MEMESTRATEGY price

PANews reported on June 3 that according to CoinDesk, Geoff Kendrick, head of digital asset research at Standard Chartered Bank, warned that 61 listed companies currently hold a total of 673,800 bitcoins (accounting for 3.2% of the total supply), and if the price of bitcoin falls below the average purchase price of 22%, it may trigger companies to be forced to sell. According to the report, Strategy (MSTR) holds 580,000 of them, accounting for the vast majority. Referring to the precedent of 2022 bitcoin miner Core Scientific being forced to sell 7,202 bitcoins when the price is 22% below cost, if bitcoin falls back below $90,000, half of the company's holdings will face the risk of loss. Although the current wave of bitcoin corporate holdings has pushed up buying pressure, it has also buried potential selling risks.

Corporate bitcoin BTC treasuries are adding to buying pressure at the moment, but a sharp drop in the price of the world's cryptocurrency could lead to forced liquidations, Standard Chartered analyst Geoff Kendrick said in a research report on Tuesday. As many as 61 publicly listed companies have adopted the cryptocurrency as a treasury asset, and these firms now own a combined 673,897 bitcoin as of the end of May, or 3.2% of the cryptocurrency's total supply, the report said. That big number, of course, owes nearly everything to Michael Saylor's Strategy (MSTR), which by itself holds a total of 580,955 tokens. "Based on the 2022 example of Core Scientific (CORZ), we estimate that prices more than 22% below average purchase prices could lead to liquidations," wrote Geoff Kendrick, head of digital assets research at Standard Chartered. In the bear market of that year, the bitcoin miner under considerable financial pressure sold 7,202 bitcoins in June 2022 at an average price of $23,000 to raise about $167 million.. "The forced sale price (forced in the sense that creditors would no longer fund Core Scientific's business model) was just 22% below the cost of production," said Kendrick. If bitcoin were to move back below the $90,000 level, half of these bitcoin treasuries would be underwater, he added. Read more: Bitcoin to See Additional $330B of Corporate Treasury Inflows by 2029: Bernstein

Written by Weilin, PANews "Copycat season is coming, but it doesn't happen in cryptocurrency, it happens in coin stocks." With the 10-fold rise in the week after the U.S.-listed company SharpLink (SBET) announced its financing to buy ETH, the crypto community ridiculed it, and the popularity of crypto stocks can be seen. More and more global listed companies are taking the initiative to incorporate crypto assets such as Bitcoin, Ethereum, SOL and XRP into their coffers, whether they are tech giants with a market value of $100 billion or small listed companies that were originally on the edge. In this article, PANews combed through the listed companies with active crypto positions based on market capitalization, number of crypto asset holdings, and changes in holdings since 2025, covering multiple industries such as e-commerce, fintech, traditional banking, mining, etc., with the main data from the Bitcoin Treasuries website. In the inventory, it is not difficult to find that the stock prices of crypto-focused companies such as Coinbase are highly correlated with the volatility of the crypto market, despite their strong treasury allocation. Some small and medium-capitalization companies have been hyped by the capital market due to the sudden "buying of coins", and their stock prices have doubled or even increased several times in a short period of time. Many companies that were previously struggling with growth are achieving a "financial turnaround" by releasing digital asset reserve strategies, and the stock price trend has reversed significantly. Tier-1 companies: high market capitalization + large holdings Strategy(MSTR)|Market Cap: $103.3 billion|Holdings: 580,955 BTC As a pioneer in the "Bitcoin Treasury" strategy, MicroStrategy remains the largest Bitcoin holder among the world's publicly traded companies. As of June 3, the company had purchased a total of 580,955 BTC at a total cost of $40.67 billion, with an average purchase price of $70,023. Since the beginning of this year, the company has continued to increase its position slightly, and the current book profit is 49%. Despite being in high buying territory, the company maintains a strong belief in BTC. Its CEO, Michael Saylor, said in an interview at the Bitcoin 2025 conference that there is no upper limit to his plan to increase his Bitcoin holdings, and that as the price of Bitcoin continues to rise, it will be exponentially more difficult to buy Bitcoin in the future, but Strategy will buy Bitcoin with greater efficiency. As of June 1, MSTR shares are up 23.02% for the year, reflecting partial capital market endorsement of its Bitcoin strategy. Strategy's BTC holdings change during the year (red) MercadoLibre(MELI)|Market Cap: $130 billion|Holdings: 