币界网报道：Bitcoin's business model continues to evolve as institutional adoption grows and regulatory clarity improves globally. Major financial institutions like BlackRock and Fidelity have recently launched Bitcoin ETFs, signaling increased mainstream acceptance. MicroStrategy remains the largest corporate holder, adding another 12,000 BTC to its treasury this quarter. Meanwhile, El Salvador's Bitcoin bonds initiative is progressing, with the government announcing infrastructure projects funded by the $1 billion offering. On the mining front, publicly traded firms like Marathon Digital and Riot Platforms are expanding operations despite the recent halving event reducing block rewards. Layer 2 solutions are gaining traction too, with Lightning Network capacity reaching record levels and institutional payment processors integrating the protocol. However, challenges persist around energy usage debates, with both proponents highlighting renewable energy adoption in mining and critics calling for stricter regulations. The SEC's ongoing scrutiny of crypto exchanges also remains a key factor influencing market sentiment. Industry leaders predict Bitcoin's role will continue diversifying beyond just a store of value, with developments in decentralized finance and tokenized assets creating new use cases. Price volatility persists but has decreased compared to previous cycles, suggesting maturing market dynamics.