When a company announces it holds over a thousand bitcoins, it is no longer news. As capital begins to surge into mining farms and data centers, the start of 2026 clearly indicates that global publicly listed companies' participation in crypto assets has entered a new phase characterized by heavier assets, greater complexity, and more strategic approaches. Yesterday, through the movements of three representative companies, we decoded this paradigm shift from "digital gold" accumulation to "mining machine roar."
I. The "Involution" of Bitcoin Treasuries: From Holding to Financialization
The actions of the Swedish Bitcoin treasury company H100 (FRA: GS9) represent the evolution of early adopter strategies. Disclosing a holding of 1,046 BTC is just the foundation; the key lies in the plan to launch native financial products and asset management solutions around BTC in 2026.
• Strategic Interpretation: This marks an upgrade from the simple "balance sheet reserve" logic to "asset activation and yield generation." Institutions are no longer satisfied with passive appreciation from rising coin prices; they are beginning to explore ways to transform static Bitcoin reserves into cash-generating "productive assets" through DeFi or traditional financial means such as staking, lending, and structured products.
• Industry Background: This line of thinking is consistent with some institutions in 2025 viewing Ethereum as "digital treasury bonds" and earning yields through staking. H100's plan suggests that the competitive dimension of Bitcoin treasuries is shifting from "who holds more" to "who can utilize their assets more efficiently."
II. The Arms Race in Computing Power: From Buying Bitcoin to Producing Bitcoin
BitVentures Limited (NASDAQ: BVC) has taken a more disruptive approach, representing a fundamental broadening of the institutional entry path: directly engaging in mining operations.
• Model Analysis: By acquiring mining machines and securing hosting capacity, BitVentures is transforming from a purely financial investor into a primary producer of crypto assets. Its layout of approximately 30 PH/s of Bitcoin computing power and exploration of Litecoin and Dogecoin mining indicates its aim to establish a diversified and self-controlled channel for generating digital assets.
• Trend Confirmation: This trend of extending upstream in the supply chain began to emerge at the end of 2025. For example, the Hong Kong-listed company Datong Group and International Commercial Settlement also announced acquisitions of Bitcoin mining assets or machines. Delin Holdings has explicitly stated its intention to become a "Bitcoin computing power stock." BitVentures' actions indicate that this "gold rush" will continue into 2026, with participants becoming more diverse.
III. The "Reserve" of Capital Structure: Preparing Ammunition for the Next Bull Market
BitMine Immersion Technologies (NYSE: BMNR) plans to increase its authorized share capital, a seemingly low-key move that is, in fact, highly significant as it relates to the capital lifeline supporting the first two strategies.
• Deep Logic: This move aims to enhance flexibility in capital market operations, reserving space for future business expansions (potentially including larger-scale mining deployments) and potential digital asset allocations. Essentially, this is a "strategic pre-positioning" to capture market opportunities.
• Mature Model Reference: This capital operation approach is highly similar to that of pioneering companies like MicroStrategy (now Strategy), which continuously "blood transfuse" Bitcoin purchases through complex financing tools such as issuing stocks, convertible bonds, and preferred shares. When market opportunities arise (such as price adjustments or the emergence of quality assets), companies with ample financing capacity and authorized space can act swiftly to expand their crypto asset footprint.
The seemingly independent announcements from the three companies collectively piece together three core trends in institutional crypto strategies for 2026:
Strategic Depth Development: Expanding from the single dimension of "buying coins" to a multi-dimensional matrix of "buying mining machines to produce coins" and "earning interest on coins," participation is deepening unprecedentedly.
Preemptive Capital Operations: Leading companies are no longer digging wells when thirsty; instead, they are adjusting their capital structures in advance to ensure they have the capacity for continuous allocation or expansion in any market environment, which has itself become a core competitive advantage.
Business Substantialization: Whether operating mining farms or developing financial products, institutions' crypto narratives are increasingly linked to real equipment, computing power, energy consumption, and financial engineering, making their business foundations more solid.
In summary, the institutional crypto narrative of 2026 is evolving from a competition about belief and price to a comprehensive contest about operational efficiency, capital costs, and financial innovation. The battlefield has expanded, and the rules of the game are becoming more complex.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
