Public companies ignite a frenzy in crypto assets: BTC mergers and acquisitions, ETH monopoly, and SOL leverage form a tripartite structure

【Crypto World】Last week, the global listed companies’ crypto asset allocation entered a new phase, no longer solely holding Bitcoin reserves, but showing characteristics of multi-currency, multi-strategy, and diversification. Besides BTC continuing to maintain its core reserve position, the weights of Ethereum and Solana have significantly increased. Corporate strategies have also evolved from simple buying to mergers, acquisitions, restructuring, and structured financing.

BTC Track: Mergers and Acquisitions as a New Play

The most notable development last week was resource integration and regional expansion. Strive Inc. (Nasdaq: $ASST) and Semler Scientific (Nasdaq: $SMLR) completed a landmark industry merger, which is not just a simple business consolidation. Strive not only acquired Semler but also added an extra 123 BTC in the same week. After the merger, this new entity will control nearly 12,800 BTC, directly ranking as the 11th largest holder globally, surpassing Tesla.

On the Asian side, there was no idle time. Tokyo-listed Metaplanet (Tokyo Stock: $3350) officially surpassed the 10,000 BTC mark last week, now holding 10,044 BTC, asserting absolute dominance in the Asian market.

Mid-cap US stocks are also actively accumulating. Genius Group (NYSE: $GNS), CIMG Inc (Nasdaq: $IMG), and Solidion Technology (Nasdaq: $STI) collectively bought over 400 BTC last week, indicating that the “financing to buy coins” strategy is rapidly spreading from large corporations to medium-sized enterprises. American Bitcoin Corp. (Nasdaq: $ABTC) announced an initial increase of 261 BTC last week, continuing its dual approach of “mining + holding.” CleanSpark (Nasdaq: $CLSK) announced over the weekend that it used a price correction opportunity to buy 100 BTC off-market to boost liquidity. TeraWulf Inc. (Nasdaq: $WULF) even changed its capital management policy, now reserving 25% of daily mined Bitcoin for long-term storage instead of converting all to fiat currency.

ETH: The Era of Monopolization by Leading Players

Ethereum shows an astonishing concentration in enterprise-level allocations. Bitmine Immersion Technologies (NYSE: $BMNR) confirmed at its shareholders’ meeting that it holds over 4.168 million ETH, accounting for 3.45% of the global circulating supply. They also announced the upcoming launch of the MAVAN staking network, aiming to monopolize the enterprise Ethereum yield market, effectively bringing ETH’s financial derivatives market under their control.

Traditional finance is also starting to directly buy ETH. Singapore’s DBS Bank (SGX: $D05) received 2,000 ETH this week, indicating that established banking institutions are establishing direct exposure to Ethereum. Boyaa Interactive (HKEX: $0434) continued to promote Web3 asset reallocation, increasing its ETH holdings by 2,000 ETH within the week, consolidating its position as the largest ETH holder in Hong Kong stocks.

SOL: A New Financing Tool

There is an interesting new approach with Solana. Upexi (Nasdaq: $UPXI) completed a $36 million convertible bond issuance last week, planning to use the funds to increase its SOL holdings to over 2.4 million, maintaining its position as the second-largest holder globally. This validates the feasibility of using mainstream tokens like Solana as underlying assets for structured financing, opening new possibilities for financing.

Market Pattern Shift

Last week was dubbed by many as the “Confirmation Week” for the 2026 institutional bull market. The current landscape is no longer dominated by a single company’s solo act but has formed a tripartite situation: “BTC focuses on mergers and acquisitions, ETH on monopolization, SOL on leverage.” Especially with Strive’s acquisition of Semler, it signals that this year’s crypto concept stocks may experience a reshuffle driven by equity swaps to acquire coin-based assets. This is not just a market sentiment boost but also a deep strategic adjustment by enterprises.