jakiro
Author: Cubone, Wu said blockchain
The rise of crypto-treasury companies
In recent years, a number of “Digital Asset Treasury” (DAT) listed companies have emerged in the capital market: through additional issuance or private equity financing, cash or equivalent digital assets are included in the balance sheet and held for a long time. Some cases also provide supporting pledge, node and liquidity management.The pioneers provided a replicable paradigm for MicroStrategy (the launch of Bitcoin asset allocation in 2020) for “company-level currency holding”; then the exploration of corporate allocation of ETH appeared on the Ethereum side, and the DAT narrative extended from BTC to ETH.Since then, the path further spilled out to BNB and SOL, and gradually showed regional differentiation: the former is dominated by Binance Ecology and Asian capital; the latter is mainly dominated by institutional investors in the United States, and the Wall Street Investment Bank has completed the structured implementation through tools such as mergers and acquisitions/shell buying, PIPE and transferable/warrants.
BNB camp: Asian Capital’s “Treasury Alliance”
The digital asset treasury (DAT) with BNB as its core reserve is accelerating its launch and layout: Gelephu Mindfulness City (GMC) of the Bhutan Special Administrative Region announced that it would include BTC, ETH and BNB in the region’s strategic reserve assets, becoming one of the pioneers in the inclusion of digital assets in official reserves.CZ then stated that this is not a single Bitcoin reserve, but a multi-currency reserve including ETH and BNB, a move that opens the door for more jurisdictions to include digital assets such as BNB into strategic reserves.
Nano Labs disclosed that its BNB holdings have increased to 128,000 pieces (of which 8,000 pieces have been added recently through OTC, with an average purchase price of about US$801 per piece and an average overall cost of about US$713 per piece), and proposed a “multi-pronged” reserve path: continue to accumulate BNB, acquire controlling stakes of companies focusing on BNB reserves, and invest in companies with BNB as the core to strengthen their strategic position in the BNB ecosystem.Meanwhile, Nano Labs and CEA Industries reached an equity investment arrangement: subscribe to 495,050 shares at $10.10 per share and obtained 495,050 warrants of $15.15 per share; the transaction is part of CEA’s $500 million PIPE, and the funds raised are mainly used to purchase BNB.
CEA Industries (NASDAQ: VAPE) and 10X Capital, led by YZi Labs and announced the completion of a $500 million private placement (of which $400 million is cash and $100 million is crypto assets), and plans to build the largest listed vault company focused on BNB Chain; if all supporting warrants are exercised, the overall financing ceiling can be expanded to $1.25 billion.The company will be renamed BNB Network Company on August 6, and the stock code will be changed to BNC. 10X Capital serves as the Treasury Strategic Asset Manager. More than 140 institutions and individuals (including Pantera, GSR, dao5, Arrington, Blockchain.com, Bitfury founder, etc.), and David Namdar (co-founder of Galaxy Digital and senior partner of 10X Capital) serves as CEO.Subsequently, BNC first disclosed BNB’s holdings of 325,000 pieces (125,000 new pieces compared to the previous 200,000 pieces), and then updated to more than 350,000 pieces, and stated that it will continue to expand its holdings and launch products and services to institutions.
Liminatus Pharma announced the establishment of a subsidiary of American BNB Strategy, intending to raise and invest up to US$500 million in BNB, positioning it as long-term asset allocation rather than short-term speculation, and plans to adopt Ceffu’s institutional-level custodial infrastructure; the company simultaneously promotes compliance review and related approval processes, aiming to improve the risk resistance and shareholder return flexibility of the balance sheet while supporting main businesses such as oncology immunotherapy.
Windtree Therapeutics signed an equity credit line (ELOC) of up to US$500 million and signed an additional US$20 million share purchase agreement, disclosing approximately 99% of the proceeds will be used to purchase BNB; the activation of ELOC is based on conditions such as shareholders’ approval of additional issuance.Later, it was decided to delist because it did not comply with the Nasdaq listing rules 5550(a)(2) (minimum purchase price requirement) and then transferred to over-the-counter trading, but the company stated that the change would not affect its established business and information disclosure arrangements.
Huaxing Capital and YZi Labs signed a memorandum of strategic cooperation: it plans to allocate approximately US$100 million BNB for its own operation; while promoting the launch of BNB’s licensed compliant virtual asset exchange in Hong Kong, it will work with ecological partners to plan an RWA fund with hundreds of millions of dollars; the two parties will provide strategic and resource empowerment around project docking, brand and market support, financial product design and capital market collaboration (the memorandum is a framework and non-binding document, and the formal agreement shall prevail in the future).
With the strategic support of YZi Labs, B Strategy prepares a US listed treasury company for BNB with a target size of US$1 billion, positioned as a dual-wheel drive of “holding + ecological investment”, and clearly puts forward the capital management goal of “maximizing BNB-per-share”; the company’s management comes from the background of crypto and traditional investment banks/law firms, and plans to undertake global funds through a public listing carrier, and emphasizes independent custody, verifiable holdings and transparent disclosure.
As a multi-asset sample, The Brooker Group recently disclosed holdings 43,022.4 BNB; the company’s financial report shows that the main source of increase in digital asset inventory during the stage is “earned income” rather than new investment and purchases, and it also holds BTC, ETH, SOL, etc. in the asset portfolio.
Amber International and Hash Global jointly launched the BNB fund to provide institutional investors with native income products for BNB on-chain scenarios; at the same time, Amber International completed a private placement of US$25.5 million, with an issue price of US$10.45 per share, a discount of approximately 5% from the three-day average price. Its US$100 million crypto ecosystem reserves expanded to BNB, XRP, and SUI based on the original BTC, ETH, and SOL to strengthen the linkage and configuration elasticity with the BNB ecosystem.
