When Universal Digital raised financing for Bitcoin by issuing $50 million in bonds, and when Hengyue Holdings purchased 0.6 BTC to support its prepaid Bitcoin card business, yesterday global listed companies allocated over $50 million in cryptocurrency in a single day. Bitcoin simultaneously plays the dual roles of "financial reserve" and "payment tool," highlighting its broad application at the corporate level.

1. Financing Innovation: Universal Digital's $50 Million Bond Allocation

The financing arrangement of Universal Digital (OTCMKTS: LFGMF) demonstrates mature capital operations:

• Signed a subscription agreement with Helena Global Investment Opportunities 1 Ltd to issue priority secured convertible bonds to raise $50 million.
• The funds will be explicitly used to increase Bitcoin holdings and support company operations.
• The first batch of bonds is expected to be issued on October 31, 2025, with subsequent issuance dates agreed upon by both parties.
• This model of financing Bitcoin through the bond market provides companies with an alternative funding channel besides equity financing.

1. Business Application: Hengyue Holdings' Payment Scenario Expansion

Hengyue Holdings (HKEX:01723) has a business-oriented purchase that is demonstrative:

• Purchased 0.6 Bitcoin on the open market, with a total cost of approximately $68,000 (about HKD 533,000).
• This purchase aims to support its expanding prepaid Bitcoin card business, ensuring liquidity and efficient settlement capabilities.
• This is a typical case of Bitcoin as an operational asset rather than merely an investment asset, reflecting its application value in real business scenarios.

1. Treasury Building: ZOOZ Strategy's Milestone of 1,000 Holdings

ZOOZ Strategy Ltd. (NASDAQ:ZOOZ) continues to increase its holdings, demonstrating firm determination:

• Announced the purchase of an additional 94 Bitcoin, with an average purchase price of $112,000 per coin.
• Since launching its Bitcoin reserve strategy in July 2025, it has cumulatively purchased 1,036 Bitcoin, with a total purchase value of approximately $115 million.
• Its robust dollar-cost averaging strategy and clear reserve goals provide a replicable allocation path for small and medium-sized listed companies.

1. Trend Insights: The Diversification of BTC's Corporate Role

Functional positioning is clearly differentiated:

• Evolving from a simple "digital gold" value storage to include multiple roles such as payment medium, operational asset, and financing collateral.
• Companies choose different allocation strategies and application scenarios based on their business characteristics and funding scale.

Diversification of financing channels:

• Expanding from early self-cash purchases to various funding channels such as equity financing, bond issuance, and asset swaps.
• Professional investment institutions are beginning to provide structured financing solutions for companies' Bitcoin allocations.

Specific application scenarios:

• Bitcoin finds real applications in specific business scenarios such as payment settlement, supply chain finance, and liquidity management.
• This manifestation of "practical value" further supports its intrinsic value as an investment asset.

Industry research shows that listed companies using Bitcoin for business operations, although their allocation scale is relatively small, exhibit significantly higher continuity and stability than purely investment-type allocations.

From Universal Digital's $50 million bond financing to Hengyue Holdings' purchase of 0.6 BTC to support payment operations, Bitcoin's role at the corporate level is becoming unprecedentedly rich. It serves as a reserve asset on the balance sheet, a payment tool in daily operations, and a financing target in the capital market. This diversification of roles is an essential path for Bitcoin's maturation.

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