If the last cycle was ignited by MicroStrategy in the Bitcoin bull run, then the engine of this round of market is undoubtedly "altcoin MicroStrategy." Companies like SBET and BMNR have continuously bought, pushing the price of ETH from $1,800 at the beginning of May all the way up to $4,700, an increase of over 160%, and playing a new leading role in market sentiment. At the same time, mainstream alts like SOL, BNB, and HYPE have also followed suit, resulting in a number of companies with treasury accumulation as the core narrative, further amplifying the market's bullish expectations.

However, as this model spreads, risk signals are gradually emerging. Recently, BNB treasury company Wint is facing delisting risks, and Hype treasury company LGHL has been embroiled in a coin selling controversy, raising market doubts about the sustainability of the "treasury strategy". What exactly is this model of centralized buying.