Bitcoin (BTC) has reached a stage of institutional maturity, which represents a “structural, non-speculative transformation” of the digital asset market, according to analysis and research firm CoinShares.
In its latest report on institutional adoption, the company claims that both Bitcoin and Ethereum network cryptocurrency Ether (ETH) are “no longer alternative assets.” But it is a stable component of the global financial architecture.
This study describes Bitcoin's gradual integration into traditional financial regulatory, accounting, and fiduciary frameworks after more than a decade of regulatory evolution, market experimentation, and infrastructure development.
“Institutional adoption of digital assets is not a sudden revolution, but rather the culmination of over a decade of work,” CoinShares summarized in a document.
The report recalls that The starting point for this transformation dates back to July 2013.when brothers Tyler and Cameron Winklevoss (current directors of the Gemini cryptocurrency exchange) filed their first application for a Spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The proposal was rejected in 2017, citing concerns related to storage, price manipulation and market surveillance.
The real consolidation took place on January 10, 2024, when the SEC approved 11 Bitcoin ETFs from companies such as BlackRock and Fidelity. For the first time, you can now trade digital assets in a fully regulated brokerage account. Four months later, the agency also gave the green light to the first Spot Ether (ETH) ETF, strengthening its role as a regulated asset.
since then, BTC market share is stable —59% in October 2025, compared to 58% at the beginning of 2024 — but the access structure has fundamentally changed. CoinShares highlights that Bitcoin will benefit as institutional capital will now be able to invest through regulated, transparent and compliant channels.
According to CoinShares, this new phase allows companies and investment funds to treat BTC as a reserve asset and collateral comparable to gold or U.S. Treasuries.
As of October 2025, listed companies collectively control more than 1 million Bitcoins, in addition to sovereign reserves and undisclosed private holdings. Add and store approximately 4 million coins It varies for different entities and companies, as shown in the following chart.
This phenomenon has led various companies to issue BTC-backed financial products, a move that is reminiscent of “how gold reserves supported credit markets” in the past, the report said.
According to a recent report from CriptoNoticias, institutional purchases of Bitcoin surged in the third quarter of 2025 due to the expansion of ETFs and the integration of fair value accounting. Companies like BlackRock and Fidelity are accumulating growing positions; Meanwhile, sovereign wealth funds and technology companies are expanding their holdings.
Accounting reform: a quiet catalyst
CoinShares identifies material accounting changes As a quiet catalyst behind institutional expansion– The Financial Accounting Standards Board (FASB) updated ASU 2023-08, which requires eligible digital assets to be measured at fair value. Prior to this reform, Bitcoin was counted as an “indeterminate intangible asset,” which meant that losses had to be recognized instead of profits.
The new standard allows companies to reflect both profits and losses on a quarterly basis, similar to traditional securities.
“This change removes one of the last major obstacles to the inclusion of Bitcoin on corporate balance sheets,” the report said. At the same time, advances in secure storage and standardization of reference prices have perfected the infrastructure needed for large-scale institutional adoption.
Once the regulated access stage has passed, CoinShares identifies second phase of implementation: Programmable fluidity. Bitcoin and ETH will serve as the foundation of the new automated financial infrastructure.
The company highlights that it is building a decentralized network that enables banks, asset managers, and financial companies to enable real-time payments, programmable trading, and automated compliance.
“The next phase of implementation is not about new assets, but a new global liquidity architecture that is programmable and compliant,” the report emphasizes.
The study also highlights the importance of the FIT21 Act (Financial Innovation and Technology for the 21st Century Act), passed in the US in 2024, which defines digital assets as a specific regulated class and decentralizes oversight between the SEC and CFTC. This law, along with a new accounting framework and spot ETFs; This creates a consistent legal structure that integrates digital assets into the U.S. financial system.
CoinShares calls this new scenario an “institutional stack,” which includes regulated access through ETFs and qualified custodians, tokenized infrastructure that enables on-chain issuance and settlement, and Compatible liquidity where assets are operated within a framework of regulation and transparency.
The analysis firm emphasizes that what is happening is “no longer a speculative phase, but a structural change.” He added that Bitcoin and ETH “went from being an exposure vehicle to becoming the infrastructure through which value, collateral, and data move in global markets.”
No longer a niche asset
This diagnosis is consistent with the analysis of Venezuelan economist Daniel Arraez, an expert on Bitcoin and digital assets, who told CriptoNoticias that “BTC is no longer a niche asset used only by small groups or in situations of financial restrictions.”
“Institutional clients recognize that Bitcoin is becoming a dominant asset. Many portfolios with exposure to BTC have had positive results in cycles that have sustained it,” Arraez said.
The expert cited examples such as Strategy Inc., where Bitcoin financial strategies have been replicated by multiple companies. In his opinion, this action confirms that assets are “no longer dependent solely on speculative impulses, but on long-term vision and retention of value.”
Asked about the concept of programmable liquidity, Mr. Arraez explained that at this stage: It reflects Bitcoin's technological and monetary maturity.
“When you have clear rules of the game, such as a fixed issuance of 21 million Bitcoins and predictable financial expansion, you create a scenario where liquidity can be programmed, meaning you can know when a certain percentage of Bitcoins will be in circulation, making this asset particularly rare and valuable,” he commented.
According to The Economist, this predictability is key for institutional investors and for using BTC as collateral or hedging assets.
We are seeing large banks and funds integrate Bitcoin not because it's trendy, but because their accounting and regulatory structures will eventually allow it.
Daniel Arees, an economist specializing in Bitcoin and cryptocurrencies.
Despite institutional progress, Arraez cautions: 2026 could be a turbulent year for uneducated adoptions. He explained that many companies are investing in digital assets that they do not fully understand, which can lead to financial management and custody management issues.
“Financial institutions with large exposures to crypto assets are likely to fall into the red or default. This will create volatility, but will also act as a natural correction in the market,” it warned, while recommending “prioritizing self-management and technical training.”
“It's one thing to be exposed to Bitcoin through a regulated institution and quite another to be the owner of the private keys. That's when you become a digital sovereign,” he stressed.
