Recently, I’ve been looking at the crypto asset holdings data of publicly traded companies and have noticed some interesting phenomena. Strategy bought another 3,015 BTC in early March, spending $204 million, and this week’s purchase volume is more than four times that of last week. It seems that large publicly traded companies are still very optimistic about BTC, continuously accumulating at low prices. So far, global publicly traded companies (excluding mining companies) hold over 980k BTC, accounting for 4.9% of Bitcoin’s total circulating supply.

But interestingly, not all companies are buying. GD Culture recently received board approval to sell their 7,500 BTC holdings to buy back shares. Additionally, Ethereum holding company FG Nexus, which previously said they would increase their holdings, started reducing their position shortly after, having sold over 20k ETH, and now still holding more than 30k ETH. The operations of these companies seem somewhat passive, likely due to cash flow pressures.

The contrast is quite clear: companies with strong financial health continue to accumulate, while those that are less stable are forced to sell. This divergence may become more pronounced, especially during market volatility.