Strategy deploys $20.1B into BTC; Bitmine controls 4.37% of ETH supply

Editor's Note: After a short-lived rebound, the broader crypto market has slid back into the $76,000–$79,000 range. Crypto-linked equities sold off in tandem, with digital-asset treasury (DAT) bellwethers Strategy and Bitmine giving back nearly all gains from the past month. South Korean financial shares and U.S. equities have also seen mild pullbacks amid event risk and renewed debate over further Fed tightening. Compared with the constructive tone in last week's Crypto Stock Outlook, fresh headwinds have surfaced in quick succession, including geopolitical risk tied to the U.S.-Iran situation and the rise of Wash. Near-term, the sector may still be looking for clear catalysts such as a SpaceX IPO or an Anthropic financing update. On the policy front, the U.S. SEC could roll out a framework for tokenized equities as early as this week, a step that may rekindle interest in onchain securities. For more on the coin-stock market, visit MSX.com. Morgan Stanley: U.S. equity pullback risk rises as yields climb Morgan Stanley said the risk of a meaningful U.S. equity correction has increased notably after the 10-year Treasury yield moved above 4.5%, a level the bank has flagged as a key threshold for valuation pressure. CIO Michael Wilson warned that if long-end yields keep rising and bond volatility picks up, U.S. stocks could face their first significant correction since late March. Buffett and Dalio's Q1 moves: Leaning into chip infrastructure, trimming software Berkshire Hathaway's Q1 13F showed a sharper concentration of holdings, with the number of positions falling to 29 from 42. Berkshire added more than 36 million shares of Alphabet (GOOGL.O), lifting its stake from 2.04% to 5.93%, and increased holdings in The New York Times and other names. It exited Amazon (AMZN.O), Visa (V.N), Mastercard (MA.N) and UnitedHealth Group (UNH.N), reduced Chevron (CVX.N) and Bank of America (BAC.N), and started a new position in Delta Air Lines (DAL.N) with 39.8 million shares valued at about $26.5 billion. As of Q1, Berkshire's U.S. equity portfolio was valued at $26.3 billion versus $27.4 billion in the prior quarter. It bought about $16 billion and sold about $24 billion during the quarter, for net sales of roughly $8.15 billion. Bridgewater Associates reported Q1 U.S. equity holdings of $22.4 billion as of March 31, down from $27.4 billion in the previous quarter. The fund initiated positions in 214 stocks, increased 292, exited 261 and reduced 487. It boosted semiconductor exposure—adding 827,800 shares of NVIDIA to raise its portfolio weight from 2.63% to 3.65%, adding 670,000 shares of Broadcom to lift weight from 1.47% to 2.54%, and adding 586,000 shares of Micron Technology to increase weight from 0.93% to 2.23%. Bridgewater also opened a new TSMC position of 1.077 million shares, representing 1.62% of the portfolio at quarter-end. It exited enterprise software names including Salesforce and ServiceNow and cut Adobe. Crypto and listed-company weekly roundup BTC treasury companies: Corporate net buying jumps to $2.03B SoSoValue data show that as of 8:00 a.m. ET on May 18, 2026, global publicly traded companies (excluding miners) recorded net weekly Bitcoin purchases of $2.03 billion, up 4,403.11% week over week. Strategy (formerly MicroStrategy) disclosed a $2.01 billion purchase (up 4,574.4% from the prior week), acquiring 24,869 BTC at $80,985 each. Total holdings rose to 843,738 BTC. Japan's Metaplanet made no BTC purchases last week. Four other companies reported buys: - Strive said on May 12 it purchased 9 BTC (spend not disclosed), bringing holdings to 15,009 BTC. - UK-based The Smarter Web Company said on May 12 and May 15 it invested $2.84 million to buy 25 BTC at $81,592.67 each and 10 BTC at $79,662 each, bringing holdings to 2,840 BTC. - France's Capital B said on May 18 it invested $15.02 million to buy 192 BTC at $78,205.40 each, bringing holdings to 3,135 BTC. - Brazil's OrangeBTC said on May 18 it invested $390,900 to buy 5 BTC at $78,180 each, bringing holdings to 3,737 BTC. Across tracked public companies (excluding miners), total BTC held reached 1,113,841, up 2.37% from the prior week. The position is valued