Introduction: Diverging Capital Will
On March 3, 2026, publicly listed companies officially said goodbye to the honeymoon period of "blindly holding coins" with their attitude towards crypto assets. If last year's keyword was "HODL," then yesterday's decision by Core Scientific (NASDAQ: $CORZ) to liquidate and ABTC to expand its fleet of ten thousand mining machines marked the rise of a more ruthless **"capital efficiency"**. Companies began to redefine the role of Bitcoin on their balance sheets based on their industry position: it is either the "ultimate mine producing gold," or "high-energy aviation kerosene" boosting the AI competition.
1. Core Scientific’s "Fuel Theory": When Holding Coins Gives Way to Infrastructure
Yesterday's decision by Core Scientific to monetize reserves dropped a bombshell in the mining circle. Once a staunch holder, CORZ's current choice reveals the harsh reality of the computing power market in 2026: the CapEx (capital expenditure) race for AI computing power has entered a fever pitch.
For CORZ, the "fair value appreciation" generated by keeping over 2,500 Bitcoins on the books seems too meager in light of the profit prospects of a 1.5-gigawatt AI data center. This "strategic sell-off" actually views Bitcoin as a highly liquid strategic reserve. By cashing out digital assets instead of diluting equity, the company is attempting to make a glamorous pivot to AI hosting giants at the lowest cost in a high-interest environment. This suggests that the future competition among top mining companies will no longer be "who holds more," but "who can more flexibly convert digital reserves into physical computing power hegemony."
2. The Extreme of Computing Power Sovereignty: ABTC and the Trump Family's "Fundraising Engine"
In contrast to CORZ's retreat, American Bitcoin Corp (NASDAQ: $ABTC) is accelerating the construction of its "Computing Power Defense Wall." Acquiring ten thousand mining machines is not merely simple scale expansion but aims to achieve "endogenous coin acquisition" by monopolizing computing power sources in the increasingly rising algorithm difficulty of 2026.
The logic of ABTC is very clear: direct coin purchases are influenced by market liquidity and premiums, whereas Bitcoins produced by top-efficiency mining machines represent the lowest cost and the cleanest source of "primary reserves." This strategy of "exchanging computing power for assets," bolstered by the Trump family’s dual political and business influence, is shaping ABTC into a "digital mint" with administrative protective color.
3. A 142% Gamble: Hyperscale Data's Value Inversion Island
Hyperscale Data (NYSE American: $GPUS) reveals a bizarre phenomenon in the secondary market of 2026: assets are more expensive than the company.
When a company's cash and Bitcoin reserves exceed 1.4 times its market value, it is not only undervalued but also a sign of "market failure." Executive Chairman Todd Ault's choice to continue increasing his position is essentially a "gamble" against Wall Street's pricing power. This inversion in valuation reflects the market's liquidity bias against small- and mid-cap crypto concept stocks. For investors, these 610 Bitcoins are not just assets, but a potential "privatization restructuring" or "valuation repair" powder keg at any moment.
4. The Growing Pains of Boya Interactive: The Traditional Enterprises' "Inadaptability to Bitcoin" Syndrome
Boya Interactive (HKSE: $0434)’s profit warning has sounded the alarm for all companies venturing into Bitcoin. Holding 4,091 Bitcoins means that the company’s profit and loss statement is completely tied to the coin price.
Under the current accounting standards, even if the company’s main business (online gaming) is stable, a technical pullback in Bitcoin's price is sufficient to wipe out the entire year's profit. Boya Interactive’s case reveals the accounting cost for traditional companies in transitioning to a "Bitcoin standard": you must endure the drastic volatility of financial reports until the market fully accepts evaluating your value based on net asset value (NAV) rather than price earnings (PE).
5. Three Core Evolutions of Financial Governance in 2026
From "Holding Coins and Waiting" to "Asset Maturation": Leading companies (like CORZ) are beginning to use Bitcoin reserves as a cash flow source for business transformation (AI).
From "Capital Purchase" to "Computing Power Plunder": Competition for top computing power entities has entered a phase of hardware monopoly, aiming to lock in future reserves through computing power hegemony.
From "Valuation Premium" to "Discount Dilemma": Non-mainstream crypto concept stocks are experiencing profound liquidity discounts, making disconnection between treasury scale and market capitalization the norm.
March 3, 2026, is a day of "demythification." On this day, Bitcoin was stripped of its emotional halo, returning to its tool attributes as "capital fuel" and "computing power product." Whether you are crazily piling up like ABTC or strategically retreating like CORZ, this competition over "balance sheet efficiency" has just entered the second half.
Data Sources: https://bbx.com/ Crypto concept stock information database, compiled based on yesterday's global public company announcements and SEC/TSE disclosure documents.
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