When BitMine's Ethereum treasury expanded by nearly 33,000 coins in a week, its total holdings surpassed 4.14 million coins; when Twenty One Capital planned a Bitcoin reserve base of no less than 43,500 coins for its listing, last week the crypto asset allocation of listed companies fully entered a new phase centered on "scalability" and "strategic foundation."

1. ETH Treasury: Large-scale Accumulation and Financing Pathways

BitMine Immersion Technologies (NYSE:BMNR) has defined a new height for institutional ETH holdings through its continuous expansion:

• Scale and Growth Rate: Approximately 32,977 ETH were added last week, bringing the total to about 4,143,502 ETH. At current prices, the value of its ETH treasury has exceeded $10 billion, firmly maintaining its absolute leading position in the global enterprise-level Ethereum treasury.

• Strategic Intent: Its "scalable accumulation" strategy aims to significantly participate in Ethereum ecosystem governance and maximize staking returns through a substantial share of circulation, building long-term competitive barriers.

Bit Digital, Inc. (NASDAQ:BTBT) provides another pathway through its capital operations:

• The company increased its total Ethereum holdings to approximately 150,244 ETH with the latest purchase of 31,057 ETH.

• Key Details: The funding for this allocation comes from the net proceeds of convertible notes, showcasing a mature model for listed companies to utilize traditional financing tools to inject capital into crypto asset allocations.

1. BTC Strategy: Massive Reserve Plans Paving the Way for Listing

Twenty One Capital, Inc. (NYSE:XXI) highlights strategic depth through its forward-looking layout:

• It is advancing a Bitcoin accumulation plan before its listing, expecting to increase its holdings by at least 5,800 BTC, aiming for a total holding of no less than 43,500 BTC as the foundation of its treasury strategy.

• Strategic Significance: This move is not merely an investment but aims to provide a solid asset-liability foundation priced in Bitcoin for the company's future strategic products and market layout, deeply binding the "reserve asset" attribute of Bitcoin with the company's financial strategy.

1. New Players Entering: Multi-Currency Allocation as Initial Strategy

SRx Health Solutions (NYSE:SRXH) shows trends through its initial allocation:

• It has invested approximately $10 million to purchase various major digital assets, including Bitcoin and Ethereum, as an initial allocation, and will decide whether to continue increasing holdings based on fund management policies and market conditions.

iPower (NASDAQ:IPW) has a more specific initial layout:

• It spent about $2.21 million to acquire an initial allocation of 15.1 BTC and 301.1 ETH, planning to further accumulate based on market conditions in the coming weeks.

• This strategy of choosing a "BTC+ETH" combination from the start has become a common choice for new entrants, balancing value storage and ecosystem participation.

1. Trend Insights: From Asset Allocation to Strategic Cornerstone

Last week's dynamics revealed a profound evolution in enterprise-level crypto allocation:

1. Scale as a Barrier: Leading institutions like BitMine, through continuous large-scale accumulation, have created a moat in specific assets (ETH) that competitors find difficult to surpass.

2. Diversification of Financing Tools: Companies are skillfully using traditional financial tools like convertible notes (Bit Digital) for crypto allocation financing, with increasingly mature pathways.

3. Strategic Precedence: Twenty One Capital is planning a massive BTC reserve before its listing, elevating crypto assets from an "optional" status to a "core cornerstone" bound to the company's long-term strategy.

4. Starting with Combinations: New entrants generally adopt multi-currency combinations as a starting point, reflecting a more mature and diversified risk awareness.

On-chain data shows that the top five holders account for over 60% of the total ETH held in enterprise wallets, highlighting a significant head effect.

From BitMine's weekly increase of tens of thousands of ETH to Twenty One Capital's planning of tens of thousands of BTC for its listing, the construction of corporate crypto treasuries has transcended the simple realm of asset appreciation, entering a new dimension of building a "digital asset cornerstone" for long-term strategy. Scalability, strategic focus, and multiple pathways are becoming the most distinct annotations of this stage.

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