#加密货币监管 The recent fluctuation in GameStop's $500 million Bitcoin position reminded me of a very important topic—risk management in enterprise-level asset allocation.

On paper, the unrealized profits in Q3 look good, but if we look further back, this position once peaked at $528 million at the end of Q2, only to record an unrealized loss of $9.4 million afterward. Such fluctuations can significantly impact a publicly traded company's financial performance, and I believe everyone understands this.

What’s even more worth pondering is the underlying phenomenon—large-scale influx of non-crypto companies and significant concentration in non-crypto assets. What does this fundamentally reflect? It’s a pursuit of new policies, but it also exposes the risks of concentrated positions. When the crash happened in October, a leveraged position of $19 billion was forcibly liquidated, which says a lot.

What I want to emphasize is that no matter how friendly the market environment is, safe asset allocation should always follow these principles: first, clearly understand your risk tolerance; second, stick to diversification; and third, maintain a clear long-term mindset. Don’t be swayed by short-term policy hype or market sentiment to the point of neglecting basic position management. This is not conservatism, but true responsibility for your assets.