Introduction: From Passive Buying of Coins to Deep Transition to Institutional Financial Engineering
On September 15, 2026, as we review yesterday's announcements from the US stock market, the operational dimension of corporate-level cryptocurrency treasuries has undergone a profound paradigm shift. If early public market participants merely converted excess fiat currency into cryptocurrency and stored it in cold wallets, today, Strive has achieved a holding of 25,000 bitcoins while still holding $200 million in cash to defend against macro fluctuations, and DFDV has directly integrated traditional Wall Street's advanced perpetual preferred stock ATM issuance tools into the Solana ecosystem. This has sent a very clear signal to global investors: the crypto competition among listed entities has completely transitioned from merely competing in “spot holdings” to a comprehensive game of “balance sheet defense depth” and “modern capital engineering design capabilities.”
1. Strive's 25,000 Milestone: Fearless Accumulation Supported by a Strong Cash Cushion
Yesterday, Strive ($ASST) disclosed its 8-K document, showcasing the exceptional skills of top corporate treasuries in balance sheet management.
Purchasing 469 bitcoins on the secondary market at an average price of $77,954 has officially entered Strive into the rare “25,000 coin holding club” that only a few entities can reach. However, more intimidating than this string of numbers is the structure of its balance sheet's asset portfolio:
Massive Hardcore Reserves: 25,000 BTC (with a fair value of nearly $2 billion) form its unyielding anti-inflation fundamental support;
High-Elasticity Liquidity Support: On the balance sheet, there are 505,000 shares of Strategy STRC preferred stock (valued at about $49.81 million) and up to $204.2 million in pure fiat cash.
Many small and medium-sized enterprises can easily fall into a liquidity crisis during accumulation, while Strive, relying on over $200 million in cash reserves, not only maintains significant bottom-fishing initiative during market pullbacks but is also completely immune to the impact of short-term market withdrawals on the main liquidity of listed companies.
2. DFDV's $300 Million Perpetual Preferred Stock: The "Wall Streetization" of Public Blockchain Treasury
If Strive showcases the deep foundation of a mature Bitcoin treasury, then the announcement by DeFi Development Corp ($DFDV) represents a significant institutional breakthrough for emerging public blockchain ecosystems in the public capital market.
While increasing its spot holdings by 55,491 coins, pushing its SOL holdings up to 2,388,900 coins (valued at nearly $200 million), DFDV, in collaboration with R.F. Lafferty, established a variable rate C-series perpetual preferred stock (CHAD) ATM plan with a scale limitation of $300 million.
This move has significant industry demonstration significance:
Replicating the Mature Capital Flywheel: In the past, using preferred stocks for “non-dilutive/low-cost financing and feeding back into the spot market” has been a privilege of top Bitcoin players (such as Strategy and Strive). DFDV has for the first time transplanted this advanced model to the high-performance PoS public blockchain asset of Solana;
Maintaining Control without Immediate Dilution: The ATM (At The Market) plan grants management the discretion to “flexibly sell in batches” based on the premium conditions in the secondary market. The company currently has no obligation to forcefully sell shares but has a super pipeline ready to tap into Wall Street capital to purchase SOL at any time. The mature application of such financial instruments allows public blockchain treasuries to possess a capital base capable of withstanding cycles and facilitating long-term accumulation.
3. BitMine and Capital B: A Robust Model of Industrial-Level Earnings and Steady Flow
On the computing power and long-tail reserve front, BitMine and Capital B interpret another form of certainty in their respective domains.
As a giant in the Ethereum sector, BitMine purchased an additional 27,180 ETH last week, raising its holdings to nearly 6 million ETH (accounting for 4.9% of the entire network). With a massive staking volume of over 5.06 million coins, its annual on-chain staking cash flow of $334 million has become a self-replicating earning engine independent of traditional external financing; meanwhile, the French listed company Capital B has routinely increased its Bitcoin holdings by 4 coins to 3,525 coins in the pan-European market, showcasing the long-term resilience of European listed entities in incorporating slight adjustments to asset management under a strict compliance framework.
The capital landscape announced on September 14 revealed a new normal for corporate crypto strategies: on the spot front, leading entities (Strive, BitMine) monopolize core liquidity through continuous accumulation, relying on massive fiat reserves or staking interest to build a dual insurance; on the tool front, emerging public blockchain leaders (DFDV) proactively embrace Wall Street's advanced preferred stock structures. When the hardness of assets and the precision of financial instruments merge deeply, the crypto concept stocks in the public market are steadily and irresistibly reshaping the rules of capital allocation in the traditional business world.
Data source: https://bbx.com/ Cryptocurrency concept stock information database, compiled based on yesterday's announcements from publicly listed companies worldwide and SEC/TSE disclosure documents.
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