Introduction: Under Geopolitical Pressure, Institutional Accumulation Actions Have Not Stopped

On April 12, 2026, at the moment when BTC plummeted from $73,668 to $71,500 due to the Hormuz blockade, no major publicly listed company's digital asset treasury disclosed any announcements of reducing holdings. This detail itself is a signal: In the eyes of current institutional accumulators, the price fluctuations triggered by geopolitical events do not constitute a reason to change long-term strategies; at most, it is a window for adjusting the cost basis.

1. The Hierarchical Pattern of BTC Treasuries: Strategy Alone, Metaplanet Catching Up, New Entrants Diverging

The global arena of Bitcoin treasuries currently presents a clear three-tier structure.

First Tier — Absolute Dominance: Strategy controls about 76% of the global listed company BTC holdings with 766,970 BTC. Its funding source is shifting from convertible bonds to a preferred stock system centered on STRC. As of April 5, the STRC ATM balance still has $22.64 billion, which means its purchasing power is unconstrained by capital for a considerable time — the only constraint is the BTC price itself.

Second Tier — Active Pursuers: Twenty One Capital (43,514 BTC) and Metaplanet (40,177 BTC) form the second tier. Metaplanet’s path is particularly noteworthy: starting with less than 100 BTC in April 2024, it accumulated to 40,177 BTC over two years, and despite the BTC average price being $104,106, significantly higher than the current market price, it still insists on a target of 100,000 BTC by the end of 2026 — this is an extreme long-termism that uses "averaging down" as its core logic.

Third Tier — Structural Innovators: Strive’s "BTC Direct Holding + STRC Allocation" dual structure represents a new generation of accumulation logic. By holding STRC, Strive essentially borrows Strategy’s BTC accumulation ability at a fixed dividend cost, tying its balance sheet to a larger-scale BTC purchasing flywheel — this is a form of subordinate leverage, but also a subordinate risk exposure.

2. The Yield Advantage of ETH Treasuries: Core Differentiation Logic of Bitmine and SharpLink

If the logic of BTC treasuries is "the supply scarcity of digital gold," then the logic of ETH treasuries is closer to "the cash flow discounting of productive assets."

Bitmine’s MAVAN platform officially launched on March 25, generating approximately $266 million in annualized staking returns from its 3.143 million staked ETH, corresponding to an annualized staking rate of about 2.80%. This means that even if the ETH price fluctuates in the $2,200 range, Bitmine still obtains predictable incremental ETH through network-level validation activities — which creates an essential difference from BTC holders' "zero return waiting" when BTC does not rise.

SharpLink goes a step further by deploying ETH on the Linea network's multi-layer yield structure (native staking + re-staking rewards + DeFi incentives), creating a "compliant ETH yield product" for institutions. This narrative targets institutional investors who wish to gain ETH exposure within their securities accounts while enjoying compliant staking yields, rather than retail investors.

3. Macroeconomic Disturbances and Accumulation Rhythm: The Real Impact of the Hormuz Ceasefire Breakdown

The direct impact of the breakdown in US-Iran negotiations on publicly listed companies' digital asset treasuries is more reflected in capital market financing costs rather than accumulation willingness. When the BTC price declines, companies that mainly use ATM (at-the-money issuance) as a financing tool face dual pressure: the same financing amount but reduced BTC purchasing quantity; meanwhile, if stock prices decline with BTC, the financing efficiency of ATM will also decrease.

For Strategy, when BTC is at $71,500, the BTC it can purchase for every $100 million STRC or MSTR stock issued through ATM is about 6% less than when BTC is at $76,000. This marginal effect puts pressure on its "BTC yield rate" indicator in the short term.

But the key counterfactual is: Among all major BTC/ETH treasury publicly listed companies, currently none have triggered a reduction in holdings during this round of geopolitical disturbances. This to some extent verifies the "institutional accumulation resilience" — at least in this price range, the losses of existing entrants have not reached the threshold to trigger forced deleveraging.

In April 2026, the pattern of digital asset treasuries among global publicly listed companies is no longer a question of "whether to enter," but rather "in what structure to enter and what yield logic to support valuation." The narratives of BTC scarcity and ETH yield logic are being practiced simultaneously by different types of companies with varying balance sheet strategies. The breakdown of the ceasefire creates short-term price pressure, but it did not alter these companies' entry logic — the real stress test will be revealed when BTC can break through the average price line of $75,644.

Data Source:https://bbx.com/ Crypto concept stock information library, based on announcements from publicly listed companies globally from April 6-12, 2026, SEC 8-K disclosure documents, and company official releases.

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。