When MicroStrategy invested $962.7 million to push its Bitcoin holdings to a new high of 660,000 coins, and when ShunTai Holdings directly used the acquired Filecoin as collateral for mining, last week’s global public companies with over $1 billion in crypto allocations clearly revealed a new trend: crypto assets are completely bidding farewell to the label of mere "investment speculation" and are deeply integrated into corporate treasury management, capital structure, and specific business operations.

1. Bitcoin: The Scale Competition and Strategic Evolution of Treasury Cornerstone

Intense Scale Competition:

• MicroStrategy (MSTR) invested $962.7 million, increasing its holdings by 10,624 BTC at an average price of $90,615, bringing its total holdings to 660,624 coins, continuing to lead the trend with its "balance sheet as a Bitcoin fund" model.

• Twenty One Capital (XXI) disclosed on its first day of listing that it holds over 43,500 BTC, directly entering the global top tier, and announced plans to hold long-term and expand its business lines around it, showcasing the ambitions of a new giant.

• Small and medium-sized companies like Vanadi Coffee continue to increase their holdings, competing for rankings in global holdings, with "thousand-coin club" and "hundred-coin club" becoming new labels of corporate strength.

Refined and Compliant Strategies:

• Hyperscale Data (GPUS) allocated $34 million in cash, clearly planning to continuously expand its holdings through DCA (Dollar Cost Averaging), highlighting a robust strategy in a volatile market.

• ProCap Financial (BRR) raised its holdings to 5,000 coins and explicitly stated that the adjustment aims to optimize capital structure and tax efficiency, with treasury management entering an actuarial phase.

1. Beyond Bitcoin: Multi-Asset Allocation and Business Synergy Implementation

Ethereum: Financing and Reserve Tool:

• Republic Technologies increased its holdings by 742.4 ETH, bringing its total to 1,570.6 ETH, and has extracted a $10 million financing quota specifically for further increasing ETH holdings, indicating its strategy of viewing ETH as a core financing collateral and reserve asset.

Utility Asset Breakthrough:

• ShunTai Holdings (01335.HK) spent approximately $200,000 to acquire 141,734 FIL, clearly designated for collateral needs in Filecoin mining. This is the first time a listed company has explicitly disclosed the allocation of non-BTC/ETH crypto assets for specific business functions (rather than just investment), marking the implementation of "business synergy allocation."

• Lion Group (LGHL) disclosed that its crypto portfolio includes not only BTC but also 194,727 HYPE and 10,820 SOL, showcasing typical exploratory multi-asset allocation characteristics.

1. Market Perspective: The Triple Evolution from "Financial Asset" to "Strategic Component"

2. Target Layering: Leading companies (like MSTR) pursue the ultimate reserve asset status of Bitcoin; growth companies (like Lion Group) explore and allocate multiple assets; pragmatic companies (like ShunTai Holdings) seek synergistic effects with existing businesses.

3. Strategy Tooling: Traditional financial tools and thinking such as DCA investment, tax optimization, and financing collateral are systematically applied to crypto asset management, marking the maturity of management behavior.

4. Asset Utility: Using FIL for mining collateral is a milestone case. In the future, ETH may be used to pay Gas fees, and specific governance tokens may be used to participate in DAOs, making the "utility" of crypto assets an important consideration dimension for corporate allocation, rather than just price expectations.

According to PwC's Q4 2025 Corporate Digital Asset Report, the number of corporate cases combining crypto assets with specific business operations (such as supply chain finance, data storage payments) increased by 150% quarter-on-quarter, with the proportion of "utility investments" significantly rising.

From MicroStrategy defending its Bitcoin empire to ShunTai Holdings using Filecoin to fuel its mining business, this week’s flow of over $1 billion in funds paints a clear picture: the utilization of crypto assets by listed companies is fracturing into multiple specialized battlefields such as scale reserves, financial optimization, and business empowerment. Crypto assets are no longer speculative positions on the edge of balance sheets but have become a high-level component in the multi-dimensional strategies of enterprises.

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