Daily Observation of Cryptocurrency Concept Stocks: 11,000 BTC "War Fund," ETH Treasury Giant's Valuation Approaches 10 Billion USD

1. The Ambush of 11,000 BTC: MicroStrategy's "War Fund"

MicroStrategy (NASDAQ: $MSTR) is experiencing historical peak financing efficiency. According to the latest real-time trading data from STRC (perpetual preferred stock), MSTR raised approximately $776 million in cash through this tool yesterday.

Market predictions suggest that this "war fund" will translate into purchasing power of over 11,000 BTC. As BTC retraces to the resistance level near $72,000, MSTR's continued "dollar-cost averaging" is not only arbitraging fiat currency but also building a deep institutional buy-side buffer for the market. This shift from "regular procurement" to "real-time financed coin purchases" gives MSTR a capability similar to the Federal Reserve's "open market operations."

2. The $10 Billion ETH Giant: Bitmine's Yielding Balance Sheet

Beyond the Bitcoin mainstream, Bitmine Immersion (NYSE: $BMNR) is defining the limits of the ETH treasury. According to the financial update disclosed yesterday, its total assets (cryptocurrency + cash) have surpassed $10.3 billion, making it the second-largest crypto treasury company in the world, only behind MSTR.

Bitmine currently holds 4.535 million ETH, of which approximately 3.04 million are staked. This means the company is not only reserving assets but also operating a "decentralized bank." Its chairman, Tom Lee, emphasized that Bitmine's goal is to acquire 5% of the total ETH supply, covering operational expenses through native staking yields, achieving "perpetual operation" without selling coins.

3. Valuation Restructuring: From NAV Premium to "Earnings Per Share of Coins"

Market signals on March 15 indicate that investment banks like B. Riley have begun to reconstruct valuations for these companies. In the past, the market focused on the premium of the company's net asset value (NAV); now, investors pay more attention to the "yield per share of BTC/ETH."

When publicly traded companies can obtain extremely low-cost funds through tools like STRC and purchase assets that generate staking yields (like ETH) or credit premiums (like BTC), their equity value is no longer merely a reflection of crypto assets but a financial entity capable of compound growth.

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Data source: https://bbx.com/ Crypto concept stock information database, compiled based on global public company announcements and SEC/TSE disclosure documents from yesterday.