In early September 2025, multiple publicly listed companies around the world intensively disclosed new strategies for cryptocurrency assets. Whether it is traditional Bitcoin and Ethereum, or emerging tokens like TON and BONK, they are all part of different companies' layouts. This wave of actions not only reflects the increasing strategic importance that listed companies place on cryptocurrency assets but also indicates that the status of digital assets in the capital market is gradually shifting from "marginal allocation" to "core holdings."
Mainstream Assets: BTC and ETH Remain the Foundation
First, it is worth noting CDT Equity Inc. This Nasdaq-listed company announced that its board of directors has approved a cryptocurrency reserve strategy, converting part of its balance sheet into digital assets. Although the specific scale and types of investments have not yet been disclosed, market experience suggests that Bitcoin and Ethereum are still the most likely candidates for its priority foundational assets.
In response, Haotian International Construction Investment Group (Hong Kong Stock) has made a recent move. The company originally planned to use the proceeds of HKD 35.75 million from a share placement for operations and debt repayment, but in a board resolution on September 3, it explicitly decided to change this portion of funds to purchase Ethereum, with plans to complete the transaction within a month. This means that this Hong Kong-listed company will become one of the first to clearly "treasury Ethereum," marking an increase in ETH's recognition in the Asian capital market.
Meanwhile, H100 Group continues to increase its Bitcoin holdings, adding 47.16 BTC, bringing its total holdings to over 1,000 BTC, reaching 1,004.56 BTC. Although this number is not comparable to the tens of thousands held by large U.S. companies, for a mid-sized listed company, surpassing 1,000 BTC holdings is symbolically significant, demonstrating its long-term confidence in cryptocurrency reserves.
Emerging Tracks: TON and BONK Take the Stage
In addition to mainstream assets, emerging tokens are also gradually coming to the forefront.
AlphaTON Capital (formerly Portage Biotech) announced it will raise $100 million to launch a TON Treasury Strategy, specifically for purchasing TON tokens. As the core blockchain asset of the Telegram ecosystem, TON has shown significant growth recently. AlphaTON's actions are seen by the market as "binding the company's strategy to the rapid expansion of social applications," with the underlying logic being that TON is not only a blockchain token but also a gateway into the ecosystem of hundreds of millions of Telegram users. For a U.S. company, this layout is not just asset allocation but also a form of "ecological investment."
On the other hand, Safety Shot has reached a strategic cooperation agreement with BONK for $25 million, planning to purchase approximately $115 million worth of BONK by the end of the year, accounting for about 5% of its total supply. BONK, a meme token originating from the Solana ecosystem, gained popularity due to its community-driven operations and ecological incentives. In the past, meme tokens were often considered lacking in corporate-level recognition, but Safety Shot's strategic cooperation undoubtedly sends a new signal to the market: even high-risk community tokens can enter the treasury of listed companies as long as they are tied to specific application scenarios or strategic partnerships.
The Logic Behind: Diversification and Strategic Binding
Overall, this wave of cryptocurrency strategic layouts by listed companies has several notable characteristics:
1. Mainstream Assets as the Cornerstone: Bitcoin and Ethereum remain the first choice for institutional allocation. Their liquidity, market depth, and widespread acceptance make them the priority targets for any company's "treasury strategy."
2. Emerging Tokens Moving Towards Strategic Binding: The emergence of TON and BONK indicates that listed companies are not only focusing on the value fluctuations of the assets themselves but also paying attention to the ecological expansion and strategic significance behind the tokens. AlphaTON values the connection between TON and Telegram, while Safety Shot incorporates BONK into its strategic cooperation framework.
3. Diverse Sources of Funding: Whether it is CDT Equity's balance sheet strategy, AlphaTON's fundraising plan, or Haotian International's change in fund usage, it shows that listed companies are entering the cryptocurrency market using diversified means such as equity financing, cash reserves, and cooperation agreements.
4. Gradual Institutionalization of Cryptocurrency Assets: In the past, corporate purchases of cryptocurrencies were often seen as "speculative actions," but now more and more actions are being completed through board resolutions, public fundraising plans, and strategic cooperation agreements. This not only increases transparency but also gradually institutionalizes and formalizes cryptocurrency assets.
Institutional Landscape is Being Reshaped
From BTC to ETH, and then to TON and BONK, these different types of assets are being incorporated into the allocations of different types of listed companies. Large institutions still use BTC and ETH as foundational assets, while companies looking to leverage rapid ecological expansion are turning their attention to emerging tokens like TON and BONK.
It is foreseeable that two trends will develop in parallel in the future:
On one hand, Bitcoin and Ethereum will continue to strengthen their roles as "enterprise-level reserve assets," becoming core tools for listed companies to resist inflation and optimize asset structures;
On the other hand, emerging tokens will find breakthroughs in specific ecosystems (such as social, gaming, RWA, community economy) and gain institutional-level liquidity and legitimacy by binding to the strategies of listed companies.
This also means that the institutional participation in the cryptocurrency market will not only continue to increase, but its investment logic will also become more diversified and segmented. The year 2025 may be seen as a turning point—from a "single Bitcoin reserve wave" to a "diversified cryptocurrency strategic landscape."
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