Bitcoin Surpasses Amazon in Market Capitalization

TLDR

• Bitcoin's market cap hit nearly $2.4 trillion in July 2025.
• BlackRock's IBIT manages over $80 billion in Bitcoin assets.
• Institutional purchases accounted for over half of Bitcoin buys.

Bitcoin's Historic Market Surpass of Amazon

Bitcoin has achieved a significant milestone, having officially overtaken Amazon in market capitalization. As of July 2025, Bitcoin's market capitalization has reached nearly $2.4 trillion, placing it among the top five global assets. This ascent has been driven by record-high spot ETF inflows, rapid institutional adoption, and pivotal regulatory shifts in the U.S.

The achievement marks Bitcoin's increasing role as a mainstream portfolio asset. The cryptocurrency was previously less accessible due to regulatory and access barriers. Key players such as institutional asset managers and corporate treasuries have been instrumental in driving this change.

Institutional and Corporate Participation

Institutional asset managers, including BlackRock, Fidelity, and Grayscale, have led the Spot Bitcoin ETF market. BlackRock's IBIT alone manages over $80 billion in assets. Additionally, corporate entities like MicroStrategy have significantly increased their Bitcoin holdings, accounting for over half of all institutional Bitcoin purchases in the first half of 2025.

Public U.S. entities and the U.S. Treasury have also ramped up their Bitcoin acquisitions. Legislations, such as the CLARITY Act and the GENIUS Act, passed by the U.S. Congress, have legitimized Bitcoin as a regulated asset, facilitating greater institutional participation.

Statements from Industry Leaders

Key opinion leaders have recognized Bitcoin's growing legitimacy. Larry Fink, CEO of BlackRock, stated that Bitcoin is now "a core asset class for institutional and sovereign investors." Michael Saylor, Executive Chairman of MicroStrategy, noted the cryptocurrency's role as collateral and a treasury reserve is now a financial reality.

U.S. Congressman Patrick McHenry, Chair of the House Financial Services Committee, remarked that the bipartisan passage of the CLARITY Act has removed significant barriers for institutional Bitcoin participation. Such endorsements have reinforced Bitcoin's position within mainstream financial systems.

Impact on Related Assets

Bitcoin's rise has also impacted other cryptocurrency assets. Ethereum experienced moderate gains, although not equivalent to Bitcoin's ETF-driven success. Other assets, such as Layer 1 and Layer 2 tokens and DeFi governance tokens, might experience correlated uptrends albeit lacking direct ETF inflows.

Overall, Bitcoin supply on exchanges has hit multi-year lows, highlighting long-term holding trends and limited liquid selling. Institutional wallets continue to be significant net buyers, affirming the ongoing demand for Bitcoin as a financial asset.

Michael Saylor, "Bitcoin’s legitimacy as collateral and treasury reserve is no longer in question—this is now financial reality."

Michael Saylor, Executive Chairman, MicroStrategy