Crypto Stocks Barometer | Strategy Adds to BTC Holdings Again After Two Weeks, Public Companies' Net BTC Purchases Reach $183 Million; Bitmine Has Now Increased ETH Holdings for 68 Consecutive Weeks (September 22)
- Key Takeaways: Global crypto stock market sentiment is recovering, with BTC treasury companies shifting from net selling to net buying, and Strategy adding to its holdings again after two weeks; however, this rally is highly dependent on policy tailwinds and sentiment, and its sustainability will require close attention to regulatory developments.
- Key Elements:
- Global public companies' single-week net Bitcoin purchases reached $183 million, with Strategy buying 950 BTC at $79,670, bringing total holdings to 846,000 BTC.
- Public companies added only about 5,900 BTC over the past three months, at an average cost of about $80,500, while the current price is about $76,400, leaving treasury holdings overall underwater.
- Ethereum treasury company Bitmine increased its holdings for 68 consecutive weeks, raising total holdings to about 5.983 million ETH; SOL treasury company DeFi Development added 101,300 SOL.
- Strive's market cap hit a record high of $2.86 billion, surpassing Harley-Davidson; Strategy has invested over $1.12 billion cumulatively to repurchase STRC.
- Japanese and South Korean stock markets are in a recovery cycle: the KOSPI reclaimed 7,000 points, and the Nikkei 225 rose 1.70%; speculation in A-share technology sectors has cooled, and regulation of humanoid robots has tightened.
Editor's Note: In last week's Crypto Stock Pulse, we focused on shorting on-chain crypto stock-related Meme coins and the rebound following U.S. stock rate hikes, and the market's subsequent direction indeed validated those views as expected. Although the Fed's rate hike pressure persists, current trends still suggest a "mid-term directional adjustment" rather than a complete policy pivot. Combined with favorable regulatory developments—such as the U.S. SEC and CFTC pushing for compliant innovation in domestic markets and tax changes—crypto concept stocks and leading U.S. stock concept stocks may extend their gains from the past week and continue to break upward.However, it is worth noting that this rally is highly dependent on sentiment and policy-driven catalysts, and the duration will require close attention to future public statements from regulators and key government leaders.
In Korean stocks, as memory supply-demand pressure persists, the overall market has begun a strong recovery, closing last Friday with a 2.66% gain; the KOSPI index has now reclaimed the 7,000 mark, with SK Hynix and Samsung Electronics still serving as key supports. In the Japanese market, although the Bank of Japan announced a 25 basis point rate hike to 1.25% on September 18, Japanese stocks subsequently showed relatively strong performance, with the Nikkei 225 closing up 1.70% at 65,228 points, and the TOPIX also recording a 0.20% gain. The significant depreciation of the yen caused by the rate hike has sustained expectations of a widened U.S.-Japan interest rate differential, indirectly providing some support to the export-oriented Japanese stock market. Overall, Japanese and Korean stock markets remain in a recovery cycle and have not yet entered a phase of strong upward momentum.
The A-share market continues to revolve around speculation in the tech sector. After Unitree Robotics went public, following an initial period of frenzied speculation, its market capitalization gradually declined back to a normal range. The humanoid robotics and embodied intelligence sectors are facing tighter regulatory scrutiny, with market rumors suggesting that IPO approvals are being tightened. In the short term, A-shares still rely on spillover from U.S. hot sectors and attention-driven hotspots. As the National Day holiday approaches once again, the frenzied speculation of the past two years is still fresh in memory, and investors are advised to exercise caution and hedge risks.
For more crypto stock market information, please visit MSX.COM. (Odaily Note: This article does not constitute investment advice and is for learning and exchange purposes only)
Weekly Updates on Crypto Stock Public Companies
Representative BTC Treasury Public Companies
According to SoSoValue data, as of 8:00 AM EST on September 21, 2026, global public companies (excluding mining companies) shifted from net selling to net buying in Bitcoin allocation last week, with a single-week net purchase of $183 million.
Strategy (formerly MicroStrategy) purchased 950 Bitcoin last week at a price of $79,670, spending approximately $75.7 million, bringing total holdings to 846,000 BTC—its first purchase in two weeks.
Japanese public company Metaplanet did not purchase Bitcoin last week, marking ten consecutive weeks without a purchase.
