According to Coinbase Institutional executive John D’Agostino, more than 13,000 of those institutions have direct exposure to Strategy, the former MicroStrategy. D’Agostino’s focus is on the indirect financial exposures to Strategy, which she estimates 55 million beneficiaries have. His statement on April 20 coincided with an announcement by Michael Saylor that institutions were becoming exposed to Strategy.

A bullish friendly traders see Bitcoin as an inflationary hedge, even more are actively accumulating Bitcoin as a reserve asset. D’Agostino went on to compare Bitcoin to gold. He pointed out that Bitcoin, for the first time ever, is trading in accordance with what its believers claim it should be.

Michael Saylor very much popularized the corporate Bitcoin treasury concept, and Strategy is inextricably tied to him. Inspired by Strategy’s example, companies like MARA, MetaPlanet and Semler Scientific have jumped on the corporate Bitcoin treasury bandwagon.

Bitcoin is trading on its core characteristics, which again are similar to gold. You've got scarcity, immutability, and non-sovereign asset portability. So it's trading the way people who believe in Bitcoin would like it to trade. - Coinbase executive

D’Agostino further detailed the traits that lend Bitcoin its gold-like properties.

When you do the work, there's a very short list of assets that mirror the characteristics of gold. Bitcoin is on that shortlist. - Coinbase executive