Recently, several listed companies have updated their Bitcoin allocation moves. Strategy disclosed that it added 334.3 BTC last week, bringing its total holdings to 848,000 BTC; Metaplanet revised its capital allocation policy to raise its Bitcoin allocation cap to 90% of total assets. Both moves involve incorporating Bitcoin as a reserve asset, but their approaches differ.
Strategy is the world's largest Bitcoin treasury company. Last week, it bought an additional 334.3 BTC, bringing total holdings to 848,000 BTC after the purchase. In terms of the added amount, 334.3 BTC represents a limited proportion of the 848,000 BTC already held, but it continues the company's direction of sustained Bitcoin buying. The market pays close attention to this institutional buying signal.
Metaplanet is a Japanese listed company. It revised its capital allocation policy, raising the upper limit for its Bitcoin allocation to 90% of total assets, setting an allocation range of 85% to 90%, and adding a strategic investment allocation. This adjustment reflects the trend of institutions treating Bitcoin as a core reserve asset.
During the same period, there were three other developments in the crypto market. OKX applied to the U.S. Securities and Exchange Commission (SEC) to launch a tokenized U.S. equities trading platform, initially covering 63 NYSE-listed companies, relying on an innovation exemption mechanism. The application is being advanced by a mainstream exchange together with ICE and involves tokenized trading of NYSE-listed companies. The application's regulatory and market implications are significant.
On policy, Trump established a "Superintelligence Working Group" to coordinate U.S. federal AI and superintelligence policy. The high-level working group was set up after the White House reached a superintelligence agreement with major tech companies, involving AI policy coordination and federal regulation. The matter affects macro expectations for the tech and crypto markets.
On risk assessment, S&P Global Ratings, a traditional rating agency, launched an on-chain lending vault risk assessment framework covering six dimensions. On-chain lending deposits have increased from $1.5 billion to $10 billion, indicating an acceleration in the institutionalization of RWA and DeFi. The specific contents of the six dimensions have not been detailed in current disclosures.
From the perspective of institutional allocation paths, Strategy continues its sustained buying model, accumulating its position through weekly additions; Metaplanet starts with capital allocation policy, adjusting its ratio cap and range. Their methods differ, but both involve listed companies incorporating Bitcoin as a reserve asset. The developments from OKX, Trump and S&P correspond to trading platform regulation, policy coordination and on-chain risk assessment, respectively, and are related to the main institutional allocation theme but move in different directions.
Follow-up items to watch: whether Strategy continues to disclose additions and changes in holdings; Metaplanet's specific implementation within its 85% to 90% allocation range, and further explanation of its new strategic investment allocation; regulatory progress on OKX's tokenized U.S. equities trading platform application; follow-up arrangements by Trump's "Superintelligence Working Group" on AI and superintelligence policy; and further application of S&P Global Ratings' on-chain lending vault risk assessment framework. All of the above should be subject to subsequent public disclosures by the relevant companies or institutions and does not constitute any investment advice.
