Meitu may not be the first, nor the most successful, but it is undoubtedly one of the earliest companies to try something new.
As early as 2021, the Xiamen-based technology company invested $100 million to purchase Bitcoin and Ethereum and included them in its balance sheet. This was an extremely rare operation at the time. In the end, Meitu made a profit of 570 million yuan when it liquidated its positions, 80% of which was used to distribute dividends to shareholders , constituting a true successful exit case of crypto assets.
Although Meitu CEO Wu Xinhong now admits that if he had to choose again, he might prefer asset allocation in the direction of business synergy, this transaction proves that Bitcoin can not only be a strategic allocation tool for enterprises, but can also be converted into shareholder returns in the right market window.
Today, we see more and more companies taking this path - starting with Bitcoin and then expanding to other chain assets. Meitus case is gradually being retrospectively added by history.
Bitcoin is still the starting point for most companies to get involved in cryptocurrencies. Spanish coffee chain Vanadi recently announced that it will invest more than $1.1 billion in Bitcoin and has completed the first batch of purchases. Japanese listed company Metaplanet has gone a step further, not only announcing a full transformation into the Asian version of MicroStrategy, but also enhancing its holdings through innovative derivatives strategies.
At the same time, more small and medium-sized enterprises have also begun to try to include Bitcoin in their balance sheets. Swedish digital asset brokerage and research company K 33 recently purchased 10 Bitcoins. Although its size is far less than that of the leading companies, this move continues the clear trend of companies moving from research to holding positions. Bitcoin is gradually becoming a strategic asset with cross-volume adaptability - it can serve large-scale allocations and has the flexibility for small and medium-sized institutions to test the waters.
Metaplanet currently holds 6,796 bitcoins, with an average purchase cost of approximately $89,492. In the first quarter of 2025, the sale of cash-secured bitcoin put options generated revenue of 770 million yen, accounting for 88% of total revenue, while the traditional hotel business contributed less than 12%. Since the announcement of the strategic transformation, Metaplanets stock price has risen nearly 30 times, and it has introduced the BTC yield indicator, which is the year-on-year growth rate of bitcoin holdings per share. The figure reached 170% in Q1, which is 3.8 times that of MicroStrategy in the same period. This model provides a clear path for Asian companies to access Bitcoin assets under a compliance framework, and further verifies the sustainability and leverage effect of corporate currency holdings.
At the same time, crypto reserve strategies have begun to expand from Bitcoin to other sovereign chain assets. Education technology company Classover Holdings has signed a $500 million convertible note agreement with Solana Growth Ventures, planning to use 80% of the funds to purchase SOL. This transaction will significantly increase its capital exposure in the Solana network, and also reflects that the companys strategic layout for assets other than Bitcoin has begun to take shape.
Although crypto reserves bring valuation increases and new revenue models to companies, concentrated holdings and volatility risks cannot be ignored. Currently, 61 listed companies have included Bitcoin in their asset reserves, with a total holding of 673,897 Bitcoins, accounting for 3.2% of the total supply of Bitcoin. MicroStrategy alone holds 86% of them. According to Standard Chartered Bank, if the price of Bitcoin falls by more than 22% from the average entry price of the company, it will trigger potential financial pressure and liquidation risks. Once the price of Bitcoin falls below $90,000, more than half of the companies reserves will face floating losses, and a scenario similar to Core Scientifics forced selling due to liquidity issues in 2022 may be repeated.
Crypto reserve strategies are transitioning from single asset allocation to ecological diversification. Metaplanet and Classover have demonstrated a profit model that is different from long-term dead holding: using crypto assets as an adjustable structure rather than a pure position. This poses a new proposition for companies - how to build a truly flexible, anti-volatility and scenario-adaptive crypto asset allocation strategy while increasing book value.
The answer to this question may be more complicated than in the past, but the opportunities are also greater.
