The landscape of corporate Bitcoin treasury companies is splitting between those with genuine financial strategies and those driven by hype. Sean Bill, co-founder of BSTR (with Adam Back), criticized many firms as “carnival barkers” lacking proper capital structures and real Bitcoin deployment capacity. Data from BitcoinTreasuries shows 198 public companies hold around 1.25 million BTC, dominated by Michael Saylor’s Strategy with 843,738 BTC. Nakamoto (NAKA), another treasury firm, has seen its stock drop about 67% this year and faced delisting warnings. Meanwhile, Binance opened access to over 7,000 U.S. stocks and ETFs for non-U.S. users and teased tokenized stock offerings through its upcoming bStocks product.
Strategy Sells Bitcoin for the First Time; Weekly Net Buys Plunge
Last week, public companies (ex-miners) recorded a net Bitcoin buy of just $9.85 million, down 43.33% from the previous week. Strategy sold 32 BTC at an average price of $77,135, pocketing about $2.5 million and reducing its holdings to 843,706 BTC — the first net sale in three years. Japan’s Metaplanet stayed inactive. On the buy side, DayDayCook spent $10.37 million to acquire 131 BTC at $79,135 each, raising its stash to 2,714 BTC. The Smarter Web Company purchased 19 BTC in two tranches totaling $1.41 million, France’s Capital B bought 4 BTC for $300,000, and Bitmine added 1 BTC. Overall, listed companies held 1,114,182 BTC worth approximately $80.46 billion, representing 5.6% of the circulating supply.
Nakamoto Exec Buys, Sequans Exits Bitcoin to Refocus
Nakamoto’s chairman and CEO David Bailey bought 191,448 shares for nearly $1 million between May 26 and 28, raising his stake to 18.25% of outstanding common shares. The firm disclosed over 5,000 BTC on its balance sheet. In contrast, French semiconductor company Sequans Communications repaid all debts linked to its Bitcoin treasury by selling roughly 80% of its holdings, leaving only 658 BTC. CEO Georges Karam called the move a “key turning point” that simplifies the capital structure and allows the company to fully refocus on 4G/5G IoT chips.
Cango Q1 Mining Revenue Nears $100M, Debt Slashed 94.5%
Cango reported unaudited Q1 2026 results with total revenue of $102 million, of which Bitcoin mining contributed $98.4 million from 1,266 mined BTC. A net loss of $261.1 million was driven mainly by non-cash accounting charges tied to Bitcoin’s price decline. Long-term debt plummeted from $557.6 million at end-2025 to $30.6 million, a 94.5% reduction. The firm still held 1,026 BTC and launched EcoHash, a new platform targeting AI computing, alongside a strategic partnership with Hong Kong-listed DL Group.
Bitmine ETH Position Swells, Two Crypto Firms Enter Russell Indexes
Ethereum treasury giant Bitmine added 26,497 ETH last week, bringing its total to 5,416,901 ETH alongside 203 BTC and equity stakes in Eightco Holdings and Beast Industries worth $273 million. Of that, 4,718,677 ETH are staked, valued at roughly $95 billion at $2,003 per ETH. The implied unrealized loss exceeds $8.1 billion. SharpLink, the second-largest public ETH treasury with 868,699 ETH (nearly $1.8 billion), will join the Russell 2000 and 3000 indexes effective June 29. Forward Industries, the largest listed Solana treasury with about $585 million in SOL, will also be added — marking the first time non-Bitcoin crypto reserves enter a major Russell index. Separately, FG Nexus deposited 5,000 ETH worth $10.99 million with Galaxy Digital.
AI Treasuries and Multi-Asset Strategies Gain Ground
Sharps Technology rebranded to SkyAI (ticker SKYA) and plans to build an AI agent financial platform on Solana. Genius Group unveiled its AGI Infinity Portfolio, committing an initial $100 million to pre-IPO AI companies such as OpenAI, SpaceX, Anthropic, and Figure AI, with a five-year ambition to scale to $800 million. BNB Plus raised $4.1 million via convertible preferred shares to boost digital asset reserves and explore AI infrastructure, disclosing current cash and digital asset holdings of over $16.4 million. Amid HYPE’s all-time high, HypeStrat’s unrealized gains exceeded $1 billion, the highest among all digital asset treasury companies.
As corporate crypto treasury strategies extend beyond single-asset Bitcoin exposure into multi-asset, AI, and index-linked instruments, public companies are entering a new chapter. The inclusion of non-Bitcoin reserve firms in the Russell indexes underscores the accelerating convergence of traditional finance and digital assets.
