When CIMG decisively invested $24.61 million to increase its Bitcoin holdings during the market "cooling period," and when Derlin Holdings spent HK$39.2 million to acquire mining machines to extend into the production material sector, the actions of these two listed companies clearly outline two divergent paths for institutional participation in the Bitcoin ecosystem: directly holding assets through the secondary market or controlling production capacity through investments in upstream mining machines.

1. Treasury Reserve Faction: CIMG's Counter-Cyclical Increase and Liquidity Management

CIMG (NASDAQ: IMG) announced its increase in holdings, showcasing a classic treasury strategy:

• Scale and Cost: Utilizing internal funds of approximately $24.61 million, it purchased 230 Bitcoins, bringing its total holdings to 730 Bitcoins after this increase.

• Market Timing Judgment: The company clearly stated that the current "cooling period" in the digital asset market provides a strategic entry opportunity, reflecting its "counter-cyclical investment" mindset.

• Asset Positioning: Its definition of Bitcoin is as a "liquid asset supporting value storage," emphasizing its reserve and anti-inflation functions on the corporate balance sheet, rather than as a short-term trading target.

1. Production Control Faction: Derlin Holdings' Mining Machine Acquisition and Computing Power Layout

Derlin Holdings (HKEX: 01709) represents a deeper participation model in its mining expansion:

• Acquisition Details: It acquired a total of 4,000 Bitcoin mining machines from three third-party suppliers, at a total cost of approximately HK$39.2 million.

• Business Puzzle: This acquisition is the latest piece in its Bitcoin mining business. The previous acquisition of 2,995 machines from Bitmain has been largely completed, and the transaction for 2,200 machines from Evergreen Wealth Investment is also underway.

• Expected Output: All acquired and in-process mining machines are estimated to yield a total daily Bitcoin output of about 1.71 Bitcoins under current network conditions, translating to approximately 624 Bitcoins annually, showcasing a strategic shift from "buying coins" to "producing coins."

1. Trend Insights: The Evolution of Pathways from Financial Investment to Strategic Deepening

Institutional participation in Bitcoin is evolving from a single balance sheet item to more profound strategic choices:

1. Differentiation of Strategy Proactivity:

• Passive Holding: Companies like CIMG view Bitcoin as a gold-like ultimate reserve, with the core operation being timing and accumulation.

• Active Production: Companies like Derlin Holdings view Bitcoin as a producible product, with the core operation being the deployment of computing power and management operations, leading to a deeper binding and understanding of the industry.

1. Reflection of Risk-Return Preferences:

• Companies choosing to hold coins typically have a relatively concentrated risk preference, believing in the long-term value narrative of Bitcoin itself.

• Companies opting for mining accept more complex risks (operational, technical, regulatory) in exchange for potentially lower but more sustainable cash flows compared to direct coin purchases, as well as higher leveraged returns in a bull market.

1. Significance of Market Cycle Signals:

• Even when market sentiment is relatively tepid, some companies still execute large-scale purchasing and investment plans, which is often seen as a sign of long-term confidence and capital strength, possibly indicating institutional-level "bottom-building" behavior.

Data shows that despite Bitcoin's price retreating from its peak, the acquisition and investment in mining assets by listed companies grew by 15% quarter-on-quarter in Q4 2025, indicating that capital is flowing upstream into the industry.

CIMG's $24.61 million and Derlin Holdings' HK$39.2 million are both invested in the same Bitcoin ecosystem but point to two different futures. The former is a reserve keeper in the digital age, while the latter is a producer in the crypto world. This significant strategic divergence marks the institutionalization process of Bitcoin has moved from the initial stage of "whether to participate" to a new stage of complex decision-making on "how to deeply participate." Whether hoarding coins or mining, capital is voting with real money for the long-term narrative of Bitcoin.

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