Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Jul 15, 2025 at 12:13 PM
  • Midday Market Check

Published on Jul 15, 2025 at 12:10 PM
  • Stock Market News

Since the historic institutional pivot of 2020, Bitcoin has steadily made its way from fringe asset to mainstream corporate treasury tool. What started with bold moves by MicroStrategy and Tesla has now evolved into a growing list of public companies — spanning industries from crypto mining and fintech to healthcare and retail — that hold Bitcoin on their balance sheets.

As of mid-2025, 135 publicly traded companies collectively hold over 657,000 BTC, accounting for roughly 3.3% of all Bitcoin in existence. While some treat it as a speculative asset or inflation hedge, others see it as a strategic reserve akin to digital gold. This post breaks down who these companies are — and why their Bitcoin exposure matters.

🧩 Bitcoin Treasury Firms

These companies treat Bitcoin as a core treasury asset.

  • MicroStrategy (NASDAQ:MSTR) holds ~597,000 BTC

  • Metaplanet (TYO:3350) holds ~13,000 BTC

  • Semler Scientific (NASDAQ:SMLR) holds ~4,600 BTC

  • Trump Media & Technology Group (NASDAQ:DJT) holds ~1,600 BTC

  • GameStop (NYSE:GME) holds ~4,700 BTC

  • Next Technology Holding (OTC:NXTH) holds ~5,800 BTC

  • KindlyMD / Nakamoto Brands (OTC:NKMD) holds thousands of BTC

  • Twenty One Capital (private) reportedly holds ~37,000 BTC

⛏️ Bitcoin Mining Companies

Publicly traded miners who often hold part of their mined BTC.

  • Marathon Digital Holdings (NASDAQ:MARA) holds ~49,000 BTC

  • Riot Platforms (NASDAQ:RIOT) holds ~19,200 BTC

  • CleanSpark (NASDAQ:CLSK) holds ~12,600 BTC

  • Hut 8 Mining (NASDAQ:HUT) holds ~10,300 BTC

  • HIVE Digital Technologies (NASDAQ:HIVE) holds ~2,200 BTC

  • Core Scientific (NASDAQ:CORZ) holds ~1,500+ BTC

  • Cipher Mining (NASDAQ:CIFR) holds ~1,000 BTC

  • Bit Digital (NASDAQ:BTBT) holds ~700 BTC

  • Iris Energy (NASDAQ:IREN) holds ~500+ BTC

  • TeraWulf (NASDAQ:WULF) holds ~400+ BTC

  • Argo Blockchain (NASDAQ:ARBK) holds ~100–200 BTC

  • Bitfarms (NASDAQ:BITF) holds several thousand BTC

  • Bit Mining (NYSE:BTCM) holds hundreds of BTC

  • Digihost Technology (NASDAQ:DGHI) holds a growing BTC treasury

  • DMG Blockchain (TSXV:DMGI) holds BTC from its Canadian mining operations

  • Cathedra Bitcoin (TSXV:CBIT) holds BTC reserves

  • SATO Technologies (TSXV:SATO) maintains smaller BTC holdings

  • The9 Limited (NASDAQ:NCTY) holds BTC and other crypto assets

🏦 Fintech, Crypto & Exchange Platforms

Payment firms, trading platforms, and custodians holding Bitcoin directly.

  • Tesla (NASDAQ:TSLA) holds ~11,500 BTC

  • Coinbase Global (NASDAQ:COIN) holds ~9,300 BTC

  • Block Inc. (NYSE:SQ) holds ~8,600 BTC

  • Bitcoin Group SE (ETR:ADE) holds ~12,400 BTC

  • Galaxy Digital Holdings (OTC:BRPHF) holds ~1,800 BTC

  • Bakkt Holdings (NYSE:BKKT) has reported BTC holdings and custodial exposure

  • MercadoLibre (NASDAQ:MELI) holds BTC as part of its treasury strategy

  • Virtu Financial (NASDAQ:VIRT) reportedly has crypto asset exposure

  • Fold Holdings (private) holds BTC in its rewards-based ecosystem

  • Robinhood (NASDAQ:HOOD) and Revolut (private) have indirect exposure via customer flows

  • Voyager Digital (OTC:VYGVQ) held BTC prior to bankruptcy proceedings

  • NEXON (TYO:3659) – Japanese gaming firm with BTC holdings

  • Méliuz (BVMF:CASH3) – Brazilian fintech with BTC on balance sheet

🌐 Other Public Companies

Firms in non-crypto industries with Bitcoin allocations.

