币界网报道：Sygnum Bank warns that Bitcoin acquisition vehicles like MicroStrategy (now Strategy) risk undermining BTC's credibility as a central bank reserve due to their leveraged accumulation approach. Strategy recently purchased an additional 1,045 BTC for $110.2M, bringing its total holdings to 582,000 BTC (2.8% of total supply), with $22B in paper gains. The firm aims to acquire 5% of BTC supply, raising concerns about liquidity and centralized influence. Sygnum notes that 144 companies, including Tether-backed Twenty One and Nakamoto, now hold Bitcoin treasuries, potentially adding $330B in holdings over five years. However, leveraged strategies could distort BTC's volatility and liquidity—key factors for institutional adoption. While Strategy claims its capital structure can withstand a 90% BTC drop, weaker imitators may struggle in downturns, exacerbating price declines. The trend risks crowding out measured corporate BTC allocations and reinforcing perceptions of Bitcoin as a speculative asset.