Core Insights - Digital asset treasuries are rapidly accumulating significant amounts of crypto assets, with SharpLink Gaming focusing on long-term stability rather than aggressive accumulation strategies [1][2] Company Strategy - SharpLink Gaming aims to differentiate itself by being a disciplined digital asset treasury, prioritizing shareholder value over mere accumulation of assets [2][4] - The firm has accumulated 865,797 ETH, valued at over $2.6 billion, but has not made major acquisitions since October, indicating a strategic pause to ensure accretive investments [2][3] Competitive Landscape - SharpLink Gaming lags behind BitMine Immersion Technologies, which holds over 4.2 million ETH valued at more than $12.6 billion and has made significant investments, including a recent $200 million into Beast Industries [3] Market Positioning - The firm emphasizes a systematic and methodical approach to operations, attracting long-term investors despite a 60% decline in share value over the past six months [4][5] - Institutional ownership of SharpLink's shares is reportedly increasing, suggesting that its long-term investment narrative is resonating with investors [4] Recent Developments - SharpLink recently staked $170 million of its ETH holdings on the Ethereum layer-2 network Linea, aiming to generate higher yields and additional incentives for investors [5]

Pantera Capital warned that 2026 could be rough for companies holding crypto on their balance sheets, with only a small group of well-funded firms expected to survive. Bitcoin and Ether prices stayed steady after the comments, which suggests traders already see big institutions as the long-term holders of supply. This lines up with what we have seen through 2025 and into 2026, where money keeps flowing toward the largest players while smaller firms struggle to stay afloat. In simple terms, wealthy compan ...

Core Viewpoint - The current market conditions are seen as favorable for crypto treasury companies to go public, with Evernorth Holdings preparing for a SPAC merger to trade on Nasdaq under the ticker XRPN [1] Group 1: Market Conditions - Crypto treasury companies have faced significant challenges recently, with valuations collapsing as capital has dried up and many have ceased purchasing crypto [2] - Despite the downturn, the CEO of Evernorth Holdings believes the timing for going public is ideal due to favorable regulations and institutional readiness [1] Group 2: Company Performance - Evernorth Holdings currently holds 388 million XRP tokens, purchased at an average price of $2.44, but is facing unrealized losses as XRP trades around $2.09, leading to a valuation of approximately $812 million against a cost basis of $948 million [3] - The company offers more than just exposure to XRP prices; it provides custody, compliance, and security services, making it easier for companies to invest in crypto [4] Group 3: Industry Trends - XRP exchange-traded funds (ETFs) have seen significant success, accumulating over $1.2 billion since November, indicating strong demand for exposure to XRP [5] - The survival of XRP treasuries will depend on their scale and active management to support the XRP ecosystem [6]

Core Viewpoint - Bitmine Immersion Technologies (BMNR) is actively accumulating ether (ETH) but faces potential limitations on its purchasing pace due to the need for shareholder approval for new equity issuance [1][2]. Group 1: Ether Accumulation - Bitmine added 24,266 ether last week, increasing its total holdings to 4,167,768 tokens, which represents 3.45% of the circulating supply of ether [1]. - The company aims to ultimately acquire 5% of all ether tokens [1]. Group 2: Shareholder Approval - Chairman Thomas Lee stated that continued accumulation of ETH is contingent upon receiving shareholder approval for new equity issuance [2]. - A shareholder vote is scheduled for Thursday, requiring 50.1% support from all outstanding shares for the proposal to proceed [2]. Group 3: Financial Position - Bitmine's total assets, including crypto, cash, and strategic investments, reached $14 billion last week, with ETH prices around $3,100 [4]. - The firm increased its cash reserves by $73 million to a total of $988 million [4]. - Bitmine holds 193 bitcoin and a $23 million stake in Eightco Holdings, and has staked over 1.2 million of its ETH to generate revenue [4].

