Crypto Firms Tap Capital Markets to Fuel Bitcoin Buying Spree

Key Takeaways:

• Crypto firms are raising billions to buy Bitcoin amid a historic price rally.
• Publicly listed companies holding Bitcoin have jumped to 113, with over 800,000 BTC.
• Major players like Trump Media, Blackstone, and DigiAsia are joining the treasury buying trend.

Digital asset companies are flooding capital markets to raise funds for large-scale Bitcoin acquisitions, spurred by the cryptocurrency’s rally to a record $111,965 last week.

The surge, up more than 50% from early April, has ignited a wave of listings and mergers as firms race to secure funding while investor appetite remains strong, according to a recent report by the Financial Times.

This week, Trump Media & Technology Group confirmed plans to raise $2.5 billion to buy crypto, joining a growing list of firms mimicking MicroStrategy’s blueprint.

MicroStrategy, now renamed “Strategy,” holds 580,000 BTC and boasts a market capitalization exceeding $100 billion, more than the current value of its Bitcoin reserves.

As of now, 113 publicly listed companies hold Bitcoin, up from 89 in April, with a combined stash of over 800,000 BTC worth approximately $88 billion.

“Favourable market conditions are drawing capital,” Aaron Chan of Flow Traders told FT.

“Investors are trying to get in early on the next Strategy.” That momentum is converging with this week’s annual Bitcoin conference in Las Vegas, a high-profile event drawing key players from finance, politics, and crypto.

Among those capitalizing is Twenty One Capital, founded by Jack Mallers and backed by SoftBank, Tether, and Cantor Equity Partners.

The venture expects to hold 42,000 BTC post-merger, valuing the firm at $14.4 billion.

Meanwhile, Strive Asset Management, co-founded by former U.S. presidential candidate Vivek Ramaswamy, aims to raise up to $1.5 billion to fund its own Bitcoin acquisitions.

Trump Media is diving headfirst into crypto, raising $2.5 billion to build one of the biggest Bitcoin treasuries.#TrumpMedia #Bitcoin https://t.co/Fpfqth4KCA

Other firms are using mergers to fast-track listings. American Bitcoin, part-owned by Trump’s sons, is merging with Gryphon Mining, whose shares have surged 120%.

KindlyMD, the acquisition partner of Nakamoto Holdings, has seen a 540% rise since their deal. Nakamoto CEO David Bailey said the goal is to “package Bitcoin” into forms accessible to institutional buyers.

While the rally is creating momentum, analysts caution the copycat effect may hit limits.

“The market needs to believe in the strategy,” said Patrick Bush of VanEck, highlighting the unique position of Strategy founder Michael Saylor. “His public visibility plays a key role.”

Just recently, French crypto holding company Blockchain Group announced plans to purchase an additional $72 million worth of Bitcoin following a successful €63.3 million bond sale, as it expands its aggressive treasury strategy.

On May 20, Blackstone, the world’s largest alternative asset manager, made its first move into crypto markets, purchasing shares in BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin exchange-traded fund.

According to a filing with the U.S. Securities and Exchange Commission, Blackstone acquired 23,094 IBIT shares as of March 31, valued at approximately $1.08 million.

Prior to that, shares of Indonesian fintech firm DigiAsia Corp surged by over 91% on May 19, after the Nasdaq-listed company announced plans to raise $100 million to initiate Bitcoin purchases as part of a new treasury strategy.

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