#代币发行与融资 Strategy 8.5 days to raise $1.44 billion to establish a dividend reserve. This data point is worth noting. From on-chain fund flows, this financing scale is equivalent to 21 months of dividend payments, enough to dispel market doubts about its solvency.

Key observation: During the downtrend, the strategy still maintains an accumulation approach, raising funds through equity and debt issuance at a premium to buy Bitcoin. This reflects the confidence of institutional players in the long-term bullish outlook. Although the pace of accumulation may slow down, the strategic direction remains unchanged—such large-scale financing activities themselves are a bullish signal.

What needs to be tracked next is the actual purchase progress and cost basis. Large-scale financing can easily trigger market sentiment fluctuations, but the true value judgment depends on the actual pace of fund inflows and the cost position.