When Scilex Holding directly exchanged $200 million worth of subsidiary equity for Bitcoin, [when Jiufang Zhitu Holdings invested in the Hong Kong licensed virtual asset exchange EX.IO](http://when Jiufang Zhitu Holdings invested in the Hong Kong licensed virtual asset exchange EX.IO), yesterday the global listed companies' crypto allocation exceeded $200 million in a single day, showcasing not only the scale of funds but also profound innovations in allocation paths and ecological layouts.

1. Model Innovation: Scilex's Stock-to-BTC Exchange Path

Scilex Holding Company (NASDAQ:SCLX) achieved a milestone transaction that breaks tradition:

· Transaction Structure: Signed an agreement with institutional investors to exchange 12.5 million shares of its subsidiary Semnur Pharmaceuticals (valued at $200 million) for an equivalent amount of Bitcoin.

· Pricing and Delivery: The transaction price is $16 per share, with delivery expected to be completed on the same day, demonstrating high efficiency.

· Strategic Significance: Pioneered a "equity → Bitcoin" direct exchange model, providing listed companies with:

  · A new channel for non-cash contributions.

  · Avoidance of price impact from selling shares in the secondary market.

  · Direct acquisition of Bitcoin as a "superior asset."

2. Continued Participation in Europe: Capital B's Steady Private Placement

Capital B (Euronext:ALCPB) reflects traditional paths in its private placement financing:

· Completed a targeted capital increase of €1.2 million (approximately $1.3 million) at €1.70 per share.

· Funds will be used to acquire about 10 Bitcoins, potentially increasing total holdings to 2,810 Bitcoins.

· Demonstrates a feasible path for European SMEs to steadily allocate Bitcoin through traditional financing channels.

3. Asian Strategy: Jiufang Zhitu's Compliance Infrastructure Layout

Jiufang Zhitu Holdings (HKEX:09636) focuses on long-term strategic investment:

· [Subscribed to shares of the Hong Kong licensed virtual asset trading platform EX.IO through its wholly-owned subsidiary](http://Subscribed to shares of the Hong Kong licensed virtual asset trading platform EX.IO).

· The platform under EX.IO received a virtual asset trading license from the Hong Kong Securities and Futures Commission in December 2024.

· This move aims to promote the overseas strategic development of digital asset business and layout compliant trading infrastructure.

4. Trend Insights: Innovation in Allocation Models and Infrastructure Layout

The $200 million allocation reveals two new trends in institutional participation in the crypto market:

1. Innovation in Allocation Models:

   Scilex's stock exchange model provides new ideas for listed companies with large asset scales but potentially limited cash flow. This "asset-for-asset" model may be emulated by more companies holding subsidiary equity or non-core assets.

2. Strategic Infrastructure Layout:

   [Jiufang Zhitu's investment in the licensed exchange EX.IO](http://Jiufang Zhitu's investment in the licensed exchange EX.IO) indicates that institutional focus is shifting from "direct holding of coins" to "laying out the infrastructure of the entire ecosystem," especially regulated compliant entry points. This reflects long-term strategic thinking.

3. Regional Strategy Differentiation:

   U.S. companies explore financial engineering innovations (stock exchanges), European companies continue traditional financing for coin purchases, and Asian companies focus on laying out compliant infrastructure—different regional comparative advantages and policy environments lead to strategic differences.

Industry analysis shows that cases of allocating crypto assets through non-cash methods (equity swaps, asset offsets, etc.) increased by 150% quarter-on-quarter in Q3 2025.

From Scilex's $200 million equity swap to Jiufang Zhitu's strategic investment in the Hong Kong licensed exchange, the $200 million today reflects a comprehensive upgrade in the ways and thinking of institutional participation in the crypto market. They are no longer just simple "buyers," but have become designers of trading models and co-builders of ecological infrastructure. The institutionalization process of the crypto market is transitioning from the "capital investment" phase to a new phase of "model innovation and ecological co-construction."

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