When Metaplanet increased its holdings by 5,419 BTC in a single day, pushing its total holdings to 25,555 BTC, and AgriFORCE announced it would raise $550 million to establish an AVAX-exclusive treasury, the global market capitalization of publicly listed companies' crypto allocations surpassed $600 million in a single day. Public chain assets have officially upgraded from "allocation options" to "special strategies," opening a new chapter in institutionalization.

1. Bitcoin Giants: Metaplanet's Crazy Acceleration

Metaplanet Inc. (TSE:3350) made a record increase that shocked the market:

• Single-day scale: disclosed an additional holding of 5,419 bitcoins, valued at over $620 million at the time, setting a record for its highest single-day increase.

• Total holding milestone: total holdings reached 25,555 BTC, with a market value approaching $3 billion, over 25% of its goal of 100,000 BTC completed.

• Strategic execution: since completing $1.384 billion in financing, its purchasing speed has noticeably accelerated, indicating that funds are rapidly converting into actual holdings.

Europe continues to follow suit:

• Capital B (OTC:CPTLF): increased holdings by 551 BTC, raising total holdings to 2,800 BTC, as European companies deepen their allocation to BTC.

2. The Era of Public Chain Specialization: AVAX Treasury's $550 Million Ambition

AgriFORCE (NASDAQ:AGRI) has made a milestone strategic transformation:

• Name change: announced it will be renamed AVAX One, clarifying its strategic focus on the Avalanche ecosystem.

• Huge financing: plans to raise approximately $550 million to establish the AVAX treasury, making it the second public chain to have a dedicated treasury after Solana.

• Model replication: marks the successful replication of the "Forward Industries-Solana" model, with public chain specialized treasuries becoming a new paradigm for institutional allocation.

3. Institutionalization of Public Chain Assets: Full Bloom from SOL to ADA

Solana holding giants emerge:

• Helius Medical Technologies (NASDAQ:HSDT): announced its first purchase of Solana, currently holding over 760,190 SOL, valued at approximately $180 million, becoming a significant institutional holder of SOL.

Cardano gains institutional recognition:

• Reliance Global Group (NASDAQ:RELI): announced the completion of its first ADA purchase under its digital asset treasury plan, although the specific quantity was not disclosed, it marks Cardano's official entry into the institutional allocation landscape.

4. Trend Insights: The Era of Public Chain Specialized Treasuries Has Arrived

The $600 million single-day allocation reveals three major trend changes:

1. From generalized allocation to specialized deep cultivation:

   Institutions are no longer satisfied with treating public chain assets as part of a diversified portfolio; instead, they are establishing specialized treasuries (like AVAX One) for deep, focused layouts, aiming to become important participants or even leaders in specific ecosystems.

2. Public chain competition enters the institutional capital dimension:

   The value discovery of public chains no longer relies solely on technical indicators and developer activity; the ability to attract publicly listed companies to establish specialized treasuries and secure large-scale, long-term institutional capital commitments has become a new competitive focus.

3. Early public chains gaining attention:

   In addition to SOL and AVAX, public chains like Cardano (ADA) are also beginning to gain institutional recognition, indicating that institutions are scanning and evaluating the investment value of public chain ecosystems more broadly.

Data shows that the scale of specialized institutional investments targeting single public chains grew by 300% quarter-on-quarter in Q3 2025, with an expected annual total exceeding $5 billion.

From Metaplanet's 5,419 BTC to AVAX One's $550 million treasury plan, the $600 million behind it reflects a profound evolution in institutional crypto allocation logic: public chain assets are no longer just supporting roles in investment portfolios but strategic protagonists capable of carrying billions of dollars in specialized funds. The competition among public chains is extending from code and ecosystems to the strategic decision-making rooms of boards.

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