570.4 BTC MercadoLibre, a Latin American e-commerce and fintech giant, has included Bitcoin as a financial asset since 2021. At the end of the first quarter of 2025, the company's holdings increased from 412.7 to 570.4, reflecting its continued allocation to crypto assets. While MercadoLibre, through its payment platform, MercadoPago, allows users to pay with Bitcoin, Ethereum, and stablecoins in places like Brazil, the cryptocurrencies these users pay for are primarily used for transactions on the platform (such as the purchase of goods or real estate) and do not go directly into MercadoLibre's balance sheet. The company reported a strong first-quarter report with 67 million active buyers and a 31% increase in monthly active fintech users. Supported by strong fundamentals, its share price is up 45.23% for the year. The average holding cost of Bitcoin is $38,569, with a floating profit of 169.06%. Coinbase(COIN)|Market Cap: $62.8 billion|Holdings: 9,267 BTC As the largest crypto trading platform in the United States, Coinbase not only serves as an entry point for trading, but also expresses confidence in Bitcoin with practical actions. On March 31, 2025, the company increased its holdings by 2,382 BTC, bringing its holdings to 9,267 BTC at an average cost of $55,937. However, Coinbase shares are down 4.12% year-to-date due to the decline in Q1 results and the market downturn. It fell to a low of $151.47 on April 18 and then gradually recovered. Despite this, its bitcoin holdings are still floating by more than 85% on the books. Block (formerly Square)|Market Cap: $38 billion|Holdings: 8,584 BTC Block, led by Jack Dorsey, is integrating the Bitcoin strategy into its products and ecosystem. As of the end of March this year, the company held 8,584 BTC at an average cost of only $30,405 and a floating profit of 243.15%. The Block ecosystem includes many popular products such as Cash App, Square's point-of-sale system, and the recently launched Bitkey Bitcoin self-custody wallet. However, despite the company's solid fundamentals, the stock price has fallen by 28.82% since 2025, reflecting investors' concerns about the macro environment and the profitability of the payments business. Crypto attempts by traditional financial giants Intesa Sanpaolo (ISP.MI)|Market Cap: $99.1 billion|Holdings: 11 BTC Italy's largest bank, Intesa Sanpaolo, bought 11 bitcoins for the first time on January 14, 2025, with a market value of about €1 million, marking the beginning of traditional banks' exploration of cryptocurrencies in the form of "beta operations". Although this measure is small-scale, it sends an important signal that compliant currency holding is becoming a trend. As Italy's largest bank by assets, Intesa Sanpaolo is an important pillar of the country's financial system. With a strong presence in retail, corporate and investment banking, it serves millions of clients in the Italian and international markets. As of June 1, its share price was up 27.1% for the year. Virtu Financial(VIRT)|Market Cap: $6.2bn|Holdings: 235 BTC Virtu Financial, a market maker and execution service provider, was founded in 2008 and is headquartered in New York City, USA. The company is testing the waters of digital asset trading and reserves. As of now, it has 235 bitcoin holdings and an average purchase price of $82,621. Despite the high cost, the floating profit still reached 26.47%. Virtu also uses Bitcoin as part of its strategic risk hedging tool. Year-to-date, Virtu stock price is up 11.42%. Mining leaders and new coin holders MARA Holdings(MARA)|Market Cap: $5.1 billion|Holdings: 49,228 BTC MARA, one of the largest Bitcoin miners in the United States, has continued to expand its coffers significantly this year. Since 2025, the company has purchased bitcoin several times in January, February, March, April and May, and increased its holdings by 1,003 BTC on May 30 alone, bringing its total holdings to 49,228, ranking the second largest company in the world in terms of listed bitcoin holdings. Headquartered in the United States, MARA Holdings is known for its large-scale, institutional-grade Bitcoin mining operations, relying on advanced technology and strategic partners to maximize mining efficiency and output. MARA's business model is centered on securing and verifying Bitcoin transactions, relying on block rewards and transaction fees to monetize, while holding a significant portion of mined Bitcoin as treasury assets for the long term. GameStop(GME)|Market Cap: $13.3 billion|Holdings: 4,710 BTC GameStop Corp. is a specialty retailer that provides gaming and entertainment products through its stores and e-commerce platforms in the United States, Canada, Australia and Europe. The Company sells new and used gaming platforms, accessories (such as controllers and gaming headsets), new and used gaming software, as well as in-game digital currency, digital downloadable content, and downloadable versions of complete games. GameStop, formerly known as GSC Holdings Corp., was