Bitcoin News Today: Bitcoin's Market Cap Surpasses Amazon as It Mirrors Gold's Role in Portfolios

Bitcoin May Have Surpassed Amazon in Market Cap as ETFs, Corporate Holdings and New Laws Deepen Market Integration

October 2, 2025

Bitcoin's institutional adoption has reached a pivotal inflection point, with market analysts noting that its market capitalization may now exceed that of Amazon. As of late September 2025, 335 entities collectively held 3.75 million BTC, a surge driven by U.S. spot ETF inflows and corporate treasury allocations. Major holders include MicroStrategy, the U.S. Treasury, and a growing cohort of public companies, with institutional demand concentrated in ETFs, funds, and corporate reserves. This shift reflects Bitcoin's emergence as a strategic reserve asset, mirroring gold's role in traditional portfolios.

The U.S. spot Bitcoin ETF landscape has become a cornerstone of market integration, with assets under management (AUM) surging to $83.5 billion in the iShares Bitcoin Trust ETF (IBIT) alone. The top 10 ETFs, including Fidelity's FBTC and Grayscale's GBTC, collectively hold over $190 billion in Bitcoin, attracting both retail and institutional capital. These products have facilitated a structural shift, enabling investors to access Bitcoin through familiar financial instruments while reducing liquidity risks via custodial safeguards.

Corporate adoption has outpaced ETF growth, with public companies acquiring 245,510 BTC in the first half of 2025-375% higher than the prior year. Over 70 firms, including MicroStrategy, Coinbase, and Tesla, now hold more than 650,000 BTC collectively. This trend mirrors the 2021 surge in corporate gold reserves, with Bitcoin serving as a hedge against inflation and low-yield treasuries. Notably, MicroStrategy's Bitcoin purchases accounted for 55% of corporate buys in H1 2025, down from 72% in 2024, signaling a diversification of institutional participants.

Regulatory scrutiny has intensified as the sector matures. The SEC and FINRA are investigating over 200 firms for potential insider trading and Reg FD violations tied to pre-announcement stock price spikes. Companies like GameStop, Trump Media & Technology Group, and Bitmine have faced inquiries due to abnormal trading patterns. While enforcement actions remain pending, the focus underscores regulators' efforts to align crypto treasury strategies with traditional securities laws. This scrutiny may delay corporate Bitcoin purchases but is expected to foster long-term market credibility.

Looking ahead, Bitcoin's trajectory is shaped by a confluence of factors. The impending 2025 halving event, which reduces miner rewards, is projected to create a supply shock, potentially driving price appreciation. Institutional demand, supported by ETF inflows and corporate allocations, is anticipated to persist, with BlackRock's Larry Fink declaring Bitcoin "a core asset class for the next decade." However, regulatory clarity remains a critical variable, with the SEC's enforcement actions and the EU's MiCA framework influencing market dynamics.