Introduction: From "Barbaric Hoarding" to "Refined Capital Operations"

On August 4, 2026, as we examine yesterday's U.S. stock market and announcements from overseas capital markets, the operational dimension of crypto treasuries is experiencing a qualitative leap. Previously, the market generally believed that corporate treasuries could only "buy in one direction and never sell out"; however, when the strategy that holds the most Bitcoin globally began to pay preferred stock dividends by selling some spot assets and repurchasing STRC preferred stock, and when BitMine crazily acquired nearly 5% of the entire Ethereum network, listed companies' usage of crypto assets has evolved from the early "asset stacking" to a new stage of "refined restructuring of capital structure and balance sheet".

1. Strategy's $104.7 Million Ledger Micro Operation: Why Selling Coins is a Protection of Capital Structure?

Yesterday, Strategy ($MSTR) submitted an 8-K filing to the SEC, which attracted widespread attention on Wall Street.

From July 27 to August 2, Strategy sold 1,638 BTC at an average price of $63,957, cashing out $104.7 million. The use of these funds was extremely clear: $52.4 million was used to pay preferred stock dividends, and $52.3 million was used to repurchase STRC preferred stock.

This micro operation demonstrates an extremely clear logic of capital operations: while maintaining an absolute dominant position with 842,138 BTC (cost of about $63.51 billion), moderately releasing liquidity to reduce the capital cost of preferred stock and the risk of equity dilution can provide a firmer financial cushion for the secondary market stock price. Here, crypto spot has become not just a passive collateral but a "liquidity reservoir" for the company to conduct highly elastic capital restructuring.

2. BitMine's 5.8 Million ETH Empire: The Compound Yield Frenzy of PoS Assets

In contrast to Strategy's minor adjustments to its Bitcoin treasury, BitMine ($BMNR) has shown an almost terrifying greed in accumulating Ethereum.

Last week, it further entered the market by acquiring 10,399 ETH, raising its total holdings to 5,797,813 ETH, which occupies 4.8% of the total supply of the entire network. Under the PoS mechanism, controlling nearly 5% of the network's circulating chips means that BitMine has locked in a very high proportion of validation nodes and staking rewards within the Ethereum network. This monopolistic holding amount, combined with the hundreds of millions it previously disclosed in annualized staking gains, creates an exponential self-compounding flywheel of "holding growth - staking yield - repurchasing spot".

3. The Dollar-Cost Averaging Philosophy of European Listed Entities: Capital B and SWC's Small Steps Taking Big Leaps

While the U.S. stock market giants are making big moves, the listed companies in the European capital market are demonstrating another form of resilient long-termism.

France's Capital B ($ALCAP) bought 1 BTC again (total holdings rose to 3,140), and the UK's The Smarter Web Company ($SWC) increased its holding by 9 BTC (total holdings reached 2,712 BTC). Although the single purchase amounts of both companies are not large, this strategy of small steps taking big leaps and high-frequency dollar-cost averaging reflects that European tech and asset management entities have completely integrated Bitcoin into their daily cash flow management systems.

The real ledger on August 3 announced to the market: crypto concept stocks have completely bid farewell to the era of blind coin buying. Whether it is Strategy using spot liquidity to support its preferred stock structure, BitMine striving for the scale monopoly of PoS assets, or the European entities' persistent dollar-cost averaging, listed companies are shaping a new type of digital treasury with strong defensive and blood-generating capabilities according to their own capital properties.

Data source: https://bbx.com/ Crypto concept stock information database, organized based on the announcements of global listed companies and SEC/TSE disclosure documents from last weekend.

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