Author: Conflux
For the first time, Bitcoin has entered the capital structure of a publicly listed company as a "contribution asset."
On February 4, Nasdaq-listed insurance brokerage Tianruixiang Holdings announced that an undisclosed investor will contribute 15,000 Bitcoins in exchange for equity in the company. Based on Bitcoin's price of approximately $75,000 at the time, the nominal value of this contribution is about $1.1 billion.
The announcement did not disclose specific details, but it has achieved a historic breakthrough: Bitcoin has, for the first time, entered the equity structure of a Nasdaq-listed company as a "contribution asset."
This is not buying an ETF, not holding BTC, and not issuing bonds to buy coins. This is a direct exchange of Bitcoin for equity in a publicly listed company.
The Era of Bitcoin Treasury
In the past two years, a profound change has been occurring: Bitcoin is systematically entering the balance sheets of publicly listed companies.
Take Strategy as an example; it has completely transformed the operational logic of traditional public companies. It no longer relies on selling software for profit but has become a financial machine: continuously issuing stocks, convertible bonds, etc., converting financing into Bitcoin.
Legally, it is a Nasdaq-listed company;
Financially, it resembles a "Bitcoin asset amplifier";
In the capital market, it has become a Bitcoin channel that does not require an ETF and is directly tradable.
Japan's Metaplanet, America's Twenty One Capital, and Bitcoin Standard Treasury are all following the same path as Strategy.
These companies have formed a new species—Bitcoin Treasury Companies.
The Bitcoin Camp of Public Companies
As of now, the publicly listed companies holding the most Bitcoin globally have formed a large camp:
- Strategy (formerly MicroStrategy): over 710,000 Bitcoins
- Large mining companies like MARA, Riot, Hut 8, etc.
- Trading platforms like Coinbase, Bullish, etc.
- Bitcoin treasury companies like Twenty One Capital, Metaplanet, Bitcoin Standard Treasury, etc.
- Even tech and payment companies like Tesla and Block
These companies share a common trait: they have transformed Bitcoin from an investment asset into a part of the company's capital structure.
The transaction of 15,000 Bitcoins by Tianruixiang represents a leap in this developmental direction.
The "Reverse Merger" of Crypto Assets
If the transaction is completed, Tianruixiang will hold 15,000 Bitcoins, surpassing the American crypto exchange Coinbase, becoming the eighth largest Bitcoin treasury company in the world.
However, its distinction from Strategy, mining companies, and exchanges lies in the fact that it is not "buying Bitcoin with fiat currency," but rather using Bitcoin to "acquire a shell of a Nasdaq-listed company."
In this structure, the transaction no longer appears to be an investment but rather resembles a reverse merger of crypto assets into the traditional capital market.
Bitcoin is no longer just "held" by companies; it is beginning to be used to reconstruct ownership itself.
From Strategy's over 700,000 Bitcoins to mining companies, exchanges, treasury companies, and now directly exchanging Bitcoin for equity in publicly listed companies, a clear path has emerged: Bitcoin is reconstructing the "network of public companies."
When this system becomes large enough, Bitcoin will no longer be just a "crypto asset," but will transform into a financial infrastructure embedded within the global system.
When enough publicly listed companies use Bitcoin as the foundational layer of capital and ownership, Bitcoin will no longer be just a "crypto asset," but will become a financial infrastructure embedded within the global capital system.
*This content is for reference only and does not constitute investment advice. The market has risks; investment should be cautious.
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