Bernstein: Bitcoin Forming More Resilient Ownership Structure, Strategy Playing "Lender of Last Resort" Role

Mars Finance News, March 16 — An analyst at research and brokerage firm Bernstein 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 Gautam Chhugani, the analyst team noted in a client report on Monday that Bitcoin has performed strongly amid recent Middle East conflicts, outperforming traditional assets such as gold and global stock indices.

The analysts believe that the maturation of spot Bitcoin ETFs and demand from large corporate treasury buyers have changed Bitcoin’s investor base, reducing reliance on speculative retail capital and strengthening its long-term prospects.

The key driver of this shift is Strategy. Bernstein describes the company as playing the role of the “last lender” of Bitcoin through its aggressive accumulation model.

The analysts stated that Strategy has continued to buy during recent market volatility, increasing its holdings by 66,231 BTC this year at an average cost of nearly $85,000. According to its Form 8-K filed on Monday, Strategy currently holds over 761,000 BTC, worth approximately $56 billion.

Strategy has also expanded its financing structures related to its Bitcoin strategy, including preferred securities aimed at yield-oriented investors. The report states that the company’s STRC product pays an 11.5% dividend, with weekly trading volume surpassing $2 billion. Funds raised through these tools have been used to finance additional Bitcoin purchases.

Meanwhile, institutional demand flowing in through spot Bitcoin ETFs is also accelerating. Analysts estimate that over the past three weeks, ETFs have attracted about $2.1 billion in capital, reducing net outflows since the start of the year to approximately $460 million, with total ETF assets around $92 billion. Bernstein’s analysis indicates that these funds currently control about 6.1% of the total Bitcoin supply.

The report also highlights the continued presence of long-term holders as another stable force in the market. Bitcoin that has not moved for over a year now accounts for about 60% of circulating supply, indicating that many investors primarily view Bitcoin as a store of value.

The analysts state 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 about 14% of the total supply.