Bitcoin: Institutional Rush Reaches Full Speed

Despite the recent bitcoin correction, the institutional rush on bitcoin continues to strengthen.

Bitcoin, the Treasury of the Future

The top 100 publicly traded companies now hold 990,695 BTC, worth $108 billion. At this pace, it is hard to see why bitcoin would not reach one million dollars by 2035.

Here are the top 5 main purchases from last week:

• Strategy: 3,081 BTC (USA);
• Metaplanet: 1,009 BTC (Japan);
• Boyaa Interactive: 290 BTC (Hong Kong);
• Convano: 155 BTC (Japan);
• Smarterwebuk: 45 BTC (England);

The purchases of the top 5 alone are greater than the natural bitcoin supply of 3,150 bitcoins per week!

That’s not all. There are also non-public companies. This is the case for Tether, Block, SpaceX and dozens of others. Add nations and we reach 3.68 million bitcoins worth over $400 billion belonging to more than 310 entities.

We are witnessing a true institutional rush on bitcoin since the launch of ETFs, just over a year ago. Barely a day passes without a new company jumping in.

Moreover, strategies have evolved far beyond simple one-time allocations, as was the case with Tesla. We are seeing the emergence of clever capital structures enabling companies to increase their Bitcoin exposure.

From convertible bonds to preferred shares, methods are being refined as bitcoin establishes itself as an obvious choice for treasury managers. What initially was just a media stunt has turned into a sophisticated financial architecture game.

Strategy paved the way by creating a multitude of financial products which enabled it to accumulate over 600,000 bitcoins. Other companies are following. Firms like XXI, Metaplanet, and the French Capital B and semiconductor manufacturer Sequans are adopting the same strategy:

What is the “BTC Strategy”?

How exactly do the boldest companies finance their bitcoin acquisitions? It is going increasingly far beyond simple treasury allocation. Here is an overview of the main methods used:

• Issuance of common shares

Companies like Strategy, Empery Digital, Semler Scientific and Semantix issue new shares to raise funds quickly. For example, Strategy has raised several billions this way since 2020. This method however dilutes existing shareholders and can weigh on the stock price if poorly calibrated.

• Issuance of convertible and preferred bonds

Strategy, Riot Platforms and Iris Energy also issue convertible bonds, a hybrid between debt and equity. These loans, convertible into shares later, limit immediate dilution while supporting Bitcoin accumulation.

Strategy has extensively used this lever to structure its initial treasury. Some of its preferred shares offer a fixed 10% annual dividend, without voting rights.

• Use of treasury cash

Companies like Sequans or Volcon draw from their excess liquidity. Simple but limited, this choice avoids dilution and debt but misses out on a small leverage effect and faster accumulation.

Finally, recall that Trump Media & Technology Group raised about $2.5 billion to invest in Bitcoin by selling $1.5 billion of common shares and $1 billion of convertible bonds to about fifty institutional investors.

The funds were used to create a Bitcoin treasury. The company revealed in July that it had acquired approximately $2.5 billion of bitcoin and other securities. The exact amount allocated to bitcoin was not explicitly detailed.

This rush is probably not unrelated to Donald Trump’s promise to make the United States the “the global superpower of bitcoin”.