New Trends in the Encryption World: Bitcoin Investment Landscape Under U.S. Policy Changes

As the political winds in the United States shift, the global capital markets are undergoing a profound transformation. Against this backdrop, the recent investment strategy of Strategy, a major holder of Bitcoin (formerly known as MicroStrategy), has attracted widespread attention in the market. The company not only announced a halt to new Bitcoin purchases but also set a target of $10 billion for "Bitcoin dollar earnings" by 2025 during its latest earnings report conference.

As the world's largest enterprise-level Bitcoin holder, Strategy currently holds 450,000 Bitcoins, with an average cost of about $62,000. This holding ranks among the top five Bitcoin holders globally, accounting for approximately 2.38% of the total Bitcoin supply. This proportion is comparable to the position of the official gold reserves of the United States within the global central bank gold reserves, highlighting Strategy's leading position and strategic determination in the field of encryption assets.

However, Strategy's recent actions seem to deviate from its usual investment strategy. So, what is the deeper meaning behind this seemingly "contradictory" strategy?

First of all, the company is facing certain pressures regarding its performance and accounting treatment. In the fourth quarter of 2024, despite the doubling of its Bitcoin holdings, Strategy recorded a net loss per share of $3.03, far exceeding analysts' expectations. This is primarily due to significant impairment losses on its held digital assets.

Secondly, after the implementation of the new accounting standards, the tax issues faced by the Strategy have become more complex. The company may need to pay the corporate alternative minimum tax on unrealized gains. Pausing purchases may be a financial risk control measure to better assess and manage future tax liabilities.

In addition, as a component of the Nasdaq 100 index, Strategy is required to comply with stricter information disclosure and corporate governance requirements. The suspension of Bitcoin purchases may be related to the company's internal lock-up period restrictions.

It is worth noting that the investment strategy adjustments of Strategy do not represent a loss of confidence in Bitcoin across the entire market. On the contrary, multiple states in the U.S. are actively promoting the inclusion of Bitcoin as a state-level strategic asset. Currently, 16 states have submitted related bills, with two states making faster progress. If these bills are passed, it is expected that over $24 billion will flow into the Bitcoin market, equivalent to 1.25% of Bitcoin's current market value, or 3.24% of the U.S. gold reserves.

This development trend indicates that, in addition to companies like Strategy, other institutions and governments are also actively participating in Bitcoin investment. In the new policy environment, Bitcoin's position in the global financial system is continuously rising at an unprecedented pace.

This series of changes fully reflects the complexity and uncertainty of the current encryption currency market, while also showcasing its enormous development potential. With the continuous evolution of the policy environment, the Bitcoin investment landscape may be further reshaped, bringing new opportunities and challenges to market participants.