Investing.com -- Wells Fargo says Bitcoin is entering an “institutional phase,” marked by the emergence of a new category of companies—what it calls “Bitcoin Treasury Corps”—that are using capital markets to amass large Bitcoin holdings.

“Bitcoin is becoming institutionalized,” the firm wrote in a note, pointing to an expanding group of firms “that use the capital markets to build bitcoin holdings.”

Following the success of Strategy (formerly MicroStrategy), Wells Fargo highlighted three new Bitcoin Treasury Corps with political ties: Cantor/Tether’s Twenty One, Vivek Ramaswamy’s Strive, and David Bailey’s Nakamoto.

Together, these groups may raise as much as $25 billion.

While Coinbase’s inclusion in the S&P 500 is seen as “a key symbolic milestone,” Wells Fargo argued that “more important in our view is the growing number of Bitcoin Treasury Corps being minted.”

The rise of spot Bitcoin ETFs has also accelerated institutional exposure. ETFs have attracted $136 billion in assets under management just 16 months after launch, including $11 billion in year-to-date inflows to BlackRock’s IBIT, currently fourth among all ETFs.

But Wells Fargo sees even greater impact ahead. “If ETFs are a bridge between investment capital and bitcoin, the flood of new bitcoin treasury corps may become an even bigger source of AUM,” the note said.

“Strategy, the pioneer in using equity markets to fund a bitcoin treasury, is setting its sights on the $300 trillion global bond market with STRK and STRF,” said Wells Fargo.

Wells Fargo believes this effort to tap the $300 trillion global bond market “might be the most underappreciated bitcoin story of 2025.”

The firm expects more Bitcoin Treasury Corps to emerge as long as public markets continue assigning a premium to their Bitcoin holdings.

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