Crypto and Stock Market Indicator | Strategy BTC's average holding cost drops for the first time in 2.5 years; Bitcoin miner IREN to be included in MSCI US Index (February 24)

Editor’s Note: When it rains, it pours. After the Lunar New Year, the crypto market faces a double blow of “tariffs + liquidity shortages.” As a result, crypto concept stocks have fallen again, with only a few mining companies seeing slight gains due to positive news or revenue performance. Notably, one of last week’s industry milestones was perhaps the liquidation of Bitcoin by veteran mining company Bitdeer, which sold all its mined BTC. Given that Bitcoin’s price today fell below $63,000, even mining companies that have endured multiple industry cycles may no longer hold out. This also indirectly suggests that the market may have bottomed out or is close to doing so. As for a rebound, we might still need to wait patiently for good news on the potential passage of the CLARITY Act in April.

Below is a summary of last week’s crypto stock market information compiled by Odaily Planet Daily. All U.S. stock data are from msx.com.

Sharp Commentary on Crypto Concept Stocks: Market Continues to Bleed, Structural Pressure Mounts

Analysis: Short-term Pressure on BTC Triggers First Three-Week Selling Spree by Bitcoin Treasury Companies; ETF Has Outflows for Five Consecutive Weeks

According to Capriole Investments, companies holding Bitcoin have been reducing their holdings for three consecutive weeks. Nic Puckrin, co-founder of Coin Bureau, states that if companies continue to sell, Bitcoin’s price could drop to bear market lows. Among the major holders:

1. Bitdeer has sold all 943 BTC it held, reducing its treasury to zero.

2. Cango Inc., ranked 27th among public companies, reduced its Bitcoin holdings by over 54% in two weeks, from 8,095 to 3,644 BTC, worth $246 million.

3. Exodus Movement’s Bitcoin holdings decreased from 1,704 to 1,694 BTC, valued at $114 million.

4. AI education company Genius Group’s holdings dropped from 180 to 84 BTC, worth $5.6 million.

Additionally, U.S. spot Bitcoin ETFs have experienced outflows for five straight weeks, with approximately $2.6 billion flowing out since 2026.

Viewpoint: Ethereum Reaches Critical Valuation Zone; Bitmine’s Massive Unrealized Loss Highlights Structural Pressure

Research firm 10x Research notes that Ethereum is at a critical juncture, facing dual tests of valuation and fundamentals. The market needs to determine whether its current downturn is a cyclical bottom or a sign of deeper structural damage. Bitmine, an Ethereum treasury company, currently bears an unrealized loss of about $8.8 billion—exceeding the ~$8 billion loss during the FTX collapse—raising further market controversy as demand weakens and ETH prices approach April 2021 levels. This contrast underscores the potential for significant divergence in capital allocation outcomes and how timing and governance decisions will influence long-term value creation. Ethereum’s current trading price is nearing a key valuation and cost zone, and its core value proposition faces a structural test. Investors should carefully assess whether Ethereum is in a cyclical trough or entering a deeper phase of structural deterioration.

Weekly Updates on Crypto Stock Listings

Representative Companies Holding BTC

Top 50 public companies by BTC holdings require a minimum of 1,000 BTC to qualify.

As of February 23, to be among the top 50 BTC holders, a company must hold over 1,000 BTC. This threshold continues to rise.

Strategy’s Average BTC Cost Drops for the First Time in 2.5 Years

According to Arkham, Michael Saylor’s average purchase price for BTC has decreased. Strategy bought BTC worth $168.4 million, lowering MicroStrategy’s average cost basis by $29 to $76,027. This is the first decline since September 25, 2023, after nearly two and a half years.

Metaplanet Releases FY2025 Report: Holds 35,102 BTC, Aims for 1% of Total Supply by 2027

On February 16, Japan-based Bitcoin treasury company Metaplanet published its FY2025 financial report on X platform, revealing it has become Japan’s largest Bitcoin holder, with 35,102 BTC, representing about 0.16% of the global supply. It ranks fourth among public companies worldwide in Bitcoin holdings. The company plans to reach 1% of the total Bitcoin supply by 2027, continuing to focus on “Bitcoin revenue business” as its core profit driver.

In addition, Metaplanet’s FY2025 revenue reached ¥8.905 billion, up 738.3%; operating profit was ¥6.287 billion, up 1694.5%.

Bitcoin mining company IREN to be included in MSCI US Index

In February, Bitcoin mining firm IREN Limited announced it will be added to the MSCI US Index after the close on February 27. This marks another crypto-related company entering the index after Strategy (formerly MicroStrategy).

