Market Divergence and Binance's Entry
The bitcoin treasury company market is increasingly splitting between those with genuine financial strategies and those relying more on hype. BSTR co-founder Sean Bill noted that many companies lack the proper capital structure and haven't actually deployed bitcoin, relying mainly on bitcoin's own performance to attract investment; he described them as “carnival barkers.”
According to BitcoinTreasuries data, 198 public companies collectively hold about 1.25 million bitcoins, with Strategy leading at 843,738 BTC. Nakamoto (NAKA) shares have dropped about 67% year-to-date and over 99% from the May peak, facing delisting risk as the stock languished below $1 for 30 consecutive days. Meanwhile, Binance officially opened US stock trading for non-US users yesterday, offering over 7,000 US stocks and ETFs, and plans to launch bStocks, a tokenized stock product, in coming weeks.
Strategy's Rare Bitcoin Sale and Corporate Holdings
Per SoSoValue, global public companies (excluding miners) recorded a net weekly bitcoin purchase of $9.85 million, down 43.33% from the prior week. Strategy sold 32 bitcoins at an average price of $77,135, generating about $2.5 million and reducing its total holdings to 843,706 BTC—the first such sale in three years. Japanese firm Metaplanet made no purchases last week.
Four companies, however, continued accumulating: Bitmine bought 1 BTC; food brand DayDayCook spent $10.37 million to buy 131 BTC at $79,135 each, bringing its total to 2,714 BTC; The Smarter Web Company acquired 19 BTC in two batches at average prices of $74,904 and $73,437, holding 2,878 BTC; Capital B purchased 4 BTC at $74,890.10, reaching 3,139 BTC. At press time, tracked companies collectively owned 1,114,182 BTC, up 0.01% week-on-week, with a market value of around $80.46 billion, or 5.6% of the bitcoin circulating supply.
Nakamoto CEO Buys, Sequans Exits
Nakamoto, a Nasdaq-listed bitcoin treasury company, disclosed that CEO David Bailey spent nearly $1 million to purchase 191,448 common shares between May 26-28, raising his stake to 18.25% of outstanding shares; the company holds over 5,000 BTC on its balance sheet. Meanwhile, French semiconductor firm Sequans Communications completed the redemption of bitcoin-treasury-related debt, selling about 80% of its bitcoin holdings to repay it. It now holds only 658 BTC debt-free, exiting its crypto treasury strategy to refocus on IoT and cellular semiconductors. CEO Georges Karam called the debt clearance a “significant turning point,” with the company strengthening its balance sheet and fully returning to 4G/5G IoT chips, including smart metering, asset tracking, and industrial IoT.
Cango reported its Q1 2026 results: total revenue of $102 million, with bitcoin mining contributing $98.4 million after mining 1,266 BTC. The company posted a non-cash net loss of $261.1 million due to bitcoin price declines, but long-term debt fell 94.5% to $30.6 million from $557.6 million at end-2025. It held 1,026 BTC as digital asset reserves and launched EcoHash, an AI computing platform, in partnership with Hong Kong-listed DL Group.
ETH and SOL Treasury Companies Enter Russell Indexes
Bitmine Immersion Technologies added 26,497 ETH last week, taking its total to 5,416,901 ETH, with an unrealized loss exceeding $8.1 billion. It also holds 203 BTC, equity in Eightco and Beast Industries, and 4,718,677 staked ETH. SharpLink, with 868,699 ETH worth nearly $1.8 billion, will be included in the Russell 2000 and Russell 3000 indexes effective June 29, which is expected to boost institutional visibility and attract passive funds.
Solana treasury company Forward Industries will also join the Russell 2000 and 3000 indexes on the same date. As the largest publicly listed SOL reserve company with about $585 million in SOL, it sees index inclusion as supportive of its “SOL per share growth” strategy. This marks the first time non-bitcoin crypto reserve companies enter a major Russell index system, giving index investors indirect exposure to ETH and SOL. Separately, FG Nexus deposited 5,000 ETH (worth $10.99 million) with Galaxy Digital, retaining 16,354 ETH.
Strategic Innovation: Rebranding, AI Treasuries, and Funding
Sharps Technology has rebranded to SkyAI (ticker: SKYA) and plans to build an AI agent financial platform on Solana, targeting emerging-market users with dollar savings, financial education, and asset management.
HypeStrat’s floating profit has exceeded $1 billion, making it the highest among all crypto treasury companies. Genius Group launched an AI treasury strategy, with an initial $100 million target—expanding to $800 million in five years—to invest in private AI companies such as OpenAI, SpaceX, Anthropic, Figure AI, Databricks, and others. The first phase allocates about $20 million through relevant funds, with the remaining $80 million earmarked for power, computing, hyperscale cloud, frontier models, and robotics.
BNB Plus will issue convertible preferred stock to raise $4.1 million from crypto-native institutional investors. Proceeds will be used to expand digital asset reserves, provide working capital, and explore AI infrastructure opportunities. The company currently holds over $16.4 million in cash and digital assets.