In last week's issue, we noted Korean regulators considering measures to curb retail speculation, but the government subsequently unveiled a massive 800 trillion won investment plan. Meanwhile, Micron's earnings beat expectations (84.9% gross margin, Q4 revenue guidance of $50B), boosting semiconductor sentiment. Changxin Memory (CXMT) is approaching its IPO and signed a $3B supply deal with Tencent. Below are the key corporate crypto asset developments this week.
Corporate BTC Net Buying Plunges 83%, Strategy Shifts to Capital Optimization
According to SoSoValue data, global listed companies (excluding miners) purchased only $14.65M in BTC net last week, down 83% from the prior week. Strategy (formerly MicroStrategy) did not buy any BTC. Instead, it announced two $1B share repurchase programs (Class A common and STRC digital credit preferred shares with 8%-10% dividend yield) and obtained board approval to sell up to $1.25B in BTC to bolster USD reserves. Proceeds may fund preferred dividends, share buybacks, or general corporate needs. Executive Chairman Michael Saylor emphasized that Bitcoin remains the primary treasury asset, but active capital management is required to optimize the equity structure and reduce high-cost preferred dividend obligations. Strategy holds ~847,000 BTC with cash reserves of $2.25B, covering ~1.5 years of dividend payments. Metaplanet extended its buying hiatus to 10 consecutive weeks. Two other companies added BTC: CIMG received 207.7 BTC ($13.5M, avg $65,000), bringing its total to 937.7 BTC; OrangeBTC bought 74 BTC ($4.9M, avg $66,233), total holdings 3,896 BTC. Aggregate corporate holdings stand at 1,142,484 BTC ($68.52B), representing 5.7% of circulating supply.
Fidelity Digital Assets reported that the number of public companies holding at least 1,000 BTC doubled to 49 by end-2025, controlling nearly 5% of supply. Top holders: Strategy (~847K), Twenty One Capital (~43.5K), Metaplanet (~40K), MARA Holdings (~36K). By early June 2026, 170-199 firms held ~1.265M BTC (~$76B), with net purchases of 43,557 BTC in May, including SpaceX.
ETH Divergence: Bitmine and SharpLink Accumulate, FG Nexus Sells at Loss
Bitmine Immersion Technologies purchased 27,084 ETH for ~$43M last week, raising its stash to 5.7M ETH (~4.7% of circulating supply), nearing its 5% target. The company controls ~$9.8B in crypto assets but slowed purchases; Chairman Tom Lee attributed recent weakness to quarter-end window dressing. SharpLink Gaming bought 39,196 ETH ($62.43M), total holdings exceeding 202,000 ETH. In contrast, FG Nexus sold another 3,375 ETH ($5.34M), bringing cumulative sales to 41,675 ETH and realized losses to over $86.8M (original cost $196M for 50,770 ETH).
Solana Ecosystem: Upexi Raises $19.5M for SOL, Solmate Faces Shareholder Lawsuit
Nasdaq-listed SOL treasury company Upexi signed a securities purchase agreement to sell ~12.24M common shares (or pre-funded warrants) at ~$1.60 per share, raising $19.5M. Proceeds will repay debt and continue accumulating SOL as strategic reserve. Another SOL treasury firm, Solmate Infrastructure, is being sued by its largest external shareholder RBCH (affiliated with RockawayX's Viktor Fischer) in New York Supreme Court. The lawsuit alleges breach of fiduciary duty, self-dealing, and misleading statements. Specifically, directors Ron Sade and Keren Maimon allegedly purchased ~2.298 million Class B shares at $4.97 each, diluting other shareholders by ~20%. The board also signed consulting agreements favoring related parties and sold shares while others were locked up. Solmate holds ~2M SOL, its stock down ~78% YTD (SOL down ~50%), trading at ~50% discount to NAV.
Zcash Miner to Go Public via Reverse Merger, YZi Labs Settles Governance Dispute
Digital Currency Group's Zcash mining firm Fortitude Mining announced a definitive merger agreement with Nasdaq-listed medtech company HeartSciences. Following the news, HeartSciences shares surged ~60% intraday, closing up 55% at $2.70. CEO Andrea Childs stated the merger provides flexible capital market access to accelerate the Zcash-focused 'venture mining' platform and expand power asset portfolio. DCG's Barry Silbert remains bullish on Zcash. Separately, YZi Labs Management reached an agreement with Nasdaq-listed CEA Industries (BNC) to appoint an independent director with expertise in digital assets and corporate governance, ending a potential governance dispute. YZi Labs withdrew its consent solicitation and requests for books and records.
SUI Group Expands Lending to Bluefin to Support Suilend Acquisition
Nasdaq-listed SUI Group Holdings Limited expanded its strategic lending partnership with Sui-based DEX Bluefin. Under the amended agreement, SUI Group will lend an additional 4M SUI, bringing total loans to 6M SUI. Revenue share increases from 5% to 11% (paid in SUI). New funds will support Bluefin's participation in the acquisition of Suilend, the largest lending and DeFi platform on Sui. This reflects the trend of corporate loans fueling DeFi ecosystem growth.
(Odaily Planet Daily Note: This article is for informational purposes only and does not constitute investment advice.)