The success of publicly listed companies in the field of crypto assets will depend on their ability to move beyond short-term speculation.

Written by: Sanqing

I. Introduction

Digital assets, particularly Bitcoin and Ethereum, are no longer marginalized investment products but have gradually evolved into a force that cannot be ignored. In 2024, Bitcoin's performance was particularly outstanding, with a return rate exceeding 113%, significantly surpassing all major traditional asset classes, which further attracted widespread attention from institutional investors.

Currently, the total value of global investment assets has exceeded $200 trillion, with cryptocurrencies accounting for about 1.5%. This growth trend presents new opportunities for businesses, while also accompanying unprecedented challenges. This article will analyze the different strategies, practices, and potential risks of publicly listed companies in the crypto asset field from three dimensions in Go: "basic moves," "brilliant moves," and "common moves."

II. "Basic Moves": Robust Crypto Asset Allocation and Operations

Characteristics: Risk Control as the Core

Publicly listed companies employing a "basic moves" strategy typically view crypto assets as an alternative reserve asset, aiming to diversify the risk of traditional currency depreciation or as a natural extension of their existing business. Their characteristics include a relatively controllable investment scale, logical relevance to the company's main business, and a focus on compliance and transparency. These companies usually do not regard crypto asset investment as their primary source of profit but rather as a tool for financial management or business support.

The adoption of Bitcoin as a treasury asset by non-crypto companies highlights the growing acceptance of Bitcoin as a legitimate store of value (similar to digital gold) on corporate balance sheets. This move signifies a shift in corporate interest in digital assets from pure speculation to a more institutional and long-term perspective.

Traditionally, corporate treasury departments primarily held cash and cash equivalents to ensure liquidity and stability. However, some companies have begun to hold reserves in multiple currencies, and some have explicitly designated Bitcoin as their "primary treasury reserve asset," viewing it as a "substitute for traditional cash reserves." A non-crypto company making such a strategic decision aligns closely with the value proposition of "digital gold," indicating that institutions increasingly believe Bitcoin can hedge against inflation and economic uncertainty, thus transcending pure speculative assets to become part of corporate treasury management.

Case Study: Bitcoin as a Reserve Asset

Tesla: Cautious Attempts and Adjustments

In February 2021, Tesla boldly announced the purchase of approximately 42,902 Bitcoins, valued at about $1.5 billion, aiming to "maximize cash returns." This move was seen as a significant recognition of cryptocurrency by the tech giant, driving up Bitcoin's price.

However, Tesla's strategy was not static; its adaptability is a key feature of the "basic moves" strategy. In May 2021, the company paused accepting Bitcoin payments due to concerns over the energy consumption of Bitcoin mining, and in July 2022, it sold 75% of its Bitcoin holdings, reducing its reserves to 10,725 Bitcoins. Despite the large-scale sale, the remaining Bitcoin holdings still achieved significant profits during the market upswing, valued at over $1 billion by the end of 2024, reporting a profit of $495 million.

This pragmatic adjustment based on external factors (such as environmental issues related to Bitcoin mining) after an initial bold investment, while willing to divest most assets while retaining strategic holdings, reflects the importance of flexibility, responsiveness to stakeholder concerns, and disciplined profit realization when managing highly volatile assets. This approach distinguishes it from blind, speculative gambling.

In contrast, pure speculation may disregard external factors and double down on investments or completely abandon assets in times of loss. Tesla's decision to sell off most of its holdings due to environmental issues while retaining core profitable holdings demonstrates a meticulous and responsible approach, prioritizing long-term brand value and risk management over pure, unrestrained speculation. This thoughtful response, even after an initially bold entry, embodies the essence of the "basic moves" strategy.

Semler Scientific: Exploring Alternative Cash Reserves

Healthcare company Semler Scientific announced last May that it adopted Bitcoin as its primary reserve asset, initially acquiring 581 Bitcoins for $40 million. Since then, the company has continued to increase its holdings, and as of the latest announcement, it holds 3,192 Bitcoins at a total cost of $280.4 million, with an average purchase price of $87,854 per Bitcoin. The company's board believes that holding Bitcoin is the best choice for its cash reserves, viewing it as a substitute for traditional cash reserves.

The adoption of Bitcoin as a primary treasury asset by a healthcare company marks a broader, cross-industry validation of Bitcoin's potential role in corporate treasury management. This extends the narrative of "hedging against inflation" and "digital gold" beyond the tech and crypto-native sectors, indicating that macroeconomic concerns and the search for alternative value storage assets are driving more diversified publicly listed companies to consider incorporating Bitcoin into their balance sheets.

