Bitcoin Surpasses Google in Market Cap, Reaching $570 Billion

This week has been a whirlwind of activity in the crypto world, with significant developments that are reshaping the landscape. The collision between crypto and traditional finance has intensified, with major moves and strategic shifts from both established players and new entrants.

One of the most notable developments is the emergence of Twenty One Capital, a new player in the Bitcoin treasury game. Backed by heavyweights such as Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, the company is set to merge with Cantor Equity Partners and rebrand as XXI. With plans to own at least 42,000 Bitcoin, worth roughly $3.9 billion, XXI aims to become the third-largest Bitcoin holder behind MicroStrategy and MARA Holdings. Unlike traditional ETFs, XXI is focused on two key metrics: Bitcoin per share (BPS) and Bitcoin return rate (BRR), with the goal of making shareholders wealthier in Bitcoin terms.

Another surprising move came from Upexi, which announced a plan to create a $100 million Solana treasury. The company, known for its energy supplements and mushroom products, saw its shares skyrocket by 335% following the news. Upexi plans to invest roughly $90 million in accumulating and staking Solana, adopting a "long-only" strategy. This bold pivot highlights the growing interest in Solana as a corporate asset.

The US Federal Reserve also made significant strides in easing crypto regulations. The Fed rolled back two key supervisory guidelines that had previously hindered banks from engaging in crypto and stablecoin activities. This shift reflects a more crypto-friendly stance, aligning with efforts to simplify regulations and support digital assets. The changes pave the way for a more open banking system in the US, potentially marking a turning point for digital assets.

Semler Scientific further demonstrated the corporate Bitcoin fever by increasing its Bitcoin holdings to $314 million. Chairman Eric Semler emphasized the firm's commitment to Bitcoin, stating that investors can sell or stop if they do not like the company's Bitcoin strategy. Despite this, Semler's stock saw a 7% increase by the day's close, indicating strong investor support.

Bitcoin ETFs also made headlines this week, pulling in a jaw-dropping $936 million in a single day. This marks only the fourth time that inflows have crossed $900 million, driven by inflation fears, interest rate speculation, and global uncertainty. Additionally, Donald Trump's Truth.Fi announced plans for a suite of crypto-focused ETFs in collaboration with Crypto.com, further fueling institutional interest in digital assets.

SEC Chairman Paul Atkins signaled a regulatory shift in his first week in office. Atkins criticized the previous administration's "enforcement-first" approach and promised to tackle ongoing issues around digital assets and blockchain. He emphasized the need for clear, pro-innovation rules to help crypto grow in the US. The roundtable also focused on securing digital assets, with industry leaders stressing the need for more flexible custody rules.

Ethereum's Pectra upgrade is set to go live on May 7, 2025, promising significant improvements in validator efficiency, security, and transaction capabilities. This upgrade is crucial for Ethereum as it continues its march toward scaling solutions and greater decentralization. Stakers and developers are closely watching the market reaction to this development.

Coinbase faced a new legal challenge as the State of Oregon sued the exchange for alleged securities violations. This adds to the ongoing legal clouds over the largest US-based crypto exchange, even as the market rallies.

In the traditional finance sector, Global Payments is set to acquire Worldpay for $24.25 billion, while spinning off its Issuer Solutions business to FIS. Stripe is also working on a stablecoin product, built on tech from its $1.1 billion Bridge acquisition. These moves indicate that traditional finance giants are gearing up for a crypto-infused future, willing to spend billions to get there.

Bitcoin surpassed Google (Alphabet Inc.) in market capitalization, cementing its place as the 5th most valuable asset in the world. With a market cap of $570 billion, Bitcoin now stands behind only gold, Microsoft, Apple, and Saudi Aramco. This milestone highlights the growing institutional interest in Bitcoin as a long-term store of value.

Looking ahead, the next few weeks promise to be intense. Ethereum's Pectra upgrade will test the market's appetite for new staking flows, while Bitcoin ETFs could see even bigger inflows if stablecoin legislation passes. Corporate treasury moves, especially into Solana, might accelerate as companies explore alternative assets to diversify away from Bitcoin. If Trump's ETFs start gaining traction, another breakout retail wave could be on the horizon, driven by growing mainstream attention.