Editor’s Note: After a brief strong rebound, the broader crypto market has once again dropped into the $76,000–$79,000 range, causing widespread declines among crypto-related stocks, with DAT leaders such as Strategy and Bitmine nearly erasing all gains from the past month. Additionally, influenced by various events and expectations of potential Fed rate hikes, South Korea’s financial and U.S. stock markets have also seen minor corrections recently. Compared to the optimistic signals mentioned in last week’s “Crypto Stock Outlook,” a series of negative developments—including the U.S.-Iran situation and the rise of Wash—have emerged in quick succession. In the short term, the crypto stock sector may still require catalysts such as a SpaceX IPO or Anthropic’s fundraising announcement. On the policy front, a notable development is that the U.S. SEC may launch a regulatory framework for tokenized stocks as early as this week, potentially sparking another boom in on-chain securities.
For more information on the coin stock market, visit MSX.com.
Risk of a U.S. stock market pullback rises sharply as financial giants bet on the semiconductor sector
Morgan Stanley: Risk of a significant pullback in U.S. equities has risen sharply, with the 10-year U.S. Treasury yield rising above 4.5%
Morgan Stanley’s designated “warning line” for U.S. equities has been breached. Michael Wilson, the bank’s Chief Investment Officer and a prominent Wall Street bull, warned that if U.S. Treasury yields continue to rise and volatility increases, the U.S. stock market could see its first significant correction since the end of March. “If rising long-term yields are accompanied by higher bond volatility, we expect the stock market to experience its first meaningful correction since bottoming out at the end of March,” said Michael Wilson. Previously, Morgan Stanley marked a 10-year U.S. Treasury yield of 4.5% as the threshold beyond which yields could pose more pronounced resistance to equity valuations.
Warren Buffett and Ray Dalio's Q1 portfolio moves: Betting on chip infrastructure, reducing software stocks, increased concentration
Berkshire significantly increased its position in Alphabet, initiated a new position in Delta Air Lines, and exited its position in Amazon.
According to Berkshire Hathaway’s first-quarter portfolio filing (13F), Berkshire increased its positions in Alphabet (GOOGL.O), The New York Times, and other stocks during the first quarter, with Alphabet receiving over 36 million additional shares, raising its stake from 2.04% to 5.93%; it fully exited positions in Amazon (AMZN.O), Visa (V.N), Mastercard (MA.N), and UnitedHealth Group (UNH.N); reduced holdings in Chevron (CVX.N) and Bank of America (BAC.N); and initiated a new position in Delta Air Lines (DAL.N), purchasing 39.8 million shares with a market value of approximately $26.5 billion. Overall, as of the first quarter, Berkshire’s total U.S. equity holdings were valued at $26.3 billion, down from $27.4 billion in the prior quarter. During the quarter, it bought approximately $16 billion in stocks and sold about $24 billion, resulting in a net sale of roughly $8.15 billion. The number of holdings dropped sharply from 42 to 29, indicating a significant increase in portfolio concentration.
Bridgewater Associates' U.S. equity holdings totaled $22.4 billion in Q1, with increased positions in chip stocks and reduced positions in software stocks.
The world’s largest hedge fund, Bridgewater Associates, released its Q1 2024 U.S. equity portfolio holdings report (Form 13F) as of March 31. The report shows that during Q1, Bridgewater initiated new positions in 214 stocks, increased positions in 292 stocks, closed out 261 stocks, and reduced positions in 487 stocks. It significantly increased holdings in semiconductor stocks such as NVIDIA, Broadcom, and Micron Technology, while exiting positions in enterprise software stocks like Salesforce and ServiceNow, and reducing its stake in Adobe. As of the end of Q1, Bridgewater’s total U.S. equity holdings amounted to $22.4 billion, down from $27.4 billion in the previous quarter. Specifically, Bridgewater increased its NVIDIA position by 827,800 shares, raising its weighting from 2.63% at the end of last year to 3.65%; it added 670,000 shares of Broadcom, increasing its weighting from 1.47% to 2.54%; and it added 586,000 shares of Micron Technology, raising its weighting from 0.93% to 2.23%. Additionally, Bridgewater established a new position in TSMC with 1.077 million shares, which accounted for 1.62% of the portfolio as of the end of Q1.
