Bitcoin Is No Longer Just a Speculative Asset—It’s Becoming a Core Part of Corporate Strategies

This projection assumes Bitcoin will hit $200,000 by 2025, $500,000 by 2029, and eventually $1 million by 2033.

According to a new report by Bernstein, Strategy (NYSE:STRG) could be holding over 1 million BTC by 2033 if market conditions remain favorable.

Currently, Strategy holds 506,137 BTC, making it the largest corporate holder of the cryptocurrency. However, Bernstein’s bullish scenario suggests that the firm could more than double that, reaching 1,013,000 BTC, which amounts to 5.8 percent of Bitcoin’s current circulating supply.

This projection assumes that Bitcoin will hit $200,000 by 2025, $500,000 by 2029, and eventually $1 million by 2033. To fund this aggressive expansion, Strategy would likely rely on the capital markets, potentially increasing its debt from $11 billion to a staggering $100 billion and raising $84 billion in equity. The analysts believe that lower interest rates and strong investor demand would be key to making this plan feasible.

If Bitcoin Peaks In 2025

Not everyone anticipates Bitcoin to continue rising without any setbacks. If Bitcoin reaches a peak in 2025 and then starts a long decline, Strategy might stop buying more BTC and hold around 514,800 BTC, which is just 2.6 percent of the total supply.

In this case, the company might even have to sell some of its Bitcoin to handle its growing debt, which would still climb but to a smaller amount—around $51 billion.

Investors Still See Growth Potential

Despite the risks, Bernstein remains confident in Strategy’s long-term position, maintaining an “outperform” rating and setting a $600 price target—a 75 percent upside from current levels.

The firm’s valuation model applies a 2x EV/sales multiple to Strategy’s software segment and a 55 percent premium on its Bitcoin holdings, in line with its average market valuation since pivoting to Bitcoin in 2020.

Strategy continues its Bitcoin buying spree. Between March 17 and March 23, the company added another 6,911 BTC for $584.1 million.

This purchase further cements Bitcoin as Strategy’s primary treasury asset, a strategy that has seen the company outperform the market despite market volatility.

The post Bitcoin: Bernstein's Bullish Scenario Sees Strategy Holding 1M BTC By 2033 appeared first on Benzinga.