Editor's note: After the US-Iran situation reached a phase of stabilization, the US stock market and global stock indices began to rise synchronously, especially in AI-related sectors such as storage, computing power, energy, etc., which saw particularly strong gains. Additionally, cryptocurrency concept stocks also gradually warmed up, with leaders like Strategy (MSTR), Coinbase (COIN), Circle (CRCL), which we have mentioned multiple times before, starting their strong rebounds. Particularly Circle (CRCL), after releasing its Q1 financial report last night, initially plummeted due to revenue and other market performances falling short of expectations but then rebounded sharply thanks to updates on related products and businesses like Arc Network and Agent Stack. The price once broke through 130 USD, with less than a 15% increase remaining to our previously mentioned target price of 150 USD, maintaining a bullish trend. It is worth mentioning that the US stock market has now welcomed a global influx of liquidity, and market performance is highly similar to that of the cryptocurrency market, continuing the scenario where "strong leader stocks remain strong, while small-cap or junk stocks remain neglected." For more information on the crypto stock market, please refer tomsx.com.
The US stock market welcomes global hot money; AI is far from entering the "bubble" stage
Overseas investors' allocation in the US stock market reaches 63%, exceeding the peak during the internet bubble era
Cointelegraph previously reported that overseas investors are flooding into the US stock market at a record pace, with their stock allocation reaching 63%. This proportion has doubled from the levels after the 2008 financial crisis and exceeded the peak during the internet bubble era.
CICC: AI still has not reached a typical "bubble" stage
According to a research report by CICC, since the end of March, driven by AI, US stocks, A-share GEM, and stock markets in Korea and Japan have continued to strengthen. This is certainly supported by factors such as the geopolitical situation not further deteriorating and improved market sentiment, but the impressive performance of tech stocks in the first quarter is also undeniable. AI has "dominated" recent market performance and also "dominated" profits and growth.
Taking a comprehensive discussion from the dimensions of demand, investment intensity, and market pricing, AI still has not reached a typical "bubble" stage, but the "rushing ahead" of investments relative to demand and capability is also objectively present, which is a major reason why AI has faced ups and downs in the past few years. In fact, the AI market trend since 2023 has not been a unilateral upward trend; generally, it has seen rapid increases for two quarters, followed by increased concerns about bubbles, with one quarter of consolidation or decline to wait for new catalysts.
Weekly updates on cryptocurrency stock companies
Representative companies of BTC treasury-listed companies
According to SoSoValue data, as of 8 AM Eastern Time on May 11, 2026, the total net purchase of Bitcoin by global listed companies (excluding mining companies) for the week was 45.08 million USD, a decrease of 83.5% compared to two weeks ago.
Strategy announced it invested 43 million USD (a decrease of 83.1% compared to two weeks ago) to buy 535 Bitcoins at a price of 80,340 USD, bringing its total holdings to 818,869 Bitcoins.
The Japanese listed company Metaplanet did not purchase any Bitcoins last week.
Additionally, there were four other companies that purchased Bitcoins last week. Cryptocurrency exchange Coinbase announced on May 7 that it increased its holdings by 1,103 Bitcoins, with specific costs not disclosed, bringing its total holdings to 16,949 Bitcoins; fintech company Block announced on May 7 that it increased its holdings by 149 Bitcoins, specific purchase amounts not disclosed, total holdings reaching 9,032 Bitcoins; Bitcoin company American Bitcoin announced on May 6 that it purchased about 1,600 Bitcoins, with specific amounts not disclosed, totaling approximately 7,021 Bitcoins; UK Bitcoin company The Smarter Web Company announced on May 5 that it invested 2.08 million USD to purchase 27 Bitcoins at a price of 77,087 USD each, bringing its total holdings to 2,805 Bitcoins.
Capital B announced it completed financing of 15.2 million euros, with participants including global institutional investors, as well as strategic investors Adam Back and TOBAM, aimed at accelerating Bitcoin purchases.
As of the time of publication, the total Bitcoin holdings of the tracked global listed companies (excluding mining companies) reached 1,088,090 Bitcoins, an increase of 0.3% compared to two weeks ago, with a current market value of approximately 8.832 billion USD, accounting for 5.4% of Bitcoin's circulating market value.
Strategy's Bitcoin holdings show unrealized gains of 4.54 billion USD
According to on-chain analyst Yu Jin's monitoring, Bitcoin treasury company Strategy (MSTR) purchased 535 Bitcoins last week at a price of about 80,340 USD (43 million USD). They currently hold a total of 818,869 Bitcoins (worth 66.398 billion USD), with an average cost of 75,540 USD, showing unrealized gains of 4.54 billion USD (+7.3%).
