Editor’s Note: Last week, the cryptocurrency market experienced a sharp decline alongside traditional financial markets, with BTC prices falling below the $100,000 support level and ETH prices dipping below $3,000 at one point. Although SOL prices appeared somewhat resilient, they still struggled to hide the overall downturn. As a result, many cryptocurrency concept stocks showed a downward trend, with only a few oversold stocks maintaining an upward trajectory. Additionally, to provide readers with more reference and assistance through data and content analysis, starting this week, we have added a "Cryptocurrency Concept Stock Sharp Review" section, which does not constitute investment advice and is for learning and communication purposes only. Below is a summary of last week's cryptocurrency stock market information compiled by Odaily Planet Daily, with all U.S. stock data sourced from msx.com.
Cryptocurrency Concept Stock Sharp Review
Q3 Financial Reports Released: Some Happy, Some Sad
Last week, many cryptocurrency concept stocks, including DAT Company, released their Q3 financial reports. Although a few companies showed decent net profits and revenue, even achieving "quarterly best" results, their stock prices inevitably entered a downward trend during this period of market decline and volatility.
- Established cryptocurrency concept stocks like Coinbase and Robinhood also faced a five-day losing streak, with the former dropping over 15% and the latter over 12% within five days;
- Star stocks listed this year, represented by Circle and Bullish, were not spared either, with the former falling below the critical support level of $100 and the latter dropping below $45.
- Additionally, stocks related to cryptocurrency mining companies were similarly bleak, with only American Bitcoin (ABTC) and a few others seeing price increases, while the rest experienced varying degrees of decline.
Based on the current performance of the cryptocurrency market, the downward momentum of cryptocurrency concept stocks may continue.
Founders Fund, Led by Peter Thiel, Sells Part of ETH Treasury Company Stocks; Wall Street May Enter a Phase of Caution
Moreover, one of the most noteworthy pieces of information from last week was that billionaire and top Silicon Valley investor Peter Thiel's venture capital firm, Founders Fund, sold part of its ETH treasury company stocks. Although not all of this occurred recently, it still reveals Wall Street's cautious attitude towards the DAT narrative and cryptocurrency concept stocks. Specific selling information is as follows:
- Sold half of its holdings in Bitmine. As of November 15, the fund held 2,547,001 shares of the company.
- As of September 30, 2025 (the end of Q3), it held 928,389 shares of the Ethereum treasury company ETHZilla, accounting for 5.6% of ETHZilla's stock. Compared to the 7.5% ETHZilla stock reported on August 4, Peter Thiel's related entities had reduced their holdings by 1.9% before September 30.
Major Position Changes in the Cryptocurrency Market; Industry Insiders Remain Cautiously Optimistic
In response to the significant decline in the cryptocurrency market, industry insiders have shared their views, with representative opinions as follows:
- CryptoQuant CEO Ki Young Ju believes that the current market correction is mainly due to turnover among long-term holders, with early Bitcoin holders selling their chips to traditional financial institutions, which also tend to hold long-term. He recalled that his early judgment of a market top earlier this year was because "OG whales" were significantly selling, but the current market structure has changed.
- BitMine Chairman Tom Lee stated that the current decline in the cryptocurrency market may primarily be influenced by one (or two) market makers with significant balance sheet vulnerabilities, who are looking to trigger a sharp drop/sell-off in Bitcoin prices. However, the pain caused by these issues will not last long and will not change Wall Street's goal of building an "ETH super cycle." He advised that now is not the time to use leverage, as it could easily lead to being trapped. Additionally, when responding to community users about when the market maker's balance sheet issues could be resolved, he mentioned it seems to require 6-8 weeks.
Regardless, the pain continues, and the specific timing for price recovery remains uncertain.
Weekly Summary of Developments
Representative Companies of BTC Treasury Listed Companies
Data: Listed companies purchased approximately 195,000 Bitcoins in Q3, worth $20.5 billion
On November 12, according to BTC Treasuries monitoring, listed companies purchased a total of 195,000 Bitcoins in Q3 2025, worth $20.5 billion.
