Corporate treasury buying of bitcoin (BTC) could reach $330 billion by the end of 2029, broker Bernstein said in a research report Monday.

Strategy (MSTR) is likely to be the largest buyer, with an additional $124 billion of the world’s largest crypto, in the broker’s bull case. The company led by Michael Saylor announced a further $21 billion at-the-market common stock offering last week to buy more bitcoin.

«The U.S. pro crypto regulatory regime have further accelerated the corporate ownership growth of bitcoin,» analysts led by Gautam Chhugani wrote.

Bernstein expects other listed companies to allocate around $205 billion to bitcoin acquisition strategies, led by smaller firms with lower growth looking to emulate Strategy’s treasury model.

Public companies now own ~2.4% of the bitcoin supply, or about 720,000 BTC on their balance sheets, the report noted.

Still, Strategy’s «scale is hard to replicate» and not every bitcoin treasury will be successful in attempting to replicate the company’s playbook, the report added.

Strategy acquired an additional 1,895 bitcoin last week for $180.3 million.

Read more: Michael Saylor’s Strategy Adds 1,895 Bitcoin, Bringing Company Stack to 555,450 BTC

A militia group in Burma that allegedly runs a large-scale haven for cyber scammers, the Karen National Army, has been blocked from the U.S. financial system by the Department of the Treasury.

The U.S. authorities said Monday that the organization has provided a haven for transnational criminal organizations who use the border region controlled by the KNA to run illicit operations such as human trafficking and smuggling. The group, which is said to have ties with the Burmese military, is also accused of fostering cyber scams and crypto thefts on an «industrial scale» tied to billions of dollars in losses.

Under KNA’s control, hotels and casinos were retrofitted to house elaborate «pig butchering» scam operations in which U.S. citizens were lured with fraudulent romantic ties and had money stolen from them in the form of cryptocurrency, according to the Treasury Department. Those engaging in the scams were themselves often held captive or under pressure to run months-long thefts that sometimes used attractive models to engage in video calls.

In the new U.S. sanctions — also specifically targeting the organization’s leader, Saw Chit Thu, and his sons, Saw Htoo Eh Moo and Saw Chit Chit — the Treasury’s Office of Foreign Assets Control is blocking any use of U.S. assets or interactions with U.S. people or entities.

This action follows closely on the heels of last week’s move by the U.S. to sever the Cambodian company Huione Group from the financial system. Huione was said to provide a money-laundering outlet for criminal organizations in Southeast Asia.

Bitcoin-holding public companies may be sitting on a powerful market catalyst: untapped issuance capacity that could meaningfully raise bitcoin’s (BTC) price, according to new research from NYDIG.

In a report published this week, Greg Cipolaro, the firm’s global head of research, points to the “dry powder” in the form of share issuance potential among bitcoin treasury companies. If these companies take advantage of their elevated equity valuations to raise new funds and buy more bitcoin, it could trigger a significant upward move in the market.

Cipolaro uses a back-of-the-envelope model to estimate the impact: applying a 10x “money multiplier” — a historical rule of thumb describing how capital inflows have historically influenced bitcoin’s market cap — he projects a potential $42,000 per-coin price increase. That would mark a roughly 44% jump from current levels near $96,000.

This market dynamic has gained new urgency following the launch of Twenty One, a bitcoin accumulation vehicle backed by Tether, Bitfinex and Cantor Fitzgerald. Unlike other firms that have folded bitcoin into broader business models, Twenty One exists solely to acquire and hold bitcoin, and has already been seeded with a substantial BTC position.

Its SPAC partner, Cantor Equity Partners, has outperformed the S&P 500 by over 347% since the deal was announced.

Across the sector, 69 public companies hold around $69.6 billion worth of bitcoin. Cipolaro’s analysis suggests that their current stock premiums over net asset value could fund even more purchases — effectively creating a feedback loop, where equity issuance fuels BTC buying, which drives up the value of both the bitcoin and the issuer’s shares.

“The implication is clear,” Cipolaro writes. “This «dry powder» in the form of issuance capacity could have a significant upward effect on bitcoin’s price.”

Whether or not these companies pull the trigger, the growing interest from institutions and the performance of bitcoin-forward stocks signal a shift in how capital markets approach bitcoin exposure — through balance sheets rather than just ETF flows.

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