The crypto frenzy of U.S. stocks has escalated, and the "copycat summer" market is about to explode

Words: Golem (@web3_golem)

The U.S. stock crypto sector is booming! Listed companies are no longer satisfied with following the example of "WeStrategy" to hoard Bitcoin, and are pouring their enthusiasm into popular altcoins such as ETH, BNB, SOL and so on—the market carnival has entered a new stage!

In the first stage, the "Bitcoin Treasury Stocks" attracted attention with the soaring stock price, but the poor information made many people miss the opportunity. Now, FOMO sentiment is high, and the market's attention has turned to those U.S. stock companies that boldly reserve multiple altcoins, and the "U.S. stock version of copycat Summer" is about to sweep!

Odaily has taken stock of a number of listed companies that have announced their holdings of altcoins such as ETH, BNB, SOL, TRX, HYPE, and more to help readers get a head start.

Ethereum Treasury Listed Company

SharpLink Gaming (NASDAQ:SBET)

• Total Reserves: 194,000 ETH (worth about $476 million)

• Share Price (as of June 26): $10.28

• Market Cap: $626.12 million

SharpLink Gaming is a NASDAQ-listed company that was previously an online technology company focused on the U.S. sports betting and global iGaming industry, but it is not doing well, with losses in both 2023 and 2024 and tight cash flow.

Until May 27, SharpLink Gaming announced the offering of 69, 100, 313 shares of common stock or equivalent to investors at a price of $6.15 per share, with an expected total proceeds of approximately $425 million, kicking off the journey to purchase ETH as the company's primary reserve asset. On the first day of the announcement, SharpLink Gaming shares rose more than 650%, after which the stock price reached a recent high of $79.21 on May 29.

On June 2, according to SEC filings in the United States, SharpLink Gaming plans to sell its stock to buy $1 billion worth of ETH as its reserves. On June 13, SharpLink Gaming officially started to reserve ETH, spending $463 million on the same day to buy 176, 270.69 ETH at an average price of $2,626, and then spent $30, 674, 829 from June 16, 2025 to June 20, 2025 to add another 12,207 ETH at an average price of $2,513, and another 5,989 ETH on June 26. At present, the company has invested about $507 million to buy and hold 194, 000 ETH, with a comprehensive opening cost of about $2, 611 per ETH, and an overall floating loss of about $36 million.

Siebert Financial Corp. (SEHKKTS: SIEB)

• Total Reserves: Not disclosed

• Share Price (as of June 26): $4.41

• Market Cap: $178.21 million

Siebert Financial Corp. is a NASDAQ-listed company, a bank holding company principally engaged in brokerage and financial advisory services. Through wholly-owned subsidiaries, retail brokerage business, investment consulting services, insurance services and other businesses.

On June 9, Siebert Financial Corp. announced that its Form S-3 shelf registration statement has been approved by the SEC to raise up to $100 million through the sale of a variety of securities, with proceeds potentially available for acquisitions, purchases of digital assets such as Bitcoin, Ethereum, Solana, and investments in technical service lines such as artificial intelligence, including but not limited to AI solutions.

Perhaps because the purchase has not been officially disclosed, the company's stock price did not rise after the announcement.

Treasure Global, Inc. (TPKTS:TGL)

• Total Reserves: Not disclosed

• Share Price (as of June 26): $1.07

• Market Cap: $4.07 million

Treasure Global, Inc. is a NASDAQ-listed company that primarily operates an e-commerce platform that is engaged in the provision of payment solutions, but its operating conditions are not ideal, with continuous losses from 2021 to 2024 and negative net profit.

On June 4, Treasure Global Inc. announced the launch of a $100 million digital asset vault program to strengthen its digital infrastructure and support the launch of an AI consumer intelligence platform. The program is funded in two parts: $50 million from existing equity financing agreements and another $50 million through new capital injections from strategic institutional investors. The funds will be used in phases to allocate blockchain-native assets such as Bitcoin, Ethereum, and regulated stablecoins, with the aim of improving capital efficiency and laying the foundation for future tokenization, loyalty programs, and blockchain settlement systems.

However, the company's share price did not fluctuate significantly as a result of the announcement.

Listed company in the Solana treasury

Upexi (U.S. STOCK PQK:UPXI)

• Total Reserves: 679677 SOL (worth approximately $99.389 million)

• Share price (as of June 26): $3.33

• Market Cap: $126.26 million

Upexi, a NASDAQ-listed company that previously focused on the development, manufacturing and distribution of consumer products, including medicinal mushroom products Cure Mushrooms, pet care brand LuckyTail and the energy gummy Prax line, has been operating poorly and its businesses are in a sustained net loss.

