Bitcoin Surges Past $116K To Hit Record High, BlackRock’s Spot Bitcoin ETF Surpasses 700K BTC, and Strategy Plans $4.2B Raise

Takeaways

• Bitcoin hits another all-time high: The price of bitcoin pushed to nearly $117,000 on Thursday, blowing past a previous high set Wednesday. With the latest upward move, bitcoin has risen 24% year-to-date and more than doubled in value over the past year.
• BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed 700,000 BTC in assets under management just 18 months after launch: IBIT now holds 56% of all US spot Bitcoin ETF assets, with total industry AUM at around 1.25 million BTC.
• Strategy has initiated a plan to raise up to $4.2 billion by issuing its 10% Series A Perpetual Stride Preferred Stock: The capital will reportedly support general corporate needs, including fresh bitcoin purchases, and may cover dividends.
• ReserveOne will merge with M3-Brigade Acquisition V Corp to go public at a valuation of $1 billion: The new entity plans a diversified yield-focused crypto portfolio, anchored by bitcoin while also including ETH, SOL and other popular tokens.
• Japanese firm Metaplanet added 2,205 bitcoin, valued at around $239 million, bringing its treasury to 15,555 BTC: The firm has secured the number five spot for largest publicly-traded bitcoin holders.

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Bitcoin Hits Another All-Time High

Bitcoin has now increased about 24% year-to-date, well ahead of traditional indices including the NASDAQ and S&P 500, which have both risen about 7% during the same timeframe.

Over the past year, the price of bitcoin has nearly doubled; it was at roughly $57,000 at the same time last year. Increased institutional adoption and demand from investors who view bitcoin as a reliable store of value has played a big role in the upward price action. The latest rally coincided with a broader tech rally this week, with Nvidia becoming the first company to hit a $4 trillion market cap.

The beginning of summer has been busy for crypto. On Wednesday, the US Senate held a hearing to discuss the future of a crypto market structure bill. And the Republican-controlled House is expected to attempt to advance a bill regulating stablecoins next week, paving the way for President Donald Trump to sign the bill into law.

BlackRock’s IBIT ETF Tops 700,000 BTC in AUM

The fund added approximately 1,510 BTC in net inflows following the 4th of July holiday, and as of July 7, had pushed above 700,000 BTC, worth more than $76 billion. IBIT continues to outperform all other US spot bitcoin ETFs, capturing roughly 56% of the industry’s combined holdings.

IBIT’s nearest competitor, Fidelity’s FBTC, holds just over 200,000 BTC. Grayscale’s GBTC, after converting to an ETF, has seen its BTC balance drop to 184,226 coins from its peak before the conversion. Since their debut in 2024, US spot bitcoin ETFs have collectively amassed more than $50 billion in net inflows, with IBIT alone accounting for nearly $53  billion of that total. IBIT also dominates daily trading volumes, accounting for roughly 80% of bitcoin traded through ETFs on Monday.

Strategy Launches $4.2 B ATM Offering of 10% Stride Preferred Stock

Shares will be offered gradually, with the company calibrating each sale based on prevailing market prices and trading volumes. Proceeds from the STRD offering are primarily earmarked for purchasing additional bitcoin. Strategy also retains the option to use net proceeds to pay dividends.

This launch of the initiative coincides with the firm’s first pause in bitcoin purchases in three months, as disclosed in a recent SEC filing. Strategy holds 597,325 BTC for a total outlay of roughly $42.4 billion and current market value of more than $65 billion. In Q2, Strategy reported $14.05 billion in unrealized gains on its digital assets. In the same quarter, the company also raised $6.8 billion through at-the-market sales of common stock (MSTR) and its three preferred share series.

ReserveOne to Go Public via $1 B SPAC Deal Backed by Galaxy, Pantera

The deal values the company at approximately $1 billion and provides $298 million in SPAC trust capital, alongside $750 million in PIPE investments from industry heavyweights such as Galaxy Digital, Pantera Capital and others.

Expected to complete in Q4, the merged company will trade under the ticker RONE and will manage a diversified crypto portfolio anchored by bitcoin while also including ETH, SOL and other popular tokens. The firm’s strategy will be focused on yield generation through institutional-grade staking and lending programs. The board of the company will also feature influential figures including Tether co-founder Reeve Collins and former US Commerce Secretary Wilbur Ross.

Metaplanet Adds 2,205 BTC, Maintaining Fifth‑Largest Corporate Holder Status

The deal was carried out at an average price of about $108,237 per coin. Metaplanet maintains its position as the fifth‑largest publicly traded corporate bitcoin holder globally.

In Q2, Metaplanet generated roughly $7.6 million in revenue, which reflected more than a 42% increase YoY due to growing income from its crypto treasury operations. The board has also reportedly set an ambitious target to expand its holdings to over 210,000 BTC by the end of 2027. The firm’s strategy of building a bitcoin‑centric financial model is designed to drive both revenue growth and shareholder value.

-Team Gemini