Crypto Stocks Tracker | Strategy Adds 1,036 BTC but Holdings Fall Below Cost Basis; Bitmine Holdings Account for 4.97% of ETH Supply (November 10)

Editor's Note: When the Crypto Stocks Barometer was published last week, the results of the U.S. midterm elections had not yet been released, and we only offered our own judgment and potential implications. In the end, the Democrats swept both chambers of Congress as we expected, capturing the majority of seats; the next two years will be a "President vs. divided Congress" phase. The market first digested the political results, then quickly shifted its focus to issues such as AI regulation and the capex return cycle. Anthropic's IPO will become a bellwether for AI sector stocks.

U.S. equities subsequently followed a "drop first, bounce later" pattern: on November 5 (last Thursday), the Nasdaq fell about 5.52% in a single day, and the Philadelphia Semiconductor Index dropped about 12.24%; ultimately, the Nasdaq still fell about 3.37%, posting four consecutive weekly declines, while the Philadelphia Semiconductor Index fell about 12.15% for the week. On Monday of this week, falling oil prices drove an oversold rebound, with the S&P 500 closing up about 2.35% at 7,549.94, the Nasdaq up about 2.74% at 25,253.14, and the Philadelphia Semiconductor Index up about 6.86%, while the Dow closed up about 2.15% at 52,389.75. It is worth noting that this was merely an oversold recovery, not a rebound to new highs.

Japanese and South Korean markets followed this rebound on November 10, with the Nikkei 225 closing up about 2.87% at 60,459.58 and South Korea's KOSPI up about 4.39% at 5,239.13.

The macro data also does not support interpreting Monday's rebound as a trend reversal. The U.S. Bureau of Labor Statistics reported on November 6 that October nonfarm payrolls increased by 165,000 and the unemployment rate stood at 4.1%. After the stronger-than-expected employment data, market pricing for a December rate hike intensified; the 10-year U.S. Treasury yield remains around 4.86%. Tonight at 21:30, October CPI data will be released.

Institutional views had already turned cautious before Monday's open. Citigroup's strategy team (Beata Manthey et al.), in a client report, downgraded U.S. equities and global technology from overweight to neutral, while upgrading European equities excluding the UK to overweight, citing unstable AI sentiment, room for further downward revision in Nasdaq positioning, and Europe's smaller exposure to falling oil prices and lower tech exposure. Bloomberg reported that Citigroup remains bullish on AI over the medium term but wants sentiment and earnings expectations to stabilize before turning bullish again. 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, and that Europe has outperformed the U.S. in several AI-driven selloffs since 2023.

On the crypto side, buying and share prices did not recover along with equity indices. According to SoSoValue data, from November 2 to 6 Eastern Time, U.S. spot Bitcoin ETFs saw a single-week net outflow of $1.282 billion, of which BlackRock's IBIT saw an outflow of $1.209 billion, the largest single-week outflow since June; spot Ethereum ETFs saw a net outflow of $365 million over the same period, marking six consecutive weeks of net outflows. On November 9, the bleeding continued: spot Bitcoin ETFs saw another $201 million outflow, and spot Ethereum ETFs saw another $185 million outflow. Meanwhile, crypto-related stocks such as MSTR, COIN, and CRCL, after a slight rebound last week, once again fell into a downtrend.

The latest development in tokenized stock trading is that the tokenized securities platform associated with the NYSE officially announced that it has selected Avalanche to provide underlying ledger infrastructure for its clearing agency, marking a formal transition from previous "exploratory cooperation" to a "confirmed partnership" stage. For more details, see our previous article "After a Year of Quiet Testing, Has Avalanche Become ICE's Hand-Picked Tokenization Chain?".

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 Treasury Listed Companies

Representative BTC Treasury Companies

Strategy Buys 1,036 BTC, Total Holdings Reach 850,364 BTC, Average Cost Now Above Spot Price

According to Strategy's November 9 8-K and the company press release, the company bought 1,036 bitcoins at an average price of $79,012 between November 2 and 8, spending approximately $81.9 million (including fees), bringing total holdings to 850,364 BTC. Cumulative purchase cost was approximately $64.16 billion, with an average cost of approximately $75,456.

