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CIMG accumulates bitcoin against the market trend while Deli Holdings heavily invests in mining machines, revealing a major divergence in institutional bitcoin strategies

CIMG accumulates bitcoin against the market trend while Deli Holdings heavily invests in mining machines, revealing a major divergence in institutional bitcoin strategies

AIcoinAIcoin2025/12/18 01:52
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By:AIcoin

When CIMG decisively used $24.61 million to increase its bitcoin holdings during the market "cooling period," and when Deli Holdings spent HK$39.2 million to acquire mining machines and extend into the production side, the actions of these two listed companies yesterday clearly outlined two diverging paths for institutional participation in the bitcoin ecosystem: directly holding assets through the secondary market, or controlling production capacity by investing in upstream mining machines.

1. Treasury Reserve Faction: CIMG's Counter-Cyclical Increase and Liquidity Management

CIMG (NASDAQ: IMG)'s announcement of increased holdings demonstrates a classic treasury strategy:

· Scale and Cost: Using internal funds of about $24.61 million, 230 bitcoins were purchased, bringing the total holdings to 730 bitcoins after this increase.

· Market Timing Judgment: The company clearly stated that the current "cooling period" in the digital asset market provides a strategic entry opportunity, reflecting its "counter-cyclical investment" mindset.

· Asset Positioning: It defines bitcoin as a "liquid asset supporting value storage," emphasizing its function as a reserve and inflation hedge on the corporate balance sheet, rather than a short-term trading target.

2. Production Control Faction: Deli Holdings' Mining Machine Acquisition and Hashrate Deployment

Deli Holdings (HKEX: 01709)'s mining expansion represents a deeper participation model:

· Acquisition Details: Acquired a total of 4,000 bitcoin mining machines from three third-party suppliers, at a total price of about HK$39.2 million.

· Business Puzzle: This acquisition is the latest piece in its bitcoin mining business. The previous acquisition of 2,995 mining machines from Bitmain has been largely completed, and the transaction to acquire 2,200 mining machines from Evergreen Wealth Investment is also underway.

· Expected Output: All acquired and being acquired mining machines are estimated to produce about 1.71 bitcoins per day under current network conditions, or about 624 bitcoins annually, demonstrating a strategic shift from "buying coins" to "producing coins."

3. Trend Insights: The Evolution from Financial Investment to Strategic Deepening

Institutional participation in bitcoin is evolving from a single balance sheet item to more in-depth strategic choices:

1. Differentiation in Strategic Proactivity:

   · Passive Holding: Like CIMG, treating bitcoin as an ultimate reserve similar to gold, with the core operation being timing and hoarding.

   · Active Production: Like Deli Holdings, treating bitcoin as a producible product, with the core operation being hash rate deployment and operations management, indicating a deeper industry commitment and understanding.

2. Reflection of Risk-Return Preferences:

   · Companies choosing to directly hold coins usually have a relatively concentrated risk preference, with a belief in the long-term value narrative of bitcoin itself.

   · Companies choosing mining accept more complex risks (operational, technical, regulatory) in exchange for potentially lower but more sustainable cash flow than direct coin purchases, as well as higher leveraged returns during bull markets.

3. Significance of Market Cycle Signals:

   · When market sentiment is relatively subdued, some companies still carry out large-scale purchase and investment plans, which is often seen as a sign of long-term confidence and capital strength, possibly indicating "bottom-building" behavior at the institutional level.

According to data, although the price of bitcoin has retreated from its peak, acquisitions and investments in mining assets by listed companies increased by 15% quarter-on-quarter in Q4 2025, indicating that capital is settling upstream in the industry.

CIMG's $24.61 million and Deli Holdings' HK$39.2 million are both invested in the same bitcoin ecosystem, yet point to two different futures. The former is a "conservative" reserve holder in the digital age, while the latter is an "open-source" producer in the crypto world. This strategic divergence marks that the institutionalization of bitcoin has moved from the initial stage of "whether to participate" to a new, more complex stage of "how to participate deeply." Whether hoarding coins or mining, capital is voting for bitcoin's long-term narrative with real money.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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