Previously, MSCI considered removing digital asset treasury (DAT) companies with over 50% of assets in cryptocurrencies from major stock indices but ultimately decided not to exclude such firms.

US-listed company DDC increases Bitcoin holdings by 80 BTC, surpassing 2,000 BTC total

On February 17, US-listed DDC Enterprise Limited announced it bought an additional 80 BTC, bringing its total holdings to 2,068 BTC, with an average purchase price of $84,944. This marks DDC’s sixth consecutive week of Bitcoin accumulation, increasing holdings by 74.8% since early 2026, reinforcing Bitcoin as a core part of its financial strategy.

This transaction was executed within DDC’s established capital deployment framework, emphasizing prudent scaling, liquidity management, and balance sheet stability. The company’s strategy aims to navigate market cycles while enhancing long-term per-share value.

Bitcoin treasury company Hyperscale Data launches strategic silver reserve plan, aiming to buy 100,000 ounces of silver

On February 18, NYSE American-listed Bitcoin treasury firm Hyperscale Data announced a strategic silver reserve plan, targeting the purchase of 100,000 ounces of silver over time to similarly strengthen its balance sheet. As of latest data, the company’s total Bitcoin holdings increased to about 600 BTC, including approximately 554 BTC held by its wholly owned subsidiary Sentinum and about 46 BTC purchased from the open market through another subsidiary, ACG.

Nakamoto completes acquisition of BTC Inc. and UTXO with approximately $81.6 million

On February 21, Nakamoto announced it had completed acquisitions of Bitcoin media and events company BTC Inc. and investment firm UTXO Management, making them wholly owned subsidiaries. The transactions were paid in Nakamoto common stock and options.

According to disclosures, holders of securities in BTC Inc. and UTXO received a total of 364,795,104 shares of Nakamoto common stock, valued at approximately $81.6 million. BTC Inc. is the organizer of The Bitcoin Conference and parent company of Bitcoin Magazine.

US-listed company SOLOWIN plans to raise $100 million to support stablecoins and asset tokenization

On February 12, NASDAQ-listed fintech SOLOWIN HOLDINGS announced a securities purchase agreement with Streeterville Capital for $100 million in financing. SOLOWIN will issue and sell pre-paid shares to Streeterville, with the first tranche of about $5.415 million completed. The company plans to use these funds to support its stablecoin and asset tokenization businesses. Previously, SOLOWIN disclosed plans to partner with Antalpha to launch a $100 million Bitcoin quant fund utilizing data-driven algorithmic trading strategies.

Swedish-listed H100 Group completes acquisition of Swiss Bitcoin treasury firm Future Holdings AG

On February 13, Swedish-listed H100 Group announced it had completed the acquisition of Swiss Bitcoin treasury firm Future Holdings AG, supported by Adam Back.

Representative Companies Holding ETH

Bitmine increased ETH holdings by 51,000 ETH last week, worth $95.36 million

On February 23, Onchain Lens reported that Bitmine (@BitMNR) bought 51,162 ETH last week, valued at $95.36 million. Currently, Bitmine holds a total of 4,422,659 ETH, worth $8.65 billion, with 3,040,483 ETH staked, valued at $6 billion.

Peter Thiel and Founders Fund have fully divested from ETHZilla

On February 18, SEC filings showed Peter Thiel and related entities sold all 7.5% of their holdings in Ethereum treasury company ETHZilla (ETHZ).

ETHZilla was renamed and transitioned to an Ethereum treasury model in August 2025 after acquiring biotech firm 180 Life Sciences Corp. Thiel’s investment at that time caused its stock to surge over 90% in a single day. Currently, the stock trades around $3.20, down about 97% from its August 2024 high of $107.

Sharplink’s institutional holdings hit record high, ETH holdings reach 867,798

On February 20, Nasdaq-listed Ethereum treasury company Sharplink announced its institutional ownership hit a record 46%, with plans for rebranding and leadership expansion. The company disclosed holdings of 867,798 ETH (including 587,232 native ETH, 225,429 ETH redeemed from LsETH, and 55,137 ETH redeemed from WeETH). Since June 2025, it has earned and distributed 13,615 ETH in staking rewards to shareholders.

Ethereum treasury company Republic Technologies announces private placement of $3 million

On February 16, Canadian-listed Ethereum treasury firm Republic Technologies announced a private placement of up to 14,087,000 special warrants at $0.21 each, raising $3 million. The company previously disclosed an ETH holding of about 1,570.6 ETH, purchased at an average of $2,700, with a current market value of approximately $3.2 million.