Crypto Frenzy in U.S. Markets Heats Up, "Altcoin Summer" Rally Imminent
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Crypto Frenzy in U.S. Markets Heats Up, "Altcoin Summer" Rally Imminent
Publicly traded companies' altcoin treasuries now include ETH, SOL, BNB, TRX, and HYPE.
Navigating Web3 tides with focused insightsAuthor: Golem (@web3_golem)
U.S. stock market's crypto sector is heating up! Publicly traded companies are no longer content with merely emulating MicroStrategy’s Bitcoin accumulation strategy—they’re now pouring enthusiasm into popular altcoins like ETH, BNB, and SOL. The market frenzy has entered a brand-new phase!
In the first phase, "Bitcoin treasury stocks" captured attention with soaring share prices, but information asymmetry caused many to miss out. Now, FOMO is running high, and market focus is shifting toward U.S. listed firms boldly stocking up on diversified altcoins—the “U.S. stock version of Altcoin Summer” is about to take off!
Odaily Planet Daily compiles a list of publicly traded companies that have announced holdings in altcoins such as ETH, BNB, SOL, TRX, and HYPE, helping readers seize early opportunities.
Public Companies with Ethereum Treasury
SharpLink Gaming (NASDAQ: SBET)
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Total Holdings: 194,000 ETH (worth approximately $476 million)
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Stock Price (as of June 26): $10.28
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Market Cap: $626.12 million
SharpLink Gaming is a Nasdaq-listed company. Previously, it operated as an online technology firm focused on sports betting in the U.S. and iGaming globally, but its business performance was poor, suffering losses in both 2023 and 2024, with tight cash flow.
On May 27, SharpLink Gaming announced it would sell 69,100,313 shares or equivalent securities at $6.15 per share to investors, expecting total proceeds of about $425 million, marking the beginning of its journey to acquire ETH as a primary reserve asset. On the day of the announcement, the company's stock surged over 650%, peaking at $79.21 on May 29.
On June 2, according to a U.S. SEC filing, SharpLink Gaming plans to sell shares to raise $1 billion for ETH purchases. On June 13, the company officially began accumulating ETH, spending $463 million to purchase 176,270.69 ETH at an average price of $2,626 per coin. Between June 16 and June 20, 2025, it spent another $30,674,829 at an average price of $2,513 to add 12,207 more ETH. On June 26, it purchased an additional 5,989 ETH. To date, the company has invested approximately $507 million to acquire and hold 194,000 ETH, with an average entry cost of around $2,611 per ETH, currently sitting on an unrealized loss of about $36 million.
Siebert Financial Corp. (NASDAQ: SIEB)
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Total Holdings: Undisclosed
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Stock Price (as of June 26): $4.41
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Market Cap: $178.21 million
Siebert Financial Corp. is a Nasdaq-listed bank holding company primarily engaged in brokerage and financial advisory services, operating retail brokerage, investment advisory, and insurance services through wholly-owned subsidiaries.
On June 9, Siebert Financial announced its S-3 shelf registration statement became effective with the U.S. SEC, allowing it to raise up to $100 million by selling various securities. Proceeds may be used for potential acquisitions or purchasing digital assets such as Bitcoin, Ethereum, and Solana, as well as investing in AI-driven tech solutions.
Perhaps due to no formal purchase disclosure yet, the stock did not rise after the announcement.
Treasure Global, Inc. (NASDAQ: TGL)
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Total Holdings: Undisclosed
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Stock Price (as of June 26): $1.07
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Market Cap: $4.07 million
Treasure Global, Inc. is a Nasdaq-listed company operating an e-commerce platform and providing payment solutions, but it has suffered continuous losses from 2021 to 2024, with negative net profits.
On June 4, Treasure Global announced a $100 million digital asset treasury initiative to strengthen its digital infrastructure and support the launch of an AI consumer intelligence platform. The funding consists of $50 million from an existing equity financing agreement and another $50 million from strategic institutional investors. Funds will be allocated in stages to acquire blockchain-native assets including Bitcoin, Ethereum, and regulated stablecoins, aiming to improve capital efficiency and lay the foundation for future tokenization, loyalty programs, and blockchain settlement systems.
