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According to ChainCatcher, in 2025, several small listed companies in South Korea are scrambling to replicate Strategy's bitcoin treasury model, purchasing bitcoin with borrowed funds. Now, this strategy has encountered setbacks, with Bitmax serving as a typical example. Last year, Bitmax shifted its focus to bitcoin, holding 551 BTC at an acquisition cost of approximately $55 million. Of these, 539 BTC were obtained through 13 over-the-counter transactions with the chairman, with a total premium of about $6 million. Due to losses, the company announced on March 9 a capital reduction by consolidating four shares into one, causing paid-in capital to plummet from $14.5 million to $3.6 million. The stock price plunged more than 10% the next day to around $0.63. The gap with Strategy is obvious: over the past year, bitcoin has only dropped 12%, Strategy fell about 70%, while Bitmax plummeted 88%. Moreover, Bitmax failed to rebound alongside BTC, indicating that the market has priced in company-specific risks. Analysis points out that in the absence of scale, capital market channels, and institutional credibility, this model carries risks far greater than its potential returns.

Foresight News reported that the Base-based DEX Aerodrome has cumulatively repurchased and locked 4 million AERO tokens over the past month, valued at approximately $1.28 million. To date, the total amount repurchased and locked by the official channels through Aerodrome PGF, Flight School, and Relay has reached 175 million tokens, valued at approximately $56.42 million.

According to Odaily, Lookonchain monitoring shows that a newly created address, minder42, spent $32,900 to bet that the US military would enter Iran before March 14. The address has already lost $13,000. Despite the continuously decreasing odds, this address continues to increase its bet.