Editor's Note: In last week's "Cryptocurrency and Stock Market Indicators" article, we provided a brief commentary on the South Korean stock market, U.S. stock market, A-shares, and cryptocurrency concept stocks, reiterating that major global capital markets are currently in a strong deleveraging and de-bubbling phase.
In the past week, the South Korean stock market saw its eighth full-market circuit breaker of the year; the storage sector in the U.S. stock market made a slight rebound but could not counter the overall downward trend; A-shares experienced a slight correction despite the IPO of Longxin on the Sci-Tech Innovation Board, and the storage sector also failed to show independent performance. This week, the U.S. stock market will witness a busy earnings announcement week; prior earnings reports from Tesla, Google, and others saw significant declines, and investors should be cautious of the associated risks from related news. On the data front, U.S. stock market leverage continues to increase: as of June, the net credit balance of U.S. brokerage accounts dropped by about $70 billion in a single month to -$1.061 trillion, marking a historical low. Meanwhile, margin debt rose by about $86 billion to $1.53 trillion, increasing for the third consecutive month and setting a new record.
Regarding cryptocurrency concept stocks, numerous BTC treasury public companies have once again liquidated assets or sold BTC, indicating a bearish or neutral stance on the future of cryptocurrency. Despite previous indicators and several cryptocurrency exchanges shutting down suggesting that a bear market bottom may have been reached, given the current circumstances, it is still difficult to conclude that related cryptocurrency concept stocks will not further decline.
For more cryptocurrency and stock market information, please refer to MSX.COM. (Odaily Star Daily Note: The content of this article does not constitute investment advice and is for learning and communication purposes only.)
Weekly Updates on Cryptocurrency Stock Public Companies
Representative Enterprises of BTC Treasury Public Companies
According to SoSoValue data, as of 8:00 AM Eastern Time on July 27, 2026, the total net sell-off of Bitcoin by globally listed companies (excluding mining companies) in the past week amounted to $15.92 million, a decrease of 1,296.99% compared to the previous week.
Official documents show that Strategy did not purchase Bitcoin last week, selling approximately 5.43 million shares of MSTR from July 20 to 26, achieving a net profit of $544.5 million, and spent $25 million repurchasing 288,930 shares of STRC preferred stock.
Japanese listed company Metaplanet did not purchase Bitcoin last week.
Additionally, three other companies bought or sold Bitcoin last week. Aerospace-grade defense battery thermal management and safety solutions provider KULR announced on July 24 that it generated approximately $21.5 million in revenue from July 9 to July 23, selling 333 Bitcoins at a price of $64,538, reducing total holdings to about 760 Bitcoins; asset management company Strive announced on July 27 that it spent $5.19 million to purchase 79 Bitcoins at a price of $65,723, bringing total holdings to approximately 20,000 Bitcoins; Brazilian Bitcoin company OrangeBTC announced on July 27 that it spent $394,500 to purchase 6 Bitcoins at a price of $65,742, raising total holdings to 3,918 Bitcoins.
Metaplanet's subsidiary Bitcoin Japan announced a convertible bond financing agreement with EVO Fund, intending to raise 9.66 billion yen (approximately $59.5 million) to establish a cryptocurrency treasury.
As of the time of writing, the global listed companies (excluding mining companies) hold a total of 1,139,480 Bitcoins, a decrease of 0.02% from the previous week, with a current market value of approximately $7.416 billion, accounting for 5.7% of Bitcoin's circulating market value.
Metaplanet acquires Siiibo Securities, planning to create a Bitcoin fixed income market in Japan
Japanese public company Metaplanet acquired Siiibo Securities, which holds a financial product business license, gaining approval to design and sell securities in Japan. Research firm Benchmark noted that the approximately 2.1 billion yen (around $13 million) acquisition is viewed by the market as a small-scale expansion, but Metaplanet actually plans to use this as a basis to issue Bitcoin-backed bonds, Bitbonds, with an annualized return of about 4% to 6%, and subsequently migrate to on-chain, settling via stablecoins, gradually forming a secondary market.
KULR Technology sells 333 Bitcoins, fully repaying $20 million Coinbase credit line
BitcoinTreasuries.NET reported that public company KULR Technology has sold 333 Bitcoins to fully repay its $20 million Coinbase credit line and currently holds 760 Bitcoins.
