Which giants are frantically hoarding BTC in the new high month? How do institutions view the current market?

Deng Tong, Golden Finance

In May, BTC hit a record high of over $110,000, influenced by factors such as the easing of Trump's tariff policy, the improvement of Hong Kong and US stablecoin regulatory policies, and the triple kill of US stocks, bonds and currencies. Many investors are deterred by the new high, but many institutions are still enthusiastic about buying.

According to a recent report released by Bitwise, institutions are expected to hold more than 4.2 million bitcoins by 2026. "We expect that by the end of 2025, about $120 billion of institutional funds will flow into Bitcoin, reaching about $300 billion in 2026, and a total of more than 4.2 million bitcoins will be held by a group of diversified investors including public Bitcoin Reserve companies, sovereign wealth funds, ETFs and countries."

In this month when BTC set a new price record, which institutional investors are hoarding coins? How do institutions view the current crypto market?

Top 10 institutions holding BTC, source: bitbo

Top1: BlackRock

Latest action: increased holdings of 23,600 ETH and over US$3 billion in BTC, equivalent to approximately US$3.09 billion

On May 22, BlackRock increased its holdings of 9,989 ETH from the Coinbase Prime hot wallet address through its Ethereum exchange-traded fund ETHA, worth US$26.47 million. Historical trading data shows that this is the third consecutive day that BlackRock has increased its holdings of ETH. In the previous two days, it had increased its holdings by 5,449 ETH and 8,162 ETH, worth about $34.34 million.

On May 6, BlackRock purchased 5,613 BTC, worth about $529.5 million, and its total bitcoin holdings reached 620,252, worth about $58.51 billion.

From April 28 to May 4, BlackRock increased its holdings of Bitcoin worth $2.5 billion, equivalent to an increase of $500 million in Bitcoin every working day.

Eric Balchunas, senior ETF analyst at Bloomberg, wrote on the X platform that BlackRock is currently second only to Satoshi Nakamoto in terms of Bitcoin holdings, and has occupied 57% of the world's second largest Bitcoin holder, and is expected to become the world's largest Bitcoin holder by the end of next summer. If Bitcoin reaches $150,000 in the next few months, financial advisory companies may see "crazy buying", which may shorten BlackRock's timeline to the top.

Top2: Strategy

Latest Action: Increased holdings of 9,285 BTC, about $945 million

Strategy is definitely a big coin hoarder. Between May 12 and May 18, Strategy purchased 7,390 bitcoins at an average price of $103,498 (total: $764.9 million). The current BTC held accounts for 2.744% of the total 21 million BTC.

Between April 28 and May 4, Strategy acquired 1,895 BTC for approximately $180.3 million, with each bitcoin priced at approximately $95,167.

Top 3: Twenty One

Latest Action: Increased holdings of 4,812 BTC, equivalent to approximately US$458.7 million

On May 14, the listed company Twenty One announced the purchase of 4,812 BTC (US$458.7 million) through TETHER, with an average price of US$95,300.

Top4: Metaplanet

Latest action: increased holdings of 2245 BTC, equivalent to approximately US$284 million

On May 7, MetaPlanet purchased an additional 555 bitcoins at an average price of 13,824,064 yen (approximately US$89,000).

On May 12, MetaPlanet increased its holdings of 1,241 bitcoins, with an average purchase price of 14,848,061 yen (about $103,900) per bitcoin, totaling 18.426 billion yen (about $129 million).

On May 19, Metaplanet purchased another 1,004 bitcoins, totaling 15.195 billion yen (about $106 million), with an average price of about 15.13 million yen per bitcoin. So far, the company has accumulated 7,800 bitcoins, with an average historical purchase price of 13.51 million yen (about $94,600) per bitcoin.

Top5: Abraxas Capital

Latest Action: Increased holdings of 107,600 ETH, equivalent to approximately US$231 million

From May 8 to 9, Abraxas Capital withdrew 61,401 ETH from the exchange, worth approximately US$116.3 million.

On May 20, Abraxas Capital again increased its holdings by 46,295 Ethereum (approximately US$115.3 million).

Top6: Semler Scientific

Latest Action: Increased 622 BTC, about $66.2 million

On May 5, the listed company Semler Scientific announced that it had increased its holdings of 167 bitcoins for $16.2 million.

On May 23, Eric Semler, CEO of Semler Scientific, posted on the X platform that the company had increased its holdings of 455 BTC, spending $50 million, with a return of 25.8% so far this year. As of now, the company's bitcoin holdings have reached 4,264.

Top7: DeFi Development

Latest Action: Increased 193,143 SOL, about $26.57 million

On May 8, DeFi Development increased its holdings of 20,473 Solana (SOL), with a transaction amount of approximately $2.97 million.

On May 12, DeFi Development increased its holdings of 172,670 SOL tokens. This $23.6 million purchase was the largest increase since it entered the cryptocurrency field last month. The Florida-based company currently holds 595,988 SOL, which is worth nearly $105 million at current prices.

Top 8: The Blockchain Group

Latest action: Increased holdings of 227 BTC, equivalent to approximately $25.0331 million

On May 23, The Blockchain Group, Europe's first Bitcoin funding company, recently spent 21.2 million euros to purchase 227 Bitcoins, bringing its total holdings to 847.

