Bitcoin is making its way from trading desks to corporate treasuries, and by the end of the decade, it could be standard practice, according to one analyst.

“Across all the different strategies and implementations, I anticipate that by 2030, a quarter of the S&P 500 will have BTC somewhere on their balance sheets as a long-term asset,” Elliot Chun, a partner at Architect Partners, wrote in a market snapshot.

The strategy—holding bitcoin as a treasury reserve asset—was unorthodox when Strategy, formerly known as MicroStrategy, first adopted it in August 2020. The firm framed BTC as a hedge against inflation, a diversification tool, and a way to distinguish itself in the market.

Then CEO Michael Saylor’s highly public embrace of bitcoin transformed the company into a de facto proxy for BTC exposure. Since then, MicroStrategy stock has surged more than 2,000%, far outpacing both the S&P 500 and bitcoin over the same period, Chun pointed out.

GameStop is the latest company to follow suit, announcing this week that it would raise $1.3 billion through a convertible note to acquire bitcoin. Its stock initially surged following the announcement but has since endured a correction, falling nearly 15% for the week.

Chun argued that treasurers may soon face career risk not for buying bitcoin, but for ignoring it altogether. “Doing nothing is no longer a defensible strategy,” he wrote.

According to BitcoinTreasuries data, publicly listed companies currently hold 665,618 BTC, around 3.17% of the cryptocurrency’s total supply. Strategy holds the lion’s share, 506,137 BTC.

Read more: U.S. Listed Firms Continue Bitcoin (BTC) Treasury Adoption

It’s a bloodbath for digital assets, with traders hitting the sell button, wiping out over $160 billion of the total cryptocurrency market cap since Friday.

Few things have compounded as the first quarter of this year closes out, leading to the sell-off, including Trump’s tariff threats, global economic concerns and the lack of a clear catalyst for the next leg up.

However, if history is anything to go by, there might be some glimmer of hope heading into the second quarter, as April could bring a bullish setup for crypto.

Based on the total percent return since 2010, April has brought in an average 27% return for bitcoin, marking it the third-best month, according to Barchart data. November and May were the other two months with the highest returns, with about 38% and 26% gains, respectively.

As CoinDesk analyst Omkar Godbole reported for Crypto Daybook Americas—a premium newsletter offering to help traders make informed investment decisions—this seasonality could be a much-needed positive indicator for the market.

«Seasonality factors are not as reliable as standalone indicators, but when coupled with other signs, such as the recent halt in selling by long-term holders, they appear credible,» Godbole wrote.

One cog in the wheel may be the defunct exchange Mt. Gox’s transfer of a significant amount of bitcoin to the centralized exchange’s wallets, which could create fear of creditors’ liquidations.

«A potential short-term risk is Mt. Gox, which has been transferring sizable amounts of BTC to Kraken—this may lead to temporary selling pressure or market volatility,» said Deribit CEO Luuk Strijers.

Read more: Now Is ‘Really Good Time’ to Buy Bitcoin, Says Trillion Dollar Investment Manager

Terraform Labs, the firm behind the collapsed Luna token and the TerraUSD stablecoin, will open a portal on March 31 to allow investors to file claims for crypto losses tied to the company’s downfall and subsequent bankruptcy.

The online system, operated by claims administrator Kroll, is part of the company’s court-supervised wind-down process. Investors have until April 30 at 11:59 p.m. ET to submit claims through claims.terra.money. Late submissions will not be considered, meaning those who miss the deadline forfeit their right to any recovery, according to a Medium post.

Eligible claims must be tied to specific cryptocurrencies listed in the case documents and held during the period surrounding the Terra ecosystem’s collapse. Notably, assets with less than $100 in on-chain liquidity and certain others—like Terra 2.0’s Luna—will not qualify.

Claimants must also submit proof of ownership. The preferred method is read-only API keys from exchanges, which the administrator considers more reliable than screenshots or manually uploaded documents. The post adds that those using manual evidence may face extended review periods or risk their claims being denied altogether.

Once filed, claims will be reviewed and verified. Initial decisions will be shared within 90 days after the deadline and approved claims will be eligible for pro rata distributions once processing concludes.

The Terra ecosystem collapsed in 2022, leading to the largest destruction of wealth in just three days in the cryptocurrency space’s history. LUNA’s market capitalization plunged from over $41 billion to $6 million in that period.
Read more: Terraform Labs, Do Kwon Agree to Pay SEC a Combined $4.5B in Civil Fraud Case