When Bitmine's Ethereum holdings reached 4.168 million coins, accounting for 3.45% of the circulating supply; as companies like Boyaa, CIMG, and Solidion continued to "sweep the market" at different scales, yesterday's listed company crypto asset allocation presented a clear "layered" trend: leading giants are building monopolistic moats, while the "MicroStrategy-style" treasury model is being replicated and executed by more global listed companies as a standard paradigm.

I. Track Monopoly: How Bitmine Constructs an Absolute Moat for ETH

Bitmine Immersion Technologies (NYSE:BMNR) disclosed data at its annual shareholder meeting, marking its entry into the ranks of "track dominators":

• Scale Dominance: Holding 4.168 million ETH not only makes it the largest listed company ETH holder globally, but more importantly, its 3.45% share of the circulating supply grants it significant influence over network governance and staking rewards.

• Technical Barriers: Announced the upcoming launch of the MAVAN self-operated staking network. This means Bitmine is no longer satisfied with staking through third parties like Lido, but is establishing its own validation node network, aiming to capture all staking rewards and further strengthen its control over the Ethereum network.

• Capital Barriers: The shareholder meeting approved a proposal for a capital increase, reserving ammunition for further expanding holdings or investing in infrastructure. Its combination of "holding scale + self-operated infrastructure + capital channels" has set a very high entry barrier for new competitors.

II. Model Replication: From Hong Kong Stocks to U.S. Stocks, the MicroStrategy Paradigm Becomes Standard Practice

Recent dynamics show that the "financing/earnings → purchase core crypto assets → enhance balance sheet" model pioneered by MicroStrategy has become a standard operating manual across markets.

Boyaa Interactive (HKSE:0434) with its "business synergy" replication:

• Utilizing surplus funds from Web3 business to increase holdings, purchasing 2,000 ETH and a small amount of BTC. Its defensive structure of "heavy ETH + standard BTC" reflects a tactical allocation of crypto assets based on having a native cash flow business.

CIMG Inc (NASDAQ:IMG) with its "capital operation" replication:

• Utilizing recent financing to complete the first round of positions, purchasing $8 million in BTC, and clearly identifying Bitcoin as a core tool for enhancing net asset value (NAV). This is almost a replica of MicroStrategy's early strategy, marking another standardized Bitcoin treasury company added to Nasdaq.

III. Pricing Anchor Shift: The "Bitcoinization" Experiment of Small-Cap Stocks

Solidion Technology (NASDAQ:STI)'s strategic adjustment has far-reaching signaling significance:

• Increasing the Bitcoin allocation ratio from 40% of quarterly earnings to 60%, currently holding about 150 BTC.

• As an industrial company, its accelerated decision to "Bitcoinize" indicates that crypto assets are no longer just the patent of tech companies, but are becoming a universal tool for various enterprises to optimize asset structures and combat inflation.

• Core Signal: For such small-cap stocks, their stock price fluctuations are showing a strong correlation with the amount of crypto held, making crypto assets one of the core factors in market pricing.

IV. Market Perspective: Three Signals Indicate a New Phase

Recent dynamics have released three clear signals indicating that the institutionalization process of crypto assets has entered deeper waters:

1. Track Monopoly: In core tracks like ETH and BTC, early heavyweights (such as Bitmine for ETH, MicroStrategy for BTC) have established scale barriers and ecological control that are difficult for latecomers to surpass, thanks to capital and first-mover advantages.

2. Model Replication: The "MicroStrategy treasury model" has become a standardized template for global listed companies allocating crypto assets, with companies of different sizes executing this strategy based on their own situations from U.S. stocks to Hong Kong stocks.

3. Pricing Anchor Shift: For many small and mid-cap companies, the value of their held crypto assets is becoming increasingly significant in their total market value, even becoming a core variable driving stock price fluctuations. This forces investors to view these companies through new valuation models.

Data analysis shows that among Nasdaq-listed companies with a market capitalization of less than $500 million, the proportion of companies holding crypto assets has exceeded 15%, and the average correlation coefficient between their stock prices and BTC prices is 0.65.

From the moat built by Bitmine with 4 million ETH, to the faithful replication of the MicroStrategy model by Boyaa and CIMG, to Solidion's gradual "Bitcoinization," the market landscape on January 16 clearly indicates that the institutional allocation of crypto assets has shifted from the debate of "whether to participate" to the strategic deepening phase of "how to participate" and "how to establish advantages in specific tracks." A profound transformation regarding scale, model, and pricing power is underway.

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