Bernstein: Bitcoin is forming a more resilient ownership structure, with Strategy acting as the "lender of last resort"

BlockBeats News, March 16, analysts from the 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.

The analyst team led by Gautam Chhugani pointed out in a client report on Monday that bitcoin has shown strong performance during the recent Middle East conflict, outperforming traditional assets such as gold and global stock indices.

Analysts believe that the maturity of spot bitcoin ETFs and the demand from large corporate treasury buyers have changed the investor base of bitcoin, reducing reliance on speculative retail capital and strengthening its long-term prospects.

The key force driving this transformation is Strategy. Bernstein described the company as playing the role of "bitcoin lender of last resort" through its aggressive accumulation model.

Analysts stated that Strategy has continued to buy during recent market fluctuations, increasing its holdings by 66,231 BTC so far this year, with an average cost close to $85,000. According to its 8-K filing submitted on Monday, Strategy currently holds more than 761,000 BTC, valued at approximately $56 billions.

Strategy has also expanded its financing structures related to its bitcoin strategy, including priority securities aimed at attracting yield-oriented investors. The report noted that the company's STRC product pays an 11.5% dividend, with weekly trading volume climbing above $2 billions. Funds raised through these instruments have been used to finance additional bitcoin purchases.

Meanwhile, institutional demand flowing in through spot bitcoin ETFs is also accelerating. Analysts estimate that ETFs have attracted about $2.1 billions in inflows over the past three weeks, reducing the net outflow since the beginning of the year to about $460 millions, while the total ETF asset size is around $92 billions. According to Bernstein's analysis, these funds currently control about 6.1% of the total bitcoin supply.

The report also highlighted the continued presence of long-term holders as another stabilizing force in the market. Bitcoins that have not moved for more than a year currently account for about 60% of the circulating supply, indicating that a large portion of investors primarily view bitcoin as a store of value asset.

Analysts stated that overall, these structural changes are strengthening bitcoin's capital base even after periods of volatility. Currently, institutional instruments including ETFs, corporate treasuries, and governments hold about 14% of the total supply.