公司捕获的比特币：迈向加密寡垄断？

根据最近的一项研究，自2025年初以来，公司已收购了157,000 BTC。它们远远超过了ETF（49,000 BTC）和政府（19,000 BTC），而个人已经出售了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?

根据最近的一项研究，在2025年，公司正成为比特币的主要购买者，已经超过了个人和ETF。这种战略上的转变正在使私营公司大量积累BTC，它正在将用于权力下放的加密货币置于集中式参与者的手中。但是，随着加密女王被捕获，面对这种不断增长的集中度，她仍然可以体现出一种流行的替代方案吗？

Chart showing the allocation of bitcoin purchases in 2025

图表显示了2025年比特币购买的分配

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.

根据Arcane Research的数据，公司自2025年初以来购买了157,000 BTC，而ETF的49,000 BTC为49,000 BTC，政府为19,000 BTC购买了BTC，而个人售出了247,000 BTC。比特币的渐进集中化正在造成结构性失衡。

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.

虽然比特币协议每天施加有限的450 BTC生产，但私人公司的大量购买却使可用的供应稀缺。随着这些“企业鲸”锁定越来越多的BTC，市场可能会失去其最初的韧性和开放性。

Strategy and associates: when corporate treasury becomes speculative

战略与同事：当公司财政部成为投机性时

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.

仅在2025年就占公司收购的77％的策略的例子说明了双刃战略。通过将其财政部转换为比特币，该公司押注了对加密货币的长期欣赏，而不是菲亚特流动性的稳定性。

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

这种方法正在传播给其他公司，例如Rumble或River Financial，他们以三个主要目标来证明自己的购买是合理的：

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

River记录的趋势声称对比特币有坚定的承诺。

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

个人辍学，公司铲起来：比特币的转折点？

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.

随着公司加强职位，个人投资者正在退出市场。这种动态强调了两种投资比特币的方法之间的分歧越来越大。

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.

增加的波动性，备距后价格上涨以及宏观经济的不确定性导致许多小持有人获得利润并脱离加密货币市场。

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?

同时，公司继续以工业速度积累。这种零售脱离的提出了一个基本问题：当大持有人决定这一趋势时，我们仍然可以谈论一个受欢迎，易于访问和反险恶的资产吗？

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

比特币已经变成了……与中田萨托的愿景相反

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.

在原始的白皮书中，纳卡本（Satoshi Nakamoto）将比特币作为点对上的货币系统，没有中介，使每个人都成为自己的银行。目的是直接响应大型机构的系统性滥用，而不是将融资分开。

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

但是，公司对比特币（BTC）的大量持有介绍：

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，这与Nakamoto构想的分散，平等和自由网络的理想是违背的。比特币在技术上仍然是分散的，但从经济上讲，它正变得越来越集中。

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.

比特币正在改变面部：从人民持有的自由主义资产中，它已成为诸如Metaplanet等公司的战略储备，该公司已超过了BTC的El Salvador，现在旨在追求加密货币市场的1％。这种集中化正在改变市场平衡。面对公司利益的上升，比特币能否仍然是个人主权的工具？辩论仍然开放。