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Looking at recent market trends, an interesting contrasting phenomenon has emerged.
Publicly listed companies that boast about holding digital assets in their financial reports are showing disappointing stock performance. Metaplanet, which holds 30,823 Bitcoins, saw its stock price drop over 70% between June and October 2025; KindlyMD's performance in the US stock market was even more extreme, with a monthly decline of 90.9%, shrinking 73% in just five trading days; UK-based Smarter Web has also been in a continuous decline since June, with a drop exceeding 70%.
The reasons given by these companies are largely similar—cryptocurrency market volatility and pressure from financing and coin-buying models. But is that really the case?
A closer look at the underlying logic reveals that many companies' claims of "digital asset reserves" are more like marketing rhetoric. In the stock market, simply riding the crypto wave can attract attention and capital. When coin prices rise, companies take the opportunity to hype up and boost their stock prices; when prices are under pressure, major institutional investors have already cashed out at high levels, leaving retail investors to take the losses.
Very few companies truly adhere to a long-term Bitcoin reserve strategy. Most participants are just wearing the "digital asset reserve" label while essentially executing a market harvest. Under this model, the profits are not from asset appreciation but from arbitrage spreads driven by market sentiment fluctuations.
Therefore, instead of fixating on those high-profile digital holdings, it’s more important to understand the real operational logic of these companies. On the surface, they appear to be reserving future wealth, but in reality, it might just be a carefully orchestrated stock market game. Market participants should remain sufficiently vigilant.
Blowing up coins at high prices and selling at low prices, when will retail investors learn
More than 30,000 Bitcoins can't prevent a 70% drop, how outrageous is that
It's just paper wealth; the actual operations are all routines. Once you see through them, it's no fun anymore
Institutions cash out at high positions, and we're still trying to figure out how many coins they hold, just playing around here
Those who truly believe in Bitcoin for the long term have already quietly laid low; it's the ones shouting all day that are actually trying to cut people
When the coin price rises, they boast with data; when it falls, they pretend to be dead. Their shamelessness is unmatched
Forget it, instead of studying these listed companies, it's better to learn how to recognize routines yourself
Big institutions run away at high positions, and we're still foolishly holding on.
Really, once you see through these companies' marketing gimmicks, you should wake up.
A 90% drop? Uh... is this what you call risk hedging? Laughable.
They still rely on this method to boost stock prices, which shows they understand everything.
The ones who took profits at high levels have already slipped away, and we're still here picking up the bag.
Metaplanet's 30,823 BTC can't even prevent a 70% drop, lol.
And they still have the nerve to boast about "long-term strategy," just pure harvesting tactics.
Institutions and retail investors are always on different pages, always.
Companies that truly hold their coins should have stopped bragging long ago.
Looking at the numbers is not as reliable as checking whether executives have secretly reduced their holdings—that's the real signal.
Large institutions cashing out at high positions, while we're still trying to buy the dip. It's clearly a liquidation price.
The margin trading model is obviously a leverage game. If the risk control points aren't maintained, you'll get liquidated.
Basically, it's using "reserve Bitcoin" as a pretext to siphon funds. No one adds to their position when they should, and when forced to liquidate, the alarms are deafening.
The financial reports boast loudly, but the stock price keeps plunging... It's hard to buy early enough, everyone.
I've seen this kind of play countless times. The final sucker is always retail investors.
Margin trading = leverage ratio skyrocketing, and sooner or later, you'll be liquidated. No exceptions.
Retail investors who bought at high levels are putting their blood pressure at risk, and institutions have already exited.
This is the opposite operation of sentiment indicators: hyping when coins rise, blaming when they fall, a classic harvesting tactic.
I used to believe in this marketing spiel too, now looking at the K-line chart makes me want to smash the screen.
Basically, it's about exploiting hot topics to harvest retail investors, with no long-term strategy, only short-term arbitrage, the bagholders at the historical highs.
Now I’d rather manage my own wallet than trust these companies' "reserve strategies."
Every time I see a company announce buying coins, I know it's time to reduce my holdings. These institutions are playing a game you can't see through.
Institutions sell at high levels, retail investors become the bagholders, the套路 is old and tired.
This is a sentiment harvesting machine; don't be fooled by the financial reports.
Metaplanet has dropped more than 70% from holding over 30 Bitcoins—a typical marketing scam.
It's about time to see through this "reserve asset" marketing nonsense.
How many companies truly believe in holding coins? Most are just shells.
When the coin price rises, hype it up; when it falls, people run away—standard stock market game.
Instead of counting how many coins they hold, it's better to see who is dumping at high levels.
Now you understand, right? This is not asset appreciation; it's just arbitrage price differences.