Editor's Note: Last week, when Coin Stock Guideline was issued, the results of the U.S. midterm elections had yet to be announced. We provided our own judgment and potential impacts. Ultimately, as we anticipated, the Democratic Party swept both houses of Congress, securing the majority party seats; the next two years will enter a phase of "President vs. Congress divided governance." The market first digested the political results and then quickly shifted focus to issues such as AI regulation and capital expenditure return cycles. Anthropic's IPO will become a barometer for stocks in the AI sector.
The U.S. stock market trends indicated a “first drop then rebound” pattern: On November 5 (last Thursday), the Nasdaq dropped about 5.52% in one day, and the Philadelphia Semiconductor Index fell about 12.24%; ultimately, the Nasdaq still dropped about 3.37%, marking a four-week consecutive decline, while the Philadelphia Semiconductor Index fell about 12.15% for the week. This Monday, a retreat in oil prices triggered a rebound from oversold conditions, with the S&P 500 rising about 2.35% to 7549.94, the Nasdaq up about 2.74% to 25253.14, and the Philadelphia Semiconductor Index up about 6.86%, with the Dow Jones Industrial Average rising about 2.15% to 52389.75. It is worth noting that this is merely a recovery from overselling, not a new high rebound.
The Japanese and Korean stock markets joined this round of rebound on November 10, with the Nikkei 225 up about 2.87% to 60459.58, and the Korean KOSPI up about 4.39% to 5239.13.
The macro data does not support interpreting Monday's rebound as a trend reversal. According to the U.S. Bureau of Labor Statistics, on November 6, 165,000 non-farm jobs were added in October, with an unemployment rate of 4.1%. Following a strong job report, market pricing for a December interest rate hike has warmed up; the 10-year U.S. Treasury yield remains around 4.86%. Tonight at 21:30, the October CPI data will be released.
Institutional sentiment was already cautious before Monday's market open. Citigroup’s strategy team (including Beata Manthey) downgraded U.S. stocks and global technology from overweight to neutral in a client report, while raising European stocks (excluding the UK) to overweight, citing unstable AI sentiment, remaining room for adjustment in Nasdaq positions, and lesser impact from falling oil prices and lower tech exposure in Europe. A Bloomberg report indicated that Citigroup remains optimistic about AI in the medium term but wants to reassess once sentiment and earnings expectations stabilize. Goldman Sachs’ strategy team added in the same report that AI-related stocks account for about 15% of the STOXX 600 but about 40% of the S&P 500, with Europe outperforming the U.S. during several AI-driven sell-offs in 2023.
In the cryptocurrency market, buying and stock prices have not followed the indices in recovery. Based on SoSoValue's data, from November 2 to 6, the U.S. Bitcoin spot ETF experienced a net outflow of $1.282 billion, with BlackRock's IBIT seeing an outflow of $1.209 billion, the largest single-week outflow since June; the Ethereum spot ETF had a net outflow of $365 million during the same period, marking six consecutive weeks of net outflows. On November 9, the bleeding continued: the Bitcoin spot ETF saw another outflow of $201 million, and the Ethereum spot ETF saw another outflow of $185 million. Meanwhile, crypto concept stocks such as MSTR, COIN, CRCL fell back into decline after a slight recovery last week.
The latest development in stock token trading is that the NYSE-associated tokenized securities platform announced the selection of Avalanche to provide the underlying ledger infrastructure for clearing, marking a transition from the previous "exploratory partnership" to the "confirmed partnership" stage. For more information, please see our previous article on “After a Year of Testing, is Avalanche the ‘Appointed’ Tokenization Chain by ICE?”.
For more information on the cryptocurrency market, please visit MSX.COM. (Odaily Planet Daily Note: The content of this article does not constitute investment advice and is for educational exchange only)
Weekly Updates on Cryptocurrency-Related Listed Companies
BTC Treasury Representative Companies
Strategy purchased 1,036 BTC, total holdings reached 850,364 BTC, average acquisition cost exceeds spot price
According to Strategy's 8-K filed on November 9 and the company's press release, the company bought 1,036 Bitcoins from November 2 to 8 at an average price of $79,012, spending approximately $81.9 million (including fees), bringing total holdings to 850,364 BTC. Cumulative purchase cost was about $64.16 billion, with an average cost of about $75,456.