founded in 1996 and is headquartered in Texas, USA. The gaming retailer, known as the "myth of retail investors", is transitioning to digital assets. On March 25, local time, according to GameStop's official announcement, the company's board of directors has unanimously approved an updated investment policy to use Bitcoin as one of the company's reserve assets. On May 28, GameStop announced that it would add Bitcoin to the company's reserves, and quickly purchased 4,710 of them, making it one of the fastest traditional companies to increase their positions this year. Although the stock price is still down 2.80% during the year, its market attention has increased significantly. In addition to the high-capitalization companies and well-known listed companies mentioned above, at the same time, companies with relatively small market capitalizations but actively increasing their holdings of Bitcoin in 2025 include Metaplanet, Core Scientific, Rumble, and Bitdeer Technologies, among others. In addition, some companies with high market popularity have also begun to deploy crypto assets, showing strong interest in the track. "New forces" with small market capitalization but big moves SharpLink(SBET)|Market Cap:$53.58 Million|ETH Treasury Strategy On May 27, SharpLink, a small U.S. stock company that was rarely seen and whose stock price was teetering on the verge of delisting, announced the completion of a private placement of about $425 million, and will buy ETH as its main treasury reserve asset, and many even call it "Ethereum Strategy". Bet ETH as a treasury reserve asset to raise 425 million at a market cap of 2 million. The funding round was a sumptuous one, led by Ethereum infrastructure developer ConsenSys. On the day the funding was announced, SharpLink's stock price soared as high as $50, the highest since May 2023. Related reading: "ETH version of microstrategy is here! U.S. stock SharpLink received more than 400 million financing from Ethereum backers, and was on the verge of delisting》 Trump Media & Technology Group (TMTG)|Market Cap: $4.7 billion|Bitcoin Treasury Plan The Trump Media Technology Group (TMTG), founded by U.S. President Donald Trump, announced in late May that it would launch a $2.5 billion funding plan to build a Bitcoin treasury and create a "Truth Social ecosystem" with crypto finance at its core. Its policy direction has also sparked ongoing discussions in the industry about the intersection of politics and crypto. Asset Entities(ASST) + Strive|Market Cap: To be updated after The Merge|BTC Treasury Target On May 7, asset entities (NASDAQ: ASST), a leading digital marketing and content delivery provider, announced that it has entered into a definitive merger agreement with Strive Asset Management. After the merger, the company will change its name to Strive, continue to be listed on the NASDAQ, and transform into a publicly traded Bitcoin finance company. On May 27, Strive Asset Management has completed a $750 million private equity investment (PIPE) round of financing at a subscription price of $1.35 per share, a 121% premium to the previous closing price of ASST, and has the opportunity to expand to $1.5 billion through warrants. The funds will be used to acquire undervalued biotech companies, buy Bitcoin debt such as Mt. Gox, and discount structured BTC credit products to build its Bitcoin vault. Upexi(UPXI)|Market Cap: $400 million|Solana Strategy On April 21, GSR, a well-known cryptocurrency trading and investment firm, announced that it has made a private equity investment (PIPE) of up to $100 million in Nasdaq-listed consumer goods company Upexi, Inc. (ticker symbol: UPXI), betting on its upcoming full transformation of Solana's financial strategy. Affected by the news, Upexi's stock price soared more than six times in a day. VivoPower(VVPR)|Market Cap: $46.92 Million|XRP Treasury Strategy On May 29, VivoPower International (VVPR), a NASDAQ-listed energy company, announced the completion of a $121 million private placement round that will transform into a crypto asset reserve strategy with XRP at its core. Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud led a $100 million round. epilogue As Bitcoin moves from the "edge" asset into the mainstream, from MicroStrategy to MercadoLibre, from banking giant Intesa to SharpLink, more and more publicly traded companies are embracing crypto assets in different ways. Some of them see Bitcoin as a store of value, some are trying to build a new financial system around Ethereum or Solana, and some are even using a "treasury strategy" to transform their companies. This is not only a reflection of financial diversification, but also a reflection of the fact that crypto assets are becoming part of a new trend in global capital markets. In the future, with the further clarification of regulations and the continuous improvement of infrastructure, more companies with a market value of tens of billions or even hundreds of billions may join the "coin holding club".

