Wall Street research and brokerage firm Bernstein released a new report, comparing MicroStrategy (Strategy) 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 spends another $1.57 billion to “sweep up 22,000 Bitcoins,” with total holdings surpassing 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 lock in 14% of total supply
MicroStrategy as “the last Bitcoin central bank”
“Dividend + accumulation” dual spiral, STRC financing becomes a giant attractor of funds

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

Breaking free from retail speculation, institutions lock in 14% of total supply

Bernstein analysts emphasized in the report that the Bitcoin market is no longer heavily reliant on “retail speculative funds” as it was in the past. With the maturity of spot Bitcoin ETF investor groups and the huge demand from large corporate financial buyers, the investor base for Bitcoin has undergone a 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 highlighted 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. Statistics show that 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 exceeded 761,000 coins, valued at approximately $56 billion; correspondingly, its liabilities are only about $17 billion, indicating a very strong balance sheet.

“Dividend + accumulation” dual spiral, STRC financing becomes a giant attractor of funds

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 financing structures linked to its Bitcoin strategy, especially designed to attract “income-oriented investors” through preferred stock products (such as 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 soared to over $2 billion. The massive funds raised through these innovative financial instruments ultimately become ammunition for buying Bitcoin, forming a powerful positive cycle that continuously enlarges Bitcoin’s capital base.

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