In the cryptocurrency industry, #Strategy is a very unique company—abandoning its core business to become a fully-fledged Bitcoin company. Currently, the company holds approximately 506,137 BTC, with a total investment of about $33.7 billion and an average purchase cost of $66,384 per coin. There have been many interpretive articles discussing the strategy of purchasing Bitcoin through the issuance of convertible bonds.

Convertible bonds are essentially debt instruments that require the repayment of principal and interest upon maturity, although some of the company's convertible bonds are zero-coupon bonds, requiring only the repayment of principal. If the company lacks sufficient cash flow or the value of Bitcoin is insufficient to cover the debt at maturity, it may face default risk.

Strategy's approach is clearly a high-risk, high-reward play. Of course, a very important core premise is that the BTC price will rise over the long term. In this process, Strategy needs to address three issues:

1⃣ Smooth out the high volatility of Bitcoin prices to avoid threats to the balance sheet from high price fluctuations. The best way is to lobby large institutions, big companies, and sovereign government entities to purchase Bitcoin to reduce BTC volatility. This makes it easy to understand why founder Michael Saylor works so hard to persuade big companies and institutions to buy Bitcoin. Moving forward, he will continue to do this tirelessly. It is only safe when everyone is in the same boat; when one thrives, all thrive; when one suffers, all suffer.

2⃣ Actively lobby the government to relax or introduce favorable regulations or bills for the cryptocurrency industry. Fortunately, there will be a four-year term under Trump ahead, and currently, Trump holds a positive stance toward the cryptocurrency industry. For Michael Saylor, the next four years are about building good relationships with the government and expanding his circle of allies. This is the core strategic goal.

3⃣ Finally, there is hope that the Federal Reserve does not suddenly tighten liquidity, but this is the highest uncertainty; we can only hope that no black swan events occur.

Regardless, in the coming years, the price trend of BTC will certainly be an observation object that needs to be taken seriously by Strategy.