Introduction: Evolution from Single Accumulation of Cryptocurrency to Business Self-Sustainability and Multi-Asset Allocation

On July 30, 2026, as we examine the announcements from yesterday's US stock market and overseas capital markets, the operational logic of cryptocurrency concept stocks has shown a new resilience. In the past, some mining companies, when facing the shift to AI and high-performance computing (HPC), often had to be forced into large-scale selling of their assets; however, today, with Core Scientific aggressively buying back Bitcoin through strong performance growth, and the Japanese capital market beginning to incorporate emerging tokens like HYPE into corporate balance sheets, the integration of cryptocurrency assets and listed entities is entering a new phase of refined operations.

1. Core Scientific's Q2 Turning Point: Explosive Financial Report and Resumption of Holdings

The Q2 financial report disclosed by Core Scientific ($CORZ) yesterday provides a strong answer to its asset allocation during the transformation period.

Previously, the company had experienced passive reductions in Bitcoin holdings to shift resources towards AI and HPC industries. However, the revenue of up to $164.2 million in the second quarter (a year-on-year increase of over 100%) and gross profit of $70 million have provided it with a solid fiat security cushion. The company decisively ended its chip procurement contract with Block at the cost of a $41.9 million loss, and after shedding this burden, directly increased its holdings from 547 to 848 coins (a net increase of 301 BTC). This indicates that mining companies equipped with top-tier computing infrastructure and the self-sustainability capacity of AI businesses are regaining control over their balance sheets.

2. The New Wave of Cryptocurrency in the Japanese Capital Market: Iole Introduces HYPE and SBI Establishes a 3 Billion Yen Fund

In contrast to North American mining companies' meticulous efforts with Bitcoin, Japanese listed entities have shown remarkable foresight in the types of cryptocurrency asset allocation and fund operations.

• Iole's Attempt at Heterogeneous Treasury: Iole, listed on the TSE startup board, officially announced that HYPE would be established as a strategic treasury asset for the company, planning a procurement amount of 100 million yen (with an initial 10 million yen completed, holding 1,078.25 HYPE). This move breaks the tradition of listed companies only considering BTC or ETH as strategic reserves, indicating that innovative tokens with high liquidity and strong ecological application support are gradually being included in public market allocations.

• SBI and Gumi's Compliant Treasury: The well-known gaming company Gumi, in collaboration with financial giant SBI, established "SBI Crypto Fund I" (approximately 3 billion yen), which has introduced traditional institutional capital such as Daiwa Securities. This fund will officially operate on August 1, strictly focusing on BTC and mainstream highly liquid altcoins listed on exchanges, opening compliant entry channels for traditional institutional funds.

3. HeartSciences Promotes DCG Mining Company Reverse Merger: Compliant Reuse of Capital Market Shell Resources

In terms of compliant listing channels, HeartSciences ($HSCS) submitting an initial proxy statement to the SEC marks its merger with DCG's Fortitude Mining Holdings entering a substantial regulatory review stage. This path to rapid listing through mature shell resources is becoming an efficient lever for traditional cryptocurrency giants and their subsidiaries to connect with the US capital market and gain the benefits of public market financing.

The real data from July 29 indicates that the evolution of the cryptocurrency concept stock track is no longer limited to the early-stage one-way capital buy-ins. From mining companies relying on profits from AI transformations to accumulate funds, to innovative allocations of emerging ecological tokens by Japanese listed entities, and the parallel promotion of institutional-grade cryptocurrency funds and reverse mergers, listed entities are establishing a composite structure that possesses both risk resistance capability and excess return capability.

Data Source: https://bbx.com/ Cryptocurrency concept stock information database, organized based on last weekend's global publicly listed company announcements and SEC/TSE disclosure documents.

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