Stacks, Stakes & Stablecoins – The Institutional Crypto Engine Shifts Up a Gear

• BTC spot ETFs saw $1.9B in inflows, while ETH ETFs pulled in $293M
• MSTR acquired an additional 4,020 BTC, bringing its total holdings to 580,250 BTC
• Worldpay partnered with BVNK to launch USDC-based stablecoin payouts
  
  

Fresh BTC ATH, ETF inflows strong, the only thing better than BTC is more BTC

Crypto markets tracked the broader risk-on mood across TradFi this week, trading in the green and led by strength in altcoins. Total crypto market capitalization held above $3.41 trillion, while bitcoin dominance slipped below 63%. Among the blue chips, bitcoin posted a modest 0.9% weekly gain, while ether outperformed with a 6.3% rise. ETF activity mirrored the positive tone—BTC spot-only ETFs recorded $1.9 billion in net inflows over the past 4 trading days, while ETH spot-only ETFs brought in $292.8 million. Since their January 2024 debut, BTC spot-only ETFs have seen a cumulative $45 billion in net inflows, with BlackRock’s IBIT accounting for $48.8 billion, Fidelity’s FBTC for $11.7 billion, and Grayscale’s GBTC seeing $23.1 billion in outflows over the same period. The US SEC announced yesterday it will take an additional 60 days to review NYSE Arca’s proposed rule change to list the Bitwise 10 Crypto Index Fund, which tracks major assets including Bitcoin, Ethereum, XRP, Solana, and Cardano. It’s another marker on what’s becoming a longer runway for products looking to go beyond BTC and ETH.

The corporate treasury trend remains firmly in motion, with a fresh wave of bitcoin allocations announced this week. GameStop confirmed its first-ever BTC purchase, acquiring 4,710 coins as part of a previously signaled move into crypto exposure. Japanese investment firm Metaplanet is raising $50 million through a private placement of zero-interest bonds to expand its bitcoin position, while Brazilian fintech Méliuz finalized a shareholder-approved treasury proposal and added another 274.5 BTC. Meanwhile, Strategy (formerly MicroStrategy), the largest corporate holder of bitcoin, added another 4,020 BTC—worth approximately $427 million—bringing its total holdings to 580,250 BTC. The latest tranche was funded through ongoing at-the-market equity programs, including the sale of 847,000 MSTR shares ($348.7 million), 678,970 STRK preferred shares ($67.9 million), and 104,423 STRF preferred shares ($10.4 million). These offerings form part of Strategy’s long-standing accumulation playbook, which now totals $40.61 billion invested in bitcoin at an average purchase price of $69,979 per coin, with the most recent buys coming in at an average of $106,237.

Institutional appetite wasn’t limited to bitcoin—Solana also drew fresh attention this week. Two publicly listed firms unveiled new initiatives aimed squarely at the ecosystem—one focused on liquid staking, the other on long-term capital deployment. Canada-listed Sol Strategies filed a preliminary base shelf prospectus to offer up to $1 billion in equity and debt securities, giving the firm flexibility to scale its Solana exposure over time. While there are no immediate plans to raise capital, the filing follows a recent $500 million convertible note secured by the company, part of which was used to acquire over 122,000 SOL with a $20 million initial tranche. Meanwhile, DeFi Development Corp. (Nasdaq: DFDV) announced it will integrate Sanctum’s liquid staking infrastructure, making it the first public company to invest directly in Solana-based liquid staking tokens (LSTs). Through its new product, dfdvSOL, users can stake SOL via the company’s validators while retaining liquidity—allowing participation in DeFi or withdrawal at any time.

