Author: Golem (@web3_golem)

The heat in the U.S. stock market's crypto sector is skyrocketing! Public companies are no longer satisfied with merely imitating "MicroStrategy" by hoarding Bitcoin; they are now pouring their enthusiasm into popular altcoins like ETH, BNB, and SOL—ushering in a new phase of market euphoria!

In the first phase, "Bitcoin treasury stocks" captured attention with soaring stock prices, but information asymmetry caused many to miss out on great opportunities. Now, with FOMO (Fear of Missing Out) at an all-time high, the market's focus is shifting to U.S. companies that boldly reserve diverse altcoins, and the "U.S. stock version of altcoin Summer" is about to sweep in!

Odaily Planet Daily has compiled a list of several publicly traded companies that have announced holdings of ETH, BNB, SOL, TRX, HYPE, and other altcoins to help readers seize the opportunity.

Ethereum Treasury Public Companies

SharpLink Gaming (NASDAQ: SBET)

• Total Reserves: 194,000 ETH (approximately $476 million)
• Stock Price (as of June 26): $10.28
• Market Cap: $626.12 million

SharpLink Gaming is a NASDAQ-listed company that was previously focused on the U.S. sports betting and global iGaming industry as an online technology company, but its business performance has not been ideal, facing losses in both 2023 and 2024, with tight cash flow.

On May 27, SharpLink Gaming announced the issuance of 69,100,313 shares of common stock or equivalent securities to investors at a price of $6.15 per share, expecting total proceeds of approximately $425 million, marking the beginning of its journey to purchase ETH as the company's primary reserve asset. On the first day of the announcement, SharpLink Gaming's stock price surged over 650%, reaching a recent high of $79.21 on May 29.

On June 2, according to U.S. SEC filings, SharpLink Gaming planned to sell stock to purchase $1 billion worth of ETH as its reserves. On June 13, SharpLink Gaming officially began reserving ETH, spending $463 million to acquire 176,270.69 ETH at an average price of $2,626. Subsequently, from June 16 to June 20, 2025, it spent $30,674,829 to increase its holdings by 12,207 ETH at an average price of $2,513, and on June 26, it purchased another 5,989 ETH. The company has now invested approximately $507 million to acquire and hold 194,000 ETH, with an average acquisition cost of about $2,611 per coin, currently facing an overall unrealized loss of about $36 million.

Siebert Financial Corp. (NASDAQ: SIEB)

• Total Reserves: Not disclosed
• Stock Price (as of June 26): $4.41
• Market Cap: $178.21 million

Siebert Financial Corp. is a NASDAQ-listed company, primarily a bank holding company engaged in brokerage and financial consulting services. It operates retail brokerage, investment consulting, and insurance services through its wholly-owned subsidiaries.

On June 9, Siebert Financial Corp. announced that its S-3 shelf registration statement had been approved by the U.S. SEC, allowing it to raise up to $100 million through the sale of various securities, with proceeds potentially used for acquisitions, purchasing Bitcoin, Ethereum, Solana, and other digital assets, as well as investing in AI and other technology service lines, including but not limited to AI solutions.

Perhaps due to the lack of formal disclosure regarding purchase details, the company's stock price did not rise following this announcement.

Treasure Global, Inc. (NASDAQ: TGL)

• Total Reserves: Not disclosed
• Stock Price (as of June 26): $1.07
• Market Cap: $4.07 million

Treasure Global, Inc. is a NASDAQ-listed company primarily operating an e-commerce platform that provides payment solutions, but its business performance has not been ideal, with continuous losses from 2021 to 2024 and negative net profits.

On June 4, Treasure Global Inc. announced the launch of a $100 million digital asset fund to strengthen its digital infrastructure and support the launch of an AI consumer intelligence platform. The funding consists of two parts: $50 million from an existing equity financing agreement and another $50 million from new investments by strategic institutional investors. The funds will be allocated in phases to acquire blockchain-native assets such as Bitcoin, Ethereum, and regulated stablecoins, aiming to enhance capital efficiency and lay the groundwork for future tokenization, loyalty programs, and blockchain settlement systems.

However, the company's stock price did not show significant fluctuations following this announcement.

Solana Treasury Public Companies

Upexi (NASDAQ: UPXI)

• Total Reserves: 679,677 SOL (approximately $9.939 million)
• Stock Price (as of June 26): $3.33
• Market Cap: $126.26 million

Upexi is a NASDAQ-listed company that previously focused on the research, development, manufacturing, and distribution of consumer products, with brands including medicinal mushroom products Cure Mushrooms, pet care brand LuckyTail, and the energy gummy-focused Prax series, but its business performance has not been ideal, with ongoing net losses.

