Bernstein BTC Treasury Company Analysis paper

Paper · PageRank 0.0022

Overview

Bernstein, the Wall Street research and brokerage firm, published a research report in May 2025 forecasting that corporate treasury buying of bitcoin could total roughly $330 billion by the end of 2029. In its bull case, Bernstein assigned about $124 billion of that to Strategy (formerly MicroStrategy), with roughly $205 billion coming from other listed companies emulating Strategy's bitcoin treasury model, particularly smaller, lower-growth firms. The report was widely covered as one of the first sell-side attempts to size the corporate bitcoin treasury trend. Bernstein has continued to publish follow-up research on bitcoin treasury companies and ETF flows in subsequent years.

Within the DeFi Intel graph, Bernstein BTC Treasury Company Analysis connects to 3 tracked entities, most strongly to Bernstein Research, Bernstein Research, Bitcoin (BTC).

Relations

Top connections in the DeFi Intel knowledge graph (confidence-weighted, 3 of 3 total).

Frequently asked questions

What figure does Bernstein's bitcoin treasury report forecast?

It projects approximately $330 billion of additional corporate treasury inflows into bitcoin by the end of 2029.

Which company does Bernstein expect to be the largest buyer?

Strategy (formerly MicroStrategy), which Bernstein's bull case has adding around $124 billion of bitcoin.

Where does Bernstein expect the rest of the buying to come from?

From other listed companies, around $205 billion, led by smaller, lower-growth firms copying Strategy's treasury approach.