📈 Global corporate bitcoin holdings increased by around 80,000 BTC in April; Selected merchants at the Formula 1 Crypto.com Miami Grand Prix will utilise Crypto.com Pay for payments

Global corporates added ~80,000 BTC in April; Crypto.com will integrate Crypto.com Pay at the Formula 1 Crypto.com Miami Grand Prix; Crypto.com partnered with Green Dot to offer new banking features

Quick Take

• Global corporate bitcoin holdings increased by around 80,000 BTC in April; Selected merchants at the Formula 1 Crypto.com Miami Grand Prix will utilise Crypto.com Pay for payments; Crypto.com partners with Green Dot to enhance banking and money movement features 
• US spot bitcoin ETFs had a net inflow of US$1.6 billion in the past five trading days, the third consecutive week of net inflows. Spot ether ETFs saw a net inflow of $43 million in the same period, the second consecutive week of net inflows. 
• On the macro side, US nonfarm payrolls increased by 177,000 in April, above the Dow Jones estimate of 133,000. The unemployment rate stayed at 4.2%, which remained in line with expectations and indicates a relatively stable labour market. The US GDP fell by 0.3% year-over-year in Q1 2025, the first quarter of negative growth since Q1 2022, as the economy saw a surge in imports ahead of the tariffs. The latest CME FedWatch Tool showed a 3% probability of a May rate cut in the US (vs 10% last week). The Bank of Japan kept interest rates unchanged at 0.5% which was in line with expectations. 
• Notable updates: Jupiter (JUP) introduced Ultra v2 as its default swap engine
• Notable events in the coming week: Interest rate decisions from the US Federal Reserve and the Bank of England

Weekly Market Index

Price index was up by +1.20%, while volume and volatility indices were down by -25.52% and -9.86%, respectively. Only BTC (+1.64%) and ETH (+2.01%) saw price growth. Stacks (STX) led the decline in both price (-12.0%) and volume (-59.0%). Stacks’s sBTC withdrawals went live, allowing users to convert sBTC on Stacks to BTC on the Bitcoin network. Prices increased during the middle of the week, which coincided with stronger-than-expected nonfarm payroll growth in the US. Prices of the crypto market largely retraced towards the end of the week as investors braced for potential volatility ahead of the US Fed’s interest rate decision on 7 May. 

Chart of the Week

Global corporate bitcoin holdings increased by about 80,000 BTC in April 2025 to an estimated total of  750,000 BTC as of 28 April, according to data from Bitwise. Strategy (formerly Microstrategy), the largest corporate holder of bitcoin, contributed significantly to the increase by adding 25,370 BTC this month. 15 new public companies also added the digital asset to their reserves in April, as compared to only nine companies in March. This reflects a growing institutional adoption and interest in Bitcoin. 

Weekly Performance

BTC and ETH increased by +1.6% and +2.0%, respectively, in the past seven days. A majority of large-cap tokens decreased in price as investors braced for the Fed’s upcoming interest rate decision.

All key categories decreased in market capitalisation in the past seven days, except for the Layer-1 category. 

Notable Updates

News Highlights

Crypto.com / Cronos News

• Selected merchants at the Formula 1 Crypto.com Miami Grand Prix will utilise Crypto.com Pay for payments. This marks the first time cryptocurrencies will be accepted for food and beverage purchases by participating vendors.
• Crypto.com partnered with Green Dot Corporation (NYSE: GDOT) to offer new banking and money management features to Crypto.com’s US customers. Crypto.com will leverage Green Dot’s Arc platform for on- and off-ramp, enabling customers to fund accounts using US dollars. The company will also launch a new interest-earning savings vault powered by Arc.
• Crypto.com partnered with The Ring Magazine to sponsor Fatal Fury, a major boxing event, in Times Square. The event featured high-profile matches, including that of Ryan Garcia and Rolly Romero on 2 May 2025.

Adoption

• Three major institutions in Abu Dhabi, including sovereign wealth fund ADQ, First Abu Dhabi Bank (FAB), and International Holding Company, partnered to launch a new dirham-pegged stablecoin. The stablecoin is pending regulatory approval and will be regulated by the United Arab Emirates’s (UAE) central bank if approved.
• Goldman Sachs aims to bring 24/7 tokenised treasuries and money market fund shares trading in the US, according to digital assets head Mathew McDermott. The firm is preparing to launch three tokenisation projects this year. 
• The government of Maldives signed an agreement with MBS Global Investments, a Dubai-based family office, to develop a $9 billion crypto and blockchain hub in its capital, Malé. This comes as the country aims to move away from reliance on tourism and fisheries. 

Investment Vehicles

• BlackRock filed to create digital ledger technology (DLT) shares to track its BLF Treasury Trust Fund (TTTXX), which invests mainly in US Treasury bills and cash. The shares can only be purchased from BlackRock Advisors and the Bank of New York Mellon (BNY), and the firm intends to use blockchain technology to maintain a mirror record of share ownership for investors.  
• 21Shares filed to list a spot SUI ETF with the US SEC. This came after 21Shares’s Sui staking exchange-traded product (ETP) began trading within Europe in July 2024.
• Grayscale launched the Grayscale Bitcoin Adopters ETF, an investment product that tracks companies with a bitcoin treasury or holding strategy across seven business sectors, including bitcoin mining firms, automotive companies, and energy. 
• Canary Capital filed to list a staked SEI ETF with the US SEC, aiming to offer direct exposure to SEI while potentially offering additional yield by staking a portion of its assets. 
• Nasdaq filed to list 21Shares’s Dogecoin ETF, a fund that 21Shares’ proposed in April following similar applications from Bitwise and Grayscale. 

Regulation

• The European Union is set to impose rules that will ban privacy-preserving tokens and anonymous cryptocurrency accounts by 2027. This is part of its new Anti-Money Laundering Regulation (AMLR), which sets restrictions on credit institutions, financial institutions, and crypto asset service providers (CASPs).  

Others

• Ripple reportedly submitted a bid of up to $5 billion to acquire stablecoin issuer Circle but was rejected. This came less than 30 days after Circle filed for an initial public offering (IPO) in the US. 

Recent Research Reports

• Crypto Card Consumer Spending Insights 2024: A full breakdown of what our community across the globe likes to spend on in 2024.
• Wall Street On-Chain Part 2 – RWA Tokenisation: Real-world asset (RWA) tokenisation is revolutionising traditional finance by bringing liquidity, efficiency, and accessibility. This report explores tokenisation by asset classes, including institutional adoption and regional initiatives, as well as RWAs by chain.
• Research Roundup Newsletter [March 2025]: We present to you our latest issue of Research Roundup, featuring our deep dives into Crypto Card Consumer Spending Insights 2024 and RWA Tokenisation.

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