The market for Bitcoin treasury companies is increasingly splitting between those with genuine financial strategies and those relying on hype. Sean Bill, co-founder of BSTR, noted that many firms lack appropriate capital structures and real capacity to deploy Bitcoin, describing them as “carnival barkers” who depend on Bitcoin’s own performance to lure investment. According to BitcoinTreasuries, 198 public companies now collectively hold about 1.25 million BTC, with Strategy’s 843,738 BTC dominating the list. At the same time, Nakamoto (NAKA) shares have tumbled roughly 67% year-to-date and fell over 99% from their May 2025 peak of $34; after touching $0.16 in April, the company executed a reverse stock split and Nasdaq warned it of potential delisting in December 2025 due to prolonged sub-$1 trading.
Bitcoin Purchases: Strategy’s Rare Sale Contrasts with DayDayCook’s Buying
According to SoSoValue, listed companies (excluding miners) net bought $9.85 million in Bitcoin last week, down 43.33% from the previous week. Strategy sold 32 BTC at an average price of $77,135, generating about $2.5 million and reducing its total to 843,706 BTC—the first sale in three years. Japan’s Metaplanet made no purchase last week. On the buying side, Bitmine added 1 BTC on May 26, bringing its total to 203 BTC; Japanese food brand DayDayCook spent roughly $10.37 million to buy 131 BTC at $79,135 apiece on May 27, boosting its holdings to 2,714 BTC; UK-based The Smarter Web Company bought 10 BTC at $74,904 on May 26 and another 9 BTC at $73,437 on May 29, reaching 2,878 BTC; and French firm Capital B purchased 4 BTC at $74,890.10 on June 1 to reach 3,139 BTC. As of press time, the tracked public companies together hold 1,114,182 BTC worth about $80.46 billion, representing 5.6% of the circulating supply.
Insider Buys and Exit Strategies: Nakamoto and Sequans
Nasdaq-listed Bitcoin treasury firm Nakamoto announced that Chairman and CEO David Bailey spent nearly $1 million to purchase 191,448 common shares between May 26 and 28, bringing his stake to about 18.25%, while the company holds over 5,000 BTC on its balance sheet. In stark contrast, French semiconductor company Sequans Communications fully redeemed all debt tied to its Bitcoin treasury, formally exiting the crypto reserve strategy and refocusing on its 4G/5G IoT chip business. The repayment was largely funded by selling approximately 80% of its Bitcoin holdings; Sequans now retains only 658 BTC “completely unencumbered” and plans to gradually monetize the remainder.
Earnings and Expansion: Cango and Genius Group Venture into New Arenas
Cango reported Q1 2026 total revenue of $102 million, with Bitcoin mining contributing $98.4 million from 1,266 mined BTC; however, a non-cash accounting loss from Bitcoin’s price decline led to a net loss of $261.1 million. Long-term debt plummeted 94.5% to $30.6 million. The company also launched EcoHash, an AI computing platform, and formed a strategic partnership with Hong Kong-listed DL Group. Meanwhile, Bitcoin treasury company Genius Group obtained board approval to build an AI treasury under the AGI Infinity Portfolio, starting with a $100 million allocation and a five-year goal of $800 million. The first phase of about $20 million will target unlisted AI companies such as OpenAI, SpaceX, Anthropic, Figure AI, and Databricks; the remaining $80 million will be directed toward power, computing, hyperscale cloud, frontier models, and robotics.
Ethereum and Solana Treasuries: Bitmine’s Massive Holdings and Russell Index Inclusions
Ethereum treasury firm Bitmine Immersion Technologies added 26,497 ETH last week, bringing its total to 5,416,901 ETH—valued at over $95 billion when counting its 4.72 million staked ETH at $2,003 each—but the position sits on an unrealized loss exceeding $8.1 billion. The company also holds 203 BTC, $93 million worth of Eightco Holdings equity, and $180 million in Beast Industries shares. SharpLink, the second-largest public ETH reserve company with 868,699 ETH (~$1.8 billion), will be added to the Russell 2000 and Russell 3000 indices effective June 29. Similarly, Solana reserve company Forward Industries, which holds approximately $585 million in SOL, will join the same indices. With roughly $12.2 trillion in assets benchmarked to Russell US indices, these inclusions mean index investors will gain indirect exposure to ETH and SOL for the first time.
Other Treasury Developments: HypeStrat Profits, BNB Plus Fundraise, and Brand Pivot
As HYPE hit a new all-time high, Hyperliquid treasury company HypeStrat’s unrealized profit surpassed $1 billion, making it the most profitable crypto treasury firm. Ethereum treasury firm FG Nexus deposited 5,000 ETH (worth $10.99 million) into Galaxy Digital, while retaining 16,354 ETH. Nasdaq-listed Solana treasury company Sharps Technology rebranded as SkyAI, shifting its ticker from STSS to SKYA and building an AI-agent financial platform on Solana. BNB Plus announced a $4.1 million raise through convertible preferred shares, with participation from crypto-native investors like Comstock Multichain Fund, to increase digital asset reserves and explore AI infrastructure opportunities; the company disclosed it holds over $16.4 million in cash and digital assets.
