Bitcoin reserves are shifting from “digital gold” to a cash substitute for listed companies. Since May, Empery Digital has sold nearly half of its BTC reserves, cashing out $87.1 million, with the funds flowing to AI data centers, debt repayment, and litigation fees. Strategy’s credit model and Metaplanet’s mortgages are both using BTC as a liquidity tool. On the surface, it looks like selling off holdings; underneath, it’s an evolution in Bitcoin’s role on the balance sheet: from passive holding to active financing. The driving force behind this round of transformation is the capital hunger of AI infrastructure. But the risks are equally clear: when BTC reserves are treated as a regular source of liquidity, price volatility will directly impair a company’s debt-servicing capacity. Once the market turns down, the pressure of forced selling could become self-reinforcing. Bitcoin is becoming “practical,” but “practicalization” has never been a one-way positive.