  • Exodus (OTC:EXOD) – crypto wallet provider with BTC holdings

  • Cango Inc. (NYSE:CANG) – Chinese auto finance company with BTC exposure

  • Boyaa Interactive (HKG:0434) – Hong Kong gaming firm with BTC on the balance sheet

  • Jasmine International (BKK:JAS) – Thai telecom firm investing in Bitcoin

  • Nano Labs (NASDAQ:NA) – crypto-focused chipmaker with BTC treasury

  • Alliance Resource Partners (NASDAQ:ARLP) – energy firm turned BTC investor

  • Neptune Digital Assets (TSXV:NDA) – blockchain and digital asset company with BTC reserves

  • Big Digital Assets (CSE:BIGG) – Canadian blockchain/analytics firm holding BTC

  • Banxa Holdings (TSXV:BNXA) – fiat-to-crypto gateway firm with a small BTC treasury

The list of publicly traded Bitcoin holders is no longer limited to crypto-native firms and bold tech entrepreneurs. From miners and payment processors to retail giants and biotech startups, the corporate embrace of Bitcoin spans a surprising array of sectors.

While this growing exposure reflects Bitcoin’s legitimacy in modern finance, it also introduces volatility and regulatory scrutiny that investors must monitor closely. For traders and long-term investors alike, tracking corporate Bitcoin adoption can offer insights into both sentiment shifts and macro-level trends — but as always, it’s critical to balance headlines with hard data before making portfolio decisions.

Published on Jul 15, 2025 at 11:16 AM
  • Buzz Stocks

Another earnings season unofficially began before the bell today, with Citigroup Inc (NYSE:C) and Wells Fargo & Co (NYSE:WFC) kicking the floodgates open. Both banks reported second-quarter earnings and revenue beats, the former enjoying higher banking and markets revenue. Wells Fargo also lowered its income forecast, however. 

Citigroup stock is 1.1% higher to trade at $88.55 at last check, eyeing its third gain in the last four sessions after earlier hitting a 17-year high of $90.66. Shares are bouncing off a recent floor at the $85 level and now sport 26.6% year-to-date lead.

Meanwhile, WFC was last seen down 4.7% to trade at $79.45, set to snap a four-day win streak with its biggest single-day percentage loss since March 10. The security is pulling back from yesterday's failed attempt to conquer its July 3, record peak of $83.94, but the 20-day moving average could contain these losses. Since the start of the year, WFC sports a 13.4% gain.

Both equities are seeing unusual options activity today, each attracting double the volume typically seen at this point. For C, the most popular is the July 90 call, and for WFC it's the July 82 call, with new positions currently being bought to open at the latter.
 
Published on Jul 15, 2025 at 10:42 AM
  • Buzz Stocks

Shares of Trade Desk Inc (NASDAQ:TTD) are up 11.4% to trade at $84.06 this morning, after news broke that the software firm will replace Ansys (ANSS) on the S&P 500 Index (SPX) before the open this Friday, July 18. The change comes after Synopsys (SNPS) agreed to purchase Ansys for $35 billion by the end of this week.

TTD began trading at five-month highs out of the gate, heading for its best daily percentage pop since May 12. The equity is still down 30% year-to-date thanks to a steep post-earnings bear gap in February, however, and the 160-day moving average appears to be keeping gains in check today.

Options traders are flocking to the equity in response, with 53,000 calls and 19,000 puts across the tape so far -- 8 times the average daily pace. Most popular are the July 85 and 90 calls, where new positions are being sold to open.

It's also worth noting that the equity has tended to outperform analysts' volatility expectations during the past year. This is per its Schaeffer's Volatility Scorecard (SVS) of 90 out of 100. 

 

Published on Jul 15, 2025 at 10:41 AM
  • Analyst Update

Natural gas stock National Fuel Gas Co (NYSE:NFG) was last seen up 4% at $87.45, trading at all-time highs after a double upgrade from BofA Global Research to "buy" from "underperform" with a price-target hike to $107 from $85. This follows the firm's analysis of production data from NFG’s Eastern Development Area, which the company acquired from Shell in 2020.

Since the start of the year, NFG is up 45%, with any and all pullbacks caught by the 80-day moving average. On track for its third-straight win, the stock earlier jumped as high as $88.22 out of the gate this morning. 

