{"id":471508,"date":"2025-03-26T20:00:27","date_gmt":"2025-03-26T20:00:27","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=471508"},"modified":"2025-03-26T20:14:12","modified_gmt":"2025-03-26T20:14:12","slug":"strategy-could-own-over-1-million-btc-by-2033-bernstein","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/strategy-could-own-over-1-million-btc-by-2033-bernstein\/","title":{"rendered":"Strategy could own over 1 million BTC by 2033 \u2013 Bernstein"},"content":{"rendered":"<p>Bernstein believes <a href=\"https:\/\/cryptoslate.com\/companies\/microstrategy\/\">Strategy<\/a>, formerly known as MicroStrategy, could amass more than 1 million Bitcoin (<a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">BTC<\/a>) by 2033 in a bullish market cycle, Benzinga reported on March 26, citing a research note.<\/p>\n<p>The projection issued by Bernstein analysts, outlines two vastly different paths for the company depending on macroeconomic conditions and Bitcoin\u2019s long-term price trajectory.<\/p>\n<h2>Bull vs. bear scenario<\/h2>\n<p>In the optimistic scenario, Strategy would expand its holdings from the current 506,137 BTC to 1,013,000 BTC \u2014 approximately 5.8% of Bitcoin\u2019s current circulating supply \u2014 assuming Bitcoin climbs to $200,000 by late 2025, $500,000 by 2029, and hits $1 million by 2033.<\/p>\n<p>To fund that level of accumulation, Strategy would likely rely on <a href=\"https:\/\/cryptoslate.com\/strategy-secures-711m-to-fuel-bitcoin-buying-spree-amid-liquidity-challenges\/\">continued access to capital markets<\/a>, potentially increasing its total debt tenfold to $100 billion while raising $84 billion in equity.<\/p>\n<p>The analysts emphasized that this trajectory hinges on low interest rates and strong investor demand.<\/p>\n<p>In contrast, the bear case suggests a more constrained future. If Bitcoin reaches a local peak in 2025 and then enters a prolonged downturn, Strategy\u2019s BTC holdings may level off near 514,800 BTC \u2014 just 2.6% of supply.<\/p>\n<p>This would force the firm to halt further acquisitions and possibly liquidate part of its treasury to manage debt and dividends. Under this base-case model, debt would rise to $51 billion.<\/p>\n<h2>Outperform rating maintained<\/h2>\n<p>Despite the risk, Bernstein reaffirmed an \u201coutperform\u201d rating on Strategy and set a $600 price target \u2014 representing a 75% upside from current levels<\/p>\n<p>The firm\u2019s valuation model applies a 2x EV\/sales multiple on the software segment and a 55% premium on its Bitcoin reserves, a figure in line with its average market premium since pivoting to BTC.<\/p>\n<p>Strategy\u2019s latest purchase \u2014 6,911 BTC for $584.1 million between March 17 and March 23 \u2014 further entrenched its commitment to Bitcoin, lifting its total holdings beyond the <a href=\"https:\/\/cryptoslate.com\/insights\/microstrategy-now-controls-nearly-half-of-satoshi-nakamotos-estimated-bitcoin-stash\/\">500,000 BTC mark<\/a>.<\/p>\n<p>The company now owns more BTC than any other publicly traded entity, drawing interest from retail and institutional investors alike.<\/p>\n<p>Bernstein\u2019s analysis signals continued institutional interest in Strategy\u2019s leveraged exposure to Bitcoin. The firm\u2019s approach remains a defining example of how corporate balance sheets are being restructured around Bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bernstein believes Strategy, formerly known as MicroStrategy, could amass more than 1 million Bitcoin (BTC) by 2033 in a bullish market cycle, Benzinga reported on March 26, citing a research note. The projection issued by Bernstein analysts, outlines two vastly different paths for the company depending on macroeconomic conditions and Bitcoin\u2019s long-term price trajectory. Bull [&hellip;]<\/p>\n","protected":false},"author":1250,"featured_media":471537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,120,1,79911,77968],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Strategy could own over 1 million BTC by 2033 \u2013 Bernstein<\/title>\n<meta name=\"description\" content=\"Bernstein believes Strategy could massively expand its Bitcoin holdings by 2033, dependent on economic conditions and price trajectory.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/strategy-could-own-over-1-million-btc-by-2033-bernstein\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strategy could own over 1 million BTC by 2033 \u2013 Bernstein\" \/>\n<meta property=\"og:description\" content=\"Bernstein believes Strategy could massively expand its Bitcoin holdings by 2033, dependent on economic conditions and price trajectory.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/strategy-could-own-over-1-million-btc-by-2033-bernstein\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-26T20:00:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-26T20:14:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/03\/saylor-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Assad Jafri\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Assad Jafri\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/strategy-could-own-over-1-million-btc-by-2033-bernstein\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/strategy-could-own-over-1-million-btc-by-2033-bernstein\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/#person\",\"name\":\"Assad Jafri\",\"url\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg\",\"caption\":\"Assad Jafri\"},\"jobTitle\":\"Editor & Reporter\",\"description\":\"AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. 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