公司捕獲的比特幣：邁向加密寡壟斷？

根據最近的一項研究，自2025年初以來，公司已收購了157,000 BTC。它們遠遠超過了ETF（49,000 BTC）和政府（19,000 BTC），而個人已經出售了247,000 BTC。

In 2025, companies are emerging as the main buyers of bitcoin, having already outbid individuals and ETFs, according to a recent study. This strategic shift, which is seeing private firms massively accumulate BTC, is placing the cryptocurrency, designed for decentralization, back into the hands of centralized actors. But as the crypto queen is being captured, can she still embody a popular alternative in the face of this growing concentration?

根據最近的一項研究，在2025年，公司正成為比特幣的主要購買者，已經超過了個人和ETF。這種戰略上的轉變正在使私營公司大量積累BTC，它正在將用於權力下放的加密貨幣置於集中式參與者的手中。但是，隨著加密女王被捕獲，面對這種不斷增長的集中度，她仍然可以體現出一種流行的替代方案嗎？

Chart showing the allocation of bitcoin purchases in 2025

圖表顯示了2025年比特幣購買的分配

Companies have bought 157,000 BTC since the beginning of 2025, compared to 49,000 BTC for ETFs and 19,000 BTC for governments, while individuals have sold 247,000 BTC, according to Arcane Research. This progressive centralization of bitcoin is creating a structural imbalance.

根據Arcane Research的數據，公司自2025年初以來購買了157,000 BTC，而ETF的49,000 BTC為49,000 BTC，政府為19,000 BTC購買了BTC，而個人售出了247,000 BTC。比特幣的漸進集中化正在造成結構性失衡。

While the Bitcoin protocol imposes a limited production of 450 BTC per day, massive purchases by private companies are making the available supply scarce. As these “corporate whales” lock up increasing amounts of BTC, the market risks losing its initial resilience and openness.

雖然比特幣協議每天施加有限的450 BTC生產，但私人公司的大量購買卻使可用的供應稀缺。隨著這些“企業鯨”鎖定越來越多的BTC，市場可能會失去其最初的韌性和開放性。

Strategy and associates: when corporate treasury becomes speculative

戰略與同事：當公司財政部成為投機性時

The example of Strategy, which alone holds 77% of corporate acquisitions in 2025, illustrates a double-edged strategy. By converting its treasury into bitcoin, the company is betting on the long-term appreciation of the cryptocurrency rather than on the stability of fiat liquidity.

僅在2025年就占公司收購的77％的策略的例子說明了雙刃戰略。通過將其財政部轉換為比特幣，該公司押注了對加密貨幣的長期欣賞，而不是菲亞特流動性的穩定性。

This approach is spreading to other firms such as Rumble or River Financial, who are justifying their purchases with three main objectives:

這種方法正在傳播給其他公司，例如Rumble或River Financial，他們以三個主要目標來證明自己的購買是合理的：

A trend documented by River, which claims a strong commitment to bitcoin.

River記錄的趨勢聲稱對比特幣有堅定的承諾。

Individuals drop out, companies scoop up: a turning point for bitcoin?

個人輟學，公司鏟起來：比特幣的轉折點？

As companies are strengthening their positions, individual investors are withdrawing from the market. This dynamic highlights a growing divergence between two approaches to investing in bitcoin.

隨著公司加強職位，個人投資者正在退出市場。這種動態強調了兩種投資比特幣的方法之間的分歧越來越大。

Increased volatility, post-halving price rises, and macroeconomic uncertainties have led many small holders to secure their profits and move away from the cryptocurrency markets.

增加的波動性，備距後價格上漲以及宏觀經濟的不確定性導致許多小持有人獲得利潤並脫離加密貨幣市場。

At the same time, companies are continuing to accumulate at an industrial pace. This retail disengagement raises a fundamental question: can we still speak of a popular, accessible, and antifragile asset when large holders dictate the trend?

同時，公司繼續以工業速度積累。這種零售脫離的提出了一個基本問題：當大持有人決定這一趨勢時，我們仍然可以談論一個受歡迎，易於訪問和反險惡的資產嗎？

What bitcoin has become… opposite to Satoshi Nakamoto’s vision

比特幣已經變成了……與中田薩託的願景相反

In the original white paper, Satoshi Nakamoto presents bitcoin as a peer-to-peer monetary system, without intermediaries, allowing each individual to become their own bank. The goal was to disintermediate finance, in direct response to systemic abuses by large institutions.

在原始的白皮書中，納卡本（Satoshi Nakamoto）將比特幣作為點對上的貨幣系統，沒有中介，使每個人都成為自己的銀行。目的是直接響應大型機構的系統性濫用，而不是將融資分開。

However, massive holding of Bitcoin (BTC) by companies introduces:

但是，公司對比特幣（BTC）的大量持有介紹：

This is therefore going against the ideal of a decentralized, egalitarian, and free network as conceived by Nakamoto. Bitcoin remains technically decentralized, but economically, it is becoming increasingly centralized.

因此，這與Nakamoto構想的分散，平等和自由網絡的理想是違背的。比特幣在技術上仍然是分散的，但從經濟上講，它正變得越來越集中。

Bitcoin is changing face: from a libertarian asset held by the people, it is becoming a strategic reserve in the hands of companies such as Metaplanet, which has overtaken El Salvador in BTC and is now aiming for 1% of the crypto market. This centralization is shifting the market balance. Can bitcoin remain a tool of individual sovereignty in the face of rising corporate interests? The debate is still open.

比特幣正在改變面部：從人民持有的自由主義資產中，它已成為諸如Metaplanet等公司的戰略儲備，該公司已超過了BTC的El Salvador，現在旨在追求加密貨幣市場的1％。這種集中化正在改變市場平衡。面對公司利益的上升，比特幣能否仍然是個人主權的工具？辯論仍然開放。