#比特币储备战略 Corporate Bitcoin reserve strategies are experiencing divergence. Prenetics' decision to cancel its additional purchase plan is noteworthy — the company bought Bitcoin at $114,000 in October during a $48 million funding round, but within just three months, the price dropped to $88,000. Cash pressure and strategic adjustments led to abandoning the original plan. This reflects a risk-averse attitude towards BTC volatility among some companies, with priorities shifting towards core business operations.

In contrast, MicroStrategy's holdings behavior presents a stark contrast. The accumulated 671,000 BTC, an average cost of $66,000, and a current valuation discount of 26% relative to net asset value — this logic resembles using equity market tools to leverage BTC exposure. Benchmark's $705 target price for 2026, based on the long-term steady rise of Bitcoin, essentially bets on increased institutional recognition.

Key observation: The current divergence in corporate reserves mainly stems from differing perceptions of Bitcoin's attributes. Short-term pressured entities tend to view it as a high-volatility asset, while long-term participants see it as a treasury reserve. From an on-chain perspective, such institutional adjustments often produce clear transfer signals — when will Prenetics' 510 BTC move, and whether MicroStrategy continues to increase its holdings, are trackable indicators.

The adjustment cycle of reserve strategies is usually related to macro liquidity expectations, and it is worth continuously monitoring the movements of related addresses.