#市场调整与情绪 Seeing Strategy pause its accumulation during market fluctuations and instead increase cash reserves to $2.19 billion, I have some thoughts I want to share with everyone.

This is not a retreat, but a mature asset management logic. When Bitcoin falls 30% from its all-time high, many people start to panic— but what are truly long-term investors and institutions doing? Strengthening defense. Strategy’s approach precisely illustrates a principle I’ve always wanted to emphasize: good investing is not about blindly attacking in euphoria, but about adjusting the rhythm according to market conditions.

32 months of interest and dividend coverage—what does this mean? It means that even if the market continues to be under pressure, the company's fundamentals are stable enough. This sense of stability is the foundation for surviving and thriving amid long-term volatility.

I’ve observed many investors’ mindsets— chasing gains at peaks, panicking during pullbacks. But real returns often come from those who remain disciplined during times of impatience. Cash is like an emergency reserve— it may seem like a "waste," but it’s the best safety cushion. When genuine opportunities arise in the market, those with surplus funds can calmly bottom fish.

Instead of focusing on short-term market ups and downs, ask yourself: Is my portfolio allocation reasonable? Have I reserved buffer space for volatility? The answers to these questions often determine the results three or five years down the line.