Bernstein: Bitcoin is forming a more resilient ownership structure, with Strategy playing the role of "lender of last resort."

According to Mars Finance, on March 16th, analysts at research and brokerage firm Bernstein stated in a report that Bitcoin is developing a more resilient ownership structure as institutional funds flow in through ETFs and corporate treasury strategies reshape the market. The analyst team, led by Gautam Chhugani, noted in a report to clients on Monday that Bitcoin has performed strongly amid recent Middle East conflicts, outperforming traditional assets such as gold and global stock indices. 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. A key force driving this shift is Strategy. Bernstein describes the company as acting as a "lender of last resort" for Bitcoin through its aggressive hoarding model. Analysts stated that Strategy has continued to buy during recent market volatility, accumulating 66,231 BTC year-to-date at an average cost of nearly $85,000. According to its 8-K filing on Monday, Strategy currently holds over 761,000 BTC, worth approximately $56 billion. Strategy has also expanded its funding structure related to its Bitcoin strategy, including preferred securities designed to attract yield-oriented investors. The report states that the company's STRC product pays an 11.5% dividend, and weekly trading volume has climbed to over $2 billion. Funds raised through these instruments have been used to finance additional Bitcoin purchases. Meanwhile, institutional demand is accelerating through spot Bitcoin ETFs. Analysts estimate that ETFs have attracted approximately $2.1 billion in inflows over the past three weeks, reducing year-to-date net outflows to approximately $460 million, while total ETF assets are around $92 billion. According to Bernstein's analysis, these funds currently control approximately 6.1% of the total Bitcoin supply. The report also highlights the continued presence of long-term holders as another stabilizing force in the market. Bitcoin that has not moved for over a year now accounts for approximately 60% of the circulating supply, indicating that a large portion of investors primarily view Bitcoin as a store of value. Analysts say 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 approximately 14% of the total supply.