Introduction: The "Offense" of Capital Leverage and the "Defense" of Industrial Cash Flow

On September 21, 2026, as we examine this freshly released 8-K document and weekly report, the crypto concept stock sector has bid farewell to the era of barbaric growth and homogeneity. In Evernorth's blueprint, XRP can be packaged as US securities and leveraged using convertible bond tools; while in Bitdeer's workshop, Bitcoin is merely a high-value industrial output resulting from the combination of electricity and computing power, which must be immediately converted into fiat currency to pay for the data center's electricity and expansion costs. Between offense and defense, different enterprises reflect sharply contrasting capital fates.

1. Evernorth's $30 Million Convertible Bond: The Financial Techniques of XRP Treasury on Wall Street

The convertible bond agreement disclosed by Evernorth Holdings yesterday is a significant capital move ahead of its sprint to the US stock market Nasdaq.

The proposal is to issue $30 million in convertible senior payment-in-kind (PIK) notes, with an annual interest of 4% and maturing in 2031, to be subscribed by a trust under South Korean financial giant NH Investment & Securities. This operation is highly forward-thinking:

Firstly, the PIK (Payment-in-Kind) mechanism allows Evernorth to avoid cash interest payments in the early stage, instead rolling the interest into the principal or paying with additional notes. This significantly alleviates the pressure of fiat cash flow on the treasury company, enabling it to fully invest the $30 million raised into the secondary market to purchase XRP.

Secondly, there is a gamble on options tied to SPAC exit. The validity of these notes is contingent on the successful SPAC merger with Armada in Q4. The reason why South Korean capital is willing to provide this $30 million is the anticipated value of the option to convert shares at $10.20 in the future. If XRP's price rises and drives Evernorth's stock price to soar, the capital providers can convert their shares for profit. This method of leveraging non-Bitcoin assets using traditional securities tools marks XRP's substantial alignment with Wall Street's mainstream financial engineering system.

2. Bitdeer’s Full Liquidation of 287.2 BTC: Computing Power as Industry, Cash as the Way

On the other side of the capital leverage frenzy of treasury companies, Bitdeer ($BTDR)'s weekly report serves as a bucket of cold water, showcasing an extremely harsh financial discipline.

In a single week, 287.2 BTC were produced, and 287.2 BTC were sold, resulting in a net addition of zero. While many peers remain entranced by the grand narrative of "mining + holding", or even using Bitcoin as collateral to borrow fiat currency to pay electricity bills, Bitdeer clearly positions itself as a "computing power manufacturing enterprise."

The essence of mining is to convert cheap energy into highly liquid digital assets, and liquidating them immediately is intended to lock in profits, cover depreciation, and raise cost-free fiat currency ammunition for subsequent higher-dimensional AI/HPC infrastructure development. In the tumultuous macro cycle, "holding coins without selling" is the market's faith, but for a heavy asset giant that needs to constantly procure cutting-edge chips and build facilities, "full liquidation" is the strongest survival rule across cycles.

The diverse facets of treasury companies observed last weekend reveal the mature underlying tone of the market by the end of 2026: capital is no longer obsessed with a single doctrine. On the one hand, quasi-listed entities with financing channels (like Evernorth) are leveraging convertible bonds to aggressively purchase; on the other hand, miners with robust computing power (like Bitdeer) are rapidly cashing out to solidify their fiat position. At this stage, there is no absolutely correct coin-holding strategy, only those who can successfully execute their own business closed loops and deliver certainty to shareholders as the ultimate winners.

Data Source: https://bbx.com/ Crypto concept stock information database, based on announcements from global listed companies and SEC/TSE disclosures from yesterday.

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