For a non-tech or crypto industry company, designating Bitcoin as a "primary treasury reserve asset" represents a significant breakthrough in traditional treasury management. This decision signifies the company's deep belief in Bitcoin's long-term value proposition as a hedge against inflation and economic uncertainty, rather than short-term speculation. It indicates that the "basic moves" strategy of treasury diversification is evolving to include non-traditional assets, based on a mature assessment of macroeconomic risks.

Case Study: Core Business Integration of Crypto-Native Enterprises

Coinbase: Long-Term Holding and Ecosystem Support

As one of the largest cryptocurrency exchanges, Coinbase has held Bitcoin and other cryptocurrencies since its establishment in 2012, viewing them as long-term holding assets to support the crypto economy and ecosystem. In 2021, Coinbase updated its investment strategy, committing to invest $500 million in cash and cash equivalents into a diversified crypto asset portfolio and allocating 10% of its quarterly net income to that portfolio.

Coinbase's strategy of holding a diversified crypto asset portfolio and allocating a portion of its net income to that portfolio reflects a "stakeholder" approach. By directly linking its financial interests to the growth and stability of the crypto economy it serves, Coinbase enhances investor confidence and demonstrates a deep commitment to the digital asset space. This is not just treasury management; it is a strategic investment in the market it promotes, solidifying its reputation as a crypto-native entity.

For a crypto exchange, holding crypto assets is an obvious "basic move." However, the commitment to allocate a certain percentage of net income to the portfolio and to hold a diversified investment portfolio (not just Bitcoin) indicates a deeper strategic alignment with the entire crypto ecosystem. This proactive investment in the assets it trades and the ecosystem it supports goes beyond basic financial management; it is a strategic initiative to build trust, demonstrate long-term belief, and directly benefit from the overall health and growth of the crypto economy.

Block: Strategic Vision and Integration of Digital Payments

Block (formerly Square) holds 8,038 Bitcoins, and its investment aligns closely with the company's expansion vision in digital payments and fintech. CEO Jack Dorsey believes Bitcoin will become the native currency of the internet, and the company views its investment as a tool for "economic empowerment" while supporting Bitcoin development.

Block's Bitcoin holdings are not just about treasury diversification; they are a direct reflection of its CEO's strategic vision for the future of digital payments and the internet.

This indicates that "basic moves" can be deeply integrated into a company's long-term strategic narrative, transcending simple financial management to become a core component of its identity and future direction. It is a foundational initiative that reinforces the company's mission and aligns its financial assets with its technological and ideological commitments. Unlike many companies that view cryptocurrencies as independent investments, Block's strategy is explicitly linked to its fundamental belief in Bitcoin as "the native currency of the internet." This elevates its crypto holdings from mere financial assets to strategic assets that support its business development, product innovation, and long-term market positioning. The deep integration of this treasury strategy with the company's vision is a hallmark of well-executed "basic moves."

III. "Brilliant Moves": Innovative Crypto Asset Financing and Growth Strategies

Characteristics: Empowering Corporate Value through Crypto Assets

The "brilliant moves" strategy goes beyond simple asset holding; it deeply integrates crypto assets into the company's capital structure, business model, or growth engine, aiming to create new value streams or significantly enhance the competitiveness of existing businesses. Its core lies in cleverly transforming the characteristics of crypto assets (such as decentralization and programmability) into unique competitive advantages for the enterprise through financial engineering or business innovation. These strategies often require high levels of expertise, forward-thinking, and precise risk management.

Case Study: MicroStrategy's "Bitcoin Standard" and Capital Stack

Multi-Layered Financing Mechanism and Bitcoin Accumulation

Under the leadership of Michael Saylor, MicroStrategy (now Strategy) shifted its core business from enterprise analytics software to a Bitcoin-centric strategy in 2020, becoming the world's largest corporate holder of Bitcoin. Its true innovation lies in its "capital stack" financing model, which efficiently converts fiat capital into Bitcoin exposure through the issuance of convertible notes, different classes of preferred stock (Strife Preferred Stock, Strike Preferred Stock, Stride Preferred Stock), and common stock, all while maintaining control and avoiding significant dilution of shareholder value.

MicroStrategy's "brilliant moves" are not just about purchasing Bitcoin but also about how it funds these purchases. Its multi-layered capital stack is a complex financial innovation that allows it to leverage the risk preferences of different investors, effectively creating Bitcoin-backed "synthetic bonds." This transforms a simple treasury strategy into a complex financial product, distinguishing it from mere Bitcoin accumulation and creating a unique market position. This depth of financial engineering provides a competitive advantage that is difficult for other companies to replicate unless they possess similar expertise and market trust.

