As Bitcoin continues to capture the financial world’s attention, a new wave of institutional interest is emerging, particularly from Asian firms. On May 7, 2025, Bitcoin was trading at $97,397, reflecting a 2.9% increase in the last 24 hours, according to Coinmarketcap data. The trading volume for the leading cryptocurrency reached an impressive $27.4 billion, indicating robust market activity.
Recent statistics from BitcoinTreasuries.net reveal that publicly listed companies now hold over 746,300 BTC, which is roughly equivalent to $70 billion and accounts for about 3.5% of the total circulating Bitcoin supply. This accumulation is significant, especially considering that much of it has been gathered in just the past three years. Among these companies, MicroStrategy (MSTR), led by CEO Michael Saylor, stands out with a staggering 538,200 Bitcoin, valued at approximately $51.7 billion. In April 2025, MicroStrategy purchased an additional 6,556 Bitcoin for around $555.8 million, further solidifying its position in the cryptocurrency market.
MicroStrategy’s aggressive Bitcoin acquisition strategy has paid off handsomely, with the company’s stock soaring over 3,000% since it began buying Bitcoin in 2020, making Saylor one of the wealthiest individuals globally. However, the landscape is evolving as Asian companies join the fray. For instance, Metaplanet, a Japanese firm, recently acquired 145 Bitcoin for $13.4 million, boosting its total holdings to 5,000 Bitcoin. Simon Gerovich, CEO of Metaplanet, expressed confidence in their strategy, stating, “We have achieved 50% of our initial goal of accumulating 10,000 Bitcoin by the end of 2025 and aim for 21,000 Bitcoin by the end of 2026.”
Meanwhile, HK Asia Holdings, based in Hong Kong, is planning to raise $8.35 million through new stock and convertible bond issuance, likely to fund further Bitcoin purchases. This follows their first Bitcoin acquisition in February 2025, which reportedly doubled the company’s stock price in just one day.
In addition to these companies, traditional financial institutions are also considering Bitcoin as part of their foreign exchange reserves. The Bank of Singapore and the Central Bank of the Czech Republic are among those exploring this option. Previously, many firms justified Bitcoin purchases as a hedge against inflation or a means to diversify their treasury reserves. However, there is a growing sentiment among public companies that Bitcoin represents a “scarce digital asset of long-term value,” with some even suggesting it could serve as a foundation for future financial systems.
The entrance of new players like Metaplanet and Twenty One—a joint venture involving SoftBank, Tether, and Cantor Fitzgerald—marks a significant shift in the Bitcoin accumulation race. Twenty One is expected to launch with around 42,000 Bitcoin, valued at nearly $4 billion, positioning itself as the third-largest Bitcoin holder globally, behind MicroStrategy and the U.S. government (from confiscated assets). This shift underscores a newfound seriousness among traditional financial institutions regarding Bitcoin.
What sets these new companies apart is their innovative funding strategies. Metaplanet is not just issuing bonds and stocks like MicroStrategy; it is also utilizing income strategies from Bitcoin, such as selling cash-secured put options. Twenty One takes it a step further by structuring itself as a “pure Bitcoin investment fund,” focusing solely on holding Bitcoin as its main business activity, a notable evolution from MicroStrategy’s software company model with a Bitcoin treasury strategy.
The implications of these new institutional players are profound. Firstly, regarding Bitcoin supply, if current accumulation trends continue, institutions are projected to hold more than 10% of the total Bitcoin supply within the next two to three years. Given Bitcoin’s fixed supply cap of 21 million units and the diminishing rate of new Bitcoin mined (approximately 450 Bitcoin per day), this accumulation could exert significant upward pressure on prices.
Secondly, the legitimacy of Bitcoin in the financial sector is being reinforced. With major names like SoftBank and Cantor Fitzgerald entering the market, a domino effect is likely to compel other organizations to take Bitcoin more seriously. A recent survey by PwC indicated that 76% of large financial institutions are considering adding Bitcoin to their investment portfolios within the next 18 months.
Lastly, the active participation of large institutions is pressuring regulators to establish clearer legal frameworks for Bitcoin. Notably, Japan and Hong Kong are leading the charge in implementing crypto-friendly policies, while Singapore has issued specific guidelines for institutions looking to invest in Bitcoin.
While Bitcoin garners attention, Ethereum is also experiencing notable fluctuations. On the same day, May 7, 2025, Ethereum’s price opened with a 4% increase over the past 24 hours. However, market sentiment appears bearish, as evidenced by the Taker Buy Sell Ratio, which dropped to 0.866, the lowest since early February. This decline suggests that short positions are dominating the derivatives market.
Data from Coinglass indicates that while Open Interest (OI) in Ethereum futures has increased, the price has decreased, signaling that new capital is flowing into sell orders. Conversely, on the Chicago Mercantile Exchange (CME), OI fell by over 5%, suggesting that many institutional traders are closing positions, particularly asset managers and retail traders.
Despite these bearish indicators, the spot market reflects a bullish sentiment, with over 63,690 ETH withdrawn from exchanges in the last 24 hours, indicating confidence among long-term investors. The anticipated Pectra upgrade, expected to roll out within 24 hours, is a key factor supporting this optimism. The upgrade will expand the data blob space from 3 to 6 per block and increase the staking limit from 32 ETH to 2,048 ETH, while also introducing smart wallet support, enabling users to conduct funded transactions and pay gas fees with ERC-20 tokens.
However, Ethereum faces significant technical challenges. If ETH cannot maintain support around the 14-day EMA and 50-day SMA, the price could drop to $1,688. In the past 24 hours, approximately $50.93 million was liquidated from ETH futures contracts, with $39.78 million from long positions and $11.15 million from short positions. ETH has fallen below the $1,800 mark, losing critical support from key technical indicators.
The current market dynamics for Ethereum suggest a tug-of-war between selling pressure from futures traders and the long-term expectations of spot market investors ahead of the significant Pectra upgrade. If buyers can push the price back above the symmetrical triangle model, the bearish scenario may be invalidated, allowing ETH to revisit the $1,800 level and potentially higher amidst the optimistic sentiment surrounding the upcoming upgrade.