On April 21, Upexi announced that it had received a $100 million funding round led by well-known crypto market maker GSR, and 95% of the funds were used to set up and operate the Solana treasury reserve, and the stock price of Upexi rose by more than 600% on the day. At the same time, Upexi has decided to make a full transition to crypto, and according to its 2025 roadmap, the company will also be involved in Bitcoin and altcoin mining, diversified crypto portfolios, and DeFi in the future.

But the Upexi stock price began to fluctuate after reaching a peak of $17.71 on April 25 and has now fallen to $3.33 due to a heavy sell-off by investors.

DeFi Development Corp. (U.S. PQKTS:DFDV)

• Total Reserves: 621313 SOL (worth approximately $90 million)

• Share price (as of June 26): $18.86

• Market Cap: $278.01 million

DeFi Development Corp. is a NASDAQ-listed company, formerly known as Janover Inc., which was founded in 2018 and is mainly engaged in commercial real estate fintech business, but its operation is also not optimistic, and it will be in the red from 2022 to 2024.

On April 8, Janover Inc. announced the first purchase of 2,858 SOL at an average price of $134, marking the beginning of its transformation into a Solana treasury company, and on April 22, Janover Inc. officially changed its name to DeFi Development Corp. and changed the NASDAQ ticker symbol from JNVR to DFDV. On June 12, DeFi Development Corp. announced a $5 billion equity funding round to support its continued increase in SOL.

DeFi Development Corp.'s stock price peaked at $50.28 on May 22 after announcing plans for the SOL treasury and has now retreated.

DeFi Technologies (PQT:DEFT)

• Total Reserves: 208.8 BTC (worth $22.366 million), 14, 375 SOL ($2.084 million), 121 ETH (worth $293,000), 1, 642, 703 CORE (worth $887,000), 4.33322 AVAX (worth $7,756.4)

• Share price (as of June 26): $2.88

• Market Cap: $962.16 million

DeFi Technologies is a NASDAQ-listed company that transformed its business into a secure and compliant decentralized finance (DeFi) marketplace for traditional investors in 2021.

In 2024, DeFi Technologies, through its sub-brand Valour, began to implement the crypto asset treasury plan, and according to its disclosure, as of the first quarter of 2025, in addition to holding 208.8 BTC, it also holds 121 ETH, 14, 375 SOL, 433.322 AVAX, and 1, 642, 703 CORE. SOL is its second-largest holding.

The company's share price has been trending upwards since June 21, with a 5-day gain of 4.73%.

Sol Strategies Inc. (CAFK:HODL)

• Total Reserves: 420,706.82 SOL (worth approximately $83.96 million)

• Share Price (as of June 26th): C$2.3 (approx. $1.676)

• Market Cap: C$398.47 million (approximately $290 million)

Sol Strategies Inc., a Canadian Securities Exchange listed company formerly known as Cypherpunk Holdings Inc., has been focused on equity investment, private equity, and infrastructure operations in the blockchain ecosystem since 2018, and in September 2024 the company changed its name to Sol Strategies Inc.

The company has accumulated SOL from October 2024 in tranches, and currently holds a total of 420,706.82 SOLs (worth about $83.96 million), On June 19, Sol Strategies Inc. announced that it is applying for listing on the NASDAQ under the symbol "STKE" and has filed a Form 40-F with the SEC. If successful, Sol Strategies Inc. will become a SOL treasury company listed on both the U.S. stock market and Canada.

Sol Strategies Inc share price peaked at C$6.1 (CAD) on January 22, 2025 and has now retreated.

SOL Global Investments Corp. (CAT:SOL)

• Total Reserves: 40,350 SOL (worth approximately $5.9 million)

• Share Price (as of June 26th): CAD 0.075 (approximately USD 0.0546)

• Market Cap: C$10.08 million (approximately $7.34 million)

SOL Global Investments Corp. is a Canadian Securities Exchange-listed investment company that previously had a broad portfolio of retail (fast food and hospitality), agriculture, technology (clean energy and electric vehicles), and cryptocurrency. However, at the end of 2024, the company announced that it would gradually divest non-blockchain assets and focus on Solana blockchain technology and token investments.

