- Small-cap firms like Metaplanet and Semler adopt Bitcoin as inflation hedge, while Tesla and Block hold smaller balances.
- Meta and Amazon face shareholder votes on Bitcoin treasury plans, though boards oppose mimicking Strategy’s aggressive accumulation model.
Asset manager Bernstein forecasts that corporations could allocate $330 billion to Bitcoin purchases over the next five years, according to a research note published this week. ETHNews analysts predict public companies will account for $205 billion of this total, driven primarily by smaller firms seeking growth through the “Strategy playbook” popularized by Bitcoin-heavy firms.
The report highlights Strategy, a company holding over 555,450 BTC, as a template for low-growth businesses with excess cash. Analysts argue these firms lack clear traditional growth avenues and view Bitcoin accumulation as a viable alternative. Gautam Chhugani, leading Bernstein’s research team, cited the U.S. regulatory environment as a key factor enabling corporate Bitcoin adoption.
Strategy itself may account for $124 billion of the projected inflows. The firm recently doubled its capital raise target to $84 billion by 2027, having already secured 32% of its original $42 billion goal within six months. Wall Street analysts describe the plan as ambitious but aligned with Strategy’s rapid accumulation rate.
Smaller companies dominate current corporate Bitcoin holdings. Examples include Tokyo-listed Metaplanet, medical firm Semler Scientific, and tech company KULR Technologies. These firms mirror Strategy’s approach, using Bitcoin as a hedge against inflation and a balance sheet asset. Larger entities like Tesla and Block hold Bitcoin but have not fully adopted the aggressive acquisition model.
Upcoming shareholder votes at Meta and Amazon will test broader corporate interest. Proposals to add Bitcoin to their treasuries face opposition from boards, mirroring a failed attempt at Microsoft earlier this year. While major tech firms like Apple or Nvidia remain uncommitted, Bernstein suggests persistent advocacy from shareholders could shift strategies long-term.
Bernstein’s projections hinge on continued regulatory clarity and Strategy’s ability to maintain momentum. The firm acknowledges replicating Strategy’s first-mover advantage will prove difficult for late entrants. As of May 2025, public companies collectively hold approximately 720,000 BTC, with Strategy controlling over 77% of that total.
