Crypto & Stock Barometer丨Strategy Invested $204 Million to Purchase 3,015 Bitcoins Last Week; GD Culture, a US-Listed Company, Board Approved Sale of 7,500 Bitcoins Last Week (March 3rd)
- Core View: Against the backdrop of a persistently sluggish crypto market, the crypto asset treasuries of public companies are showing a divergence in trends. Some companies are increasing holdings or pivoting against the trend, while others are forced to sell assets to cope with pressure, indicating an enhanced expectation for industry consolidation.
- Key Elements:
- Strategy (MSTR) spent $204 million last week to acquire an additional 3,015 Bitcoins, representing a 412.8% month-over-month increase in purchase amount, demonstrating the strong accumulation momentum of leading companies.
- Some ETH/BTC treasury companies, such as FG Nexus and GD Culture, have chosen to sell their crypto assets to obtain liquidity for business transformation or share buybacks, reflecting market pressures.
- BTCS executives predict that operational companies with cash flow may acquire asset-only companies by 2026, potentially heralding a wave of industry consolidation.
- RWA (Real World Asset) tokenization is seen as a potential growth area. ETHZilla has rebranded as Forum Markets and pivoted to become an RWA digital asset platform.
- Crypto mining companies transitioning to AI computing power have seen relatively stable prices. Miners like American Bitcoin are accumulating Bitcoin reserves through a dual-track model of "mining + financing."
- Global public companies (excluding miners) collectively hold approximately 981,000 Bitcoins, accounting for 4.9% of the circulating supply, indicating that institutional holdings remain a significant component of the market.
Editor's Note: Last weekend, the Iran-Israel conflict escalated into a regional hot war, causing significant shifts in the global economic landscape, and the crypto market was not immune to the impact. After experiencing sharp volatility following the outbreak of war, U.S. stocks defied the trend and rose, with many cryptocurrency-related stock prices also surging. Notably, Circle (CRCL), which reported earnings far exceeding expectations, Strategy (MSTR) as a leading BTC treasury concept stock, and Figure (FIGR), a top publicly-traded company in the RWA sector, performed exceptionally well. Additionally, thanks to a series of developments in the AI field and the emergence of new concepts and products like OpenClaw, the prices of crypto mining companies transitioning into AI computing power or HPC data centers have shown relative stability and are worth long-term attention.
The following is a summary of last week's crypto and stock market information compiled by Odaily. All U.S. stock data is sourced frommsx.com.
Crypto Stock Spotlight: Selling for Survival vs. M&A Boom?
BTCS Executive: Crypto Treasury Companies May See Consolidation Wave in 2026
Wojciech Kaszycki, Chief Strategy Officer of BTCS, stated that against the backdrop of a prolonged market downturn, crypto treasury companies may see a consolidation trend in 2026. He pointed out that currently, some companies' stock prices are trading at a discount, below the Net Asset Value (NAV) of their held crypto assets.
Kaszycki believes that companies with actual operational businesses (such as blockchain validator services or public/private credit products) are better positioned to acquire firms that only hold crypto assets but lack operating income, due to their cash flow. Furthermore, he mentioned that the tokenization of real-world assets (RWA), especially the on-chain conversion of public and private credit assets, could see significant growth within the next 24 months and may become a potential revenue source for treasury companies. He also noted that Strategy, the world's largest Bitcoin treasury company, offers credit-like and fixed-income instruments to investors, citing this as one of the key arguments for its inclusion in the MSCI index system.
Selling for Survival: The Difficult Choice for BTC and ETH Treasury Public Companies
Previously, the ETH treasury company ETHZilla was forced to sell its holdings to survive and recently renamed itself to Forum Markets and pivoted to an RWA digital asset platform. This news caused its stock price to surge by 17% at one point.
Recently, the ETH treasury company FG Nexus sold over 7,500 ETH again. Moreover, some BTC treasury companies are not as financially robust as firms like Strategy or Metaplanet, forcing them to take measures to cope with the continuously declining crypto market. For example, the board of the publicly traded U.S. company GD Culture has authorized the sale, exchange, or disposal of its current reserve of 7,500 Bitcoin to fund a previously announced share repurchase plan on February 18, 2026.
However, some public companies are still holding on. For instance, the Bitcoin treasury company EmperyDigital, after receiving a shareholder proposal to sell Bitcoin, maintained its decision not to immediately liquidate all Bitcoin assets at this stage.
For treasury companies navigating the crypto bear market, choosing the right time to sell is undoubtedly a difficult dilemma.
Weekly Updates on Publicly Traded Crypto Companies
Representative BTC Treasury Public Companies
According to SoSoValue data, as of 8:30 AM EST on March 2, 2026, the total weekly net purchase of Bitcoin by global public companies (excluding mining companies) last week was $208.79 million, a 348% increase from the previous week.
Strategy (formerly MicroStrategy) announced on March 2 that it invested $204.1 million (a 412.8% increase compared to the previous week's purchase amount) to acquire an additional 3,015 Bitcoin at an average price of $67,700, bringing its total holdings to 720,737 Bitcoin.
The Japanese public company Metaplanet did not purchase Bitcoin last week, marking seven consecutive weeks without a purchase.
Additionally, two other companies purchased Bitcoin last week. The Japanese food brand DayDayCook announced on February 25 that it invested $4.22 million to purchase 50 Bitcoin at an average price of $84,468, bringing its total holdings to 2,118 Bitcoin. The Brazilian Bitcoin company OrangeBTC announced on March 2 that it invested $470,000 to purchase 0.7 Bitcoin at an average price of $67,438.14, bringing its total holdings to 3,723 Bitcoin.
