Overnight, the price of Bitcoin broke through the critical $100,000 mark, peaking at $103,400. This new high not only ignited the sentiment of the entire cryptocurrency market but also pushed the strategically company (Strategy, formerly MicroStrategy) - which has the most Bitcoin of any publicly traded company in the world - into the spotlight of public opinion. The strategic company is no longer just a software enterprise; it feels more like a 'Bitcoin ETF' dressed in corporate clothing - its fate is closely tied to the price fluctuations of Bitcoin.
Behind this surge are multiple driving forces: the newly approved spot Bitcoin ETF attracted over $142 million in net inflows within 24 hours, the easing of US-China trade negotiations has released global market risk appetite, coupled with the tightening expectations for Bitcoin supply, market sentiment has rapidly fermented. Bitcoin not only broke through $100,000 during trading but also decisively stood firm at this integer level for the first time.
And the biggest beneficiary of this 'hundred thousand dollar celebration' is undoubtedly the strategic company.
A company supported by a 'Bitcoin treasure.'
According to regulatory documents submitted on May 4, the strategic company recently acquired 1,895 Bitcoins at a price of $180 million, averaging $95,167 per Bitcoin. As a result, the company's total holdings reached 555,450 Bitcoins, with a market value of over $57.2 billion. Considering that the company's average cost for acquiring these Bitcoins was around $38,000, this means the strategic company has nearly $19 billion in unrealized gains on its books.
In other words, **the value of this 'Bitcoin vault' of the strategic company has far exceeded the company's own equity market value.** At current market prices, the Bitcoin held on the company's books is enough to support the currency reserves of a medium-sized country. Executive Chairman Michael Saylor does not hide his ambitions: 'The fate of the strategic company is a reflection of Bitcoin's monetary energy.'
If Bitcoin continues to rise, the strategic company's 'market value miracle' may continue to unfold.
'42&42' Plan: From half a million to one million Bitcoins.
What is even more shocking to the market is that the strategic company is not satisfied with the existing $57 billion 'digital vault.' On May 1, the company disclosed a new financing plan - '42&42 Plan': through issuing $42 billion in stock and $42 billion in convertible bonds, the plan aims to raise $84 billion in the coming years to continue purchasing Bitcoin. If this financing plan is successfully implemented, the strategic company's Bitcoin holdings could potentially double, surpassing the 1 million mark, which would account for nearly 5% of the total global Bitcoin supply.
Saylor does not shy away from this aggressive expansion strategy. He candidly stated in an internal meeting: 'Our goal is simple - to become the largest holder of digital gold. In the future, when institutions accept Bitcoin as a reserve asset, we will be the only company standing at the top of the pyramid.' According to his logic, when Bitcoin achieves 'monetization,' the strategic company's market value will inevitably exceed one trillion dollars.
Based on the current holding of 555,450 Bitcoins, to achieve a $1 trillion market value, the price of Bitcoin needs to rise to approximately $1.8 million. If the strategic company increases its holdings to 1 million Bitcoins, the 'threshold' for breaking a trillion will drop to $1 million. Numbers that once seemed sci-fi have now become serious discussion topics in the crypto circle.
But the risks are equally huge.
However, Saylor's 'all in' strategy also places the strategic company on the edge of a cliff. The volatility of Bitcoin's price not only amplifies profits but also magnifies potential losses. In March of this year, when Bitcoin retraced to $85,000, the strategic company recorded a $4.2 billion paper loss in its financial report. As expectations of interest rate hikes rise and bond yields increase, the company's future costs of bond financing will also significantly rise.
The market bears have long been eyeing the situation. Short sellers believe that if Bitcoin retraces to around $70,000, the net assets of the strategic company could quickly slip into negative territory. After all, this company is no longer a traditional 'software company' but rather a **'high-leverage, ultra-high-volatility Bitcoin ETF.'**
Moreover, the macro environment remains full of uncertainties. The Federal Reserve's policy shift, global liquidity contraction, and geopolitical risks could all impact Bitcoin. Once the price falls, the debt leverage effect borne by the strategic company will immediately become apparent, amplifying risks.
Is Saylor's 'Bitcoin transformation' a revolution or a gamble?
From a business perspective, the strategic company has long marginalized its software business, transforming into a 'public Bitcoin vault.' Yet its valuation still carries the label of a 'tech stock.' In the future, if Bitcoin continues to rise, this 'misalignment' may bring opportunities for valuation reassessment. However, if Bitcoin enters a long-term adjustment period, the strategic company may face a repricing by the capital markets.
For ordinary investors, the story of the strategic company is **the ultimate version of 'using company equity to leverage buy Bitcoin.'** It uses the company's credit, financing capabilities, and the leverage of the capital market to take 'going long on Bitcoin' to the extreme.
But this also means: the volatility of the strategic company's stock price no longer reflects the performance of its software business but rather acts as an amplifier for Bitcoin's price.
In such a situation where risks and opportunities coexist, how to acquire the latest on-chain data, regulatory policy dynamics, changes in capital flow, and institutional sentiment monitoring has become an indispensable part of investment decision-making. Platforms like Mlion.ai, which integrate on-chain data, AI sentiment analysis, and in-depth news analysis, can help investors quickly capture potential risks and opportunities for complex subjects like 'strategic company + Bitcoin,' avoiding making drastic decisions based on singular dimensional information.
Written in conclusion.
Bitcoin breaking through $100,000 marks the beginning of a new phase. For the strategic company, this means that the 'all in' strategy has temporarily been validated, but future challenges and tests have only just begun.
Can a publicly traded company rely on Bitcoin to become the world's first 'trillion-dollar unicorn'? This is a hot topic of discussion in the market. But regardless of the outcome, the strategic company has already shown the world through reality: in this emerging digital asset narrative, both enterprises and individuals must face - when all value is bet on a single asset, is it a legend or a gamble?
Disclaimer: The above content is for information sharing only and does not constitute any investment advice!
