Blockchain-related mentions in SEC filings in 2025 saw a significant uptick, reaching around 8,000 in August and remaining high until November. Among them, Bitcoin-related mentions accounted for the main increase, mainly driven by the increase in filings and revision documents after the launch of spot Bitcoin ETFs. Compared to the cyclical fluctuations in categories such as ICOs, the persistent high levels mentioned by Bitcoin indicate that institutional attention is focused on its primary compliance path into the crypto space as traditional finance. This trend coincides with legislative developments such as the U.S. GENIUS Act and the Digital Asset Market Clarity Act, where increased regulatory clarity prompts institutions to advance their businesses through formal registration. （The Block）