Crypto Stock Barometer丨Metaplanet Aggressively Buys $405 Million Worth of BTC, Bitmine's ETH Staking Scale Exceeds $7 Billion (April 7th)
- Core View: Expectations of easing U.S.-Iran geopolitical tensions briefly boosted the crypto market, but Bitcoin's "safe-haven asset" narrative may have become ineffective in the current cycle. Its price logic is being reshaped by the influx of Wall Street capital introduced via Bitcoin ETFs. Meanwhile, global listed companies continue to increase their holdings of mainstream crypto assets, indicating a long-term trend of institutional allocation.
- Key Factors:
- Expectations of a U.S.-Iran ceasefire negotiation drove Bitcoin to rebound to a weekly high of $69,350, creating a "short squeeze" in the market, but the situation remains a key variable.
- Analysis points out that Bitcoin fell in sync with risk assets during the conflict, indicating the failure of its "safe-haven" attribute. ETF inflows are changing its pricing logic.
- The net weekly Bitcoin purchases by global listed companies strongly rebounded to $735 million, with Metaplanet and Strategy each adding hundreds of millions of dollars worth.
- Several listed companies disclosed their crypto asset holdings, such as Bitmine staking over $7 billion worth of ETH, and Sharps Technology holding over 2 million SOL.
- Other listed companies like TON Strategy, Eightco Holdings, and ZeroStack also disclosed large-scale holdings or investments in altcoins such as TON, WLD, and 0G.
Editor's Note: The U.S.-Iran conflict continues. Although the crypto market experienced a short-term rebound due to positive news such as a ceasefire agreement, crypto-related assets in the U.S. stock market still saw more declines than gains. Considering Trump's unpredictable stance and Iran's hardline position, investing in other sectors might still yield better returns than crypto-related stocks. Of course, crypto concept stocks like Strategy, Bitmine, Coinbase, and Robinhood can still be viewed as "leveraged versions of BTC and ETH assets." If the broader crypto market rebounds significantly, these related assets might see even stronger gains. However, given the ongoing downtrend, the waiting period might be longer than anticipated.
Below is a summary of last week's crypto stock market information compiled by Odaily. All U.S. stock data is sourced frommsx.com.
U.S.-Iran Conflict Eases, Ceasefire Talks Likely, Crypto Market Sees Minor Rebound
Analysis: U.S.-Iran Ceasefire Expectations Boost Risk Assets, Short Squeeze and Low Volatility Drive Bitcoin Rebound
Driven by news of potential ceasefire talks between the U.S. and Iran, Bitcoin and global risk assets strengthened. Bitcoin rose to $69,350 on Monday morning, hitting a weekly high. Reports indicate that the U.S., Iran, and regional mediators are discussing a framework for a 45-day ceasefire agreement, which, if reached, could pave the way for a longer-term truce.
Analysis points out that this rally is primarily driven by ceasefire negotiation expectations, not Trump's tough rhetoric. Market sensitivity to his statements has decreased, with a greater focus on actual action signals. In the derivatives market, the crypto market has formed a typical "short squeeze," while both implied and realized volatility remain low. Previous market sentiment leaned towards extreme fear, creating conditions for a rebound. However, the situation in the Strait of Hormuz remains a key variable. If only a ceasefire is achieved without substantial restoration of shipping, the market movement might be a short-term rebound. If negotiations fail, Bitcoin could still fall back to the $60,000 range.
Bitcoin's "Safe Haven Myth" Fails Amid U.S.-Iran Conflict, ETF Funds Reshape Pricing Logic
10x Research published an article stating that in the current U.S.-Iran conflict context, Bitcoin has not demonstrated "inflation-resistant" or "safe-haven asset" properties. Instead, it has fallen in sync with other risk assets, indicating a shift in its price-driving logic. The launch of Bitcoin ETFs has introduced a new group of investors, mostly from Wall Street, who focus more on macro variables than on-chain applications or network growth metrics. However, not all "macro" indicators are applicable to Bitcoin. Some retail investors still rely on the "four-year cycle" or extended "five-year cycle" narrative, leading them to continue buying during the downturn. The current market widely misinterprets Bitcoin, viewing it as a safe-haven asset, over-relying on outdated liquidity models, and ignoring the key macro factors that truly drive cycles.
