PANews reported on April 22 that according to OKG Research analysis, as of April 22, 2025, nearly 90 listed companies around the world hold a total of 710,000 bitcoins, accounting for 3.2% of the total BTC supply. Compared with 307,000 bitcoins in the same period of 2024, the year-on-year growth rate exceeded 130%, and the structural accumulation trend has significantly accelerated. Among them, Strategy holds 538,000 BTC, accounting for more than 75%; the top ten companies together control 94.5% of company-level holdings. At the same time, the number of new addresses on the BTC chain continued to decline, and the frequency of active transactions also dropped to a low point in the cycle.

OKG Research pointed out that the divergence of "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.