Encryption asset reserves become a new strategy for listed companies, sparking heated discussions in the market

In recent years, a new model that combines encryption assets with the stock market has emerged among listed companies, becoming a new narrative for reshaping corporate value. As the effectiveness of traditional methods wanes, an increasing number of companies are starting to emulate a well-known technology company by incorporating encryption assets such as Bitcoin and Ethereum into their balance sheets, initiating a capital game of valuation repricing.

According to statistics, 30 publicly listed companies in the US have announced encryption reserve plans. These companies not only cover the technology and fintech sectors but also include traditional industries such as healthcare, biopharmaceuticals, e-commerce, education, new energy vehicles, agricultural product trade, and entertainment media. Most enterprises face common challenges such as sluggish growth in their main business, stagnant valuations, and insufficient liquidity. Incorporating encryption assets into reserves is not only a financial strategy but also an attempt to reshape the narrative of the capital markets.

From the perspective of asset structure, Bitcoin remains the primary reserve choice, with about 20 companies clearly incorporating BTC. Ethereum is gradually becoming the second most popular asset, and some companies are opting for more diversified asset allocation strategies. This trend began in 2020, but it didn’t enter a period of intensive growth until the fourth quarter of 2024.

Most participating companies are small and medium-sized enterprises with a market value between 100 million and 1 billion dollars, with reserve targets ranging from several million to several billion dollars. It is worth noting that some companies have reserve targets that are significantly higher than their market value, creating a clear risk leverage effect. In terms of stock price performance, most companies experience a short-term strong surge after announcing reserve plans, with an average maximum increase of 438.53%.

In addition to the behavior of reserves themselves, some companies further amplify market effects through strategic partnerships with encryption giants or well-known capital. This contextual injection brings companies ecological discourse power that transcends financial allocation, enhancing the linkage intensity between their on-chain assets and capital markets.

However, this trend has also sparked controversy in the market regarding risk management, market manipulation, and institutional adaptability. Some industry insiders see it as a paradigm shift in capital structure, warning that traditional companies may be eliminated. There are also views that this is yet another cyclical behavior of founders chasing hot money, expected to last 1-2 years until the hype subsides.

Regarding risk management, some experts suggest not publicly disclosing on-chain reserve proofs to avoid long-term tracking risks. There are also views emphasizing that risks are not simply black and white; the key is to find the right balance. Some executives from large encryption companies have also shared their decision-making considerations, emphasizing that excessive aggressiveness can lead to serious consequences.

Some analysts have questioned the actions of certain small and medium-sized companies announcing large reserves of altcoins, suggesting that they may simply be a means to boost stock prices. At the same time, there are warnings that continuously increasing holdings of encryption assets through leverage may diverge from traditional corporate financial strategies and could impact market liquidity and price stability.

Overall, encryption assets are rising from financial reserves to the strategic level of enterprises, but their success or failure ultimately needs to be tested by the market. In the future, the sustainability of corporate reserve structures, the ability of asset appreciation, and the transparency of on-chain behavior will be key factors determining whether this trend can develop healthily.