**A New Choice for Enterprises: Asset Allocation Enters the Bitcoin Era**

Recent data over the past week has been eye-catching. A well-known company executive purchased approximately 13,627 bitcoins between January 5 and 11 at a price of about $91,519 each. This not only broke the record for a single purchase since July last year but also pushed the company's total bitcoin holdings to a new high of 687,410 coins.

What does this reflect? Traditional software companies are transforming. They are no longer solely supported by software business revenue but are treating themselves as a "Bitcoin spot leverage fund" in operation. How? Through an ATM stock issuance plan, turning market demand for the company's stock into cash flow, then directly buying bitcoins from the secondary market. In simple terms, using the enthusiasm and funds of shareholders to bolster the company's balance sheet.

The brilliance lies here— as long as the bitcoin price stays above the average cost of $75,000, this cycle can continue indefinitely. Stock prices rise, stocks are issued, coins are bought, bitcoin prices go up, stock prices rise again. Each cycle adds implicit bitcoin value to shareholders.

**Timing is Key**

The timing of this operation is also quite interesting. It coincides with index adjustments and the advancement of related legislation, as the market re-evaluates the role of bitcoin. Previously, it was just a hedge asset; now it is gradually evolving into a kind of sovereign-level reserve asset. This wave of increased corporate holdings also, to some extent, validates this judgment.