#比特币财库策略# Looking back on the past, the development history of Bitcoin treasury strategies is indeed thought-provoking. Now seeing the latest movements from Mill City, the SUI treasury management company, it reminds me of the ups and downs we witnessed over the years. The company's second quarter performance report shows that all of the 81.87 million SUI they hold have been fully staked, with investment income rising by 7% year-on-year to $948,000. This practice of full staking has a flavor reminiscent of when institutions entered Bitcoin in large numbers back in the day.

Recalling the bull market from the end of 2020 to the beginning of 2021, many listed companies began incorporating Bitcoin into their balance sheets, sparking a wave of corporate treasury allocation to crypto assets. The logic at that time was to hedge against inflation risks and seek higher returns. Now, Mill City's attitude towards SUI seems to be replaying the script of those years. They have already invested $277 million to purchase SUI and plan to buy an additional $500 million worth of tokens. This aggressive stance reminds me of MicroStrategy's "All in" strategy back then.

History is always remarkably similar. In every cycle of bull and bear markets, there are always new projects and new players repeating similar patterns. But we must remember that past glories do not guarantee future success. Mill City's full-stake strategy can certainly yield considerable profits in the short term, but it also exposes itself to significant market risks.

Looking at the development history of cryptocurrency, we have witnessed too many fleeting projects and seen several once-great giants collapse. For new players like Mill City, I sincerely hope they can learn from historical lessons and manage risks well while expanding aggressively. After all, in this rapidly changing market, overly relying on a single asset is often a double-edged sword.