Nation-states top the list with a $161.7 billion allocation built on a 5% swap of existing gold reserves into Bitcoin, equal to 1.62 million BTC.<\/p>\n 2 min read<\/span><\/p>\n Updated:<\/span> May. 23, 2025 at 9:00 pm UTC<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n Cover art\/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.<\/p>\n<\/div>\n<\/div>\n Bitwise and UTXO Management project that 20% of all Bitcoin (BTC<\/a>) could migrate to institutional balance sheets by end-2026, according to a new report<\/a> published by Bitwise and UTXO Management on May 23.<\/span><\/p>\n The study, called \u201cExploring the Game Theory of Hyperbitcoinization,\u201d models five demand channels for Bitcoin.<\/span><\/p>\n Nation-states top the list with a $161.7 billion allocation built on a 5% swap of existing gold reserves into Bitcoin, equal to 1.62 million BTC, or 7.7% of the 21 million-coin cap.\u00a0<\/span><\/p>\n Wealth-management platforms that oversee roughly $60 trillion could direct $120 billion into spot Bitcoin exchange-traded funds if clients opt for a 0.2% position.<\/span><\/p>\n Public companies, which already hold<\/span> more than 600,000 BTC<\/a> <\/strong>collectively, could add another 1.18 million coins ($117.8 billion) as fair-value accounting rules and peer competition reinforce treasury adoption.<\/span><\/p>\n Meanwhile, 13 US state reserve bills translate to a modeled $19.6 billion purchase, while sovereign-wealth funds account for a $7.8 billion base case. The combined flows total $427 billion, about 4.27 million BTC, or 20% of the supply.<\/span><\/p>\n Bitwise<\/a> and UTXO cited the first-year performance of spot Bitcoin exchange-traded funds (ETFs) in the US, which attracted $36.2 billion of net inflows and surpassed gold-ETF assets in one-twentieth the time SPDR Gold Shares required after launch.\u00a0<\/span><\/p>\n The report argued that major wirehouses and private banks will soon open ETF access, transforming dormant interest into orders.<\/span><\/p>\n Once holdings accumulate, the report anticipates a pivot toward BTC-denominated yield. It values the nascent Bitcoin finance market at $100 billion if only 5% of a $2 trillion Bitcoin capitalization seeks on-chain lending, basis trades, or bridge-operator fees.\u00a0<\/span><\/p>\n Firms such as Strategy<\/a> and Metaplanet<\/a> leverage these tools to expand reserves without new equity issuance.<\/span><\/p>\n Additionally, policy initiatives add a structural bid. The BITCOIN Act, reintroduced by Senator Cynthia Lummis<\/a> in March, would direct the Treasury to<\/span> buy 200,000 BTC annually for five years<\/a><\/strong>.<\/span><\/p>\n Meanwhile, President Donald Trump<\/a> signed an executive order in March to establish a<\/span> Strategic Bitcoin Reserve with 198,000 seized coins<\/a><\/strong>.\u00a0<\/span><\/p>\n![\"bitcoins](\"https:\/\/cryptoslate.com\/wp-content\/themes\/cryptoslate-2020\/imgresize\/timthumb.php?src=https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/05\/bitcoin-treasury-company-.jpg&w=70&h=37&q=75\")
Bitcoin balance sheet adoption could hit 20% of BTC supply by 2026<\/span> Gino Matos \u00b7<\/span> 2 months ago<\/span> \u00b7 2 min read<\/span> <\/span> <\/span> <\/span> <\/span><\/p>\n![](\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/08\/cs-gino-150x150.jpg\")
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<\/a><\/p>\n<\/div>\nBitcoins Path to 20% of Bitcoin supply by 2026<\/strong><\/h2>\n
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<\/a><\/p>\n<\/div>\nBitcoins Favorable policies in the US<\/strong><\/h2>\n