According to OKG Research analysis, as of April 22, 2025, nearly 90 listed companies worldwide hold a total of 710000 bitcoins, accounting for 3.2% of the total BTC supply. Compared to the 307000 units in the same period of 2024, the year-on-year growth has exceeded 130%, and the structural fundraising trend has significantly accelerated. Among them, Strategy holds 538000 BTC, accounting for over 75%; The top ten companies collectively control 94.5% of the company level holdings. At the same time, the number of new addresses on the BTC chain continues to decline, and the frequency of active transactions has also dropped to a low cycle level. OKG Research points out that the divergence between "concentrated holdings+user slowdown" reflects that Bitcoin is evolving from an early trading asset to a structural reserve tool for institutional allocators. Especially after the opening of spot ETFs, a large number of traditional financial institutions and asset management accounts have participated in BTC market allocation in a more covert but stable way through off chain subscription and on chain custody models.