Specifically, convertible notes offer low risk and potential returns adjacent to Bitcoin, attracting institutional debt investors; Strife preferred stock mimics high-grade fixed income, appealing to conservative investors; Strike preferred stock combines fixed income with equity upside potential; Stride preferred stock serves as a subordinated capital buffer, attracting yield-seeking investors; and common stock targets belief-driven investors who are bullish on Bitcoin. As of May 2025, Strategy has accumulated 580,250 Bitcoins through equity and debt financing as well as operational cash flow.

Investor Appeal and Market Positioning

MicroStrategy's strategy has made its stock a leveraged bet on Bitcoin, attracting investors seeking exposure to cryptocurrency but wishing to invest through a regulated public company. Michael Saylor's goal is to challenge the trillion-dollar global bond market by issuing Bitcoin-related yield instruments to absorb the demand for different capital.

MicroStrategy has effectively created a new type of investment tool: a publicly traded proxy with direct Bitcoin exposure, but its capital structure is meticulously designed to attract a broader range of institutional investors than direct cryptocurrency ownership or traditional Bitcoin ETFs. This expands the investable capital interested in cryptocurrencies, providing diversified risk allocation within a single corporate entity. Although Bitcoin ETFs already exist, MicroStrategy offers a different option.

By building its balance sheet around Bitcoin and issuing various debt/equity instruments, it allows investors to gain Bitcoin exposure according to different risk preferences, potentially attracting those who are unable or unwilling to invest directly in cryptocurrencies or through traditional ETFs due to regulatory or internal authorization constraints. This strategic market positioning creates a unique niche market and attracts capital that might otherwise be hesitant to enter the crypto market.

Case Study: SharpLink Gaming's Ethereum Strategic Layout

Imitation and Innovation: Financing Model and Business Expansion

Sports betting platform SharpLink Gaming announced an ambitious plan to invest $1 billion in purchasing Ethereum, inspired by Michael Saylor's Bitcoin strategy. The plan involves raising funds through the issuance of up to $1 billion in common stock to purchase Ethereum, with Ethereum co-founder Joseph Lubin serving as chairman of the board, adding credibility and expertise to the investment.

SharpLink Gaming's adoption of a strategy similar to MicroStrategy's for Ethereum indicates that Saylor's "brilliant moves" are becoming a replicable model for other cryptocurrencies beyond Bitcoin. This signals a trend where companies will adopt similar capital raising and treasury strategies for other major digital assets, expanding corporate participation in cryptocurrencies beyond Bitcoin and reflecting growing confidence in the broader digital asset ecosystem. MicroStrategy has pioneered the "Bitcoin standard."

Applying a similar model to Ethereum is a broader validation of this strategic approach. The involvement of Ethereum co-founder Joseph Lubin further legitimizes this "altcoin" adaptability, indicating that "brilliant moves" are not limited to Bitcoin but can also be applied to other foundational blockchain assets with strong ecosystems and clear use cases (such as smart contracts and dApps). This signifies a strategic evolution from a single asset focus to a multi-asset digital treasury strategy.

Market Response and Potential Impact

SharpLink Gaming's announcement generated significant market interest and positive reactions, with its stock price soaring over 400%, including a 24.75% increase on June 3, 2025, alone. This indicates that the market is confident in its bold financial strategy and intention to lead an Ethereum treasury initiative. Investing in Ethereum is not just a financial decision but a strategic one aimed at leveraging Ethereum's blockchain technology (smart contracts, dApps) to enhance services and maintain competitiveness in the rapidly changing tech industry.

The positive market response to SharpLink Gaming's announcement suggests that investors are increasingly inclined to reward companies that clearly articulate their reasons for participating in cryptocurrencies, especially when such participation is integrated with core business and driven by trusted leadership. This transcends mere "cryptocurrency speculation" and transforms into recognition of the long-term value created through blockchain technology, marking a maturation of investor understanding in the field.

The surge in stock price is not solely due to the purchase of Ethereum; it is also because the company intends to utilize Ethereum technology to develop dApps and smart contracts to enhance its sports betting platform strategically. This indicates that the market is beginning to differentiate between speculative cryptocurrency investments and those with clear, technology-driven business integration strategies, thereby reinforcing the concept of "brilliant moves." The involvement of well-known figures in the blockchain space, such as Joseph Lubin, also adds confidence and legitimacy for investors.

