When Bitmine's Ethereum holdings surpassed 4.14 million coins, and Hyperscale Data's Bitcoin treasury was precise to four decimal places, the global cryptocurrency asset allocation of publicly listed companies did not pause yesterday; instead, it exhibited a clear shift from "scale competition" to "refined operations." The treasury strategy for core assets has become a mature and ongoing long-term project on corporate balance sheets.
- ETH Treasury Giant: Bitmine's "Control-Level" Holdings and Revenue Strategy
Bitmine Immersion Technologies (NYSE: BMNR) recently disclosed an extreme case of institutional Ethereum allocation:
Scale Dominance: Holdings reached approximately 4,143,502 ETH. At current prices, its treasury value is worth billions of dollars, and its proportion of the total ETH circulation is no longer negligible.
Strategy Deepening: The company has clearly stated that it continues to expand its treasury through accumulation and staking strategies over the past period. This means it not only holds long-term but also converts massive assets into productive capital through staking to obtain annualized returns, achieving a dual capture of "scale" and "cash flow."
Market Impact: If such a large amount of ETH is mostly in a staked state, it will have a profound impact on the network's security and governance, with Bitmine itself becoming a key cornerstone participant in the Ethereum ecosystem.
- BTC Treasury Sample: Hyperscale Data's Refined Disclosure
Hyperscale Data, Inc. (NYSE: GPUS) showcased another form of Bitcoin treasury through its subsidiary Sentinum, Inc.:
Holdings Details: It cumulatively holds approximately 524.6978 BTC and clearly distinguishes the sources—about 84.4637 coins are from mining output, while 440.2341 coins are purchased from the open market.
Strategic Transparency: This method of separately accounting for "self-mined" and "purchased" assets reflects refined treasury management and provides a basis for assessing its overall costs.
Long-term Commitment: The statement of "continuing to execute its long-term Bitcoin accumulation strategy" mitigates the impact of short-term price fluctuations, emphasizing its nature as a long-term corporate strategy.
- Trend Insights: From "Buy and Hold" to "Refined Operations"
These two developments at the start of 2026, although involving a limited number of companies, are highly representative and reveal a new trend phase:
Operational Depth: The focus of top institutions has shifted from merely "how much to buy" to "how to manage," such as obtaining returns through staking (Bitmine) or optimizing asset source structures (Hyperscale).
Disclosure Professionalization: The disclosure of holding data is becoming increasingly precise and professional, as seen with Hyperscale's precision to four decimal places and differentiation of asset sources, aligning with mature asset management standards.
Strategic Normalization: The expression of "long-term accumulation strategy" indicates that cryptocurrency asset allocation has moved beyond a tentative and topical phase, becoming a stable and planned routine financial operation.
Industry data shows that among publicly listed companies holding cryptocurrency assets, over 60% have established clear long-term allocation or operational plans exceeding three years.
From Bitmine's astronomical ETH staked treasury to Hyperscale Data's precise breakdown of Bitcoin sources, the opening story of 2026 is no longer about "whether to allocate," but rather about "how to allocate more professionally." The role of cryptocurrency assets in corporate treasuries is steadily transitioning from a topic-laden "strategic reserve" to a "core productive asset" under a mature asset management framework.
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