ARK Invest believes the biggest story in this cycle isn’t just bitcoin’s price—it’s who’s buying it.
In its latest report, the firm argues that bitcoin is moving away from its reputation as a speculative trade and into a new role as a strategic portfolio asset. According to ARK, the shift is being driven by structural demand from institutions, including spot ETFs, corporate treasuries, and even sovereign entities.
One of the clearest signs of this transition is the scale of institutional ownership. By the end of 2025, spot bitcoin ETFs and digital asset treasury companies together held more than 12% of the total BTC supply. ARK noted that much of this capital comes from long-term allocators rather than short-term traders, which is beginning to reshape market structure.
Corporate adoption is also accelerating. Public companies with bitcoin exposure are now part of major equity indices, giving traditional investors indirect access to the asset. At the same time, digital asset treasury firms collectively control more than a million BTC, reinforcing the idea that bitcoin is becoming a balance-sheet asset rather than just a speculative instrument.
The shift extends to governments as well. ARK pointed to the creation of a U.S. Strategic Bitcoin Reserve—built from seized assets—as another signal that bitcoin is entering the mainstream financial system. Moves like these, the firm said, reflect a broader change in how the asset is perceived at the highest levels of finance and policy.
ARK also noted that bitcoin’s market behavior is evolving. Although volatility remains, drawdowns in the current cycle have been less severe than in past downturns, suggesting deeper liquidity and a more diverse investor base.
Taken together, the firm believes these structural changes mark a turning point. Instead of debating whether bitcoin will survive, institutions are increasingly asking how much exposure they should hold—and through which vehicles.
