I recently noticed a quite interesting phenomenon: the attitudes of publicly listed companies worldwide toward crypto assets are becoming increasingly polarized.

On one side are leading Bitcoin treasury companies like Strategy, which continue to make large acquisitions. Last week, they spent over $200 million to buy 3,015 Bitcoin in one go, a 412% increase compared to their previous week's purchase volume. Now, their total Bitcoin holdings have exceeded 720k coins. This proactive accumulation indicates they still have strong confidence in Bitcoin's long-term value.

On the other side, some mid-sized treasury companies are caught in a dilemma. Nasdaq-listed GD Culture recently received board approval to sell their 7,500 Bitcoin in phases to raise funds for a stock buyback program. Similar situations are happening with Ethereum treasury companies; FG Nexus recently sold 7,550 ETH, and their unrealized losses have now accumulated to $82.28 million.

This actually reflects the survival pressure differences among companies of various sizes. Large, well-managed firms like Strategy and Japan’s Metaplanet can stick to long-term holding strategies, even buying more during downturns. But smaller, single-focus companies that rely solely on holding assets often have to consider liquidating assets during bear markets to sustain operations or reward shareholders.

Interestingly, many companies are also exploring new avenues. ETHZilla recently rebranded as Forum Markets, shifting focus to RWA tokenized asset platforms, which immediately boosted their stock price by 17%. DeFi Development invested in the stablecoin protocol Apyx, aiming to seize the opportunity in the dividend-stablecoin new track.

Looking at the overall data of publicly listed companies worldwide, as of early March, the total Bitcoin holdings of global public companies (excluding mining firms) have surpassed 980k coins, with a market value of about $64.2 billion, accounting for 4.9% of the circulating Bitcoin supply. Although this proportion is not very high yet, the growth rate is accelerating.

So, the current situation is that large companies continue to hoard coins, betting on long-term value; smaller companies are forced to liquidate assets to survive; and some middle-sized firms are trying new business models. If you’re interested in tracking these listed companies’ movements, you can check the relevant asset prices on Gate. Often, these institutional actions send signals to the market.