Less than a week into the new year, the world's largest Bitcoin reserve institution is firing on all cylinders. Data shows that this whale has aggressively purchased $116 million worth of Bitcoin at an average price of $90,391, scooping up 1,283 BTC in one go. Currently, its total holdings have surged to 673,783 BTC. Based on the latest market price of $93,000, the unrealized profit has exceeded $12 billion. This move has given the entire market a strong boost.

The most outrageous part is their financing strategy. By issuing new shares in the US stock market at a high premium, they raised $116 million in January alone by issuing 735,000 shares, which they immediately converted into non-dilutable Bitcoin. They still hold an issuance quota of 11.386 billion common shares and 30 billion preferred shares, with a fully stocked ammunition depot. Even more aggressive, the company has reserved $2.25 billion in reserves to pay dividends and interest, so even if the market experiences a significant pullback, they won't be forced to reduce their positions. Their confidence is truly solid.

But there are risks as well. In Q4 last year, this whale experienced a paper loss of up to $17.4 billion due to Bitcoin price retracement, with its stock price dropping 60% from its peak. Currently, market opinions about them are highly divided.

However, there is also consensus within the institutional circle. Top investment banks like Standard Chartered and Bernstein are bullish on Bitcoin reaching $150,000 by 2026. Their logic is clear: US pension funds are about to enter the crypto market, and new regulatory frameworks are about to be implemented, which will gradually transform Bitcoin from a purely speculative asset into a strategic reserve asset. If this expectation materializes, the entire game changes.

Ultimately, whether this whale can continue this perpetual motion machine mode depends closely on the upcoming market trends. Can Bitcoin reach the $150,000 target as scheduled? Will this "Bitcoin perpetual motion machine" continue to operate stably? The market is giving the answer.