As Bitcoin prices underwent significant corrections, publicly listed companies that had been aggressively hoarding BTC are facing multiple challenges such as declining stock prices, debt pressures, and worsening financing conditions. Some companies have begun to sell Bitcoin, repay debts, and even shift towards artificial intelligence (AI) data center businesses.
Strategy was the first to launch the “Digital Asset Treasury (DAT)” model, continuously purchasing Bitcoin through financing and lending, leading a group of listed companies to follow suit. However, as the price of BTC fell from the approximately $126,000 peak recorded in October 2025 to a cumulative decline of about 50%, related companies saw a sharp decrease in stock prices, forcing them to reassess their Bitcoin hoarding strategies.
This week, London-listed company Satsuma Technology's shareholders approved the liquidation of all 668 Bitcoins and the return of capital while proceeding with delisting. Another London-listed company, The Smarter Web Company, sold 178 Bitcoins to repay convertible debt.
Additionally, Sequans Communications sold 1,025 Bitcoins and further sold nearly 80% of its remaining holdings to repay convertible bonds, stating that it will no longer purchase Bitcoins and plans to sell the remaining approximately 658 Bitcoins.
Nakamoto's stock price has dropped approximately 99% since its SPAC listing in May 2025, recently selling about 284 Bitcoins to raise about $20 million for operating funds. Of the remaining approximately 5,342 Bitcoins, nearly 70% have been used to collateralize Kraken loans, with market participants believing it faces potential risk events.
Meanwhile, Bitcoin mining companies have also begun to adjust their strategies. Companies such as Bitdeer Technologies and MARA Holdings are selling off some BTC to repurchase shares, repay debts, and redirect energy resources and computing power infrastructure towards AI data center businesses.
Other companies selling BTC include Empery Digital. Data indicates that Strategy has recently sold approximately 3,620 Bitcoins and authorized further asset sales to maintain dollar reserves.
However, Strategy remains the world's largest publicly listed holder of Bitcoin, with holdings exceeding 840,000 Bitcoins. The company's CEO Michael Saylor stated that it may sell some Bitcoins in the future to pay dividends, but this does not mean the company is withdrawing from Bitcoin investments. In addition to asset adjustments, some management personnel and capital operations of Bitcoin treasury companies are also undergoing changes. Jack Mallers has stepped down as CEO; Adam Back's Bitcoin Standard Treasury Company (BSTR) was also unable to complete the proposed merger due to the deteriorating market environment.
Analysts believe that as financing costs rise and BTC price volatility intensifies, the "treasury model of borrowing to buy coins" is undergoing a reshuffle, with some companies shifting from merely hoarding Bitcoin to transforming into cash-flow capable AI infrastructure and businesses.
VanEck's head of digital asset research, Matthew Sigel, stated that since 2026, several publicly listed companies that adopted the Digital Asset Treasury (DAT) strategy have abandoned or adjusted their Bitcoin reserve strategies. Among them, companies such as Satsuma Technology, Bitdeer, Prenetics, Genius Group, Vaultz Capital, and MAIA Biotechnology have sold all Bitcoin or digital asset holdings; MARA Holdings, Strategy, Nakamoto, Smarter Web Company, and Cango have also sold some Bitcoins to repay debts, repurchase shares, or supplement operating funds. In addition, companies like Exodus and DigitalX have also shifted from merely hoarding coins to actively managing digital asset holdings.
Empery Digital invests $20 million in strategic investment in CDP to layout AI data centers
NASDAQ-listed Bitcoin treasury company Empery Digital announced that it has completed a $20 million preferred equity strategic investment in AI data center developer Cardinal Data Power (CDP), holding approximately 8% equity in CDP after the transaction. This investment is a key component of CDP's total $70 million Series A financing, with the raised funds to be entirely used for the construction of its first AI data center park in West Texas, USA.
Representative Enterprises of ETH Treasury Public Companies
Bitmine Immersion Technologies increased its holdings by 9,946 ETH in the past week and bought back 6.1 million shares of common stock. As of July 27, Beijing time, its total ETH holdings rose to 5,787,400, accounting for about 4.8% of Ethereum's total supply.
Representative Enterprises of SOL Treasury Public Companies
According to Coingecko data, in the past 30 days, only Forward Industries among SOL treasury public companies increased its holdings by 500,000 SOL on June 30, bringing total holdings to 7.55 million SOL, valued at nearly $554 million.
Representative Enterprises of Altcoin Treasury Public Companies
None.
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