Bitcoin Hits New All-Time High of $111,814 Amid More Corporate Treasury Bitcoin

Stay up to date with our monthly market commentary:

• Bitcoin reached a new all-time high of $111,814 on “Bitcoin Pizza Day”. 
• GameStop is one of the latest publicly traded companies to buy Bitcoin as a reserve asset. 
• Interest in spot Bitcoin ETF increased, marking five consecutive weeks of net inflows. 
• Bitcoin (BTC) closed the month up 9.0%, while Ether (ETH) is up 38.5% compared to last month.*

Market Overview - May 

The price of Bitcoin (BTC) increased by 9.0% in May, closing the month at around the $104,000 mark.

May was a great month for Bitcoin, with the cryptocurrency hitting a new all-time high of 111,814 on May 22, also known as Bitcoin Pizza Day, commemorating the day the first commercial Bitcoin transaction took place when Laszlo Hanyecz bought two Papa John’s pizzas with BTC back in 2010.  

In the past month, we saw GameStop become one of the latest publicly traded companies to announce its first Bitcoin purchase of 4,710 BTC. We also saw numerous other Bitcoin treasury purchases from the likes of Strategy, Metaplanet, Semler Scientific, and newly formed Nakamoto Inc. 

Moreover, Spot Bitcoin ETF investors were active in May, with five consecutive net inflow months, and two weeks with inflows exceeding $1.8 billion and another surpassing $2.75 billion. 

In the U.S., there was also positive news for stablecoin issuers and investors, as the Committee for Banking, Housing, and Urban Affairs announced the GENIUS Act and the Market Structure Bill. Both legislations propose clear guidelines on how to regulate stablecoins and integrate the digital asset technology into the modern financial system. 

Senator Cynthia Lummis has been very vocal about the bill at this year’s Bitcoin2025 conference in Las Vegas, where she said: “The market structure bill is probably more important to a lot of the people in this conference than the stablecoin bill because there are a lot of businesses. There are businesses for people who either buy and hold, so they want a custodial service, or there are companies that lend Bitcoin, there is a futures market for Bitcoin, there are so many ways in which Bitcoin can interface with fiat currency, with the US dollar.”

Both bills are now up for vote in the House and Senate, with potential approvals further down the line in the coming months. 

Crypto Asset Market Performance Review 

The crypto asset markets painted a mixed picture in May. Ether (ETH), Bitcoin (BTC), Binance (BNB), and Dogecoin (DOGE) were the clear winners this month, while Ripple’s XRP and Cardano (ADA) ended the month in the red. 

BTC followed its strong end to April with a 9% month-on-month increase in May, reaching a new all-time high in the process. 

The clear winner this month, though, was ETH with a 38.5% increase. The second-largest cryptocurrency experienced a rise in liquidity, particularly on its layer-two network, and an increase in trading volume on decentralized exchanges and DeFi protocols. 

According to the Ethereum Foundation, further protocol upgrades are planned for later this year, which should, in turn, boost activity on the leading smart contract-enabled Layer 1 blockchain. 

Next to ETH and BTC, Binance’s BNB token and Dogecoin were also among the best performers this month. Both tokens saw an increase in trading volume, fueled by memecoin trading activity.  

Institutional Interest in Bitcoin

GameStop is one of the latest publicly traded companies in the U.S. to purchase BTC for its balance sheet, while spot Bitcoin ETFs experienced five consecutive weeks of inflows.

Institutional Interest Is Increasing With Bitcoin Treasury Companies and Five Consecutive Net Inflow Weeks for Spot Bitcoin ETF

Strategy’s dedicated Bitcoin accumulation strategy has been a notable case study for publicly traded companies to utilize BTC as a strategic reserve asset and revitalize their market value. 

This success led to the emergence of Bitcoin treasury companies. 

These are companies with the goal of raising capital or using existing capital to acquire as much BTC as possible. This essentially turns their stock into indirect exposure to BTC for equity investors.

Companies such as TwentyOne, Metaplanet, and Nakamoto Inc. most recently publicly announced they are dedicated Bitcoin treasury companies. 

In addition to these companies, investors also have the option to invest in spot Bitcoin ETFs to allocate their funds towards BTC. 

Source: SoSoValue

In May, the Bitcoin ETFs experienced five consecutive weeks of net inflows, with one week exceeding $1.8 billion and another surpassing $2.75 billion. The last time we saw five successive inflow weeks was earlier this year, at the end of January and the beginning of February. 

Gamestop Is the Latest Publicly Traded Company to Buy BTC With a 4,710 Kickstart

In March, the popular gaming company announced the issuance of convertible notes and an update to its investment policy, which now includes Bitcoin as a treasury reserve asset. The board approved the proposal unanimously, laying the groundwork for the company to prepare its first BTC purchase. 

This month, the company took a crucial first step by purchasing 4,710 BTC. While there has not yet been public communication about further purchases, the company raised roughly $1.5 billion, of which portions will be used for corporate purposes and to buy more Bitcoin. 

Bitcoin on Balance Sheets

Strategy, the largest publicly traded holder of Bitcoin, didn’t stop its continuous effort in buying Bitcoin as a strategic reserve asset. In May, the company purchased 26,695 BTC in total, bringing its total balance sheet holdings to 580,250 BTC. 

GameStop, a publicly traded company in the U.S., is one of the latest firms to establish a Bitcoin reserve. In March, they announced the issuance of convertible notes and, in May, the company purchased BTC for the first time. It currently holds 4,710 BTC on its balance sheet. 

Metaplanet, a publicly traded Japanese company, announced the issuance of moving strike stock acquisition rights to raise up to ¥116 billion to buy Bitcoin in January 2024. This month, the company bought 555, 1,241, and 1,004 BTC, totaling 7,800 BTC on its balance sheet. 

Nakamoto Inc. (formerly KindlyMD), a publicly traded company in the U.S., announced its dedicated Bitcoin treasury business this month. They raised $510 million through a PIPE financing round and will issue convertible notes worth $200 million to acquire BTC as a treasury reserve asset. The first Bitcoin purchase also occurred this month, with 21 BTC serving as the starting point for Nakamoto’s balance sheet. 

Semler Scientific, a publicly traded company in the U.S., acquired 630 BTC, bringing the company's total BTC holdings to 4,264 BTC on its balance sheet. 

‍*Closing price data is from May 30, 2025, at 20:45 PT