Bernstein said in a new report that institutional vehicles now control 14% of Bitcoin’s total supply, including spot ETFs, corporate treasuries, and government holdings. The firm said Bitcoin is no longer driven mainly by retail speculative capital, arguing that its ownership base has shifted in a material way.
Institutional ownership expands across ETFs, treasuries, and governments
According to the report, the maturation of spot Bitcoin ETFs and growing demand from large corporate buyers are changing the asset’s capital base. Bernstein said this new ownership mix gives Bitcoin a more resilient structure during periods of market volatility. The key point is not only the amount of capital entering the market, but also who is holding the asset.
Strategy described as the “Bitcoin central bank of last resort”
Bernstein singled out Strategy, led by Michael Saylor, as a central force in that shift. The report described the company as the “Bitcoin central bank of last resort”, citing its aggressive accumulation model and financing structure. Bernstein said the company has kept buying even through recent market swings.
The report said Strategy has added more than 66,231 BTC so far this year at an average purchase price near $85,000. After its latest 8-K filing, the company’s total Bitcoin holdings rose above 761,000 BTC, valued at about $56 billion. Its related debt stands at roughly $17 billion, which Bernstein said leaves the balance sheet in a strong position.
STRC financing draws yield-focused capital into Bitcoin exposure
Bernstein also pointed to Strategy’s financing model as a link between traditional capital markets and Bitcoin accumulation. The report highlighted the company’s preferred stock product STRC, which offers a dividend of 11.5% and has reached weekly trading volume of more than $2 billion.
In Bernstein’s view, products like STRC pull in capital from yield-focused investors in traditional finance and turn that capital into additional Bitcoin purchases. Combined with ETF inflows and rising corporate treasury demand, the firm said this mechanism is reshaping the foundation of Bitcoin’s capital base.