When the board of Token Cat opens a strategic space of $1 billion for the allocation of crypto assets, and when the mining company Cango reports a net profit of $37.3 million in the third quarter, yesterday's public companies' layout in crypto assets presents a clear dual signal: the top-level institutional strategic authorization and the strong profit verification at the bottom jointly drive the allocation from "trial" to a new era of "scaled strategy."
- Strategic Upgrade: Token Cat's $1 Billion Institutional Framework
The board resolution of Token Cat Limited (NASDAQ:TC) marks the highest level of recognition:
Scale and Positioning: The board officially approved a crypto asset investment policy covering up to $1 billion, making it one of the largest and most clearly defined crypto asset plans among U.S. public companies in recent times.
Risk Control System: The policy establishes a strict risk management system, indicating that large-scale allocation is not a hasty decision but a rigorous, institutionalized choice.
Market Impact: Such clear strategic authorization provides a replicable compliance and risk control model for other large public companies that are observing, accelerating the influx of capital.
- Profit Verification: Cango's Mining Cost Advantage and Scale Efficiency
Cango (NYSE:CANG) 's third-quarter financial report perfectly illustrates the industry's profit resilience:
Output and Revenue: Produced 1,930.8 BTC (approximately 21 BTC per day), achieving BTC mining revenue of $220.9 million, accounting for 98.3% of total revenue.
Cost Control: Mining cost is $81,000/BTC, maintaining significant profit margins even amidst current price fluctuations (total cost is $99,400/BTC).
Profitability: Achieved operating profit of $43.5 million, net profit of $37.3 million, and adjusted EBITDA as high as $80.1 million.
Industry Signal: Its performance proves that listed mining companies with cost advantages and scale efficiency have become key nodes in the crypto ecosystem, consistently generating positive cash flow and profits.
- Position Expansion: Deepening ETH Reserves
BitMine's continuous increase in holdings solidifies its ETH position:
- Acquired 7,080 ETH, with a transaction value of approximately $19.8 million, further consolidating its status as a core Ethereum treasury company globally.
- Trend Insights: The Three Pillars of Scaled Strategic Deployment
Yesterday's dynamics collectively outline a solid triangle for the era of "scaled strategic deployment":
Strategic Pillar (Authorization): Like Token Cat, through board resolutions and investment policies, obtaining the "institutional license" and capital quota for large-scale allocation.
Profit Pillar (Verification): Like Cango, using solid financial report profits to prove that crypto-related businesses (such as mining) are profitable and sustainable, rather than purely costs or speculation.
Execution Pillar (Holdings): Like BitMine, continuously and stably converting strategy and profits into on-chain assets, deepening treasury reserves.
Financial analysis shows that public companies incorporating crypto assets into strategic allocations have an average total shareholder return (TSR) that is 15 percentage points higher than their peers by 2025.
From Token Cat's board resolution of $1 billion to Cango's reported net profit of $37.3 million, and to BitMine's newly added 7,080 ETH on-chain, this forms a complete value chain: strategic authorization provides legitimacy, profitable business provides cash flow, and treasury expansion solidifies long-term value. The role of crypto assets within the public company system has completed a thrilling leap from marginal exploration to a core strategic component.
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