Editor's Note: After the Federal Reserve's 25 basis point rate cut, which was seen as a "positive turning into negative," the cryptocurrency concept stock market has once again experienced a significant decline. According to data from msx.com, among over 50 related stocks, only 5 have seen their stock prices rise in the past 7 days, while the rest have experienced declines of over 30%. As the U.S. stock market reaches new highs, several cryptocurrency concept stocks, including Strategy and Circle, are facing their own "darkest moments." Considering the complexity of Trump's nomination of a new Federal Reserve chairman, this year's "Christmas rally" may turn into a "Christmas disaster." With the cold winter approaching, investors participating in cryptocurrency stock trading are advised to proceed with caution.
Below is a summary of last week's cryptocurrency stock market information compiled by Odaily Planet Daily. All U.S. stock data comes from msx.com.
Cryptocurrency Concept Stock Commentary
Stock tokenization takes a key step, JPMorgan issues and settles short-term bonds for Galaxy
On December 12, JPMorgan created, issued, distributed, and settled a short-term bond for Galaxy Digital Holdings LP on the Solana blockchain link. It is reported that this $50 million U.S. commercial paper was purchased by Coinbase and asset management company Franklin Templeton, with payment made in USDC stablecoins issued by Circle Internet Group Inc., as stated by the companies in a Thursday announcement. The redemption amount at maturity will also be paid in USDC.
Considering the recent conditional approval by the U.S. Office of the Comptroller of the Currency (OCC) for five digital asset companies, including Ripple, Circle's First National Digital Currency Bank, BitGo, Fidelity Digital Assets, and Paxos link, SEC Chairman Paul Atkins' previous mention of "the U.S. economy completing on-chain transformation in a few years" may not be impossible.
Crypto IPOs move past the trial phase, "crypto concept stocks" will face a major test next year
Laura Katherine Mann, a partner at international law firm White & Case, recently stated that 2025 will be a "test year" for crypto company IPOs, while 2026 will be a key point to assess whether digital asset IPOs have long-term sustainability. She pointed out that the market will determine whether crypto IPOs are a "sustainable asset class" or merely cyclical trades that work only during bullish markets.
Mann noted that several crypto companies are set to go public in 2025, including stablecoin issuer Circle, Bullish, and Gemini. Looking ahead to 2026, potential IPO candidates include Upbit, FalconX, Chainalysis, and Grayscale, which has already submitted a listing application.
It is worth mentioning that Cathie Wood's Ark Invest increased its allocation to cryptocurrency-related stocks such as BitMine, Coinbase, Circle, Block, and Bullish this past Monday, with total purchases exceeding $56 million.
Nasdaq tightens IPO window, stock tokenization development looks promising
The phenomenon of "launching at peak" is not only present in the cryptocurrency industry but also in the U.S. stock market. Last Friday, following SEC approval, Nasdaq has gained greater discretion to reject IPO applications that pose manipulation risks. The new rules authorize Nasdaq to refuse a company's listing under the following circumstances: the company's business location does not cooperate with U.S. regulatory reviews; underwriters, brokers, lawyers, or audit firms have participated in problematic transactions; or there are doubts about the integrity of management or major shareholders.
This move aims to address the issue of significant price drops following the listing of many small IPOs in recent years. Over the past year, half of Nasdaq's IPO fundraising amounts were less than $15 million, with most stocks dropping over 35% within a year.
Additionally, NYDIG's global research director Greg Cipolaro stated that the tokenization of real-world assets (RWA) such as stocks has brought limited direct benefits to the crypto market and blockchain networks in the early stages. However, as accessibility, interoperability, and composability improve, its long-term value is expected to be gradually released. He pointed out that in the short term, the main source of revenue for blockchain networks comes from transaction fees generated by tokenized assets and the network effects accumulated from custodial services for these assets. As tokenized assets become more integrated into the blockchain ecosystem, their use as collateral, lending assets, or trading targets in DeFi scenarios will significantly enhance the benefits for related networks.
