Wells Fargo has identified a growing trend of companies adopting Bitcoin (COIN:BTCUSD) in a more institutional manner, coining the term “Bitcoin Treasury Corps” to describe firms that leverage capital markets to accumulate significant Bitcoin reserves.
In a recent report, Wells Fargo stated, “Bitcoin is entering an institutional phase,” spotlighting an increasing number of businesses that actively build their Bitcoin holdings through public market strategies.
Following the pioneering example set by Strategy (formerly MicroStrategy), Wells Fargo pointed to three emerging Bitcoin Treasury Corps with notable political connections: Cantor/Tether’s Twenty One, Vivek Ramaswamy’s Strive, and David Bailey’s Nakamoto. Collectively, these entities have the potential to raise up to $25 billion.
While Coinbase’s addition to the S&P 500 marks an important symbolic milestone, Wells Fargo emphasized that the more significant development is the rise of these specialized Bitcoin-holding corporations.
The popularity of spot Bitcoin ETFs has also boosted institutional interest, drawing in $136 billion in assets within 16 months of launch. BlackRock’s IBIT ETF alone has seen $11 billion flow in this year, ranking it fourth among all ETFs.
Looking ahead, Wells Fargo suggests the impact of Bitcoin Treasury Corps could surpass that of ETFs. “ETFs serve as a bridge between investors and Bitcoin, but these new treasury corps might become an even larger force in assets under management,” the report noted.
Wells Fargo also highlighted Strategy’s plans to tap into the massive $300 trillion global bond market through its STRK and STRF offerings, calling this “perhaps the most overlooked Bitcoin story of 2025.”
The firm forecasts continued growth of Bitcoin Treasury Corps as long as public markets reward companies for holding Bitcoin on their balance sheets.