In the context of a continued recovery in the cryptocurrency market, "coin-stock linkage"—the strategy of deep integration between listed companies and digital assets—has become a popular choice for global corporate financial management. By early November 2025, with rising expectations of interest rate cuts by the Federal Reserve and fluctuating Bitcoin prices, cases of corporate Bitcoin reserves have emerged frequently, involving not only traditional industries but also innovative layouts in the Asian market. According to the latest data, 125 listed companies worldwide have incorporated Bitcoin into their balance sheets, a 58.23% increase from the previous quarter. This trend is extending from Silicon Valley in the United States to the Hong Kong Stock Exchange and emerging tech companies. This article reviews the latest developments of this phenomenon in light of recent hot news.
American Fast Food Giant Steak 'n Shake Enters Bitcoin Reserves
As a well-known American fast-food brand, Steak 'n Shake recently announced the establishment of a strategic Bitcoin reserve, with all payments made by customers in Bitcoin being directly deposited into this reserve. This initiative aims to embrace the trend of digital payments while injecting more liquidity into the company's cash flow. In the next 12 months, Steak 'n Shake will also donate 210 satoshis (the smallest unit of Bitcoin) from each "Bitcoin meal" sold to the open-source initiative organization Open Sats Initiative, Inc. This decision not only reflects the acceptance of cryptocurrency by traditional retail but may also inspire more consumer brands to follow suit. Steak 'n Shake's actions are seen as a typical case of "coin-stock linkage," with its stock price rising slightly after the announcement, reflecting investor recognition of the company's diversified reserve strategy.
Hong Kong Listed Companies Accelerate Bitcoin Layout: Heng Yue Holdings and Moon Inc. Both Increase Holdings
The Asian market is particularly active in the field of "coin-stock linkage." Hong Kong-listed company Heng Yue Holdings recently disclosed that it spent HKD 5.242 million to purchase 6.12 Bitcoins using available cash reserves. To date, the company has cumulatively bought 35.6 Bitcoins on the open market, with a total value of approximately HKD 25.428 million. More notably, Heng Yue Holdings plans to leverage its expertise in digital assets to launch a "prepaid Bitcoin card" product and gradually expand into other Asian markets. This innovative tool aims to simplify the daily payment application of Bitcoin and could inject new vitality into Hong Kong's fintech ecosystem.
Meanwhile, another Hong Kong-listed company, Moon Inc. (stock code: 1723, a telecommunications company), has also announced positive news. The company increased its holdings by purchasing 6.12 Bitcoins at an average price of USD 109,800, raising its total holdings to 35 Bitcoins, with an average cost basis of USD 91,394. Moon Inc.'s Bitcoin reserve strategy has shifted from a defensive asset to a strategic layout, which not only enhances its balance sheet's inflation resistance but may also drive the telecommunications industry to explore blockchain payment solutions. It is worth mentioning that although the Hong Kong Stock Exchange has recently imposed restrictions on some Bitcoin reserve applications, the successful cases of companies like Moon Inc. indicate that the regulatory environment is gradually improving.
Crypto Platform Bybit's Reserve Proof Enhances Transparency
Beyond corporate adoption, the crypto trading platform Bybit has also released its 27th reserve proof (snapshot date October 22, 2025), further strengthening market confidence. Data shows that user BTC assets amount to 61,976, while Bybit's wallet balance reaches 63,980, resulting in a reserve ratio of 103%; USDT user assets total 5.8 billion, with a platform balance of 6.38 billion, yielding a reserve ratio of 110%; ETH user assets are 532,000, with a balance of 542,000, resulting in a reserve ratio of 101%. This transparent disclosure not only alleviates user concerns about platform liquidity but also indirectly encourages more institutional investors to incorporate Bitcoin into their reserve strategies.
Recent Hot Topics: Expansion of U.S. Bitcoin Reserve Companies and Overall Trends
From November 1 to 2, news about "coin-stock linkage" continued to gain traction. The U.S. Bitcoin reserve company BitBridge Capital Strategies announced national expansion and unveiled several corporate milestones. As a local company focused on Bitcoin reserves, it will empower individual and institutional investors through liquidity unlocking services, which is seen as a deepening of the U.S. "Bitcoin treasury" model. Meanwhile, market analysis indicates that crypto asset reserve strategies are becoming a mainstream choice for businesses. A report titled "Crypto Asset Reserve Strategies" points out that by 2025, many companies have viewed Bitcoin as a core tool for hedging inflation. Another discussion titled "Bitcoin Reserve Companies: Visionary Strategy or Risky Gamble?" emphasizes that while pioneers like MicroStrategy have gained billions in floating profits, small and medium-sized enterprises need to carefully assess risks.
Additionally, OpenAI CEO Sam Altman recently denied rumors of the company going public next year in a podcast and revealed that annual revenue far exceeds the expected USD 13 billion. Although this clarification is not a direct "coin-stock" event, OpenAI's layout in the intersection of AI and blockchain may pave the way for future crypto company IPOs, warranting continued attention.
Outlook: The Next Windfall of Coin-Stock Integration
From Steak 'n Shake's consumer-side innovation to the reserve expansion of Hong Kong-listed companies, and Bybit's transparent endorsement, "coin-stock linkage" is transitioning from marginal experimentation to mainstream practice. With the Federal Reserve's policy meeting approaching in November, Bitcoin prices may welcome new catalysts, and the acceleration of corporate reserve strategies will further bridge traditional finance and the digital economy. Investors should be wary of short-term fluctuations, but in the long run, this wave may reshape the global asset allocation landscape.
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