Bernstein calls Strategy a ‘bitcoin central bank of last resort’ as ETFs and corporates deepen BTC capital base

In a Monday client note, Bernstein analysts said bitcoin's investor base is becoming more resilient as spot ETFs and corporate treasuries, including Strategy, increase long-term holdings. The firm likened Strategy's aggressive accumulation and financing model to a "bitcoin central bank of last resort," noting its more than 761,000 BTC stash and the growing share of supply held by institutional vehicles.