However, the stock showed no significant movement following the news.
Public Companies with Solana Treasury
Upexi (NASDAQ: UPXI)
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Total Holdings: 679,677 SOL (worth approximately $99.39 million)
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Stock Price (as of June 26): $3.33
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Market Cap: $126.26 million
Upexi is a Nasdaq-listed company previously focused on R&D, manufacturing, and distribution of consumer goods, with brands including medicinal mushroom product Cure Mushrooms, pet care brand LuckyTail, and energy gummy line Prax. However, its businesses have been consistently net-loss making.
On April 21, Upexi announced a $100 million financing round led by prominent crypto market maker GSR, with 95% of funds dedicated to establishing and operating a Solana treasury. Upon the announcement, Upexi’s stock surged over 600%. The company also decided to fully transition into crypto; according to its 2025 roadmap, it will expand into Bitcoin and altcoin mining, diversified crypto investments, and DeFi.
However, after peaking at $17.71 on April 25, Upexi’s stock began to fluctuate and has since dropped to $3.33 amid heavy investor selling.
DeFi Development Corp. (NASDAQ: DFDV)
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Total Holdings: 621,313 SOL (worth approximately $90 million)
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Stock Price (as of June 26): $18.86
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Market Cap: $278.01 million
DeFi Development Corp., formerly Janover Inc., is a Nasdaq-listed company that has been involved in commercial real estate fintech since its founding in 2018, but has incurred losses from 2022 to 2024.
On April 8, Janover Inc. made its first purchase of 2,858 SOL at an average price of $134, signaling its shift toward becoming a Solana treasury company. On April 22, Janover Inc. officially rebranded as DeFi Development Corp. and changed its Nasdaq ticker from JNVR to DFDV. On June 12, DeFi Development Corp. announced a $5 billion equity financing facility to support continued SOL accumulation.
After announcing its Solana treasury plan, the stock peaked at $50.28 on May 22 and has since pulled back.
DeFi Technologies (NASDAQ: DEFT)
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Total Holdings: 208.8 BTC ($22.37 million), 14,375 SOL ($2.08 million), 121 ETH ($293,000), 1,642,703 CORE ($887,000), 433.322 AVAX ($7,756)
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Stock Price (as of June 26): $2.88
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Market Cap: $962.16 million
DeFi Technologies is a Nasdaq-listed company that pivoted in 2021 to provide traditional investors with secure and compliant access to decentralized finance (DeFi) markets.
In 2024, DeFi Technologies launched its crypto treasury initiative through its subsidiary Valour. As disclosed, as of Q1 2025, it holds 208.8 BTC, 121 ETH, 14,375 SOL, 433.322 AVAX, and 1,642,703 CORE. SOL is its second-largest holding.
The stock has shown an upward trend since June 21, with a 5-day gain of 4.73%.
Sol Strategies Inc. (TSXV: HODL)
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Total Holdings: 420,706.82 SOL (worth approximately $83.96 million)
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Stock Price (as of June 26): CAD 2.3 (approx. $1.676 USD)
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Market Cap: CAD 398.47 million (approx. $290 million USD)
Sol Strategies Inc., formerly Cypherpunk Holdings Inc., is listed on the Canadian Securities Exchange. Since 2018, it has focused on equity investments, private equity, and infrastructure operations within the blockchain ecosystem. In September 2024, it rebranded as Sol Strategies Inc.
The company has been accumulating SOL in batches since October 2024 and currently holds 420,706.82 SOL. On June 19, Sol Strategies Inc. announced it is applying for a Nasdaq listing under the ticker “STKE” and has already submitted Form 40-F to the U.S. SEC. If successful, it will become a dual-listed SOL treasury company on both U.S. and Canadian exchanges.
The stock reached an all-time high of CAD 6.1 on January 22, 2025, and has since declined.
SOL Global Investments Corp. (CSE: SOL)
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Total Holdings: 40,350 SOL (worth approximately $5.9 million)
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Stock Price (as of June 26): CAD 0.075 (approx. $0.0546 USD)
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Market Cap: CAD 10.08 million (approx. $7.34 million USD)
SOL Global Investments Corp. is a Canadian-listed investment company with prior operations spanning retail (fast food and hotels), agriculture, technology (clean energy and EVs), and cryptocurrency. In late 2024, it announced a gradual divestment from non-blockchain assets to focus exclusively on Solana blockchain technology and token investments.
