{"id":1740,"date":"2025-07-21T09:14:28","date_gmt":"2025-07-21T01:14:28","guid":{"rendered":"https:\/\/aiwiselnk.com\/?p=1740"},"modified":"2025-07-21T09:26:18","modified_gmt":"2025-07-21T01:26:18","slug":"chain-explorationthe-capital-game-behind-the-crypto-treasury-frenzy-how-can-retail-investors-avoid-being-the-bag-holders","status":"publish","type":"post","link":"https:\/\/aiwiselnk.com\/index.php\/2025\/07\/21\/chain-explorationthe-capital-game-behind-the-crypto-treasury-frenzy-how-can-retail-investors-avoid-being-the-bag-holders\/","title":{"rendered":"Chain Exploration&#8221;The Capital Game Behind the Crypto Treasury Frenzy: How Can Retail Investors Avoid Being the Bag &#8211; Holders?&#8221;"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"826\" height=\"534\" src=\"https:\/\/aiwiselnk.com\/wp-content\/uploads\/2025\/07\/image-3.png\" alt=\"\" class=\"wp-image-1746\" srcset=\"https:\/\/aiwiselnk.com\/wp-content\/uploads\/2025\/07\/image-3.png 826w, https:\/\/aiwiselnk.com\/wp-content\/uploads\/2025\/07\/image-3-300x194.png 300w, https:\/\/aiwiselnk.com\/wp-content\/uploads\/2025\/07\/image-3-768x497.png 768w, https:\/\/aiwiselnk.com\/wp-content\/uploads\/2025\/07\/image-3-670x433.png 670w\" sizes=\"auto, (max-width: 826px) 100vw, 826px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/aiwiselnk.com\/wp-content\/uploads\/2025\/07\/Chain-Exploration_The-Capital-Game-Behind-the-Crypto-Treasury-Frenzy_-How-Can-Retail-Investors-Avoid-Being-the-Bag-Holders__.mp3\"><\/audio><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Public Companies&#8217; Crypto Hoarding Frenzy: From &#8216;Buying Coins&#8217; to &#8216;Setting Up the Game&#8217;\u2014What Risks to Watch?<\/h1>\n\n\n\n<p>Public companies are no longer satisfied with just buying Bitcoin (BTC) or Ethereum (ETH). They\u2019re copying MicroStrategy\u2019s \u201ctreasury magic\u201d\u2014using traditional financial tools (like PIPE, SPAC, convertible bonds) to raise cash, hoard crypto, tell stories, and wrap it all in an \u201con-chain treasury\u201d narrative, turning BTC, ETH, and SOL into \u201ccore assets\u201d on their balance sheets. This isn\u2019t just asset allocation\u2014it\u2019s a \u201cfinancial engineering experiment,\u201d driven by capital, storytelling, and regulatory gaps.<\/p>\n\n\n\n<p>But Wall Street veterans are wary. Short-seller Jim Chanos warns: today\u2019s \u201cBitcoin treasury craze\u201d is repeating the 2021 SPAC bubble\u2014companies issuing convertible bonds and preferred stock to buy crypto, with no real business to back it up. \u201cHundreds of millions in daily announcements, just as\u75af\u72c2 as back then,\u201d he says.<\/p>\n\n\n\n<p>What tools fuel this trend, and how can retail investors avoid traps?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tool 1: PIPE\u2014Institutions Buy Low, Retail Buys High<\/h2>\n\n\n\n<p>PIPE (Private Investment in Public Equity) lets public firms sell discounted stocks\/bonds to institutions for quick cash. In crypto hoarding, it\u2019s used to signal \u201cinstitutional endorsement,\u201d pump stock prices, and rebrand as \u201ccrypto reserve companies.\u201d<\/p>\n\n\n\n<p><strong>Examples<\/strong>: SharpLink Gaming raised $425M via PIPE to buy ETH, sending its stock up 10x\u2014then crashed 54.4% in 5 days after filing S-3 (allowing institutional sell-offs). BitMine similarly spiked then dropped 39% in a day post its $2B PIPE announcement.