After the announcement of a billion-dollar profit by Strategy, the stock price fell, and the encryption treasury model has sparked imitation and concerns within the industry.

Despite Strategy achieving a record profit of $10 billion in the second quarter of 2025, the company's stock price fell by 1.4% in after-hours trading. Analysts believe that the market remains cautious about its aggressive Bitcoin treasury strategy. As more companies follow its strategy of "encryption assets serving as the core of corporate balance sheets," this model is reshaping traditional corporate structures while raising concerns about systemic risks.

The profit of 10 billion dollars failed to stimulate the stock price increase Strategy recorded a net profit of $10 billion in the second quarter of 2025, successfully reversing the nearly $6 billion loss from the first quarter. However, the market is not completely convinced, with the stock price falling 1.4% in after-hours trading, and the company currently has a market capitalization of $113 billion, reflecting a 34% increase for the year.

Analysis suggests that, despite the impressive financial data, investors still have doubts about its dominant development path for encryption assets, especially given the high volatility of Bitcoin prices and the financing model behind it.

Corporate "De-businessing": Bitcoin Dominance Strategy Draws Attention Again Strategy was originally an enterprise software company, but it is now widely regarded as a "Bitcoin treasury company." CoinShares analyst Alexandre Schmidt pointed out: "Its traditional software business has been marginalized by the treasury strategy, which has little impact on the company's overall revenue."

Taking the former Japanese hotel operator Metaplanet as an example, the company sold most of its real estate and fully invested in Bitcoin, and has now become the seventh largest Bitcoin holder in the world. Similar companies are continuously emerging, some even incorporating Ethereum, XRP, BNB, and others into their balance sheets as strategic reserves.

Strategy has held over 3% of the total supply of Bitcoin Currently, Strategy holds 628,791 Bitcoins, accounting for about 3% of the total Bitcoin supply, equivalent to approximately $74 billion at the current price. Nevertheless, the company still plans to raise an additional $4.2 billion through its newly launched STRC preferred shares to continue acquiring more Bitcoins.

Three major financing models assist in strategic advancement The Bitcoin acquisition plan behind Strategy has three main financing methods:

1. Convertible Bonds By issuing convertible bonds to raise funds to buy Bitcoin, when the stock price rises later, the bonds convert into shares, and the company does not need to repay in cash.
2. Preferred Shares Attract investors seeking returns while avoiding dilution of common stock shareholders' equity. STRC is one of them, offering fixed dividends, prioritized over common stock distribution.
3. ATM Financing Mechanism This is "market price issuance" of stocks, which involves gradually selling shares to the market in small amounts when the stock price is strong, injecting liquidity into the company.

Market skepticism intensifies, systemic risks raise concerns Despite the effectiveness of the strategy, criticism continues to emerge. Notable short-seller Jim Chanos labeled its financing model as "utter financial nonsense." Mainstream CEX analysts further pointed out that this model poses systemic risks to the overall encryption market. Macro analyst Noelle Acheson also referred to it as "a concerning trend."

Conclusion: The Bitcoin strategy of Strategy has ignited discussions about whether "the corporate asset structure is overly financialized" while achieving short-term financial success. As more and more companies hold encryption assets as core assets, the market needs to closely monitor whether this trend is sustainable and its long-term impact on the entire encryption ecosystem and capital markets.