Introduction: The Watershed of Asset Planning

On August 12, 2026, as we review the data of publicly listed companies at the end of the second quarter financial report disclosure, the development of crypto treasury is entering a whole new watershed. On one side are companies like Strategy that regard Bitcoin as the core language of capital, publicly announcing the resumption of purchases after completing a phase of capital restructuring and liquidity management; on the other side are companies lacking professional crypto asset management capabilities that must face hundreds of millions in fair value impairment losses in their second-quarter financial statements.

1. Strategy's Strategic Forecast: Returning to the Buyer’s Market Within the Year

Yesterday, Strategy CEO Phong Le's statements during an interview with Fox News injected a dose of optimism into the market.

As a leader in the crypto treasury sector in the U.S. stock market, Strategy has indicated that it will begin to buy more Bitcoin in the secondary market for the remainder of this year after completing a series of capital restructuring efforts. This statement suggests that Strategy has not given up its core treasury expansion model; after experiencing market fluctuations and financial adjustments, the company continues to choose to convert cash capital obtained from operations and financing into Bitcoin reserves. This clear expectation of long-term buying not only provides confidence to the secondary market but also establishes a standardized paradigm for U.S. stock giants to continuously build up spot reserves using capital tools.

2. Trump Media's Q2 Ledger: $360 Million Impairment and Shrinking Altcoin Assets

In stark contrast to Strategy's long-term vision, the financial report disclosed by Trump Media ($DJT) reveals heavy losses in Q2.

Data shows that by the end of Q2, the company held 9,477.16 Bitcoins (fair value approximately $557.1 million), a decrease of 65 Bitcoins quarter-over-quarter. Due to the overall turbulence in the crypto market, the company reported related financial impairment losses amounting to $360.6 million for the first half of the year. Meanwhile, its holding of 756.1 million CRO, although unchanged in quantity, has seen its fair value shrink from $68 million at the end of 2025 to $40.6 million. This data exposes how non-native crypto companies can easily be impacted by fair value accounting standards when they allocate non-single assets (especially high-volatility altcoins), severely affecting the financial report performance of the entire publicly listed company.

3. OranjeBTC's Investment Discipline: Steady Progress for South American Treasury

While strategies clash among U.S. stock giants, the South American listed treasury OranjeBTC ($OBTC3) continues to practice its philosophy of steady and gradual investments.

The company announced yesterday that it has increased its holdings by 2 Bitcoins, raising its total amount to 3,950 BTC, just a step away from the 4,000 Bitcoin threshold. This approach of not pursuing large single purchases but building up positions with low-frequency minor investments backed by daily operating cash flow precisely demonstrates the long-term resilience of regional small to medium-sized listed companies in using crypto assets to mitigate fiat currency inflation.

The capital dynamics on August 11 further prove that corporate crypto treasury is entering a new stage of refined categorization. Entities (like Strategy) that can handle capital tools and have clear strategic plans will eventually restart their purchase momentum; while companies lacking deep asset management logic will have to struggle through the pain of financial report impairments.

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

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