Original Cobo Researcher Cobo Global June 4, 2025 17:55 Singapore
Meitu may not be the first, nor the most successful, but it is undoubtedly one of the earliest companies to take the plunge.
As early as 2021, this technology company based in Xiamen invested $100 million in purchasing bitcoin and ethereum, incorporating them into its balance sheet. This was an extremely rare action at the time. Ultimately, Meitu earned 570 million yuan in profits when liquidating, with 80% used for shareholder dividends, forming a true 'successful exit case for crypto assets.'
Although Meitu CEO Wu Xinhong now admits that if given a second chance, he might prefer asset allocation in the direction of business synergy, this transaction proved that bitcoin can not only serve as a strategic allocation tool for enterprises but can also translate into shareholder returns during the right market window.
Today, we see more and more companies following this path—starting with bitcoin and then expanding to other chain assets, with Meitu's case gradually being looked back upon in history.
Bitcoin remains the starting point for most companies venturing into crypto. Spanish coffee chain brand Vanadi recently announced plans to invest over $1.1 billion in purchasing bitcoin and has completed its first batch of procurement. Japanese listed company Metaplanet has gone even further, not only announcing a complete transformation into an 'Asian version of MicroStrategy' but also enhancing its holding returns through innovative derivative strategies.
At the same time, more small and medium-sized enterprises are beginning to try to incorporate bitcoin into their balance sheets. Swedish digital asset brokerage and research firm K33 recently purchased 10 bitcoins. Although the amount is far less than that of leading companies, this action continues the clear trend of enterprises moving from 'research' to 'holding'. Bitcoin is gradually becoming a strategic asset that adapts across different scales—serving both large allocations and providing flexibility for small and medium institutions to test the waters.
Metaplanet currently holds 6,796 bitcoins, with an average purchase cost of approximately $89,492. In the first quarter of 2025, it achieved 770 million yen in revenue by selling cash-secured bitcoin put options, accounting for 88% of total revenue, while traditional hotel business contributed less than 12%. Since announcing its strategic transformation, Metaplanet's stock price has increased nearly 30 times, and it introduced the 'BTC Yield' metric—year-on-year growth rate of bitcoin held per share. This data reached 170% in Q1, 3.8 times that of MicroStrategy in the same period. This model provides a clear path for Asian companies to access bitcoin assets within a compliance framework, further validating the sustainability and leverage effect of corporate bitcoin holdings.
Meanwhile, the crypto reserve strategy is beginning to expand from bitcoin to other sovereign chain assets. Educational technology company Classover Holdings has signed a $500 million convertible note agreement with Solana Growth Ventures, planning to allocate 80% of the funding to purchase SOL. This transaction will significantly enhance its capital exposure in the Solana network and reflects the strategic positioning of enterprises beyond bitcoin assets.
Although crypto reserves bring valuation increases and new revenue models to enterprises, the risks of concentrated holdings and volatility cannot be ignored. Currently, 61 publicly listed companies have incorporated bitcoin into their asset reserves, with a total holding of 673,897 bitcoins, accounting for 3.2% of the total bitcoin supply. MicroStrategy alone holds 86% of that. According to Standard Chartered Bank's estimates, if the bitcoin price drops more than 22% compared to the average entry price of enterprises, it will trigger potential financial pressure and liquidation risks. If the bitcoin price falls below $90,000, more than half of the companies' reserves will face unrealized losses, and a scenario similar to Core Scientific being forced to sell due to liquidity issues in 2022 may be repeated.
The crypto reserve strategy is transitioning from a single asset allocation to ecological diversification. Metaplanet and Classover demonstrate a different profit model from 'long-term holding': treating crypto assets as adjustable structures rather than purely positions. This presents a new proposition for enterprises—how to build a truly flexible, volatility-resistant, and scenario-adaptable crypto asset allocation strategy while increasing book value.
The answer to this question may be more complex than in the past, but the opportunities are also greater.
