In institutional investor BTC allocations, MicroStrategy has always been the market's key barometer. As the publicly listed company with the largest BTC holdings worldwide, this company’s dedication to Bitcoin is regarded as an industry benchmark.

Numbers speak for themselves. During the short week from December 9 to 15 last year, MicroStrategy invested a staggering $1.5 billion to purchase 15,350 BTC, with an average transaction price slightly above $100,000 per BTC. By the end of 2024, the company's BTC holdings surged to 439,000 coins, totaling approximately $27.1 billion spent, with an average cost of $61,700 per BTC. Looking at this year, holdings have already exceeded 660,000 coins. Founder Michael Saylor’s phrase "continuous buys of BTC" is not just talk; the "buy and hold" strategy has become increasingly steadfast amid market fluctuations.

A true turning point has arrived — MicroStrategy successfully made it into the Nasdaq 100 Index, with official inclusion starting December 23 last year, accounting for a weight of 0.47%. ETF products tracking this index, such as Invesco QQQ, subsequently purchased about $2.1 billion worth of related stocks. This is not just a victory for the company; in plain terms, it marks the first official recognition of crypto assets by traditional financial mechanisms. Although some criticize it for overly betting on BTC, the market has voted with its proxy votes in favor. MicroStrategy continued buying, and by the end of the year, added another 1,070 BTC. In January this year, it planned to raise $2 billion through preferred stock financing to further expand its holdings. Such bold moves are not typical.

Of course, regulatory considerations must also be taken into account. Certain regions stipulate that listed companies’ digital asset holdings cannot exceed 50% of total assets. How does MicroStrategy respond? It maintains its faith in BTC while beginning to optimize its financial structure, making its traditional software business and crypto investments more balanced. This approach of both holding the ground and adhering to rules not only demonstrates absolute confidence in the long-term value of BTC but also sets a compliant example for other listed companies aiming to enter the crypto space.