The US stock market's cryptocurrency sector is exploding! Publicly traded companies are no longer satisfied with simply emulating "WeStrategy" by hoarding Bitcoin—they're now pouring their enthusiasm into popular altcoins like ETH, BNB, SOL, and more. This market festival has entered a new phase!
Initially, "Bitcoin Treasury Stocks" captured attention with soaring share prices, but limited information caused many to miss the opportunity. Now, FOMO (Fear of Missing Out) psychology is at its peak, and market attention has shifted toward bold US-listed companies accumulating multiple altcoins. The "US Stock Version of Mimic Summer" is about to sweep through!
Ethereum Treasury Companies
SharpLink Gaming (NASDAQ: SBET)
- Total Holdings: 194,000 ETH (~$476 million)
- Share Price (as of June 26): $10.28
- Market Cap: $626.12 million
SharpLink Gaming, a NASDAQ-listed company previously focused on US sports betting and iGaming, struggled with losses in 2023 and 2024. On May 27, it announced a $425 million funding round to purchase ETH as its primary reserve. Shares surged over 650% post-announcement, peaking at $79.21 on May 29. By June 26, SharpLink had invested ~$507 million to hold 194,000 ETH, with an average cost of $2,611 per token.
Siebert Financial Corp. (NASDAQ: SIEB)
- Total Holdings: Undisclosed
- Share Price: $4.41
- Market Cap: $178.21 million
Siebert Financial, a NASDAQ-listed brokerage, announced SEC approval on June 9 to raise $100 million for purchasing Bitcoin, Ethereum, Solana, and AI investments. Share prices remained stable post-announcement.
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Solana Treasury Companies
Upexi (NASDAQ: UPXI)
- Total Holdings: 679,677 SOL (~$99.39 million)
- Share Price: $3.33
- Market Cap: $126.26 million
Upexi pivoted to crypto after poor performance in consumer goods. On April 21, it secured $100 million led by GSR to establish a Solana treasury. Shares rose 600% in a day but later dropped to $3.33 due to sell-offs.
DeFi Development Corp. (NASDAQ: DFDV)
- Total Holdings: 621,313 SOL (~$90 million)
- Share Price: $18.86
- Market Cap: $278.01 million
Formerly Janover Inc., this firm rebranded after announcing SOL purchases starting April 8. Shares peaked at $50.28 on May 22.
BNB Treasury Companies
Nano Labs Ltd (NASDAQ: NA)
- Total Holdings: Undisclosed
- Share Price: $11.35
- Market Cap: $194.59 million
Nano Labs announced a $500 million convertible note offering on June 24 to fund BNB purchases, aiming to hold 5–10% of circulating BNB. Shares jumped 36% post-announcement.
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FAQ Section
Q: Why are US-listed companies buying altcoins?
A: Beyond diversifying reserves, these moves attract investor attention, potentially boosting stock liquidity and valuations.
Q: What risks do crypto treasury strategies pose?
A: Volatility and regulatory uncertainty could impact balance sheets, especially for firms with weak fundamentals.
Q: Which altcoins are most popular among public companies?
A: Ethereum (ETH), Solana (SOL), and BNB lead due to their established ecosystems and liquidity.
Conclusion
This "Mimic Summer" trend highlights growing crypto adoption in traditional markets. While volatility persists, the convergence of compliant crypto strategies and stock market dynamics may fuel a sustained rally. Investors should watch for regulatory developments and company fundamentals when evaluating these opportunities.
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