According to SoSoValue data, as of November 17, 2025, Eastern Time, the total net purchase of Bitcoin by global listed companies (excluding mining companies) in one week was $847.64 million.
Strategy (formerly MicroStrategy) invested $835 million last week, increasing its holdings by 8,178 Bitcoins at an average price of $102,171, bringing its total holdings to 649,870 Bitcoins.
The Japanese listed company Metaplanet did not purchase any Bitcoins last week.
Additionally, two other companies purchased Bitcoins last week: Japanese fashion company ANAP made two purchases, acquiring 3.3996 Bitcoins at $108,510 and 10.8304 Bitcoins at $110,587.6, bringing its total holdings to 1,125.3 Bitcoins; Hong Kong genetic testing and health technology company Prenetics invested $10.57 million this week to purchase 106 Bitcoins, bringing its total holdings to 493.4 Bitcoins.
Bitcoin ecosystem company Metador Technologies completed its first convertible bond financing delivery, raising a total of $10.5 million to increase its Bitcoin holdings. As of the time of publication, the total amount of Bitcoin held by global listed companies (excluding mining companies) is 893,370 Bitcoins, with a current market value of approximately $8.394 billion, accounting for 4.48% of Bitcoin's circulating market value.
On November 18, BitcoinTreasuries data showed that the Japanese listed company Metaplanet holds 30,823 BTC, with a total value of approximately $2.78 billion and an average holding cost of $108,036, currently incurring a loss of 16.86%. Metaplanet's stock price has fallen back to the levels seen in April 2025.
Additionally, Metaplanet's CEO Simon Gerovich stated on the X platform that despite today's market volatility, the company's strategy remains unchanged. Although short-term price fluctuations may raise concerns, the company will continue to focus on steadily accumulating long-term value.
Representative Companies of ETH Treasury Listed Companies
Bitmine increased its ETH holdings by approximately $234 million last week
On November 16, according to THE DATA NERD monitoring, Bitmine continued to significantly increase its holdings over the past week, cumulatively purchasing 67,021 ETH from channels such as Galaxy Digital, FalconX, and Coinbase, worth approximately $234.47 million. Additionally, according to filings submitted to the U.S. Securities and Exchange Commission (SEC), the venture capital firm Founders Fund, led by billionaire and top Silicon Valley investor Peter Thiel, has sold half of its holdings in Bitmine. As of November 15, the fund held 2,547,001 shares of the company.
On the organizational personnel level, Bitmine welcomed a new CEO—Chi Tsang, who previously led the venture capital fund m1720 and worked at HSBC for ten years, will replace Jonathan Bates as CEO and join the board. The company also appointed three new independent directors, including Robert Sechan, founder of NewEdge Capital Group and CEO of NewEdge Wealth, Jason Edgeworth, asset manager at JPD Family Holdings, and Olivia Howe, Chief Legal Officer of RigUp.
SharpLink's net profit for Q3 reached $104.3 million, with ETH holdings increasing to 861,000 coins
On November 13, according to an official announcement, the U.S. listed ETH treasury company SharpLink Gaming (SBET) released its Q3 2025 financial report. The company's net profit surged to approximately $104.3 million, with earnings per share of $0.62, compared to a net loss of $885,000 in the same period last year.
As of September 30, SharpLink held approximately 817,700 ETH, which increased to 861,250 ETH by November 9. The total revenue for the third quarter was approximately $10.8 million, representing a year-on-year growth of over 1100%. The company's total crypto asset value is around $3 billion, with $11.1 million in cash and $26.7 million in USDC stablecoins.
On the operational front, the board approved a $1.5 billion stock buyback plan, having repurchased 1,938,000 shares at a cost of $31.6 million. The company also announced plans to deploy $200 million in ETH on Consensys's Linea Layer 2 network to enhance yields through ether.fi and EigenCloud. Co-CEO Joseph Chalom stated that the company's ETH per share ratio has increased from 2.0 to 4.0.
