Editor’s Note: Following a temporary resolution in U.S.-Iran tensions, U.S. equities and global stock indices have collectively entered an upward trend, with sectors tied to AI—such as storage, computing power, and energy—experiencing particularly strong gains. Meanwhile, cryptocurrency-related stocks have also gradually rebounded. Leading stocks we’ve previously highlighted, including MicroStrategy (MSTR), Coinbase (COIN), and Circle (CRCL), have all launched robust recoveries. Notably, Circle (CRCL) surged sharply after initially dropping following its Q1 earnings release, which missed market expectations on revenue. The rebound was driven by updates to its Arc Network and Agent Stack products and services, pushing its price above $130—just under 15% away from our previously mentioned $150 target. We maintain a bullish outlook. Importantly, the U.S. equity market is now experiencing a surge in global liquidity, with market dynamics closely mirroring those in the crypto space: “leading stocks continue to outperform, while small-cap or low-quality stocks remain ignored.” For more information on crypto-linked stocks, visit msx.com.
U.S. stocks are attracting global hot money; AI is far from entering a bubble phase.
Overseas investors' allocation to U.S. stocks has reached 63%, exceeding the peak during the dot-com bubble.
Cointelegraph previously reported that foreign investors are pouring into the U.S. stock market at a record pace, with their equity allocation reaching 63%. This level is double what it was after the 2008 financial crisis and exceeds the peak seen during the dot-com bubble.
CICC: AI has not yet reached the typical "bubble" stage.
According to a research report from China International Capital Corporation, since the end of March, U.S. stocks, China’s ChiNext, and markets in South Korea and Japan have continued to strengthen, led by AI. While factors such as no further deterioration in geopolitical tensions and improved market sentiment have contributed, the strong earnings performance of technology stocks in the first quarter has also played a crucial role. AI has not only dominated recent market performance but also driven profitability and growth.
Considering the discussion across three dimensions—demand, investment intensity, and market pricing—AI has not yet reached a typical "bubble" phase, but it is objectively true that investment has outpaced demand and capability. This imbalance has been the primary reason AI has progressed through volatility over the past few years. In fact, since 2023, the AI market has not experienced a consistent upward trend; broadly speaking, it typically sees a rapid rise over two quarters, followed by increased concerns about a bubble, leading to a period of consolidation or weakness over one quarter while awaiting new catalysts.
Weekly update on cryptocurrency and stock listed companies
Representative listed companies in the BTC treasury
Public companies' weekly net BTC purchases plummeted by over 80%, with Coinbase and Block appearing for the first time as net buyers.
According to SoSoValue data, as of 8:00 AM Eastern Time on May 11, 2026, the weekly net global corporate Bitcoin purchases by publicly traded companies (excluding mining companies) amounted to $45.08 million, a decrease of 83.5% compared to two weeks ago.
Strategy announced an investment of $43 million (an 83.1% decrease from two weeks ago) to purchase 535 bitcoins at $80,340 each, bringing its total holdings to 818,869 bitcoins.
The Japanese publicly traded company Metaplanet did not purchase Bitcoin last week.
In addition, four other companies purchased Bitcoin last week. Cryptocurrency exchange Coinbase announced on May 7 that it added 1,103 Bitcoin, with the purchase amount undisclosed, bringing its total holdings to 16,949 Bitcoin. Fintech company Block announced on May 7 that it added 149 Bitcoin, with the purchase amount undisclosed, bringing its total holdings to 9,032 Bitcoin. Bitcoin company American Bitcoin announced on May 6 that it purchased approximately 1,600 Bitcoin, with the purchase amount undisclosed, bringing its total holdings to approximately 7,021 Bitcoin. UK-based Bitcoin company The Smarter Web Company announced on May 5 that it invested $2.08 million to purchase 27 Bitcoin at a price of $77,087 each, bringing its total holdings to 2,805 Bitcoin.
Capital B announced the completion of a €15.2 million funding round, with participation from global institutional investors and strategic investors Adam Back and TOBAM, aimed at accelerating Bitcoin purchases.
As of the time of this report, globally listed companies (excluding mining companies) collectively hold a total of 1,088,090 BTC, representing a 0.3% increase since two weeks ago. The current market value is approximately $88.32 billion, accounting for 5.4% of Bitcoin’s circulating market cap.
Strategy: Bitcoin holdings currently show an unrealized profit of $4.54 billion.
According to on-chain analyst Yujin, Bitcoin treasury company Strategy (MSTR) purchased 535 BTC (approximately $430 million) last week at an average price of $80,340. They now hold a total of 818,869 BTC ($66.398 billion), with an average cost basis of $75,540 and an unrealized profit of $4.54 billion (+7.3%).
