"In our view, a big beneficiary of the bitcoin reserve (bitcoin will still be the lion's share of the reserve) is MSTR. MSTR's corporate Bitcoin reserve stands today at ~500K BTC ($47Bn; ~2.5% of Bitcoin supply). This would further open up capital market access for MSTR and hyper-scale its Bitcoin strategy," Bernstein analyst Gautam Chhugani said in a note to clients.