Introduction: A Comprehensive Transformation from Passive Value Storage to Complex Capital Instruments
On September 24, 2026, as we examine the latest disclosed 8-K filings and external strategic announcements from public companies, it is clear that the narrative of corporate participation in the crypto economy has undergone a disruptive upgrade. If in the past corporate treasury competitions were about who held more inventory in cold wallets, today, Galaxy Digital is deeply integrating its $100 million interest-earning stablecoin sUSDS into a $500 million level institutional credit engine, Forward Industries is skillfully trading equity for SOL in direct institutional sales, and Silvia is aggressively repurchasing its undervalued stocks at the expense of selling Bitcoin, all indicating that crypto assets in public companies have become high-level financial instruments that combine earning attributes, leverage vessels, and market cap adjustment valves.
1. Galaxy Digital’s $100 Million sUSDS Strategy: Restructuring the Institutional Collateral Ecosystem
Yesterday, Galaxy Digital’s decision to allocate $100 million of its own capital to acquire sUSDS and increase its position in SKY tokens stands as a benchmark case for large financial institutions utilizing DeFi interest-earning assets.
In traditional treasury operations, holding physical assets often encounters the awkward situation of “no endogenous returns,” while the underlying reserve interest of traditional stablecoins (such as USDT and USDC) is often retained by the issuer. Galaxy’s choice of sUSDS from Sky Protocol not only allows the $100 million of idle corporate cash to directly enjoy robust cash flow from decentralized savings rates, but more importantly, it paves the way for subsequent financial engineering:
Collateral Mechanism Innovation: Approving sUSDS as compliant collateral means that borrowing institutions can lend fiat currency or other assets while collateralizing sUSDS, and the earnings process of the collateral itself is not interrupted. This “borrowing while earning” mechanism significantly reduces the capital occupation costs for institutional trading counterparties;
Integrating Traditional Warehouse Financing: Alongside the purchase of governance token SKY and establishing tripartite lending arrangements, Galaxy is negotiating with Sky to expand the existing $500 million warehouse financing limit. This move effectively integrates on-chain decentralized credit liquidity with Wall Street-level institutional lending markets, creating a new blood circulation loop for public companies that combines interest accumulation and matchmaking fees.
2. Forward Industries’ $25 Million Direct Sale: A Pure Equity Channel for Public Chain Treasuries
If Galaxy demonstrates the complex operations of asset management centers, then Forward Industries ($FWDI) exemplifies the capital operation logic of a public chain treasury entity extremely focused on its core assets.
By signing agreements with institutional investors for a registered direct offering at $8 per share, Forward quickly raised $25 million in fiat cash. Unlike traditional companies that use financing for factory construction or R&D investments, Forward explicitly stated that this fund will be entirely used to purchase SOL in the secondary market.
The essence of this structure lies in the mathematical addition of “coins per share.” As long as the dilution from issuing stock is less than the net asset expansion brought about by using the raised funds to buy SOL, this operation can continuously enhance the real equity of existing shareholders. Utilizing the underwriting channels of mature investment banks like A.G.P., Forward Industries is becoming a high-purity channel for institutional capital to enter the Solana ecosystem in the Nasdaq market.
3. Silvia’s Cashing Out 124 BTC: A Cool and Correct Market Cap Arbitrage
In a fervent atmosphere where most treasury companies proclaim "never sell coins," the renamed Silvia ($SVIA) (formerly ProCap Financial) has exhibited rare Wall Street rationality.
From September 15 to 22, facing the long-term distortion of secondary market prices being below the net asset value (NAV) of underlying assets, the company unhesitatingly sold 124 Bitcoins and used the cash to repurchase 2.3% of its circulating shares in a discount range. Since the implementation of the buyback plan, Silvia has cumulatively eliminated 14.5% of its circulating capital, reducing its total share count to 82.88 million and directly pushing the net asset value per share up to $4.27.
Under Anthony Pompliano's leadership, Silvia has conveyed a clear signal to the capital market: the ultimate responsibility of a public company is to create real value per share for its shareholders, rather than blindly acting as a "die-hard hoarder" of Bitcoin. When the market values the company below its asset liquidation value, converting liquid Bitcoins into cash and cancelling its own stock essentially constitutes arbitrage at a defined, risk-free discount. This dynamic adjustment mechanism provides the most defensive standard answer for global crypto treasury companies in addressing valuation discrepancies.
The market evolution on September 23 clearly corroborates the new characteristics of crypto concept stocks entering a systematic deep-water zone: Galaxy is minting interest-bearing stablecoins into credit engines, Forward is directly expanding public chain treasuries through targeted placements, and Silvia is smashing valuation discrepancies with cashing out buybacks. When companies are no longer shackled by a singular obsession with holding coins, but instead tightly integrate digital assets with equity instruments, credit agreements, and market cap arbitrage, the public market's crypto financial edifice is becoming unprecedentedly robust and multidimensional.
Data Source: https://bbx.com/ Crypto concept stock information library, compiled based on the announcements from global publicly listed companies and SEC/TSE disclosure documents from yesterday.
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