Notably, Bitcoin’s price has now recovered to around $76,000, which is above the company’s overall cost basis and higher than the bottom range where the market previously oscillated.

This suggests that even though the market has not yet entered a phase of consensus optimism, substantial capital is still choosing to add positions at current levels.

In other words, this is not simply a case of “crypto funds recycling within the ecosystem.” Rather, it represents, to a certain extent, the conversion of capital from traditional financial markets — capital willing to bear volatility and seeking exposure to crypto assets — into on-balance-sheet holdings of publicly listed companies.

Therefore, the continued accumulation by crypto treasury…