The same 8-K reported that from November 2 to 8, the company sold 2,051,348 shares of Class A common stock through an ATM, raising approximately $283.8 million. About $81.9 million was used to buy Bitcoin, approximately $188.3 million was used to repurchase 1,887,464 shares of STRC preferred stock, and about $13.6 million was allocated to cash reserves. During the same period, approximately $21.1 million was paid from U.S. dollar reserves as preferred stock dividends. As of November 8, U.S. dollar reserves were approximately $4.77 billion, with about $146.2 million in cash, and about $1.834 billion of common stock still available for continued issuance under the ATM.
Based on the closing price of $125.59 on November 9 and a market capitalization of approximately $53.04 billion, the market value relative to the holdings at the aforementioned time is about 0.83 times. This calculation does not include total liabilities and preferred stock, and does not equate to the full enterprise value relative to net assets. In the proceeds from the stock sale, only about one-third was used to buy Bitcoin, with about two-thirds going to repurchase preferred stock. Capital structure repair still takes precedence over expanding the balance sheet.
Strive bought 29 BTC, total holdings reached 43,153 BTC
According to Strive's 8-K filed on November 9, the company purchased 29 Bitcoins from October 31 to November 6 at an average price of about $75,721 (including fees), spending approximately $2.2 million, increasing total holdings from 43,124 BTC to 43,153 BTC. As of November 6, cash and equivalents amounted to approximately $487.6 million, and the company still held 505,000 shares of Strategy’s STRC preferred stock, with a fair value of approximately $50.42 million. Compared to the previous period's increase of 124 BTC, this increase was notably smaller.
The total amount of Bitcoin held by listed companies has exceeded 6% of the total supply
Bitcoin News stated on the X platform that as of November 2, 199 listed companies tracked by BitcoinTreasuries held a total of 1,266,400 BTC, accounting for 6.03% of the total Bitcoin supply cap of 21 million. Strategy holds 849,300 BTC, accounting for about two-thirds of the total holdings of listed companies; Metaplanet, Twenty One, and Strive hold about 43,000 to 44,000 BTC each. ETFs and exchanges hold an additional 1.6 million BTC, while governments hold approximately 646,000 BTC.
ETH Treasury Representative Companies
Bitmine increased holdings by 9,587 ETH last week, total holdings increased to 6,070,092 ETH, accounting for about 4.97% of total ETH supply
Bitmine Immersion Technologies (BMNR) announced on November 9 that it had increased its holdings by 9,587 ETH in the past week. As of 2 PM EST on November 8 (corresponding to 03:00 Singapore time on November 9), total ETH holdings reached 6,070,092, valued at approximately $1.36 billion based on a Coinbase price of $2,234 per coin, accounting for 4.97% of the total Ethereum supply (approximately 122.2 million). The company stated that it has been purchasing weekly since it launched its ETH treasury strategy on June 30, 2025, and claimed to have achieved approximately 99% of its 5% target.
On November 9, BMNR closed at $18.61, down about 0.80%, with a market capitalization of approximately $11.22 billion, also lower than the total asset valuation provided by the company. For more analysis on this matter, please refer to “When Bitmine Stops Buying Coins, How Much Net Buying Pressure Will ETH Lose?”.
SOL Treasury Representative Companies
DeFi Development Corp disclosed an increase in SOL and equivalents to 2,609,829
According to DeFi Development Corp (Nasdaq: DFDV) 8-K filed on November 9, the company increased its holdings by 8,881 SOL from 2,600,948 on October 30 to 2,609,829 on November 6. The company stated that these positions plan to be deployed through staking, validators, and on-chain treasury infrastructure, depending on market and risk control.
Altcoin Treasury and Listing, Licensing Dynamics
The 8-K filed by Nasdaq-listed Hyperliquid Strategies (PURR) shows that in the third quarter, the company raised $911 million through committed equity financing instruments and purchased approximately 9.1 million HYPE for about $785 million, increasing its holdings from 29.3 million on June 30 to 38.5 million on September 30. The company also repurchased approximately 2.7 million shares of PURR stock for $17 million. Based on the company's disclosed circulating supply of approximately 238 million HYPE as of October 29, its holdings account for about 16% of the circulating supply. As of the end of the quarter, the company held $254.6 million in cash and cash equivalents with no debt.
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