Introduction: When Listed Companies Collectively Bet on Crypto Assets
In the capital market of 2025, a "treasury arms race" surrounding crypto assets is unfolding. From billion-dollar tech giants to small companies on the brink of delisting, over 124 listed companies are incorporating Bitcoin, Ethereum, and even SOL, XRP and other crypto assets into their balance sheets. They either view them as "anti-inflation gold" or package them as "strategic reserve assets", with some even using crypto holdings as a gimmick to boost stock prices, constructing a "stock price → financing → buying coins → stock price" capital flywheel.
However, behind this seemingly prosperous feast, there are risks structurally identical to the Grayscale GBTC collapse of 2018-2022: high premium, leverage arbitrage, one-way liquidity trap. When Bitcoin price drops below $90,000, half of the enterprises may be forced to sell; if a bear market arrives, systemic trampling might replay the tragic script of the Grayscale era. This article will deeply dissect the mechanism, risks, and potential disruptive impacts of this round of crypto treasury fever.
Regulators may limit the proportion of cryptocurrency holdings for listed companies or require disclosure of leverage details, forcing enterprises to gradually de-risk. For example, the European Central Bank has proposed restricting bank cryptocurrency asset exposure to within 1%.
Conclusion: Finding Balance Between Innovation and Bubble
The essence of crypto treasury strategy is a game between "monetary revolution belief" and "financial engineering bubble". MicroStrategy's flywheel model demonstrates the creativity of capital markets, but whether its premium can be sustained depends on whether BTC can shed its speculative attributes and become a true value storage tool. For investors, two risk signals need to be vigilant:
- Premium rate diverging from BTC price trend;
- Corporate financing methods shifting from equity to high-risk debt.
As short master Jim Chanos said: "When a software company's market value is entirely driven by BTC holdings, it is no longer a company, but a leveraged BTC call option." The ultimate outcome of this experiment may redefine the boundaries between listed companies and crypto assets.