Original title: "Buy Currency, the New Wealth Code of U.S. Stock Listed Companies" Original source: TechFlow On May 27, on the trading floor of the NASDAQ, a small and obscure stock made a huge wave. SharpLink Gaming (SBET), a small gaming company with a market cap of just $10 million, announced the purchase of approximately 163,000 Ethereum (ETH) through a $425 million private equity investment. As soon as the news came out, SharpLink's stock price soared, rising by more than 500% at one point. Buying currency may be becoming a new wealth code for U.S. listed companies to pull stock prices. The story naturally begins with MicroStrategy (now renamed Strategy, ticker symbol MSTR), the company that first ignited the flames of war and made a bold bet on Bitcoin back in 2020. In five years, it has gone from being an ordinary tech company to a "Bitcoin investment pioneer". In 2020, MicroStrategy's stock price was just over $10; By 2025, the stock has soared to $370 and its market capitalization has surpassed $100 billion. Buying crypto not only inflated MicroStrategy's balance sheet, but also made it the darling of the capital markets. In 2025, the craze will intensify. From tech companies to retail giants to small gaming companies, U.S.-listed companies are using cryptocurrencies to ignite a new engine of valuation. What is the way to make a large market value wealth password by buying coins? MicroStrategy, a textbook for the integration of coins and stocks It all started with MicroStrategy. In 2020, the enterprise software company spearheaded the U.S. stock buying spree, with CEO Michael Saylor saying that Bitcoin is a "more reliable store of value than the U.S. dollar"; The recharge belief is wonderful, but what really makes this company stand out is its play in the capital market. MicroStrategy's gameplay can be summed up in a combination of "convertible bonds + Bitcoin": First, the company raised capital through the issuance of low-interest rate convertible bonds. Since 2020, MicroStrategy has issued several such bonds with interest rates as low as 0%, well below the market average. For instance, in November 2024, it issued $2.6 billion in convertible bonds with almost zero financing costs. These bonds allow investors to convert into shares of the company at a fixed price in the future, giving investors a call option while giving the company access to cash at a fraction of the cost. Second, MicroStrategy puts all of the money raised into Bitcoin. Through multiple rounds of financing, we continue to increase our position in Bitcoin, making Bitcoin a core component of the company's balance sheet. Finally, MicroStrategy took advantage of the premium effect of Bitcoin's rising price to kick off a "flywheel effect." When the price of Bitcoin rose from $10,000 in 2020 to $100,000 in 2025, the value of the company's assets increased significantly, attracting more investors to buy the stock. The rise in stock prices has allowed MicroStrategy to reissue bonds or shares at higher valuations to raise more capital and continue to buy Bitcoin, creating a self-reinforcing capital cycle. At the heart of this model is a combination of low-cost financing and high-return assets. Borrow money at near zero cost through convertible bonds, buy volatile but long-term bullish Bitcoin, and use the market's enthusiasm for crypto to amplify valuations. This approach has not only changed MicroStrategy's asset structure, but has also provided a textbook model for other U.S. stock companies. SharpLink, the backdoor is not about wine SharpLink Gaming (SBET) has optimized the above gameplay by using Ethereum (ETH) instead of Bitcoin. But behind this, there is also the ingenious combination of the power of the currency circle and the capital market. Its gameplay can also be summed up as "backdoor", and the core lies in using the "shell" and crypto narrative of listed companies to quickly amplify the valuation bubble. SharpLink was originally a small company struggling on the verge of delisting on the NASDAQ, with a share price of less than $1 at one point, and less than $2.5 million in shareholders' equity, and huge compliance pressures. But it has a killer feature - NASDAQ's listing status. This "shell" has attracted the attention of a giant in the crypto circle: ConsenSys, led by Ethereum co-founder Joe Lubin. In May 2025, ConsenSys led the acquisition of SharpLink through a $425 million PIPE (private equity financing) in conjunction with a number of crypto VC firms, such as ParaFi Capital and Pantera Capital. They issued 69.1 million new shares ($6.15 each) and quickly took control of more than 90% of SharpLink, eliminating the cumbersome process of an IPO or SPAC. Joe Lubin was appointed chair of the board and ConsenSys made it clear that it would work with SharpLink to explore the "Ethereum Treasury Strategy". Some say it's an ETH version of