<\/p>\n\n\n\n<p><strong>Risk<\/strong>: Institutions enter at discounts and exit first, leaving retail investors to buy high with information and rights disadvantages.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tool 2: SPAC\u2014Valuations in Press Releases, Not Financial Reports<\/h2>\n\n\n\n<p>SPACs (Special Purpose Acquisition Companies) are shell firms that IPO to raise cash, then merge with private companies to list quickly. Now, they\u2019re \u201ccrypto packaging tools\u201d\u2014turning BTC\/ETH holdings into exchange-traded stocks, often with no revenue.<\/p>\n\n\n\n<p><strong>Key Players<\/strong>: Twenty One Capital holds 30k+ BTC, merged via SPAC with Tether\/SoftBank backing; ProCap focuses on Bitcoin lending; ReserveOne holds BTC\/ETH\/SOL for institutional staking.<\/p>\n\n\n\n<p><strong>SPAC \u201csugar\u201d<\/strong>: Fast listing (4\u20136 months vs. 12\u201318 for IPOs), eligibility for ETFs\/hedge fund trading,\u770b\u4f3c \u201clegitimate.\u201d But \u201cpoison\u201d abounds:<br>\n&#8211; <strong>No real business<\/strong>: Stock prices depend entirely on \u201cBitcoin narratives\u201d\u2014mood shifts = crashes.<br>\n&#8211; <strong>Retail dilution<\/strong>: Insiders get early exit rights and pricing discounts, diluting retail investors.<br>\n&#8211; <strong>Compliance risks<\/strong>: Unclear crypto accounting rules make financial reports error-prone; audit risks are high.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Retail Investor Survival Guide<\/h2>\n\n\n\n<p>Short-seller Jim Chanos exposes the truth: 2021 SPAC bubble playbooks are back\u2014issuing debt to buy crypto, no real operations, and daily $100M+ funding announcements. Before investing, ask:<br> &#8211; Does the company have actual bussiness beyond \u201ccrypto hoarding\u201d?<br> &#8211; Did it really use all funds to buy crypto?<br> &#8211; Are institutions already exiting post-lockup?<\/p>\n\n\n\n<p><a href=\"https:\/\/www.odaily.news\/post\/5205154\">Read More\u300a\u52a0\u5bc6\u8d22\u5e93\u72c2\u6b22\u80cc\u540e\u7684\u8d44\u672c\u6e38\u620f:\u6563\u6237\u5982\u4f55\u907f\u514d\u6210\u4e3a\u63a5\u76d8\u4fa0?\u300b<\/a><\/p>\n\n\n\n<p>This content is AI-generated and does not constitute investment advice. Please exercise your own rational judgment.<\/p>\n\n\n\n<p><a href=\"https:\/\/dzdt.online\/index.php\/2025\/07\/21\/%e9%93%be%e4%b8%8a%e6%8e%a2%e7%b4%a2%e3%80%8a%e5%8a%a0%e5%af%86%e8%b4%a2%e5%ba%93%e7%8b%82%e6%ac%a2%e8%83%8c%e5%90%8e%e7%9a%84%e8%b5%84%e6%9c%ac%e6%b8%b8%e6%88%8f%e6%95%a3%e6%88%b7%e5%a6%82%e4%bd%95\/\">\u94fe\u4e0a\u63a2\u7d22\u300a\u52a0\u5bc6\u8d22\u5e93\u72c2\u6b22\u80cc\u540e\u7684\u8d44\u672c\u6e38\u620f:\u6563\u6237\u5982\u4f55\u907f\u514d\u6210\u4e3a\u63a5\u76d8\u4fa0?\u300b<\/a><\/p>\n\n\n<ul class=\"wp-block-latest-posts__list wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2026\/04\/08\/%e5%88%9b%e4%b8%9a%e7%83%ad%e7%82%b9%e6%99%a8%e6%8a%a5-2026%e5%b9%b404%e6%9c%8808%e6%97%a5%ef%bc%88%e5%91%a8%e4%b8%89%ef%bc%89%ef%bc%9a2026%e5%b9%b4%e5%a4%a7%e5%ad%a6%e7%94%9f%e5%88%9b%e6%96%b0\/\">\u521b\u4e1a\u70ed\u70b9\u6668\u62a5 | 2026\u5e7404\u670808\u65e5\uff08\u5468\u4e09\uff09\uff1a2026\u5e74\u5927\u5b66\u751f\u521b\u65b0\u521b\u4e1a\u8bad\u7ec3\u8ba1\u5212\u9879\u76ee\u63a8\u8350\u6392\u5e8f\u516c\u793a\u30012026\u5e74\u5927\u5b66\u751f\u521b\u65b0\u521b\u4e1a\u8bad\u7ec3\u8ba1\u5212\u9879\u76ee\u63a8\u8350\u6392\u5e8f\u516c\u793a<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2026\/04\/07\/%e5%88%9b%e4%b8%9a%e7%83%ad%e7%82%b9%e6%99%a8%e6%8a%a5-2026%e5%b9%b404%e6%9c%8807%e6%97%a5%ef%bc%88%e5%91%a8%e4%ba%8c%ef%bc%89%ef%bc%9a%e6%9c%80%e9%ab%98%e6%89%b6%e6%8c%8150%e4%b8%87%e5%85%832026\/\">\u521b\u4e1a\u70ed\u70b9\u6668\u62a5 | 2026\u5e7404\u670807\u65e5\uff08\u5468\u4e8c\uff09\uff1a\u6700\u9ad8\u6276\u630150\u4e07\u5143!