Representative companies of ETH treasury-listed companies
Ethereum treasury company Bitmine Immersion Technologies disclosed that its current ETH holdings have increased to approximately 5.206 million, with specific asset holdings including: 5,206,790 ETH, 201 BTC, equity valued at 8.8 million USD in Eightco Holdings, and shares valued at 200 million USD in Beast Industries. Additionally, the total amount of ETH staked by the company is 4,712,917 (calculated at 2,336 USD per ETH, totaling 11.1 billion USD).
Bitmine Chairman Tom Lee subsequently stated, Bitmine still plans to hold 5% of Ethereum's circulating supply by the end of 2026. Furthermore, Bitmine currently shows unrealized losses of 6.297 billion USD in Ethereum holdings.
Nasdaq-listed company SharpLink (SBET) released its first-quarter financial report for the end of March 2026, showing that its Ethereum (ETH) treasury strategy continues to expand, moving from foundational staking to a broader on-chain yield management phase.
The financial report indicates that Q1 2026 revenue increased significantly to 12.1 million USD year-on-year, mainly driven by the active management strategy of ETH; during the same period, SG&A expenses rose to 9.9 million USD for expanding institutional-level ETH asset management infrastructure. Due to accounting standards, the company's net loss for the quarter reached 686 million USD, primarily consisting of 507 million USD in unrealized losses from ETH and 192 million USD in impairment of LsETH. SharpLink emphasized that these are non-cash accounting losses and do not represent realized economic losses or a reduction in ETH holdings.
As of the end of March, SharpLink held approximately 870,800 ETH, which increased to 873,000 by May, with a GAAP-valued cryptocurrency asset scale of about 1.7 billion USD. Since launching its ETH treasury strategy in June 2025, the ETH/share metric (ETH Concentration) has increased from 2.0 to 4.02, resulting in about 18,800 ETH from cumulative staking and on-chain yields.
Treasure Global will deploy 100 million USD to establish ETH as the core digital asset treasury
Nasdaq-listed company Treasure Global announced that it will gradually deploy 100 million USD capital to establish a digital asset treasury reserve centered on ETH, and will further expand the treasury to include more other digital assets. The company stated that its digital asset treasury framework will serve as a long-term capital allocation tool, providing strategic exposure to the development of digital financial infrastructure without altering its core business.
Representative companies of SOL treasury-listed companies
SOL Strategies invests 18 million USD to acquire cross-chain aggregator HoudiniSwap
Nasdaq-listed Solana ecosystem treasury company SOL Strategies announced it has reached a final agreement to acquire the cross-chain privacy exchange aggregator HoudiniSwap for 18 million USD.
HoudiniSwap is a non-custodial, privacy-oriented cross-chain trading aggregator that allows users to find optimal exchange paths between centralized exchanges, decentralized exchanges, and cross-chain bridges. The platform generated about 13 million USD in revenue last year.
SOL Strategies stated that this acquisition will support its long-term strategy of "embedding Solana into institutional financial infrastructure," expanding from single validation nodes and staking businesses to transaction routing, cross-chain liquidity, and a software-based revenue structure.
Solana treasury company DeFi Development launches 200 million USD ATM financing plan
Nasdaq-listed Solana treasury company DeFi Development announced the launch of a 200 million USD At-The-Market (ATM) equity financing plan to further increase its holdings of Solana, supplement operating funds, and support strategic development. The company stated that the raised funds will mainly be used to continue executing its Solana reserve strategy, issuing shares only when it provides a gain effect on each shareholder's SOL holdings value, to ensure that financing has a "accretive" nature.
DeFi Development Corp Chairman and CEO Joseph Onorati stated that the company's core mission is to continuously accumulate SOL reserves for shareholders, and this financing plan provides it with up to 200 million USD in funding flexibility to continue increasing holdings when market conditions are favorable.
Representative companies of altcoin treasury-listed companies
Nasdaq-listed HYPE treasury company Hyperliquid Strategies released its quarterly and nine-month financial and operational performance report for the end of March 2026, disclosing an investment of 216 million USD to purchase approximately 7.3 million HYPE, with HYPE reserves increasing to 20 million as of April 29. The company still holds 103 million USD in cash and has invested 10.5 million USD to repurchase about 3 million shares at an average cost of 3.42 USD per share. Additionally, during the nine months ended March 31, 2026, it gained 2.6 million USD in HYPE staking revenue driven by an unrealized gain of 198.4 million USD in HYPE, recording a net profit of 152.5 million USD.
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