If the first two weeks of early 2026 were the "warm-up period" for publicly listed companies' crypto allocations, then yesterday undoubtedly marked the "full-speed sprint period" after the starting gun.
Yesterday, the two major crypto giants on Nasdaq—Strategy and Marathon Digital—simultaneously dropped heavy bombs on the market. One side saw a $2.13 billion spot purchase, while the other side announced a massive $850 million financing. The combination of these two figures not only set a new record for the scale of corporate-level allocations in a single day but also signified that corporate Bitcoin treasury management has officially bid farewell to the "tentative accumulation" phase, entering a "capital violence aesthetics" dominated arms race.
1. Strategy's "Unlimited Ammunition": The Power of ATM Issuance
Strategy (formerly MicroStrategy) disclosed its acquisition of 22,305 Bitcoins yesterday, once again showcasing its almost terrifying financing capability to Wall Street.
It is noteworthy that this $2.13 billion did not come from borrowing but was raised through "ATM (At-The-Market) issuance." In simple terms, Strategy sells shares to investors in the secondary market at a high premium, exchanges them for dollars, and then buys Bitcoin.
- The Ultimate in Premium Arbitrage
Strategy's stock price has long had a premium relative to its net asset value in Bitcoin (NAV Premium). As long as this premium exists, the company can continuously increase the Bitcoin per share by "selling shares at a high price and buying coins at a low price." This creates a mathematically positive cycle; as long as the market is willing to pay a premium for Strategy's stock, Michael Saylor's "buying ammunition" for Bitcoin is unlimited.
- A 430,000 Bitcoin Moat
After this acquisition, Strategy's total holdings surpassed 430,000 Bitcoins. This is no longer just a simple corporate treasury but a "super Bitcoin fund" that exceeds the reserves of most sovereign nations. This scale effect itself constitutes a strong resistance to declines—any attempt to short Strategy would have to face the massive bullish belief behind those 430,000 Bitcoins.
2. Marathon's "Mining Company Breakthrough": Not Just Mining, But Also Borrowing to Buy
In contrast to Strategy's equity financing, mining giant Marathon Digital (NASDAQ: $MARA) chose to finance through $850 million in convertible senior notes, revealing a dramatic shift in the survival logic of the mining industry.
- Is Computing Power Inferior to Financial Power?
With the profound impact of the 2024 halving effect, the marginal cost of producing Bitcoin solely through mining is increasingly high. Marathon realized that instead of spending hundreds of millions on mining machines and building power plants to compete for dwindling block rewards, it is better to directly utilize the credit line of a public company to borrow money at low interest rates in the capital market to buy Bitcoin.
- Leveraged "Shadow Strategy"
Marathon's move is essentially mimicking Strategy's early path. By issuing convertible notes, the company borrows funds at a very low interest cost (usually between 1%-3%) to buy Bitcoin. If the price of Bitcoin skyrockets, the debt converts to equity, and everyone is happy; if Bitcoin remains stagnant, the company only needs to pay low interest. This "financial leverage" is transforming Marathon from a purely tech mining company into a "Bitcoin holding company with computing power."
3. Hong Kong's Boyaa's "Meticulous Cultivation"
While the giants in the U.S. stock market are making big moves, Hong Kong's Boyaa Interactive (HKSE: $0434) showcased a different kind of wisdom.
Boyaa announced yesterday that it is investing in a Bitcoin ecological fund. Although the amount ($1 million) cannot compare to the giants in the U.S. stock market, it represents a new direction for "treasury earning interest." Unlike Strategy's "buy and hold, or even not pledge," Boyaa attempts to generate additional alpha returns from dormant Bitcoin reserves by investing in Bitcoin Layer 2, DeFi protocols, and other ecological projects. This is a more pragmatic differentiated path for Asian companies with higher capital costs.
4. Outlook: The "Matthew Effect" of 2026
The trading day on January 21, 2026, taught all the observing CEOs a lesson: In this race, scale is justice.
Strategy and Marathon, leveraging their first-mover advantage and massive market capitalization, can obtain funds from the capital market at extremely low costs, thereby pushing up asset prices through Bitcoin purchases, which in turn boosts their stock prices. Once this "stock price-coin price" dual spiral ascent channel is formed, it will create immense pressure for latecomers to catch up.
The future market for crypto concept stocks may exhibit an extreme "Matthew Effect": leading whales continuously absorb the liquid chips in the market through financing and mergers, while small and medium-sized enterprises can only seek survival space through differentiated ecological layouts or specific business combinations (such as payments, gaming).
The billion-dollar buy is just the beginning; this war over "balance sheet reconstruction" has only just begun.
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