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The surge of cryptocurrency reserves in the US stock market: many listed companies are aggressively accumulating ETH, SOL, and other popular alts.
The hotness of the US stock market encryption zone has soared, and listed companies are betting on popular alts.
The cryptocurrency market is ushering in a new round of frenzy. Following the excitement caused by "Bitcoin treasury stocks", more and more publicly listed companies in the US are starting to massively reserve popular alts like Ethereum and Solana, sparking a "US stock version of altcoin Summer".
Ethereum Treasury Listed Company
SharpLink Gaming (SBET)
SharpLink Gaming was originally an online sports betting technology company that was performing poorly. At the end of May, the company announced the issuance of stocks to raise $425 million to purchase ETH, leading to a surge in stock price by 650%. So far, approximately $507 million has been invested to acquire 194,000 ETH at an average cost of $2,611 per coin.
Siebert Financial Corp. (SIEB)
Siebert Financial Corp. is a bank holding company. On June 9, it announced that it could raise up to $100 million through the sale of securities to purchase digital assets such as Bitcoin, Ethereum, Solana, and others.
Treasure Global, Inc. (TGL)
Treasure Global operates an e-commerce platform. On June 4th, it announced the launch of a $100 million digital asset reserve plan, which will gradually purchase Bitcoin, Ethereum, and stablecoins.
Solana Treasury Listed Companies
Upexi (UPXI)
Upexi was originally a consumer goods company, which secured $100 million in funding in April, with 95% allocated to the Solana treasury, causing its stock price to surge by 600% at one point.
DeFi Development Corp. (DFDV)
DeFi Development Corp., formerly known as Janover Inc., is engaged in commercial real estate fintech. It began transitioning to a Solana treasury company in April and secured a $5 billion financing limit in June to continue increasing its holdings of SOL.
DeFi Technologies (DEFT)
DeFi Technologies provides access to the DeFi market for traditional investors. The encryption asset treasury program is implemented through the sub-brand Valour, and SOL is its second largest holding.
Sol Strategies Inc. (HODL.CN)
Sol Strategies Inc. focuses on blockchain ecosystem investments and will begin accumulating SOL starting in October 2024. They are applying for a Nasdaq listing.
SOL Global Investments Corp. (SOL.CN)
SOL Global Investments is gradually divesting non-blockchain assets and focusing on Solana investments. In February, they purchased 12,828 SOL at an average price of $192.
MemeStrategy (2440.HK)
MemeStrategy, formerly known as Haokjing Technology Holdings, was acquired in April this year by the founder of 9GAG, the parent company of Memeland, gaining control and transforming into a digital asset enterprise. In June, it purchased 2,440 SOL for 2.9 million HKD.
BNB Treasury Listed Company
Nano Labs Ltd (NA)
Nano Labs is primarily engaged in integrated circuit design. On June 24, it announced the issuance of $500 million in convertible bonds for BNB reserves, with a long-term goal of holding 5%-10% of the total circulating supply of BNB.
Tron Treasury Listed Company
SRM Entertainment, Inc. (SRM)
SRM Entertainment is engaged in toy sales. In June, it announced the raising of $100 million to initiate the TRX treasury strategy and will be renamed Tron Inc. Sun Yuchen's father gained control of the company through PIPE transactions.
Ripple Treasury Listed Company
Trident Digital Tech Holdings Ltd. (TDTH)
Trident provides business consulting services. In June, it announced a fundraising of $500 million to establish an XRP treasury, expected to launch in the second half of 2025.
VivoPower International (VVPR)
VivoPower focuses on sustainable energy solutions. In May, it submitted documents to the SEC planning to raise $121 million to launch the XRP treasury strategy.
Wellgistics Health (WGRX)
Wellgistics Health is engaged in pharmaceuticals and medical services. In May, it announced the use of XRP as a reserve of funds and payment infrastructure, with a support of a $50 million equity credit line.
Webus International (WETO)
Webus International provides transportation services. In May, it announced plans to raise $300 million to establish an XRP strategic reserve.
Hyperliquid Treasury Company
Eyenovia (EYEN)
Eyenovia is engaged in the research and development of ophthalmic products. In June, it completed a $50 million financing to launch the HYPE treasury strategy, purchasing 1,040,584.5 HYPE at an average price of $34. It plans to rename itself Hyperion DeFi.
Lion Group Holding Ltd. (LGHL)
Lion Group provides securities trading services. In June, it announced that it secured $600 million in funding, with HYPE as the primary reserve asset.
As global encryption regulations gradually relax and traditional markets become more accepting of encryption, crypto concept stocks are expected to attract more traditional stock investors. In the context of compliance, a bull market for coin stocks may erupt this summer.