Strategy raises $2.007B by selling MSTR shares; BitMine adds 32,447 ETH, lifting holdings to 5.85M

Editor's Note: Last week's Crypto Stock Indicator flagged the possibility of a turn later in September, yet crypto markets flipped risk-on much sooner. A mix of supportive U.S. regulatory signals and fresh pro-crypto rhetoric and policy commentary from Trump sparked a rapid bullish reversal that has extended for more than a week. Bitcoin briefly cleared $81,000 and Ether topped $2,500. Crypto-linked equities rebounded sharply, with Strategy, BitMine and Circle among the standout names. Outside crypto, Japan and South Korea equities are still in recovery mode. In the U.S., pockets of the market have softened, and the AI-led rally has notably cooled. The Kobeissi Letter said hedge funds logged their largest net selling of U.S. equities since the 'Liberation Day' week in April 2025, snapping three straight weeks of net buying. Single stocks made up about 53% of total selling, with nine of eleven sectors in net outflow—heaviest in information technology, industrials, utilities, healthcare and materials. Macro products such as index futures and ETFs accounted for the remaining 47%. Hedge funds also slightly increased shorts in U.S.-listed ETFs, ending six consecutive weeks of short covering, pointing to reduced bullish exposure. Economist Fu Peng said markets are in a "vacuum" phase for proving or disproving whether AI can form a fully viable commercial closed loop. As speculation cools, pricing is shifting from "rewarding capex arms races" to "punishing capex arms races." He cited the earlier U.S. rotation from penalizing Google for negative free cash flow to favoring Apple as a classic example, adding that a similar dynamic is emerging among China's internet majors. JPMorgan strategist Jason Hunter said the current AI trading frenzy has echoes of the 1999–2000 tech bubble, warning that heavy concentration in technology could raise correction risk. JPMorgan also flagged rising U.S. Treasury yields, Middle East geopolitical risks and slowing consumer spending as key pressures. From this lens, September could be challenging for U.S. equities. For more on the CoinStock market, visit MSX.COM. (Odaily Planet Daily Note: This article is for learning and discussion only and does not constitute investment advice.) Weekly crypto-and-listed-company update BTC treasury: public-company activity SoSoValue data show that as of 8:00 a.m. ET on Aug. 24, 2026, global public companies (excluding miners) posted net weekly Bitcoin purchases of $81.48 million, up 1,431.6% week over week. Strategy made no Bitcoin purchases or sales last week. The company sold 182,611,180 shares of MSTR common stock, raising $2.007 billion to bolster cash reserves. Japan's Metaplanet made no Bitcoin purchase last week, extending its streak to six straight weeks without buying. Two other companies disclosed Bitcoin buying: - Strive said on Aug. 24 it spent $81.48 million last week to buy 1,110 BTC at $73,409 each, lifting total holdings to about 21,356 BTC. - Ethereum-focused BitMine said on Aug. 24 it bought 1 BTC (no purchase price disclosed), bringing its Bitcoin holdings to 210 BTC. Separately, Boya Interactive said on Aug. 20 it bought 108 BTC in Q2 2026 for $7.35 million at about $68,047 per coin. As of June 30, 2026, it held 4,201 BTC. Total Bitcoin held by publicly listed companies globally (excluding miners) stands at 1,140,751 BTC, up 0.1% from last week. At current prices, that stash is worth about $89.52 billion, equal to roughly 5.7% of Bitcoin's circulating market cap. Strategy: 840,447 BTC; position returns to profit Strategy holds 840,447 BTC at an average cost of $75,385. After five consecutive days of gains pushed Bitcoin above $78,000, the position moved back into profit for the first time since July. At a Bitcoin price of $78,400, Strategy's holdings are valued at about $65.89 billion, implying an unrealized gain of roughly $2.53 billion versus $63.36 billion of invested cost, or about a 4% return. Over the past six weeks, the position's value has swung by about $15.5 billion. Since May, Strategy has sold 6,948 BTC for about $432.5 million. Over the same period, it raised $334 million through MSTR share sales to fund preferred dividends, STRC repurchases and dollar reserves, which now total $6.7 billion. Strive CEO: "The Bitcoin bull market has just begun" Strive CEO Matt Cole said in a post that Feb. 19 marked the bottom for ASST in the current downcycle. He said that despite extremely bearish sentiment at the time, management's conviction in Bitcoin and the company's long-term strategy did not waver. Executives and directors bought ASST shares with personal funds, and some directors left the board to join the company full-time. Cole said that while ASST has rallied and sentiment has improved, the focus remains unchanged: Strive believes the Bitcoin bull market is only beginning, and it has built a capital structure designed to amplify Bitcoin performance, staying fully committed—"all-in." BSTR ends merger plan with Cantor Equity Partners BSTR Holdings said it has agreed with Cantor Equity Partners to terminate their business combination agreement signed on July 16, 2025. BSTR cited ongoing pressure on Bitcoin and valuations across listed Bitcoin treasury companies, which it said has created capital-market misalignment and constrained the leverage potential of instruments such as convertible bonds and perpetual preferred shares in Bitcoin treasury strategies. BSTR said it will continue developing its institutional-grade Bitcoin asset management business once market conditions stabilize. Metaplanet's U.S. unit Super League raises $2.3M via first ATM Super League, Metaplanet's U.S.