New Trends in Bitcoin Institutionalization: Strategy Founder Seiler Discusses Development Strategies for 2026

Entering 2026, the Bitcoin market is pursuing fundamental structural progress rather than short-term price fluctuations. Michael Saylor, founder and chairman of Strategy, clearly articulates the intrinsic significance of the trend toward institutionalization of Bitcoin from 2025 to 2026 in his remarks on the “What Bitcoin Did” podcast. Saylor dismisses short-term market sentiment, insisting that the strength of long-term fundamentals is the true measure of valuation.

Accelerating Institutional Adoption: Trends in Bitcoin Holdings by Over 200 Companies

Bitcoin’s greatest victory lies not in price levels but in institutional penetration. As of 2024, approximately 30 to 60 companies held Bitcoin on their balance sheets, but by the end of 2025, that number had reached about 200. This trend indicates a move beyond mere speculation, reflecting a full-scale strategic asset allocation by corporations.

Saylor points out, “All households and all companies can buy Bitcoin. For loss-making companies as well as profitable ones, holding Bitcoin becomes a rational choice to improve their balance sheets.” Given that there are over 400 million companies worldwide, the figure of 200 companies is just the beginning of market maturity, highlighting the potential expansion of this asset class.

Regarding criticism of Bitcoin-holding companies, Saylor states, “The focus of criticism should not be on their Bitcoin purchases but on the ongoing stream of losses.” Companies holding Bitcoin are likened to factories with power infrastructure, emphasizing that Bitcoin is not merely a speculative product but a tool for enhancing productivity.

Regulatory and Accounting Reinterpretation Strategies: Fundamental Changes in 2025

2025 marked a turning point with dramatic changes in regulation, accounting, and insurance. These developments exemplify the institutional maturation of the Bitcoin market.

The revival of insurance coverage is symbolic. When Saylor established Strategy and decided to purchase Bitcoin, insurance companies canceled their policies. For four years afterward, companies had no choice but to cover corporate liabilities with personal assets. This situation reversed in 2025, with insurance coverage being restored, indicating a fundamental shift in how financial institutions evaluate Bitcoin.

Similarly, the introduction of Fair Value Accounting allowed companies to recognize unrealized capital gains from their Bitcoin holdings. Previously, issues related to alternative minimum taxes for corporations posed obstacles, but proactive government guidance in 2025 eliminated these barriers.

At the government level, Bitcoin was officially recognized as “the world’s leading and largest digital commodity.” This policy reinterpretation suggests a shift in regulatory stance from passive acceptance to active promotion.

Integration into Banking Systems: Rapid Development of Financial Infrastructure

In response to regulatory changes, the banking sector is rapidly adapting. At the start of the year, lending against $1 billion worth of Bitcoin was only about 5 cents on the dollar. However, by year-end, nearly all major US banks had begun offering loans collateralized by IBIT (iShares Bitcoin ETF), and about a quarter of banks announced plans for BTC spot collateralized loans.

In early 2026, JPMorgan Chase and Morgan Stanley are both advancing discussions on Bitcoin trading and processing. This trend indicates that investment banks now view Bitcoin not just as a risk asset but as a serious operational asset.

The Treasury Department has issued positive guidelines on including Bitcoin and other cryptocurrencies in balance sheets, and the heads of the CFTC (Commodity Futures Trading Commission) and SEC (Securities and Exchange Commission) have officially expressed support for Bitcoin.

Market Infrastructure Maturation: Introduction of Commercialization Mechanisms

A hallmark of the maturation of the Bitcoin spot market is the progress in derivatives commercialization at CME (Chicago Mercantile Exchange). An even more notable development is the introduction of a tax-free exchange mechanism between IBIT (iBit) and Bitcoin spot holdings. Exchanging $1 million worth of Bitcoin for $1 million worth of IBIT, or vice versa, can now be done entirely tax-free.

This mechanism enables institutional investors to efficiently convert between Bitcoin spot and derivatives, significantly enhancing market liquidity. Saylor comments, “All elements necessary for the commercialization, globalization, and institutionalization of assets have been assembled by 2025.”

Short-term Predictions Are Meaningless: Reasons to Focus on Long-term Bitcoin Trends

The market continues to rely on short-term price forecasts and the four-year cycle theory for selling Bitcoin. However, Saylor explicitly states, “Trying to predict market movements over 100 days is pointless.” Despite Bitcoin reaching an all-time high 95 days ago, lamenting short-term price declines is a fundamental misunderstanding of its nature.

The core philosophy behind Bitcoin is a “low time preference,” and reviewing the history of ideological movements shows that those committed to something typically dedicate over ten years. Focusing on short-term events contradicts this fundamental characteristic, Saylor emphasizes.

Evaluating Bitcoin performance using a four-year moving average reveals a clear bullish trend. The recent 90-day decline can be reinterpreted as “a prime opportunity for foresighted investors to buy more.”

Entry into the Digital Credit Market: Strategy’s Aim for a $10 Trillion Potential

Strategy’s strategic direction is to fully enter the digital credit market. Saylor states he has no interest in banking and instead aims to build a “digital credit” ecosystem.

The ideal financial product is a listed asset with a dividend yield of 10% and a value ratio of 1–2. If they can capture 10% of the US Treasury market, the market size would reach $10 trillion. This means Strategy’s potential market is a colossal $10 trillion, with very limited competition.

Similar to the senior and corporate credit markets, there are limitless possibilities to expand into Bitcoin-collateralized derivatives, exchanges, and even insurance businesses. By leveraging dollar reserves to enhance corporate creditworthiness, Strategy aims to surpass traditional financial institutions with highly competitive products.

Saylor emphasizes, “The value of a business company’s stock depends not only on current capital utilization but also on what it plans to do in the future.” He underscores that what has not yet been implemented does not mean it cannot be done. This reflects a steadfast commitment to building a new financial market where Bitcoin serves as digital capital.