A leading software company has once again disclosed its Bitcoin accumulation activities, sparking discussions in the market about "institutional faith" versus "financing mechanisms."

According to the latest disclosure, the company purchased approximately 1,229 Bitcoins between December 22 and 28, 2025, at an average price of about $88,568, spending nearly $108.8 million. As of December 28, the company's total Bitcoin holdings reached 672,497, with an average cost of approximately $74,997 per Bitcoin.

This move has indeed attracted considerable attention. However, a closer look at the source of funds reveals that the story is not so straightforward.

**Financing-Driven Buying Logic**

Reports generally indicate that the funds for this round of accumulation mainly came from the company's sale of Class A shares via at-the-market (ATM) offerings, with the proceeds used to purchase Bitcoin. In other words, this process resembles a cyclical financing→buying mechanism rather than a market-timing operation based on expectations of Bitcoin's price increase. This suggests that similar accumulation actions could continue under certain conditions, rather than being triggered by sudden, targeted market signals.

**Institutional Endorsement of Long-Term Holding**

From another perspective, the company treating Bitcoin as a core reserve on its balance sheet is itself a statement about the long-term value of crypto assets. Continuous public disclosures and ongoing purchases can indeed reinforce market confidence in the narrative of "long-term institutional allocation," especially during periods of market downturn.

**Risks Cannot Be Ignored**

But it is worth noting that each round of financing is accompanied by equity dilution. Historical data shows that the stock price of this company often experiences greater volatility than Bitcoin itself—when Bitcoin retraces from its highs, the company's stock tends to fall even more. This means that while the ongoing financing and buying strategy demonstrates commitment to Bitcoin, it also amplifies shareholder risk exposure.

**What do you think about this continuous accumulation?**

Some see it as a reflection of institutional faith, while others recognize the underlying risks of financing arbitrage and volatility amplification. In reality, both perspectives have merit—the key lies in how you weigh the long-term allocation benefits against the short-term dilution pressures.