Deng Tong, Jinse Finance
More and more listed companies are entering the cryptocurrency field, and the stock price fluctuations of these companies serve as a barometer for the crypto market's ups and downs. This article lists six crypto treasury companies, some of which hold mainstream cryptocurrencies like BTC and ETH, while others hold Altcoins like HYPE. Some companies' stock prices have continued to rise, while others have only experienced a momentary surge. This article focuses on the stock price dynamics of crypto treasury companies, exploring the correlation between crypto treasury plans and stock prices, and what investment insights can be drawn.
The previous article can be found at 《From BTC, ETH to Altcoins: Corporate Treasuries Unleash Crypto Trend》
I. Relationship between Stock Prices of Large Listed Companies Related to Cryptocurrencies and Market News
1. Strategy (formerly MicroStrategy) (MSTR), BTC
Strategy first announced in 2020 that it would use Bitcoin as its primary reserve asset, allocating company funds to Bitcoin and actively raising funds to increase Bitcoin holdings. On June 6, Strategy announced the pricing for the STRD stock IPO, which includes 11,764,700 shares of 10.00% Series A Permanent Stride Preferred Stock, with a public offering price of $85.00 per share. Strategy estimates that the net proceeds from this offering, after deducting underwriting discounts, commissions, and expected issuance expenses, will be approximately $979.7 million. Strategy plans to use the net proceeds from this offering for general corporate purposes, including Bitcoin acquisition and working capital.
The news of MSTR raising funds through stock issuance, convertible bonds, and preferred shares to purchase Bitcoin has kept its stock price in an upward trend, with a year-to-date increase of 38.51%. The market views such financing as the company's long-term confidence in Bitcoin, driving short-term stock price surges.
2. Metaplanet Inc. (3350.T), BTC
Since December 18, 2024, when the Japanese listed company Metaplanet announced Bitcoin treasury operations as its official new business line, Metaplanet has continued to increase its BTC holdings. The most recent acquisition plan was on June 25: announcing the issuance of 54 million shares through the exercise of the 20th stock acquisition rights, raising 74.9 billion yen (approximately $515 million). The next day, Metaplanet CEO Simon Gerovich announced on X platform that Metaplanet purchased 1,234 BTC at a price of approximately $131.7 million, with an average price of $107,557 per BTC, achieving a 315% Bitcoin return rate since 2025. As of June 26, 2025, we hold a total of 12,345 BTC, with a total purchase cost of approximately $1.2 billion and an average purchase price of $97,036 per BTC.
Due to the company's strategic shift, Metaplanet's stock price has been in an upward trend since the end of last year, rising by approximately 661.90%.
III. Investment Insights
1. Pay attention to the impact of high volatility in the crypto market on company stock prices: Just as water can carry a boat, it can also capsize it. A favorable crypto market can drive stock prices up, and conversely, a declining crypto market can negatively impact stock prices. For example, when Bitcoin fell below $103,000 due to geopolitical conflicts, Metaplanet's stock price dropped 5.2% that day.
2. Focus on long-term value investing: While the crypto market is not short of positive information for short-term speculation, market trends without genuine narrative support can easily trap investors. Investors should pay more attention to the development trends of large companies. Although many companies' announcements of establishing Altcoin treasuries may cause stock prices and certain Altcoins to surge, they carry greater investment risks due to lack of narrative and low liquidity.
3. Invest rationally and plan investment allocation appropriately: When a company releases major positive or negative news, adjust stock positions promptly; when cryptocurrencies experience technological breakthroughs or black swan events, adjust cryptocurrency holdings. Allocate stocks and cryptocurrency positions according to your personal risk tolerance.
The stock prices of crypto treasury enterprises are closely related to crypto market trends and company strategic planning. Short-term influencing factors include company financing situations, crypto market conditions, and potential speculation. Long-term factors include cryptocurrency policy developments and long-term market trends. Investors need to focus on long-term value and invest rationally.
