In the new round of fluctuations in the cryptocurrency market, an increasing number of publicly listed companies are incorporating Bitcoin into their balance sheets, shifting their attitude from tentative allocation to long-term strategic planning. The American company Strategy and the Japanese company Metaplanet have become representatives of this trend, as their actions not only change their own capital structure but also spark widespread discussion in the market about the sustainability of corporate Bitcoin strategies.
Strategy is known for being one of the first companies to make large-scale Bitcoin purchases. Recently, the company made another move, spending approximately $100 million to acquire 850 Bitcoins, bringing its total holdings to about 639,000. The company raised funds through the issuance of preferred and common stock, incorporating Bitcoin into its asset reserves and gradually forming a closed loop of financing and purchasing Bitcoin. This strategy has made its stock price highly correlated with Bitcoin prices, and the market often views its stock price as an amplifier of Bitcoin trends.
Another company attracting market attention is the Japanese listed firm Metaplanet. Recently, the company purchased 5,419 Bitcoins, increasing its total holdings to 25,555, with a total value exceeding $600 million and an average cost of about $106,000 per Bitcoin. With this move, Metaplanet quickly climbed to the top of the global list of publicly listed companies holding Bitcoin. However, the company's stock price has been declining since June, impacting its "flywheel" mechanism that relies on rising stock prices to drive financing and refinancing for Bitcoin purchases. This indicates that even in the context of rising Bitcoin prices, the capital market foundation of the company's strategy may fail due to poor stock performance.
In addition to these two leaders, some companies in Europe and Asia are also quietly increasing their holdings. For example, France's Capital B recently added over 500 Bitcoins to its holdings. According to market statistics, publicly listed companies worldwide now hold over 1 million Bitcoins, with a total value exceeding $110 billion. Bitcoin is gradually transforming from an alternative asset for individual companies into a recognized reserve asset for an increasing number of companies.
Factors driving this trend include the macro environment and financing capabilities. On one hand, inflation and a weakening dollar have reduced the attractiveness of cash and cash equivalents, prompting companies to seek alternative assets for value storage and inflation hedging. Due to its scarcity and global liquidity, Bitcoin is increasingly viewed by some companies as digital gold. On the other hand, the maturity of financing methods has also made this strategy feasible. Strategy utilizes stock and bond issuance to fund Bitcoin purchases, while Metaplanet relies on the capital market's enthusiasm for its "Bitcoin concept stock" identity to maintain financing channels.
However, this strategy also comes with significant risks. First is the pressure on stock prices and valuations. Bitcoin's price volatility causes the book value of holding companies to fluctuate, making it easy for investors to question the financial stability of these companies during market corrections. Second is the risk of financing and liquidity. When market sentiment cools, companies may face difficulties in raising funds, or even be forced to reduce their holdings. Third is the uncertainty surrounding regulation and accounting; different jurisdictions have not unified their approaches to the valuation, disclosure, and tax treatment of crypto assets, and tightening policies could impact company operations.
Despite these challenges, the overall market trend indicates that Bitcoin is gradually moving from a fringe asset into the mainstream financial strategies of companies. In the future, a more pronounced differentiation may emerge: companies with strong financial resources, smooth financing channels, and transparent governance are likely to become long-term winners in Bitcoin strategy, while those relying on market sentiment and short-term stock prices may find themselves in trouble during volatility.
For investors, the increased commitment of publicly listed companies to Bitcoin not only means that these companies' stocks are highly correlated with Bitcoin prices but also that their financial performance is closely tied to the crypto market. Finding a balance between capital operations and risk management will determine whether these companies can truly transform Bitcoin into a strategic advantage.
Related: The U.S. and U.K. Treasury Departments have established a "Transatlantic Future Markets Working Group" to explore regulatory cooperation on cryptocurrencies.
Original article: “Public Companies Double Down on Bitcoin (BTC): From Asset Allocation to Capital Strategy Transformation”
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