During the week ending June 1, 2026, publicly listed companies (excluding miners) recorded net Bitcoin purchases of just $9.85 million, a 43.33% plunge from the prior week, according to SoSoValue. The most notable event was Strategy (formerly MicroStrategy) – the largest corporate BTC holder – offloading 32 Bitcoin at an average price of $77,135, netting roughly $2.5 million and marking its first BTC sale in three years. At the same time, Ethereum treasury behemoth Bitmine saw its unrealized loss on ETH holdings exceed $8.1 billion, while a slew of other firms sought new momentum through Russell index inclusion, rebranding, or AI-powered treasury blueprints.
Strategic divergence in the crypto treasury sector is becoming starker. Sean Bill, co-founder of BSTR alongside Blockstream’s Adam Back, blasted many public companies as “carnival barkers,” arguing they lack appropriate capital structures and depend solely on Bitcoin’s price momentum to draw investors. “If a firm cannot obtain low-cost leverage or create additional value, investors will eventually flee to simpler products like ETFs,” he asserted. The critique is supported by Nakamoto’s (NAKA) stock, which has lost about 67% year-to-date and over 99% from its May 2025 peak of $34 per share. After hitting a low of $0.16 in April, the company executed a reverse stock split last week to avoid delisting; Nasdaq had warned in December 2025 after the stock traded below $1 for 30 consecutive days. Meanwhile, Binance officially opened access to over 7,000 US stocks and ETFs for non-US users and announced plans to launch bStocks, a tokenized stock product, in the coming weeks – a move that could reshape liquidity and competition for crypto-exposed equities.
On the actual BTC flow, Strategy’s sale reduced its total holdings to 843,706 BTC. Japan’s Metaplanet stayed on the sidelines. Among buyers, Japanese food brand DayDayCook spent approximately $10.37 million to acquire 131 BTC at an average price of $79,135, bringing its stash to 2,714 BTC – the week’s largest purchase. 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, together deploying about $1.41 million; its total now stands at 2,878 BTC. France’s Capital B purchased 4 BTC at $74,890.10 on June 1, while Bitmine added 1 BTC to reach 203 BTC. According to BitcoinTreasuries, 198 public companies now hold roughly 1.25 million BTC, with Strategy’s 843,738 BTC leading the pack. As of press time, the tracked non-mining public companies collectively hold 1,114,182 BTC, valued at around $80.46 billion, representing 5.6% of circulating supply.
Nakamoto’s chairman and CEO David Bailey showed confidence, spending nearly $1 million in the open market between May 26 and 28 to purchase 191,448 common shares, raising his stake to roughly 18.25%. The company also disclosed that it holds more than 5,000 BTC on its balance sheet. In stark contrast, French semiconductor firm Sequans Communications exited its Bitcoin treasury strategy entirely. On May 28, it sold about 80% of its BTC holdings to fully repay all related debt, leaving only 658 unencumbered BTC. CEO Georges Karam called the deleveraging “a major turning point,” stating the company will refocus on 4G/5G IoT chips for applications such as smart metering, asset tracking, connected vehicles, and industrial IoT.
Cango, which previously pivoted from auto finance to Bitcoin mining, released unaudited Q1 2026 results. Total revenue reached $102 million, with mining contributing $98.4 million from 1,266 BTC produced. A net loss of $261.1 million was primarily due to non-cash accounting impacts from Bitcoin’s price decline. However, long-term debt plunged 94.5% from $557.6 million at end-2025 to $30.6 million. Cango held 1,026 BTC as a digital asset reserve at quarter end and launched EcoHash, a new commercial platform targeting AI computing, in partnership with Hong Kong-listed DL Group.
Among Ethereum treasury companies, Bitmine added 26,497 ETH last week, pushing total ETH holdings to 5,416,901. The firm also owns 203 BTC, equity in Eightco Holdings worth $93 million, and shares of Beast Industries valued at $180 million. It has staked 4,718,677 ETH – worth approximately $95 billion at $2,003 per ETH – resulting in an unrealized loss exceeding $8.1 billion. SharpLink, the second-largest listed ETH reserve firm, holds 868,699 ETH ($1.8 billion) and will be added to the Russell 2000 and Russell 3000 indexes on June 29, a move the company says will enhance institutional visibility and attract index-tracking funds. Elsewhere, FG Nexus deposited 5,000 ETH (worth $10.99 million) to Galaxy Digital on May 29, while still holding 16,354 ETH.
In the Solana ecosystem, Forward Industries – the largest publicly listed SOL reserve company with roughly $585 million in SOL – will also join the Russell 2000 and 3000 indexes on June 29. FTSE Russell data shows approximately $12.2 trillion in assets are benchmarked to its US indexes; this marks the first time non-Bitcoin crypto reserve companies have entered the major Russell index family, giving index investors indirect exposure to ETH and SOL. Meanwhile, Solana treasury firm Sharps Technology officially rebranded to SkyAI, changing its ticker from STSS to SKYA, and plans to build an AI-agent financial platform on Solana targeting emerging markets.
Innovation in multi-asset treasuries is accelerating. As HYPE token hit new all-time highs on May 30, HYPE treasury company HypeStrat’s unrealized profit topped $1 billion, the highest among all crypto treasury firms. Nasdaq-listed Bitcoin treasury company Genius Group launched an AI treasury strategy under the AGI Infinity Portfolio, initially committing about $20 million via funds to unlisted AI companies such as OpenAI, SpaceX, Anthropic, Figure AI, Databricks, Anduril, Replit, and Shield AI, with a five-year target of $800 million; the rest is earmarked for power, compute, and robotics infrastructure. Separately, Nasdaq-listed digital asset treasury company BNB Plus will raise $4.1 million through Series B-1 and B-2 convertible preferred shares, with participation from crypto-native investors including Silvermine Capital Advisors’ Comstock Multichain Fund and Off the Chain LP. Proceeds are intended to boost digital asset reserves, provide working capital, and explore AI infrastructure opportunities; the company disclosed it holds over $16.4 million in cash and digital assets.