On February 4, 2025, SOL Global purchased 12,828 SOL at an average price of $192, increasing its holdings to 30,601. According to the latest data from its website, it now holds 40,350 SOL. The stock peaked at $5.47 on January 20, 2025, and has since fallen.
MemeStrategy (HKEX: 2440)
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Total Holdings: 2,440 SOL (worth approximately $356,000)
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Stock Price (as of June 26): HK$2.56 (approx. $0.326 USD)
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Market Cap: HK$816.83 million (approx. $104 million USD)
MemeStrategy is a Hong Kong-listed company formerly known as Holitech Technology. It primarily provided data transmission and processing services across IoT antennas, 5G equipment, manufacturing, transportation, and energy sectors. On April 1, 2025, Charles Chan, co-founder of 9GAG (parent company of Memeland), completed a controlling acquisition of Holitech. On May 6, the company rebranded as MemeStrategy, positioning itself as Asia’s first publicly listed digital asset ecosystem enterprise.
On June 16, MemeStrategy announced it acquired 2,440 SOL for approximately HK$2.9 million (about $368,800 USD) via OSL Group, a licensed crypto platform, at an average price of $151.7 per SOL. After the announcement, its stock rose to a high of HK$2.72 on June 24, with no significant pullback yet.
Public Companies with BNB Treasury
Nano Labs Ltd (NASDAQ: NA)
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Total Holdings: Undisclosed
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Stock Price (as of June 26): $11.35
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Market Cap: $194.59 million
Nano Labs is a Nasdaq-listed company founded in 2019, primarily engaged in designing and providing fabless integrated circuit solutions, along with operations in Nano, iPollo, iPolloverse, and metaverse ventures.
On June 24, Nano Labs announced it signed a convertible note subscription agreement to issue $500 million in principal amount of convertible promissory notes to fund its BNB reserve strategy. It stated its first-phase goal is to acquire $1 billion worth of BNB through convertible bonds and private placements, with a long-term target of holding 5% to 10% of BNB’s total circulating supply.
Although actual purchases haven’t started, the stock surged over 36% on the day of the announcement.
Public Companies with Tron Treasury
SRM Entertainment, Inc. (NASDAQ: SRM)
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Total Holdings: Undisclosed
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Stock Price (as of June 26): $8.68
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Market Cap: $154.8 million
SRM Entertainment, Inc. is a Nasdaq-listed company founded in 2022, primarily engaged in the design, manufacturing, and sale of toys, collectibles, and plush items. On June 16, SRM announced it signed a Securities Purchase Agreement (SPA) with a private investor to raise $100 million, which will be used to launch a TRON token (TRX) treasury strategy.
The company will also rebrand as Tron Inc. According to SEC filings, Sun Weike—father of Justin Sun—acquired control of SRM Entertainment through a $100 million PIPE transaction using TRX tokens. Following the deal, Sun Weike became chairman, and executives from the Tron ecosystem joined the audit, compensation, and nominating committees. The company plans to hold up to $210 million in TRX as strategic assets, though purchases have not yet begun.
After the TRX treasury announcement, SRM rose to $8.72 that day and hit a high of $11.39 on June 20 before pulling back.
Public Companies with Ripple Treasury
Trident Digital Tech Holdings Ltd. (NASDAQ: TDTH)
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Total Holdings: Undisclosed
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Stock Price (as of June 26): $0.233
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Market Cap: $16.77 million
Trident Digital Tech Holdings Ltd. is a Nasdaq-listed company previously offering business consulting and customized IT solutions.
On June 12, Trident announced plans to raise $500 million through share issuance, strategic placements, and structured financing tools to establish an XRP treasury, expected to launch in the second half of 2025. It appointed Chaince Securities LLC as strategic advisor. The plan focuses on acquiring XRP as a long-term strategic reserve, deploying staking mechanisms for yield generation, and deep integration into the Ripple ecosystem.
However, perhaps due to lack of tangible action, its stock showed no significant movement.
