Main Points:
- Bitcoin treasury companies are forecast to hold 50 % of all BTC by 2045, far exceeding many expectations.
- Michael Saylor’s MicroStrategy (“Strategy”) is projected to amass $70 trillion in BTC, potentially becoming the most valuable company ever.
- Emerging players like Twenty One Capital (backed by Jack Mallers, Tether, SoftBank, Cantor Fitzgerald) and Japan’s Metaplanet are joining the fray.
- Public and private entities, ETFs, and even nation-states already hold 3.23 million BTC (~15 % of supply), valued at $348.25 billion.
- Institutional adoption via spot Bitcoin ETFs (e.g., BlackRock’s IBIT) has driven over $70 billion into BTC exposure.
- Financial giants recommend modest portfolio allocations (up to 2 %) to Bitcoin as a diversifier.
- A new wave of US crypto ETFs (Solana, XRP, multi-asset products) is in the pipeline, signaling sustained institutional demand.
The Rise of Bitcoin Treasury Companies
In a series of May 2025 posts on X, Jesse Myers—Head of Bitcoin Strategy at Moon Inc.—argued that corporate treasuries will become the dominant holders of Bitcoin over the coming decades. According to Myers, so-called “Bitcoin Treasury Companies” will accumulate roughly half of the 21 million BTC supply by 2045, amounting to over 10.5 million coins. He reasons that, with global asset markets totaling approximately $1,000 trillion and Bitcoin representing only 0.2 % of that value today, half of the world’s capital—seeking the “best store of value”—will “osmotically flow” into hard-money assets like Bitcoin and gold over time. Myers points out that an estimated $318 trillion currently resides in bond markets under strict mandates; as yield-hungry investors search for alternatives, Bitcoin Treasury Companies are poised to deploy this capital into BTC, fundamentally reshaping market dynamics.
MicroStrategy’s Ambitious Accumulation Plan
Michael Saylor’s MicroStrategy (recently rebranded as “Strategy”) serves as the poster child for corporate Bitcoin accumulation. Since 2020, Strategy has amassed over 576,320 BTC, valued at roughly $62.24 billion at the time of Myers’s comments. Myers boldly forecasts that, by 2045, Strategy will hold $70 trillion worth of Bitcoin—an increase of more than 1,000× per unit relative to current prices—making it “by far the most valuable company in the history of the world”. While such a $120 million per-coin valuation may seem staggering, Myers underscores that, if institutional flows continue apace and Bitcoin’s market cap expands to rival or exceed global bond markets, the projection falls within a plausible scenario of long-term demand and scarcity dynamics.
New Players Enter the Arena
Beyond Strategy, a new cohort of treasury-focused firms is emerging. On April 24, 2025, Strike founder Jack Mallers announced the launch of Twenty One Capital, a Bitcoin treasury company backed by Tether, SoftBank, and Cantor Fitzgerald, aiming to provide “capital-efficient” exposure to BTC for institutional investors. Simultaneously, Tokyo-listed Metaplanet unveiled plans on May 1 to establish a U.S. subsidiary dedicated to Bitcoin accumulation, signaling Asia’s growing role in corporate treasury strategies. These entrants reflect a maturing ecosystem in which specialized vehicles, rather than standalone corporate balance sheets, will channel vast sums into Bitcoin, leveraging debt issuance or yield-bearing instruments to scale their buying power without destabilizing markets.
The Scale of Corporate Holdings Today
According to Bitbo data compiled by Myers, publicly traded companies, private firms, ETFs, and nation-states collectively control approximately 3.23 million BTC—about 15 % of the total supply—valued at an estimated $348.25 billion. This figure includes not only Strategy’s holdings but also major ETFs and government reserves held by countries such as El Salvador. Although retail investors and mining pools account for much of the remainder, the rapid growth of institutional and sovereign reserves underscores a paradigm shift: Bitcoin is no longer a fringe asset but a strategic treasury allocation increasingly viewed as an inflation hedge and portfolio diversifier.
Institutional Investment Trends: Spot ETFs and Beyond
Institutional on-ramps have accelerated through the introduction of spot Bitcoin ETFs. BlackRock’s iShares Bitcoin Trust (IBIT), launched January 5 2024, has grown to over $70.98 billion in net assets as of May 23 2025, holding roughly 22.72 BTC per basket unit. The smooth integration with Coinbase Prime and global ETF infrastructure has made IBIT the world’s largest spot-BTC vehicle. In Canada, iShares expanded access further with a C$ fund launched January 13 2025, while Europe, Asia, and the Middle East await similar products. The success of IBIT—dubbed the “greatest ETF launch in history” by Bloomberg—demonstrates the appetite among pension funds, endowments, and asset managers for regulated, exchange-listed Bitcoin exposure.
Portfolio Strategies and Risk Considerations
Amid this institutional embrace, asset managers are issuing cautious guidance. In December 2024, BlackRock recommended that investors consider no more than a 2 % allocation to Bitcoin within diversified portfolios, noting BTC’s low correlation with traditional assets but high volatility and regulatory uncertainties. Such modest weightings aim to balance the potential upside of Bitcoin’s scarcity and network effects against risks of sharp drawdowns and evolving policy regimes. Nevertheless, proponents argue that even a small reallocation from bonds or cash—which collectively hold $318 trillion—could funnel hundreds of billions into BTC without undermining institutional risk frameworks.
Regulatory Outlook and Market Implications
Regulatory developments will shape the trajectory of corporate Bitcoin accumulation. The SEC’s approval of U.S. spot BTC ETFs in early 2024 opened the floodgates for product innovation; applications for Solana, XRP, and multi-asset crypto ETFs are now pending, and options on major Bitcoin ETFs are set to launch imminently. Globally, regulators in Europe and Asia are drafting frameworks for digital asset products, while central banks explore digital currencies. How these rules evolve—particularly around treasury accounting, stress testing, and capital requirements—will determine whether Bitcoin Treasury Companies can sustainably scale their balance sheets and deploy hundreds of billions in BTC purchases without triggering regulatory scrutiny or market distortions.
Conclusion
The forecast that corporations will hold half of Bitcoin’s supply by 2045 marks a watershed moment in digital asset history. From Michael Saylor’s Strategy to new entrants like Twenty One Capital and Metaplanet, corporate treasuries are emerging as the primary custodians of Bitcoin’s finite supply. Coupled with robust institutional adoption through spot ETFs like BlackRock’s IBIT and prudent portfolio guidance, these trends point to a maturing market in which Bitcoin transitions from speculative token to strategic reserve asset. Yet this transition hinges on navigating regulatory frameworks, managing market impact, and balancing risk–reward profiles within institutional mandates. As global capital flows continue to seek hard money stores of value, the era of the Bitcoin Treasury Company may redefine corporate finance, treasury management, and the broader investment landscape for decades to come.
