This article focuses on the dynamics of global listed companies' Bitcoin and mainstream token treasury operations, analyzing phenomena such as Strategy's significant increase in BTC holdings, ETHZilla's transformation into the RWA platform, and FG Nexus and GD Culture being forced to sell tokens to survive. It explores the trend of treasury companies consolidating, cash flow pressures, and new paths for RWA tokenization under the crypto bear market.

Article author and source: ODAILY

Editor's Note: Last weekend, the conflict between Iran and Israel suddenly escalated into a localized hot war, causing significant changes in the global economic situation, and the cryptocurrency market was not immune to the impact. After experiencing the sharp fluctuations following the outbreak of the war, US stocks bucked the trend and rose, and many cryptocurrency concept stocks also saw a surge in prices. Among them, Circle (CRCL), whose earnings report far exceeded expectations, Strategy (MSTR), a leading BTC treasury concept stock, and Figure (FIGR), a leading listed company in the RWA sector, performed particularly well. In addition, thanks to a series of developments in the AI ​​field and the emergence of new concepts and products such as OpenClaw, the prices of cryptocurrency mining companies that have transformed into AI computing power or HPC high-performance computing data centers have remained relatively stable and are worth long-term attention.

The following is a summary of last week's cryptocurrency and stock market information compiled by Odaily Odaily. All US stock data is from msx.com .

Cryptocurrency Stocks Insightful Review: Selling Crypto to Survive vs. Merger and Acquisition Boom?

BTCS executive: Crypto treasury companies may see a wave of consolidation in 2026.

Wojciech Kaszycki, Chief Strategy Officer of BTCS, stated that amidst a continued market downturn, a consolidation trend may emerge among crypto treasury companies in 2026. He pointed out that some companies are currently trading at a discount, with their share prices below the net asset value (NAV) of their crypto holdings.

Kaszycki believes that companies with actual operational businesses (such as blockchain validator services or public and private lending products) are better positioned to acquire companies that only hold crypto assets but lack operating revenue due to their cash flow. Furthermore, he mentions that the tokenization of real-world assets (RWA), especially the on-chaining of public and private lending assets, is likely to grow significantly in the next 24 months and could become a potential revenue source for vault companies. He also notes that Strategy, the world's largest Bitcoin vault company, offers investors credit-like and fixed-income instruments, citing this as a key argument for its inclusion in the MSCI index.

Selling cryptocurrency to survive: the desperate choice of listed companies with BTC and ETH holdings.

Previously, ETHZilla, the ETH treasury company, was forced to sell its tokens to survive and recently changed its name to Forum Markets and transformed into the RWA digital asset platform. Affected by this news, its stock price once surged by 17%.

Recently, ETH treasury company FG Nexus sold over 7,500 ETH again. Moreover, some BTC treasury companies, unlike Strategy and Metaplanet, are not financially strong and have had to take measures to cope with the continuous decline in the crypto market. For example, the board of directors of US-listed company GD Culture has authorized the sale, exchange, or disposal of its current 7,500 Bitcoin reserves to fund the share buyback plan previously announced on February 18, 2026.

However, some listed companies are still holding on, such as the Bitcoin treasury company EmperyDigital, which, after receiving a proposal from its shareholders to sell its Bitcoin, has maintained its decision not to immediately liquidate all its Bitcoin assets.

For Treasury companies in the midst of a crypto bear market, choosing the right time to sell is undoubtedly a dilemma.

Weekly Updates on Cryptocurrency Stock Companies

Representative listed companies in the BTC Treasury

Last week, global listed companies were net buyers of BTC by $208.79 million. Strategy invested $204 million to purchase 3,015 Bitcoins, a 412.8% increase compared to the previous week.

According to SoSoValue data, as of 8:30 a.m. ET on March 2, 2026, the total net purchase of Bitcoin by global listed companies (excluding mining companies) last week was $208.79 million, an increase of 348% compared to the previous week.

On March 2, Strategy (formerly MicroStrategy) announced an investment of $204.1 million (a 412.8% increase from the previous week) to acquire 3,015 Bitcoins at a price of $67,700, bringing its total holdings to 720,737 Bitcoins.

Metaplanet, a Japanese listed company, did not purchase any Bitcoin last week, marking its seventh consecutive week without doing so.

In addition, two other companies purchased Bitcoin last week. Japanese food brand DayDayCook announced on February 25th that it invested $4.22 million to purchase 50 Bitcoins at a price of $84,468, bringing its total holdings to 2,118. Brazilian Bitcoin company OrangeBTC announced on March 2nd that it invested $470,000 to purchase 0.7 Bitcoins at a price of $67,438.14, bringing its total holdings to 3,723.

As of press time, the total number of Bitcoins held by listed companies worldwide (excluding mining companies) is 981,150, an increase of 0.31% compared to last week, with a current market value of approximately US$64.26 billion, accounting for 4.9% of Bitcoin's circulating market capitalization.

American Bitcoin Financial Report: Bitcoin reserves surpass 6,000, 2025 revenue exceeds $180 million.

American Bitcoin, a Nasdaq-listed Bitcoin mining company backed by the Trump family, released its 2025 financial report, disclosing that its Bitcoin reserves have exceeded 6,000. 2025 is its first year of independent listing, and its annual operations and capital execution performance are in line with its established strategy. The company adopts a dual-track model of "scaled mining + ATM fundraising" to accelerate the accumulation of strategic reserves. In 2025, its annual revenue reached $185.2 million, with a deployed computing power of approximately 25 EH/s and approximately 78,000 ASIC miners.

