A well-known investment institution's Chief Investment Officer recently pointed out a noteworthy issue: in an environment where Bitcoin prices are continuously rising, the stock performance of certain listed companies may experience stagflation. What are the consequences of this mismatch? The most direct impact is that the company will find it difficult to continue financing through ATM (automatic issuance mechanism). In more extreme cases, the company might be forced to reduce its Bitcoin reserves to buy back its own shares. This logic actually reflects a subtle contradiction between traditional finance and crypto asset allocation—when the held assets appreciate but the stock price stagnates, the company's financial flexibility is severely constrained. For listed companies holding large amounts of BTC, this is indeed a risk point worth considering.