Bitcoin on the Balance Sheet: Why Corporate Treasury Adoption Is a Fundamentally Different Market Force Than Retail Demand
When MicroStrategy began converting its cash reserves into Bitcoin in 2020, it was widely dismissed as an idiosyncratic bet by an unconventional executive. Five years later, a growing cohort of US corporations is quietly building Bitcoin treasury positions, and the market dynamics created by institutional buyers bear almost no resemblance to the retail speculation cycles that defined crypto's earlier chapters. This analysis examines what corporate treasury adoption signals about Bitcoin's matura