Bitcoin's market capitalization surpassed Amazon's, and global listed companies set off a coin hoarding war

Written by Bright, Foresight News

On the morning of July 15, the crypto secondary market ushered in a healthy pullback after BTC hit a new high of $123,300. Many altcoins have rebounded sharply, ETH once regained its footing back to $3,000, and Sui briefly touched $4, following the rally. As of press time, Bitcoin's correction was tentatively trading at $117436.

In terms of liquidation data, according to Coinglass, a total of more than 137,700 people have liquidated their positions in the last 24 hours, with a total liquidation of $775 million, a short order liquidation of $551 million, a long liquidation of $224 million, and a main short order. The largest single liquidation on the CEX was BTC-USDT, which occurred on Binance and was worth $98.1006 million.

Under the influence of the sentiment of BTC's new highs, even if the overall index of US stocks only rose slightly, US crypto-related stocks set off a boom. Coinbase stood at $398.5 intraday, with a total market capitalization of $100 billion, a record high. MicroStrategy rose more than 3.78% to close at $451.02, holding the $450 mark. Circle halted losses and closed up 9.27% at $204.7.

But the craziest expansion is not the aforementioned established crypto companies. Newly established or transformed cryptocurrency strategic reserve companies are gearing up to form a staunch buying force in the market after the new high of bitcoin. And crypto asset manager Grayscale, which once dominated the Grayscale of BTC ETFs, secretly submitted an IPO application to the US SEC. Different players in the cryptocurrency market have increased their "acceleration" with the new highs of BTC.

Coin hoarding company: I'll buy it for everyone

According to the data, in the week from July 7 to July 14, excluding mining companies, the total weekly net inflow of BTC allocated by global listed companies was $628 million. In addition to Strategy and Metaplanet, another 5 emerging BTC strategic reserve companies made new purchases last week, and the British digital advertising company The Smarter Web bought $29.1 million, bringing the total holdings to 1,275; Remixpoint, a Japanese listed company, purchased $13.89 million, with a total position of 1,168.28 shares; KULR, an American technology company, invested $10 million, bringing its total holdings to 1,021; Japanese apparel company ANAP bought $5.21 million, bringing the total holdings to 229.23 pieces; Blockchain Group, a French Web3 services company, bought $3.23 million, bringing its total holdings to 1,933.

On July 14, Sequans Communications, a NYSE-listed IoT chip company, announced that it had purchased another 683 bitcoins, holding a total of 1,053 bitcoins. Genius Group, an artificial intelligence company, bought 32 BTC for a total of 180 BTC.

Excluding BTC, BTCS Inc (BTCS), a publicly traded company in the United States, increased its holdings by 14,522 ETH, bringing the company's crypto and cash market capitalization to $96.3 million, including 29,122 ETH. BitMine Immersion (BMNR) announced that it currently holds about 163,000 ETH, with a total market capitalization of more than $500 million, far exceeding the previous $250 million private placement.

Fundraising, mergers and acquisitions

In addition to the actual purchase of BTC, fundraising cannot be stopped.

Canada-listed Matador Technologies first announced its intention to raise C$900 million to continue buying Bitcoin, and Nasdaq-listed BTC Digital announced that it has completed another $1 million BTC strategic reserve on top of the initial $1 million ETH strategic reserve, and plans to expand the total cryptocurrency strategic reserve to more than $10 million by the end of 2025.

Sonnet BioTherapeutics, a NASDAQ-listed company, entered into a business combination agreement with Rorschach I LLC valued at approximately $888 million. Upon completion of the business combination, the newly formed entity will be named Hyperliquid Strategies Inc, which is expected to hold approximately 12.6 million HYPE tokens valued at $583 million.

In addition, Everything Blockchain Inc., a U.S.-listed company, announced the establishment of MemeStrategy Inc., which will initially hold tokens such as PEPE, BONK and SPX6900, and may follow Strategy's strategic reserve of Meme coins in the future.

And RWA protocol Ondo Finance announced the acquisition of crypto technology consultancy Strangelove to accelerate the development of a full-stack RWA platform.

Grayscale is also going to IPO?

Last night, crypto asset manager Grayscale announced that it had filed an IPO registration statement with the U.S. Securities and Exchange Commission (SEC), but did not disclose details such as the number of shares it intends to sell or the expected price range. Grayscale said it expects its IPO registration to take place after the SEC completes its review process, but did not provide a specific timeline.

Previously, the SEC rejected Grayscale's application to convert its flagship Bitcoin trust into an exchange-traded fund (ETF) during the Biden administration, but the decision was overturned by a federal appeals court in 2023. The Grayscale ETF was approved in early 2024 and has grown to $21.7 billion in assets to become one of the largest Bitcoin ETFs in the world.

The timing of Grayscale's IPO is ambiguous. THIS WEEK, THE U.S. CONGRESS WILL USHER IN "CRYPTO WEEK", PLANNING TO CONSIDER THREE KEY CRYPTOCURRENCY LEGISLATION, INCLUDING THE CLARITY BILL AND THE GENIUS BILL. French Hill, chairman of the House Financial Services Committee, said these "landmark legislations" would establish a clear regulatory framework for digital assets. The United States is even gradually opening the door to citizens to buy crypto tokens in retirement accounts.

It can be seen that in the context of the recovery of liquidity and the gradual liberalization of regulatory policies in the United States, the number of players entering crypto will inevitably rise, and the interweaving of crypto finance and traditional finance is bound to become closer. According to Bitfinex, new buyers entering the Bitcoin market are seen as "price-insensitive" investors who are hoarding Bitcoin faster than miners can supply, and BTC is demonstrating its importance in the world's financial system.