Crypto-linked U.S. equities advanced at the latest close even as major digital assets retreated, extending a recent period in which listed companies tied to token markets have outperformed the broader equity market. Circle gained 9.67%, BitMine Immersion Technologies rose 6.55%, Coinbase added 5.31%, and SharpLink climbed 5.24%, according to market data provided in the materials.
American Bitcoin rose 4.94%, Gemini gained 4.65%, and Strategy advanced 4.42%. The divergence suggests equity traders are continuing to place value on corporate balance-sheet exposure, exchange revenue and stablecoin-related businesses despite a softer session for major cryptocurrencies.
Corporate treasury buying has supplied part of that support. SoSoValue reported that listed companies worldwide, excluding miners, made net bitcoin purchases worth $513 million in the week ending at 8 a.m. Eastern on Aug. 31. That represented a 529.6% increase from the previous week.
Strategy accounted for most of the disclosed activity, buying 4,603 BTC at an average price of $80,318, for roughly $370 million. The purchase lifted its reported holdings to 845,050 BTC and marked its first bitcoin acquisition in nine weeks.
Across the listed companies tracked by SoSoValue, excluding miners, bitcoin holdings reached 1,147,229 BTC, up 0.6% over the week. At the prices used in the data, the holdings were worth about $89.6 billion, equivalent to 5.7% of bitcoin’s circulating market value.
Treasury purchases continue beyond Strategy
Several smaller treasury companies also disclosed new activity, showing that bitcoin accumulation is no longer limited to the largest corporate buyer.
Strive said it spent about $143 million to acquire 1,800 BTC at an average price of $79,431, bringing its reported holdings to about 23,156 BTC. Capital B said it raised 21 million euros, or about $24.5 million, from backers including Adam Back and institutional participants to fund bitcoin purchases.
Genius Group has outlined a longer-dated plan to acquire $827 million in bitcoin by 2031 through preferred-share issuance, according to BitcoinTreasuries.NET. Such financing structures can give companies a route to accumulate tokens without immediately drawing on operating cash, though they also increase the importance of execution, share dilution and funding-market conditions.
Metaplanet did not report a bitcoin purchase last week, extending its buying pause to seven consecutive weeks. The break illustrates how treasury strategies can move in uneven cycles, particularly when companies must balance asset purchases with capital raising and public-market volatility.
Wallet accumulation data also pointed to renewed demand among larger bitcoin holders. Analysis cited in the supplied material found that entities holding between 100 and 1,000 BTC accumulated 73,300 BTC over 60 days, the highest level since April 21. That total remained about 20% below the April 21 peak of 91,920 BTC. Holders with more than 10,000 BTC recorded net growth of 43,300 BTC over the same period.
Ethereum and Solana treasuries expand
The corporate accumulation trend also remains active outside bitcoin, especially among companies built around Ethereum treasury strategies.
BitMine Immersion Technologies reported adding 53,501 ETH last week, lifting its stated holdings to 5,901,112 ETH. Its reported portfolio also included 211 BTC, $81 million in Eightco Holdings equity and $180 million of Beast Industries shares.
The company said 5,067,309 ETH of its Ethereum position had been staked, with a stated value of roughly $12.7 billion. Staking involves committing tokens to help validate transactions on Ethereum in return for network rewards, allowing a large treasury to generate yield while retaining exposure to ETH’s market price.
Blockchain tracker Lookonchain reported that BitMine bought another 51,000 ETH valued at about $126 million roughly two hours before the company’s holding update, with the tokens sourced through FalconX and BitGo. Tom Lee, associated with BitMine’s treasury strategy, reposted the update and said the company was about 100,000 ETH short of a target equal to 5% of Ethereum’s circulating supply.
On Solana, DeFi Development said it restarted SOL purchases on Aug. 27, acquiring 19,000 SOL for about $1.86 million at an average cost of $98.14. The company reported total holdings of approximately 2.33 million SOL, valued at around $182 million at current prices.
DeFi Development also plans to issue up to $20 million in Series C perpetual preferred stock. It said proceeds could be used for working capital, further SOL acquisitions and other digital-asset investments. The proposed issuance would extend the pattern of companies using preferred equity rather than relying solely on common-stock sales to finance token treasuries.
Hyperliquid Strategies separately reported a $647 million equity raise and said its HYPE reserves reached 29.3 million tokens, valued at about $1.9 billion at fiscal year-end prices. The company later added about 16.5 million HYPE for a further $773.4 million, at an average price of $46.77, according to the materials.
Macro pressures remain in focus
The positive performance of crypto-related stocks came amid signs of tighter financial conditions in Asia and increasing concern over the U.S. rate outlook.
In South Korea, products linked to SK Hynix recorded net selling of about 1.2415 trillion won across eight instruments after higher funding thresholds and additional trading restrictions. Products linked to Samsung Electronics saw net selling of about 531.6 billion won across eight instruments. The KOSPI nevertheless rose 3.4% in August, according to compiled market data.
Japan deployed 15.4 trillion yen to support its currency between July 30 and Aug. 26, according to official figures cited in the materials. The intervention, equivalent to about $96.4 billion, followed a slide in the yen to its weakest level in four decades and represented a monthly record.
In the United States, expectations for another Federal Reserve rate increase rose following public comments from Federal Reserve Chair Kevin Warsh, while precious metals sold off sharply. JPMorgan and Citadel Securities flagged near-term demand for downside hedging ahead of a dense macroeconomic calendar and the next policy meeting.
September’s reputation as a weak seasonal period for risk assets has added to caution. Bitcoin has averaged a 4.02% decline in September over the past 13 years, according to the historical data cited in the materials, while the S&P 500 has averaged a 0.7% fall during the month since 1950. The pattern has not held every year: bitcoin rose 5.16% in September 2025 and 7.29% in September 2024.
Treasury-company results show the cost of volatility
The rapid expansion of token treasuries also exposes public companies to large accounting swings when asset prices move.
Avalanche Treasury Company reported a second-quarter 2026 net loss of $44.7 million, or $1.54 per share. The company attributed approximately $35.7 million of the loss to changes in the value of its AVAX holdings, along with $15.2 million in one-time costs related to its business combination and about $3.5 million in management expenses.
As of June 30, Avalanche Treasury Company held about 15.3 million AVAX valued at approximately $100 million at period-end prices. It reported $1.5 million in net staking income during the second quarter and $3.6 million for the first half of 2026. Its board also approved a $10 million Class A common-stock repurchase program.
Elsewhere, Hyperscale Data said its Gresham Worldwide unit received about $5.4 million in orders from U.S. defense programs and prime contractors during July and August for radio-frequency and microwave components used in radar, electronic warfare and communications systems. Empery Digital reported that its bitcoin balance had declined to 1,179 BTC, while it held around $62 million in cash and $35 million in debt, alongside a $20 million preferred investment in Cardinal Data Power.
The latest disclosures place crypto-linked stocks between two competing forces: companies are continuing to raise capital and accumulate tokens, while currency intervention, leverage restrictions and rate expectations are increasing sensitivity to sudden moves in global markets.
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