Crypto Soared in May as Institutions, States, and Regulators Embrace Bitcoin: Ikigai’s Kling

Travis Kling of Ikigai Asset Management shared his May highlights for bitcoin BTC and broader crypto ecosystem, underscoring the remarkable scale of institutional adoption throughout the month.

May was a blockbuster month for the crypto sector, headlined by unprecedented institutional investment, key legal developments, and heightened adoption by both private and public entities.

Bitcoin BTC reached new all-time highs of $112,000 as corporate giants like Strategy (MSTR) purchased $2.7 billion worth of BTC in four tranches, while BTC spot ETFs absorbed $5.2 billion in inflows reflecting rising mainstream demand.

Companies such as Trump Media & Technology Group and Twenty One Capital joined the wave, committing billions collectively to bitcoin treasury strategies. Notably, David Bailey’s Nakamoto Holdings raised $710 million to pursue a similar strategy following a reverse merger.

Public firms like SharpLink Gaming and VivoPower announced significant private placements to launch Ethereum and XRP treasury strategies, signaling diversification beyond Bitcoin.

At the state level, New Hampshire and Arizona became the first to pass strategic bitcoin reserve bills, underlining growing political endorsement. Regulatory clarity advanced, with the GENIUS Stablecoin Bill moving forward in the Senate, the SEC confirming that staking isn’t a security, and the OCC affirming that U.S. banks can legally buy, sell, and custody Bitcoin.

Coinbase’s $2.9 billion acquisition of Deribit strengthened its derivatives position, even amid a major user data breach. Kraken’s move to launch tokenized stocks on Solana and the SUI network’s $200 million Cetus protocol funding further showcased Web3 innovation.

Meanwhile, international players like Japan’s Metaplanet and France’s “The Blockchain Group” raised hundreds of millions to build bitcoin positions. The Nasdaq rose 9%, just 4% off its own ATH, indicating strong risk appetite across markets.

Stripe’s move to integrate stablecoin accounts capped off a month of acceleration, institutionalization, and structural maturation for crypto markets.

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