Strategy Holds Steady, Public Company Weekly Net BTC Purchases Plummet 83%
According to SoSoValue data, global listed companies (excluding miners) bought only $14.65 million worth of Bitcoin on a net basis in the week ending June 29, 2026, an 83% drop from the prior week. Strategy (formerly MicroStrategy) did not purchase any Bitcoin. Instead, the company announced two separate securities repurchase programs of up to $1 billion each, targeting Class A common stock and its Digital Credit Preferred Stock (STRC) which carries an annual dividend yield of 8%–10%. To fund these repurchases and support general capital expenditures, the board approved a plan to sell up to $1.25 billion worth of Bitcoin. The proceeds will replenish USD reserves, pay preferred stock dividends and interest, and directly back the two buyback programs, at management's discretion if doing so is more advantageous than issuing new equity. Executive Chairman Michael Saylor emphasized that Bitcoin remains Strategy's primary treasury reserve asset, and that the new framework aims to strengthen credit quality. Strategy's USD Reserve now stands at $2.25 billion, sufficient to cover approximately 18 months of dividend payments. Japan's Metaplanet also refrained from buying Bitcoin, marking its 10th consecutive week of no purchases. Other firms that did add BTC include Hong Kong-based CIMG, which received 207.7 BTC ($13.5 million at an average price of $65,000) as part of a stock and warrant issuance settlement, bringing its total holdings to 937.7 BTC. Brazil's OrangeBTC purchased 74 BTC for $4.9 million at $66,233 each, raising its holdings to 3,896 BTC. In total, listed companies (excluding miners) now hold 1,142,484 BTC, valued at approximately $68.52 billion and representing 5.7% of Bitcoin's circulating supply.
Fidelity Report: Number of Public Companies Holding 1,000+ BTC Doubles
Fidelity Digital Assets reported that as of end-2025, the number of public companies holding at least 1,000 Bitcoin had grown to 49, up from 22 at end-2024. These firms collectively control nearly 5% of all Bitcoin. Strategy leads with approximately 847,000 BTC, followed by Twenty One Capital (43,500 BTC), Metaplanet (40,000 BTC), and MARA Holdings (36,000 BTC). As of early June 2026, between 170 and 199 public companies held approximately 1.265 million BTC, representing 6% of total supply and valued at around $76 billion. In May 2026 alone, listed firms added a net 43,557 BTC, with SpaceX among the notable new holders. The acceleration highlights a growing trend of corporates adopting Bitcoin as a strategic treasury asset, supported by favorable regulatory signals and institutional demand.
Ethereum Moves: Bitmine, SharpLink, and FG Nexus Take Divergent Paths
Bitmine Immersion Technologies spent roughly $43 million last week to acquire 27,084 ETH, pushing its total holdings to 5.7 million ETH—approximately 4.7% of Ethereum's circulating supply. The company now controls about $9.8 billion in crypto assets, cash, and investments, edging closer to its target of owning 5% of all ETH, though its buying pace has recently slowed. Chairman Tom Lee attributed recent crypto price weakness to quarter-end 'window dressing'. SharpLink Gaming also made a large purchase, acquiring 39,196 ETH for approximately $62.43 million, bringing its total ETH position to over 202,000 tokens. In contrast, ETH treasury firm FG Nexus sold another 3,375 ETH for $5.34 million, deepening its realized loss to over $86.8 million. FG Nexus originally bought 50,770 ETH for $196 million; it has now sold 41,675 ETH for only $94.51 million. The contrasting strategies of these three firms illustrate the varying approaches to ETH treasury management amid market volatility.
Solana Treasury Companies Face Headwinds: Solmate Sued, Upexi Bulks Up
Solmate Infrastructure, a Solana-focused digital asset treasury company, has been sued by its largest external shareholder, RBCH, in the New York State Supreme Court. The complaint accuses Solmate's current officers and directors of breach of fiduciary duty, misleading statements, and self-dealing. Specifically, the lawsuit alleges that the board sold shares while other investors were still in lock-up, signed advisory agreements favoring board-related parties, and allowed directors Ron Sade and Keren Maimon to personally purchase 2.298 million Class B shares at $4.97 per share, diluting other shareholders by approximately 20%. Solmate holds roughly 2 million SOL on its books and its stock has fallen about 78% year-to-date, making it one of the worst-performing SOL Digital Asset Treasury firms (compared to SOL's 50% decline over the same period). Meanwhile, fellow Solana treasury company Upexi has taken a more aggressive stance. It signed a securities purchase agreement to sell approximately 12.24 million common shares (or equivalent pre-funded warrants) at $1.60 per share in a private placement, raising $19.5 million. The proceeds will be used to repay existing debt and continue accumulating SOL as a strategic reserve. The contrasting fortunes of Solmate and Upexi highlight the governance and capital allocation challenges within the Solana treasury ecosystem.
Other Developments: Zcash Miner Merger, YZi Labs Settlement, SUI Group Partnership
Fortitude Mining, a Zcash mining firm under Digital Currency Group, signed a definitive merger agreement with Nasdaq-listed medical technology company HeartSciences Inc. Following the announcement, HeartSciences shares surged as much as 60% intraday before closing 55% higher at $2.70. Fortitude CEO Andrea Childs stated that the merger is not driven by business synergies but by the need to access public capital markets to accelerate its 'venture mining' platform (primarily Zcash) and expand its power asset portfolio. DCG founder Barry Silbert called Zcash 'one of the most attractive opportunities in digital assets' despite its recent weakness. Separately, YZi Labs Management reached an agreement with Nasdaq-listed CEA Industries (BNC) to jointly seek an independent director with expertise in digital assets, capital markets, and corporate governance, ending a prior shareholder consent solicitation and governance dispute. Finally, SUI Group Holdings expanded its strategic lending partnership with Bluefin, a decentralized exchange on the Sui blockchain. Under the amended agreement, SUI Group will lend an additional 4 million SUI to Bluefin, bringing the total loan to 6 million SUI, while raising the revenue-sharing percentage from 5% to 11% (paid in SUI). The new funds support Bluefin's participation in the acquisition of Suilend, Sui's largest lending and DeFi platform. These moves demonstrate how crypto-native firms are leveraging SPAC-like mergers, governance reforms, and on-chain lending to expand their reach and capital base.
