Corporate Treasury Holdings as Share of Supply

This divides the summed corporate treasury holdings by circulating supply, putting the corporate balance-sheet total on a scale comparable across assets of very different sizes. It is the standard way to express how much of an asset's supply has moved onto disclosed corporate balance sheets. Both inputs are estimates, so the percentage should be read as an order of magnitude rather than a precise share.

计算方式

(sum of disclosed corporate token holdings / circulating supply) x 100

易产生误导之处

It compounds two soft numbers: a lagged, voluntary disclosure in the numerator and a data provider's classification-based supply estimate in the denominator. A company that holds tokens and also lends them out is counted once here while the borrowed tokens circulate and may be counted again in someone else's holdings. Accumulation vehicles that issue shares or debt to buy the asset can expand the numerator quickly, and the same financing structure can force sales that shrink it just as quickly. Private companies, funds, and family offices that never disclose are missing entirely, so the figure is a floor on corporate ownership rather than a measurement of it.

与股权的类比，以及为何该类比不成立

Strategic or corporate ownership as a percentage of shares outstanding. The analogy fails because equity ownership above defined thresholds must be disclosed by law with the holder named, whereas corporate token holdings are disclosed only where local accounting rules or voluntary policy require it.

如何解读高值或低值

A higher percentage means a larger share of circulating supply sits on disclosed corporate balance sheets; a lower one means less does. Because undisclosed holdings are invisible, the figure understates corporate ownership by an unknown amount.