When Taiwan's Da Feng Electric completed its historic first purchase of Bitcoin, and SharpLink's ETH treasury strategy brought in a quarterly profit of $104.3 million, yesterday global publicly listed companies' cryptocurrency treasury strategies delivered impressive results, transitioning from initial attempts to a phase of scaled returns.
- Taiwan Breakthrough: Da Feng Electric's Compliance Exploration Path
Da Feng Electric (TWSE:6184) has a milestone significance in its first purchase practice:
On November 11, it completed the purchase of 1 Bitcoin, becoming the first publicly listed company in Taiwan to include Bitcoin in its long-term strategic reserves.
It adopted a phased implementation strategy, with this purchase being an initial experiment aimed at validating internal systems, operational processes, and custody mechanisms.
It chose Anchorage Digital Bank, regulated by the U.S. OCC, as its custodian, highlighting its emphasis on compliance and asset security.
As early as August 13, the company's board of directors passed a resolution to establish a "Digital Asset Committee," chaired by director Dai Yonghui, to prepare the system for this purchase.
- ETH Treasury Model: SharpLink's Strategic Harvest
SharpLink Gaming (NASDAQ:SBET) verified the effectiveness of its ETH treasury strategy in its [Q3 financial report]:
Profit Reversal: Net profit reached approximately $104.3 million (earnings per share of $0.62), a significant turnaround from a net loss of $885,000 in the same period last year.
Revenue Surge: Total revenue was approximately $10.8 million, a year-on-year increase of over 1100%, which the company attributed to its actively managed ETH treasury strategy.
Position Growth: As of September 30, it held approximately 817,700 ETH, which increased to 861,300 ETH by November 9, with a total value of approximately $3 billion in cryptocurrency assets.
Yield Optimization: [Announced deployment of $200 million in ETH holdings through ether.fi](http://announced deployment of $200 million in ETH holdings through ether.fi) and EigenCloud on Consensys's Linea platform for higher returns.
- Bitcoin Treasury: Metaplanet's Steady Growth
Metaplanet (TSE:3350) showcased the supporting role of its Bitcoin treasury in its "Q3 performance":
Strong Sales: Sales reached 24.01 billion yen, a year-on-year increase of 94%; operating profit was 13.39 billion yen, up 64%.
Significant Net Asset Growth: Net assets grew to 532.9 billion yen, an increase of 165%.
Strategic Resolve: Despite facing market volatility, the company emphasized that "the Bitcoin treasury business is progressing steadily as planned and is not reliant on short-term price fluctuations."
Trend Insights: The Triple Value of Treasury Strategies
Direct Financial Value:
SharpLink's case proves that cryptocurrency treasury strategies can directly contribute to the income statement, evolving from "narrative" to "performance driver."
Continuous Regional Expansion:
From the U.S. and Japan to Taiwan, the trend of publicly listed companies allocating cryptocurrency assets is spreading globally, with Da Feng Electric providing a reference compliance path for more SMEs in the Asia-Pacific region.
Strategy Refinement:
From simple "buy and hold" to obtaining additional returns through DeFi platforms (such as SharpLink's Linea deployment), institutional operations are becoming increasingly professional and sophisticated.
It is noteworthy that while advancing its cryptocurrency strategy, SharpLink's board also authorized a stock repurchase plan of up to $1.5 billion, having repurchased 1.938 million shares (costing $31.6 million) as of September 30, demonstrating its multidimensional considerations in capital allocation.
From Da Feng Electric's breakthrough first purchase in Taiwan to SharpLink achieving over $100 million in quarterly profits through its ETH treasury, publicly listed companies' cryptocurrency treasury strategies are showing a clear value transmission path—from reserve assets on the balance sheet to tangible contributions on the income statement, marking the growing maturity and centrality of cryptocurrency assets in corporate treasury roles.
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