On February 4, 2025, SOL Global purchased 12,828 SOL at an average price of $192, increasing its position to 30, 601. According to the latest data disclosed on the official website, SOL Global currently holds a total of 40,350 SOL. SOL Global shares peaked at $5.47 on January 20, 2025 and have now retreated.

MemeStrategy(HK stock code: 2440)

• Total Reserve: 2440 SOL (worth about $35.6)

• Share Price (as of 26 June): HK$2.56 (approximately US$0.326)

• Market capitalisation: HK$816.83 million (approximately US$104 million)

MemeStrategy is a Hong Kong-listed company, formerly known as Hao Wei Technology Holdings, which was previously mainly engaged in providing data transmission and processing services, covering IoT antennas, 5G equipment and maintenance, service manufacturing, transportation, energy and other industries. On April 1, 2025, Chen Zhancheng, co-founder of Memeland's parent company 9 GAG, completed the controlling acquisition of Haohui Technology Holdings, and on May 6, the company changed its name to MemeStrategy, and the company's positioning has also become the first listed digital asset ecological enterprise in Asia.

On June 16, MemeStrategy announced that it had purchased 2,440 SOLs for about HK$2.9 million (about US$368,800) through OSL Group, a licensed crypto asset platform, with an average transaction price of about US$151.7. Since announcing the purchase, its share price peaked at HK$2.72 on 24 June, with no significant decline for the time being.

BNB Treasury Listed Companies

Nano Labs Ltd (US Stock Code: NA)

• Total reserves: not disclosed

• Share Price (as of June 26): $11.35

• Market Cap: $194.59 million

Nano Labs is a NASDAQ-listed company that has been engaged in the design and provision of fabless integrated circuit product solutions since its inception in 2019, as well as businesses in Nano, iPollo, iPolloverse and the metaverse.

On June 24, Nano Labs announced that it had signed a convertible bond subscription agreement whereby the company will issue convertible promissory note bonds with an aggregate principal amount of $500 million for use in the BNB reserve strategy. At the same time, it said that the first phase plan is to purchase $1 billion worth of BNB through convertible bonds and private placements, with a long-term goal of holding 5% to 10% of the total outstanding BNB.

Although it has not officially started to buy yet, the stock price of Nano Labs rose sharply as soon as this news came out, rising by more than 36% in a single day.

Tron Treasury Listed Company

SRM Entertainment, Inc. (SEHKT:SRM)

• Total reserves: not disclosed

• Share Price (as of June 26): $8.68

• Market Cap: $154.8 million

SRM Entertainment, Inc. is a NASDAQ-listed company established in 2022 to design, manufacture, and sell toys, souvenirs, and plush toys. On June 16, SRM announced that it had entered into a securities purchase agreement ("SPA") with a private investor to raise US$100 million, which SRM will use to launch its TRON Token (TRX) treasury strategy.

At the same time, the company will change its name to Tron Inc., and according to SEC filings, Justin Sun's father, Sun Weike, acquired control of publicly traded SRM Entertainment through a $100 million TRX token PIPE transaction, and after the deal was completed, Sun Weike became the chairman of the board of directors, and Tron executives joined the audit, compensation and nomination committees. The company will hold up to $210 million in TRX as a strategic asset in the future, but has not yet begun to buy it.

SRM rose to $8.72 on the day on the news of the reserve TRX and peaked at $11.39 on June 20 and has now retreated.

Ripple Treasury Listed Company

Trident Digital Tech Holdings Ltd. (TDTH)

• Total reserves: not disclosed

• Share price (as of June 26): $0.233

• Market Cap: $16.77 million

Trident Digital Tech Holdings Ltd. is a NASDAQ-listed company that was previously engaged in the provision of business consulting services and customized information technology solutions.

On June 12, Trident announced that it will raise $500 million to build XRP's treasury through a combination of stock offerings, strategic placements, and structured financing vehicles, which is expected to launch in the second half of 2025, and appointed Chaince Securities LLC as strategic advisor. The plan will focus on acquiring the XRP token as a long-term strategic reserve, deploying staking mechanisms to generate yield, and deeply participating in the Ripple ecosystem.

However, perhaps there has been no actual action yet, and its stock price has not fluctuated significantly.

VivoPower International (VVPR)

• Total reserves: not disclosed

• Share Price (as of June 26): $3.67

• Market Cap: $37.11 million

VivoPower International is a NASDAQ-listed company focused on sustainable energy solutions, with primary businesses spanning critical power services, electric vehicles, sustainable energy solutions, solar development, and corporate offices.

