Corporate treasuries are poised to unleash a $330 billion bitcoin buying spree by 2029, signaling explosive adoption of crypto as a mainstream balance sheet asset.
Bernstein Forecasts $330B Corporate-Treasury Led Bitcoin Inflows by 2029
Global research and brokerage firm Bernstein has issued a new forecast suggesting that corporate treasuries may direct approximately $330 billion into bitcoin by the end of 2029, reflecting a sharp shift in how public companies manage capital amid limited organic growth prospects. The projection envisions a large-scale adoption of bitcoin as a reserve asset, particularly by smaller, cash-rich firms seeking to replicate the bitcoin-focused treasury strategy pioneered by Microstrategy (Nasdaq: MSTR), which has rebranded as Strategy.
Bernstein stated, as shared by Matthew Sigel, head of digital assets research at Vaneck, via social media platform X on May 5:
We expect ~$330Bn corporate treasury led inflows to bitcoin by 2029.
“Over the next 5 years (CY25E-29E), we expect listed corporates to allocate ~$205Bn capital for bitcoin acquisition, led by small-low growth companies, trying to emulate MSTR’s bitcoin treasury model,” Bernstein added. “In our bull case, we expect another ~$124Bn inflows from MSTR alone.” The firm pointed to the alignment between Strategy’s model and companies that have limited growth options but maintain strong balance sheets. These firms, according to Bernstein, are well-positioned to follow the BTC accumulation playbook in search of alternative paths to value creation.
Microstrategy’s own ambitions further support this thesis. The company recently expanded its capital raise target to $84 billion by 2027. Bernstein emphasized:
Small companies with low growth – high cash have better market fit with the MSTR bitcoin playbook – there is no visible road ahead for them for value creation, and the success of the MSTR model offers them a rare growth path.
While detractors warn of ongoing volatility and uncertain regulation, proponents argue that the move toward bitcoin reflects growing recognition of its potential to serve as a durable store of value in an increasingly inflationary environment.
