Institutions Take Over 14% of Bitcoin Supply! Bernstein Praises MicroStrategy as the "Bitcoin Reserve Bank of Last Resort," BTC's Capital Foundation Has Transformed

Wall Street research and brokerage firm Bernstein has released a new report, comparing MicroStrategy to the “last Bitcoin central bank.” The report states that MicroStrategy’s aggressive accumulation model and innovative financing structure, combined with institutional inflows such as spot ETFs, have thoroughly reshaped Bitcoin’s capital foundation, significantly reducing market dependence on retail speculative funds.
(Background: Strategy continues to buy! MicroStrategy invests another $1.57 billion to acquire 22,000 more Bitcoins, bringing total holdings to over 760,000)
(Additional context: Bitwise CIO: DeFi will drive the crypto market out of the bear market; Strategy founder: Bitcoin is recovering)

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• Breaking free from retail speculation, institutions now hold 14% of total supply
• MicroStrategy as the “last Bitcoin central bank”
• “Dividends + accumulation” dual spiral, STRC financing becomes a giant money magnet

As spot ETFs mature and corporate treasuries awaken, Bitcoin (BTC) investor structure is undergoing a quiet yet profound revolution. Bernstein, a well-known Wall Street research firm, recently reported that strong institutional capital inflows are creating a more resilient ownership structure for Bitcoin.

Breaking free from retail speculation, institutions now hold 14% of total supply

Bernstein analysts emphasize that the Bitcoin market is no longer the one heavily reliant on “retail speculative funds” of the past. With the maturing of spot Bitcoin ETF investors and the huge demand from large corporate buyers, the investor base for Bitcoin has undergone a fundamental transformation.

Data shows that currently, up to 14% of the total Bitcoin supply worldwide is held by institutional tools, including various ETFs, corporate treasuries, and national governments. Analysts point out that this structural shift not only strengthens Bitcoin’s capital base but also greatly enhances its long-term resilience and prospects in the face of market volatility.

MicroStrategy as the “last Bitcoin central bank”

Amid this wave of institutionalization, Bernstein specifically highlights MicroStrategy, led by Michael Saylor. The analysts highly praise the company, likening it to the “last Bitcoin central bank”.

The report states that MicroStrategy’s aggressive asset accumulation provides strong support for the market. Even during recent market fluctuations, the company has continued to buy without hesitation. According to statistics, MicroStrategy has added over 66,231 Bitcoins this year, with an average purchase price close to $85,000. After submitting its latest 8-K filing, its total Bitcoin holdings have surpassed 761,000 coins, valued at approximately $56 billion; correspondingly, its liabilities are only about $17 billion, indicating a very strong balance sheet.

“Dividends + accumulation” dual spiral, STRC financing becomes a giant money magnet

The reason MicroStrategy can play the role of “central bank” lies in its successful bridging of traditional capital markets and crypto assets. The report specifically mentions that MicroStrategy has expanded its Bitcoin-linked financing structures, especially designed to attract “income-oriented investors” through preferred stock products like STRC.

According to Bernstein, this STRC product offers a high dividend yield of up to 11.5%, precisely targeting the traditional financial market’s demand for fixed income. Its weekly trading volume has surged to over $2 billion. The massive funds raised through these innovative financial instruments ultimately turn into buying power for Bitcoin, forming a powerful positive cycle that continuously enlarges Bitcoin’s capital base.