As Bitcoin gradually becomes a new trend in corporate treasury allocation, a group of listed companies are trying to replicate MicroStrategy's "Bitcoin Reserve" strategy, attempting to enhance shareholder value by increasing their holdings of BTC. However, the sustainability and potential risks of this strategy have been questioned by the outside world: will these companies be trapped by Bitcoin when the market rebounds, funds dry up, or debt pressure strikes? MicroStrategy has purchased over 580000 BTC worth over $61 billion since 2020, and its market value has also skyrocketed. This growth has attracted a large number of imitators, including traditional enterprises such as energy, cannabis, and brewing. However, unlike MicroStrategy's strong financing capabilities, emerging Bitcoin treasury companies often face higher financial barriers, especially in terms of option liquidity, bond ratings, and market acceptance. Ben Werkman, Chief Investment Officer of Swan Bitcoin, pointed out that smaller companies lack a mature derivatives market and find it difficult to replicate the financing path of larger companies. They can only rely on high-risk term loans, which may put their fate in the hands of the funders. Driven by the cryptocurrency bull market, these companies' stock prices once saw a significant premium, making it easy to issue shares in exchange for Bitcoin. However, once the premium turns into a discount, companies will face dual pressures of limited fundraising and forced liquidation of BTC. Experts are concerned that in extreme situations, this could trigger a chain reaction and shake the structure of the Bitcoin market. However, some institutions believe that the risks are controllable in the short term. Coinbase research director David Duong pointed out that refinancing can still help some leveraged companies avoid liquidation. But as the market evolves, investors are trying to classify Bitcoin reserve companies into "growth" and "value" types, judging investment value based on their potential for growth in BTC holdings per share. Whether the Bitcoin reserve strategy can become a new paradigm for corporate financial management still depends on its ability to withstand cyclical fluctuations and financing constraints. In the reality of limited tolerance in the capital market, how to balance leverage use, cash flow security, and cryptocurrency asset allocation will become a difficult problem that every enterprise must face.