Source: Web3 Practitioners
Original Title: Listed Companies Collectively Bet on BTC: When Capital Game Meets Strategic Transformation, Is It a Wealth Code or a Value Trap?
Cryptocurrency Breakthrough in Traditional Industries
In recent years, listed companies in traditional fields such as logistics, finance, and consumer goods are launching a "BTC Reserve Revolution".
This seemingly cross-border capital move is actually an active response to the capital market narrative logic under the background of weak growth in core business.
Take the Japanese hotel enterprise Metaplanet as an example, its market value soared 50 times after announcing the BTC strategy, and the stock price of the American game retail giant GameStop also saw a staged surge due to similar operations - these cases continuously verify the"Wealth Creation Myth"effect in the capital market.
The transformation paths of the following seven enterprises reflect the diverse strategies of traditional industries entering the crypto track:
[The rest of the translation follows the same professional and precise approach, maintaining the original structure and translating all text while preserving HTML tags]Bloomberg financial writer Matt Levine once pointed out that the common characteristic of such companies is "owning US stock shell resources with a sluggish main business", and the market is willing to pay over $2 premium for $1 of crypto assets. Taking Circle's stock price surge from $31 to $151 after going public as an example, the valuation bubble of blockchain concepts is attracting more enterprises to "ride the trend".
The essence of this phenomenon is:
Narrative Premium:The "decentralization" and "anti-inflation" narrative of cryptocurrencies provides a stock price catalyst for traditional enterprises.
Capital Arbitrage:By issuing stocks to raise funds, purchasing BTC, and then driving up stock prices under the guise of asset appreciation, forming a cycle of "buy coins - stock price rises - financing - buy coins again".
Compliance Dividend:Policies such as Hong Kong's "Stablecoin Regulation Draft" provide enterprises with a compliant institutional window.
Concerns Behind the Prosperity
Price Volatility:BTC's annualized volatility in the past three years exceeds 60%, and enterprise financial statements may experience severe fluctuations due to crypto asset impairment.
Hollowing of Core Business:Like Canggu selling its core business to pivot to mining, it will face "double losses" if BTC price drops.
Regulatory Uncertainty:The US SEC's legal definition of crypto assets remains unclear, with Genius Group being forced to sell BTC due to a ban as a typical example.
When "Not Focusing on Core Business" Becomes a Survival Strategy
From Metaplanet's market value myth to Top Win's backdoor listing, traditional enterprises' pursuit of BTC is essentially a microcosm of "bad money drives out good money" in the capital market. In the US stock market's frenzy for crypto concepts, enterprises truly creating value are experiencing a brutal differentiation from speculators.
As the crypto circle jokingly says: "Value investment is futile, All In BTC to live in a palace", but when the tide recedes, perhaps only solid business foundations and compliant strategic layouts can withstand the stormy waves of the cryptocurrency market.
