From Passive Holding to Active Governance
As we enter 2026, the allocation logic of global listed companies towards crypto assets is undergoing a subtle yet profound evolution. If the keyword for 2024 was the compliance brought by the approval of "spot ETFs," then last week marked the full onset of the "treasury governance" era. The corporate actions led by Strategy (NASDAQ: $MSTR) last week were no longer just simple buying behaviors, but a complex financial game that integrated equity financing, debt swaps, and on-chain governance.
I. The Pinnacle of Financial Engineering: Asset Arbitrage of Equity Premium
The most eye-catching operation last week still came from Strategy. As its holdings crossed the threshold of 710,000 BTC, the market had to reassess its "Bitcoin bank" model. By leveraging the high valuation of Class A common stock (Premium over NAV), the company raised fiat currency in the capital markets and subsequently purchased BTC in the crypto market. As long as this premium continues to exist, the company can dilute equity to exchange for more BTC value per share (BTC Yield).
This "financing toolization" strategy was further validated in Metaplanet's (TSE: 3350) $137 million financing plan. By issuing a stock portfolio with subscription warrants in the Japanese market, Metaplanet is utilizing the low-cost leverage of the fiat system to anchor a digital asset with a locked total supply cap. This financial model of "infinite replacement for the finite" is becoming a standard tool for pioneering listed companies worldwide.
II. Optimization of Treasury Structure: Shedding Debt, Returning to Sovereign Assets
Unlike simple accumulation, Strive Enterprises (NASDAQ: $ASST) demonstrated the importance of "cleaning up the treasury" last week. After merging with Semler Scientific, Strive did not rush to expand through leverage but instead prioritized the repayment of $120 million in debt, including the Coinbase Loan, through a targeted issuance of preferred stock.
This move is highly forward-looking for the industry. In the financial environment of 2026, holding tens of thousands of BTC with pledged leverage still carries systemic risk in the face of extreme volatility. Strive's actions signify that top holding companies are entering the "sovereign holding" phase: where assets are not used as collateral, are not above any liquidation line, and become 100% flawless net assets. This financial confidence will enable them to possess survival resilience that surpasses traditional financial institutions in potential future macro turmoil.
III. Ecological Positioning: Transitioning from Single Currency to Protocol Governance Rights
Last week, HYLQ Strategy (CSE: $HYLQ) increased its stake in the HYPE token, providing the market with a new perspective: asset protocolization. In the past, corporate allocations were limited to BTC and ETH, but with the maturation of on-chain financial infrastructure in 2026, Layer 1 protocols like Hyperliquid, which have a high fee capture capability, are beginning to enter institutional sight.
Holding HYPE is not just about holding the token itself; it also means holding a stake in a "chain broker." For listed companies, this allocation logic has shifted from "value storage" to "operational participation." By allocating governance token protocols, companies can participate in the on-chain ecosystem's profit sharing and rule-making, which is a more aggressive expansion strategy than merely holding assets.
IV. Trend Summary: Three Characteristics of Treasury Operations in 2026
Through the analysis of five typical companies, including DDC Enterprise (NYSE American: $DDC), we can summarize the new path of treasury operations in 2026:
24/7 Relay: Institutions achieve continuous accumulation through OTC and automated algorithms, making traditional stock market holidays no longer a barrier to capital flow.
Regular Investment Normalization: DDC's high-frequency small-scale accumulation shows that listed companies have incorporated "allocating cryptocurrency" into their monthly routine financial processes, rather than treating it as a one-time speculation.
Debt De-leveraging: As the treasury scale grows, companies are more inclined to use equity capital rather than debt capital to accumulate assets, ensuring absolute risk resistance in bear markets.
This series of actions at the beginning of 2026 proves that crypto assets have completely transformed from "marginal assets" to "core treasury assets." For listed companies, this is no longer a discussion about "whether to buy," but a competition about "how to utilize modern financial tools for the most efficient allocation." In this competition, those companies that can skillfully use capital tools, maintain asset cleanliness, and dare to layout ecological assets are building a "digital fortress" that will be hard to surpass for the next century.
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