Bitwise and UTXO Management project that 20% of all Bitcoin (BTC) could migrate to institutional balance sheets by end-2026, according to a new report published by Bitwise and UTXO Management on May 23.

The study, called “Exploring the Game Theory of Hyperbitcoinization,” models five demand channels for Bitcoin.

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. 

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.

Public companies, which already hold more than 600,000 BTC collectively, could add another 1.18 million coins ($117.8 billion) as fair-value accounting rules and peer competition reinforce treasury adoption.

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.

Path to 20% of Bitcoin supply by 2026

Bitwise 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. 

The report argued that major wirehouses and private banks will soon open ETF access, transforming dormant interest into orders.

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. 

Firms such as Strategy and Metaplanet leverage these tools to expand reserves without new equity issuance.

Favorable policies in the US

Additionally, policy initiatives add a structural bid. The BITCOIN Act, reintroduced by Senator Cynthia Lummis in March, would direct the Treasury to buy 200,000 BTC annually for five years.

Meanwhile, President Donald Trump signed an executive order in March to establish a Strategic Bitcoin Reserve with 198,000 seized coins. 

Parallel state bills cap BTC at up to 10% of rainy-day funds, reinforcing what the authors describe as a game-theory loop. Each cohort that accumulates removes circulating supply, lifts price floors, and pressures lagging peers to act.

Bitwise and UTXO conclude that the interplay among sovereigns, corporations, and wealth platforms could push adoption beyond speculative trade into portfolio mechanics and public finance policy. 

The report frames this progression as a step toward “hyperbitcoinization,” which will be driven by balance-sheet management rather than market sentiment and result in institutions accumulating roughly 20% of the Bitcoin supply by 2026.

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Defi Development Corp (JNVR), formerly known as Janover, added an additional $9.9 million to Solana’s SOL to its corporate finances, pushing Crypto Hollitings to 317,273 SOL or about $48 million, the company said Wednesday.

Purchases made through Bitgo’s commercial desks include a locked sol tranch. These are tokens that are usually tied to chains or bankruptcy proceedings, and although they cannot be moved by chains yet, they are cheaper than the spot price.

“Getting access to locked discounted inventory through trusted partners like Bitgo helps us to build up some of our SOL prices below SOL, whilst gaining greater consistency with the Solana Ecosystem,” CEO Joseph Onorati said in a statement.

Renamed Defi Development earlier this week, Janover began as a real estate data and software company, but has moved to its position as a public US company that provides direct exposure to investors to the Solana ecosystem through its balance sheet. The pivot came after a group of former executives of Crypto Exchange Kraken, including Honorati, acquired a majority stake in the company this month.

The company noted that the latest purchases meant that 1.5 million outstanding shares of each are now 0.22 Sol, an up 40% from previous disclosures.

Companies have bought SoL to provide TradFi investors with exposure to tokens, and this trend has gained momentum recently. Sol Strategies has been captured by Sol Strategies, a publicly-owned company run by CEO Leah Wald, co-founder of digital asset manager Valkyrie Investments. Today, the company announced that it has secured a convertible notebook facility of up to $500 million to increase its investment in the Solana network.

read more: Janover gets pages from Saylor Playbook and doubles Sol Stack to $20 million 1700%

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Altvest Capital Limited has become the first publicly traded company in Africa to adopt Bitcoin as a strategic treasury asset.

The company announced its initial investment in Bitcoin (BTC) as part of a broader treasury management strategy, which aims to strengthen financial resilience, preserve shareholder value, and gain direct exposure to the world’s largest crypto asset.

Bitcoin as Treasury Asset

The company cited Bitcoin’s characteristics as its motive behind the announcement. This includes its scarcity – capped at 21 million BTC – which positions it as a hedge against inflation and currency debasement, particularly relevant given the depreciation risks associated with the South African Rand.

Additionally, Bitcoin’s decentralization and censorship-resistant nature provide a level of security unmatched by other cryptocurrencies, while its increasing institutional adoption worldwide validates its legitimacy as a store of value.

According to the official press release, Altvest’s board conducted a comprehensive risk assessment before making this investment, concluding that Bitcoin aligns with its alternative asset philosophy, which prioritizes long-term growth and macroeconomic risk mitigation. The company has also implemented a structured risk management framework to monitor and optimize its Bitcoin exposure in line with treasury objectives.

Altvest said that while many digital assets do not meet its strict investment criteria due to inflationary supply mechanisms, centralized governance structures, and regulatory uncertainties – Bitcoin stands out as the only viable option.

“Bitcoin is fundamentally different from other digital assets. It is the only truly decentralized, scarce, and globally recognized digital asset that aligns with Altvest’s investment philosophy. We see Bitcoin as a strategic reserve asset that enhances our treasury portfolio while providing a hedge against economic instability and currency depreciation.”

Growing Corporate Shift Toward Bitcoin Reserves

Altvest’s decision to adopt Bitcoin as a treasury asset aligns with a broader corporate shift toward digital asset reserves. The trend was catalyzed by Michael Saylor’s Strategy (formerly MicroStrategy), which began purchasing Bitcoin in 2020 and has since accumulated 478,740 BTC, which is now worth more than $47 billion.

Tokyo-based Metaplanet joined the wave in April last year, amassing 2,100 BTC worth nearly $200 million. According to CEO Simon Gerovich, the company plans to expand its holdings to 10,000 BTC.