As Strive enters the global forefront with 12,800 BTC through acquisitions, and Bitmine controls over 4.16 million ETH with the intention to monopolize enterprise-level staking yields, while Upexi leverages its SOL holdings with $36 million in convertible bonds, last week marked a historic departure for global institutional crypto allocations from the era dominated by a single giant, entering a new epoch of "BTC looks at mergers, ETH looks at monopolies, SOL looks at leverage."

1. BTC Main Line: Mergers, Integration, and Geographic Diversification

Last week, the institutional narrative around Bitcoin shifted from "increasing holdings" to "integration."

Significant merger cases:

• Strive, Inc. (formerly Asset Entities, $ASST): Officially completed the acquisition of Semler Scientific ($SMLR). The merged entity not only holds nearly 12,800 BTC, surpassing Tesla to become the 11th largest publicly traded company holding BTC globally, but also added 123 BTC during the week, showcasing its growth ambitions post-merger. (Merger completion announcement)

• Strategic significance: This move signals that crypto concept stocks may experience a reshuffling wave in 2026 through equity swaps to acquire coin-based assets, with small-scale holding companies potentially becoming acquisition targets.

Rise of Asian power:

• Metaplanet ($3350): Officially broke through the "10,000 club" threshold last week, with total holdings reaching 10,044 BTC, establishing its absolute voice and benchmark position in the Asian market.

Broad strategy penetration:

• Small and mid-cap U.S. companies like Genius Group ($GNS), CIMG Inc ($IMG), and Solidion Technology ($STI) collectively bought over 400 BTC last week, indicating that the "financing to buy coins" strategy is rapidly penetrating from leading to mid-tier companies.

• CleanSpark ($CLSK) and TeraWulf Inc. ($WULF) optimized their Bitcoin treasury through over-the-counter (OTC) trading and modifying output retention policies (retaining 25% of mined BTC).

1. ETH Main Line: Leading Monopoly and Financial Infrastructure Entry

Ethereum's institutional allocation shows a high concentration and trend towards infrastructure.

Path to absolute monopoly:

• Bitmine Immersion Technologies ($BMNR): Confirmed at the shareholders' meeting that its ETH holdings have surpassed 4.168 million, accounting for approximately 3.45% of the global circulation. More critically, the company announced the upcoming launch of the MAVAN staking network, aiming to monopolize the enterprise-level ETH yield market, transitioning from "holders" to "service providers and rule makers."

Cautious entry of traditional finance:

• DBS Bank Ltd. (DBS, $D05): Received 2,000 ETH this week, indicating that top traditional banks are gradually establishing direct exposure to Ethereum at a controllable scale, serving as a bellwether.

1. SOL Main Line: Structured Financing and Holdings Ranking Competition

Solana's institutional narrative revolves around capital leverage and holdings ranking.

New paradigm of structured financing:

• Upexi ($UPXI): Completed a $36 million convertible bond issuance agreement, with the funds expected to be used to increase SOL holdings, pushing its total above 2.4 million, firmly securing the second position among publicly traded companies holding SOL. This move successfully validates the feasibility of using altcoins as underlying assets for debt financing, providing a new template for future participants.

1. Trend Insights: From Capital Inflow to Ecological Niche Competition

Last week's dynamics marked the entry of institutional crypto allocations into deeper waters, exhibiting three high-level characteristics:

1. Ecological niche competition: Giants are no longer satisfied with merely holding assets but are competing for key ecological niches and pricing power in the industry chain through mergers (Strive), infrastructure monopolization (Bitmine), and financial innovation (Upexi).

2. Extreme strategy differentiation: Investment strategies have diverged from the homogenized "buy and hold" to highly specialized paths such as mergers and integration, yield monopolization, and leveraged financing.

3. Asset financialization: BTC has become a merger consideration, ETH has become an income-generating infrastructure, and SOL has become collateral, with core crypto assets deeply integrated into traditional financial operational frameworks.

Data shows that the total value of merger transactions involving publicly traded companies with crypto assets has exceeded 50% of the total for the entire year of 2025 in the first month of 2026.

From Strive's merger case to Bitmine's staking network, and Upexi's convertible bonds, last week's institutional dynamics clearly outline a new battlefield: the arena is no longer a simple ranking of holdings but has upgraded to a comprehensive contest for control over the industry chain, the formulation of yield rules, and financial innovation capabilities. The three-way competition is taking shape, but the war has just begun.

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