According to Charles Edwards, there are currently 190 Bitcoin treasuries, compared with roughly 600 investment trusts by the end of 1929 (source: Charles Edwards on X, Oct 26, 2025). For traders, this count offers a straightforward institutional adoption gauge for BTC that can be monitored over time for potential shifts in spot demand intensity (source: Charles Edwards on X, Oct 26, 2025). The lower current count versus the 1929 reference highlights room for further penetration relative to that historical benchmark, a datapoint some market participants track for positioning and risk management (source: Charles Edwards on X, Oct 26, 2025).