The article focuses on the recent weakness in the cryptocurrency market, analyzing the reduction and increase of holdings by publicly listed companies in Bitcoin and Ethereum, financial reports, and merger dynamics. It points out that the BTC price falling below $63,000 has triggered continuous selling by companies and ongoing net outflows from ETFs, while also revealing key events such as Bitmine's massive losses, Metaplanet's expansion goals, and IREN's inclusion in MSCI, reflecting industry cyclical pressure and structural differentiation.

Article Author, Source: ODAILY

Editor's Note: When it rains, it pours. After the Lunar New Year, the cryptocurrency market has once again faced a dual blow of "tariffs + liquidity shortage." As a result, cryptocurrency concept stock prices have also dropped again, with only a few mining companies slightly rising due to favorable news or revenue performance. Notably, one of the landmark events in the coin-stock industry last week may have been the veteran mining company Bit Deer liquidating its BTC holdings and selling all mining output. In the context of BTC price falling below $63,000 today, perhaps mining companies that have experienced several industry cycles can no longer hold on. This also indirectly reflects that the market may have already reached or is about to reach the bottom; as for a rebound from the bottom, we may still need to wait for good news on whether the CLARITY Act can pass in April.

The following is a summary of last week's cryptocurrency stock market information compiled by Odaily Planet Daily. All US stock data comes from msx.com.

Cryptocurrency concept stocks sharp review: the market continues to bleed, and structural pressure is coming.

Analysis: BTC is under short-term pressure, leading to the first consecutive three-week sell-off for the Bitcoin treasury company, and the ETF has recorded net outflows for five consecutive weeks.

Data from Capriole Investments shows that the treasury of companies holding Bitcoin has seen three consecutive weeks of reduction. Nic Puckrin, co-founder of Coin Bureau, stated that if companies continue to sell off, Bitcoin prices may fall to bear market lows. Among specific holders:

1. Bitdeer has sold its holdings of 943 Bitcoins, bringing its treasury balance down to zero.

2. Cango Inc., ranked 27th among listed companies, reduced its Bitcoin holdings by over 54% in the past two weeks, from 8,095 to 3,644, worth $246 million.

3. Exodus Movement's Bitcoin holdings decreased from 1,704 to 1,694, worth $114 million.

4. AI education company Genius Group's holdings decreased from 180 to 84, worth $5.6 million.

In addition, the US spot Bitcoin ETF has recorded net outflows for five consecutive weeks, with outflows totaling approximately $2.6 billion since 2026.

Viewpoint: Ethereum enters a critical valuation range, and Bitmine's huge unrealized losses highlight structural pressure.

Cryptocurrency research institution 10x Research published an analysis indicating that Ethereum is at a critical stage of valuation and fundamental testing. The market needs to assess whether its current slump is a cyclical bottom or if it is facing deeper structural damage. Ethereum treasury company Bitmine is currently experiencing a paper loss of about $8.8 billion, exceeding the loss scale of approximately $8 billion during the initial collapse of FTX. The company's significant increase in ETH holdings amid weakening demand and ETH prices approaching April 2021 levels has further intensified market controversy. This comparison highlights the potential for substantial differentiation in capital allocation outcomes, as well as how timing and governance decisions determine the ultimate attribution of long-term value creation. The current trading price of Ethereum is approaching critical valuation and cost ranges, and its core value proposition is facing structural examination, necessitating careful evaluation by investors whether Ethereum is at a cyclical low or entering a deeper structural damage phase.

Weekly updates on cryptocurrency listed companies.

Representative companies of BTC treasury listed companies.

The holding threshold for the top 50 listed companies by BTC holdings is 1,000 BTC.

On February 23, if a listed company wants to enter the top 50 BTC holdings, it must hold more than 1,000 BTC. This holding threshold continues to rise.

Strategy's average BTC holding cost has decreased for the first time in 2.5 years.

According to Arkham monitoring, Michael Saylor's average BTC buying price has decreased. Strategy purchased BTC for $168.4 million, reducing MSTR's average cost basis by $29 to $76,027. This is the first decrease in this data since September 25, 2023, after nearly two and a half years.

Metaplanet released its 2025 fiscal report: holding 35,100 Bitcoins, targeting to control 1% of the supply by 2027.

On February 16, Japan's Bitcoin treasury company Metaplanet released its fiscal report for the 2025 fiscal year on the X platform, disclosing that the company has become Japan's largest Bitcoin holder, holding 35,102 Bitcoins by the end of 2025, accounting for approximately 0.16% of the global Bitcoin supply, ranking fourth in global public company Bitcoin holdings. It plans to achieve a goal of holding 1% of the global Bitcoin supply by 2027 and will continue to leverage its 'Bitcoin yield business' as a core profit growth driver.

In addition, Metaplanet's revenue for the fiscal year 2025 reached 8.905 billion yen, a year-on-year increase of 738.3%; operating profit was 6.287 billion yen, a year-on-year increase of 1694.5%.

Bitcoin mining company IREN will be included in the MSCI US Index.

In February, Bitcoin mining company IREN Limited announced that it will be included in the MSCI US Index after the market closes on February 27. This is the second crypto-related company to enter this index after Strategy (formerly MicroStrategy).