micro-strategy, but it's actually more subtle. The real purpose of this deal is not to improve SharpLink's gaming business, but to serve as a bridgehead for the crypto community to enter the capital market. ConsenSys plans to use the $425 million to buy about 163,000 ETH, which will be packaged as an "Ethereum version of MicroStrategy" and claim that ETH is a "digital reserve asset." The capital markets are a "story premium" narrative that not only attracts speculative money, but also provides a "public ETH proxy" for institutional investors who are unable to hold ETH directly. Buying coins is only the first step, and the real "magic" of SharpLink lies in the flywheel effect. Its operation can be broken down into a three-step cycle: The first step is low-cost financing. SharpLink raised $425 million through PIPE at $6.15 per share, which is less costly than an IPO or SPAC without the need for a cumbersome roadshow and regulatory process. In the second step, the market enthusiasm pushes up the stock price. Investors were ignited by the story of the "Ethereum version of MicroStrategy", and the stock price soared. The market's enthusiasm for SharpLink stock far outweighs the value of its assets, and investors are willing to pay much more than the net value of their ETH holdings, a "psychological premium" that has caused SharpLink's market capitalization to skyrocket. SharpLink also plans to stake these ETH tokens, lock them in the Ethereum network, and also earn an annualized yield of 3%-5%. The third step is revolving refinancing. By re-issuing shares at a higher share price, SharpLink could theoretically raise more money, buy more ETH, and the cycle repeats, snowballing valuations. Behind this "capital magic", there is a shadow of a bubble. SharpLink's core business – gaming marketing – is virtually unattended, and the $425 million ETH investment plan is completely out of touch with its fundamentals. Its share price has skyrocketed, driven more by speculative money and crypto narratives. The truth is that the currency circle capital can also use the shell of some small and medium-sized listed companies to quickly blow up the valuation bubble through the model of "backdoor + currency buying". The drunkard's intention is not to drink, it is naturally good that the business of the listed company itself is related, and it is not important if it is not related. Imitation is not a one-size-fits-all approach The crypto buying strategy seems to be the "wealth code" of U.S. listed companies, but it is not a one-size-fits-all approach. The road of imitation was crowded with latecomers. · On May 28, GameStop, the gaming retail giant once known for its retail huddle against Wall Street, announced that it had bought 4,710 bitcoins for $512.6 million in an attempt to replicate MicroStrategy's success. But the market reaction was lukewarm: GameStop shares fell 10.9% after the announcement, and investors didn't buy it. · On May 15, Addentax Group Corp (ticker symbol ATXG, Chinese known as Yingxi Group), a Chinese textile and apparel company, announced plans to purchase 8,000 bitcoins and Trump's TRUMP coin through the issuance of common shares. Even at the current Bitcoin price of $108,000, the purchase would cost more than $800 million. But by comparison, the company's total market capitalization is only about $4.5 million, which means that its theoretical cost of acquiring coins is more than 100 times the company's market capitalization. Almost at the same time, another Chinese U.S.-listed company, Jiuzi Holdings (stock code JZXN, Chinese name Jiuzi Holdings), also joined the buying frenzy. The company announced plans to buy 1,000 bitcoins in the next year, at a cost of more than $100 million. According to public information, Jiuzi Holdings is a Chinese company focusing on the retail of new energy vehicles, which was established in 2019. The Company's retail stores are mainly located in third- and fourth-tier cities in China. The total market capitalization of this company's stock on the NASDAQ is only about $50 million. The stock price is indeed rising, but the match between the company's market capitalization and the cost of buying the currency is key. For many latecomers, if the price of bitcoin falls, if it does buy, then its balance sheet will be under great pressure. The crypto buying strategy is not a universal wealth password. Overleveraged coin buying stakes that lack fundamental support may just be an adventure to the bursting of the bubble. Another out of the circle Despite the risks, there is still the potential for a buying spree to become the new normal. In 2025, global inflationary pressures and expectations of a weaker dollar will continue, and more and more companies will begin to view Bitcoin and Ethereum as "inflation-resistant assets". Japan's Metaplanet has increased its market capitalization through the Bitcoin Treasury Strategy, and more U.S.