Top9: SOL Strategies

Latest Action: Increased holdings of 122,524 SOL, equivalent to $18.25 million

SOL Strategies announced that it had acquired 122,524 SOL at a price of $18.25 million, with an average price of $148.96 per SOL.

Top10: KULR

Latest Action: Increased holdings of 83.3 BTC, equivalent to $9 million

On May 20, Michael Mo, CEO of the listed company KULR, disclosed on the X platform that the company had increased holdings of 83.3 BTC, spent $9 million, and purchased at an average price of $103,234. The Bitcoin yield so far this year has reached 220%. As of May 20, 2025, it holds 800 BTC.

Top11: Remixpoint

Latest action: Increase holdings of 32.83 BTC, equivalent to approximately $3.5012 million

On May 16, Remixpoint, a company listed on the Tokyo Stock Exchange, announced that it had purchased an additional 500 million yen (approximately 32.83 BTC, equivalent to approximately $3.5012 million) of Bitcoin, with an average purchase price of 15.23 million yen/BTC. As of

Top12: Genius Group

Latest action: Increase holdings of 24.5 BTC, equivalent to approximately $2.7 million

On May 22, artificial intelligence company Genius Group announced that it had increased its Bitcoin vault by 40% by purchasing an additional 24.5 Bitcoins. Currently, the company holds a total of 85.5 Bitcoins, with a total purchase amount of $8.5 million and an average purchase price of $99,700 per Bitcoin.

Top 13: Smarter Web

Latest Action: Increased holdings of 23.09 BTC, equivalent to approximately $2.48 million

On May 23, Smarter Web, a British listed company, added 23.09 bitcoins to its treasury, with an average purchase price of $107,424. After this increase, the company's total bitcoin holdings reached 58.71.

Top14: DDC Enterprise

Latest action: Increase holdings of 21 BTC, about $2.28 million

On May 23, New York-listed DDC Enterprise (also known as DayDayCook) bought 21 bitcoins worth $2.28 million. The company also said it plans to buy another 79 bitcoins in two installments in the "next few days," bringing its total bitcoin holdings to 100.

Previously, DDC has announced plans to purchase 5,000 bitcoins in the next three years and 500 bitcoins by the end of 2025. If DDC's bitcoin holdings reach the planned 5,000, it will be among the top ten listed companies with the largest bitcoin holdings, second only to Japanese investment company Metaplanet (which holds 7,800 bitcoins).

Top15: Quantum BioPharma

Latest move: Purchase of $1 million worth of cryptocurrencies

On May 19, the listed company Quantum BioPharma announced that it had purchased an additional $1 million worth of bitcoin and other cryptocurrencies as part of its strategic initiatives after obtaining approval from the board of directors. This brings the total amount of bitcoin and other cryptocurrencies purchased by the company to $4.5 million. The company is now ready to accept financing in cryptocurrencies and execute other types of cryptocurrency transactions.

How do institutional investors view the current crypto market?

• QCP Capital:The current BTC price trend is closely related to the buying behavior of two major institutions, Strategy and Metaplanet, which remain the main buyers at the current price. If these institutions reduce their buying power, it may trigger other market participants to take profits and may reverse the current upward trend. If BTC breaks through a new high, it may trigger a new round of chasing the rise and drive the entry of off-site funds.

• Bitfinex Alpha:Bitcoin continues to show remarkable resilience and structural strength, rising steadily since recovering the low of $92,000 in late April. This round of rise is clearly driven by the spot market, which is characterized by impulsive rises after a short and clear consolidation phase. This pattern indicates that the market is accumulating healthily and the underlying demand is strong, rather than excessive speculation. The cumulative spot volume increments of major exchanges have remained positive, which reinforces the view that the market is dominated by real buyers (rather than leveraged traders). Meanwhile, derivatives positions have been passive, with open interest volatility highlighting a transition period characterized by short squeezes and liquidation-driven resets. The result is a healthier market fundamental, speculative bubbles have been cleared, and real capital flows have supported market momentum.

• Matrixport:Bitcoin continues to hit record highs, but market sentiment remains rational. We observe that trading volumes have not increased significantly and funding rate fluctuations have been relatively stable. Whether Bitcoin's rally is sustainable in the absence of retail follow-up remains to be seen. We have been firmly bullish since mid-April, and Bitcoin's performance has confirmed our judgment. However, to continue the current momentum, it may require a wider range of funds to participate in the market. At this stage, it may be wise to take some profits.

• CoinGlass:The total inflows of Bitcoin spot ETFs continue to grow, and its assets under management have now exceeded US$104 billion, a record high. This surge shows that institutional capital is beginning to recognize that Bitcoin is not only a high-performing asset, but also a politically neutral store of value similar to gold. In an era of increasing instability in fiat debt-based economies, Bitcoin is becoming a reliable alternative, providing a monetary system based on predictability and decentralization. With a market capitalization far lower than gold's $22 trillion, Bitcoin remains severely undervalued.

• CryptoQuant analyst Axel Adler Jr:Currently, short-term holders who hold coins for 1-3 months have an unrealized profit rate of 27%. In the past four years, when this indicator exceeded 40%, this group of holders would start selling, thus creating downward pressure on prices. At the current daily growth rate of about 0.818 percentage points, the indicator is expected to reach the critical value of 40% in 16 days (June 11), when the price of Bitcoin is expected to reach about $162,000.