Weekly Updates on Cryptocurrency Stock Companies
Representative Companies in BTC Treasury Listings
According to SoSoValue data, as of December 15, 2025, the total net purchase of Bitcoin by global listed companies (excluding mining companies) in the past week was $980 million.
Strategy (formerly MicroStrategy) announced on December 15 that it invested $980 million to acquire 10,645 bitcoins at a price of $92,098, bringing its total holdings to 671,268 bitcoins.
The Japanese listed company Metaplanet did not purchase any bitcoins last week.
Additionally, two other companies purchased bitcoins last week. Financial company ProCap Financial revealed on December 10 that its total Bitcoin holdings have increased to 5,000, with specific purchase quantities and amounts not disclosed. Brazilian Bitcoin reserve company OrangeBTC announced on December 14 that it invested $180,000 last week to acquire 2 bitcoins at a price of $89,815, bringing its total holdings to 3,722.2 bitcoins.
Bitcoin treasury listed company Strive announced the launch of an At-The-Market (ATM) issuance plan for SATA stocks, with a maximum scale of $500 million, with funds intended for purchasing Bitcoin.
As of the time of publication, the total amount of Bitcoin held by global listed companies (excluding mining companies) is 916,510 bitcoins, with a current market value of approximately $8.205 billion, accounting for 4.59% of Bitcoin's circulating market value.
On December 13, the number of BTC held by listed companies and private enterprises increased from 197,000 to 1.08 million since January 2023.
Michael Saylor: Strategy's Bitcoin yield so far this year is 24.9%
Strategy founder and executive chairman Michael Saylor stated that after acquiring 10,645 bitcoins, Strategy's Bitcoin yield so far this year is 24.9%, with a total of 671,268 bitcoins held as of December 14, 2025, at an average purchase price of $74,972.
South Korea's National Pension Service: Increases Strategy's holdings to $93 million
BitcoinTreasuries.NET reported that South Korea's National Pension Service (NPS), with assets totaling $1 trillion, has increased its holdings in the listed company Strategy (MSTR) to $93 million.
Representative Companies in ETH Treasury Listings
BitMine's average ETH holding price is $3,906, currently facing a floating loss of $3.019 billion
According to on-chain analyst Yu Jin's monitoring, Ethereum treasury company BitMine (BMNR) increased its holdings by 102,259 ETH (worth $325 million) last week at an average price of approximately $3,182. They now hold a total of 3,967,210 ETH (worth $12.476 billion), with an average cost of $3,906, facing a floating loss of $3.019 billion.
Representative Companies in SOL Treasury Listings
Figure submits second IPO application, seeking approval to issue native equity on Solana
At the Solana Breakpoint conference, Figure co-founder and executive chairman Mike Cagney stated that Figure has recently submitted a new S-1 application to regulators, planning to issue blockchain-native common stock securities.
It is reported that the blockchain stock will be traded on Figure's proprietary Alternative Trading System (ATS) and can be converted to Figure's Class A common stock on a 1:1 basis. The relevant securities support self-custody, self-settlement, and self-clearing, allowing users to participate in trading directly through their wallets. This ATS functions similarly to a decentralized exchange, allowing securities assets to be brought into on-chain protocols for use.
In addition, holders of blockchain stocks can also engage in collateralized lending on the decentralized finance protocol Democratized Prime, based on the Provenance blockchain. Cagney further revealed that Figure plans to introduce this equity product into the Solana ecosystem in the future and explore the implementation of native equity issuance on the Solana network.
Representative Companies in Altcoin Treasury Listings
Nasdaq-listed company Caliber discloses it has staked 75,000 LINK and will expand its staking ratio
On December 11, Nasdaq-listed diversified real estate and digital asset management platform Caliber disclosed that it has staked 75,000 LINK with a Chainlink node operator, aiming to directly participate in the core infrastructure construction of Chainlink network security and earn staking rewards. Caliber also stated that it will further expand its staking ratio in the future.
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