-listed companies are moving faster and faster to follow suit. Under the general trend, cryptocurrencies are increasingly making their way in the global political and economic sphere. Is this a kind of "out of the circle" that people in the currency circle often talk about? Looking at the current trends, there are two main paths for cryptocurrencies to go mainstream: the rise of stablecoins and the crypto reserves on the company's balance sheet. On the surface, stablecoins provide a stable medium for payments, savings, and remittances in the crypto market, reducing volatility and driving the widespread adoption of cryptocurrencies. But its essence is an extension of the hegemony of the dollar. Taking USDC as an example, its issuer Circle has a close relationship with the U.S. government and holds a large number of U.S. bonds as reserve assets, which not only strengthens the dollar's status as a global reserve currency, but also further penetrates the influence of the U.S. financial system into the global crypto market through the circulation of stablecoins. Another way out of the circle is to buy coins by listed companies mentioned above. Crypto buying companies use crypto narratives to attract speculative funds and push up stock prices, but except for a few leading companies, it is still a mystery how much the fundamentals of the main business can be improved by later imitators, in addition to expanding market valuations. Whether it's stablecoins or crypto assets on the balance sheets of listed companies, crypto assets look more like a tool to perpetuate or strengthen the previous financial landscape. Whether it's leek or financial innovation, it's more like looking at two sides of the same coin, depending on which end of the table you sit on. Link to original article

Original author: Weilin, PANews "Copycat season is coming, but it doesn't happen in cryptocurrency, it happens in coin stocks." With the 10-fold rise in the week after the U.S.-listed company SharpLink (SBET) announced its financing to buy ETH, the crypto community ridiculed it, and the popularity of crypto stocks can be seen. More and more global listed companies are taking the initiative to incorporate crypto assets such as Bitcoin, Ethereum, SOL and XRP into their coffers, whether they are tech giants with a market value of $100 billion or small listed companies that were originally on the edge. In this article, PANews combed through the listed companies with active crypto positions based on market capitalization, number of crypto asset holdings, and changes in holdings since 2025, covering multiple industries such as e-commerce, fintech, traditional banking, mining, etc., with the main data from the Bitcoin Treasuries website. In the inventory, it is not difficult to find that the stock prices of crypto-focused companies such as Coinbase are highly correlated with the volatility of the crypto market, despite their strong treasury allocation. However, some small and medium-sized companies have been hyped by the capital market due to the sudden "buying of coins", and their stock prices have doubled or even increased several times in a short period of time. Many companies that have previously struggled with growth are achieving a "financial turnaround" by releasing digital asset reserve strategies, and the stock price trend has reversed significantly. First-tier companies: high market capitalization + large holdings Strategy(MSTR)|Market Cap: $103.3 billion|Holdings: 580, 955 BTC As a pioneer in the "Bitcoin Treasury" strategy, MicroStrategy remains the largest Bitcoin holder of any publicly traded company in the world. As of June 3, the company had purchased a total of 580, 955 BTC at a total cost of $40.67 billion, with an average purchase price of $70, 023. Since the beginning of this year, the company has continued to increase its position slightly, and the current book profit is 49%. Despite being in high buying territory, the company maintains a strong belief in BTC. Its CEO, Michael Saylor, said in an interview at the Bitcoin 2025 conference that there is no upper limit to his plan to increase his Bitcoin holdings, and that as the price of Bitcoin continues to rise, it will be exponentially more difficult to buy Bitcoin in the future, but Strategy will buy Bitcoin with greater efficiency. As of June 1, MSTR shares are up 23.02% for the year, reflecting the capital market's partial recognition of its Bitcoin strategy. Strategy's BTC holdings change during the year (red)MercadoLibre(MELI)|Market Cap: $130 billion|Holdings: 570.4 BTC MercadoLibre, a Latin American e-commerce and fintech giant, has included Bitcoin as a financial asset since 2021. At the end of the first quarter of 2025, the company's holdings increased from 412.7 to 570.4, reflecting its continued allocation to crypto assets. While