The aggressive moves of publicly listed companies in the allocation of encryption assets have recently become the focus of the market. Institutions targeting Bitcoin as the main asset have already been able to match the daily trading volume of TradFi giants, which was unimaginable a few years ago.

The current situation is quite interesting—on one hand, there is an explosive performance of data. A leading technology company holds 671,000 Bitcoins, with an average acquisition cost of less than $75,000, currently yielding over $10.1 billion in profit, with a return rate close to 25% this year. They also maintain a cash reserve of $2.2 billion, which at this burn rate can last at least until 2027. The founder even stated that if they could acquire 5% of the total circulating supply of Bitcoin, the price could soar to $1 million.

Institutions are voting with their actions. A well-known hedge fund directly invested $65 million to buy the dip, while a pension fund managing trillions in assets is quietly increasing its position to $93 million. This money comes from the smartest pools of capital globally, indicating their strong optimism for this direction.

But the risks are also accumulating. Regulators may exclude it from important indices due to "the concentration of Bitcoin positions being too high and resembling a fund." If this happens, it could trigger passive sell-offs of up to $15 billion, along with a potential outflow of $9 billion that the company itself may face — this is the worst-case estimate from market analysts.

So the current situation is like a showdown between bulls and bears: the collision between the TradFi order and the encryption asset allocation logic, with the optimism of large funds coexisting with the suspense of policy risks. The index review results on January 15 may change the market's overall expectations for institutional crypto allocation. Whether to wait and see or to layout, the market is waiting for answers.