Representative publicly listed companies in the ETH treasury
Bitmine: ETH holdings increased to approximately 5.206 million, with staking volume reaching $11.1 billion.
The Ethereum treasury company Bitmine Immersion Technologies disclosed that its current ETH holdings have increased to approximately 5.206 million ETH, with its asset portfolio including: 5,206,790 ETH, 201 BTC, equity in Eightco Holdings worth $88 million, and shares in Beast Industries worth $200 million. Additionally, the company has staked a total of 4,712,917 ETH (equivalent to $11.1 billion at $2,336 per ETH).
Bitmine Chairman Tom Lee later stated that Bitmine still plans to hold 5% of Ethereum's circulating supply by the end of 2026. Additionally, Bitmine's Ethereum holdings are currently underwater by $6.297 billion.
SharpLink Earnings Report: ETH holdings increase to 873,000, driven by treasury strategy boosting revenue growth
Nasdaq-listed company SharpLink (SBET) announced its first-quarter financial results for the period ended March 31, 2026, revealing continued expansion of its Ethereum (ETH) treasury strategy and the transition from basic staking to broader on-chain yield management.
The financial report showed that Q1 2026 revenue surged year-over-year to $12.1 million, primarily driven by the active management strategy for ETH; during the same period, SG&A expenses rose to $9.9 million to expand institutional-grade ETH asset management infrastructure. Due to accounting standards, the company recorded a net loss of $686 million for the quarter, primarily attributable to $507 million in unrealized losses on ETH and $192 million in LsETH impairments. SharpLink emphasized that these are non-cash accounting losses and do not represent realized economic losses or a reduction in ETH holdings.
As of March 31, SharpLink held approximately 870,800 ETH, increasing to 873,000 ETH by May, with the total value of its crypto assets reaching approximately $1.7 billion under GAAP. Since launching the ETH treasury strategy in June 2025, the ETH-per-share metric (ETH Concentration) has risen from 2.0 to 4.02, generating approximately 18,800 ETH in cumulative staking and on-chain rewards.
Treasure Global will deploy $100 million to establish a digital asset treasury centered on ETH.
Nasdaq-listed company Treasure Global announced it will gradually deploy $100 million in capital to establish a digital asset treasury reserve centered on ETH, with plans to expand the treasury by adding additional digital assets in the future. The company stated that its digital asset treasury framework will serve as a long-term capital allocation tool, providing strategic exposure to the development of digital financial infrastructure without altering its core business.
Representative publicly listed companies in the SOL treasury
SOL Strategies acquires cross-chain aggregator HoudiniSwap for $18 million
Nasdaq-listed Solana ecosystem treasury company SOL Strategies has announced it has entered into a definitive agreement to acquire the cross-chain privacy swap aggregator HoudiniSwap for $18 million.
HoudiniSwap is a non-custodial, privacy-focused cross-chain trading aggregator that helps users find the best exchange routes between centralized exchanges, decentralized exchanges, and cross-chain bridges. The platform generated approximately $13 million in revenue last year.
SOL Strategies stated that this acquisition will support its long-term strategy to embed Solana into institutional financial infrastructure, expanding from a single validator and staking business to include trade routing, cross-chain liquidity, and software-based revenue models.
Solana treasury company DeFi Development launches $200 million ATM financing program
Nasdaq-listed DeFi Development, the treasury company for Solana, has announced the launch of a $200 million At-The-Market (ATM) equity financing program to further increase its Solana holdings, supplement working capital, and support strategic initiatives. The company stated that the proceeds will primarily be used to continue executing its Solana reserve strategy, issuing shares only when doing so enhances the per-SOL value for shareholders, ensuring the financing has a "value-accretive" character.
Joseph Onorati, Chairman and CEO of DeFi Development Corp, stated that the company’s core mission is to continuously build SOL reserves for shareholders, and this financing plan provides up to $200 million in financial flexibility to continue accumulating SOL when market conditions are favorable.
Representative companies of altcoin treasury-listed corporations
Hyperliquid Strategies Report: HYPE holdings increased to 20 million as of the end of April.
Nasdaq-listed Hyperliquid Strategies, a treasury company, released its quarterly and nine-month financial and operational performance report as of March 31, 2026, disclosing an investment of $216 million to purchase approximately 7.3 million HYPE tokens. As of April 29, HYPE reserve holdings increased to 20 million tokens, with $103 million in cash still on hand. Additionally, the company invested $10.5 million to repurchase approximately 3 million shares at an average cost of $3.42 per share. Over the nine months ended March 31, 2026, driven by $198.4 million in unrealized gains from HYPE, the company generated $2.6 million in HYPE staking income and recorded a net profit of $152.5 million.