#比特币机构配置与囤积 Seeing the crypto asset allocation actions of listed companies this week, I am pondering a question—why are these companies expanding their Bitcoin reserves while also venturing into multi-chain assets like Ethereum and Filecoin?

A careful look at the data can help us understand. Strategy already holds over 660,000 Bitcoins, and Twenty One Capital announced over 40,000 holdings on its first day. These are not impulsive moves but carefully calculated asset allocation decisions. Even more interesting, some companies have already integrated crypto assets with specific business scenarios—using Filecoin for mining collateral, and Ethereum to support financing plans.

What does this tell us? It’s not about blindly following the trend to allocate seven or eight types of assets, but about understanding the underlying logic: **The core of diversified allocation is risk management, not pursuing quantity**. The same applies to a family’s asset allocation. Many people see such news and want to participate in everything, but end up losing focus due to over-diversification.

My observation is that truly prudent practice should be: first, properly allocate core assets like Bitcoin with reasonable amounts and stable holdings; then, based on your understanding and risk tolerance, moderately allocate other assets. The key is to be aware of each step, knowing why you hold what you do and how much is safe to hold.

While listed companies can do large-scale allocations, what we need is more restraint and clearer planning.