Introduction: From "Owning Assets" to "Owning Systems"
In February 2026, the global cryptocurrency market is undergoing a profound reconstruction regarding "value anchors." If the corporate treasury strategy in 2024 was simply "buy and hold (HODL)," then the volatility at the beginning of 2026 proves that mere spot reserves are insufficient to support the valuation imagination of a Nasdaq-listed company.
Yesterday, the equity consolidation of Canaan (NASDAQ: $CAN), the token dividends of The9 Limited (NASDAQ: $NCTY), and the astonishing market value inversion of Hyperscale Data (NYSE American: $GPUS) together outline the 3.0 era of enterprise-level allocations—The Age of Productive Treasuries. In this era, companies must not only own assets but also have systems for producing assets and an ecosystem for consuming assets.
Canaan's "Backward Compatibility": A New Paradigm for Equity and Computation Sovereignty
Yesterday's acquisition of mining rights by Canaan (NASDAQ: $CAN) from Cipher Digital (NASDAQ: $CIFR) was a textbook example of "asset attribute conversion."
As a global leading manufacturer of mining machines, Canaan has long faced the cyclical risk of hardware sales. By swapping equity for a 49% stake in three mining joint ventures, Canaan has effectively completed a financial "dimensionality reduction": it is no longer merely a shovel seller; by controlling the core power resources and mining shares in West Texas, it has become the "master of the mining pool." This logic of "equity for computation" transforms the originally static Bitcoin reserves into dynamic, continuously produced means of production. In 2026, this ability to control underlying infrastructure is viewed by institutional investors as a strategic asset with more "defensive depth" than simply buying coins.
The Rise of Ecological Tokens: The "Alpha" Income Channel Opened by The9
For a long time, publicly listed companies' treasuries were assumed to only allocate mainstream assets like BTC and ETH. However, The9 Limited (NASDAQ: $NCTY) achieved a sevenfold increase with 950 million 9BIT tokens, proposing a new question to the market: Can native tokens become a "booster" for corporate balance sheets?
The success of The9 is not accidental; it represents the ecological dividends of the integration of Web3 games and AI computation in 2026. By treasury-izing the ecological tokens of its gaming platform, The9 has effectively built an "endogenous capital market" within the company. When the value of 9BIT tokens appreciates with the growth of platform users, the company's on-paper assets achieve a nonlinear leap. This "BTC as a floor, native tokens as a peak" dual-track model offers a new financial governance approach for tech companies with strong ecological application backgrounds: treasuries are no longer just a safe haven; they can also be the source of Alpha returns.
The Mystery of Value Inversion: The "Capital Hedging" Paradox under 142% Reserves
The most thought-provoking financial data this week comes from Hyperscale Data (NYSE American: $GPUS). When a company's cash and the value of its cryptocurrency assets exceed 1.4 times its market value, we find ourselves in a peculiar financial paradox: the market seems not to have fully digested the accounting reality that "cryptocurrency assets are hard currency."
This 142% valuation inversion reflects the liquidity discount currently faced by small and mid-cap cryptocurrency stocks, but it also foreshadows an imminent wave of mergers and acquisitions. For Hyperscale Data, 605.99 Bitcoins are not just a capital pool; they represent a "moat" against hostile takeovers. In the AI computation race of 2026, this extreme asset defense capability ensures that the company maintains its position even under the harshest macroeconomic environments, allowing it to remain "in the game." For the secondary market, this is not just a buying opportunity, but also a signal of the return of "corporate sovereign assets" pricing power.
The Closed Loop of Social Payments: The "Cross-Border Marriage" of Thumzup and DOGE
If Canaan represents "hard infrastructure," then the large-scale allocation by Thumzup Media (NASDAQ: $TZUP) in Dogecoin (DOGE) represents "soft ecology."
Supported by the Trump family's background, Thumzup clearly sees through the payment logic of 2026: in the post-social media era, MEME coins are not merely emotions, but the lowest friction global settlement tools. By purchasing 7.5 million DOGE and supplementing it with its own mining facilities, Thumzup is building a closed loop of "advertising revenue—crypto distribution—payment return." This practice of directly applying treasury assets to the business payment side signifies that cryptocurrencies have completely shed the "alternative investment" label and have become the fuel base of corporate operations.
The Three Core Evolutions of Treasury Governance in 2026
Shifting from "Asset Holding" to "Equity Control": Companies are no longer satisfied with buying coins on exchanges but are controlling power, energy, and computation shares through equity swaps.
Shifting from "Mainstream Assets" to "Ecological Tokens": Native tokens with strong application support are becoming key components for achieving excess returns in treasuries.
Shifting from "Valuation Premium" to "Valuation Inversion": Companies with solid crypto reserves are experiencing valuation reshaping, with Net Asset Value (NAV) replacing traditional Price-to-Earnings ratios as the core metric for measuring crypto concept stocks.
On February 24, 2026, the financial boundaries of global publicly listed companies are being infinitely expanded by these "adventurers." Whether it is Canaan's control of infrastructure or Thumzup's positioning in social payments, they convey the same message: in the race for digital sovereignty, mediocre allocations mean a mediocre future. Companies that dare to reshape their balance sheets and deeply embed themselves into the underlying cryptocurrency ecology are building a "digital Great Wall" capable of crossing the next cycle.
Data Source: https://bbx.com/ Cryptocurrency concept stock information database, organized based on yesterday's announcements from globally listed companies and SEC/TSE disclosure documents.
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