Bitcoin market capitalization surpasses Amazon to become "5th in the world"｜The background of the surge and NVIDIA's barriers

Table of Contents* 1. BTC market capitalization surpasses Amazon

• 2. Analysis of the Background and Factors Behind the Surge of Bitcoin

• 2.1. The influx of funds into Bitcoin ETFs has surged.
• 2.2. Increased Accumulation of BTC by Large Investors
• 2.3. Easing of US-China and US-UK trade tensions supports BTC rise

• 3. "What is needed to catch up with NVIDIA in 4th place?"
• 4. Bitcoin investment and regulatory framework are expanding in the United States.

• 4.1. Metaplanet to Double BTC Holdings with Establishment of U.S. Subsidiary
• 4.2. Oregon State allows the use of cryptocurrency as collateral with the enactment of the bill.

BTC market capitalization surpasses Amazon

Sina, co-founder of 21st Capital, reported on May 9, 2025, that Bitcoin (BTC) has surpassed Amazon in market capitalization, becoming the 5th largest asset in the world.

Furthermore, he mentioned on his X (formerly Twitter) that NVIDIA, the major US semiconductor company, is the next target for Bitcoin.

Bitcoin just surpassed Amazon to become the 5th largest asset in the world.

• No CEO
• No headquarters
• No marketing team

Just code, conviction, and global demand.

Next stop: NVIDIA pic.twitter.com/4W18jKumcv

— Sina 🗝️⚡ 21st Capital (@Sina_21st) May 8, 2025

Bitcoin has finally surpassed Amazon and become the fifth largest asset in the world.

No CEO

No headquarters

No marketing team

What exists are only code, belief, and demand from around the world.

The next target is NVIDIA.

According to CoinMarketCap data, as of May 9, the price of Bitcoin has surpassed $100,000, and the market capitalization has reached approximately $2.04 trillion (about 295 trillion yen).

This is slightly above Amazon's market capitalization of approximately $2.03 trillion, which makes Bitcoin the fifth largest asset by value in the world, following gold, Apple, Microsoft, and NVIDIA.

Moreover, the market capitalization of gold, the world's largest asset, is about 22 trillion dollars (approximately 3190 trillion yen), and while the gap with Bitcoin remains significant, the significance of cryptocurrencies standing alongside global tech companies and precious metals is considerable.

Analysis of the Background and Factors Behind Bitcoin's Surge

The backdrop of Bitcoin's price surge surpassing Amazon is attributed to several positive factors.

The inflow of funds into Bitcoin ETFs has surged.

The first factor is the expansion of demand by institutional investors.

On April 22, the daily influx of funds into the Bitcoin ETF listed in the United States reached a total of $936 million (approximately ¥136 billion), marking the highest level since January of this year.

On this day, it was reported that major ETFs such as "ARKB" jointly operated by ARK Invest and VanEck, as well as Fidelity's "FBTC," saw an influx of over $200 million (approximately 29 billion yen), with zero ETFs recording outflows.

Such vigorous ETF buying indicates the bullish stance of institutional investors in the Bitcoin market.

Large investors accelerate BTC purchases.

Additionally, the accumulation of BTC by large investors and companies is also a factor in driving up the price.

Michael Saylor, co-founder of Strategy (formerly MicroStrategy), announced on April 21 that he has purchased approximately 6,556 BTC for $555.8 million (about 80 billion yen).

With this additional purchase, the company's Bitcoin holdings have reached 538,200 BTC, demonstrating the continued buying stance of major companies in the market.

The easing of trade friction between the US and China, and between the US and the UK, supports the rise of BTC.

Furthermore, the global economic environment is also improving.

In addition to the progress in the US-China trade negotiations raising expectations for easing tensions, a new US-UK trade agreement was announced on May 8 under the Trump administration, resulting in a partial easing of mutual tariffs.

The new agreement between the US and the UK has decided to lower tariffs on imports from the UK to the US and expand market access for exports from the US to the UK. This agreement is seen as a turning point from the previous high-tariff policy of the Trump administration, and expectations for easing trade tensions and economic stability are rising among investors.

The improvement in such macroeconomic conditions has increased the appetite for investing in risk assets, and in fact, since April, it has been one of the factors that led to a significant rise in Bitcoin prices exceeding the Nasdaq index.

These complex factors have combined to create a strong rally for Bitcoin, which has recorded an increase of over 100% since the beginning of the year.

"What is Needed to Catch Up to NVIDIA at 4th Place"

The next target for Bitcoin, which has surpassed Amazon in market capitalization, is the world's fourth-largest US semiconductor giant, "NVIDIA."

As of May 9, 2025, NVIDIA's market capitalization is approximately $2.41 trillion (about ¥350 trillion), with a difference of about $370 billion (approximately ¥54 trillion) compared to Bitcoin's approximately $2.04 trillion.

To close this gap, the price of Bitcoin needs to rise by about 18% from the current level and reach $120,000 (approximately ¥17,400,000).

Among market participants, there are voices saying "Next is NVIDIA," and if the current bullish market continues, there is a good possibility that Bitcoin could stand shoulder to shoulder with NVIDIA.

However, Apple and Microsoft, which are ahead, each have a market capitalization of around 3 trillion dollars (approximately 435 trillion yen), and for Bitcoin to further climb higher, "additional capital inflow and price increase" will be necessary.

In any case, the fact that "Bitcoin has reached an asset scale comparable to major tech companies" has a significant impact on the market.

Bitcoin Investment and Regulatory Framework Expansion in the United States

With the rising status of Bitcoin, the movements of institutional investors and the development of related regulations are also accelerating.

Metaplanet, aiming to double its BTC holdings with the establishment of a U.S. subsidiary

The cryptocurrency investment company Metaplanet, listed on the Tokyo Stock Exchange Prime Market, announced the establishment of its wholly-owned subsidiary "Metaplanet Treasury" in Florida, USA.

The company has announced plans to raise $250 million (approximately 36 billion yen) to strengthen its Bitcoin financial strategy.

Metaplanet's Bitcoin holdings have reached 5,555 BTC as of the time of writing, with the goal of doubling its holdings to 10,000 BTC by the end of the year through new fundraising.

The company's CEO, Simon Gerovich, stated that "Florida is rapidly gaining attention as a hub for Bitcoin innovation."

In addition, we monitor and analyze market trends 24/7 to create an environment that makes it easier for U.S. institutional investors to invest in Bitcoin. These developments are further accelerating the strategy of the company, which prides itself on being the "Asian version of MicroStrategy."

Oregon state allows the use of cryptocurrency as collateral with the passage of a bill.

There are signs of progress in regulatory aspects in the United States.

Oregon Governor Tina Kotek signed a new state bill "SB167" on May 8, legally recognizing cryptocurrency as collateral.

As a result, the Uniform Commercial Code (UCC) of Oregon has been amended, and cryptocurrencies, including Bitcoin, are officially recognized as collateral.

Until now, cryptocurrencies have had an unclear legal status and restrictions on their use as collateral, but with the enactment of SB167, a legal framework is being established, and these barriers are expected to be removed.

Oregon's initiatives follow those of Arizona and New Hampshire, which are already advancing similar legal frameworks, further raising expectations for the enhancement of the legal status and practicality of cryptocurrencies in the United States.

*The price is based on the exchange rate at the time of writing (1 dollar = 144.98 yen)

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Source: Sina's X post

Written and Translated by: BITTIMES Editorial Team

Thumbnail: Used with permission from Shutterstock.