Bitcoin Treasury Market Divides
The market for Bitcoin treasury companies is becoming increasingly polarized between firms with genuine financial strategies and those relying on promotional hype. BSTR co-founder Sean Bill (who co-founded BSTR with Adam Back) compared the latter to “carnival barkers,” noting that many lack the proper capital structure to actually deploy Bitcoin. He said if a company can obtain leverage cheaply, such a tactic might work; otherwise, investors may opt for simpler products like ETFs. According to BitcoinTreasuries data, 198 public companies now hold roughly 1.25 million BTC, with Michael Saylor’s Strategy holding the most at 843,738 BTC. Nakamoto (NAKA) has seen its stock down about 67% year-to-date, plunging over 99% from its May 2025 peak of $34, touching $0.16 in April and even enduring a reverse stock split after a Nasdaq delisting warning. Meanwhile, Binance yesterday opened U.S. stock trading for non‑U.S. users, offering over 7,000 stocks and ETFs, and plans to launch bStocks, a tokenized stock product.
Strategy’s First BTC Sale in 3 Years, DayDayCook Leads Buying
SoSoValue data shows that for the week ending 8:00 AM ET on June 1, global public companies (excluding miners) recorded a net purchase of $9.85 million in Bitcoin, down 43.33% from the prior week. Strategy (formerly MicroStrategy) sold 32 BTC at $77,135 for proceeds of about $2.5 million, trimming its total holdings to 843,706 BTC — its first sale in three years. Japan’s Metaplanet made no purchases. Four other companies added BTC: Bitmine bought 1 BTC on May 26 (no price disclosed), taking its total to 203 BTC; DayDayCook spent approximately $10.37 million on May 27 to buy 131 BTC at $79,135, reaching 2,714 BTC; The Smarter Web Company bought 10 BTC at $74,904 on May 26 and 9 BTC at $73,437 on May 29 for a total of 2,878 BTC; Capital B acquired 4 BTC at $74,890.10 on June 1, raising its stash to 3,139 BTC. Overall, the tracked public companies held 1,114,182 BTC as of press time, up 0.01%, worth roughly $80.46 billion, representing 5.6% of BTC’s circulating market cap.
Corporate Treasury Moves: Nakamoto Buys, Sequans Exits, Cango Reports
Nasdaq-listed bitcoin treasury firm Nakamoto disclosed that Chairman and CEO David Bailey spent nearly $1 million to purchase 191,448 common shares on the open market between May 26 and 28, bringing his total ownership to about 18.25% of outstanding common shares; the company confirmed it holds over 5,000 BTC on its balance sheet. French semiconductor company Sequans Communications completed the redemption of all debts tied to its bitcoin treasury, selling roughly 80% of its holdings and exiting the strategy. It now holds just 658 unencumbered BTC and will gradually monetize them while returning to its core 4G/5G IoT chip business. CEO Georges Karam called the cleanup a major turning point. Cango Inc. reported unaudited Q1 2026 results: total revenue of $102 million, of which bitcoin mining contributed $98.4 million from 1,266 mined BTC. Due to non-cash accounting impacts from falling bitcoin prices, it posted a net loss of $261.1 million. Long-term debt plummeted 94.5% to $30.6 million from $557.6 million at end‑2025. Cango also launched EcoHash, an AI computing power platform, and formed a strategic partnership with Hong Kong-listed DL Group.
ETH/SOL Heavyweights: Bitmine’s Expansion and SharpLink, Forward Join the Russell
Ethereum treasury company Bitmine Immersion Technologies added 26,497 ETH last week, pushing its total ETH holdings to 5,416,901, alongside 203 BTC, $93 million in Eightco Holdings equity, and $180 million in Beast Industries shares. Its staked ETH totals 4,718,677, valued at $95 billion at $2,003 per ETH, with an unrealized loss already exceeding $8.1 billion. SharpLink will be added to the Russell 2000 and Russell 3000 indexes following FTSE Russell’s annual rebalance, effective June 29. It holds 868,699 ETH, worth nearly $1.8 billion, making it the second-largest publicly listed ETH reserve after Bitmine. FG Nexus deposited 5,000 ETH (worth $10.99 million) into Galaxy Digital on May 29, retaining 16,354 ETH valued at $34.15 million. Forward Industries, the largest public Solana reserve with about $585 million in SOL, will also join the Russell indexes — marking the first time non-bitcoin crypto reserve companies enter major Russell benchmarks, which underpin roughly $12.2 trillion in assets, giving index investors indirect exposure to ETH and SOL.
Other Innovations: SkyAI Rebrands, HypeStrat Tops $1B Profit, Genius Group AI Fund, BNB Plus Raises $4.1M
Solana treasury company Sharps Technology officially renamed to SkyAI, with its ticker changing from STSS to SKYA on May 28. It will build an AI-agent financial platform on Solana, offering dollar savings, financial education, and asset management for emerging-market users. HypeStrat, a HYPE treasury company, saw its unrealized profit surpass $1 billion on May 30 as the HYPE token hit new highs, the highest among all digital asset treasury vehicles. Bitcoin treasury firm Genius Group’s board approved an expansion to include an AI treasury, launching the AGI Infinity Portfolio with an initial $100 million investment target, scaling to $800 million over five years. The first $20 million will be allocated to private AI companies such as SpaceX, OpenAI, Anthropic, Figure AI, Databricks, Anduril, Replit, and Shield AI, with the remaining $80 million targeting power, computing, hyperscale cloud, frontier models, and robotics. Nasdaq-listed digital asset treasury company BNB Plus will issue convertible preferred stock (series B-1 and B-2) to raise $4.1 million, with participation from crypto-native institutions like Comstock Multichain Fund and Off the Chain LP. Proceeds will bolster digital asset reserves, provide working capital, and explore AI infrastructure opportunities; the company currently holds over $16.4 million in cash and digital assets.