MercadoLibre, through its payment platform, MercadoPago, allows users to pay with Bitcoin, Ethereum, and stablecoins in places like Brazil, the cryptocurrencies these users pay for are primarily used for transactions on the platform (such as the purchase of goods or real estate) and do not go directly into MercadoLibre's balance sheet. The company reported a strong first-quarter report, with 67 million active buyers and a 31% increase in monthly active fintech users. Supported by strong fundamentals, its share price is up 45.23% for the year. The average holding cost of Bitcoin is $38, 569, with a floating profit of 169.06%. Coinbase(COIN)|Market Cap: $62.8 billion|Holdings: 9, 267 BTC As the largest crypto trading platform in the United States, Coinbase not only serves as an entry point for trading, but also expresses confidence in Bitcoin with practical actions. On March 31, 2025, the company increased its holdings by 2, 382 BTC, bringing its holdings to 9, 267 BTC, at an average cost of $55, 937. However, Coinbase shares are down 4.12% year-to-date due to the decline in Q1 results and the market downturn. It fell to a low of $151.47 on April 18 and then gradually recovered. Despite this, its bitcoin holdings are still floating by more than 85% on the books. Block (formerly Square)|Market Cap: $38 billion|Holdings: 8, 584 BTC Block, led by Jack Dorsey, is integrating the Bitcoin strategy into its products and ecosystem. As of the end of March this year, the company held 8, 584 BTC at an average cost of only $30, 405, with a floating profit of 243.15%. The Block ecosystem includes many popular products such as Cash App, Square's point-of-sale system, and the recently launched Bitkey Bitcoin self-custody wallet. However, despite the company's solid fundamentals, the stock price has fallen by 28.82% since 2025, reflecting investors' concerns about the macro environment and the profitability of the payments business. Crypto attempts by traditional financial giants Intesa Sanpaolo (ISP.MI)|Market Cap: $99.1 billion|Holdings: 11 BTC Italy's largest bank, Intesa Sanpaolo, made its first purchase of 11 bitcoins on January 14, 2025, with a market capitalization of about €1 million, marking the beginning of traditional banks' exploration of cryptocurrencies in the form of "beta operations". Although this measure is small-scale, it sends an important signal that compliant currency holding is becoming a trend. As Italy's largest bank by assets, Intesa Sanpaolo is an important pillar of the country's financial system. With a strong presence in retail, corporate and investment banking, it serves millions of clients in the Italian and international markets. As of June 1, its share price was up 27.1% for the year. Virtu Financial(VIRT)|Market Cap: $6.2bn|Holdings: 235 BTC Virtu Financial, a market maker and execution service provider, was founded in 2008 and is headquartered in New York City, USA. The company is testing the waters of digital asset trading and reserves. As of now, it has 235 bitcoin holdings and an average purchase price of $82, 621. Despite the high cost, the floating profit still reached 26.47%. Virtu also uses Bitcoin as part of its strategic risk hedging tool. Year-to-date, Virtu shares are up 11.42%. Mining leaders and new coin holders MARA Holdings(MARA)|Market Cap: $5.1 billion|Holdings: 49, 228 BTC MARA, one of the largest Bitcoin miners in the United States, has continued to expand its coffers significantly this year. Since 2025, the company has purchased bitcoin several times in January, February, March, April and May, and increased its holdings by 1,003 BTC on May 30 alone, bringing its total holdings to 49, 228, ranking the second largest company in the world in terms of listed bitcoin holdings. Headquartered in the United States, MARA Holdings is known for its large-scale, institutional-grade Bitcoin mining operations, relying on advanced technology and strategic partners to maximize mining efficiency and output. MARA's business model is centered on securing and verifying Bitcoin transactions, relying on block rewards and transaction fees to monetize, while holding a significant portion of mined Bitcoin as treasury assets for the long term. GameStop(GME)|Market Cap: $13.3 billion|Holdings: 4, 710 BTC GameStop Corp. is a specialty retailer that provides gaming and entertainment products through its stores and e-commerce platforms in the United States, Canada, Australia and Europe. The Company sells new and used gaming platforms, accessories (such as controllers and gaming headsets), new and used gaming software, as well as in-game digital currency, digital downloadable content, and downloadable versions of complete games. GameStop, formerly known as GSC Holdings Corp., was founded in 1996 and is headquartered in Texas, USA. The gaming retailer, known as the "retail myth", is transitioning to digital assets. On