Weekly update on cryptocurrency and stock listed companies
Representative listed company in the BTC treasury
Publicly traded companies' weekly net BTC purchases surged strongly to $2.03 billion, more than 44 times higher than the previous week.
According to SoSoValue data, as of 8:00 AM Eastern Time on May 18, 2026, the total net weekly purchase of Bitcoin by global public companies (excluding mining companies) was $2.03 billion, an increase of 4,403.11% compared to the previous week.
Strategy (formerly MicroStrategy) announced an investment of $2.01 billion (a 4,574.4% increase from last week) to purchase 24,869 bitcoins at $80,985 each, bringing its total holdings to 843,738 bitcoins.
The Japanese publicly traded company Metaplanet did not purchase Bitcoin last week.
In addition, four other companies purchased Bitcoin last week. Asset management firm Strive announced on May 12 that it bought 9 Bitcoin, without disclosing the exact amount spent, bringing its total holdings to 15,009 Bitcoin; UK-based Bitcoin company The Smarter Web Company announced on May 12 and May 15 that it invested $2.84 million to purchase 25 Bitcoin at $81,592.67 each and 10 Bitcoin at $79,662 each, bringing its total holdings to 2,840 Bitcoin; French Bitcoin company Capital B announced on May 18 that it invested $15.02 million to purchase 192 Bitcoin at $78,205.40 each, bringing its total holdings to 3,135 Bitcoin; Brazilian Bitcoin company OrangeBTC announced on May 18 that it invested $390,900 to purchase 5 Bitcoin at $78,180 each, bringing its total holdings to 3,737 Bitcoin.
As of the time of writing, the total number of bitcoins held by global publicly traded companies (excluding mining companies) listed in our statistics is 1,113,841, representing a 2.37% increase from last week. The current market value is approximately $86.16 billion, accounting for 5.6% of Bitcoin’s circulating market cap.
Strive Q1 increased its Bitcoin holdings by 6,001 BTC, resulting in a net loss of $265.9 million.
Bitcoin treasury company Strive has released its first-quarter 2026 financial results and announced that, effective June 16, 2026, its SATA preferred shares will transition to daily dividend payments on business days, with the annualized dividend rate remaining at 13%. As of May 12, 2026, Strive’s Bitcoin reserves totaled 15,009 BTC, including approximately 5,048 BTC acquired through the purchase of Semler Scientific; the company added a total of 6,001 BTC during the first quarter of 2026 and purchased an additional 1,381 BTC through May 12 of the second quarter. The financial report showed that Strive’s GAAP net loss for the first quarter was $265.9 million, approximately $295.8 million of which was attributable to the decline in the fair value of its Bitcoin holdings.
Representative companies with ETH treasury holdings
Bitmine purchased 71,672 ETH over the past week.
Over the past week, Bitmine purchased 71,672 ETH. Bitmine currently holds 5,278,462 ETH, valued at $11.56 billion, accounting for 4.37% of the total ETH supply. Its holdings also include 202 BTC, $200 million in Beast Industries shares, $83 million in Eightco Holdings shares, and $685 million in cash.
In addition, Bitmine has staked 4,712,917 ETH, valued at $1.03 billion, with an annualized staking income of $289 million.
Sharplink CEO: Ethereum treasury companies are diverging from the Strategy model, focusing more on staking yields.
Joseph Chalom, CEO of Sharplink, said that Ethereum treasury companies are gradually moving away from the Strategy and Michael Saylor model, focusing more on staking yields and a streamlined balance sheet rather than relying on complex financing structures.
Chalom believes that Ethereum treasury companies can generate returns simply by holding ETH, so there is no need to rely heavily on leverage. He also stated that only a few Ethereum treasury companies will survive during market downturns.
