Bernstein: Bitcoin is forming a more resilient ownership structure, with Strategy playing the role of the ultimate lender

According to Bernstein, analysts at the research and brokerage firm stated in a report that as institutional funds flow in through ETFs and corporate treasury strategies reshape the market, Bitcoin is developing a more resilient ownership structure. Led by analyst Gautam Chhugani, the team pointed out in a report to clients on Monday that Bitcoin has shown strength in recent Middle East conflicts, outperforming traditional assets such as gold and global stock indices. The analysts believe that the maturity of spot Bitcoin ETFs and the demand from large corporate treasury buyers have changed the investor base of Bitcoin, reducing reliance on speculative retail capital and strengthening its long-term prospects. The key force driving this shift is Strategy. Bernstein describes the company as playing the role of the ultimate lender for Bitcoin through its aggressive accumulation model. Analysts stated that Strategy has continued to buy during recent market volatility, adding 66,231 BTC so far this year at an average cost close to $85,000. According to their 8-K filing on Monday, Strategy currently holds over 761,000 BTC, valued at around $56 billion. Strategy has also expanded its financing structure related to its Bitcoin strategy, including preferred securities aimed at attracting income-oriented investors. The report states that the company's STRC product pays a 11.5% dividend, with weekly trading volume exceeding $2 billion. Funds raised through these tools have been used to fund additional Bitcoin purchases. Meanwhile, institutional demand flowing in through spot Bitcoin ETFs is also accelerating. Analysts estimate that ETFs attracted around $2.1 billion in inflows over the past three weeks, reducing net outflows for the year to date to around $460 million, with ETF total assets under management at around $92 billion. According to Bernstein's analysis, these funds currently control approximately 6.1% of the total Bitcoin supply. The report also highlights the continued presence of long-term holders as another stabilizing force in the market. Bitcoin that has not moved for over a year currently accounts for around 60% of the circulating supply, indicating that a significant portion of investors primarily view Bitcoin as a store of value asset. Analysts stated that overall, these structural changes are strengthening Bitcoin's capital base even after periods of volatility. Currently, institutional tools including ETFs, corporate treasuries, and governments hold around 14% of the total supply.

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