During Christmas week, most people in the crypto market were taking it easy, while gold was quietly hitting new all-time highs to boost its momentum. At this moment, a company called Strategy made a big move: directly investing $109 million in Bitcoin without any hesitation. Is this operation a brilliant strategic move or a reckless gamble by putting all chips into a single asset? Today, we’ll dig into this story thoroughly.

First, let’s look at the data. From December 22 to 28, Strategy did not follow the market trend to wait and see; instead, it precisely increased its Bitcoin holdings by 1,229 BTC. The average transaction price was $88,568 per Bitcoin, totaling $109 million. After this move, its Bitcoin reserve pool directly expanded to 672,497 BTC. The total capital投入已达504.4亿美元，平均持仓成本稳定在74997美元左右。

You might wonder where this company gets such cash confidence from. Essentially, it’s a proven “cash flow swapping technique”—an almost perpetual motion machine-like operation mode in the crypto space. How does it work? The first step is raising funds through stock issuance. Regardless of short-term stock price fluctuations, the key is to continuously gather cash. The second, more aggressive step is converting nearly all the raised funds into Bitcoin, leaving no way out. The entire logic points to a core goal—maximizing Bitcoin’s return.

Remember that period in early December? Many speculated whether this company was about to hit the brakes, as it had accumulated some cash reserves. But what happened next? They immediately resumed increasing their holdings, using actions to answer all the speculation. This sense of rhythm reflects how much confidence institutional investors have in Bitcoin’s future in this market cycle.