According to OKG Research, as of April 22, 2025, nearly 90 listed companies globally have collectively held 710,000 bitcoins, accounting for 3.2% of the total BTC supply. Compared to 307,000 bitcoins in the same period of 2024, this represents a year-on-year growth of over 130%, with a significant acceleration in structural accumulation. Among these, Strategy holds 538,000 BTC, accounting for over 75%; the top ten companies control 94.5% of the institutional holdings. Meanwhile, the number of new BTC on-chain addresses continues to decline, and active trading frequency has dropped to a cycle low.
OKG Research points out that behind this divergence of "concentrated holdings + user deceleration" reflects Bitcoin's evolution from an early trading asset to a structural reserve tool for institutional allocators. Especially after the spot ETF opening, many traditional financial institutions and asset management accounts participate in the BTC market allocation through off-chain subscription and on-chain custody, in a more discreet but stable manner.
