The Bitcoin environment that companies desire is becoming a reality: the full picture of the "systemic fundamental victory" seen in 2025

The latest interview analysis with Strategy led by Michael Saylor reveals that a historic turning point is approaching in the Bitcoin industry. From a long-term perspective beyond short-term price fluctuations, it has become clear how rapidly the industry is advancing in establishing the institutional environment it has sought. In other words, 2025 has become the year symbolizing the transition from Bitcoin’s dawn to maturity.

Over 200 Companies Seeking Bitcoin on Their Balance Sheets Accelerate Institutional Adoption

The most notable change is the rapid expansion of corporate institutional-style Bitcoin purchases. As of 2024, approximately 30 to 60 companies held Bitcoin on their balance sheets, but by the end of 2025, this number is expected to reach about 200. This is not merely speculative buying but signifies a fundamental shift in corporate financial strategies.

Holding Bitcoin as an asset allows loss-making companies to generate profits, and profitable companies to achieve further growth. For example, a company recording a $10 million annual loss could realize a $30 million capital gain if it holds $100 million worth of Bitcoin. This strategy is not just financial engineering but a solution to the core management challenges companies seek.

Rephrasing the “Bitcoin Image” in Regulation, Accounting, and Financial Institutions: What Has Changed?

In 2025, the shift can be summarized as moving from “acceptance to integration.”

Resurgence of Insurance Coverage: When Strategy purchased Bitcoin in 2020, insurance companies canceled their policies. They had to bear hundreds of millions of dollars in insurance premiums over four years. By 2025, this situation was reversed, and insurance coverage was officially restored.

Innovations in Accounting Standards: With the introduction of fair value accounting, Bitcoin-holding companies can now recognize unrealized capital gains as profits. Previously, listed companies faced issues with minimum corporate tax thresholds, but proactive government guidance led to solutions in 2025.

Official Recognition by Governments: Bitcoin was officially recognized by governments as “the world’s leading and largest digital commodity.” This recognition is not merely nominal but involves substantial changes in banking lending systems.

Accelerating Integration with Banking Systems: Bitcoin as Collateral for Loans

The integration with the financial system is the most concrete manifestation of a fundamental institutional victory. At the beginning of the year, even with $1 billion worth of Bitcoin as collateral, only a few cents of loans could be obtained. However, by the end of the year, nearly all major US banks had begun offering loans backed by physical Bitcoin ETFs (IBIT), and about a quarter of banks announced plans for direct Bitcoin collateral loans.

In early 2026, reports indicate that JPMorgan Chase and Morgan Stanley are discussing Bitcoin trading and processing. The Treasury Department has issued positive guidelines on incorporating cryptocurrencies into bank balance sheets, and the leadership of the CFTC (Commodity Futures Trading Commission) and SEC (Securities and Exchange Commission) has officially expressed support.

Completion of Market Infrastructure: What the “Physical Exchange Mechanism” Symbolizes

The final stage of establishing the institutional environment is the advancement of market infrastructure. The Chicago Mercantile Exchange (CME) is progressing with the commercialization of Bitcoin derivatives markets. Notably, a tax-free physical exchange and redemption mechanism has been introduced, allowing the exchange of $1 million worth of Bitcoin for $1 million worth of IBIT (physical ETF).

This mechanism dramatically enhances liquidity between digital assets and traditional financial products, encouraging institutional investor participation.

Moving Beyond Short-Term Valuation: The End of the “4-Year Cycle”

An intriguing aspect of the discussion is the fundamental difference in time horizons within the industry. Looking at the history of thought movements over the past 10,000 years, those dedicated to something have typically evaluated their成果 over decades. Reacting emotionally to short-term price fluctuations contradicts this fundamental philosophy.

While the 4-year cycle theory of Bitcoin is debated, the long-term moving average indicates a strongly bullish trend continues. The recent 90-day price decline has, in fact, been an excellent opportunity for foresightful investors to buy more.

Digital Capital Theory: A Strategic Perspective Positioning Bitcoin as “Universal Capital”

The answer to how to reframe Bitcoin lies here. Saylor positions Bitcoin as “universal capital in the digital age, just as electricity powers all machinery.”

Choosing to purchase Bitcoin is not mere speculation but a rational management decision. There are over 400 million companies worldwide, and the market is far from saturation. The fact that companies are not holding Bitcoin despite losses should be a point of evaluation.

Vision for the Digital Credit Market: The “Next Step” Strategy Sought by Strategy

Strategy’s business strategy differs from traditional banking. It aims to leverage dollar reserves to enhance corporate creditworthiness and enter the digital credit market.

The ideal financial product conditions are a dividend yield of 10% and a listed product with a book value ratio of 1 to 2. If they can capture 10% of the US bond market, the potential market size could reach $10 trillion. This sector, including senior credit, corporate credit, Bitcoin-collateralized derivatives, and insurance products, remains vast and largely untapped.

Currently, there are zero insurance companies using Bitcoin collateral. Combining Bitcoin capital with traditional financial products could theoretically produce results far superior to conventional offerings.

Conclusion: The Environment Companies Desire Is in Place; Only Implementation Remains

Summarizing the “fundamental victory” achieved in 2025, the environment supporting Bitcoin integration has been completed through the combined efforts of regulation, institutional infrastructure, and financial systems. In other words, the foundation the industry has sought has finally been established.

Short-term price forecasts are meaningless. What matters is that the institutional environment companies desire is being realized and that Bitcoin as digital capital is being integrated into the financial system. From 2026 onward, the focus is on how this environment will lead to the expansion of market size, and the examination of that process has begun.