Three listed companies are buying 4% of all Bitcoin, shaking up the market.

Three major listed companies have secured approximately 4% of the total Bitcoin (BTC) circulation. Experts warn that this concentration phenomenon could have a dual impact on Bitcoin's price stability and market structure. According to Galaxy Digital, the total cryptocurrency holdings of listed digital asset companies (DATCO) currently exceed $100 billion (approximately 139 trillion won). Among these, 'Strategy' is clearly leading, followed by Japan's Metaplanet and the US's Sharpling Gaming. The scale of their holdings is 791,662 BTC and 1,313,318 ETH, accounting for 3.98% of the total Bitcoin circulation and 1.09% of Ethereum (ETH). Strategy's BTC value reaches $71.8 billion (about 99.8 trillion won), with $28 billion (about 38.92 trillion won) being unrealized gains. The industry analyzes that early purchase timing and aggressive acquisition strategies have driven the increased asset value. Beyond Bitcoin and Ethereum, each DATCO is diversifying its portfolio with other digital assets such as Solana (SOL), XRP, Binance Coin (BNB), and Hyperliquid (HYPE). Particularly, Ethereum-centric companies are generating non-dilutive returns by utilizing staking and DeFi strategies, which are more profitable compared to simple holding strategies. DATCOs are characterized by flexible capital raising based on stock listings. This offers more operational flexibility compared to institutional ETFs, potentially attracting more investor interest. While US-based companies still lead, companies from various countries are rapidly entering the market. Galaxy analyzes that local capital market environments are driving this trend. However, potential risks are growing as rapidly as their growth. A key issue is the 'reflexive relationship' between DATCO stock prices and Bitcoin prices. When investors inject funds into DATCOs, these companies buy more BTC, which in turn drives their stock prices up, creating a cyclical structure. This structure can act as a powerful upward momentum in bull markets but may accelerate price declines as a 'reverse stimulus' factor if the macroeconomic environment contracts. Concerns are heightened by Bitcoin's increasing correlation with traditional stock markets. Galaxy warns that this trend might be "an unavoidable direction," noting that while DATCO's emergence has made Bitcoin more accessible to institutional investors, it could ultimately compromise Bitcoin's original 'uncorrelated asset' characteristics.