March 25, local time, according to GameStop's official announcement, the company's board of directors has unanimously approved an updated investment policy to use Bitcoin as one of the company's reserve assets. On May 28, GameStop announced that it would add Bitcoin to the company's reserves and quickly purchased 4, 710 coins, making it one of the fastest traditional companies to increase their positions this year. Although the stock price still fell by 2.80% during the year, its market attention has increased significantly. In addition to the high-capitalization companies and well-known listed companies mentioned above, at the same time, companies with relatively small market capitalizations but actively increasing their holdings of Bitcoin in 2025 include Metaplanet, Core Scientific, Rumble, and Bitdeer Technologies, among others. In addition, some companies with high market popularity have also begun to deploy crypto assets, showing strong interest in the track. "New forces" with small market capitalization but big moves SharpLink(SBET)|Market Cap: $53.58 million|ETH Treasury Strategy On May 27, SharpLink, a small U.S. stock company that was rarely seen and whose stock price was teetering on the verge of delisting, announced the completion of a private placement of about $425 million and the purchase of ETH as its main treasury reserve asset, which many even called "Ethereum Strategy". Bet ETH as a treasury reserve asset to raise 425 million at a market cap of 2 million. The funding round was a sumptuous one, led by Ethereum infrastructure developer ConsenSys. On the day the funding was announced, SharpLink's stock price soared as high as $50, the highest since May 2023. Related reading: "ETH version of microstrategy is here! U.S. stock SharpLink received more than 400 million financing from Ethereum backers, and was on the verge of delisting》 Trump Media & Technology Group(TMTG)|Market Cap: $4.7 billion|Bitcoin Treasury Project The Trump Media Technology Group (TMTG), founded by U.S. President Donald Trump, announced in late May that it would launch a $2.5 billion funding plan to build a Bitcoin treasury and create a "Truth Social ecosystem" with crypto finance at its core. Its policy direction has also sparked ongoing discussions in the industry about the intersection of politics and crypto. Asset Entities(ASST) + Strive|Market Cap: To be updated after The Merge|BTC Treasury Target On May 7, asset entities (NASDAQ: ASST), a leading digital marketing and content delivery provider, announced that it has entered into a definitive merger agreement with Strive Asset Management. After the merger, the company will change its name to Strive, continue to be listed on the NASDAQ, and transform into a publicly traded Bitcoin finance company. On May 27, it was reported that Strive Asset Management has completed a $750 million private equity investment (PIPE) round of financing at a subscription price of $1.35 per share, a 121% premium to the previous closing price of ASST, and has the opportunity to expand to $1.5 billion through warrants. The funds will be used to acquire undervalued biotech companies, buy Bitcoin debt such as Mt. Gox, and discount structured BTC credit products to build its Bitcoin vault. Upexi(UPXI)|Market Cap: $400 million|Solana Strategy On April 21, GSR, a well-known cryptocurrency trading and investment firm, announced that it has made a private equity investment (PIPE) of up to $100 million in Nasdaq-listed consumer goods company Upexi, Inc. (ticker symbol: UPXI), betting on its upcoming full transformation of Solana's financial strategy. Affected by the news, Upexi's stock price soared more than six times in a day. VivoPower(VVPR)|Market Cap: $46.92 Million|XRP Treasury Strategy On May 29, VivoPower International (VVPR), a NASDAQ-listed energy company, announced the completion of a $121 million private placement that will transform into a crypto asset reserve strategy with XRP at its core. Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud led a $100 million round. epilogue As Bitcoin gradually moves from a "marginal" asset into the mainstream, from MicroStrategy to MercadoLibre, from banking giant Intesa to SharpLink, more and more publicly traded companies are embracing crypto assets in different ways. Some of them see Bitcoin as a store of value, some are trying to build a new financial system around Ethereum or Solana, and some are even using a "treasury strategy" to transform their companies. This is not only a reflection of financial diversification, but also a reflection of the fact that crypto assets are becoming part of a new trend in global capital markets. In the future, with the further clarification of supervision and the continuous improvement of infrastructure, more companies with a market value of tens of billions or even hundreds of billions may join the "coin holding club".