Additionally, two other companies announced Bitcoin purchases or disclosed their Bitcoin holdings last week. Ethereum asset company Bitmine announced after 8:00 AM EST on September 14 that it purchased 1 Bitcoin without disclosing the specific purchase amount, bringing total holdings to 212 BTC. Asset management company Strive announced on September 21 that it spent approximately $108 million last week to purchase 1,355 Bitcoin at a price of $79,475, bringing total holdings to approximately 26,355 BTC.
As of press time, the total Bitcoin holdings of global public companies (excluding mining companies) in the tally amount to 1,156,080 BTC, up 2.67% from last week, with a current market value of approximately $98.65 billion, accounting for 5.8% of Bitcoin's circulating market cap.
Public companies added approximately 5,900 Bitcoin over the past three months, a significant slowdown compared to a year ago. The average purchase price for corporate treasuries was approximately $80,500.
With Bitcoin trading near $76,400, based on the average purchase price, the relevant corporate treasuries are currently in an unrealized loss position.
Cumulative Investment Exceeds $1.12 Billion; Strategy Spends Another $174 Million to Repurchase STRC
BitcoinTreasuries.NET posted that Strategy used USD cash to repurchase $174 million worth of STRC, with cumulative investment exceeding $1.12 billion for repurchases. STRC has since risen over 11.9%, and Strategy's balance sheet can still cover more than 3.8 years of dividend payments.
Strive Market Cap Hits Another All-Time High, Surpassing Harley-Davidson
BitcoinTreasuries.NET posted that Bitcoin treasury company Strive's market cap hit another all-time high of $2.86 billion, with its stock price rising above $30. Strive's market cap has now surpassed American motorcycle manufacturer Harley-Davidson.
Strive Discloses Approximately $718 Million in Warrants Pending Exercise at $27 per Share
Bitcoin treasury company Strive CEO Matt Cole stated that as of September 11, the company still had approximately $718 million in PIPE warrants unexercised, with an exercise price of $27 per share.
Due to the U.S. Columbus Day holiday, the exercise deadline was extended from October 12 to 5:00 PM EST on October 13, with other terms unchanged. Company SEC filings show that the unexercised warrants correspond to approximately 26.596 million shares, and full exercise could bring in approximately $718 million in capital.
Representative ETH Treasury Public Companies
As of September 20, 2026, Bitmine's Ethereum holdings stood at 5,983,940 ETH, having increased holdings for 68 consecutive weeks.
According to Onchain Lens monitoring, BitMine accumulated and withdrew 12,500 ETH from Kraken today, worth approximately $34.56 million; three weeks ago, BitMine also accumulated 20,000 ETH from Kraken, worth approximately $48.89 million.
Representative SOL Treasury Public Companies
Total Holdings Reach 2.49 Million SOL; DeFi Development Adds 101,300 Last Week
Solana treasury company DeFi Development Corp. announced that it added 101,381 SOL and SOL equivalents between September 14 and 18, 2026. As of September 18, the company's total holdings of SOL and SOL equivalents reached 2.49 million.
Representative Altcoin Treasury Public Companies
Cash Recovery Totals Approximately $407 Million in One Week; HypeStrat Buys 1.8 Million HYPE
HyperliquidNews posted that HYPE DAT company @HypeStrat bought 1.8 million HYPE worth $150.48 million and added $256.6 million in cash, with total cash recovery of approximately $407 million in one week. PURR reacted well to this data, with mNAV at 1.26x.
XRP treasury company Evernorth has signed a note purchase agreement with NH Investment & Securities to issue 4% convertible preferred PIK notes maturing in 2031. The transaction is contingent upon the completion of its business combination with Armada Acquisition Corp. II, Pathfinder Digital Assets, and Ripple Labs, and is expected to close in the fourth quarter. The combined new entity plans to list on Nasdaq under the ticker XRPN, subject to exchange approval.
CZ Participates in BNC Renaming Poll, Supports "BNB Standard"
CZ stated that he participated in the BNB treasury company BNC's renaming poll as a community member and chose "BNB Standard," consistent with the current community voting results.
CZ believes that "BNB Treasury Company" is easily confused with BTC by abbreviation, "Strategy" easily evokes MSTR, and "Reserve" is too conservative—by contrast, "BNB Standard" carries more strength.
BNC stated that this vote is advisory only, and the final name must still be approved by the board of directors and undergo legal review.
