When international commercial settlements use $12 million worth of Bitcoin as collateral for mining machine payments, and when DDC Enterprise's holdings exceed 1,058 BTC, the global increase in Bitcoin holdings by publicly listed companies reached 156 BTC (approximately $17 million) yesterday. Crypto assets are evolving from treasury reserves on balance sheets to practical tools in commercial transactions.

1. Breakthrough in Commercial Applications: BTC Pledged for Mining Machine Payments

The innovative transaction by International Commercial Settlement (HKEX:00147) sets a precedent:

• Transaction Structure: Its joint venture Keen Golden, holding 70% equity, acquired 105.88972 BTC on the open market for a total price of approximately $12 million (about HKD 93.6 million).

• Commercial Purpose: This acquisition aims to fulfill a cryptocurrency mining supercomputer server sales agreement signed with Bitmain Group, with the related Bitcoin to be used as collateral for equipment payments.

• Model Innovation: This is the first publicly disclosed case of a listed company using BTC as collateral for a commercial contract, providing a model for the practical use of crypto assets between enterprises.

2. Treasury Goals Advancement: DDC Enterprise Breaks the Thousand Mark

DDC Enterprise Limited (NYSE:DDC) demonstrates execution power through continuous accumulation:

• Announced the purchase of an additional 50 BTC, bringing its total Bitcoin holdings to 1,058 BTC.

• The company clearly stated its goal to reach 10,000 BTC in holdings by the end of the year.

• At the current accumulation rate, it needs to significantly accelerate to achieve its goal, and the market is paying attention to its subsequent financing plans.

3. Strategic Layout and Financing Reserves

Future Financing Reserves:

• China Property Investment (HKEX:00736): Announced plans to raise approximately HKD 22.97 million in net funds through the placement of 53.43 million shares. The company plans to use the net proceeds for the acquisition of cryptocurrencies and to supplement working capital by December 31, 2026.

4. Trend Insights: From Treasury Assets to Commercial Tools

The daily increase of 156 BTC reveals the functional evolution of crypto assets at the enterprise level:

1. Functional Diversification:

   BTC is no longer just a reserve asset like "digital gold," but has become a commercial tool that can be used for pledging, payments, and collateral, with its utility value recognized.

2. Inter-Enterprise Settlement Experiments:

   The transaction between International Commercial Settlement and Bitmain is an important case of large enterprises attempting to use cryptocurrency for B2B settlements, potentially encouraging more supply chain companies to follow suit.

3. Pre-Financing:

   The model of China Property Investment raising funds before purchasing coins shows that enterprises are preparing funds in advance for future crypto allocations rather than making ad-hoc decisions, reflecting strategic planning.

Industry data shows that the transaction volume of using cryptocurrencies as payment or collateral tools in commercial contracts increased by 80% quarter-on-quarter in Q3 2025.

From the pledged payments of International Commercial Settlement to the treasury accumulation of DDC Enterprise, the 156 BTC behind this represents a substantial broadening of the application scenarios for crypto assets at the enterprise level. They are transitioning from a static number on financial statements to active financial tools in the commercial front line. This transformation is more significant than merely the growth in holding size.

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