Sophia’s Thoughts on Global Crypto Accumulation
Crypto is no longer just being traded. It’s being accumulated, institutionalized, and enshrined on balance sheets around the world.
These are Sophia's Thoughts:
From Trump Media and Méliuz to Metaplanet and Solana-native firms, corporations and governments are building crypto treasuries as a long-term strategic asset.
With exchange balances at record lows and OTC reserves rapidly depleting, institutional demand is absorbing more Bitcoin than the network can produce.
The CLARITY Act promises to give U.S. institutions the regulatory framework they’ve been waiting for, unlocking the next wave of participation and global legitimacy.
🚀 Last week’s market performance
The crypto market pulled back this week, with both Bitcoin (BTC) and the broader market declining 3.3%. Amid the dip, ApeCoin (APE) stood out, gaining 7.1% as it gained traction as a trending meme on X. On the other end, Raydium (RAY) posted the largest drop, falling 25.3%, as sentiment around Solana ecosystem tokens weakened.
🧐 What is your crypto mood today?
In each Sophia's Thoughts newsletter, we ask about your crypto mood. Your response to this question helps Sophia get a better sense of the pulse of crypto markets. And this ultimately translates into better insights for you when combined with Sophia's AI models. Your data empowers Sophia to provide you with even better intelligence going forward!
🌐 The Accumulation Era Has Arrived
From Florida to São Paulo, Tokyo to Islamabad, entities across the globe are actively building crypto treasuries. This doesn’t just signal belief, but strategic alignment with a digital future.
On May 30, Trump Media & Technology Group closed a USD 2.44 billion private placement involving over 50 institutional investors. Roughly USD 2.32 billion in net proceeds will be used to establish a Bitcoin treasury, making Trump Media one of the largest public BTC holders in the U.S. “Trump Media is focused on acquiring great assets, and this deal gives us the financial freedom to implement the rest of our strategies,” said CEO Devin Nunes, noting that the company’s liquid assets will now exceed USD 3 billion. Custody of the firm’s Bitcoin will be managed by Crypto.com and Anchorage Digital, underscoring the institutional maturity of this treasury plan.
The chart below shows the number of known entities holding Bitcoin. Public and private companies include both U.S. and international firms; exchanges like Coinbase may appear in either group depending on corporate structure. “DeFi / Smart Contracts” refers to on-chain holdings such as Wrapped BTC (WBTC) and cbBTC, where Bitcoin is custodied by smart contracts rather than traditional institutions.
In Brazil, fintech firm Méliuz is taking a similar path. The company is raising up to USD 26 million through a public share offering to expand its Bitcoin holdings. Méliuz, holding over USD 260 million in cash and equivalents, plans to allocate 10 percent of its reserves to Bitcoin, calling it “a long-term store of value.” The move marks Méliuz as the first publicly traded Brazilian company to adopt a Bitcoin treasury strategy. Across the Pacific, Metaplanet, a Japanese investment firm, continues its aggressive Bitcoin buying spree. After acquiring an additional 1,088 BTC on June 2 for USD 117.9 million, Metaplanet now holds 8,888 BTC, making it the eighth-largest corporate Bitcoin holder globally. The company’s stock has been defying gravity over the past month, up over 330% YTD.
Elsewhere, a parallel accumulation trend is unfolding in the Solana ecosystem. SOL Strategies Inc. (CYFRF) recently acquired 26,478 SOL for USD 4.7 million, while simultaneously exiting its Bitcoin position. The company, which manages over USD 550 million in staked assets, is doubling down on validator operations with near-perfect uptime. Firms like this represent a growing cohort of crypto-native companies concentrating their balance sheets in ecosystem-specific assets.
Finally, the geopolitical layer is beginning to take shape. At the Bitcoin 2025 conference in Las Vegas, Pakistan stunned the global crypto community with the announcement of a Strategic Bitcoin Reserve. But within days, the country’s finance officials publicly walked back the announcement, citing crypto’s illegality under current law. The internal conflict highlights a broader global tension: the race to adopt crypto is accelerating, even in places where the regulatory foundation is still catching up.
Across corporate boardrooms and government halls, the message is clear: Bitcoin and crypto are no longer fringe—they’re being treated as core strategic assets.
🚀 Supply Is Tightening, Demand Is Scaling
While corporate and governmental accumulation continues to attract headlines, the real story is reflected in the data. Bitcoin’s available supply is rapidly shrinking, and that shift carries major implications for market liquidity, pricing dynamics, and the long-term structure of the crypto economy.
Over-the-counter (OTC) Bitcoin balances, the preferred channel for institutional purchases, have declined significantly. According to CryptoQuant, these balances have dropped from approximately 486,000 BTC in September 2021 to just 115,000 BTC as of May 2025. At the current pace of withdrawals, averaging 276 BTC per day, OTC inventories could be depleted entirely by mid-2026. This suggests that high-net-worth buyers are increasingly moving their Bitcoin into cold storage, reflecting long-term conviction rather than short-term speculation.
At the same time, Bitcoin balances on centralized exchanges have fallen to their lowest levels since 2018. Currently, only 12 percent of the total supply, or approximately 2.5 million BTC, remains available for trading on exchanges. This represents a decline of over one million coins since 2022. More than 14 million BTC are now held in cold storage or alternative custodial methods, a shift largely driven by institutional investors, sovereign wealth funds, and exchange-traded funds. In recent months, ETFs alone have withdrawn over 1.3 million BTC from public markets.
The tightening of available supply is occurring just as institutional demand continues to accelerate. Companies like Trump Media, Méliuz, and Metaplanet are actively acquiring Bitcoin and treating it as a strategic treasury asset. In some cases, the volume of Bitcoin being acquired exceeds the rate of new coin issuance. Following the most recent halving, daily Bitcoin production now stands at approximately 450 coins. By comparison, Strategy is reportedly buying more than 4,000 BTC per week.
With fewer coins available and more institutions acquiring long-term positions, the structure of the market is changing. Liquidity is thinning, and Bitcoin is now being treated less as a speculative asset and more as a macro reserve.
🏛 Clarity Is Coming
As capital moves off exchanges and into long-term custody, the final unlock is arriving: clear, comprehensive regulation. On May 29, a bipartisan group of U.S. lawmakers introduced the Digital Asset Market Clarity (CLARITY) Act, which may finally bring structure to one of crypto’s most persistent unknowns.
The bill does more than just clarify which agencies oversee which assets. It creates a structured path for crypto projects to grow. It begins under SEC oversight when they are centralized and raising capital, and transitioning to CFTC oversight once they become decentralized and widely used. It also introduces strong consumer protections by requiring companies to keep customer funds separate from their own, be transparent about how their systems work, and protect users’ right to hold their own crypto. Rather than relying on vague enforcement threats, the bill offers a clear set of rules for building responsibly in the U.S. market.
Backed by leading voices in both parties, the legislation is designed to accelerate rather than suppress innovation. Lawmakers have framed it as a national priority, one that ensures the next generation of internet infrastructure is built in the U.S., not abroad. This comes at a critical moment. Institutional demand is rising and supply is constrained. Without clear rules, the next wave of participation could stall or move offshore.
If passed, the CLARITY Act won’t just reduce uncertainty, it will likely institutionalize confidence, unlocking deeper capital, more sophisticated products, and mainstream integration. Crypto markets have matured on their own terms. Now, regulation is finally catching up—first in the U.S., and soon, perhaps, around the world.
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