Weekly Updates on Crypto Stock-Listed Companies
Representative Companies with BTC Treasuries
According to SoSoValue data, as of 8:00 AM ET on April 6, 2026, the total weekly net Bitcoin purchases by global listed companies (excluding mining companies) last week were $735 million, an increase of 1,050,543% compared to the previous week.
Strategy (formerly MicroStrategy) announced an investment of approximately $330 million to purchase 4,871 Bitcoin at an average price of $67,718, bringing its total holdings to 766,970 BTC.
Japanese listed company Metaplanet announced last week an investment of $405 million to purchase 5,075 Bitcoin at an average price of $79,898, bringing its total holdings to 40,177 BTC.
Additionally, one other company purchased Bitcoin last week. UK-based Bitcoin company BHODL announced on April 2 an investment of $68,000 to purchase 1 Bitcoin.
As of press time, the total Bitcoin holdings of the tracked global listed companies (excluding mining companies) amounted to 1,033,280 BTC, a 0.97% increase from the previous week. The current market value is approximately $71.78 billion, accounting for 5.2% of Bitcoin's circulating market cap.
U.S.-listed company Genius Group (GNS) released its Q1 2026 (ended March 31) financial report on April 1. The company has sold all its Bitcoin reserves and fully repaid approximately $8.5 million in debt through restructuring. It stated it will resume building its Bitcoin reserves when market conditions improve. Financially, the company performed strongly in Q1: revenue was $3.3 million, a 171% year-over-year increase (from $1.2 million); gross profit was $2 million, a 228% year-over-year increase (from $600,000).
Representative Companies with ETH Treasuries
Bitmine Increased Holdings by 71,252 ETH Last Week, Staking Scale Exceeds $7 Billion
Ethereum treasury company Bitmine Immersion Technologies disclosed that it increased its holdings by 71,252 ETH last week. The company's current crypto asset holdings include 4,803,334 ETH, 198 BTC, $92 million worth of equity in Eightco Holdings, and $200 million worth of shares in Beast Industries. Furthermore, the total amount of ETH staked by the company is 3,334,637 (valued at $7.1 billion based on an ETH price of $2,123).
Representative Companies with SOL Treasuries
Sharps Technology Annual Report: SOL Holdings Exceed 2 Million, Approximately 95% Actively Staked
Solana treasury company Sharps Technology released its annual financial performance report for the period ending December 31, 2025. It disclosed that the company's SOL token holdings exceed 2 million, with approximately 95% of the SOL tokens in active staking. Additionally, total revenue for fiscal year 2025 reached approximately $7 million, including $6.8 million in net staking revenue.
Sharps Technology also stated that total assets at the end of fiscal year 2025 amounted to $269.1 million, including digital assets valued at fair value of $250.1 million, $10.4 million in cash, and $14.2 million in positive working capital.
Representative Companies with Altcoin Treasuries
On April 1, Nasdaq-listed company TON Strategy announced its full-year 2025 financial report. It disclosed holding 219.7 million TON (fair value approximately $356.8 million) as of December 31, 2025, and receiving 2.185 million TON in staking rewards for the full year. Additionally, the company's total digital asset value reached $356.8 million. Total revenue for 2025 was $12.8 million, but operating losses widened to $36.4 million.
Eightco Holdings Discloses $326 Million Holdings, Becomes Largest Public Company Holder of WLD
Nasdaq-listed company Eightco Holdings disclosed its asset holdings. As of March 30, 2026, it holds 277,222,975 Worldcoin (WLD), 11,068 ETH, a $90 million indirect investment in OpenAI, a $25 million investment in Beast Industries, and $109 million in cash and stablecoins. The total holdings amount to approximately $326 million. Eightco claims to be the largest public company holder in the Worldcoin ecosystem.
ZeroStack Reaches $107 Million 0G Token Financing Agreement, Locking Nearly 21% of 0G Supply
Nasdaq-listed company ZeroStack Corp. announced it has entered into a definitive agreement for a $107 million financing transaction anchored by 0G tokens. Upon completion, ZeroStack will hold approximately 21% of the total 0G token supply. According to the financing terms, to facilitate this transaction, ZeroStack will establish a Texas-based company named Texas Blocker. The investor intends to contribute 142,232,948 native 0G tokens (valued at approximately $107 million). Texas Blocker will become a wholly-owned subsidiary of ZeroStack after the share exchange. The share exchange is expected to be completed around July 5, 2026, subject to customary closing conditions and shareholder approval.
