When Trump Media's Bitcoin reserves surpassed 11,000 coins, and BitMine invested another $200 million in a week to solidify its position as an Ethereum whale, the dynamics of global publicly listed companies' crypto allocations clearly outlined a multi-layered treasury structure that has already taken shape: Bitcoin is the unshakeable core reserve, Ethereum is the main battlefield for functional expansion, while public chains like Solana serve as tactical ecological supplements.
I. Bitcoin Camp: Consolidation of Leaders and Opportunistic Investments by SMEs
The allocation of Bitcoin shows a distinct layered strategy, with institutions choosing different paths based on their size.
Top Players: Strategic Reserve Accumulation
- Trump Media & Technology Group (NASDAQ: DJT): Invested approximately $13.44 million to acquire 150 BTC, raising its total holdings to 11,241 coins. This move further solidifies its leading position among publicly listed companies, with operations resembling a "national reserve," aimed at long-term value storage.
SMEs: Opportunistic Dollar-Cost Averaging
ANAP Holdings (TSE: 3189.T): Recently added approximately 127.73 BTC, bringing its total holdings to about 1,346.58 BTC, with a market value of approximately $118 million. Its strategy is to seize market opportunities and steadily increase its holdings, representing a typical path for many Japanese SMEs.
Vanadi Coffee (VANA): Increased its holdings by 32 BTC, raising its total to 161 coins. As a representative of the physical industry, its "gradual advancement" in allocation reflects a cautious yet determined participation attitude from non-tech companies.
II. Ethereum and Multi-Chain: Role Positioning of Functional Assets
Beyond the consensus of Bitcoin as "digital gold," institutions assign different strategic roles to ETH and SOL based on asset characteristics.
Ethereum: Core Vehicle for Functionality and Staking Returns
- BitMine (NYSE: BMNR): Purchased 67,886 ETH, with a transaction value of approximately $201 million. This is another large-scale investment following the announcement of a $24.5 billion financing plan at the beginning of the year, continuously reinforcing its extreme positioning as an "Ethereum treasury-type listed company." Its goal is not only to hold but also to influence the network through massive staking and obtain stable returns.
Solana: Tactical Allocation for High-Growth Ecosystems
- MemeStrategy (HKEX: 02440): Increased its holdings by 2,440 SOL, raising its total to 14,730 coins. For this Hong Kong-listed company, SOL is not a core reserve but part of its "multi-chain digital asset allocation," aimed at capturing the ecological dividends of high-growth public chains, with positions being more flexible and tactical.
III. Trend Insights: The Endgame of Treasury Formation and Institutionalization
The dynamics at the end of 2025 mark the maturity phase of crypto allocations among publicly listed companies:
Strategy Institutionalization: The "core-functional-supplement" multi-layer structure has become a standard template, allowing new entrants to directly apply it, with the decision-making process shifting from "exploration" to "execution."
Operational Treasury Formation: Allocation behavior is fully integrated into the corporate financial management framework, deeply binding with cash flow management and financing activities, such as BitMine's financing for coin purchases and ANAP's profit reinvestment.
Long-Term Goals: Whether it is Trump Media's reserve of 10,000 coins or BitMine's target of one million ETH, both are based on a super long-term vision of 5-10 years, with short-term market fluctuations no longer being the core of decision-making.
Year-end data shows that the proportion of publicly listed companies adopting a "BTC + at least one other crypto asset" multi-layer allocation model has surged from 31% at the beginning of the year to 78%.
From Trump Media's firm accumulation of Bitcoin to BitMine's massive financing bet on Ethereum, and to MemeStrategy's flexible allocation of Solana, the end of 2025 presents us with a complete blueprint for institutional crypto allocation. It is no longer about guessing the next hundredfold coin, but about how to reconstruct the risk, return, and future narrative of corporate balance sheets in the digital age. Treasury formation is the endpoint of this transformation and the starting point of a new chapter.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