Risk and Return Trade-offs of Innovative Strategies

While "brilliant moves" hold great potential, they also come with high risks. MicroStrategy's strategy closely ties its stock price to Bitcoin, exposing it to significant market volatility risks. Analysts point out that not all companies can successfully replicate MicroStrategy's strategy, as its advantages lie in financial innovation rather than simple imitation. A straightforward copycat approach may lead to "common moves" consequences due to a lack of deep understanding of their own risk tolerance and market conditions.

Despite MicroStrategy showcasing "brilliant moves," the question remains whether other "Bitcoin treasury companies" can establish similar competitive advantages or "economic moats." Without unique financial innovations or deep business integration, merely holding cryptocurrencies—even with clever financing methods—may not sustain or provide long-term differentiation. If companies fail to deeply understand market dynamics and merely pursue asset appreciation, they may ultimately face "common moves" outcomes.

It is difficult to determine which treasury business is more worthy of investment, as none possess economic moats to retain investor capital. This poses a critical challenge for any company attempting to execute "brilliant moves." If the innovation is purely financial and easily replicable, or if its core business does not support such innovation (as shown by MicroStrategy's core business), then "brilliant moves" will quickly evolve into "common moves," as the company becomes overly reliant on the volatile crypto market.

IV. "Common Moves": Blind Following and Failed Crypto Asset Attempts

Characteristics: Speculative Behavior Lacking Strategic Depth

The "common moves" strategy typically manifests as blind chasing of market trends, lacking a deep understanding of the nature, risks, and alignment of crypto assets with their own business. These attempts often aim for short-term speculation, failing to establish sustainable business models, ultimately leading to financial losses, reputational damage, and even regulatory penalties or bankruptcy. At its core are irrational decision-making, rough execution, and underestimation of risks.

Many "common moves" cases are characterized by companies entering the cryptocurrency space during market hype peaks, driven by FOMO and a desire for quick returns rather than fundamental analysis or long-term strategy. This often leads to investments at inflated prices and significant losses during inevitable market corrections, indicating a failure to apply prudent investment principles to emerging asset classes, such as SoftBank's Masayoshi Son investing in Bitcoin near its historical peak. Individual investors are more likely to be swayed by market frenzy, leading to poorly timed or poorly conceived investments. This behavior is a direct cause of "common moves" outcomes, as it prioritizes speculative gains over sound strategic planning and risk management.

Case Study: The Pitfalls of Trend-Chasing and Concept Speculation

Meitu: Investment Losses and Core Business Struggles

Meitu announced in 2021 that it had purchased Bitcoin and Ethereum for approximately $100 million (about 670 million RMB), becoming one of the first Hong Kong-listed companies to "speculate" in cryptocurrencies. This strategy was seen as a signal of its entry into the Web3 and blockchain space, and its stock price surged over 14% in the short term. However, with the severe volatility in the cryptocurrency market, Meitu faced asset impairment in the first half of 2022, with floating losses reaching 275 million to 350 million RMB.

Although Ethereum's floating gains temporarily covered Bitcoin's floating losses, the overall value had evaporated by 80% compared to its peak. Coupled with sluggish core business development and user attrition in Meitu Xiuxiu, the company faced severe challenges overall. At that time, the external perception was that Meitu's strategy to seek new growth points through digital assets had not succeeded, but rather exacerbated financial risks.

As the crypto market gradually warmed up, Meitu ultimately chose to sell all its crypto assets by the end of 2024, achieving a cumulative net gain of approximately 571 million RMB, successfully "exiting." Although this operation ultimately yielded profits, its CEO admitted that if given the chance to choose again, he would prefer to invest in innovative projects related to the core business, as the management costs and uncertainties brought by price fluctuations were too high. The case of Meitu reveals that when companies face bottlenecks in their core business, blindly betting on high-risk assets may yield short-term profits, but such speculative behavior lacking strategic depth and deviating from core business is a typical manifestation of "common moves."

GameStop: Speculative Attempts Amid Transformation Challenges

In March 2025, GameStop's board hastily revised its investment policy to include Bitcoin as an allowable asset and raised $1.3 billion to $1.5 billion through zero-coupon convertible bonds, claiming that "all funds could be used for purchasing Bitcoin depending on market conditions." Just two months later, the company announced its first purchase of 4,710 Bitcoins at a total cost of approximately $510 million, accounting for 11% of its cash reserves at the end of fiscal year 2024. Stimulated by the narrative of "following MicroStrategy," GME's stock surged 7% in pre-market trading but closed down 10%—a typical example of hot sentiment rising and then falling, indicating a lack of long-term confidence in this "gamble-like transformation."

