When Strategy's Bitcoin reserves surpassed 670,000 coins, and UK and Norwegian listed companies continued to accumulate in dozens, yesterday's global listed company Bitcoin treasury allocation map clearly presented a complete hierarchy from "whales" to "small fish." This marks the penetration of Bitcoin as a corporate reserve asset into business entities of different sizes and regions.
- Leading Whales: Strategy's "Dual Buffer" Strategy Deepens
Strategy (NASDAQ: MSTR) latest increase demonstrates its mature financial asset management strategy:
Core Reserve Expansion: Increased holdings by 1,287 Bitcoins, raising its total Bitcoin reserves to 673,783 coins, continuing to lead the global listed company holdings list with an absolute advantage.
Liquidity Management Innovation: While increasing BTC holdings, the company raised its USD reserves by $62 million to $2.25 billion. This "crypto asset core reserve + ample fiat liquidity" dual buffer structure aims to address market volatility and operational needs, making the strategy more robust.
Strategic Resolve: Continuously executing established strategies across different market cycles has solidified its position as a model for "Bitcoin-standard" enterprises.
- Mid-Tier and Tail: Gradual Practices of Global SMEs
UK XCE plc (AIM: XCE) continuous accumulation:
Disclosed an increase of 16.58 Bitcoins, bringing its total BTC holdings to 41.36 coins.
As an executive recruitment service company, its "gradual" allocation strategy represents many SMEs in non-tech sectors, viewing Bitcoin as a long-term savings and value storage tool, incorporating it into financial planning in small, continuous amounts.
Norwegian Block Exchange AS (Oslo Børs: NBX) regular execution:
Announced the completion of its latest Bitcoin purchase under its long-term treasury strategy, adding 3.5 BTC.
As a local crypto trading platform, its "regular accumulation" model is similar to dollar-cost averaging, reflecting a clear intention to treat Bitcoin exposure as part of the company's long-term capital.
- Trend Insights: "Hierarchical" and "Normalized" Treasury Allocation
This dynamic reveals two major characteristics of Bitcoin corporate allocation entering a new stage:
Strategic Hierarchy: The market has naturally formed a clear allocation hierarchy. Leading companies (like MSTR) engage in strategic-level allocations; mid-tier companies (like XCE) diversify important assets; tail companies (like NBX) treat it as a routine treasury operation. Companies of different sizes have found participation methods that match their profiles.
Operational Normalization: Whether large or small purchases, related disclosures have become routine, no longer causing significant market fluctuations. This indicates that Bitcoin allocation has become a standardized and acceptable option in corporate financial management.
On-chain data shows that the number of known listed company addresses holding 10-100 BTC has seen the most significant growth in the past six months, with an increase of 200%, far exceeding the growth rate of whale addresses.
From Strategy's thousand-level increases to single-digit purchases by the Norwegian exchange, the story of Bitcoin corporate treasury is no longer a singular "gamble" narrative but a multi-layered, global "rational allocation" picture. Giants build moats, while SMEs engage in savings and diversification; Bitcoin is steadily embedding itself into the bloodstream of global business along a typical asset adoption curve.
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