Another publicly traded company has poured real money into this market. Strive just spent $280 million to buy 3,311 bitcoins in one go, boosting its holdings yet again. A rough calculation puts the average price of this batch at just over $84,000.
First, let’s look at why it would dare to do this. The logic behind these “Bitcoin treasury” companies is pretty blunt: raise money by issuing shares or debt, then use it to buy Bitcoin. When the price rises, the company’s net asset value and share price rise along with it, making it possible to raise even more money and buy even more Bitcoin. As long as prices keep climbing, it’s a self-reinforcing machine. Strategy pioneered this approach, and the list of companies following suit keeps getting longer.
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But the reverse is true, too. Once prices turn downward, the machine starts running in reverse—borrowed money, added leverage, and dividends promised to shareholders all become sources of pressure. And the number of companies doing the same thing has only grown in recent years; together, their holdings are already substantial. No one can say for sure whether they’ll weather the next major downturn.
So whenever I see news like this, I can’t help but think one step further: are these companies allocating a hard asset on behalf of their shareholders, or dressing up a highly volatile position as a “strategic reserve”?
Here’s my question for you: when more and more public companies borrow money to stockpile Bitcoin, is that smart asset allocation—or a game of pass-the-parcel with risks piling up at every turn?
#strive斥资2.8亿美元增持3311枚btc
First, let’s look at why it would dare to do this. The logic behind these “Bitcoin treasury” companies is pretty blunt: raise money by issuing shares or debt, then use it to buy Bitcoin. When the price rises, the company’s net asset value and share price rise along with it, making it possible to raise even more money and buy even more Bitcoin. As long as prices keep climbing, it’s a self-reinforcing machine. Strategy pioneered this approach, and the list of companies following suit keeps getting longer.
👉 关注我，点击进入聊天室，学习更多策略
But the reverse is true, too. Once prices turn downward, the machine starts running in reverse—borrowed money, added leverage, and dividends promised to shareholders all become sources of pressure. And the number of companies doing the same thing has only grown in recent years; together, their holdings are already substantial. No one can say for sure whether they’ll weather the next major downturn.
So whenever I see news like this, I can’t help but think one step further: are these companies allocating a hard asset on behalf of their shareholders, or dressing up a highly volatile position as a “strategic reserve”?
Here’s my question for you: when more and more public companies borrow money to stockpile Bitcoin, is that smart asset allocation—or a game of pass-the-parcel with risks piling up at every turn?
#strive斥资2.8亿美元增持3311枚btc