Introduction: Financial Restructuring that Pierces the Illusion of Cycles

On July 27, 2026, as we turned to the latest disclosure documents from the U.S. stock market and bankruptcy court, the survival rules of the cryptocurrency industry had become exceedingly clear. When top asset management firm Capital Group quietly bought nearly 3 million shares of treasury stock in the secondary market, the old mining pool Poolin was paying a heavy price in a New Jersey court for an unsecured note issued in 2022. Companies that live for today must either have machine-like, ruthless cash flow management discipline like Bitdeer, or become a preferred asset refuge for traditional old money like Strive; whereas the old model relying on high leverage and misappropriating user funds for blind expansion is doomed to become prey in an asset liquidation case.

1. Capital Group's $33.62 Million Position: Why Do Old Money Favor "Indirect Holdings"?

Capital Group's SMALLCAP World Fund's recent increase of 481,772 shares in Strive is by no means a short-term trade.

For the massive public and pension funds on Wall Street, directly holding Bitcoin faces extremely cumbersome custody and audit requirements. Companies like Strive, which provide Bitcoin treasury services, offer a perfect "leverage substitute": buying its stock is equivalent to purchasing call options on the underlying Bitcoin, while enjoying the potential premium brought by enterprise-level balance sheet expansion. Currently, Capital Group's cumulative holdings have reached $33.62 million, and the logic of normalizing crypto treasuries as "tech growth stocks" is opening the widest pipeline for traditional fiat to flow into the crypto ecosystem.

2. Bitdeer's "Zero Holdings" Code: Mining Returns to an Industrial Manufacturing Standard

In stark contrast to the mania of treasury companies hoarding coins is Bitdeer's ($BTDR) absolute discipline.

Last week, they mined 274.6 coins and decisively sold 274.8 coins. While many peers still believe in the dual-driven model of "mining + hoarding coins," Bitdeer firmly implements a "zero holdings" strategy. This shows that the management is extremely clear-headed: mining infrastructure is a high-energy, high-depreciation hard business. Only by instantly converting mined crypto assets into abundant fiat cash can they ignore the dramatic price fluctuations, continue to pay electricity bills, and invest in the research and development of the next generation of high-performance mining machines. Wall Street is also increasingly willing to assign a more stable valuation for this "low-risk, strong cash flow" industrial logic.

3. Poolin's Bankruptcy and Texas Infrastructure Change of Hands: $170 Million Debt Crushes Past Glory

Yesterday's most lamentable event was Poolin's move toward Chapter 11 bankruptcy protection.

Court documents ruthlessly revealed its massive debt black hole of $173.1 million, where as much as $163.7 million was unsecured IOUs issued to users in 2022. This announced the complete death penalty of the business model in the previous cycle that misused client funds for liquidity mismatching. Even harsher is the "carrion-eating" nature of the capital market—Poolin's premium power usage rights and equipment in Pyote and Tarbush mining areas of Texas were harvested by Thor CALAP LLC at a "fire sale" price of $52 million. These once belonged to the old mining magnate's seeds of computing power, now have become cheap nutrients for new compliant forces to expand their computing power territory.

The three aspects of July 26 create the ultimate picture of the crypto industry fully transitioning to institutionalization. Wall Street's funds are seeking the safest agents, listed mining companies are using financial discipline to smooth out fluctuations, while those burdened with historical debts and compliance stains can only willingly surrender their valuable underlying energy. This is an era that no longer believes in tears; only asset quality and compliance bottom lines are the sole pass for crossing cycles.

Data Source: https://bbx.com/ Crypto concept stock information database, based on global publicly listed company announcements and SEC/TSE disclosure documents compiled over the weekend.

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