¡Las instituciones asumen el 14% del suministro de Bitcoin! Bernstein elogia a MicroStrategy como el "banco central final de Bitcoin", la base de capital de BTC ha transformado

Wall Street research and brokerage firm Bernstein has released a new report, comparing MicroStrategy to the “last Bitcoin central bank.” The report states that MicroStrategy’s aggressive accumulation model and innovative financing structures, combined with the influx of institutional funds such as spot ETFs, have thoroughly reshaped Bitcoin’s capital foundation, significantly reducing market dependence on retail speculative funds.
(Background: Strategy continues to buy! MicroStrategy invests another $1.57 billion to acquire 22,000 BTC, total holdings surpass 760,000 BTC)
(Additional context: Bitwise CIO: DeFi will drive the crypto market out of the bear; Strategy founder: Bitcoin is recovering)

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• Breaking free from retail speculation, institutions hold 14% of total supply
• MicroStrategy as the “last Bitcoin central bank”
• “Dividend + accumulation” dual spiral, STRC financing becomes a giant attractor of funds

As spot ETFs mature and corporate treasuries awaken, Bitcoin (BTC) investor structure is undergoing a quiet yet profound revolution. Wall Street’s renowned research firm Bernstein recently released a report indicating that strong institutional capital inflows are creating a more resilient ownership structure for Bitcoin.

Breaking free from retail speculation, institutions hold 14% of total supply

Bernstein analysts emphasize in the report that the Bitcoin market is no longer the highly dependent “retail speculation” market of the past. With the maturity of spot Bitcoin ETF investor groups and the huge demand from large corporate financial buyers, Bitcoin’s investor base has undergone a transformation.

Data shows that currently up to 14% of the total Bitcoin supply worldwide is held by institutional tools, including various ETFs, corporate treasuries, and national governments. Analysts point out that this structural shift not only strengthens Bitcoin’s capital base but also greatly enhances its long-term resilience and prospects in the face of market volatility.

MicroStrategy as the “last Bitcoin central bank”

Amid this wave of institutionalization, Bernstein specifically highlights MicroStrategy led by Michael Saylor. The analysts give high praise to the company, likening it to the “Bitcoin central bank of last resort.”

The report states that MicroStrategy’s highly aggressive asset accumulation model provides strong support for the market. Even during recent market fluctuations, the company has continued to buy without hesitation. Statistics show that MicroStrategy has added over 66,231 BTC this year, with an average purchase price close to $85,000. After submitting its latest 8-K filing, its total Bitcoin holdings have exceeded 761,000 BTC, valued at approximately $56 billion; correspondingly, its liabilities are only about $17 billion, indicating a very strong balance sheet.

“Dividend + accumulation” dual spiral, STRC financing becomes a giant attractor of funds

The reason MicroStrategy can play the role of “central bank” lies in its successful bridging of traditional capital markets and crypto assets. The report specifically mentions that MicroStrategy has expanded its financing structures linked to its Bitcoin strategy, especially designed to attract “income-oriented investors” through preferred stock products such as STRC.

According to Bernstein, this STRC product offers a high dividend yield of up to 11.5%, precisely targeting the fixed income appetite of traditional financial markets. Its weekly trading volume has soared to over $2 billion. The massive funds raised through these innovative financial instruments ultimately become ammunition for Bitcoin purchases, forming a powerful positive cycle that continuously enlarges Bitcoin’s capital base.