The landscape of Bitcoin treasury companies is diverging, with some deploying genuine financial strategies while others rely on promotional hype. Sean Bill, co-founder of BSTR, described the latter as "carnival barkers," warning that firms without proper capital structures or real BTC deployment capabilities will struggle—unless they can obtain leverage cheaply or add tangible value, investors may simply opt for ETFs. Data from BitcoinTreasuries shows that 198 public companies collectively hold approximately 1.25 million BTC, led by Michael Saylor's Strategy with 843,738 BTC.
In a parallel development, Binance officially opened a US stock trading portal for non-US users, offering over 7,000 US stocks and ETFs, and teased bStocks, a product enabling users to launch tokenized stocks themselves. Meanwhile, a flurry of corporate actions swept across crypto treasury firms.
According to SoSoValue, as of 8:00 AM ET on June 1, global public companies (excluding miners) recorded weekly net BTC purchases of $9.85 million, down 43.33% from the previous week.
Strategy (formerly MicroStrategy) sold 32 BTC at an average price of $77,135, generating about $2.5 million and reducing its total holdings to 843,706 BTC—its first sale in nearly three years. Japan-based Metaplanet made no purchases. Among the buyers, DayDayCook spent roughly $10.37 million to acquire 131 BTC at $79,135 each, bringing its total to 2,714 BTC; UK-based The Smarter Web Company deployed $1.41 million in two tranches to buy 19 BTC; France's Capital B bought 4 BTC for $300,000; and Bitmine added 1 BTC. Overall, total BTC held by non-mining public companies reached 1,114,182 BTC, with a market value of about $80.46 billion, representing 5.6% of Bitcoin's circulating supply.
Turning to individual names, Nasdaq-listed Nakamoto saw Chairman and CEO David Bailey spend nearly $1 million to purchase 191,448 shares on the open market between May 26–28; the company reports holding over 5,000 BTC on its balance sheet. Nakamoto's stock, however, has fallen about 67% year-to-date and recently faced a Nasdaq delisting warning after trading below $1 for 30 consecutive days.
French semiconductor firm Sequans Communications made a clean exit from its BTC treasury strategy, redeeming all related debt by selling roughly 80% of its Bitcoin holdings. It now retains only 658 unencumbered BTC and plans to "monetize" the remainder gradually, refocusing on 4G/5G IoT chip businesses. CEO Georges Karam called the debt clearance "a major turning point."
Cango released its unaudited Q1 2026 financials: total revenue reached $102 million, with Bitcoin mining contributing $98.4 million from 1,266 BTC mined during the quarter. A non-cash accounting charge linked to BTC price declines resulted in a net loss of $261.1 million. Long-term debt shrank by 94.5% to $30.6 million, and the company held 1,026 BTC at quarter-end. Cango also launched EcoHash, a new platform targeting AI computing, and struck a strategic partnership with Hong Kong-listed DL Group.
Ethereum and Solana treasury companies were equally active. Bitmine acquired 26,497 ETH last week, raising its total ETH holdings to 5,416,901, alongside 203 BTC, $93 million in Eightco Holdings equity, and $180 million in Beast Industries shares; of this, 4,718,677 ETH is staked, worth $9.5 billion at $2,003/ETH. SharpLink, the second-largest listed ETH reserve firm with 868,699 ETH (valued at nearly $1.8 billion), will be added to the Russell 2000 and Russell 3000 indices on June 29. ETH treasury company FG Nexus deposited 5,000 ETH (about $10.99 million) into Galaxy Digital.
On the Solana side, Forward Industries—the largest listed SOL reserve company with approximately $585 million in SOL—will also enter the Russell 2000 and Russell 3000 indices on June 29. The company views inclusion as a boost to its long-term goal of increasing SOL holdings per share. FTSE Russell reports that roughly $12.2 trillion in assets are benchmarked to its US indices, meaning index investors will indirectly gain exposure to ETH and SOL.
As HYPE continued to hit all-time highs, HypeStrat's unrealized profit surpassed $1 billion—the largest among all digital asset treasury companies. Meanwhile, Genius Group's board approved an expansion into AI treasury, launching the AGI Infinity Portfolio with an initial target of $100 million and a five-year goal of $800 million. The first $20 million will be allocated to private AI companies such as OpenAI, SpaceX, Anthropic, and Databricks, with the remaining $80 million directed toward power, compute, hyperscale cloud, frontier models, and robotics.
In branding news, Solana treasury company Sharps Technology officially renamed to SkyAI, with its ticker changing to SKYA on May 28. It will build an AI-agent financial platform on Solana, offering USD savings, financial education, and asset management for emerging market users. Finally, Nasdaq-listed digital asset treasury company BNB Plus plans to raise $4.1 million through a preferred stock issuance, with participation from crypto-native funds such as Comstock Multichain Fund. Proceeds will fund additional digital asset acquisitions, working capital, and AI infrastructure exploration; the company currently holds over $16.4 million in cash and digital assets.