Crypto's Corporate Surge: Bitcoin, ETFs, and Social Media Shake-Ups

Microstrategy’s $110M Bitcoin Haul, Ethereum ETF Inflows, and X’s Polymarket Partnership Signal Crypto’s Deepening Roots

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Token Metrics Daily
June 09, 2025

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Welcome to the Token Metrics Research | Daily newsletter, where we cover key market movements, regulatory updates, and early alpha for our readers and investors. From corporate bitcoin strategies to social media’s embrace of decentralized tools, here’s what’s driving the market today.

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In Today's Edition

  1. Microstrategy Bolsters Bitcoin Holdings Amid ETF Inflows and Political Clearance

  2. X Partners with Polymarket to Pioneer Decentralized Prediction Markets

  3. Crypto IPO Wave Builds Momentum After Circle’s Success

  4. The Blockchain Group Raises €300 Million to Expand Bitcoin Treasury

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Now let's get back to the top stories of the day.

1. Microstrategy Bolsters Bitcoin Holdings Amid ETF Inflows and Political Clearance

Microstrategy, the business intelligence firm turned bitcoin champion, has once again demonstrated its unwavering commitment to cryptocurrency. On June 9, 2025, the company announced it purchased 1,045 BTC for $110M between June 2 and June 8, 2025, at an average price of $105,426 per bitcoin.

This acquisition, funded through $112M raised via preferred stock, brings Microstrategy’s total holdings to approximately 582,000 BTC, valued at $62.7B based on current prices. This marks the company’s ninth consecutive week of bitcoin purchases, with a total spend of $5.1B since mid-April, reinforcing its strategy of using bitcoin as a treasury reserve asset to hedge against inflation and currency devaluation.

Meanwhile, ethereum is experiencing a surge in institutional interest, with its spot ETFs recording 15 consecutive days of inflows totaling $837.5M since May 16, 2025. On June 6 alone, inflows reached $25.3M.

The recent Pectra upgrade, implemented on May 7, has enhanced ethereum’s scalability, contributing to this positive trend. Additionally, the ETH/BTC market cap ratio rising above 0.14 suggests a potential shift toward “risk-on” altcoins, with some analysts speculating an early signal of an altcoin season. Ethereum’s growing appeal as a structural asset, accruing value through staking and transaction fees, positions it as a cornerstone for next-generation financial systems.

In a separate development, Argentine President Javier Milei has been cleared of ethical misconduct over his promotion of the LIBRA memecoin. Argentina’s anti-corruption office, ruled on June 6, 2025, that Milei’s post on his personal X account was made as an economist, not a public official.

The LIBRA token, which surged to a $4.5B market cap in February following Milei’s endorsement, crashed by 90%, wiping out over $4B in value. Investors lost $251M, while a small group secured $180M in profits, according to Nansen data.

Despite the clearance, criminal investigations and class-action lawsuits in Argentina, the U.S., and the U.K. continue, with controversy fueled by claims from LIBRA’s co-creator, Hayden Davis, about payments to Milei’s sister, Karina, a key government figure.

2. X Partners with Polymarket to Pioneer Decentralized Prediction Markets

On June 6, 2025, X announced a groundbreaking partnership with Polymarket, naming the decentralized prediction market platform as its official prediction market partner. This collaboration introduces a real-time tool that integrates data from X and Polymarket’s event contracts, leveraging xAI’s chatbot Grok to provide contextualized, data-driven insights to millions of users. Polymarket, which saw daily trading volumes of $85M during the U.S. elections season and a total open interest of $463M on Election Day, brings its expertise in event-based prediction markets to X’s vast user base.

The partnership has sparked excitement within the crypto community, with X posts describing it as “insane” and “groundbreaking.” Many see it as a step toward mainstream adoption of decentralized finance (DeFi) tools on major social platforms.

The integration could enhance X’s mission to deliver real-time, decentralized truth and transparency, potentially paving the way for further crypto features, such as wallet and payment functionalities. This move aligns with a broader trend of traditional tech firms embracing digital assets, as seen with Stripe’s reintroduction of cryptocurrency integrations and Meta’s exploration of stablecoin ambitions.

3. Crypto IPO Wave Builds Momentum After Circle’s Success

Circle’s $1.05B initial public offering (IPO) on June 5, 2025, has ignited optimism for a wave of crypto firms going public. The stablecoin issuer’s stock surged, making its founder a billionaire and setting a precedent for other crypto companies.

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has confidentially filed an S-1 with the SEC, following closely on Circle’s heels. Kraken is also expected to pursue an IPO, potentially in 2026, while Chainalysis and Fireblocks are not yet ready for public listings.

Industry experts, such as Matt Kennedy from Renaissance Capital, suggest that Circle’s strong market performance could encourage other pre-IPO crypto firms to accelerate their plans. However, most crypto companies are smaller than public markets typically prefer, with future IPOs likely targeting $100-$200M, compared to Circle’s $1B. This dynamic could lead to a surge in crypto IPOs in 2025, reshaping the investment landscape for digital assets.

4. The Blockchain Group Raises €300 Million to Expand Bitcoin Treasury

The Blockchain Group, a French company listed on Euronext Growth (ALTBG), has launched a €300M ($342.5M) share issuance program in partnership with asset manager TOBAM to accelerate its bitcoin treasury strategy.

Announced on June 9, 2025, the program allows the company to issue new shares at market price to fund bitcoin purchases, with the goal of increasing bitcoin per share on a fully diluted basis. The initiative, structured as a standby capital increase agreement, has an initial duration of six months, with potential extensions.

The company recently acquired 624 BTC for €60.2M ($68.7M), bringing its total holdings to 1,471 BTC, valued at approximately $158M. The Blockchain Group aims to acquire up to 260,000 BTC by 2033, reflecting its long-term commitment to bitcoin as a store of value.

This strategy mirrors Microstrategy’s approach but uses a unique financial mechanism, with TOBAM potentially retaining shares without compensation. The company’s stock has surged 1,400% in the past six months, and a June vote may increase the issuance to €500M, further bolstering its bitcoin ambitions.

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