Unlike the original Bitcoin whales, who accumulated coins at very low prices, the new whales consist largely of institutional players and corporate treasuries.
Firms such as Strategy and Twenty One Capital represent a new set of buyers who view Bitcoin as a strategic, long-term asset rather than a speculative trade.
Speaking to CNBC in December, Jack Mallers emphasized that Twenty One Capital does not see Bitcoin merely as a treasury hedge but as a core acquisition target.
According to Bitcoin Treasuries data, the firm holds 43,514 BTC, worth approximately $3.9 billion, ranking it among the largest corporate Bitcoin holders.
At the same time, US spot Bitcoin ETFs have accumulated $116.6 billion worth of BTC, equivalent to about 6.5% of Bitcoin’s $1.8 trillion market capitalization, underscoring the large scale of institutional capital in the market.