When the Bitcoin holdings of the Japanese listed company Metaplanet surpassed 10,000 coins, and when the US small-cap stock LQR House began to directly store the Bitcoin produced by its own mining operations into cold wallets, the global listed company crypto treasury landscape clearly presented a new pattern of "Asian power leading in scale, while US small players innovate paths."
I. Asian Milestone: Metaplanet's Journey to 10,000 and Strategic Fulfillment
Metaplanet (TSE:3350) 's milestone increase marks the rise of regional power:
Scale and Cost: Acquired 156 BTC at an average price of $92,100, bringing total holdings to 10,044 coins, with a market value of approximately $925 million.
Strategic Fulfillment: This move successfully fulfilled its strategic goal set for the end of 2025, firmly establishing itself as the largest enterprise-level Bitcoin holder in Asia, and significantly narrowing the holding gap with Western giants like MicroStrategy and Tesla.
Model Validation: Its aggressive strategy of "high-frequency bond issuance/increase → dedicated funds for Bitcoin purchase" has been validated as effective, providing a replicable "balance sheet Bitcoinization" template for listed companies in the Asia-Pacific region.
II. US Small-Cap Path: From "Pure Buyers" to "Producers/Holders"
Genius Group (NYSE:GNS) 's Continued Aggression:
Utilized excess subscription funds to purchase an additional 350 BTC, with a total transaction amount of approximately $32 million.
The company's CEO reiterated that 90% of idle reserve funds will continue to be converted into Bitcoin, with the current proportion of Bitcoin in its treasury reaching a historical high relative to the company's net assets, reflecting an extreme "Bitcoin-first" strategy.
LQR House (NASDAQ:YHC) 's Model Innovation:
Disclosed progress on its "mining + holding" strategy: directly transferred 15 BTC produced by its Texas-hosted mining facility into cold wallets for long-term holding, and additionally purchased 50 BTC in the secondary market.
Strategic Significance: By collaborating with Bitmain, the company has transformed from a mere "buyer" to a "producer + holder." This model of "reinvesting mining output" to reduce costs and defend against market volatility may become the mainstream survival strategy for small to mid-cap companies participating in crypto allocation in 2026.
III. Trend Insights: Regional Shift Eastward and Diversified Acquisition Methods
Yesterday's dynamics revealed two distinct market characteristics for early 2026:
Regional Shift Eastward: Asian listed companies led by Metaplanet are becoming an important pillar of the Bitcoin buyer market through more flexible financing tools and aggressive execution, changing the narrative previously dominated by Western companies.
Diversified Acquisition Methods: For small to mid-cap companies, relying solely on cash purchases in a volatile market is costly and risky. LQR House's "mining reinvestment" model, along with other companies potentially exploring methods like "accepting crypto payments" and "equity investment for coins," represents a strategic shift from "external purchases" to "internal acquisition," aiming to build a more resilient cost structure for holding coins.
On-chain data shows that Bitcoin addresses controlled by listed companies in the Asia-Pacific region have increased by 200% in the past six months, far outpacing other regions.
Metaplanet's milestone of 10,000 is not just a numerical breakthrough but also a symbol of the enhanced voice of Asian capital in the field of crypto asset allocation. Meanwhile, the "mining holding" path explored by small players like LQR House provides new ideas for how to lay out robust strategies in a high-cost environment during a bull market. The institutional crypto story of 2026 will be a new chapter where "Eastern scale" and "Western innovation" run parallel, merging traditional financial methods with blockchain-native models.
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