TD Cowen Flags 3 Themes Driving Next Wave of Bitcoin Adoption

TD Cowen says the institutional conversation around bitcoin has moved past whether to own it and toward what gets built on top of it.

Three themes from New York

The view comes from a Sept. 29 sector note by TD Cowen equity analyst Lance Vitanza, titled “Three Themes Shaping the Next Phase of Institutional Bitcoin Adoption.”

Vitanza drew on discussions at the Sept. 28 Bitcoin Treasuries Conference in New York, writing:

“The conversation is moving beyond bitcoin ownership and toward the ecosystem being built around it: capital markets, implementation frameworks, and institutional infrastructure.”

Capital markets built on bitcoin

The first theme was financing.

Panelists discussed bitcoin-backed bonds, preferred shares, convertible securities and funding for companies that hold bitcoin in their treasuries.

What stood out to TD Cowen was not that these structures exist, but that attendees now seem to assume they will keep developing.

Strategy is already using them, disclosing on Sept. 28 that it bought another 1,665 BTC and repurchased $152 million of its STRC preferred stock.

From owning to holding

The second theme was implementation, covering everything from portfolio allocation to estate planning and day-to-day treasury operations.