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879&#8230;\u3001\u771f\u91d1\u767d\u94f6\u6765\u5566!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879\u76ee\u4eca&#8230;<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2026\/04\/06\/%e5%88%9b%e4%b8%9a%e7%83%ad%e7%82%b9%e6%99%a8%e6%8a%a5-2026%e5%b9%b404%e6%9c%8806%e6%97%a5%ef%bc%88%e5%91%a8%e4%b8%80%ef%bc%89%ef%bc%9a%e7%9c%9f%e9%87%91%e7%99%bd%e9%93%b6%e6%9d%a5%e5%95%a62026\/\">\u521b\u4e1a\u70ed\u70b9\u6668\u62a5 | 2026\u5e7404\u670806\u65e5\uff08\u5468\u4e00\uff09\uff1a\u771f\u91d1\u767d\u94f6\u6765\u5566!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879\u76ee\u4eca&#8230;\u3001\u771f\u91d1\u767d\u94f6\u6765\u5566!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879\u76ee\u660e&#8230;<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2026\/04\/05\/%e5%88%9b%e4%b8%9a%e7%83%ad%e7%82%b9%e6%99%a8%e6%8a%a5-2026%e5%b9%b404%e6%9c%8805%e6%97%a5%ef%bc%88%e5%91%a8%e6%97%a5%ef%bc%89%ef%bc%9a%e6%af%9b%e5%ad%a9%e5%ad%90%e4%b9%9f%e6%9c%89%e6%90%ad%e5%ad%90\/\">\u521b\u4e1a\u70ed\u70b9\u6668\u62a5 | 2026\u5e7404\u670805\u65e5\uff08\u5468\u65e5\uff09\uff1a\u6bdb\u5b69\u5b50\u4e5f\u6709\u642d\u5b50\u4e86\u2014\u2014\u5ddd\u5927\u5b66\u751f\u7814\u53d1\u4f34\u5ba0\u673a\u5668\u4eba,\u62ff\u4e0b\u5168&#8230;\u3001\u6700\u9ad8\u6276\u630150\u4e07\u5143!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879&#8230;<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2025\/12\/09\/startup-commentarythree-post-2005-entrepreneurs-are-reported-to-have-secured-a-new-financing-of-350-million-yuan\/\">Startup Commentary&#8221;Three post-2005 entrepreneurs are reported to have secured a new financing of 350 million yuan.&#8221;<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Short-seller Jim Chanos exposes the truth: 2021 SPAC bubble playbooks are back\u2014issuing debt to buy crypto, no real operations, and daily $100M+ funding announcements. Before investing, ask:<br \/>\n &#8211; Does the company have actual bussines beyond \u201ccrypto hoarding\u201d?<br \/>\n &#8211; Did it really use all funds to buy crypto?<br \/>\n &#8211; Are institutions already exiting post-lockup?<\/p>\n","protected":false},"author":3,"featured_media":1746,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[9],"class_list":["post-1740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-xiaotongcolumn","tag-chainexploration"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chain Exploration&quot;The Capital Game Behind the Crypto Treasury Frenzy: How Can Retail Investors Avoid Being the Bag - Holders?&quot; - AIWiseLnk<\/title>\n<meta name=\"description\" content=\"Short-seller Jim Chanos exposes the truth: 2021 SPAC bubble playbooks are back\u2014issuing debt to buy crypto, no real operations, and daily $100M+ funding announcements. 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