-based Bitcoin treasury subsidiary, raised $2.3 million through its first at-the-market (ATM) issuance since the related transaction was announced. Metaplanet is tapping capital markets in both Japan and the U.S. ETH treasury: key names BitMine adds 32,447 ETH; total holdings 5.8476M As of 2:00 p.m. ET on Aug. 23, BitMine held 5,847,611 ETH, about 4.8% of Ethereum's total supply, after adding 32,447 ETH last week. BitMine said its combined crypto assets, cash, securities and "Moonshot" investments total about $14.9 billion, including $308 million in cash and securities, 210 BTC, $180 million in equity tied to Beast Industries and $89 million in Eightco Holdings investments. The company has staked 5,067,309 ETH—about 87% of its ETH—valued at roughly $12.4 billion, with estimated annualized staking income of $330 million. Based on BitMine holdings data as of Aug. 22, it held 5.815164 million ETH at an average cost of $3,366. With ETH at $2,436 at that time, its unrealized loss narrowed to $5.408 billion. Tom Lee: a 10-year bet on Ethereum leading tokenization and AI BitMine Chairman Tom Lee said the company's long-term thesis is that Ethereum can become the dominant blockchain for tokenization and AI-related applications. He said the view that Ethereum's market cap could surpass Bitcoin's is "very defensible," and argued that ETH prices of $50,000, $100,000 or $200,000 would translate into "legendary" shareholder returns. SharpLink Gaming restakes 39,300 ETH On Aug. 21, Lookonchain reported that SharpLink Gaming (@Sharplink) restaked 39,300 ETH, worth about $91 million. SOL treasury: key name Solmate adds 1,000 SOL; reiterates long-term Solana commitment Nasdaq-listed Solana treasury company Solmate Infrastructure said it purchased an additional 1,000 SOL, taking total SOL holdings to about 1.25 million, with an estimated market value of $102.2 million. Solmate also said its move into AI infrastructure will not change its long-term commitment to the Solana ecosystem. Altcoin treasury: other public-company moves AIxCrypto plans exit from crypto assets; pivots to robot leasing AIxCrypto Holdings said it plans an orderly exit from its cryptocurrency holdings and a strategic shift to robot leasing. As of June 30, it held 46 BTC, 616 ETH, 6,659 SOL and 1,308 BNB, plus smaller amounts of ADA, LINK, TRX, USDT and XRP. Total cost basis was $10.43 million, versus fair value of $5.21 million. The company used $7.94 million of operating cash in the first half and has accumulated losses of $150 million. Cash at quarter-end was $577,000. It reported no crypto buys or sells in Q2 and warned that volatility, market depth and custody constraints could lead realized values to fall well below carrying values. Eightco repurchases 14 million shares; digital-asset treasury at $389M Nasdaq-listed Eightco Holdings (NASDAQ: ORBS) said it repurchased about 14 million shares over the past two weeks. The company put its current treasury asset size at about $389 million. Eightco said its treasury primarily includes about 302 million WLD (Worldcoin) tokens, 16,278 ETH, roughly $90 million of indirect OpenAI equity exposure and an equity stake in Beast Industries valued around $18 million. The company has described its allocation framework as centered on three themes: AI, digital identity and the creator economy. Eightco said its WLD position is central to its digital identity strategy and equals about 8% of circulating supply—the largest disclosed institutional position among publicly reported holders. Druckenmiller adds exposure to BTDR and PURR Duquesne Family Office founder Stanley Druckenmiller bought 4.1 million shares of Bitdeer Technologies Group (BTDR) in Q2, with the stake valued at more than $647 million at an average purchase price of $12.26. Bitdeer manufactures crypto mining hardware and operates data centers in the U.S. and other regions. Druckenmiller also bought 2.9 million shares of Hyperliquid Strategies (PURR), a digital asset treasury company tied to the HYPE ecosystem, with a position value of $23.1 million, providing indirect exposure to HYPE. Hyperliquid Strategies aims to offer U.S. and institutional investors access to the HYPE token. The purchases mirror broader institutional interest: Jane Street and Citadel also increased BTDR holdings, with Jane Street's BTDR position valued above $112 million. BlackRock, State Street and Citadel boosted PURR holdings in Q2. HYPE previously hit an all-time high following news of related compliance developments.