#Strategy增持比特币 Strategy (formerly MicroStrategy) recently increased its holdings by 6,220 Bitcoin (BTC), bringing its total holdings to 607,770 BTC, worth approximately $47 billion (at current market prices). This move further solidifies its position as the largest corporate holder of Bitcoin globally, demonstrating that even amid market volatility, the company remains steadfast in executing its 'Bitcoin First' financial strategy.

### **Views on Strategy's Strategy**

1. **Long-term Store of Value Belief**

Michael Saylor and the Strategy team have consistently viewed Bitcoin as the 'ultimate store of value', believing it to be superior to cash, bonds, and even gold. Their strategy is not just speculation, but to hold Bitcoin as a core reserve asset, similar to how companies hold treasury bonds or gold reserves.

- Currently, Strategy's average purchase cost is about $71,756/BTC, while Bitcoin's current price is above $118,000, meaning its holdings have realized an unrealized gain of about 65%.

- The year-to-date (YTD) return for 2025 is 20.8%, far exceeding that of traditional assets.

2. **Innovative Financing Models**

Strategy raises funds through issuing stocks (such as MSTR common stock, STRK/STRD/STRF preferred stocks) and the ATM (At-The-Market) financing mechanism, continually increasing its Bitcoin holdings.

- For example, the latest purchase of 6,220 BTC was funded by selling 1.6M MSTR shares ($736.4M).

- This 'equity-for-Bitcoin' model has become its core strategy and attracted the attention of institutional investors.

3. **Market Signal Effect**

Strategy's large-scale buying behavior is often seen as a bullish signal for the Bitcoin market, as it reduces circulating supply and enhances market confidence in Bitcoin's long-term value.

- On-chain data shows that institutional investors (such as ETFs and corporate treasuries) are accelerating their accumulation of Bitcoin, while the BTC inventory on exchanges has dropped to multi-year lows.

### **Will Other Institutions Follow?**

1. **Multiple Listed Companies Have Followed Suit**

- Companies such as Japan's Metaplanet, Tesla, and Block have already incorporated Bitcoin into their balance sheets.

- In the first half of 2025, global listed companies collectively increased their holdings by 131,000 BTC, bringing total holdings to 944,109 BTC.

2. **ETF Drives Institutional Adoption**

- BlackRock's IBIT ETF saw a single-day inflow of $893M, with total AUM exceeding $137B.

- The rise of Bitcoin ETFs has enabled traditional financial institutions (such as pension funds and sovereign wealth funds) to invest in Bitcoin indirectly, further boosting demand.

3. **Regulatory Clarity Accelerates Institutional Entry**

- The U.S. (GENIUS Act) and (CLARITY Act) provide a legal framework for stablecoins and digital assets, lowering the entry threshold for institutions.

- The SEC has shifted to a more favorable stance, reducing enforcement uncertainty.

### **Market Impact and Future Outlook**

- **Short-term**: Strategy's purchases may support BTC prices, especially providing psychological support during market corrections.

- **Long-term**: If more companies adopt similar strategies, the 'corporatization' of Bitcoin may further increase its market value, even challenging gold's reserve status.

- **Risks**: If Bitcoin's price drops significantly, highly leveraged companies (like Strategy) may face financial pressure, but Saylor has repeatedly stated that he will not sell, but rather hold long-term.

**What are your thoughts?**

Do you think more companies will join the Bitcoin reserve race, or is this trend limited to a few aggressive investors?