Bitcoin

Bitcoin (BTC) is the first decentralized digital money network, launched in 2009 by the pseudonymous Satoshi Nakamoto. It runs on a public blockchain validated by Proof of Work mining, with no central authority, and a maximum supply fixed at 21 million units. It is the scarcest monetary asset known and the underlying asset of the entire corporate Bitcoin treasury category.

The Bitcoin protocol caps the total supply at 21 million units, a figure set by consensus since its launch in 2009. As of May 2026 there are approximately 19.9 million BTC in circulation; the rest will be issued gradually until the year 2140 through the halving mechanism, which cuts the block reward in half every four years.

Bitcoin can be acquired directly on centralized exchanges (Coinbase, Kraken, Binance), indirectly via exchange-listed spot ETFs (BlackRock's IBIT, Fidelity's FBTC), or through the listed equity of corporate treasuries such as Strategy (MSTR) or Metaplanet (3350.T). Each route involves a different profile of custody, regulatory risk and leveraged exposure to the underlying asset.

The thesis for Bitcoin as a store of value rests on three verifiable pillars: programmed scarcity (21 million maximum), censorship resistance (no central authority that can confiscate) and integration into the institutional financial system (regulated spot ETFs, bank custodians). Its historical volatility is high, but the trajectory since 2009 shows sustained appreciation over horizons of four or more years, aligned with the halving cycle.