Last week, there was a noticeable change in the disclosure cycle of crypto assets by listed companies, which is worth paying attention to.

From a data perspective, several key signals are very clear: Strategy continued to increase its holdings with a single purchase of nearly $1 billion, acquiring 10,624 BTC, bringing the total holdings to around 660,000 BTC; Twenty One Capital disclosed a holding of 43,500 BTC on its first day of listing; many companies adjusted their treasury allocations at the end of the year. These developments reflect not only a bullish outlook on BTC prices but also a shift in mindset among listed companies from "speculative allocation" to "strategic treasury management" of crypto assets.

Interestingly, multi-chain allocation has become the norm—no longer just accumulating BTC, but assets like ETH, SOL, and FIL are beginning to be linked with specific business scenarios. Republic Technologies increased its ETH holdings and reserved subsequent financing capacity; Shuntai Holdings purchased FIL for mining collateral. All these actions point in the same direction: institutions are building more complex asset portfolio structures with crypto assets.

In the short term, such large-scale allocations may exert pressure on market liquidity, requiring observation of subsequent trading depth and price reactions. From a long-term perspective, if this trend continues, it indicates that the on-chain asset allocation landscape is expanding, and whale movements will become increasingly difficult to fully track.