Bernstein says bitcoin will continue on its path to $200,000 in 2025, with a rising narrative around sovereign adoption. The firm, however, is not sure actual sovereign buying commences in 2025. It sees corporate treasury inflows to bitcoin exceeding $50B in 2025 versus $24B in 204, and says MicroStrategy (MSTR) will “continue to pioneer the space.” Bitcoin miners will continue to shift capacity to artificial intelligence for value creation and there will be more activist investor action in bitcoin miners in 2025, the analyst tells investors in a research note. Bernstein thinks the SEC will withdraw or settle its cases against leading crypto companies and protocols this year. The firm recommends MicroStrategy, CleanSpark (CLSK), Core Scientific (CORZ), IREN (IREN), Riot Platforms (RIOT), and Robinhood (HOOD) as ways to gain bitcoin exposure.