Money in motion – Circle taps the Street, TradFi builds the bridge, DC eases off

Stablecoin adoption continues to accelerate, with Worldpay and BVNK announcing a new partnership aimed at bringing near-instant global payouts in stablecoins to clients in the US and UK. The collaboration will enable businesses to pay third-party recipients—including customers, contractors, content creators, and sellers—in stablecoins across more than 180 markets, without requiring those recipients to directly manage or hold digital assets. The new functionality will be integrated into Worldpay’s existing payouts platform, where stablecoins will become the first digital asset supported alongside the 135 fiat currencies already available. The move marks a meaningful evolution in Worldpay’s approach to digital assets. The company first introduced USDC settlement options for merchants in select regions back in 2022, followed by a 2023 pilot program with Visa designed to speed up fund transfers. The upcoming stablecoin payout service—set to pilot in the second half of 2025 in partnership with BVNK—continues that trajectory, offering a clearer view of how traditional payment infrastructure is adapting to meet the demands of crypto-enabled commerce.

And as stablecoins gain traction in payments, one of the space’s biggest issuers is making its move on the public markets. USDC issuer Circle is looking to raise around $600 million through its planned IPO, according to an amended S-1 filing submitted to the SEC on Tuesday. The offering includes 24 million shares of Class A common stock, with 9.6 million offered by Circle itself and 14.4 million by existing stockholders. The company has also granted underwriters a 30-day option to purchase up to 3.6 million additional shares to cover over-allotments. Circle has applied to list its Class A shares on the NYSE under the ticker “CRCL,” with JPMorgan, Citigroup, and Goldman Sachs acting as lead bookrunners. The IPO is expected to price between $24 and $26 per share, though the company noted the deal remains subject to market conditions and may not be completed as planned. Based on a fully diluted share count of 217.3 million, the midpoint of the price range implies a valuation of approximately $5.43 billion. If reserved equity plan shares are included, the share count rises to 258 million, implying a valuation of roughly $6.7 billion at the high end. According to Bloomberg, BlackRock is reportedly preparing to purchase 10% of the shares issued—an early signal of institutional interest in Circle’s market debut.

The US Department of Labor is walking back its previous caution on crypto in retirement plans, stating that prior warnings may have overstepped the agency’s role by failing to maintain neutrality. In a new compliance directive issued Wednesday, the department clarified that it should not single out specific asset classes—crypto included—for either endorsement or warning. The shift aligns with the broader policy tone under President Trump’s administration, which has actively worked to remove regulatory roadblocks for digital assets. Trump has openly positioned himself as a pro-crypto candidate, declaring his intent to become the “crypto president.” This marks a reversal from the Biden-era guidance, which had advised 401(k) fiduciaries to tread carefully with crypto, citing its volatility and speculative nature. The Labor Department’s move follows a broader pattern of federal agencies—including the SEC, CFTC, FDIC, and OCC—revisiting or reversing earlier crypto stances under the current administration.

From spot ETF inflows and corporate treasury plays to IPO pipelines and real-world stablecoin rails, crypto's infrastructure push is no longer just conceptual—it's in motion. Bitcoin printing another fresh all-time high sharpened the spotlight, a clear reflection of capital and conviction continuing to scale. As institutions deepen exposure, regulators recalibrate, and product design advances, the shift from experimentation to implementation feels increasingly irreversible. What was once potential is now becoming architecture. While macro uncertainty remains high and largely outside the industry's control, the structural picture beneath continues to strengthen.

Macro pulse 

Among TradFi assets, oil futures rose 1.1% on the week, while US equities posted a 0.8% gain. Focus in equity markets centered on NVIDIA, which beat expectations on profit and revenue despite booking a $4.5 billion charge in Q1. While Q2 guidance came in light, it factored in an $8 billion hit from reduced H2O-related revenue. The release of FOMC minutes drew limited market reaction; members emphasized they were in a position to wait for greater clarity on the outlook, though some flagged tariffs as a potentially larger drag on activity than previously anticipated. Meanwhile, Asian equities and US futures climbed Thursday after a US federal court blocked President Trump’s proposed “Liberation Day” tariffs. Elsewhere, the US Dollar Index edged up 0.3%, 10-year Treasury yields declined 12bps, and the Gold & Silver Index advanced 1.8% on the week.

^{*Note: Weekly (7 calendar day) performance figures are as of 8am SGT on May 29, 2025} 

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