#比特币财库策略# Looking back at the development of Bitcoin over the years, it must be said that the treasury strategy is indeed an interesting turning point. I still remember in August 2020, MicroStrategy was the first to announce that it would convert a portion of its reserves into Bitcoin, initiating this treasury movement. In just three years, from the initial skepticism to now professional companies like KindlyMD entering the market in large numbers, the market landscape has undergone significant changes.

The issuance of $200 million in convertible bonds, along with the previous $540 million in equity financing, has allowed KindlyMD to raise a total of $740 million in this round. This scale is significant and reflects the increasing confidence of institutional investors in the Bitcoin treasury model. Especially completing such a large financing in a bear market is quite rare.

However, reflecting on the collapse of Terra/Luna back in the day serves as a warning to us. Over-leveraged treasury strategies can lead to disastrous consequences. KindlyMD has opted for convertible bonds for financing this time, which reduces direct financial pressure, but caution is still needed in managing risks in the long run.

At this current time point, I believe the Bitcoin treasury strategy is in a crucial stage of transitioning from early experimentation to a mature business model. In the next year or two, we are likely to see more traditional financial institutions follow suit, and there may even be a dedicated regulatory framework emerging. For us old players, we need to maintain an open mindset to embrace innovation while also being constantly vigilant about the lessons from historical frenzied bubbles. After all, in this industry, cycles often come faster than we imagine.