Recently, I came across an interesting data analysis — the landscape of global cryptocurrencies is quietly changing.

By the end of this year, the total crypto assets held by 368 entities worldwide have surpassed $185 billion. At first glance, this number might seem insignificant, but the story behind it is what truly matters: 73% of these assets are held by digital asset treasuries (DAT) primarily managed by publicly listed companies and private enterprises. In other words, institutions and corporations have become the absolute dominant players in this game.

Government holdings are also not negligible, accounting for over 25%. What does this mean? The composition of cryptocurrency holders is undergoing a dramatic transformation — from the early days of individual retail investors' fervent enthusiasm to a strategic allocation by corporations and nations.

**Why are companies starting to hoard cryptocurrencies?**

The concept of digital asset treasuries is essentially: publicly listed companies directly record cryptocurrencies like Bitcoin and Ethereum on their financial statements, treating them as strategic reserve assets. This is not a new trick, but the scale is indeed exploding.

Looking at the specific numbers, among the 73% of corporate holdings, listed companies contribute 59.3%, while private enterprises add 13.7%. Why are companies suddenly paying attention to this? There are two core reasons: signals from macro policies and adjustments in corporate financial strategies.

Especially this March, the implementation of an executive order by the U.S. White House officially elevated Bitcoin to the status of a "national reserve asset." The effect of this document is comparable to a shot of confidence — listed companies, seeing policy backing, naturally feel more assured to increase their holdings. Corporate crypto allocations are no longer seen as reckless gambling but as a kind of "standard operation."