Yesterday, although the global crypto asset market was in a cyclical wide fluctuation, publicly listed companies have entered a new stage of appetite for digital assets. If 2024 is deemed the "Year of Entry," then 2026 will be the "Year of Financial Engineering." The recent increase in investments by Metaplanet (TSE: 3350), the massive convertible bond plan by BSTR, and the $300 million credit facility by Cosmos Health (NASDAQ: $COSM) collectively outline a grand vision of "capital structure reorganization." The cryptocurrencies held by publicly listed companies have officially evolved from "alternative assets" in a corner of the balance sheet to the "core engine" driving corporate capital operations.

1. "Equity for Sovereignty": The Awakening of Metaplanet and the Asian Capital Market

Yesterday, Metaplanet increased its holdings by 2,150 Bitcoin, bringing its total holdings close to 40,000. This not only signifies growth in scale but is also an extreme implementation of the "equity for asset" strategy in non-USD markets.

The logic of Metaplanet lies in utilizing its financing convenience on the Tokyo Stock Exchange (TSE), and injecting liquidity from the fiat currency system into digital asset sovereignty through rights offerings. In the context of a complex yen interest rate environment in 2026, transforming "depreciation pressure" into "hard currency reserves" is key for businesses to maintain their valuation elasticity amidst macro volatility. Metaplanet's success proves that any liquid fiat capital market can achieve a transformative financial structure through "Bitcoin standardization." For shareholders, what they are buying is no longer a traditional Japanese technology stock, but a "Bitcoin standardized entry ticket" encapsulated within the Japanese legal framework that possesses premium capabilities.

2. The Ultimate Utilization of Debt Instruments: BSTR's $500 Million Convertible Bond Play

Unlike Metaplanet's equity financing, yesterday Bitcoin Standard Treasury (NASDAQ: $BSTR) proposed to issue $500 million in senior convertible notes, unveiling another extreme of treasury governance: utilizing credit premiums for asset arbitrage.

Issuing convertible bonds to purchase Bitcoin focuses on "asymmetry." In the low-interest environment of 2026, BSTR borrows fiat currency at a lower coupon rate and converts it into Bitcoin, which has long-term inflation premiums. If Bitcoin prices rise, the conversion premium will eliminate the debt; if prices stabilize, the potential appreciation or liquidity return from Bitcoin will also be sufficient to cover interest. This operation of "borrowing ordinary fiat currency to exchange for scarce assets" is the core competitiveness of top-tier specialized treasury companies in 2026. It indicates that businesses have mastered utilizing credit tools from the capital market to construct a digital reserve pool with high Beta attributes.

3. The Revolution of Credit Mechanism: Cosmos Health and the "Asset-Driven Credit" Model

The most noteworthy case yesterday was not the increase in holdings, but the $300 million digital asset fiscal management facility signed by Cosmos Health. This operation signifies that the crypto treasury of publicly listed companies has entered the "liquidity awakening" stage.

For a long time, cryptocurrencies held by enterprises have been viewed as "dead assets." However, Cosmos Health has transformed these reserves into a liquid credit foundation through collaboration with Prime Ledger. By embedding the held BTC/ETH into a $300 million credit arrangement, Cosmos Health has effectively created a "digital banking facility." This means:

1. No Dilution Expansion: Companies can obtain cash flow support for mergers and acquisitions by utilizing the collateral value of crypto assets without issuing new shares.

2. Enhanced Earnings: During the operation of the facility, through strategic income enhancement measures, assets not only serve as reserves but also become productive materials.
   This "asset-driven credit" model will be the mainstream paradigm for medium to large enterprises managing digital assets in the latter half of 2026 and throughout the next decade.

4. Industry Generalization: From "Pioneering Experiment" to "Standardized Treasury Components"

Yesterday, LQR House wrapped up its $1 million Bitcoin plan, reflecting a deep penetration of allocation logic into small and medium-sized tech companies. For sectors like alcoholic beverages e-commerce, which are significantly impacted by inflation and supply chain costs, converting operating surpluses into Bitcoin is no longer seen as speculation but as a form of "purchasing power hedge." This trend of "standardized allocation" indicates that in the future, small and medium-cap stocks listed on NASDAQ or the NYSE may have a financial health standard that includes whether they possess enough digital asset reserves to cover their operational cost risks.

5. Three Major Evolution Directions for Treasury Operations in 2026

Through an in-depth review of yesterday's dynamics, we can clearly identify three new pillars of enterprise-level allocation:

1. Shifting from "Own Capital" to "Dedicated Debt": Utilizing convertible bonds and senior notes to achieve a leap in stock holdings.

2. Shifting from "Static Holding" to "Liquidity Hedging": Implementing credit circulation through digital asset facilities to support real business expansion.

3. Shifting from "Single Market" to "Global Rotation": Synchronizing enhancements in Asian and North American markets ensures 24/7 liquidity of crypto assets as corporate reserves.

This treasury restructuring in February 2026 marks the second leap in global publicly listed companies' understanding of "sovereign assets." Amidst volatility, enterprises have evolved from being fragile holders of currencies to becoming adaptive capital managers. As Metaplanet’s 40,000 Bitcoin holdings begin to form pricing anchor points in the Tokyo market, and when BSTR’s $500 million bond starts pricing in the secondary market, what we witness is not just numerical growth, but the birth of a new global corporate financial civilization driven by the underlying logic of crypto assets.

Data Source: https://bbx.com/ Crypto concept stock information repository, organized based on yesterday's announcements from globally listed companies and SEC/TSE disclosure documents.

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