To fund this Bitcoin purchase, GameStop had already increased its outstanding shares to 395 million through ATM and placement, a year-on-year surge of 29%; if all 0% convertible bonds were converted into shares, the equity would be further diluted by over 10%. Meanwhile, its fiscal year 2024 revenue fell from $5.27 billion the previous year to $3.82 billion, with its physical retail core business continuing to shrink. In the absence of stable cash flow and with ongoing equity dilution, GameStop placed its core growth bet on the highly volatile Bitcoin, which, rather than being a digital strategy, was more of a "FOMO-driven" short-term speculation.

Due to insufficient strategic depth and rough risk management, this move became a "common moves" case: Bitcoin price corrections could lead the company not only to struggle to achieve long-term profits but also to accelerate fundamental deterioration due to equity dilution and debt leverage, triggering severe stock price fluctuations and posing significant challenges to its "gamble-like transformation."

"Common Moves" Are More Susceptible to the General Risks and Challenges of Crypto Asset Investment

Valuation Bubbles and Asset Turnover

The cryptocurrency market exhibits significant characteristics of "asset turnover," where prices are determined by marginal trading, and multiplying by the quantity of crypto assets yields the market value of those assets.

However, this market value contains "virtual" components that will be discounted when converting to fiat currency. This is especially true for those crypto assets with low secondary market liquidity, small circulating supply, or prices that are easily manipulated. From the perspective of the real economy, the sources of returns in the crypto asset market differ from those in mainstream financial markets, which are fundamentally tied to production and operational activities in the real economy.

When market pricing fully reflects investor expectations, asset prices often face adjustment pressures. The cryptocurrency market is heavily influenced by market sentiment, with positive sentiment typically driving prices up, while negative sentiment may lead to sell-offs. This sentiment-driven behavior results in unpredictable price fluctuations of cryptocurrencies relative to stock indices.

Lack of Regulation and Market Vulnerability

A significant risk in the crypto asset market is its lack of regulation and safety nets. Currently, regulated crypto asset activities account for only a small portion of the entire market, with most activities undertaking risks without restrictions, such as CEX offering leverage trading of over 100 times, which is unimaginable in mainstream financial markets.

When a crisis occurs in the cryptocurrency market, whether it be a significant price drop, massive losses for investors, or centralized institutions facing runs and nearing bankruptcy, there will be no support from government safety net measures. The crisis management in the cryptocurrency market largely has to proceed spontaneously and chaotically, leading to irreversible harm for some investors and institutions.

The cross-sector and cross-border characteristics of cryptocurrency assets reduce the effectiveness of uncoordinated regulatory measures taken by various countries. International organizations like the IMF have called for cryptocurrency service providers to obtain licenses, registrations, and authorizations, and to impose additional prudential requirements on entities performing multiple functions to address conflicts of interest. The lack of unified accounting standards has also led to heterogeneity in financial reporting practices, which may affect analysts' views on companies' cryptocurrency holdings and increase information asymmetry.

Information Asymmetry and Investor Sentiment

The amount of cryptocurrency holdings is significantly correlated with the errors and dispersion in analysts' earnings forecasts, and the dispersion suggested by analysts is also positively correlated with cryptocurrency holdings. This indicates that cryptocurrency assets add complexity to analysts' decision-making, increasing information asymmetry. In the absence of consistent accounting standards, analysts find it difficult to accurately assess the impact of cryptocurrency holdings on a company's financial performance.

Investors tend to have similar investment strategies, positions, algorithms, and sentiments, leading to coordinated actions during market turbulence, which further amplifies market volatility, especially the herd effect among retail investors.

This sentiment transmission mechanism, combined with the inherent interconnected channels of the cryptocurrency market, allows risks to be rapidly transmitted. For example, when a particular DeFi project encounters issues, similar projects may also suffer from runs due to user skepticism about their sustainability, even without direct balance sheet connections.

V. Conclusion

The exploration of cryptocurrency assets by publicly listed companies resembles a game of Go, featuring robust "basic moves," intricate "brilliant moves," and erroneous "common moves." Successful enterprises can integrate digital assets into their core strategies, prudently manage risks, and actively adapt to the ever-changing regulatory environment.

The success of publicly listed companies in the cryptocurrency field will depend on their ability to transcend short-term speculation, viewing digital assets as long-term strategic assets, and integrating them with the core value creation of the enterprise. This means a deep understanding of the potential of blockchain technology and the crypto economy, rather than merely focusing on the short-term fluctuations of token prices. For companies, the true "brilliant move" lies in the ability to foresee and shape the future of the digital economy, using cryptocurrency assets as tools to achieve this vision, rather than merely engaging in numerical games on financial statements.

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