Yesterday, the global cryptocurrency market spotlight once again shone on publicly listed companies. However, unlike the previous simple "whale buying spree," the series of actions taken by Strive Enterprises, Robinhood, Core Scientific, and Biglari Holdings showcased a rich "spectrum of motivations" for corporate-level crypto allocations.

This is no longer just Michael Saylor's game. From capital operations on Wall Street to liquidity management in Silicon Valley, from monetizing computing power in data centers to hamburger chains in the American Midwest, different business entities are converging towards Bitcoin based on their distinct Business Necessity.

1. Strive's "Capital Magic": Mergers and Acquisitions as Growth

Strive Enterprises (NASDAQ: $ASST) announced yesterday that its Bitcoin holdings have surpassed 13,000, marking the official success of its "M&A (mergers and acquisitions) coin hoarding model."

Unlike laboriously accumulating coins in the secondary market, Strive chose a more aggressive shortcut—directly acquiring companies that hold coins. By merging with Semler Scientific, Strive expanded its balance sheet several times overnight. Moreover, the operation of using SATA preferred stock financing to repay debts demonstrated superb financial engineering skills: replacing hard currency assets with low-cost equity capital.

Strive's case tells the market: in 2026, if you want to quickly become a Bitcoin whale, the fastest way may not be to buy coins, but to buy companies. This foreshadows a brutal and intense "big fish eating small fish" consolidation wave in the future crypto concept stock sector.

2. Robinhood's "Infrastructure": Bitcoin as Inventory

For Robinhood (NASDAQ: $HOOD), the purchase of 1,200 BTC and 50,000 SOL yesterday was fundamentally different. This was not an investment; it resembled a supermarket restocking.

As the crypto market enters a 24/7 high-frequency trading era, user demands for withdrawal speed and trading depth are extremely stringent. As a platform, Robinhood must hold enough "inventory tanks" on its own balance sheet to cope with sudden liquidity squeezes or massive buy order impacts.

Additionally, Robinhood's significant allocation of Solana (SOL) carries profound implications. It indicates that in the eyes of exchanges, Solana is no longer a marginal altcoin but a core asset closely tied to its payment and trading flows. This "operational holding" serves as the most solid price support because it is for use, not speculation.

3. Core Scientific's "Computing Power Flywheel": AI as the Shovel, BTC as the Gold

Core Scientific (NASDAQ: $CORZ) represents the ultimate form of transformation for mining companies.

In a post-halving world, simple mining has become a red ocean. Core Scientific cleverly capitalized on the global AI computing power shortage by repurposing data centers originally used for mining into high-performance computing (HPC) centers, leasing them to AI companies.

Yesterday, they used the stable fiat cash flow earned from their AI business to repurchase 150 high-volatility, high-growth Bitcoins. This is a perfect hedging model: the AI business provides downside protection (underpinning cash flow), while the Bitcoin business offers upside elasticity (asset appreciation). "AI + Crypto" is no longer a hype concept but has formed a real "profit reinvestment closed loop" on the balance sheet.

4. Steak 'n Shake's "Inflation Resistance": Burgers and Bitcoin

The most down-to-earth example comes from Biglari Holdings (NYSE: $BH), which owns Steak 'n Shake.

Why would a traditional restaurant chain selling burgers and milkshakes invest an additional $5 million in Bitcoin? The reason is simple: to combat inflation. For the restaurant industry, the costs of beef, bread, and labor rise year after year; if the fiat profits sit in the bank, their purchasing power diminishes.

Biglari converts the "soft fiat currency" earned from selling burgers into "hard currency" Bitcoin. This represents a vote of no confidence from the "real economy (Main Street)" towards the fiat system. When a hamburger shop starts using Bitcoin as a long-term profit reservoir, the currency attributes of Bitcoin have truly penetrated from Wall Street to Main Street.

5. The Victory of Consensus

Yesterday, we witnessed four distinctly different buying motivations:

• Strive for capital scale;

• Robinhood for operational efficiency;

• Core Scientific for asset appreciation;

• Steak 'n Shake for preserving purchasing power.

When this "multidimensional demand" intertwines, the market depth of crypto assets will be infinitely broadened. This is no longer a single bubble but a tightly woven value network embedded in global business logic.

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