Bitcoin juggernaut Strategy, Ethereum giant BitMine Immersion Technologies, and crypto exchange Coinbase all looked much more verdant Friday as the price of BTC stabilized after dropping 14% on Thursday. Strategy, which trades on the Nasdaq under the MSTR ticker, had gained 22% since the opening bell and was recently changing hands for $131. The company holds 713,502 BTC in its treasury, which was acquired for an average price of $76,047. But after BTC took a plunge yesterday, the Virginia software company ...

Can the world's top Ethereum treasury company regain its mojo from last summer?Until last July, chances are, most crypto investors had never even heard of Bitmine Immersion Technologies (BMNR 1.67%). At the time, it was a relatively tiny Bitcoin (BTC 2.45%) mining company that had fallen out of favor with investors years ago.But something fascinating happened in July. Bitmine Immersion Technologies transformed into an Ethereum (ETH 1.10%) treasury company, and began buying Ethereum like there was no tomorro ...

Core Viewpoint - Nomura Holdings is tightening risk controls at its European crypto subsidiary, Laser Digital Holdings, following third-quarter losses attributed to market volatility, indicating a cautious approach towards digital assets amid significant unrealized losses reported by firms in the sector [1][3]. Group 1: Financial Performance - Nomura's net income for the quarter ended December 31 dropped 9.7% year-over-year to ¥91.6 billion ($590 million), leading to a 6.7% decline in shares, the largest intraday drop in over nine months [2]. - The international operations of Nomura earned ¥16.3 billion before taxes, marking the 10th consecutive profitable quarter, although this was approximately 70% lower than the previous year due to losses in Europe [4]. - Despite the crypto setbacks, the firm reported the highest pretax income in 18 years across its four segments, with Wealth Management achieving record-high recurring revenue and Investment Management assets reaching an all-time high of ¥134.7 trillion following a $1.8 billion acquisition [5]. Group 2: Risk Management and Strategy - The CFO, Hiroyuki Moriuchi, confirmed that Nomura is reducing risk at its digital asset unit due to market fluctuations, emphasizing the need for strict position management to mitigate risks [3][4]. - Nomura announced plans to buy back up to ¥60 billion in shares, representing 3.2% of its outstanding stock, as part of its strategy to enhance shareholder value [5]. Group 3: Industry Context - The challenges faced by Nomura reflect broader issues within the crypto treasury sector, where major holders are reporting substantial unrealized losses, including a reported $17.44 billion loss on digital assets for the three months ended December 31 [6].

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]

Group 1 - Pantera Capital warns that 2026 may be challenging for companies holding crypto, with only a few well-funded firms expected to survive [1] - Wealthy companies continue to accumulate crypto assets, while smaller firms struggle to maintain operations, leading to a shift in market dynamics [2] - A crypto treasury refers to companies holding Bitcoin or Ethereum as a form of digital asset savings, similar to traditional cash or bonds [3] Group 2 - The current market favors companies that can borrow at low costs or raise significant capital, while smaller firms face difficult decisions, often selling crypto to cover expenses [4] - Accumulation of Bitcoin is notable, with companies like MicroStrategy holding over 709,000 BTC, which is likely to be off the market for an extended period [5] - Smaller firms, such as ETHZilla, are under pressure as they sold approximately $74.5 million worth of ETH to pay down debt, impacting market confidence [7] Group 3 - The trend of fewer corporate holders is expected to continue, as companies with strong balance sheets are more likely to endure market fluctuations [8] - For individual investors, the concentration of corporate holders can support prices during stable periods, but large sell-offs by these companies can lead to significant price drops [9]

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].

Core Viewpoint - MSCI's decision not to exclude digital asset treasury firms from its indexes provides immediate relief for companies like Strategy (MSTR), which hold significant amounts of bitcoin on their balance sheets [1][3]. Group 1: Market Reaction - Shares of Strategy (MSTR) increased nearly 6% in post-market trading following MSCI's announcement [1]. - Analysts view the decision as a positive development, with Lance Vitanza from TD Cowen rating MSTR a buy with a price target of $500 [2]. Group 2: Analyst Perspectives - Mark Palmer from Benchmark, who has a buy rating and a price target of $705, sees the MSCI decision as a reprieve for Strategy, suggesting that the company's arguments against exclusion were effective [3]. - Despite the positive news, analysts express caution regarding the long-term implications, noting that MSCI's consideration of excluding non-operating companies from its indexes indicates that the situation may not be fully resolved [3]. Group 3: Broader Implications - The outcome of MSCI's decision is significant for crypto treasury firms, as it affects not only Strategy but also any company that incorporates digital assets into its treasury operations [3]. - Future revisions of MSCI's rules could lead to renewed scrutiny for Strategy and potentially impact its inclusion in key market indexes [3].

Core Insights - BitMine Immersion Technologies acquired 32,977 ETH valued at approximately $104 million in the final week of 2025, increasing its total holdings to over 4.14 million ETH, worth more than $13 billion, representing about 3.4% of the circulating ETH supply [1][2] - The firm is the largest "fresh money" buyer of ETH globally, with a significant price forecast for Ethereum, predicting a rise to $250,000, which would be a 7,760% increase from the current price of $3,180 [2] - BitMine aims to increase its authorized share count from 500 million to 50 billion to facilitate capital market activities and stock splits, with a target share price of around $25 [3][4] Company Holdings and Performance - BitMine holds approximately $915 million in cash and 192 Bitcoin valued at nearly $18 million, in addition to its ETH holdings [6] - Shares of BitMine increased by around 4% on Monday, trading at $32.49, and have risen nearly 14.8% over the last five trading days [5] Strategic Initiatives - The company is seeking shareholder approval for various proposals, including the election of eight directors and the implementation of special compensation and incentive plans, with a vote deadline set for January 14 [4]

Core Viewpoint - Bitmine Immersion Technologies has experienced a remarkable 300% increase in value for the year, contrasting sharply with major cryptocurrencies like Bitcoin and Ethereum, which have seen declines of 5% to 50% [1] Group 1: Company Performance - The majority of Bitmine's gains occurred during the summer, but since September, the stock has dropped significantly, currently trading at $30, down 80% from its summer high of $161 [2] - Bitmine holds nearly 4 million Ether, valued at approximately $12 billion, representing about 3% of all Ethereum in circulation, making it the largest publicly traded Ethereum treasury company [3][4] - The current market value of Bitmine is around $13 billion, nearly equal to its Ethereum holdings, suggesting that investors might be better off investing directly in Ethereum rather than in Bitmine [7] Group 2: Market Dynamics - Bitmine's performance is closely tied to the price of Ethereum; when Ethereum's price rises, Bitmine's stock price tends to soar, and conversely, when Ethereum's price falls, Bitmine's stock price declines [5] - The question arises whether Bitmine should be valued based solely on its Ethereum holdings or if a premium should be attached to its valuation as an Ethereum treasury company [8]