The same 8-K shows that between November 2 and 8, the company sold 2,051,348 shares of Class A common stock through its ATM program, raising net proceeds of approximately $283.8 million. Of this, approximately $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 approximately $13.6 million was allocated to USD cash. During the same period, approximately $21.1 million was paid from USD reserves for preferred stock dividends. As of November 8, USD reserves were approximately $4.77 billion, USD cash was approximately $146.2 million, and approximately $18.34 billion of common stock remained available for continued issuance and sale under the ATM program.

Based on the November 9 closing price of $125.59 and a market cap of approximately $53.04 billion, the market cap is approximately 0.83 times the value of the holdings at the aforementioned point in time. This calculation does not include total liabilities and preferred stock, and is not equivalent to a complete enterprise value relative to net assets. Of the proceeds from share sales, bitcoin purchases accounted for only about 30%, while preferred stock repurchases accounted for about two-thirds. Capital structure repair still takes priority over balance sheet expansion.

Strive Buys 29 BTC, Total Holdings Reach 43,153 BTC

According to Strive's November 9 8-K, the company bought 29 bitcoins at an average price of approximately $75,721 (including fees) between October 31 and November 6, spending approximately $2.2 million, increasing total holdings from 43,124 to 43,153 BTC. As of November 6, cash and equivalents were approximately $487.6 million, and it still held 505,000 shares of Strategy's STRC preferred stock with a fair value of approximately $50.42 million. Compared with the previous period's increase of 124 BTC, this increase was significantly smaller.

Listed Companies' Total Bitcoin Holdings Now Exceed 6% of Total Supply

Bitcoin News posted on X that, as of November 2, the 199 listed companies tracked by BitcoinTreasuries held a total of 1.2664 million BTC, accounting for 6.03% of the 21 million bitcoin supply cap. Strategy holds 849,300 of those, about two-thirds of total listed company holdings; Metaplanet, Twenty One, and Strive each hold approximately 43,000 to 44,000 BTC. ETFs and exchanges hold another 1.6 million BTC, and governments hold approximately 646,000.

Representative ETH Treasury Companies

Bitmine Adds 9,587 ETH Last Week, Total Holdings Rise to 6,070,092 ETH, About 4.97% of Total ETH Supply

Bitmine Immersion Technologies (BMNR) announced on November 9 that it had added 9,587 ETH over the past week. As of 2 p.m. Eastern Time on November 8 (corresponding to 03:00 Singapore time on November 9), total ETH holdings were 6,070,092, worth approximately $13.6 billion at Coinbase's quote of $2,234 per ETH, accounting for 4.97% of Ethereum's total supply (approximately 122.2 million). The company said it has bought every week since launching its ETH treasury strategy on June 30, 2025, and that it has completed approximately 99% of its 5% target.

On November 9, BMNR closed at $18.61, down about 0.80%, with a market cap of approximately $11.22 billion, also below the total asset figure provided by the company. For more analysis on this matter, see "When Bitmine Stops Buying, How Much Net Buying Pressure Will ETH Lose?".

Representative SOL Treasury Companies

DeFi Development Corp Discloses SOL and Equivalents Rose to 2,609,829

According to DeFi Development Corp's (Nasdaq: DFDV) November 9 8-K, the company added 8,881 SOL between November 2 and 6, increasing from 2,600,948 on October 30 to 2,609,829 on November 6. The company said these positions are planned to be deployed through staking, validators, and on-chain treasury infrastructure, subject to market conditions and risk controls.

Altcoin Treasuries, Listings, and Licensing Developments

Hyperliquid Strategies Raises $911 Million in Q3 and Repurchases About 2.7 Million PURR Shares

According to the 8-K filed by Nasdaq-listed Hyperliquid Strategies (PURR), the company raised $911 million in the third quarter through a committed equity financing facility and used approximately $785 million to buy about 9.1 million HYPE, increasing its holdings from 29.3 million on June 30 to 38.5 million on September 30. The company also repurchased about 2.7 million PURR shares 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 circulating supply. As of the end of the quarter, the company held $254.6 million in cash and cash-like instruments with no liabilities.