NFG July15

There's plenty of room for more bull notes, too. Of the six analysts in coverage, three carry a "buy" or better, while the other three still carry a tepid "hold" rating. Plus, the consensus 12-month price target of $96.67 is only a 8% premium to its current perch, implying bull notes could be imminent.

Published on Jul 15, 2025 at 9:15 AM
Updated on Jul 15, 2025 at 9:19 AM
  • Opening View
 
Published on Jul 14, 2025 at 4:23 PM
Updated on Jul 14, 2025 at 4:24 PM
  • Market Recap
   
Published on Jul 14, 2025 at 3:07 PM
  • Buzz Stocks
at $3
Published on Jul 14, 2025 at 2:45 PM
  • Quantitative Analysis

Palo Alto Networks Inc (NASDAQ:PANW) stock was last seen up 2% to trade at $191.11, while also sporting a 13.7% year-over-year lead. The equity is rebounding after dropping to its lowest level since May 30, following two failed attempts to conquer a Feb. 19, record high of $208.39. The stock could soon push back toward those highs, however, as the recent pullback placed it near a historically bullish trendline.

According to Schaeffer's Senior Quantitative Analyst Rocky White, PANW is within one standard deviation of its 200-day moving average. Shares were above this this trendline in at least eight of the last 10 trading days, and spent 80% of the past two months above it. Within these parameters, seven other signals occurred over the past five years, after which the stock was higher one month later 86% of the time, averaging a 11.7% gain. Should a move of similar magnitude happen, the shares could notch a fresh record of $213.46.

PANW 200 Day

Additional tailwinds could stem from an unwinding of pessimism in the options pits. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 1.27, which stands in the 72nd percentile of readings from the past 12 months. 

Options look like an affordable route for those looking to benefit from the security's next moves. This is per the stock's Schaeffer's Volatility Index (SVI) of 32%, which sits in the 5th percentile of its annual range. This means options traders are pricing in low volatility expectations.

Published on Jul 14, 2025 at 2:11 PM
  • Most Active Options Update

Nvidia Corp (NASDAQ:NVDA) stock made history last Thursday, after the chipmaker became the first company in history to cross the $4 trillion market capitalization level. With the shares currently pacing for a five-day win streak and near their July 11, all-time high of $167.89, options traders are focused on calls.

NVDA consistently tops Senior Quantitative Analyst Rocky White's list of equities with the highest options volume over the past two weeks. Over the last 10 sessions, security saw 19,582,022 calls and 12,020,483 puts traded, by far the most active. Top trades during this timeframe were August 160 calls, along with September 130 and 140-strike calls, where credit spread activity is detected.

MAO NVDA Options

Nvidia stock is a behemoth -- up 22% in 2025 and 27% year-over-year -- but keep an eye on its 14-Day Relative Strength Index (RSI). The recent rally has the RSI above 75, nearing "overbought" territory, per the chart below. This suggests a short-term correction could be imminent.

MAO NVDA

Premium is affordably priced, per the stock's Schaeffer's Volatility Index (SVI) of 36% that ranks in the 2nd percentile of its annual range, implying that options players are pricing in lower-than-usual volatility expectations.

Published on Jul 14, 2025 at 12:06 PM
  • Midday Market Check

Published on Jul 14, 2025 at 10:45 AM
  • Buzz Stocks

Tylenol parent Kenvue Inc (NASDAQ:KVUE) is up 1.4% to trade at $21.64, after the company fired its CEO Thibaut Mongon amid efforts to revamp performance. Mongon also stepped down from his position on the board, as Kirk Perry was named interim CEO. This marks the second C-suite shakeup for Kenvue this year, after Chief Financial Officer (CFO) Paul Ruh was replaced with Amit Banati in May. The company also said tariffs could create a negative impact of up to $150 million.

KVUE is eyeing a fourth-straight win, a streak not seen since the last week of April. Today's pop has pushed the equity back above its year-to-date breakeven mark, with the shares now contending with the overhead 100-day moving average.

Options traders are flocking to the shares in response to today's news, with 17,000 calls and 4,507 puts exchanged so far, double the average intraday rate. Most popular are the November 23 and 24 calls. 

Options traders have been bullish on the security for some time. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OM X PHLX (PHLX), KVUE's 50-day call/put volume ratio of 37.42 ranks in the 95th percentile of annual readings.

Echoing this, short-term traders are also sporting a call-bias. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 0.19, which stands in the 2nd percentile of readings from the past 12 months. 

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