at about $86.16 billion, representing 5.6% of Bitcoin's circulating market cap. Strive: Q1 BTC holdings up 6,001; GAAP net loss $265.9M Strive reported Q1 2026 results and said its SATA preferred shares will switch to daily weekday dividend payments starting June 16, 2026, maintaining an annualized dividend rate of 13%. As of May 12, 2026, Strive held 15,009 BTC, including about 5,048 BTC obtained through its acquisition of Semler Scientific. The company added 6,001 BTC in Q1 2026 and acquired another 1,381 BTC through May 12 in Q2. Strive posted a GAAP net loss of $265.9 million in Q1, with about $295.8 million tied to fair-value losses on its Bitcoin holdings. ETH treasury companies: Bitmine adds 71,672 ETH; holdings reach 4.37% of supply Bitmine bought 71,672 ETH over the past week. It now holds 5,278,462 ETH valued at $11.56 billion, equal to 4.37% of total ETH supply. Other assets include 202 BTC, $200 million in Beast Industries shares, $83 million in Eightco Holdings shares and $685 million in cash. Bitmine has staked 4,712,917 ETH, valued at $1.03 billion, generating annualized staking income of $289 million. Sharplink CEO Joseph Chalom said Ethereum treasury companies are increasingly moving away from the Strategy/Michael Saylor playbook, prioritizing staking yield and cleaner balance sheets over complex financing structures. He argued that simply holding ETH can generate returns, reducing the need for leverage, and said only a small number of ETH treasury firms are likely to endure in down markets. Citing BlackRock CEO Larry Fink's description of Ethereum as a "tokenized toll road," Chalom pointed to NYSE and Nasdaq advancing 24-hour trading plans, DTCC exploring tokenized collateral and Bullish's acquisition of Equiniti as forces pushing tokenized assets deeper into traditional finance. He expects stablecoins, tokenized assets, DeFi and AI applications to drive Ethereum along a path increasingly distinct from Bitcoin. SOL treasury companies: Losses weigh on shares despite staking-driven revenue Solana treasury firm Upexi fell 8.16% Tuesday after reporting a widened net loss of $109 million for its fiscal third quarter, largely due to a decline in the value of its crypto holdings. Filings showed $92.3 million in unrealized losses on digital assets. Revenue rose 46% year over year to $4.6 million, supported by staking income, but the company still posted a loss. As of March 31, Upexi held 2.5 million SOL worth more than $238 million, making it the second-largest corporate SOL treasury behind Forward Industries, which holds more than 7 million SOL. DeFi Development Corp reported Q1 revenue of $2.66 million, up 827% year over year, and a net loss of $83.4 million versus a $778,000 loss a year earlier, citing SOL price declines. Despite the larger loss, SOL holdings per share rose 108% over the past year from 0.0322 to 0.0670 SOL. As of May 13, it held about 2.2946 million SOL and equivalents. CEO Joseph Onorati attributed growth to internal staking, co-running validation nodes with Bonk and deploying more than 25% of the treasury onchain. On May 12, Nasdaq-listed SOL Strategies appointed Jon Matonis as chairman of the board. Matonis is a founding director of the Bitcoin Foundation and a longtime advocate of financial privacy. Altcoin treasury companies: Hyperion turns profitable; Bitwise to buy HYPE with ETF fees Nasdaq-listed Hyperion DeFi reported Q1 net profit of $8.8 million, reversing a $39.8 million net loss in Q4 2025. Since quarter-end, it added about 60,000 HYPE tokens, taking total HYPE holdings above 2 million. Its validator has received 10.2 million HYPE in delegations, ranking among the top six validation nodes, just behind the Hyperliquid Foundation. Hyperion also holds 1.92 million KNTQ tokens and 10 million HPL tokens. Bitwise Asset Management said it will allocate 10% of management-fee revenue from its BHYP Hyperliquid ETF to accumulate Hyperliquid's native token, HYPE, on its balance sheet, with the HYPE also staked. Bitwise cited Hyperliquid's "community-first" approach, noting about 99% of onchain revenue is used to repurchase and burn HYPE. The BHYP ETF launched on the New York Stock Exchange last Friday, offering exposure to Hyperliquid and staking rewards.