Michael Saylor’s Strategy has proven skeptics wrong, demonstrating it can endure the worst of the crypto bear market while continuing to strengthen its position as the largest corporate holder of Bitcoin, analysts at Wall Street broker Bernstein observed in a Tuesday note.
Strategy Keeps Buying Despite Downturn
While some observers worried that Strategy might be forced to trim its Bitcoin holdings to weather the latest drop from all-time highs, the analysts said the company’s balance sheet remains “resilient, liquid and pressure-tested” as the apex crypto begins to show signs of recovery. Strategy, chaired by Bitcoin uberbull Executive Chairman Michael Saylor, holds roughly 3.6% of the total 21 million BTC supply, worth about $53 billion.
Bernstein analysts emphasized Strategy’s capacity to expand its Bitcoin reserves even during the market correction. Year-to-date, the company has added roughly 86,000 BTC, bringing its total holdings to 762,099 BTC.
Bernstein noted that Strategy’s shift toward perpetual preferred instruments has reduced its reliance on short-term Bitcoin price movements, strengthening its overall investment thesis.
Bitcoin Bottom Call Fuels Bullish Upside Narrative
The broker believes Bitcoin has likely found its bottom after falling from a peak of $126,000 in October to around $63,000 last month amid geopolitical risks tied to the Middle East. They project the asset could climb to as high as $150,000 by year-end—representing a roughly 113% gain from its current level near $70,000.



 “We believe Bitcoin has found its trough and is now heading higher,” wrote analysts led by Gautam Chhugani.
Despite the magnitude of the pullback, analysts at Bernstein described it as a short-term sentiment reset rather than a fundamental breakdown, pointing to the lack of systemic stress that has typically marked past crypto crashes.
The view that Bitcoin has already bottomed runs counter to the long-held belief that its price follows four-year cycles. However, analysts at Bernstein argue that the market has evolved, citing the introduction of U.S. exchange-traded funds and growing involvement from banks offering Bitcoin-related financial services as signs of a more mature market structure.
“Strategy acts as the ‘Bitcoin bank of last resort,’ and Bitcoin ETFs are attracting more resilient (and less speculative) sources of capital,” the analysts stated. “Bitcoin’s resilient capital base is growing.”
The analysts also highlighted long-term holder activity as a structural support for Bitcoin. Citing Glassnode data, Bernstein noted that 60% of Bitcoin’s supply has remained inactive for over a year. The firm also pointed out that Bitcoin has outperformed gold by 25% since the start of the Iran conflict, benefiting from its digital features such as cross-border portability and resistance to censorship during geopolitical tensions.
