Recently, the market has shown significant signs of recovery, especially with Wall Street's continued push for Bitcoin spot ETFs, revitalizing the entire crypto asset market. But compared to traditional crypto speculation, more and more listed companies are utilizing 'coin-stock narratives' for capital operations.
From U.S. stocks to Japanese stocks, a number of companies are using Bitcoin and Ethereum as 'strategic reserve assets,' which not only drives up coin prices but also directly affects their market value. This trend is not just a replication of MicroStrategy, but more like a financial structural experiment of 'coin-stock linkage.'
I have recently focused on several projects; their underlying strategies are different.
But the core question remains the same: is this real financial innovation, or is it an incubating larger economic bubble?
1⃣ Japan Metaplanet: Low interest rates + high leverage arbitrage combination
Metaplanet is the most representative case in this round. It is not simply buying Bitcoin but has designed a complete set of structured financing models:
Issuing short-term zero-interest bonds, with almost no financing costs;
Issuing Stock Appreciation Rights (SARs) allows investors to profit from rising stock prices;
Avoiding a Bitcoin tax rate as high as 55%, instead taking advantage of Japan's stock market with only a 20% tax burden.
In simple terms, it is using Japan's financial system and tax structure to create a 'bridge' company for exposure to crypto assets. The NAV multiple once soared to over 20 times, which is unimaginable in traditional markets.
2⃣ Twenty One Capital: The U.S. Stock Version of the 'Crypto SPAC Alliance'
Twenty One is a super monster in the U.S. market, initiated by Strike's Jack Mallers, collaborating with Tether, Bitfinex, and SoftBank.
Its approach is entirely Wall Street style: SPACs, PIPEs, convertible bonds, holding 42,000 Bitcoins upon listing, directly delving into the world's third-largest Bitcoin reserve company.
If Metaplanet represents structural arbitrage, then Twenty One is a typical example of 'capital manipulation' + 'crypto resource binding.'
3⃣ ETH: SharpLink and BTCS's staking strategy
Bitcoin is not the only main character; ETH is becoming a new strategic weapon for listed companies.
SharpLink Gaming obtained a large amount of ETH through PIPE financing + ATM mechanism, not hoarding coins in cold wallets, but directly staking for returns, and engaging in OTC trading with the Ethereum Foundation — this is a historical first.
BTCS is even more aggressive, engaging in DeFi on-chain, using ETH as collateral to borrow USDT, then reinvesting to buy more ETH to stake back into its own validator network. This 'on-chain compounding + corporate financing' strategy is something traditional companies cannot pull off.
⚠ But don't be fooled by illusions: there are not many truly innovative companies; in this round of speculation, 80% of 'coin-holding concept stocks' are just joining the fun:
No financing structure, simply issuing announcements to ride the BTC/ETH wave;
No transparent disclosures; asset status relies entirely on guesswork;
Without ecosystem integration, they hope to rely on skyrocketing stock prices to raise funds.
So even though the market is rising, this is not the time for 'blindly buying in.'
I believe that in the wave of coin-stock linkage, valuable coin stocks usually possess:
Structural innovation type: like Metaplanet, knowing how to design low-cost financing;
Resource-binding type: like Twenty One, it has the capability to connect with global core crypto players;
Ecosystem integration type: like SharpLink and BTCS, turning coins into compounding tools on the company's balance sheet.
These companies not only profit from rising coin prices, but more importantly: they operate crypto assets as infrastructure, which is fundamentally different from simple coin speculation.
🐟 Is it the tail end of a bull market or the beginning of a new cycle?
This market situation is honestly a bit complex. On one hand, sectors like ETH and SOL are taking turns to perform, and the NFT sector has suddenly exploded, indeed making it feel like the bull market isn't over; but on the other hand, many projects are speculating on concepts and piling up bubbles, and risks are accumulating rapidly.
During this phase, it is easiest to misjudge the direction. But it is also the time with the most opportunities — bubbles and structural opportunities coexist, and the key lies in how to judge.
What we are seeing now is not just an increasing number of BTC-holding companies, but also the gradual formation of ETH reserve logic, and more and more companies are starting to use 'on-chain staking + traditional financing' for combination strategies. The trend of 'coin-stock linkage' will only strengthen in the future.
Personally, I will pay more attention to those with real financing capabilities, understanding of financial structures, and those that can deeply integrate with the on-chain ecosystem; they may truly be the 'scarce targets' that can traverse cycles.
Currently, the market's funds are still in a game, it may not be the phase of crazy take-off, but it is indeed the window period for laying out the next round of structural opportunities.
