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- Analysts at Bernstein have projected that publicly traded companies could pour $330 billion into Bitcoin over the next five years.
- A large portion of this investment is expected to come from Strategy due to its aggressive and consistent accumulation of Bitcoin.
Since Bitcoin (BTC) was created in 2009, the token has come a long way from being a niche digital asset to a mainstream financial instrument. Starting from humble beginnings, priced around $100 when it initially entered the market, Bitcoin shot up to $10,000 and, in January 2025, touched an all-time high of $109,000.
What sets Bitcoin apart from other currencies is its decentralized form. With no government to hold sway over it, Bitcoin has been gaining popularity with many as a representation of independence in terms of finance, an alternative to traditional, central banking systems.
Bernstein Forecasts for BTC
Bernstein, an asset management and research firm, published a report on Monday with a bold projection: public companies could invest over $330 billion into Bitcoin by 2029. This estimate includes nearly $205 billion from listed corporations directly, with an additional $124 billion expected from firms adopting MicroStrategy’s capital deployment approach.
According to Bernstein’s analysts, “Small, low-growth public companies with excess cash and limited prospects are likely to emulate MSTR’s Bitcoin treasury strategy.” The firm identified roughly 2,000 companies globally that match this profile, collectively holding around $3.8 trillion in cash and equivalents.
This bullish outlook stems from the influence of Michael Saylor’s company, Strategy (formerly MicroStrategy). Ever since it made its first purchase in 2020, when it acquired 21,454 BTC at $250 million, the company has been adding reserves to its coffers. Strategy now owns 555,450 BTC, making it the biggest corporate Bitcoin owner.
In its most recent move, the company acquired 1,895 BTC for $180.3 million, paying approximately $95,167 per Bitcoin. Close behind is Mara Holdings, with 48,237 BTC, while CNF reported that Semler Scientific has made an acquisition of 167 BTC for $16.2 million, boosting its total holdings to 3,634 BTC and positioning it as the fourth-largest Bitcoin treasury holder in the U.S.
Bernstein projects that even if only 20% of eligible firms put only 25% of their cash balances into Bitcoin, it would mean $190 billion in new inflows. Publicly traded firms already hold about 720,898 BTC worth approximately $67.8 billion, or 3.4% of the circulating supply, a much higher figure from 1.3% as of year-end 2023.
Bernstein’s financial analysts believe that Strategy’s advantage lies in its innovative financial structuring and experience navigating volatile market cycles. “Its ability to scale institutional-grade Bitcoin-linked instruments remains hard to match,” the report noted. However, analysts warned that other firms might not be able to replicate Strategy’s success. The approach is unique and depends heavily on timing, execution, and investor confidence.
As of now, Bitcoin is trading at $94,476, showing a marginal decline of 0.13% over the past day and 0.42% over the past week, while its trading volume has seen a 42.46% increase in the last 24 hours. Analysts caution that a dip below $90,000 could shift market focus toward the $85,000–$75,000 range, potentially erasing gains made since the end of the 90-day tariff reprieve.