VivoPower International (NASDAQ: VVPR)
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Total Holdings: Undisclosed
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Stock Price (as of June 26): $3.67
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Market Cap: $37.11 million
VivoPower International is a Nasdaq-listed company focused on sustainable energy solutions, including critical power services, electric vehicles, solar development, and corporate offices.
On May 29, VivoPower filed with the U.S. SEC indicating plans to raise $121 million to launch a crypto treasury strategy centered on XRP. The financing is led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, chairman of Eleventh Holding.
Despite the announcement, the company’s stock plunged sharply that day.
Wellgistics Health (NASDAQ: WGRX)
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Total Holdings: Undisclosed
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Stock Price (as of June 26): $0.92
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Market Cap: $66.11 million
Wellgistics Health is a Nasdaq-listed company engaged in pharmaceuticals and healthcare services, with operations in pharmacy, wholesale, and technology. However, it has suffered consecutive losses from 2023 to 2024.
On May 8, Wellgistics Health announced it will use XRP as a treasury reserve and real-time payment infrastructure. This XRP payment initiative is backed by a $50 million Equity Line of Credit (ELOC), which can be used to further develop programmable liquidity and on-demand financial infrastructure, eliminating bank delays, reducing costs, and improving transparency across its national healthcare network.
However, the news failed to boost its stock price.
Webus International (NASDAQ: WETO)
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Total Holdings: Undisclosed
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Stock Price (as of June 26): $2.27
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Market Cap: $49.94 million
Webus International is a Nasdaq-listed company providing commuter shuttle, chartered bus, packaged tours, and other travel services. It has been unprofitable from 2022 to 2024.
On May 30, Webus International announced plans to raise up to $300 million through non-equity financing to build an XRP strategic reserve and integrate it into its global chauffeured payment network.
Following the announcement, the stock surged to $3.30 before entering a downtrend.
Hyperliquid Treasury Companies
Eyenovia (NASDAQ: EYEN)
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Total Holdings: 1,040,584.5 HYPE (worth approximately $38.5 million)
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Stock Price (as of June 26): $9.55
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Market Cap: $27.53 million
Eyenovia is a Nasdaq-listed company founded in 2014, primarily developing ophthalmic products such as MicroProst, MicroStat, MicroTears, and MicroPine, with a focus on micro-dosing treatments for presbyopia, myopia, and pupil dilation. However, it reported a net loss of $50 million in 2024, with depleted cash flow and facing delisting risks.
On June 17, Eyenovia completed a $50 million financing round and launched its HYPE token treasury strategy, becoming the first U.S. public company to include HYPE on its balance sheet. It also plans to rebrand as Hyperion DeFi and change its ticker to HYPD. After the announcement, the stock surged 134% intraday, reaching a new high of $9.02 by June 25.
On June 23, Eyenovia announced completion of a $50 million private placement and the purchase of 1,040,584.5 HYPE tokens at an average price of $34.
Lion Group Holding Ltd. (NASDAQ: LGHL)
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Total Holdings: Undisclosed
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Stock Price (as of June 26): $2.57
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Market Cap: $2.02 million
Lion Group Holding Ltd. is a Nasdaq-listed securities trading platform offering futures and securities brokerage, CFD trading, total return swaps (TRS), and OTC stock options. However, it has suffered consecutive annual losses from 2020 to 2024, with strained cash flow.
On June 19, Lion Group announced $600 million in funding support to adopt HYPE as its primary reserve asset and jointly launch a next-generation Layer 1 treasury with SOL and SUI. However, possibly due to lack of concrete action, the stock showed no significant movement after the announcement.
Conclusion
This summer, Altcoin Season may truly be arriving—just wrapped in a different shell: public equities. While some companies announcing altcoin treasuries have already experienced sharp rallies followed by steep declines, and their fundamentals vary widely—with some even on the brink of collapse—this liquidity-fueled frenzy is far from over.
New asset classes and compelling narratives often spark bull markets. Although concepts like stock-to-crypto conversion and crypto treasury strategies aren't entirely new, evolving factors—such as easing global crypto regulations, rising traditional market acceptance of crypto, and breakout IPO performances by crypto firms—could finally attract mainstream stock investors to participate. A compliance-backed crypto-themed equity bull run may erupt this summer.
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