ETHZilla Releases Q3 Financial Report: Ethereum Holdings Increase to 102,273 Coins
On November 15, Nasdaq-listed Ethereum treasury company ETHZilla Corporation released its Q3 2025 financial report, disclosing that its Ethereum holdings have increased to 102,273 coins, valued at approximately $424 million. The company has also spent $46.3 million to repurchase 2,099,472 shares. Additionally, ETHZilla revealed that it expects to launch RWA products in the coming weeks, although specific details were not disclosed. Furthermore, according to filings submitted to the U.S. Securities and Exchange Commission (SEC), the venture capital firm Founders Fund, led by billionaire and top Silicon Valley investor Peter Thiel, held 928,389 shares of ETHZilla as of September 30, 2025, accounting for 5.6% of ETHZilla's stock. This represents a reduction of 1.9% from the 7.5% reported on August 4.
Representative Companies of SOL Treasury Listed Companies
Forward Industries Deposits 1.4435 Million SOL into Coinbase Prime, Worth $201.34 Million
On the evening of November 17, Onchain Lens monitored that Forward Industries deposited 1,443,500 SOL into Coinbase Prime, valued at $201.34 million.
Solana Treasury Company Upexi Launches $50 Million Stock Buyback Plan, Quarterly Performance Hits Record High, Digital Asset Revenue Exceeds $6 Million
On November 13, Nasdaq-listed Solana treasury company Upexi announced that its board has approved a stock buyback plan to repurchase $50 million of circulating common stock, with the timing, method, price, and quantity of the buyback to be determined by management based on stock price, market conditions, and available liquidity. On November 12, Nasdaq-listed Solana treasury company Upexi reported "record" quarterly earnings, with digital asset revenue exceeding $6 million and gross profit of $8.3 million, a year-on-year increase of 183%. Its total revenue for the first fiscal quarter was $9.2 million, compared to $4.4 million in the same period last year, with digital asset revenue (mainly from staking) at $6.1 million. For the quarter ending September 30, 2024, the company reported a net profit of $66.7 million, or $1.21 per share, compared to a net loss of $1.6 million, or $1.55 per share, in the same period last year. This growth was primarily due to approximately $78 million in unrealized gains from Solana reserves. Additionally, last week, after Upexi's purchase update, Solana's total holdings exceeded 2.1 million coins, making it the second-largest Solana reserve holder after DeFi Development Corp.
DFDV to Issue Perpetual Preferred Shares to Raise $65 Million to Continue Increasing SOL Holdings
On November 12, Nasdaq-listed Solana treasury company DeFi Development (DFDV) announced it will issue perpetual preferred shares to raise $65 million, with the new funds intended for further increasing SOL token holdings and general company operations.
Representative Companies of Altcoin Treasury Listed Companies
Leap Therapeutics Secures $58.88 Million Investment and Purchases Approximately 203,775 ZEC
On November 12, Nasdaq-listed company Leap Therapeutics announced the purchase of 203,775.27 ZEC tokens at an average price of $245 per token and announced its transformation into a ZEC treasury company, rebranding as Cypherpunk Technologies Inc. Additionally, the company announced it has secured $58.88 million in private financing led by Winklevoss Capital.
Jia Yueting: QLGN Will Be Renamed AIxCrypto Before November 20
On November 17, Faraday Future founder Jia Yueting stated that the Nasdaq-listed company QLGN, strategically invested by Faraday Future (NASDAQ: FFAI), will be renamed AIxCrypto (AIXC) before November 20, and a renaming and stock code change ceremony will be held. Additionally, all proposals from QLGN shareholders have been approved, making FF the controlling and majority shareholder.
IP Strategy Discloses IP Token Holdings Reach 52.5 Million, Valued Over $230 Million
On November 11, Nasdaq-listed company IP Strategy disclosed that its IP token holdings have reached 52.5 million (an increase of approximately 9 million from last month), valued at over $230 million. Additionally, the company announced a partnership with Crypto.com, which will provide execution, custody, over-the-counter trading, and staking services for its digital asset treasury.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
