By the end of the year, Strategy still firmly holds the title of the publicly listed company with the largest digital asset holdings worldwide. The company's recent moves have attracted attention— in December, they invested another $109 million, purchasing 1,229 Bitcoins at an average price of $88,000 each. It’s clear they have a real plan for this direction.

Once the numbers are laid out, it appears somewhat exaggerated. Currently, Strategy holds approximately 672,000 BTC, with a total cost basis exceeding $50.4 billion, averaging about $74,997 per Bitcoin. Based on current market prices, the total value of these assets is nearly $58.5 billion. What does this mean? A traditional listed company has effectively become a Bitcoin whale.

But the truly clever part of this company isn’t just holding the assets; it’s that they’ve found a closed-loop of financing and acquisition. Strategy leverages the premium of its stock relative to the underlying digital assets through capital tools like ATM plans (automatic issuance) and convertible bonds, continuously raising funds, which are then fully invested in Bitcoin. Simply put, they finance their Bitcoin purchases by issuing stock. What’s the benefit of this approach? Each operation increases the "Bitcoin per share" ratio, causing the stock price to rise along with it.

Changes in accounting rules have also provided them with a significant accelerator. After the new standards take effect in 2025, fair value changes caused by Bitcoin price fluctuations can be directly recorded as net profit. What does this mean? Strategy’s financial reports will look exceptionally impressive, and such eye-catching data also give them a chance to be included in mainstream indices like the S&P 500, attracting a continuous flow of passive capital.

On the surface, this appears to be an investment, but at its core, it’s actually a financial system innovation. Strategy’s leadership firmly believes that Bitcoin is humanity’s "indestructible digital capital," and they are using high leverage and extremely low time discount rates to try to transform this company into a "digital central bank" in the Bitcoin era. Of course, some in the market are concerned about the risks of this strategy, but regardless, this aggressive asset-liability restructuring has already become a classic case in the business case library.