Previously, index provider MSCI considered removing digital asset treasury (DAT) companies with over 50% allocation to cryptocurrency from major stock indices, but ultimately decided not to exclude such companies.

US-listed company DDC increased its holdings by 80 Bitcoins, surpassing a total of 2,000 Bitcoins.

On February 17, US-listed company DDC Enterprise Limited (DDC) announced an increase of 80 Bitcoins, bringing its total treasury holdings to 2,068 BTC, with an average holding price of $84,944. This latest purchase marks DDC's sixth consecutive week of increasing Bitcoin holdings, with an increase of 74.8% since the beginning of 2026, consolidating Bitcoin's position as a fundamental component of the company's financial strategy.

It is reported that this transaction was completed under DDC's established capital deployment framework, which emphasizes robust scale expansion, liquidity regulation, and balance sheet robustness. The company's strategy aims to address market cycle fluctuations while enhancing long-term per-share value.

Bitcoin treasury company Hyperscale Data launches a strategic silver reserve plan intending to purchase 100,000 ounces of silver.

On February 18, Bitcoin treasury company Hyperscale Data, listed on the NYSE American, announced the launch of a strategic silver reserve plan, aiming to acquire 100,000 ounces of silver over a period of time, with the goal of solidifying its balance sheet long-term, similar to Bitcoin. According to the latest data from Hyperscale Data, the company's total Bitcoin holdings have increased to approximately 600 BTC, including about 554 Bitcoins held by its wholly-owned subsidiary Sentinum, and approximately 46 BTC acquired by another subsidiary ACG from the open market.

Nakamoto completed the acquisition of BTC Inc and UTXO for approximately $81.63 million.

On February 21, Bitcoin treasury company Nakamoto announced that it has completed the acquisition of Bitcoin media and events company BTC Inc and investment firm UTXO Management, and both companies will become wholly-owned subsidiaries. The transaction was paid entirely in the form of Nakamoto common stock and its options.

According to the disclosure, BTC Inc and the holders of UTXO's securities have collectively received 364,795,104 shares of Nakamoto common stock on a fully diluted basis, with a total value of approximately $81.63 million. BTC Inc is the organizer of The Bitcoin Conference and the parent company of Bitcoin Magazine.

US-listed company SOLOWIN intends to raise $100 million to support stablecoin and asset tokenization.

On February 12, Nasdaq-listed fintech company SOLOWIN HOLDINGS announced that it has reached a securities purchase agreement with Streeterville Capital to obtain $100 million in financing. SOLOWIN will issue and sell prepaid shares for Streeterville Capital to purchase, with the first transaction of approximately $5.415 million in prepaid shares completed. The company plans to use these funds to support its stablecoin and asset tokenization business. SOLOWIN previously disclosed plans to launch a Bitcoin quant fund with Antalpha, with a scale of up to $100 million, and will adopt a data-driven algorithmic trading strategy to invest in Bitcoin.

Swedish-listed company H100 Group has completed the acquisition of Swiss Bitcoin treasury company Future Holdings AG.

On February 13, Swedish-listed company H100 Group completed the acquisition of Adam Back-supported Swiss Bitcoin treasury company Future Holdings AG.

Representative companies of ETH treasury listed companies.

Bitmine increased its holdings by 51,000 ETH last week, worth $95.36 million.

On February 23, according to Onchain Lens monitoring, Bitmine (@BitMNR) bought 51,162 ETH last week, worth $95.36 million. Currently, Bitmine holds a total of 4,422,659 ETH, worth $8.65 billion, of which 3,040,483 ETH are staked, worth $6 billion.

Peter Thiel and Founders Fund have fully liquidated their shares in Ethereum treasury company ETHZilla.

On February 18, according to a 13G filing submitted to the SEC, Peter Thiel and his affiliated entity Founders Fund have fully sold their 7.5% stake in the Ethereum financial strategy company ETHZilla (ETHZ).

ETHZilla was renamed and transformed into an Ethereum treasury model in August 2025 from biotechnology company 180 Life Sciences Corp. at that time, the news of Peter Thiel's investment had driven its stock price to rise over 90% in one day. Currently, the stock price is approximately $3.2, down about 97% from last year's high of $107.

Sharplink's institutional shareholding ratio reached a historical high, with ETH holdings of 867,798.

On February 20, Nasdaq-listed Ethereum treasury company Sharplink announced that its institutional shareholding ratio reached a historical high of 46%, and it will undergo a brand overhaul and expand its leadership team. Additionally, the company disclosed that its ETH holdings reached 867,798 (including 587,232 native ETH, 225,429 ETH redeemed from LsETH, and 55,137 ETH redeemed from WeETH). Since June 2025, it has generated 13,615 ETH in staking rewards, all of which have been distributed to shareholders.

Ethereum treasury company Republic Technologies announced a private placement financing of $3 million.

On February 16, Canadian-listed Ethereum treasury company Republic Technologies announced a private placement of up to 14,087,000 special warrants, each priced at $0.21, with a total fundraising amount of $3 million. The company previously disclosed that its ETH holdings were approximately 1,570.6 ETH, with an average acquisition price of $2,700, and its current holding market value is approximately $3.2 million.