling Bitcoin, repaying debt, and even pivoting to AI data center businesses.
Strategy pioneered the "Digital Asset Treasury (DAT)" model, continuously buying Bitcoin through financing and borrowing, leading a number of listed companies to follow suit. However, as BTC prices fell from a high of about $126,000 in October 2025, with a cumulative decline of about 50%, the stock prices of related companies also shrank significantly, forcing them to reassess their BTC accumulation strategies.
This week, London-listed Satsuma Technology shareholders approved the liquidation of all 668 BTC and the return of capital, while proceeding with delisting. Another London-listed company, The Smarter Web Company, sold 178 BTC to repay convertible debt.
In addition, Sequans Communications has sold 1,025 BTC and further sold nearly 80% of its remaining holdings to repay convertible bonds. The company stated that it will not continue to buy Bitcoin in the future and plans to sell the remaining approximately 658 BTC.
Nakamoto's stock price has fallen about 99% since its SPAC listing in May 2025. Recently, it sold about 284 BTC, raising approximately $20 million for operating funds. Of its remaining approximately 5,342 BTC, nearly 70% have been used as collateral for Kraken loans, and market participants believe it faces potential risk events.
Meanwhile, Bitcoin mining companies are also adjusting their strategies. Companies such as Bitdeer Technologies and MARA Holdings are selling some BTC to repurchase shares, repay debt, and redirect energy resources and computing infrastructure to AI data center businesses.
Other companies selling BTC include Empery Digital, among others. Data shows that Strategy has recently sold about 3,620 BTC and authorized further asset sales to maintain dollar reserves.
However, Strategy remains the world's largest listed Bitcoin holder, with holdings exceeding 840,000 BTC. CEO Michael Saylor stated that the company may sell some Bitcoin in the future to pay dividends, but this does not mean the company is exiting Bitcoin investment. In addition to asset adjustments, management and capital operations of some Bitcoin treasury companies have also changed. Jack Mallers has stepped down as CEO; Adam Back's Bitcoin Standard Treasury Company (BSTR) also failed to complete a proposed merger due to deteriorating market conditions.
Analysts believe that as financing costs rise and BTC price volatility intensifies, the "borrow to buy Bitcoin" treasury model is undergoing a reshuffle, with some companies shifting from simply hoarding Bitcoin to AI infrastructure and business transformation with stronger cash flow capabilities.
Multiple Listed Companies Abandon Bitcoin Reserve Strategy; Bitdeer, Prenetics, and Others Have Liquidated BTC
Matthew Sigel, Head of Digital Asset Research at VanEck, stated that since 2026, several listed companies that adopted the Digital Asset Treasury (DAT) strategy have abandoned or adjusted their Bitcoin reserve strategies. Among them, Satsuma Technology, Bitdeer, Prenetics, Genius Group, Vaultz Capital, and MAIA Biotechnology have sold all their Bitcoin or digital asset holdings; MARA Holdings, Strategy, Nakamoto, Smarter Web Company, and Cango have sold some Bitcoin to repay debt, repurchase shares, or supplement working capital. In addition, companies such as Exodus and DigitalX have shifted from simply hoarding to actively managing digital asset holdings.
Empery Digital Makes Strategic Investment of $20 Million in CDP to Deploy AI Data Centers
Nasdaq-listed Bitcoin treasury company Empery Digital announced that it has completed a $20 million strategic investment in preferred shares of AI data center developer Cardinal Data Power (CDP), holding approximately 8% of CDP's equity after the transaction. This investment is a key part of CDP's $70 million Series A funding round, and the raised funds will be fully used to build its first AI data center campus in West Texas, USA.
Representative Companies with ETH Treasury
Bitmine increased its holdings by 9,946 ETH and repurchased 6.1 million common shares over the past week
Bitmine Immersion Technologies increased its holdings by 9,946 ETH and repurchased 6.1 million common shares over the past week. As of July 27 Beijing time, its total ETH holdings rose to 5.7874 million, accounting for approximately 4.8% of the total Ethereum supply.
Representative Companies with SOL Treasury
According to Coingecko data, over the past 30 days, only Forward Industries among SOL treasury companies increased its holdings by 500,000 SOL on June 30, raising its total holdings to 7.55 million SOL, worth nearly $554 million.
Representative Companies with Altcoin Treasury
None.
