Interesting data has arrived: In the second quarter of 2025, publicly listed companies bought 131,000 bitcoins, which is 20,000 more than ETFs, with an increase of 18%. During the same period, ETFs only increased their holdings by 8%. Although the total holdings remain the highest (over 1.4 million), publicly listed companies are quietly increasing their positions, approaching 4% of the total supply. From MicroStrategy to more U.S. stock companies, the strategy of viewing BTC as 'digital gold' is becoming increasingly common. This competition of 'who holds the most' is likely to redefine the composition of major capital in Bitcoin and may provide more stable support for its price.