Analysis of Public Company Crypto Assets Reserve Strategy

Recently, more and more listed companies are incorporating Crypto Assets into their reserve strategies, not limited to Bitcoin and Ethereum, but also extending to assets like SOL, BNB, and XRP. There are several notable trends behind this wave:

Bitcoin Reserve

• MicroStrategy remains the largest holder, controlling nearly 2.865% of the circulating supply of Bitcoin.
• Most companies have a NAV multiple exceeding 2, indicating a certain bubble.
• Metaplanet leverages Japan's low interest rate environment and tax advantages through zero-interest convertible bonds + SAR financing.
• SPAC companies like Twenty One Capital and ProCap have rapidly risen to become leading holders by adopting complex financing structures.
• Tether, Block, Coinbase and other Crypto Assets native platforms continue to invest steadily in digital assets.

Ethereum Reserve

• SharpLink completes $425 million PIPE financing, Joseph Lubin joins the board.
• BTCS innovatively uses Aave to borrow USDT to purchase ETH and stake.
• Companies like BitMine and Bit Digital recently announced large-scale ETH reserve plans.

Key Trends

1. Most projects are seriously homogenized and lack sustainable competitive advantages.
2. Advantageous enterprises have a stronger financing structure and strategic partnerships.
3. High NAV premium carries risks, and investors should remain cautious.
4. Institutional investors are increasing their investments, and industry veterans are serving as strategic advisors.

In the future, projects with unique advantages and innovative models are more likely to stand out in fierce competition. Investors should closely monitor the financing structure, strategic partnerships, and market risks of each project, and carefully evaluate investment opportunities.