I. Strategy's Bitcoin Layout: A Financial Experiment Reshaping Corporate Strategy
As the world's largest enterprise-level Bitcoin holder, Strategy (formerly MicroStrategy) has continued to cause market tremors with its accumulation actions in 2025. Data shows that the company spent $1.42 billion to purchase 15,355 Bitcoins at an average price of $92,737 per coin during the week from April 21 to 27, bringing its total holdings to 553,555 coins and a total investment amount of $37.9 billion. This figure accounts for 2.64% of the total circulating Bitcoin supply (based on a 21 million coin cap), and its holding size has exceeded the allocation of some sovereign funds to gold.
The aggressive strategy of Strategy stems from its value proposition of 'digital gold'. Founder Michael Saylor believes that Bitcoin's scarcity (fixed supply) and anti-inflation characteristics make it superior to traditional fiat assets. Through the '21/21 Plan'—issuing $42 billion in stocks and bonds over the next three years—Strategy has pushed leveraged investment to the extreme. Although this strategy has brought short-term gains (yielding 11.4% in 2025), it has also made the company's stock price highly correlated with Bitcoin price fluctuations, exposing it to the risks of severe market volatility.
II. The Chain Reaction in the Blockchain Industry: From Underlying Assets to Application Ecosystems
Strategy's increase in holdings not only affects the Bitcoin market but also promotes multi-dimensional development in the blockchain industry:
1. Enhanced Trust in Underlying Technologies
As the first successful application of blockchain technology, Bitcoin's value recognition indirectly strengthens the market's trust in blockchain technology. Data shows that in April 2025, global patent applications for blockchain technology increased by 32% year-on-year, covering fields such as finance, supply chain, and digital identity.
2. Acceleration of Institutionalization Process
The case of Strategy has triggered a 'herd effect'. In Q1 2025, institutional investors poured over $5 billion into Bitcoin spot ETFs, with weekly net inflows of products from asset management giants like BlackRock and Fidelity hitting new highs. This trend has prompted more companies to explore integrating blockchain technology into financial statements, cross-border payments, and other scenarios.
3. Coordinated Development of Related Industries
The blockchain sector has shown active performance in the capital market. As of April 30, 2025, the A-share blockchain index (02003830) saw a daily increase of 1.61%, with component stocks like Zhejiang Wenhu Internet and Changshan Beiming hitting the daily limit, while leading companies like Ping An of China and Eastmoney accelerated their layout in supply chain finance blockchain platforms.
III. Blockchain Project Investment Strategies: From Frenzy to Rational Methodological Transition
The case of Strategy provides both positive and negative insights for blockchain investment:
1. Four Key Dimensions of Project Evaluation
• Technical Feasibility: Assess the maturity of underlying architectures such as consensus algorithms (e.g., PoW/PoS), cross-chain interoperability;
• Business Logic: Focus on the ability to solve industry pain points, such as evaluating the liquidity mechanism design of DeFi projects;
• Compliance Framework: 35% of global regulatory agencies have issued special regulations on blockchain, and projects need to have KYC/AML compatibility;
• Team Background: Successful cases show that projects with core teams having a composite background in finance and technology have a survival rate 47% higher than the industry average.
2. Golden Rules of Risk Control
• Dynamic Balanced Portfolio: It is recommended to allocate 30%-50% of funds to mature assets like Bitcoin, with the remainder invested in high-potential vertical sector projects (e.g., NFT copyright platforms, energy blockchain);
• Leverage Warning Line: Referring to the lesson of a 46% debt ratio in Strategy, institutional investors are advised to keep the financing ratio within 30% of net assets;
• Smart Contract Auditing: Losses due to code vulnerabilities reached $1.8 billion in 2025, and projects need to pass third-party audits such as CertiK before launch.
IV. Future Outlook: Value Reconstruction in the Era of Blockchain 3.0
Strategy's continued increase in holdings signals a larger trend: blockchain technology is upgrading from a 'value transfer tool' to a 'value creation engine'. With breakthroughs in zero-knowledge proofs, sharding technology, and the TPS (transactions per second) of public chains like Ethereum 2.0 exceeding 100,000, large-scale commercial applications are supported. The promotion of central bank digital currencies (CBDCs) (e.g., expanding the digital yuan pilot to 40 cities) will further open up the exchange channels between fiat and crypto assets.
In this transformation, investors' strategies need to shift from 'price speculation' to 'ecological co-construction'. As Michael Saylor stated: 'Bitcoin is the balance sheet of digital civilization', and blockchain technology will become the underlying operating system for reconstructing global asset forms. For ordinary investors, participating in the market through compliant ETFs or focusing on high-quality projects in niche sectors (such as medical data blockchain, carbon credit tracking systems) may be the key path to grasping the dividends of the era.
Reference Materials
: Strategy's Bitcoin Holding Data and Strategic Analysis
: A-share Blockchain Sector Performance and Component Stock Performance
: Blockchain Project Investment Strategies and Risk Management Framework