On May 29, VivoPower International filed with the U.S. Securities and Exchange Commission (SEC) saying it plans to raise $121 million to launch a crypto treasury asset strategy with XRP at its core. The financing was led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, who serves as Chairman of Eleventh Holding.

But after the announcement, the company's stock price fell sharply on the day.

Wellgistics Health (WGRX)

• Total reserves: not disclosed

• Share Price (as of June 26): $0.92

• Market Cap: $66.11 million

Wellgistics Health is a NASDAQ-listed company that is primarily engaged in pharmaceutical and healthcare services, and its business portfolio includes pharmacy, wholesale operations, and technology segments. But the company has been losing money continuously from 2023 to 2024 and is not doing well.

On May 8, Wellgistics Health announced the use of XRP as a reserve of funds and real-time payment infrastructure. The XRP payment program is backed by Wellgistics Health's $50 million equity line of credit (ELOC), which can be used to further develop and unlock programmable liquidity and on-demand financial infrastructure that will eliminate bank delays, reduce costs, and increase transparency in its nationwide healthcare network.

However, the news did not bring a pull up to its stock price.

Webus International (WETO)

• Total reserves: not disclosed

• Share Price (as of June 26): $2.27

• Market Cap: $49.94 million

Webus International is a NASDAQ-listed company that is primarily engaged in providing commuter shuttles, custom charters, package tours, and other mobility services to customers. The company is in the red from 2022 to 2024.

On May 30, Webus International announced plans to raise up to $300 million in non-equity financing to build a strategic XRP reserve and integrate it into the global chauffeured car payment network.

Webus International shares jumped to $3.3 on the news, and have since started to fluctuate and fall.

Hyperliquid Treasury Corporation

Eyenovia (U.S. STOCK PQKAKTS:EYEN)

• Total Reserves: 1,040,584.5 HYPE (worth about $38,501,600)

• Share Price (as of June 26): $9.55

• Market Cap: $27.53 million

Eyenovia is a NASDAQ-listed company that has been engaged in the research and development of ophthalmic products since its inception in 2014, including MicroProst, MicroStat, MicroTears and MicroPine, while also focusing on the development of microdrugs for the treatment of presbyopia, myopia and mydriasis, but the company has a net profit of negative $50 million in 2024, has dried up cash flow, and is about to face delisting.

On June 17, Eyenovia closed a $50 million funding round and launched its treasury strategy for the HYPE token, becoming the first U.S.-listed company to include HYPE on the company's balance sheet. At the same time, the company also plans to change the company name to Hyperion DeFi and the ticker symbol will also be updated to HYPD. Eyenovia's stock price soared 134% in a single day after the announcement, and as of June 25, its stock price hit a new high of $9.02.

On June 23, Eyenovia announced the completion of a $50 million private placement and purchased 1,040,584.5 HYPE at an average price of $34.

Lion Group Holding Ltd. (Stock Code: LGHL)

• Total reserves: not disclosed

• Share Price (as of June 26): $2.57

• Market Cap: $2.02 million

Lion Group Holding Ltd. is a NASDAQ-listed company, the company is a securities trading platform, the main business is futures and securities brokerage services, contract for difference (CFD) trading, total return services (TRS) trading and over-the-counter stock options trading, but the company's operating conditions are not ideal, from 2020 to 2024 consecutive years of losses, cash flow is tight.

On June 19, Lion Group Holding announced $600 million in funding to make HYPE its primary reserve asset and launch a next-generation Layer 1 treasury with SOL and SUI. But perhaps there has been no substantial action yet, and the company's stock price has not fluctuated significantly since the announcement.

epilogue

This summer, the copycat season may really be coming, just a shell of stocks. While there have been a number of listed companies that have announced altcoin coffers that have experienced a sharp rise and fall in stock prices, and the quality of these listed companies has been uneven, and some are on the verge of bankruptcy, the liquidity feast is far from over.

New asset classes and narratives are more likely to trigger a bull market, if the conversion of currency stocks, crypto treasury strategies, etc. are not the latest concepts, but with the gradual relaxation of global crypto regulation, the increase in the acceptance of crypto in the traditional market, and the fermentation of factors such as the soaring IPO of crypto companies, crypto concept stocks are expected to really attract traditional stock investors to "take over" this time, and a crypto stock bull market in the context of compliance will break out this summer.