When iPower completed its first batch of "standard configuration" with BTC and ETH for $2.21 million, and Tron Inc. secured $18 million specifically to expand the treasury of its native token TRX, the digital asset treasury strategies of listed companies clearly presented three parallel and non-conflicting paths: core asset allocation for traditional enterprises, ecological strategic financing for public chain projects, and business synergy accumulation for mining companies.

1. Path One: Traditional Enterprises Entering the Market — iPower's "BTC + ETH" Standard Treasury

iPower (NASDAQ: IPW) 's initial allocation represents the most classic treasury model:

• Allocation Structure: Invested approximately $2.21 million, of which $1.3254 million was used to purchase 15.1 bitcoins (average price $87,686.33), and $883,600 was used to purchase 301.1 ethers (average price $2,934.67).

• Strategic Logic: Adopts the core combination of "BTC (store of value) + ETH (productive asset)", diversifying risk and complementing functions. The company clearly stated that it will continue to increase its holdings based on market conditions, demonstrating a long-term allocation rather than a short-term trading intention.

• Industry Significance: As a non-tech industry company, its actions signify that the concept of crypto treasury has permeated a broader range of traditional enterprises, becoming a conventional financial tool for optimizing balance sheets and hedging against inflation.

1. Path Two: Ecological Strengthening — Tron Receives Founder's Support for TRX Treasury Expansion

Tron Inc. (NASDAQ: TRON) 's strategic financing reveals a unique path:

• Secured a strategic investment of $18 million from founder Justin Sun.

• The funds will be specifically used to expand the TRX treasury scale, aiming to strengthen the balance sheet and support long-term ecological development.

• Deep Logic: This goes beyond mere asset allocation; it is a strategic action for public chain projects to directly enhance network value, stabilize token prices, and demonstrate long-term confidence by increasing their core ecological assets (native tokens). It is similar to MicroStrategy's logic of purchasing BTC, but the assets are more deeply tied to its own business.

1. Path Three: Business Synergy — Bitdeer’s "Mining + Holding" Dual-Drive

Bitdeer Technologies (NASDAQ: BTDR) 's business accumulation showcases the natural advantages of mining companies:

• Recently increased its holdings by 1.5 bitcoins, bringing the company's total bitcoin holdings to 1,998.3 bitcoins.

• Its asset accumulation comes from two parts: mining output and secondary market purchases. This "self-production + proactive reserve" model significantly enhances the cost advantage of holding coins for mining companies and forms a perfect closed loop with their main business.

• Industry Trend: Leading listed mining companies are transforming from mere "hash power providers" to important "bitcoin asset production and reserve institutions," with the amount of holdings becoming one of the key indicators for assessing their value.

1. Trend Insights: Differentiation and Maturity of Treasury Strategies

This set of dynamics at the end of the year indicates that the treasury strategies of listed companies in digital assets have entered a mature stage of "strategy differentiation, each taking what they need":

1. Goals Determine Paths: The allocation path of enterprises is determined by their core objectives — financial stability (iPower), ecological construction (Tron), business synergy (Bitdeer).

2. Asset Selection Specialization: From the early "only buy BTC" or "blindly follow trends," it has evolved into precisely selecting asset combinations based on their own needs (such as iPower's BTC/ETH ratio).

3. Integration of Financing and Allocation: The case of Tron shows that financing can be directly tied to specific asset allocation goals, with unprecedented clarity in the use of funds.

End-of-year data shows that among listed companies that have disclosed crypto allocations, those adopting a "dual asset (BTC + ETH) or more" strategy account for over 60%, while the proportion of single asset strategies continues to decline.

From iPower's standard answer to Tron’s ecological proposition, and Bitdeer’s business solution, the treasury dynamics at the end of 2025 provide a vivid footnote to this year's institutional narrative. The path of digital assets integrating into the corporate world is not singular, but rather diverse and deep like capillaries. This means that the status of crypto assets as a new type of corporate asset has been irreversibly established.

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