#比特币机构配置与囤积 An obvious signaling pattern has been observed: the expansion of listed companies' Bitcoin treasury has evolved from sporadic actions into a systematic strategy.

Last week's data is quite interesting—Strategy's single investment of $960 million increased holdings by 10,624 BTC, pushing total holdings beyond 660,000 BTC; Twenty One Capital disclosed over 43,000 BTC holdings on its first day of listing; ProCap Financial adjusted to 5,000 BTC. These are not exploratory moves but clear long-term allocation commitments.

Even more noteworthy is the change in allocation structure. Early on, listed companies mainly held crypto assets as financial investments. Now, there is a divergence: on one end are pure treasury accumulators like Strategy and Twenty One Capital, and on the other end are scenario-based allocations such as Republic Technologies using ETH for financing and Shuntai Holdings purchasing FIL for mining collateral. Multi-chain, multi-asset parallelism has become the norm.

In terms of capital scale, this round of participation by listed companies is significantly different from previous ones. North America, Europe, and Asia are simultaneously disclosing increased holdings, with ample financing capacity and clear DCA plans—this reflects an increased institutional recognition of Bitcoin's long-term value and a rethinking of asset allocation strategies.

In the short term, sustained scale increases like this will exert pressure on liquidity; in the long term, the expansion of corporate treasuries could alter the market structure on the supply side of Bitcoin. It is worth continuously monitoring the subsequent evolution of this signal.