Global Market Correction as AI Hype Meets Reality
This week witnessed a significant pullback in U.S., Japanese, and South Korean stock markets. South Korea's KOSPI index plunged nearly 10%, while Japan's Nikkei 225 fell 3.55%. Research firm Citrini had predicted a correction-style shakeout for U.S. stocks. The AI-driven 'storage fever' is also being tested: leveraged ETFs on SK Hynix and Samsung Electronics saw total market cap grow to around 10 trillion won, prompting regulators to consider measures against retail speculation. SpaceX, after hitting new highs, dropped over 16% in a single day, falling below its opening price of $150. Market sentiment has shifted from last year's frenzy where any mention of AI was gold to a demand for actual earnings. Morgan Stanley's chief strategist Mike Wilson noted that liquidity, not rate hikes, is the main risk, and expects July to be volatile with a possible correction.
Corporate Bitcoin Buying Diverges: Strategy Adds Just 520 BTC, Strive Buckles Trend
According to SoSoValue, global public companies (excluding miners) net purchased $86.03 million worth of bitcoin in the week ending June 22, down 13.97% week-over-week. Strategy (formerly MicroStrategy) spent only $34.9 million to buy 520 BTC at an average price of $67,068, bringing its total holdings to 847,363 BTC. Japan's Metaplanet did not buy for the ninth consecutive week. Meanwhile, four companies added BTC last week: Japanese food brand DayDayCook bought 95 BTC for $7.43 million (price undisclosed), total 2,899 BTC; Brazil's OrangeBTC purchased 18 BTC for $1.15 million at $64,121, total 3,822 BTC; asset manager Strive spent $49.98 million to buy 759 BTC at $65,850, total 19,864 BTC. As of press time, tracked public companies hold a combined 1,142,276 BTC, up 1.87% from last week, with a market value of approximately $74.17 billion, representing 5.7% of BTC's circulating supply. Additionally, Mara Holdings added 1,000 BTC, bringing its total to 36,303 BTC.
Ethereum and Multi-Asset Holdings: BitMine at $10.7B, Sharplink Boosts ETH
BitMine as of June 21 reported total holdings of $10.7 billion in crypto, cash, marketable securities, and 'Moonshots' investments, including 5,672,956 ETH and 205 BTC. BitMine has staked 4,718,677 ETH, representing 4.7% of ETH's total supply, making it the world's largest ETH corporate treasury. During the past week, BitMine bought 52,203 ETH worth $92 million. Separately, Sharplink raised approximately $75 million through a PIPE offering to fund working capital, continued ETH accumulation, and share buybacks; as of June 16 it held 875,776 ETH. Litecoin treasury company Lite Strategy led a $1 million strategic investment in LitVM, a zero-knowledge Layer2 network built on Litecoin aiming to introduce smart contract capabilities.
Solana Corporate Treasuries and Legal Troubles
Several public companies have added Solana to their balance sheets. The top five Solana corporate treasuries collectively hold over 15.7 million SOL. Forward Industries leads with 7,044,079 SOL, followed by Upexi (2,361,931), DeFi Development Corp. (2,294,576), Solana Company (2,071,127), and SkyAI (~2,000,000). Forward has fully staked its SOL, generating about $4.6 million in staking income in Q4. However, Solmate Infrastructure, a Solana digital asset treasury company, is being sued by its largest external shareholder RBCH for breach of fiduciary duty, misleading statements, and self-dealing. Solmate holds approximately 2 million SOL and has seen its stock price drop 78% year-to-date, making it one of the worst-performing SOL DATs compared to a ~50% decline in SOL itself.
Other Developments: Capital B's Mega Financing and Canton Buyback
Capital B, a bitcoin treasury company, secured shareholder approval for a financing plan exceeding $120 billion, allowing it to raise up to ~$5.76 billion via new shares and up to ~$115.2 billion via credit facilities to acquire more bitcoin. At current prices, this could theoretically support purchases of over 1.87 million BTC. Nasdaq-listed miner BitFuFu approved a share buyback of up to $5 million over two years. Canton Strategic announced a $50 million stock buyback program to be executed based on market conditions. The shareholder lawsuit against Solmate remains ongoing; the company's stock has fallen 78% YTD, far worse than SOL's ~50% decline over the same period.
