Bernstein analysts think companies could put up to $330 billion into Bitcoin over the next five years, with strategies like Michael Saylor’s leading the way, according to a new report. Bitcoin is quickly becoming more than just a speculative asset—it’s starting to look like a serious option for corporate treasuries.
Strategy has employed a unique mix of equity sales, debt issuance, and corporate cashflows to fund its Bitcoin purchases—part of a long-term initiative dubbed the “21/21” capital plan, which it recently doubled to $84 billion in its new 42/42 raising efforts. Now, according to Bernstein’s May 5 report, Strategy could go even further:
“In our bull case, we expect MSTR to hyper scale its capital strategy, utilizing ~ $124 billion for bitcoin acquisition,” the analysts wrote.
This level of investment would not only solidify Strategy’s dominance in the corporate Bitcoin space but also signal to other firms the viability of such an approach. Bernstein estimates that companies with over $100 million in cash reserves and limited growth prospects could collectively contribute up to $190 billion to Bitcoin holdings. An additional $11 billion might come from smaller, high-growth firms by 2026. Even more conservative projections suggest that a modest $5 billion allocation from just ten large firms by 2027 could mark a turning point in mainstream corporate adoption.
However, Bernstein cautions that Strategy’s model isn’t easily replicated. The firm’s success is attributed not just to its confidence in Bitcoin but also to its innovative financial engineering:
“MSTR’s edge lies in its financial innovation in building the bitcoin-linked fixed-income stack. Not every Bitcoin treasury will be successful simply replicating MSTR’s playbook, in our view,” the analysts noted.
Strategy’s approach has redefined the boundaries of corporate finance. By developing and executing a sophisticated capital structure that includes Bitcoin-backed bonds and convertible notes, the company has created a financial model that most businesses—especially smaller or more traditional ones—are unlikely to match, according to Bernstein.
Since 2020, the company has acquired over 555,000 BTC, valued at around $38 billion, representing more than 2.6% of Bitcoin’s total supply. This aggressive accumulation has positioned Strategy as one of the largest institutional holders of Bitcoin globally.
As more companies embrace Bitcoin, we might be watching a major shift in how businesses handle their balance sheets. This report indicates that Bitcoin could soon become a regular part of corporate balance sheets—helping companies protect against inflation and diversify their holdings and reshape corporate finance in a big way.