As of the time of writing, the total Bitcoin holdings of the tracked global public companies (excluding mining companies) amount to 981,150 Bitcoin, a 0.31% increase from the previous week. The current market value is approximately $64.26 billion, accounting for 4.9% of Bitcoin's circulating market cap.
American Bitcoin, a Nasdaq-listed Bitcoin mining company backed by the Trump family, released its 2025 earnings report. It disclosed that the company's Bitcoin reserves have exceeded 6,000. 2025 was its first year as an independent public company, with full-year operations and capital execution aligning with its established strategy. The company employs a dual-track model of "scaled mining + ATM fundraising" to accelerate strategic reserve accumulation. Full-year 2025 revenue reached $185.2 million, with deployed hash rate of approximately 25 EH/s and ownership of about 78,000 ASIC miners.
U.S. Public Company GD Culture Board Approves Sale of 7,500 Bitcoin
Nasdaq-listed company GD Culture announced that its board has authorized the sale, exchange, or disposal of its current reserve of 7,500 Bitcoin to fund a previously announced share repurchase plan on February 18, 2026. It is reported that these Bitcoin sales will be conducted in multiple tranches, executed flexibly by management in the best interests of the company and its shareholders. Proceeds from the Bitcoin sales will be used to repurchase the company's common stock and cover related expenses, including brokerage commissions, fees, and taxes.
In response to a major shareholder's proposal to sell all Bitcoin and return cash to shareholders, Nasdaq-listed Bitcoin treasury company EmperyDigital issued a statement. It stated that the board and management have evaluated the proposal and believe that liquidating all Bitcoin assets is not in the best interests of all shareholders, and therefore will not execute the plan at this stage.
The statement also mentioned that although the company's stock price is below its Net Asset Value, it has implemented a stock buyback plan. Regarding allegations by shareholder Tice P. Brown, the company stated that his claims are untrue and noted that ATG Capital has not communicated with the company's directors or executives.
Representative ETH Treasury Public Companies
Bitmine Bought 50,928 ETH Last Week, Valued at $98.53 Million
According to Onchain Lens monitoring, Bitmine (@BitMNR) purchased 50,928 ETH last week, valued at $98.53 million. Currently, Bitmine's total holdings are 4,473,587 ETH, valued at $8.66 billion, of which 3,040,483 ETH valued at $5.88 billion are in staking.
Ethereum Treasury Company ETHZilla Renamed to Forum Markets and Pivots to RWA Digital Asset Platform
Nasdaq-listed Ethereum treasury company ETHZilla announced its official renaming to Forum Markets and a pivot to a digital asset platform. Its stock ticker will also change to "FRMM" upon Nasdaq approval, but the CUSIP number will remain unchanged. Shareholders do not need to take any action regarding this change. Post-transformation, the company will strategically upgrade to build an institutional-grade digital asset platform for Real-World Asset (RWA) tokenization and explore launching tokenized investment products across multiple asset classes.
Intchains Group Discloses ETH Holdings of 9,070, with 2,600 ETH Staked to Date
Nasdaq-listed company Intchains Group released an update on its ETH holdings, disclosing that as of February 23, its treasury ETH holdings reached 9,070, with a total investment of $23.7 million and an average purchase price of $2,611.1. To date, it has cumulatively staked 2,600 ETH, with 1,000 ETH staked on the FalconX platform and 1,600 ETH staked on the Goldshell staking platform it acquired last year for $1.3 million.
According to Lookonchain monitoring, Ethereum treasury company FG Nexus sold another 7,550 ETH, valued at approximately $14.06 million.
Data shows that FG Nexus purchased 50,770 ETH between August and September 2025 at an average price of approximately $3,860, with a total cost of about $196 million. On October 22, 2025, it announced plans to sell real estate to continue accumulating ETH. However, less than a month later, it began reducing its ETH holdings, cumulatively selling 21,025 ETH at an average price of approximately $2,649, realizing about $55.7 million.
Currently, FG Nexus still holds 30,094 ETH, valued at approximately $57.5 million, with a cumulative unrealized loss of approximately $82.8 million.
Representative SOL Treasury Public Company
Nasdaq-listed Solana treasury company DeFi Development announced a strategic investment in the stablecoin protocol Apyx. The specific investment amount has not been disclosed. The aim is to establish an early position in the emerging Dividend-Backed Stablecoin (DBS) category. The Apyx model can convert dividend streams into on-chain yield, providing scarce yield opportunities for the over $300 billion stablecoin market, while aligning with the trend of digital asset treasury companies accumulating digital assets via preferred shares.
Representative Altcoin Treasury Public Companies
Tron Inc Discloses Additional Purchase of 176,081 TRX Tokens, Total Holdings Exceed 684 Million
On March 1, Nasdaq-listed TRX treasury company Tron Inc. disclosed that it purchased an additional 176,081 TRX tokens at an average price of $0.28. Its TRX treasury total holdings have now exceeded 684 million tokens.
Nasdaq-listed SUI treasury company Sui Group Holdings released its full-year 2025 operational performance report. It disclosed a Q4 2025 net loss of $221.8 million. As of February 23, its SUI token holdings increased to 108,368,594, and these tokens are almost entirely staked. The company generates approximately 5,000 SUI in daily rewards. The company also disclosed that it has completed the repurchase of 7,801,042 common shares under a previously approved $50 million stock repurchase plan, representing 8.80% of the outstanding common shares.
