Stablecoin Market Cap Reaches $220 Billion; Thumzup Media to Raise $200M for Bitcoin, BlackRock Buys $678M in BTC

The total market capitalization of stablecoins has reached a new record of $220 billion, indicating significant growth in the sector. Stablecoins now account for 65% of the total value locked on the Ethereum mainnet, amounting to approximately $130 billion.

Thumzup Media, a publicly traded company, has announced plans to raise $200 million through a shelf offering, with the intention of using the proceeds to purchase Bitcoin and fund corporate operations.

Bitcoin price forecasts for 2025 range widely, with estimates from $122,000 to $700,000. BlackRock has set a high target of $700,000 based on a potential 2-5% institutional allocation to Bitcoin. Additionally, Bitwise predicts Bitcoin could reach $1 million by 2029, with a base case of $200,000 for 2025 or $500,000 if the U.S. adopts Bitcoin.

BlackRock has reportedly purchased $678 million worth of Bitcoin, signaling strong institutional interest in the cryptocurrency. Furthermore, BlackRock recommends a 2% allocation to Bitcoin, which could imply a market cap of $18 trillion and a per-coin value of approximately $900,000. Coinbase CEO has also expressed a bullish outlook, stating that 'crypto is going to eat most of financial services.'

Strategy (MSTR), a company focused on accumulating Bitcoin, has received buy ratings from research analysts at Benchmark and Bernstein, with lofty price targets set for its shares. The company reported a decline in per-share value in Q1 2025 but continues its aggressive Bitcoin acquisition strategy, aiming to raise $84 billion through 2027 to fund further purchases. It was noted that $1.5 billion in Bitcoin shorts could be liquidated if Bitcoin hits $100,000, and Arthur Hayes predicts Bitcoin could reach $1 million by 2027-2028. Kevin O'Leary has stated that for the billions waiting to enter crypto, it will be Bitcoin itself, not Ethereum.