The acceleration of institutional adoption points to—a fundamental redefinition of the Bitcoin valuation framework

Looking back at 2025, Michael Saylor’s assertion of the “Bitcoin victory” has fundamentally shifted from a focus on short-term price fluctuations to institutional and infrastructural adoption. The transformation from a mere speculative asset to a capital asset embedded in corporate balance sheets—this is the essential change that occurred in 2025.

Revival of Insurance and Accounting—A Fundamental Shift in Regulatory Environment

In 2020, when Bitcoin was purchased, Mr. Saylor’s company was unilaterally terminated from its insurance contract by the insurer. For the next four years, the company had to cover its insurance with personal assets. However, in 2025, this situation changed dramatically. Insurance coverage was restored.

Simultaneously, the introduction of fair value accounting made it possible to recognize gains from Bitcoin holdings for the first time. Legal barriers such as unrealized capital gains tax were also resolved through government guidance in 2025. These changes indicate that regulators are beginning to reframe Bitcoin from a speculative asset to a genuine financial asset.

Furthermore, the government officially recognized Bitcoin as the world’s leading and largest digital commodity. This formal approval signifies a shift from ambiguous treatment to a clear classification as an asset class.

Integration into Banking Systems and Market Infrastructure Maturity

In early 2025, even with $1 billion worth of Bitcoin used as collateral, loans remained around 5 cents on the dollar. For financial institutions, Bitcoin’s creditworthiness was extremely limited.

However, by the end of 2025, most major US banks had begun offering loans collateralized by IBIT (Bitcoin ETFs), and about a quarter of banks announced plans to lend against BTC spot holdings. This suggests a fundamental re-evaluation of creditworthiness within the industry.

Additionally, JPMorgan Chase and Morgan Stanley began discussions in early 2026 regarding Bitcoin trading and processing. The US Treasury Department also issued positive guidance on incorporating cryptocurrencies into bank balance sheets, and the chairmen of the CFTC and SEC expressed support for Bitcoin.

On the market infrastructure front, commercialization of Bitcoin derivatives at CME (Chicago Mercantile Exchange) advanced, and a tax-free physical exchange mechanism between Bitcoin worth $1 million and IBIT worth $1 million was introduced. This indicates rapidly increasing liquidity and market maturity.

Reframing Short-term Price Movements—Redefining Bitcoin Valuation from a Long-term Perspective

A key point emphasized by Saylor is the need to fundamentally reframe the timeline for evaluating Bitcoin’s success. Judging by short-term price movements (over 90 or 100 days) is, as history of ideological movements shows, highly unreasonable.

Looking at the history of ideological movements over the past 10,000 years, those who dedicated themselves typically took about ten years. Many required 20 or 30 years. If institutionalization of Bitcoin is the goal, evaluating success over ten weeks or ten months is inherently meaningless.

Despite Bitcoin reaching an all-time high in early October 2025, the focus on subsequent short-term price fluctuations suggests a fundamental misjudgment. When viewed through a 4-year moving average, Bitcoin’s performance has shown a very bullish trend, and recent declines over the past 90 days have presented buying opportunities for foresighted investors.

Recognition Shift: Bitcoin = Digital Capital

Saylor repeatedly emphasizes that criticism of companies holding Bitcoin is misguided. From late 2024 to 2025, the number of companies holding Bitcoin on their balance sheets increased from about 30–60 to approximately 200. This acceleration indicates a rational investment decision by companies.

He states—Bitcoin is “the universal capital of the digital age,” and like electricity, which powers all machinery, Bitcoin should be reframed as a fundamental tool for productivity enhancement in companies.

Generating hundreds of millions of dollars in capital gains from Bitcoin holdings on balance sheets of unprofitable companies, and profitable companies increasing revenues, are rational corporate strategies. The real critique should not be Bitcoin purchases but the management policies that continue to incur losses despite holding liquid assets. This calls for a fundamental redefinition of corporate valuation metrics.

There are about 400 million companies worldwide. Considering that only about 10 companies are capable of purchasing Bitcoin, Saylor argues that underestimating the market size is unreasonable, reflecting confidence in industry growth.

Potential of the Digital Credit Market—New Business Development for Strategy

Strategy’s lack of interest in banking stems from its focus on “digital credit.” Saylor highlights the potential scale of this market.

If they capture 10% of the US Treasury bond market, it would amount to a $10 trillion market. The listed product STRC (Strec Deferred Digital Credit), with a 10% dividend yield and a valuation of 1–2 times, meets the ideal product criteria.

From the perspective of reframing Bitcoin as digital capital, Strategy aims to leverage dollar reserves to enhance corporate creditworthiness and offer digital credit products. Unlike traditional banking, this approach seeks to create new market segments by providing the most creditworthy asset base demanded by credit investors.

Credit investors judge that Bitcoin and stock volatility are too high. Therefore, holding dollar reserves enhances corporate credit ratings and creates a reframing effect that increases the appeal of digital credit products.

A Historic Turning Point in Bitcoin Institutionalization

The series of changes in 2025 pointed out by Saylor suggest more than just market trends; they imply a fundamental shift in Bitcoin’s intrinsic positioning. The revival of insurance, changes in accounting rules, official government approval, integration into banking systems, and market infrastructure maturation—all are part of the process of reframing Bitcoin from a speculative asset to an institutional capital.

The importance from 2026 onward depends on whether this wave of institutionalization accelerates further. As Saylor points out, the growth potential of the market remains enormous, and understanding Bitcoin’s true value requires evaluating it over a decade-long medium to long-term perspective rather than reacting to short-term price fluctuations.