On April 21, Upexi announced it had secured $100 million in financing led by well-known crypto market maker GSR, with 95% of the funds allocated to establishing and operating a Solana treasury reserve. Following the announcement, Upexi's stock price surged over 600% on the same day. Upexi also decided to fully transition to crypto, and according to its disclosed roadmap for 2025, the company will also engage in Bitcoin and altcoin mining, diverse crypto investment portfolios, and DeFi.

However, Upexi's stock price began to fluctuate after reaching a peak of $17.71 on April 25, and has now fallen to $3.33 due to significant selling by investors.

DeFi Development Corp. (NASDAQ: DFDV)

• Total Reserves: 621,313 SOL (approximately $90 million)
• Stock Price (as of June 26): $18.86
• Market Cap: $278.01 million

DeFi Development Corp. is a NASDAQ-listed company, formerly known as Janover Inc., primarily engaged in commercial real estate fintech since its establishment in 2018, but its business performance has also been unsatisfactory, with losses from 2022 to 2024.

On April 8, Janover Inc. announced its first purchase of 2,858 SOL at an average price of $134, marking the beginning of its transformation into a Solana treasury company. On April 22, Janover Inc. officially changed its name to DeFi Development Corp. and its NASDAQ stock code from JNVR to DFDV. On June 12, DeFi Development Corp. announced it had secured a $5 billion equity financing limit to support continued accumulation of SOL.

After DeFi Development Corp. announced its SOL treasury plan, its stock price peaked at $50.28 on May 22, but has since retreated.

DeFi Technologies (NASDAQ: DEFT)

• Total Reserves: 208.8 BTC (approximately $22.366 million), 14,375 SOL (approximately $2.084 million), 121 ETH (approximately $293,000), 1,642,703 CORE (approximately $887,000), 433.322 AVAX (approximately $7,756.4)
• Stock Price (as of June 26): $2.88
• Market Cap: $962.16 million

DeFi Technologies is a NASDAQ-listed company that transitioned its main business in 2021 to provide secure and compliant access to decentralized finance (DeFi) markets for traditional investors.

In 2024, DeFi Technologies began implementing a crypto asset treasury plan through its subsidiary brand Valour. According to its disclosed information, as of the first quarter of 2025, in addition to holding 208.8 BTC, it also holds 121 ETH, 14,375 SOL, 433.322 AVAX, and 1,642,703 CORE. SOL is its second-largest holding.

The company's stock price has shown an upward trend since June 21, with a 5-day increase of 4.73%.

Sol Strategies Inc. (Canadian Stock Code: HODL)

• Total Reserves: 420,706.82 SOL (approximately $83.96 million)
• Stock Price (as of June 26): CAD 2.3 (approximately $1.676)
• Market Cap: CAD 398.47 million (approximately $290 million)

Sol Strategies Inc. is a Canadian Securities Exchange-listed company, formerly known as Cypherpunk Holdings Inc. Since 2018, the company has focused on equity investments, private equity, and infrastructure operations within the blockchain ecosystem, and it changed its name to Sol Strategies Inc. in September 2024.

The company has been gradually purchasing SOL since October 2024, and currently holds a total of 420,706.82 SOL (approximately $83.96 million). On June 19, Sol Strategies Inc. announced it is applying for NASDAQ listing under the code "STKE" and has submitted a 40-F form to the U.S. SEC. If successful, Sol Strategies Inc. will become a SOL treasury company listed on both U.S. and Canadian stock markets.

Sol Strategies Inc.'s stock price peaked at CAD 6.1 on January 22, 2025, but has since retreated.

SOL Global Investments Corp. (Canadian Stock Code: SOL)

• Total Reserves: 40,350 SOL (approximately $5.9 million)
• Stock Price (as of June 26): CAD 0.075 (approximately $0.0546)
• Market Cap: CAD 10.08 million (approximately $7.34 million)

SOL Global Investments Corp. is a publicly traded investment company on the Canadian Securities Exchange. Previously, the company had a wide range of businesses, including retail (fast food and hotels), agriculture, technology (focusing on clean energy and electric vehicles), and cryptocurrency. However, at the end of 2024, the company announced plans to gradually divest non-blockchain assets and focus on investments in Solana blockchain technology and tokens.

