Yesterday, as the price of Bitcoin hovered at a low of $73,000, the global capital markets resonated with two significant "echoes."

One echo came from across the ocean in London, where the listing bell of The Smarter Web Company (LSE: $SWC) rang, marking the moment when the Bitcoin treasury model finally crossed the Atlantic and conquered Europe's most conservative financial stronghold; the other echo came from a corner of Wall Street, where the financial report data of Hyperscale Data (NYSE American: $GPUS) silently revealed an astonishing fact: buying shares in this company now is essentially "buying Bitcoin and cash at a discount."

On this day, although the cryptocurrency price was in a correction, the breadth (Geographic Expansion) and depth (Valuation Depth) of enterprise-level crypto configurations experienced a qualitative leap.

1. Breaking Through in London: When the MSTR Model Meets Old Money in Britain

The listing of The Smarter Web Company (SWC) is far from an ordinary IPO; it is a "violent collision between American radicalism and British conservatism."

1.1. Navigating the Fog of Compliance

As is well known, the listing standards of the London Stock Exchange (LSE) main board are notoriously strict. SWC's ability to list on the main board with "holding Bitcoin" as its core business model means that European regulators have tacitly accepted Bitcoin as a auditable, compliant corporate reserve asset. This opens the floodgates for massive family office funds and pensions in Europe to indirectly hold Bitcoin through the stock market.

1.2. Strategic Composure Amid Floating Losses

Notably, the announcement shows that SWC's average holding price is as high as $111,000, while the current market price is only around $73,000. This means the company faces a paper loss upon listing. However, this "high-price accumulation, low-price listing" move reveals its greater ambition—to enter the FTSE 250 Index.

SWC is betting on the future. It does not care about short-term paper gains or losses; it seeks the financing channel obtained through listing. As long as it can stay at the table, it can continuously dilute costs through equity financing like Strategy (NASDAQ: $MSTR), ultimately gaining passive funding through index inclusion.

2. Valuation Inversion: Buy $1.4 Worth of Assets for $1

If SWC represents the imagination of the future, then Hyperscale Data (NYSE American: $GPUS) represents the current mathematical mismatch.

2.1. Extreme Safety Net

According to disclosures, the value of "cash + Bitcoin" held by Hyperscale Data has reached 142.78% of its market capitalization. This is a typical "arbitrage opportunity" in traditional finance textbooks. In other words, if investors spend $100 to buy shares in this company, they theoretically immediately own $142 worth of liquid assets.

2.2. "Double Insurance" in the AI Era

Why does this inversion occur? It is usually due to the market's liquidity discount on small-cap companies or concerns about the sustainability of AI businesses. However, for Hyperscale Data, this inversion is actually its strongest moat.

As an AI data center company, it uses Bitcoin as a reservoir, locking in past profits. Even if the AI bubble bursts, it still has Bitcoin; even if Bitcoin crashes, it still has cash flow. This "AI offense + BTC defense" structure is becoming the ultimate weapon for computing power concept stocks to combat market cycles.

3. Evolution of Legacy Players: ABTC and Boyaa

Meanwhile, the actions of American Bitcoin Corp (NASDAQ: $ABTC) and Boyaa Interactive (HKSE: $0434) tell us that legacy players are evolving.

ABTC's proposed "BTC Yield 116%" is a very attractive metric. It no longer emphasizes "how much Bitcoin I mined" to investors, but rather "how much your per-share Bitcoin content has increased." This means mining companies are completing their transformation from "production-oriented enterprises" to "asset management enterprises."

Boyaa's steadfastness in the Hong Kong stock market is testing the pressure capacity of the Asian market. An investment of $183 million is a huge bet for a mid-cap gaming company. However, at a price level of $73,000, this persistence itself is a highly valuable "stress test"—if the company can still thrive when the cryptocurrency price is halved, its explosive potential when the bull market returns will be astonishing.

4. The Formation of All-Weather Allocation

The market landscape on February 5, 2026, is extremely rich:

• London is embracing Bitcoin, despite the high costs;

• New York is reevaluating Bitcoin, despite the inversion;

• Hong Kong is hoarding Bitcoin, despite facing corrections.

This is the essence of "all-weather" allocation: regardless of how time zones rotate or how prices fluctuate, there are always companies in some corner of the world incorporating Bitcoin into their balance sheets. Bitcoin no longer belongs to a single company; it belongs to the common "base" of the global capital market.

Data Source: BBX Crypto Concept Stock Information Database, compiled based on disclosures from LSE, NYSE, and HKSE listed companies on February 4, 2026.

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