When SharpLink Gaming invested $75 million to increase its ETH holdings, and Cube Exchange planned to build a $500 million SOL reserve, last week, the total investment and financing amount of global listed companies in the field of crypto assets and blockchain exceeded $1.2 billion in a single week. Institutional allocation has shifted from simple asset holding to complex ecological participation and yield strategies.

1. ETH Treasury: The Absolute Main Force of Institutional Allocation

SharpLink Gaming (NASDAQ:SBET) leads the market with its large-scale increase:

• Acquired 19,271 ETH at an average price of $3,892, with a new investment of approximately $75 million.
• Total holdings increased to 859,853 ETH, valued at about $3.5 billion, continuing to solidify its position as the largest institutional ETH holder globally.
• Expanded ETH yield through staking and reinvestment, building a "holding + yield" dual-driven model.

Global follow-up actions:

• Quantum Solutions (TSE:2338) purchased 2,000 ETH through its Hong Kong subsidiary, with an investment of approximately $7.85 million.
• Haotian International Investment Group (HKEX:01341) acquired 646 ETH, with an investment of approximately $2.71 million.
• FG Nexus (NASDAQ:FGNX) plans to sell its Quebec property to raise about $8 million for stock buybacks and continued increases in ETH treasury.

1. BTC Holdings: Continuous Accumulation Under a Steady Strategy

Global companies steadily increase their holdings:

• Capital B (OTC:CPTLF) increased its holdings by 6 BTC, bringing total holdings to 2,818 BTC.
• The Smarter Web Company (AQUIS:SWC) increased its holdings by 10 BTC, bringing total holdings to 2,660 BTC.
• RSXYZ Public Company (SET:XYZ) purchased 21.97 BTC, investing $2.45 million.
• B HODL (AQUIS:HODL) increased its holdings by 6 BTC, with total holdings at 148 BTC.

Innovative yield models:

• Jiuzi New Energy (NASDAQ:JZXN) reached a strategic cooperation with BitFi, with the initial investment of crypto assets connecting to its Bitcoin staking yield pool.

1. Financialization of Public Chains: Strategic Upgrade of SOL Reserves

Significant merger of Mercer Park Opportunities Corp. (TSX:SPAC.U):

• Signed a definitive business combination agreement with Cube Group, Inc., valued at approximately $300 million.
• The merged company will operate under the name Cube Exchange Inc.
• Plans to acquire $500 million in Solana reserves before the transaction is completed to enhance liquidity and yield capacity.

Expansion of the BNB ecosystem:

• Applied DNA Sciences (NASDAQ:BNBX) completed a $27 million PIPE financing, with the potential to raise an additional $31 million through warrants.
• This financing includes units of the OBNB trust fund, indirectly holding 10,647 BNB, and additionally purchasing 4,908 BNB.

1. Emerging Tracks: The Rise of AI Computing Power and XRP Ecosystem

AI computing power token layout:

• TAO Synergies (NASDAQ:TAOX) accumulated 54,058 TAO through acquisitions and staking operations.
• Strengthened its leading position in the decentralized AI computing power token field.

Breakthrough in the XRP ecosystem:

• Evernorth (proposed NASDAQ listing) announced plans to merge with Armada Acquisition Corp II (NASDAQ:AACI).
• Expected to raise over $1 billion, creating the world's largest XRP fund pool.
• After the transaction is completed, it will become the publicly listed company holding the most XRP, expected to complete in Q1 2026.

1. Trend Insights: From Asset Allocation to Ecological Participation

Yield strategy upgrade:

• Institutions are shifting from simple holding to complex staking, yield farming, and liquidity provision.
• SharpLink's staking reinvestment and Jiuzi New Energy's participation in the yield pool are typical representatives.

Acceleration of public chain financialization:

• Cube Exchange's $500 million SOL reserve plan marks the transformation of the exchange business model from "trading venue" to "asset reserve + yield generation."

Institutionalization of emerging tracks:

• AI computing power tokens (TAO) and specific ecological tokens (XRP) have received large-scale institutional endorsement, indicating a continuous broadening of allocation scope.

According to data, the proportion of "productive crypto assets" (yield-generating through staking, etc.) in institutional portfolios rose from 15% in the same period last year to 42% in Q3 2025, making yield strategies mainstream.

From SharpLink's $75 million ETH increase to Cube Exchange's $500 million SOL reserve plan, and Evernorth's $1 billion XRP fund pool, the $1.2 billion allocation this week clearly indicates that institutional crypto participation has moved from the primary stage of "what to buy" to the refined operational era of "how to participate in the ecosystem and obtain yields."

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