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A new report by Keyrock projects Bitcoin could surge to $160,000 by 2025, contingent on the stability of Bitcoin Treasury Companies (BTC-TCs). The study highlights the risks and rewards of these firms, which hold 3.64% of Bitcoin’s total supply. Their debt-laden strategies could make or break Bitcoin’s rally.
- Bitcoin Treasury Companies (BTC-TCs) hold 725,000 BTC (3.64% of supply), with MicroStrategy alone owning 597,000 coins.
- BTC-TCs trade at a 73% average premium to NAV, enabling accretive share issuance but exposing them to debt refinancing risks.
- Keyrock’s base case forecasts Bitcoin at $135K by 2025, while a bear scenario could trigger premium collapses and forced BTC sales.
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