670,000 Bitcoins. What does this number mean? It accounts for approximately 3.2% of the total global supply.

The holder of these is a company that was once a business intelligence software firm. The word "once" is used because by mid-2025, this company had completely transformed—renamed, and more importantly, changed its entire business logic.

By mid-December, the company had fully become a structured financial operation focused on Bitcoin. The founder described this as "revolutionary financial innovation." It sounds grand, but in essence, it's just one sentence: treating Bitcoin as the main asset and building around it.

This is not just a simple name change. Behind the name change is a strategic shift from traditional business software to a "Bitcoin-centric" model.

But here’s the problem. In the fourth quarter of 2025, market volatility began to intensify. The rules for index compilation started to loosen. This model, which has been in operation since 2020, is now facing its most severe test.

The key questions then become three: Where did this money come from? Can this business model continue? Where is the biggest risk?

This is worth a detailed discussion.

**From Software to Bitcoin**

In 2025, the company officially changed its name. This name change marked a complete transformation of its identity.