While bitcoin’s price surged to all-time highs back in May, peaking at about $112,000, analysts and industry insiders believe that there is still more room for further upside.
One of the key drivers of this rally includes the enactment of new crypto laws, with five US states establishing long-awaited bitcoin legislation. For instance, the state of Texas passed a bill that establishes a state Bitcoin (BTC) reserve, while New Hampshire enacted a similar law that allows the state treasurer to invest in public funds containing precious metals and digital assets such as Bitcoin.
With bitcoin’s momentum showing no signs of slowing down soon, it’s no surprise that institutions like Standard Chartered and BitQuant are predicting that prices could go as high as $200,000 by the end of the year, driven by ETF inflows and institutional allocations. According to a UTXO and Bitwise joint report, Bitcoin will see $427 billion in institutional inflows by the end of 2026, including $120 billion expected to flow in this year.
As such, here are four key players in the digital assets space that appear well positioned to capitalize on these tailwinds.
Metalpha Technologies Limited (NASDAQ:MATH) is not your regular bitcoin play. It is a digital wealth management company that specializes in bitcoin derivatives and structured products. Instead of just accumulating bitcoin on its balance sheet, Metalpha has positioned itself as a globally compliant, institutional-grade platform specifically tailored for institutional investors looking for exposure to digital assets while limiting direct volatility risk.
That means that while the performance of traditional bitcoin mining and exchange-based companies is tied to bitcoin prices, Metalpha’s structure allows it to generate revenue regardless of the direction of prices. In addition to that, Metalpha benefits from the strategic backing of industry giants Bitmain and Antalpha Technologies, providing the company with a unique edge.
With a 38.6% stake in the company, the partnership with Bitmain allows Metalpha to structure derivative products that directly benefit from the former’s dominance in the bitcoin mining supply chain and also provides access to opportunities unavailable to standalone crypto financial services firms. On the other hand, Antalpha Technologies brings institutional expertise and drives capital efficiency by leveraging its history of working with crypto mining firms and digital asset holders to optimize allocations.
The market has validated Metalpha’s business model, going by its two years of consistent financial improvement. In the past year alone, the company posted remarkable financial results, which attracted significant investor attention. Total revenue for the six months ending September 30, 2024, increased nearly 4x to $19.72 million compared to $5.08 million for the prior year. Furthermore, Metalpha turned profitable with $6.04 million in net income compared to the $3.85 million loss for the prior year.
Metalpha’s board also announced a $5 million share repurchase program over the next 36 months, reaffirming its confidence in long-term growth and commitment to unlocking more shareholder value. But despite this impressive revenue growth and profitability, the company has remained significantly undervalued compared to industry peers, as this report highlights.
With the company scheduled to release its annual report sometime in June, shareholders and potential investors should keep the following in mind:
Analysts expect full-year revenues of between $60 and $80 million with net income of about $18-$24 million driven by surging bitcoin prices. Metalpha stands to benefit from rising bitcoin prices, as more institutional investors will seek hedging tools, which tie perfectly with the company’s offerings. Rising prices also mean higher implied volatility, a key revenue driver for Metalpha.
More importantly, investors should not consider Metalpha as just a short-term bet for the bitcoin rally. The company appears well positioned for long-term growth as the global financial ecosystem ramps up the integration of digital assets. In fact, the company recently announced its expansion into the United Arab Emirates (UAE) through joint ventures with Gewan Holdings and Zodia Markets, positioning itself in one of the world’s fastest-growing digital asset hubs.
For investors looking for more in-depth information on Metalpha, this research report offers a detailed analysis of the company.
Metaplanet (OTCQX:MTPLF) is Japan’s first and leading Bitcoin Treasury company,focused on driving BTC adoption and financial innovation. The company launched its Bitcoin Income Generation strategy in Q4 2024, which has since become the primary revenue engine and is expected to remain the core driver of earnings going forward.
Back in May, Metaplanet released its Q1 FY 2025 earnings report, posting a record operating profit of $4.11 million, marking an 11% increase quarter-over-quarter. Revenue reached $6.08 million, up 8% from the previous quarter, with 88% driven by BTC income generation, reaffirming Metaplanet’s position as Japan’s leading Bitcoin treasury firm.
Metaplanet expanded its Bitcoin holdings to 6,976 BTC, marking a 3.9x increase year-to-date as of March 2025. The company added over 5,000 BTC this year, further anchoring its Bitcoin Treasury Standard strategy. This aggressive accumulation reflects a growing commitment toward long-term BTC-backed value growth.
Since adopting this approach, Metaplanet’s BTC net asset value has grown 103.1x, while its market capitalization rose 138.1x. This evidence confirms the strategic success of its shift from traditional operations to Bitcoin-centric treasury management.
In a May 28 announcement, the company revealed that it was raising $50 million through a private placement of zero-interest bonds as part of its strategy to increase its BTC exposure. Metaplanet aims to reach 10,000 BTC by the end of 2025, funding these acquisitions through zero-coupon ordinary bonds.
At the same time, institutional interest rose as Vanguard Developed Markets Index Fund acquired 2.64 million shares of the company, totaling $7.46 million.
Coinbase Global (NASDAQ:COIN) has experienced significant growth this year, having achieved numerous corporate milestones. For starters, the company recently made history after the cryptocurrency exchange became the first digital asset player to be included in the benchmark S&P 500 index. The inclusion is expected to boost demand for Coinbase shares, as funds tracking the benchmark index would need to add the company to their portfolios.
COIN also announced that it had entered into an agreement to acquire Deribit, the world’s leading crypto options exchange, in a $2.9 billion deal to expand into the crypto options markets. The deal comprises $700 million in cash and 11 million shares of Coinbase Class A common stock and is expected to close by the end of the year. The move underscores a push by crypto firms to widen their institutional investor base while also catering to retail traders who are becoming more sophisticated.
“The Deribit acquisition gives Coinbase a foothold in non-U.S. markets, especially Asia and Europe, where leverage trading is more prevalent,” said Bo Pei, analyst at US Tiger Securities. This acquisition makes Coinbase the global leader in crypto derivatives in terms of open interest and option volume. Deribit facilitated over $1 trillion in trading volume last year across key markets ex-US, with strong demand from institutional and advanced traders.
Coinbase’s Q1 2025 revenue was $2.03 billion, which is a 24% rise compared to the same period last year. Most of the growth came from a 39% increase in consumer trading volume, which raised consumer transaction revenue by $366.5 million.
Strategy Inc. (NASDAQ:MSTR), previously known for its business intelligence, mobile software, and cloud-based services, is now the largest Bitcoin treasury company.
On May 1, the company reported Q1 FY2025 earnings, and among the highlights of the period was the successful execution of a record $21 billion common stock ATM. This added 301,335 BTC to MSTR’s balance sheet while simultaneously driving a 50% increase in MSTR’s share price during the same period.
Additionally, the company reported a strong start to the year with a year-to-date “BTC Yield” of 13.7%, achieving over 90% of its 2025 target in just the first four months of the year. The year-to-date BTC gain of $5.8 billion also met 58% of MSTR’s annual target, demonstrating the effectiveness of the company’s Bitcoin strategy.
As per May 2025 figures, MicroStrategy has 580,250 Bitcoin, worth approximately $63.82 billion at current prices. The firm recently announced that it bought another $427.1 million worth of Bitcoin on Monday, May 26 .
Under Michael Saylor’s direction, Strategy has set up advanced ways to manage Bitcoin in its treasury. In Q1 2025, Strategy started its Bitcoin Yield Enhancement Program, which allowed it to earn income from its large Bitcoin holdings without needing to sell any of them.
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