Yeliz Akmaca 
According to Bernstein’s latest report, corporate treasuries are expected to channel $330 billion into Bitcoin by 2029, with MicroStrategy leading the charge. Small and medium-sized firms are also adopting Bitcoin as a treasury asset, signaling a major transformation in the cryptocurrency market.
MicroStrategy Leadership
MicroStrategy is at the forefront with $124 billion in Bitcoin purchases. The company has amassed over 500,000 Bitcoin through innovative financial instruments like debt and equity issuance. Bernstein predicts that MicroStrategy could reach 1 million BTC by 2033, controlling 5% of Bitcoin’s total supply. However, the report emphasizes that this model may not suit every firm.
Participation of Small Firms
Bernstein forecasts that small and low-growth firms will invest $205 billion in Bitcoin. These companies are emulating MicroStrategy’s model to create value. Firms with over $100 million in cash reserves, in particular, see Bitcoin as a way forward. Pro-crypto regulations in the U.S. are accelerating this trend.
Analysts state, “For these firms, there’s no clear path to value creation. The MicroStrategy model offers them a rare growth opportunity.” Bernstein predicts these firms will invest $205 billion in Bitcoin, particularly those with over $100 million in cash. However, analysts caution that not every “Bitcoin treasury will succeed by simply copying MicroStrategy’s playbook.”
MSTR stock closed at $394.37 on May 2, 2025, with a 283.53% increase over the past 52 weeks. However, its volatility remains high. Since 2020, the company has purchased over 555,000 BTC, valued at approximately $38 billion, representing more than 2.6% of Bitcoin’s total supply.
MicroStrategy Leadership and Regulatory Support
The U.S. SEC’s relaxation of crypto custody rules has made it easier for banks to hold Bitcoin. Bernstein notes that these regulatory changes will have a global impact, with other countries likely to follow suit, further boosting Bitcoin’s institutional adoption.
Corporate interest in Bitcoin is growing rapidly. MicroStrategy’s leadership and regulatory support are fueling this trend. However, not every company can successfully implement this strategy. Investors should remain mindful of Bitcoin’s volatility.
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