When Metaplanet publicly revealed its ultimate roadmap to hold 210,000 bitcoins, and BitMine made a single transaction to increase its Ethereum holdings by $201 million, the core logic behind global publicly listed companies' crypto asset allocation became clear yesterday: evolving from early tentative purchases to a “structured treasury” strategy with clear goals, diversified assets, and a long-term perspective.
1. Bitcoin: From “Holding” to “National Reserve Level” Long-termism
Metaplanet (TSE: 3350) disclosed a long-term strategic goal that shocked the market:
· Ultimate goal: Clearly plans to hold 210,000 BTC by the end of 2027. If achieved, this holding would surpass the current reserves of most countries, approaching the industry giant MicroStrategy.
· Strategic significance: This is not just a numerical target, but a public declaration of positioning bitcoin as a “core asset reserve,” aiming to push the DAT (Digital Asset Treasury) model to the extreme and provide enterprises with the ultimate solution to counter fiat currency depreciation.
Continued participation of small and medium-sized institutions:
· Bitcoin Treasury Capital (TSXV: BTCT): Raised approximately $783,000 through the issuance of Class A preferred shares, specifically for purchasing bitcoin. This demonstrates that even smaller publicly listed companies are persistently implementing BTC treasury strategies through compliant channels such as equity financing (financing announcement).
2. Ethereum: The Scale Competition Among Treasury-type Public Companies
BitMine (NYSE: BMNR)'s massive increase in holdings sets a new benchmark:
· Purchased an additional 67,886 ETH, with a transaction value of approximately $201 million
· This increase is a further step up from its previously disclosed multi-billion-dollar ETH holdings, aiming to continuously strengthen its market positioning and scale barrier as an “Ethereum treasury-type public company.”
· The core of its strategy lies in controlling a massive amount of ETH and participating in staking, thereby capturing both asset appreciation and network staking yields.
3. Asset Diversification: Platform Tokens Enter the Strategic Reserve Horizon
The board resolution of China Properties Investment Holdings Limited (HKEX: 00736) marks a new trend:
· The board resolved to advance an asset allocation plan, intending to use its own funds to purchase and hold BNB and other suitable digital assets on the open market.
· Clearly designates the acquired assets as the company’s “strategic reserve assets.” This is the first time a mainstream Hong Kong-listed company has explicitly included platform tokens such as BNB in its strategic reserves, breaking the previous convention of limiting reserves to BTC/ETH only.
· This move represents a more open and pragmatic attitude of traditional industry companies towards crypto assets, valuing their ecosystem utility and potential for appreciation.
4. Trend Insights: The Three Pillars of the Structured Allocation Era
Yesterday’s developments collectively outlined the “structured” characteristics of institutional crypto treasuries:
1. Long-term goals: For example, Metaplanet’s 210,000 BTC target—allocation is no longer opportunistic, but written into the company’s long-term strategic plan.
2. Differentiation of asset roles: BTC as the “core store of value,” ETH as a “yield-generating and ecosystem asset,” and BNB and others as “strategic utility assets,” each playing different roles in the treasury.
3. Financing and allocation cycle: Companies skillfully use equity financing (such as Bitcoin Treasury Capital) or their own funds to form a sustainable “financing-allocation” closed loop, enabling continuous treasury growth.
Industry reports indicate that over 70% of publicly listed companies that have allocated crypto assets are formulating or already have clear “multi-asset treasury allocation charters.”
From Metaplanet’s grand blueprint of 210,000 bitcoins, to BitMine’s $200 million Ethereum purchase in a single day, and China Properties Investment’s inclusion of BNB in its strategic vision, the crypto narrative of publicly listed companies has been completely elevated. It is no longer about whether to buy, but about how to build a structured digital asset treasury with clear goals, diversified assets, and the ability to withstand cycles. Crypto assets are transforming from an option in investment portfolios to the cornerstone of corporate capital structures.
