This week’s crypto-equity market digest showcases a structural shift: leading Bitcoin treasury companies like Strategy are moving from aggressive accumulation to refined capital management, while ETH and Solana-focused firms continue active accumulation. Meanwhile, miners are exploring reverse mergers for public listing, and governance disputes alongside strategic partnerships highlight a maturing ecosystem amid market volatility.
Strategy Holds Steady, Corporate Bitcoin Net Buying Plunges 83%
According to SoSoValue data as of 8:00 AM ET June 29, global public companies (excluding miners) recorded weekly net Bitcoin purchases of only $14.65 million, down 83% from the prior week. Strategy did not purchase any Bitcoin last week. However, the board authorized two $1 billion securities repurchase plans (for Class A common stock and STRC digital credit preferred shares with 8%-10% annual dividend yield) to optimize the capital structure without depleting its USD reserves. To fund these repurchases and support general capital expenditures, the board simultaneously approved a Bitcoin liquidation plan allowing the sale of up to $1.25 billion worth of Bitcoin to replenish USD reserves. Proceeds may be used to pay preferred share dividends and interest, or directly fund the two repurchase programs. Co-founder Michael Saylor emphasized that Bitcoin remains the primary treasury reserve asset, but the new Digital Credit Capital Framework requires liquidity, discipline, and active capital management. This marks a shift from aggressive balance sheet expansion to fine-tuning equity capital structure using crypto assets.
Other companies: Japan’s Metaplanet did not buy Bitcoin for the 10th consecutive week; Hong Kong's CIMG received 207.7 BTC ($13.5 million) from a stock and warrant issuance, bringing its holdings to 937.7 BTC; Brazil’s OrangeBTC purchased 74 BTC for $4.9 million ($66,233 per BTC), reaching 3,896 BTC. As of press time, all tracked public companies (ex-miners) hold 1,142,484 BTC, valued at ~$68.52 billion, representing 5.7% of Bitcoin’s circulating supply.
Fidelity: Number of Public Companies Holding 1,000+ BTC Doubles YoY
Fidelity Digital Assets reports that as of end-2025, the number of publicly traded companies holding at least 1,000 Bitcoin rose from 22 to 49, controlling nearly 5% of supply. Top holders include Strategy (~847,000 BTC), Twenty One Capital (~43,500), Metaplanet (~40,000), and MARA Holdings (~36,000). As of early June 2026, 170–199 public companies held approximately 1.265 million BTC (6% of total supply), valued at ~$76 billion. In May 2026, companies net added 43,557 BTC, with SpaceX appearing on the list.
ETH Holdings: Bitmine, Sharplink Accumulate; FG Nexus Sells at Loss
Bitmine Immersion Technologies spent ~$43 million to purchase 27,084 ETH last week, raising its total to 5.7 million ETH, ~4.7% of Ethereum’s circulating supply. The company now controls ~$9.8 billion in crypto assets, cash, and investments. Chairman Tom Lee attributed recent price weakness to quarter-end “window dressing.”
SharpLink Gaming accumulated 39,196 ETH (~$62.43 million), pushing its total above 202,000 ETH. Conversely, FG Nexus sold another 3,375 ETH ($5.34 million), bringing its cumulative loss to over $86.8 million. The firm originally bought 50,770 ETH for $196 million and has now sold 41,675 ETH for only $94.51 million.
Solana Ecosystem: Upexi Raises $19.5M for SOL; Solmate Faces Lawsuit
Nasdaq-listed Solana treasury company Upexi signed a securities purchase agreement to sell ~12.24 million common shares at ~$1.60 per share, raising $19.5 million. Proceeds will repay existing debt and continue accumulating SOL strategic reserves.
Solmate Infrastructure’s largest external shareholder, RBCH (affiliated with RockawayX founder Viktor Fischer), sued the board in New York Supreme Court for breach of fiduciary duty, misleading statements, and self-dealing. The lawsuit alleges directors sold shares while other investors were locked up, signed advisory agreements favoring related parties, and that directors Ron Sade and Keren Maimon personally purchased ~2.298 million Class B shares at $4.97 each, diluting shareholders by ~20%. Solmate holds ~2 million SOL, and its stock has fallen ~78% year-to-date, compared to SOL’s ~50% decline.
New Listing Path: Zcash Miner Fortitude Merges with HeartSciences
Digital Currency Group’s Zcash mining firm Fortitude Mining announced a definitive merger agreement with Nasdaq-listed medical tech company HeartSciences. HeartSciences shares surged ~60% intraday, closing up 55% at $2.70. Fortitude CEO Andrea Childs said the merger aims to gain public market access for flexible funding of its “venture mining” platform (focused on Zcash) and expansion of power asset portfolio. DCG CEO Barry Silbert remains bullish on Zcash. The deal is expected to close in H2 2026, illustrating how crypto miners are using reverse mergers to access public capital.
Governance & Partnerships: YZi Labs Ends CEA Dispute; SUI Group Expands Bluefin Lending
YZi Labs Management reached an agreement with Nasdaq-listed CEA Industries to jointly appoint an independent director with digital asset and public company governance expertise. YZi Labs terminated its shareholder consent solicitation and related demands, ending governance differences in favor of board restructuring and management optimization.
SUI Group Holdings announced an expanded strategic lending partnership with Sui-based DEX Bluefin. It will lend an additional 4 million SUI (total now 6 million SUI) and increase the revenue share from 5% to 11%, paid in SUI. The new funds will support Bluefin’s participation in the financing of Bluewater’s acquisition of Suilend, the largest lending and DeFi platform on Sui.