In addition, it cites BlackRock CEO Larry Fink’s previous view, describing Ethereum as a “tokenized toll road,” and points to events such as the NYSE and Nasdaq advancing their 24-hour trading plans, DTCC exploring tokenized collateral, and Bullish’s acquisition of Equiniti, all of which will drive tokenized assets further into the traditional financial system.
Chalom expects that as stablecoins, tokenized assets, DeFi, and AI applications continue to expand, Ethereum will gradually diverge from Bitcoin in its development path.
Representative companies in the SOL treasury
Upexi, the Solana treasury company, saw its stock price drop 8% after reporting a net loss of $109 million for its third fiscal quarter.
The stock of Solana treasury company Upexi fell 8.16% on Tuesday after the company reported a widened net loss of $109 million for its third fiscal quarter, primarily due to a decline in the value of its cryptocurrency holdings. Filings submitted by the company on Tuesday showed $92.3 million in unrealized losses on its digital assets. Despite a 46% year-over-year increase in total revenue to $4.6 million, driven by cryptocurrency staking income, the company still incurred a loss.
Upexi's financials show that, as of March 31, the company held 2.5 million Solana tokens worth over $238 million, making it the second-largest corporate treasury after Forward Industries, which holds over 7 million Solana tokens.
DeFi Development reported a net loss of $83.4 million in Q1, with SOL holdings per share increasing by 108% over the past year.
DeFi Development Corp, the Solana treasury company, reported that despite an expanded first-quarter loss, its SOL holdings per share increased by 108% over the past year, rising from 0.0322 to 0.0670 SOL. As of May 13, the company held approximately 2.2946 million SOL and equivalents. CEO Joseph Onorati stated that growth was achieved through strategies such as internal staking, operating joint validation nodes in partnership with Bonk, and deploying over 25% of the treasury on-chain, and emphasized that these strategies are a starting point, not a ceiling. The company reported first-quarter revenue of $2.66 million, an 827% year-over-year increase, and a net loss of $83.4 million, compared to a loss of $778,000 in the same period last year, primarily due to the decline in SOL’s price.
SOL Strategies appoints Jon Matonis as Chairman of the Board
On May 12, Nasdaq-listed Solana ecosystem treasury company SOL Strategies announced the appointment of Jon Matonis as Chairman of the Board. Jon Matonis is one of the founding directors of the Bitcoin Foundation and a long-time advocate for financial privacy, with decades of industry experience.
Representative enterprises of altcoin treasury public companies
Hyperion DeFi discloses that HYPE token holdings have surpassed 2 million, with a Q1 net profit of $8.8 million.
Nasdaq-listed HYPE financial company Hyperion DeFi has released its first-quarter financial report, disclosing a net profit of $8.8 million for Q1, improving from a net loss of $39.8 million in Q4 2025. Since the end of the first quarter, it has increased its HYPE token holdings by approximately 60,000 tokens, bringing its total HYPE holdings to over 2 million tokens. Its verified node has received 10.2 million HYPE tokens in delegation, ranking among the top six verified nodes, just behind the Hyperliquid Foundation.
In addition, the company holds 1.92 million KNTQ tokens and 10 million HPL tokens.
Bitwise will use a portion of the management fees from the Hyperliquid ETF to acquire HYPE tokens.
Bitwise Asset Management announced that 10% of the management fee revenue from its BHYP Hyperliquid ETF will be used to hold Hyperliquid’s native token, HYPE, on the company’s balance sheet, with the associated HYPE holdings also being staked.
Bitwise stated that Hyperliquid adopts a "community-first" model, with approximately 99% of on-chain revenue used to repurchase and burn HYPE tokens, prompting the company to also hold HYPE. Bitwise’s Hyperliquid ETF (ticker: BHYP) listed on the New York Stock Exchange last Friday, providing investors with exposure to Hyperliquid and staking rewards.