Ten Dimensional Black Hole and the D0-brane Threshold Bound State

We discuss the ten dimensional black holes made of D0-branes in the regime where the effective coupling is large, and yet the 11D geometry is unimportant. We suggest that these black holes can be interpreted as excitations over the threshold bound state. Thus, the entropy formula for the former is used to predict a scaling region of the wave function of the latter. The horizon radius and the mass gap predicted in this picture agree with the formulas derived from the classical geometry.