On February 4, 2025, SOL Global purchased 12,828 SOL at an average price of $192, increasing its holdings to 30,601 SOL. According to the latest data disclosed on its official website, SOL Global currently holds a total of 40,350 SOL. The stock price of SOL Global reached a peak of $5.47 on January 20, 2025, but has since retreated.

MemeStrategy (Hong Kong Stock Code: 2440)

• Total Reserves: 2,440 SOL (approximately $35.6)
• Stock Price (as of June 26): HKD 2.56 (approximately $0.326)
• Market Cap: HKD 816.83 million (approximately $104 million)

MemeStrategy is a publicly traded company in Hong Kong, formerly known as Hoi King Technology Holdings. Previously, the company primarily provided data transmission and processing services across various industries, including IoT antennas, 5G devices and maintenance, service manufacturing, transportation, and energy. On April 1, 2025, Memeland's parent company, 9GAG co-founder Chen Zhan Cheng, completed a controlling acquisition of Hoi King Technology Holdings. On May 6, the company was renamed MemeStrategy, positioning itself as Asia's first publicly listed digital asset ecosystem company.

On June 16, MemeStrategy announced that it had purchased 2,440 SOL through the licensed crypto asset platform OSL Group for approximately HKD 2.9 million (about $368,800), with a transaction average price of about $151.7. Following the announcement, its stock price peaked at HKD 2.72 on June 24, with no significant decline observed.

BNB Treasury Public Companies

Nano Labs Ltd (NASDAQ: NA)

• Total Reserves: Not disclosed
• Stock Price (as of June 26): $11.35
• Market Cap: $194.59 million

Nano Labs is a NASDAQ-listed company that has primarily focused on designing and providing solutions for fabless integrated circuit products since its establishment in 2019. The company also has businesses in Nano, iPollo, iPolloverse, and the metaverse.

On June 24, Nano Labs announced that it had signed a convertible bond subscription agreement, planning to issue convertible promissory bonds with a total principal of $500 million for its BNB reserve strategy. The first phase of the plan is to acquire $1 billion worth of BNB through convertible bonds and private placements, with a long-term goal of holding 5% to 10% of the total circulating supply of BNB.

Although purchases have not officially begun, the announcement caused Nano Labs' stock price to surge, with a single-day increase of over 36%.

Tron Treasury Public Companies

SRM Entertainment, Inc. (NASDAQ: SRM)

• Total Reserves: Not disclosed
• Stock Price (as of June 26): $8.68
• Market Cap: $154.8 million

SRM Entertainment, Inc. is a NASDAQ-listed company established in 2022, primarily engaged in the design, manufacturing, and sales of toys, souvenirs, and plush toys. On June 16, SRM announced that it had signed a securities purchase agreement (SPA) with a private investor to raise $100 million, which SRM will use to initiate a Tron token (TRX) treasury strategy.

Additionally, the company will change its name to Tron Inc. According to SEC filings, Sun Yuchen's father, Sun Weike, gained control of the publicly listed SRM Entertainment through a PIPE transaction involving $100 million worth of TRX tokens. After the transaction, Sun Weike will serve as the chairman of the board, and Tron executives will join the audit, compensation, and nomination committees. The company plans to hold up to $210 million in TRX as strategic assets, but purchases have not yet begun.

Following the announcement of TRX reserves, SRM's stock price rose to $8.72 on the same day and reached a peak of $11.39 on June 20, but has since retreated.

Ripple Treasury Public Companies

Trident Digital Tech Holdings Ltd. (NASDAQ: TDTH)

• Total Reserves: Not disclosed
• Stock Price (as of June 26): $0.233
• Market Cap: $16.77 million

Trident Digital Tech Holdings Ltd. is a NASDAQ-listed company that previously focused on providing business consulting services and customized IT solutions.

On June 12, Trident announced plans to raise $500 million through various means, including issuing stock, strategic placements, and structured financing tools, to establish an XRP treasury, expected to launch in the second half of 2025. The company appointed Chaince Securities LLC as a strategic advisor. The plan will focus on acquiring XRP tokens as a long-term strategic reserve, deploying staking mechanisms to generate returns, and deeply engaging in the Ripple ecosystem.

However, perhaps due to the lack of actual action, its stock price has not shown significant fluctuations.

VivoPower International (NASDAQ: VVPR)

• Total Reserves: Not disclosed
• Stock Price (as of June 26): $3.67
• Market Cap: $37.11 million

VivoPower International is a NASDAQ-listed company focused on sustainable energy solutions, with primary businesses covering critical power services, electric vehicles, sustainable energy solutions, solar development, and corporate offices.

