Introduction: The Financial Symphony of Crypto Treasury Mergers and On-Chain Interest

On August 11, 2026, as we delve into the deep waters of the global listed companies' Q2 earnings season, the competitive dimension of crypto treasuries is undergoing a profound elevation. In the past, corporate allocations of crypto assets were largely limited to trading spot in the secondary market; today, Sweden’s H100 has directly absorbed the Bitcoin assets of the target company through equity mergers, while Sharplink has generated tens of millions of dollars in pure cash flow in a single quarter by leveraging Ethereum staking, signaling to the market that players in the public market have embedded crypto assets deeply into the core gears of corporate mergers and acquisitions (M&A) and capital utilization.

1. H100’s Acquisition Strategy: A New M&A Paradigm for Frictionless Absorption of 2,455 Bitcoins

Yesterday, the Swedish listed company H100 disclosed a significant increase in its treasury, breaking the traditional corporate pathway of "fiat bond issuance - buying coins in the secondary market."

By completing the acquisition of NSD AS, H100 seamlessly absorbed all the Bitcoins held by the target company, directly boosting its holding by 2,455.4 Bitcoins, bringing the total to 3,506 BTC. This method of acquiring crypto assets through M&A equity transactions not only avoided liquidity slippage and price impact that may arise from directly accumulating positions in the secondary market but also pioneered a new paradigm in the traditional capital market for utilizing stock swaps or asset restructuring to horizontally acquire private crypto treasuries.

2. Sharplink’s $11.16 Million Staking Cash Flow: The Separation of Paper Losses and Actual Cash Generation

In response to H100's acquisition increase, Sharplink (Nasdaq: $SBET) perfectly illustrated the business closed loop of Ethereum staking treasury in its Q2 earnings report.

The earnings report revealed that Sharplink achieved total revenue of $11.53 million in Q2, with as much as $11.16 million derived entirely from on-chain staking yields of ETH. Although affected by market fluctuations, the company recorded a non-cash paper loss of $321 million and an impairment of $76.09 million, resulting in a net loss of $394.3 million; however, management emphasized that this was a typical non-cash accounting loss and that the actual amount of ETH held by the company was not only unaffected but continuously generated compound interest through staking. As of June 30, its $1.416 billion in crypto asset size and $56.2 million in cash still provided ample cash generation support.

3. Bitdeer’s $228 Million Revenue Defense: The Cash Flow Foundation of a Powerhouse

On the mining and computing infrastructure front, Bitdeer (Nasdaq: $BTDR) disclosed its Q2 accounts, showcasing the defensive thickness of leading mining enterprises against market volatility.

Thanks to the synergistic advancement of its mining core business and AI infrastructure business, Bitdeer's Q2 revenue surged by 47% year-on-year to $228.8 million, while adjusted EBITDA skyrocketed by 576% to $31.1 million. Although it recorded a net loss of $92.28 million due to accounting effects, the substantial cash and restricted cash amounting to $496.3 million ensured that it could avoid being forced to sell its spot reserves at a loss while maintaining a high strategic freedom in power expansion and AI data center construction.

The data disclosed on August 10 further confirms the evolutionary logic of crypto concept stocks. When listed entities are no longer satisfied with merely buying in the secondary market but learn to absorb crypto assets directly through equity mergers, and build a substantial fiat defense with on-chain staking and computational revenue, crypto assets have transformed from passive numbers on a corporate ledger to become the absolute engine driving public market entities to horizontally expand and self-replicate.

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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