When MicroStrategy first issued preferred shares priced in euros for Bitcoin reserve financing, and when Canaan Inc. raised $72 million to expand its mining capacity, yesterday the total financing and investment amount in the global listed companies' cryptocurrency sector reached $170 million in a single day. Institutional Bitcoin strategies have evolved from a simple "buy and hold" to a complex "cross-border financing + industrial chain layout."

1. Financing Innovation: MicroStrategy's Euro Breakthrough

MicroStrategy (NASDAQ:MSTR) has set a precedent with its strategic upgrade:

• Filed documents with the U.S. SEC to plan an initial public offering of 3.5 million perpetual preferred shares priced in euros.
• Aims to fund company operations, including Bitcoin purchases.
• Previously announced it had purchased 397 BTC in the week of November 3, continuing its Bitcoin reserve strategy.
• Strategic significance: This is the first publicly listed company to use euro financing tools to purchase Bitcoin, opening up new paths for cross-border capital allocation.

1. Mining Expansion: Canaan Inc.'s $72 Million Capacity Increase

Canaan Inc. (NASDAQ:CAN) demonstrates industry confidence with its capacity expansion:

• Conducting a direct issuance of American Depositary Shares (ADS) worth $72 million.
• Net proceeds will be used for:
• Acquiring and developing data center sites in North America.
• Expanding Bitcoin mining machine production capacity.
• Supporting the deployment of digital mining farms.
• This move reflects mining companies' optimism about the long-term industry outlook, especially in the North American market.

1. BTC Holdings: Steady Accumulation and Clear Goals

UK companies continue to accumulate:

• The Smarter Web Company (OTCMKTS: TSWCF) increased its holdings by 4 Bitcoins at an average price of £82,763.
• Total holdings reached 2,664 Bitcoins, with a current total value of approximately £220.7 million.
• As part of its "10-Year Plan," this reflects a long-term strategic commitment.

Clear goals are being advanced:

• Hyperscale Data (NYSE American:GPUS) disclosed that its total Bitcoin treasury has reached approximately $73.5 million, accounting for about 61% of the company's market value.
• Its subsidiary Sentinum currently holds about 234.7157 BTC, including 36.37 BTC purchased last week.
• The company remains committed to advancing its $100 million Bitcoin treasury target through a dollar-cost averaging strategy.

1. Trend Insights: Diversified Financing and Systematic Strategies

Innovation in financing tools:

• Expanding from purely dollar financing to euro-denominated tools, reducing exchange rate risks and broadening the investor base.
• Both direct issuance and registered issuance coexist, meeting different regulatory requirements and market conditions.

Comprehensive participation in the industrial chain:

• Includes pure financial investments from companies like MicroStrategy.
• Also involves capacity expansion from mining equipment manufacturers like Canaan Inc.
• And ongoing accumulation from mining operators like Hyperscale.

Clarification of strategies:

• Specific strategies such as "10-Year Plan," "Dollar-Cost Averaging," and "$100 Million Target" have been publicly disclosed.
• This enhances market transparency and investor confidence.

Data shows that publicly clarifying Bitcoin holding targets and execution strategies leads to an average stock price performance that is 23% better than peers.

From MicroStrategy's euro preferred shares to Canaan Inc.'s mining machine expansion, the $170 million daily scale reflects the simultaneous deepening and broadening of institutional participation in the Bitcoin ecosystem. This market is evolving from simple asset allocation to a mature ecosystem that includes complex financial instruments, cross-border capital flows, and a complete industrial chain layout.

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