Zhao Changpeng (CZ) talks about crypto asset treasury strategy (DAT)
Traditional investors enter the crypto world.Many people often understand the concept of DAT too simply, but in fact, this track has many subdivisions; in the final analysis, its core logic is to package digital currency in a stock-based way, so that traditional investors can easily participate in investment.
There are many levels and forms in the DAT field, and just like traditional companies, various models can coexist.Crypto ETFs are mainly issued in the United States, but many investors lack U.S. stock accounts or are unwilling to bear their high transaction and management costs; in contrast, listed companies like Strategy can often achieve asset allocation at a lower cost by directly holding digital currencies, and at the same time, there are more diverse financing methods, which can raise funds in different markets such as the United States, Hong Kong, and Japan. The differences in financing channels and investor structures of listed companies in different regions have also shaped their own unique market structure.
From BTC, ETH to SOL: The Third Main Line of Wall Street
According to Strategic SOL Reserve data, the 13 institutions tracked have a total of approximately 868.9w SOLs.Large holdings are concentrated in a few: Sharps Technology has about 214,000 pieces, Upexi has about 200 pieces, DeFi Development Corp has about 183.10 pieces, Mercurity Fintech has about 108.30 pieces, and iSpecimen has about 100,000 pieces.
Among them, DeFi Development Corp participated in the pledge of about 15.89w; the total sample participated in the pledge of about 58.51w SOL, with an average annualization of about 6.86%.
Galaxy Digital, Jump Crypto, and Multicoin Capital are negotiating with investors to raise about US$1 billion to centrally allocate SOL and form a digital asset treasury company for Solana by acquiring a listed company; Cantor Fitzgerald serves as the leading investment bank.The related plan is said to have been approved by the Solana Foundation and is expected to be completed in early September.
At the same time, Pantera Capital is leading the investment transformation of a Nasdaq listed company, intending to raise up to $1.25 billion in total, transforming it into an investment/treasury platform with Solana as the core: Pantera will first raise $500 million, and reserve an additional $750 million in financing options through warrants; the target company issues new shares to the investor group led by Pantera to raise cash, and then purchases SOL with the raised funds to establish a treasury; Pantera plans to send an executive to the company’s board of directors, and the target company plans to change its name to “Solana Co.” In addition to US-funded institutions, some Asian investors also participate, and Pantera has invested about $100 million.The name of the target company has not been disclosed at present, and the specific details shall be subject to the official announcement.
It should be emphasized that DAT is not the same as “scanning goods” at market prices in the secondary market.The increase in the treasury holdings can be completed through the foundation’s targeted allocation, off-market (OTC) discount transaction, or through the existing locked shares as consideration replacement; on the premise that the holding of the currency and source are sufficient, the custody and on-chain verified, the relevant positions can be recorded as held according to the disclosure/auditation caliber.In actual implementation, all parties often have discretionary space for caliber and process.For ordinary investors, this means that on the one hand, it is necessary to face the mismatch of disclosure time points (instant funds, public custody address disclosure and financial accounting usually lag behind price reactions) and expected transactions dominated by short-term momentum (FOMO caused by rumors, roadshows, and amplification of public opinion; on the other hand, listed companies related to the treasury may have a long-term stock price higher than the net value per share (NAV) due to theme premium, scarcity of liquidity and refinancing structure.It is more important to focus on the risks of exit and strategy change: such as the transmission impact of events such as additional issuance/share exchange lifting, share reduction or position adjustment disclosure, sale of treasury assets, strategic adjustments, and even delisting/transferring the board on stock prices and spot.
Combining Solana’s coin holding structure and participant portraits, DAT and early high concentration foundation/VC lockouts may form an overlapping effect: some announcements of “buy to reserve” may not necessarily correspond to net new buying in the secondary market, but are more likely to be share swaps or discounted off-market circulation achieved through DAT carriers.In the short term, such engineering capital actions may still lead to a pulsed upward price; but if the net demand is insufficient, the pace of unlocking and refinancing is relatively fast, or the market lacks trust in the verifiability of the coin holding certificate/source proof/locking arrangement, it is not ruled out that the result of “more positive and weakening prices” is not ruled out.A safe approach is to check item by item: whether the source and purpose of the funds are clearly used to purchase SOLs; whether the custodian and the on-chain address are public and verified; how the corresponding SOL number and NAV discount/premium level of each share; whether locking/unlocking and possible secondary financing constitute a dilution or selling path to the rights and interests of existing shareholders and coin holders.
Conclusion
In the past year, DAT has extended from BTC and ETH to BNB and SOL, showing a two-line advancement: on one end, Asian funds are linked to ecological parties, and BNB treasury is promoted along the “holding + ecological investment”; on the other end, it is led by US institutional investors, and Wall Street Investment Bank has promoted the transformation of the treasury platform with SOL as the core with engineering tools such as mergers and acquisitions/shell buying, PIPE, convertible securities and warrants.The common point between the two is that they rely on “listed company shell + capital market financing” to achieve asset allocation and large-scale holding; the differences are reflected in the source of funds, compliance paths and ecological orientation.For pricing, the key is not the number of announcements, but the true flow and formation mechanism of funds and chips — —If it mainly comes from OTC/directional or locked-in conversion, its marginal demand for secondary spot may not be equivalent to net buying in the open market.For investors, it should be tracked: whether the holdings are recorded and verified, whether the custody and on-chain disclosure are sufficient, the discount on the currency and NAV per share of the treasury stock, the pace of refinancing and pledge/unlocking arrangements, and the continuity and governance of the strategy.Only when information disclosure and constraint mechanisms are more transparent and verifiable can DAT move from “theme-driven” to sustainable asset allocation tools.
