Having been in the crypto world for eight years, recently I came across Hyperscale Data's operations, and my first impression was that this guy is indeed ruthless—directly treating Bitcoin as the company's cornerstone, even to the point where the market cap is suppressed by coin holdings, making it hard for the company to lift its head.

Breaking down the data, 532 Bitcoins' market value is a full 1.02 times the company's market cap. In other words, the valuation of this publicly listed company itself is actually less valuable than the coins stored in its treasury. Honestly, this approach feels a bit familiar, reminiscent of MicroStrategy in earlier years, but Hyperscale Data's method is even more extreme—MicroStrategy was slowly accumulating Bitcoin with spare cash, while this company has piled its Bitcoin holdings to the point where they can overshadow its own market cap, effectively anchoring the entire company's value to Bitcoin's price fluctuations.

Looking at how it accumulates coins, some are bought from the secondary market, and some are mined by itself. Even more outrageous, they are still adding to their holdings, aiming to pile up Bitcoin worth 100 million USD. Clearly, they are betting on Bitcoin's long-term appreciation, showing strong determination. But nothing in the world comes for free; risks must be faced—if Bitcoin ever drops 20%, this company's market cap will drop accordingly, and at that point, the market might start to wonder: how is your core business doing? After all, they are a listed company whose main business isn't trading crypto assets; piling all eggs into one basket raises questions about risk awareness.

This phenomenon actually reflects a new trend in the traditional corporate circle—competing to add cryptocurrencies to their asset allocation. But not many are playing this aggressively. Previously, institutions holding coins was mainly for risk diversification and reducing volatility; now it’s turned into "using coins to support valuation," essentially leveraging Bitcoin's hype to boost their own value. This move might fool the market in the short term, but what about the long term? If the core business doesn’t improve and they rely solely on coin prices, sooner or later, they will fall.

Friends in our circle can just take a look at this case for entertainment, but don’t take it seriously or follow suit with such extreme allocations. Why do institutions dare to play like this? Because they have compliance backing and sufficient capital, with strong risk resistance. Retail investors, if you also bet your entire net worth on a single coin, and the market fluctuates, leaving no buffer space, then you are truly gambling rather than investing. Bitcoin is indeed a good asset and worth holding long-term, but even the best things require proper allocation—don’t turn investing into gambling. Asset diversification is not just an old boring cliché; it’s the basic skill to survive and thrive outside the crypto circle.