Since 2020, some U.S. publicly listed companies, such as MicroStrategy and Tesla, have taken the lead in incorporating Bitcoin into their balance sheets, attracting significant market attention. After several years, the "holding coin trend" has resurfaced from late 2024 to early 2025, with a number of companies reassessing the value and status of Bitcoin. Recently, influenced by changes in expectations regarding Federal Reserve policies, geopolitical conflicts in the Middle East, and the surge in crypto ETFs, multiple market signals have converged, prompting companies to return to the crypto asset market.
- MicroStrategy Leads the Way, Institutional Confidence Grows
Currently, MicroStrategy's Bitcoin (BTC) holdings have reached 582,000 coins. As one of the first publicly listed companies to "hold coins" on a large scale, MicroStrategy's actions send a strong signal: Bitcoin is not only a hedging tool but is gradually evolving into a strategic asset.
Following suit, Block Inc (formerly Square), Marathon Digital, and others have also announced plans to expand their cryptocurrency exposure. Several tech and financial companies have indicated in their earnings calls that they are "considering digital asset allocation," marking Bitcoin's gradual inclusion into corporate asset management frameworks.
- Market Dynamics Boosting Momentum: Macroeconomic Environment as a Key Driver
Recently, the market environment has been particularly favorable for digital assets:
Trump has publicly called for the Federal Reserve to cut interest rates by 200 basis points, and recent U.S. economic data shows a slowdown in inflation, leading to widespread expectations that the Federal Reserve will begin to ease monetary policy in the second half of 2025. A loose liquidity environment often benefits risk assets, especially Bitcoin.
The tense situation between Israel and Iran has heightened global risk aversion. Bitcoin is gradually being viewed by some investors as "digital gold," possessing certain hedging functions.
The U.S. and Hong Kong have successively approved Bitcoin spot ETF products, providing traditional institutions and publicly listed companies with a more compliant and safer investment path, lowering the entry threshold.
- From "Speculating on Coins" to "Holding Coins": Evolution of Cognition and Strategy
Unlike early speculative behavior, the new wave of holding coins reflects a concept of "strategic allocation."
Taking MicroStrategy as an example, company executives have emphasized in public that "Bitcoin is the strongest asset performance tool of the past 100 years, and we view it as a 'core part' of our corporate balance sheet."
- Risks Still Exist: Volatility and Regulation Cannot Be Ignored
Despite the positive market atmosphere, "public companies holding coins" is not without its costs:
Therefore, holding companies often need to balance innovation and stability, reasonably allocate asset proportions, and avoid systemic risks arising from "heavy investment in crypto."
- Looking Ahead: How Will Crypto Assets Be Integrated into Mainstream Investment Logic?
From "alternative assets" to "allocable assets," and now to being regarded as "core assets" by some companies, Bitcoin is undergoing an unprecedented "institutional reconstruction." If global interest rates remain low, trust in fiat currencies continues to weaken, and regulatory clarity continues to advance, Bitcoin's "official status" as a corporate asset will become increasingly solidified.
For investors, this trend conveys two key signals:
Conclusion:
The resurgence of the trend of publicly listed companies holding coins is not just a news event but a signal of the times. It reveals that the integration of Bitcoin with traditional capital markets is deepening. Future market competition will not only be a contest of technology but also a competition of cognition and asset allocation strategies. And this "wave of holding coins" has only just begun.
Related: The Financial Stability Board (FSB) warns that cryptocurrencies are approaching a "critical point," with deepening ties to traditional finance.
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