After traditional crypto tactics like brand renaming and buyback destruction gradually lose effectiveness, a more capital-operation-oriented coin-stock model is emerging, even becoming a new narrative engine for crypto projects.
From finance to technology, from healthcare to entertainment, an increasing number of listed companies are emulating the MicroStrategy path, incorporating crypto assets like BTC, ETH, SOL, and TRX into their balance sheets, initiating a capital game of value re-pricing. PANews has compiled statistics on 30 US-listed companies that have officially announced crypto reserve plans.
Coinbase CEO Brian Armstrong revealed in a Q&A that he had considered investing up to 80% of the balance sheet in Bitcoin but ultimately decided to abandon this aggressive plan, "because it could destroy the company". He explained that in the early stages, if BTC price suddenly drops, the company's cash runway might plummet from 18 months to 10 months, thereby affecting financing and business development. He further pointed out that the company does hold Bitcoin on its balance sheet, with approximately 25% of net cash currently held in cryptocurrency. "We won't invest 80% in it, and I think that would be too risky."
Regarding some small and medium-sized listed companies announcing large reserve allocations to Altcoins, Matthew Sigel, digital asset director at VanEck, noted that these companies claim to purchase tokens worth hundreds of millions of dollars (such as XRP and SOL), and these so-called reserve plans are likely just a means to boost the stock prices of small-cap companies, many of which are traded on Nasdaq. "Many are insiders trying to pump and dump, and if the market cap is negligible and there are no new investors disclosed, I would consider it a scam."
Regarding this leveraged expansion model, digital asset bank Sygnum warned in its latest report that companies like Strategy, continuously increasing Bitcoin holdings through leverage methods such as bond issuance, are deviating from traditional corporate financial strategies. This approach may weaken Bitcoin's suitability as a central bank reserve asset, and overly concentrated holdings could lead to reduced market liquidity, increased price volatility, and thus affect the allocation willingness of institutions like central banks.
Bitcoin early advocate Max Keiser also questioned emerging Bitcoin financial companies mimicking Strategy's approach, believing they have not yet undergone a true bear market test. He emphasized, "Saylor has never sold Bitcoin during a bear market, but continues to buy. Only companies that maintain their positions during the market's most difficult moments can be considered true Bitcoin vault believers."
Overall, crypto assets are rising from financial reserves to corporate strategy, but the success of the strategy will ultimately be determined by the market.