On May 29, VivoPower International filed documents with the U.S. Securities and Exchange Commission (SEC) stating its plan to raise $121 million to initiate a crypto treasury asset strategy centered around XRP. This financing is led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, who serves as the chairman of Eleventh Holding.

However, after this announcement, the company's stock price significantly declined.

Wellgistics Health (NASDAQ: WGRX)

• Total Reserves: Not disclosed
• Stock Price (as of June 26): $0.92
• Market Cap: $66.11 million

Wellgistics Health is a NASDAQ-listed company primarily engaged in pharmaceuticals and healthcare services, with a portfolio that includes pharmacies, wholesale operations, and technology sectors. However, the company has faced consecutive losses from 2023 to 2024, with poor business performance.

On May 8, Wellgistics Health announced the use of XRP as a funding reserve and real-time payment infrastructure. This XRP payment plan is supported by Wellgistics Health's $50 million equity line of credit (ELOC), which can be used for further development and release of programmable liquidity and on-demand financial infrastructure, eliminating banking delays, reducing costs, and increasing transparency within its national healthcare network.

However, this announcement did not lead to a significant increase in its stock price.

Webus International (NASDAQ: WETO)

• Total Reserves: Not disclosed
• Stock Price (as of June 26): $2.27
• Market Cap: $49.94 million

Webus International is a NASDAQ-listed company primarily engaged in providing commuting shuttles, custom charter services, packaged travel, and other transportation services. The company has been in a loss position from 2022 to 2024.

On May 30, Webus International announced plans to raise up to $300 million through non-equity financing to establish an XRP strategic reserve and integrate it into a global ride-hailing payment network.

Following this announcement, Webus International's stock price surged to $3.30 but then began to fluctuate downward.

Hyperliquid Treasury Companies

Eyenovia (NASDAQ: EYEN)

• Total Reserves: 1,040,584.5 HYPE (approximately $38.5016 million)
• Stock Price (as of June 26): $9.55
• Market Cap: $27.53 million

Eyenovia is a NASDAQ-listed company that has primarily focused on the research and development of ophthalmic products since its establishment in 2014. Its products include MicroProst, MicroStat, MicroTears, and MicroPine, and it also focuses on developing microdoses for treating presbyopia, myopia, and mydriasis. However, the company reported a net loss of $50 million in 2024 and is facing cash flow depletion, nearing delisting.

On June 17, Eyenovia completed a $50 million financing and launched a treasury strategy for the HYPE token, becoming the first U.S. publicly listed company to include HYPE in its balance sheet. The company also plans to change its name to Hyperion DeFi, with its stock code updated to HYPD. Following this announcement, Eyenovia's stock price surged by 134% in a single day, reaching a new high of $9.02 by June 25.

On June 23, Eyenovia announced the completion of a $50 million private placement and purchased 1,040,584.5 HYPE at an average price of $34.

Lion Group Holding Ltd. (NASDAQ: LGHL)

• Total Reserves: Not disclosed
• Stock Price (as of June 26): $2.57
• Market Cap: $2.02 million

Lion Group Holding Ltd. is a NASDAQ-listed company that operates a securities trading platform, primarily providing futures and securities brokerage services, CFD trading, total return services, and over-the-counter stock options trading. However, the company's performance has not been ideal, with consecutive losses from 2020 to 2024 and tight cash flow.

On June 19, Lion Group Holding announced it had secured $600 million in funding, designating HYPE as its primary reserve asset, and plans to launch the next-generation Layer 1 treasury alongside SOL and SUI. However, perhaps due to the lack of substantial action, the company's stock price did not show significant fluctuations following the announcement.

Conclusion

This summer, the altcoin season may indeed be upon us, albeit under a different stock shell. While some publicly listed companies that have announced altcoin treasuries have experienced a rollercoaster of price surges and declines, and the quality of these companies varies—with some even on the brink of collapse—the liquidity feast is far from over.

New asset classes and narratives are more likely to trigger a bull market. Although concepts like coin-stock conversions and crypto treasury strategies are not newly born ideas, factors such as the gradual relaxation of global crypto regulations, increased acceptance of crypto in traditional markets, and the surge of crypto company IPOs are brewing. This time, crypto concept stocks are expected to genuinely attract traditional stock investors to "take over," leading to a bull market for coin-stocks under a compliant backdrop this summer.

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