Yesterday, the U.S. market was closed for Martin Luther King Jr. Day, but the global cryptocurrency asset allocation engine of publicly listed companies did not stop. Capital flows quickly switched between the Asian and Canadian markets: the Hong Kong veteran Meitu resumed purchases after a period of observation, Canadian fintech companies continued to increase their positions in the Solana ecosystem, while industry beacon MicroStrategy quietly increased its holdings through over-the-counter trading. This scene clearly confirms that the institutional allocation of cryptocurrency assets has entered a truly "all-weather" and "global" new phase.

1. Hong Kong Market: Meitu Resumes, Reactivating Asia's "Existing Capital"

After experiencing two quarters of silence, the return of Hong Kong-listed company Meitu (01357.HK) is of symbolic significance.

• Action Details: The company announced on January 19 that it purchased 180 bitcoins at an average price of $93,200 and acquired 2,500 ethers at an average price of $3,210.

• Strategic Interpretation: As one of the earliest Asian consumer internet companies to publicly allocate cryptocurrency assets, Meitu's re-entry may indicate that early entrants, after thorough consolidation, are readjusting and activating their cryptocurrency treasury strategies based on new market judgments (such as optimism about Ethereum's application prospects in areas like RWA).

• Market Signal: This is not just the action of a single company; it may also signal that more "existing" publicly listed companies in Asia with cash reserves are reassessing and joining this allocation competition, beyond the aggressive allocation wave led by companies like Japan's Metaplanet.

1. Canadian Market: DeFi Tech Increases Holdings, Continuing North America's "SOL Ecosystem Consensus"

During the U.S. market closure, the Canadian market absorbed the North American institutional demand for high-performance public chains.

• Action Details: Canadian listed company DeFi Technologies (DEFI) disclosed that it increased its SOL holdings by 65,000 coins, with a total transaction value of approximately $10 million.

• Trend Confirmation: This move is not an isolated case. Previously, Nasdaq-listed DeFi Development Corp. held over 2.22 million SOL, becoming one of the institutional giants in this asset. The allocation of mid-cap tech stocks in North America to Solana is forming a cross-market linkage effect, based on the recognition of Solana's advantages in high performance and low fees, as well as its ecological development potential in payment and RWA sectors.

• Ecological Endorsement: Institutional confidence partly stems from the adoption by traditional finance, such as State Street and Galaxy Digital announcing plans to launch tokenized liquidity funds on Solana by 2026, paving the way for institutional-level applications.

1. U.S. Giants: Strategy's "Non-stop" Accumulation and Depth of Model

Although the Nasdaq is closed, Strategy (MSTR), with a core mission centered on Bitcoin, has not halted its balance sheet expansion.

• Action Details: The company utilized holiday over-the-counter (OTC) liquidity to purchase an additional 450 bitcoins with cash reserves. This continues its strong accumulation pace since the beginning of 2026—during the week of January 5 to 11, the company spent $1.246 billion to acquire 13,627 bitcoins.

• Model Analysis: Strategy has established a mature "financing-purchasing" cycle mechanism, primarily obtaining funds through "at-the-market" (ATM) stock sales. Its cash reserves of up to $1.44 billion aim to ensure that it does not have to sell bitcoins to pay dividends and interest during market fluctuations, thereby practicing its long-term strategy of "continuous accumulation, never selling."

• Far-reaching Impact: This "no-holiday" operational capability signifies that top cryptocurrency treasury companies have deeply integrated into the global 7x24 hour liquidity network of cryptocurrency assets, and the influence of traditional stock market trading schedules on their strategic execution is diminishing.

Macro Background

• Market Phase: 2026 is defined as a new era driven by institutional integration and practicality.

• Capital Characteristics: Showing a trend of evolution from speculation to infrastructure investment.

1. Trend Insights: Three Characteristics Define the New Paradigm of Institutional Allocation in 2026

The market dynamics scattered globally yesterday collectively outline a clear picture of institutional cryptocurrency allocation in 2026:

1. Eastern Existing Activation: Market driving forces have expanded from a single "Western institutional increment" to "Eastern existing reallocation." Represented by Meitu, Asian listed companies with strong cash reserves or early holdings may become an important force in the new wave of allocation.

2. Deepening Ecological Allocation: Institutional investment has deepened from faith-based holding of single assets (like BTC) to strategic layouts in specific public chain ecosystems (like SOL). This is driven by the pursuit of the practical value of blockchain (such as high-performance trading and asset tokenization).

3. All-weather Operations: Top participants have achieved uninterrupted allocation of cryptocurrency assets through OTC markets and cross-time zone deployments. The operation of cryptocurrency treasuries is completely breaking away from the time and space constraints of traditional financial markets, moving towards true globalization and all-weather operations.

Industry analysis indicates that the cryptocurrency market in 2026 is reaching a turning point from the speculative era to "practical integration," while the gradual clarification of the global regulatory framework is paving the way for deep institutional capital involvement.

As Meitu presses the restart button by the Hong Kong harbor, as DeFi Tech continues its bet on Solana in North America, and as MicroStrategy's trading screens continue to flicker during the holiday—we see a borderless, endless flow of capital. This is no longer a minor interlude about holidays, but a symbolically significant slice of the process of digital migration of global publicly listed companies' balance sheets. The institutional story of cryptocurrency assets is swiftly moving from the debate of "whether to participate" to the practical competition of "how to participate more efficiently and globally."

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