#密码资产动态追踪 MicroStrategy has done it again—purchasing 13,627 Bitcoins in one go, spending $1.25 billion at an average price of $91,519. Their current Bitcoin holdings have reached 687,410, with a book cost exceeding $51.8 billion, and they still hold over $30 billion in cash.

Interestingly, even as Bitcoin has surpassed $90,000, this company continues to add to its position without hesitation, with zero hedging and zero protection. There are only two possible reasons for this approach: either they have an overwhelming and irrational confidence in the long-term value of BTC, or they are betting on a major regulatory shift in the US, which would lead institutional funds to flood into the market.

Based on the recent continuous net inflows into Bitcoin ETFs, the latter seems more plausible. Saylor might be thinking: once the regulatory dust settles, the current price of over $90,000 could prove to be a huge bargain. Applying their logic, now is the last chance to get on board.

But this all-in approach is not without risks. Think about it—if the macro environment turns around or regulations suddenly fluctuate, the fall in this hundreds-of-millions position could be terrifying. That’s the cost of gambling—winning brings a smile in the end, losing can be truly painful.