Asset manager Bernstein has projected that companies will spend $330 billion acquiring Bitcoin for their treasury in the next five years. In a research note from the investment firm, its analysts expect that Strategy will lead the corporate treasury inflows into BTC and expect smaller companies to follow.
According to the analysts, they expect that public companies will allocate around $205 billion to Bitcoin acquisition, with most of the interest coming from small, low-growth companies. In their view, these companies are more inclined to copy the Strategy playbook because it offers them a path to growth.
The analysts wrote:
“Small companies with low growth – high cash have better market fit with the MSTR Bitcoin playbook – there is no visible road ahead for value creation, and the success of the MSTR model offers them a rare growth path.”
The analysts led by Gautam Chhugani noted that the US pro-crypto environment is instrumental to the increasing interest in corporate Bitcoin ownership. Presently, public companies own around 720,000 BTC, with Strategy alone having over 555,450 BTC.
However, the analysts added that not every company that tries to copy the playbook will succeed, noting that Strategy has already achieved significant scale as a first mover that would be difficult to replicate.
Bernstein says Strategy could still buy almost $125 billion BTC
Interestingly, the firm also expects that Strategy alone would be responsible for an additional $124 billion in inflows into Bitcoin. The analysts point to the Michael Saylor-led company’s recent decision to increase its capital raise plan for the Bitcoin acquisition.
Strategy recently increased its capital raise plan to $84 billion by the end of 2027 from the initial $42 billion target, which it announced in 2024. Surprisingly, several analysts on Wall Street welcomed its decision to upsize, describing it as ambitious but still strategic.
The company had already completed 32% of the initial $42 billion target in just six months, and Berstein believes the fast accumulation rate and capital raise are a sign of what is coming from Strategy.
Small companies leading Bitcoin accumulation
While it is impossible to determine the accuracy of Berstein’s projection, the analysts’ opinion of smaller companies adopting Bitcoin for corporate treasury is on point. So far, most corporations that have held BTC are either crypto-related entities or small-cap companies looking to use the asset as a hedge against inflation.
The biggest public company with Bitcoin exposure is Tesla, which acquired Bitcoin in 2021 and later sold part of it. Other major companies, such as Jack Dorsey’s Block (formerly Square), also hold Bitcoin, but only as assets on their balance sheet.
However, several small-cap companies, including Tokyo Exchange-listed Metaplanet, Semler Scientific, KULR Technologies, and many others, have adopted the Strategy playbook and are gradually building up their stash. Others, such as GameStop and Rumble, have announced they will adopt the Bitcoin standard even though they have yet to start accumulating BTC.
Nevertheless, there is a possibility that even the biggest companies in the world, such as Apple, Amazon, Meta, Microsoft, and Nvidia, could start investing in Bitcoin in the future, even if they do not adopt a corporate Bitcoin treasury.
Some shareholders in these companies have already started pushing for them to allocate part of their cash reserve to Bitcoin. Meta and Amazon shareholders will vote on whether to include Bitcoin as a corporate treasury asset by May 21 and 28, respectively.
A similar proposal before the Microsoft shareholders a few months ago failed despite Saylor appearing before the shareholders to advocate for the move. It is likely that the upcoming votes will also face the same outcome, especially as the board of the two tech giants has advised shareholders to vote against it.
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