The board of directors of GD Culture, a US-listed company, approved the sale of 7,500 bitcoins.

Nasdaq-listed GD Culture announced that its board of directors has authorized the sale, exchange, or disposal of its current reserve of 7,500 bitcoins to fund a share buyback program previously announced on February 18, 2026. The bitcoin sale will be conducted in multiple phases, flexibly executed by management in the best interests of the company and its shareholders. Proceeds from the sale will be used to repurchase the company's common stock and cover related expenses, including brokerage commissions, fees, and taxes.

EmperyDigital, a Bitcoin treasury company, stated that it will not immediately liquidate all its Bitcoin assets at this stage.

In response to a major shareholder's proposal to sell all Bitcoin and return cash to shareholders, Nasdaq-listed Bitcoin treasury company EmperyDigital issued a statement saying that its board of directors and management have evaluated the proposal and believe that liquidating all Bitcoin assets is not in the best interests of all shareholders, and therefore the plan will not be implemented at this stage.

The statement also said that although the company's share price was below its net asset value, it had implemented a share buyback program. Regarding the allegations made by shareholder Tice P. Brown, the company stated that his statements were untrue and that ATG Capital had not communicated with the company's directors or senior management.

Representative companies of the ETH Treasury listed companies

Bitmine bought 50,928 ETH last week, worth $98.53 million.

According to Onchain Lens monitoring, Bitmine (@BitMNR) bought 50,928 ETH last week, worth $98.53 million. Currently, Bitmine's total holdings are 4,473,587 ETH, worth $8.66 billion, of which 3,040,483 ETH, worth $5.88 billion, are pledged.

Ethereum treasury company ETHZilla has changed its name to Forum Markets and transformed into the RWA digital asset platform.

ETHZilla, a Nasdaq-listed Ethereum treasury company, announced its official name change to Forum Markets and its transformation into a digital asset platform. Its stock ticker will be changed to "FRMM" after Nasdaq approval, but the CUSIP number will remain unchanged. Shareholders do not need to take any action regarding this change. After the transformation, the company will strategically upgrade to build a digital asset platform for the tokenization of institutional-grade real-world assets (RWA) and explore the launch of tokenized investment products for multiple asset classes.

Intchains Group disclosed that it holds 9,070 ETH, with a cumulative total of 2,600 ETH staked to date.

Nasdaq-listed Intchains Group released an update on its ETH holdings, disclosing that as of February 23, its treasury held 9,070 ETH, with a total investment of $23.7 million and an average purchase price of $2,611.1. To date, it has staked a total of 2,600 ETH, of which 1,000 ETH are staked on the FalconX platform and 1,600 ETH are staked on the Goldshell staking platform, which it acquired last year for $1.3 million.

Ethereum treasury firm FG Nexus sold another 7,550 ETH, currently holding 30,094 ETH with a cumulative unrealized loss of approximately $82.8 million.

According to Lookonchain, Ethereum treasury company FG Nexus sold another 7,550 ETH, worth approximately $14.06 million.

Data shows that FG Nexus purchased 50,770 ETH between August and September 2025 at an average price of approximately $3,860, for a total cost of approximately $196 million. On October 22, 2025, it announced its intention to sell real estate to continue accumulating ETH. However, less than a month later, it began reducing its ETH holdings, selling a total of 21,025 ETH at an average price of approximately $2,649, realizing approximately $55.7 million.

FG Nexus currently holds 30,094 ETH, worth approximately $57.5 million, with a cumulative paper loss of approximately $82.8 million.

Representative companies of SOL Treasury listed companies

Nasdaq-listed Solana, a DeFi development company, has made a strategic investment in the stablecoin protocol Apyx.

Nasdaq-listed Solana DeFi Development announced a strategic investment in the stablecoin protocol Apyx. The specific investment amount was not disclosed. The investment aims to establish an early foothold in the emerging dividend-backed stablecoin (DBS) category. The Apyx model converts dividend flows into on-chain yields, providing a scarce yield opportunity in the over $300 billion stablecoin market, while also aligning with the trend of digital asset treasury companies accumulating digital assets through preferred stock.

Representative companies of Altcoin treasury listed companies

Tron Inc. disclosed that it increased its holdings by 176,081 TRX tokens, bringing its total holdings to over 684 million tokens.

On March 1, Nasdaq-listed TRX treasury company Tron Inc. disclosed that it had purchased another 176,081 TRX tokens at an average price of $0.28, bringing its total TRX treasury holdings to over 684 million.

SUI Group Financial Report: SUI holdings exceeded 108 million units and completed an 8.8% share buyback of issued common stock.

Sui Group Holdings, a Nasdaq-listed treasury company specializing in SUI, released its full-year 2025 operating results, disclosing a net loss of $221.8 million in Q4 of last year. As of February 23, its SUI token holdings increased to 108,368,594, almost all of which were staked; the average daily return was approximately 5,000 SUI. The company also disclosed that it had completed the repurchase of 7,801,042 common shares under a previously approved $50 million share repurchase program, representing 8.80% of its outstanding common shares.