The final wave of accumulation at the end of the year has taken shape. A leading publicly listed company recently submitted documents to regulators, announcing that in late December, they sold some shares to raise $108.8 million, and used this money to purchase 1,229 bitcoins.

A detail worth noting: the average purchase price this time was about $74,997 per bitcoin. Although the scale of this single purchase isn't particularly large, it represents the company's last holding action for the year.

In total, this company now holds 672,497 bitcoins, continuing to top the global list of publicly traded companies by bitcoin holdings.

To understand how dedicated this company is, look at this data: throughout 2025, it recorded bitcoin purchases in 41 weeks. Compare that to 2024, which had only 18 weeks of purchases, and 2023, with just 8 weeks. In other words, what started as sporadic attempts has become a regular practice.

There have also been significant acquisitions. This year alone, there have been three large-scale purchases exceeding $1.9 billion each, adding over 63,200 bitcoins at once. Calculating this, the company's total holdings have grown from about 447,500 bitcoins at the end of 2024 to over 670,000 now.

Michael Saylor's leadership of this company follows a clear logic: raising capital in the financial markets and then treating bitcoin as a treasury reserve asset. This strategy has yielded a 23.2% return for investors this year, igniting enthusiasm among other companies to follow suit.

What is the current situation? There are already 192 listed companies worldwide involved, holding a total of over 1,080,000 bitcoins. U.S. companies account for the largest share.

The underlying change reflected by this phenomenon is profound: companies are using bitcoin as a strategic reserve, evolving from past marginal and aggressive attempts into a mainstream asset allocation recognized by capital markets.

As more companies join this movement, the scale of the bitcoin ecosystem is expanding, and the market's supply and demand dynamics are being reshaped, ultimately reinforcing bitcoin's position as a long-term store of value.