Shares of Strategy (MSTR) rose nearly 6% in post-market trading on Tuesday after MSCI said it would not move forward—for now—with plans to exclude digital asset treasury firms from its indexes. The move eases immediate pressure on companies like Strategy, which hold large amounts of bitcoin (BTC) on their balance sheets but don’t directly operate in the blockchain sector. A formal exclusion from MSCI indexes could have pushed institutional investors to divest, reducing demand for the stock. Read more: St ...

Ethereum treasury firm BitMine Immersion Technologies added 32,977 ETH valued around $104 million during the final week of 2025, the firm announced on Monday.  The latest purchase brings its total holdings to more than 4.14 million ETH, worth more than $13 billion as of this writing. Its holdings now represent around 3.4% of the circulating ETH supply, leaving BitMine about 1.9 million ETH shy of its stated goal of 5% of the total circulating supply.  "In the final week of 2025, total equity and crypto act ...

Key Points Bitmine Immersion Technologies is up big for the year, but those gains all came during the summer. The value of Bitmine ($13 billion) is now almost identical to the value of its Ethereum holdings ($12 billion). Investors are better off just investing in Ethereum, especially given the recent downturn in crypto prices. 10 stocks we like better than Bitmine Immersion Technologies › For the year, crypto company Bitmine Immersion Technologies (NYSEMKT: BMNR) is up a head-spinning 300%. At ...

Core Insights - ETHZilla has sold 24,291 ETH for approximately $74.5 million to repay outstanding debt, indicating a focus on managing balance-sheet risk rather than a bearish outlook on Ethereum [1][2] - The company plans to discontinue its mNAV dashboard, shifting its valuation focus from crypto treasury to revenue and cash flow from its real-world asset (RWA) tokenization business [3][5] - The sale is viewed as a strategic repositioning rather than capitulation, as Ethereum remains part of its balance sheet but is no longer the core investment thesis [5] Company Actions - ETHZilla will use the proceeds from the ETH sale primarily for debt repayment, with redemptions scheduled before New Year's Eve [2] - The company is transitioning from a crypto-treasury-driven model to one centered on RWA tokenization, indicating a broader strategic shift [5] Market Impact - Following the announcement of the sale, ETHZilla's stock price dropped nearly 5%, reflecting market reactions to the news [6][7] - Ethereum has been trading near the $3,000 level, rebounding from mid-December lows around $2,900, amidst broader market uncertainties and mixed institutional flows [7]

Key Points Many investors were giving cryptocurrencies and related assets the cold shoulder over the past few days. Bitmine couldn't buck that trend, as it's a top holder of Ethereum. 10 stocks we like better than Bitmine Immersion Technologies › As stock investors, we are all aware that most equities eventually obey the law of gravity. Sure enough, after a brief bull run, Bitmine Immersion Technologies (NYSEMKT: BMNR) saw its shares plunge underwater this week. According to data compiled by S&P Gl ...

Core Viewpoint - MSCI's proposal to exclude crypto treasury companies from its indices could lead to significant forced sales of digital assets, potentially amounting to $10 billion to $15 billion [1][4]. Group 1: MSCI Proposal and Impact - MSCI is considering a delisting proposal that would exclude public companies with over 50% of their assets in digital assets from traditional stock indices like the MSCI USA Index [1][2]. - If implemented, this proposal could force crypto treasury companies to sell billions of dollars worth of crypto assets, with estimates suggesting a range of $10 billion to $15 billion in forced sales [4]. Group 2: Affected Companies - A total of 39 companies have been identified that could be impacted by this proposal, including 18 index constituents and 21 non-constituents, with a combined float-adjusted market cap of $113 billion [4]. - MicroStrategy, led by Michael Saylor, represents 74.5% of the total float-adjusted market cap of these companies [4]. Group 3: Criticism of MSCI's Approach - BitcoinForCorporations criticized MSCI's approach as "discriminatory," noting that similar exclusion rules do not apply to companies holding gold or bonds [5]. - The group advocates for enhanced disclosure requirements instead of exclusion for companies involved in crypto treasuries [5].