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Musk Still Bullish on Bitcoin as Tesla's BTC Holdings Rise
Crypto Trends

Musk Still Bullish on Bitcoin as Tesla’s BTC Holdings Rise

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  • Tesla holds firm on Bitcoin holdings
  • BTC dips 1.85% after record high

Elon Musk’s Tesla remains committed to Bitcoin (BTC) as its holdings are now valued at more than $1.25 billion, based on data from Arkham. By owning 11,509 BTC, the electric carmaker reinforces Musk’s optimism about the leading cryptocurrency.

Tesla holds firm on Bitcoin holdings

Despite recent fluctuations in Bitcoin’s price, Tesla hasn’t sold any of its holdings, demonstrating that Musk and the company remain confident in Bitcoin’s long-term potential.

Tesla first purchased Bitcoin in 2021, acquiring $1.5 billion worth of the digital asset and even briefly accepting it as a payment method for its vehicles. While the company has sold small amounts of its BTC holdings, it has retained most of its investment, even after suspending Bitcoin payments over environmental concerns.

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Tesla’s commitment to holding Bitcoin through volatile price swings sets it apart from many other companies, which often cash out during price highs or sell in panic during downturns. Analysts believe Tesla’s approach serves as a reminder that major Bitcoin investors still view it as a viable and strategic asset.

This strategy aligns with a broader trend of growing institutional adoption. Since Tesla’s initial investment, more financial firms have begun offering Bitcoin-related services, and regulatory clarity has improved in several countries, boosting Bitcoin’s legitimacy and appeal.

BTC dips 1.85% after record high

Following a new all-time high on Thursday, Bitcoin’s price dropped 1.85% to $109,448, according to current CoinMarketCap data. The cryptocurrency briefly fell from around $111,400 to nearly $108,000 before recovering to its current level.

Despite this dip, Bitcoin remains dominant in the crypto market with a market capitalization of $2.17 trillion, larger than the GDP of many countries.

Bitcoin’s trading activity has declined by 12.98% in the last 24 hours, with volume now at $67.94 billion. Nevertheless, with a 100% profile score on CoinMarketCap, BTC continues to be considered a trusted digital asset.

Source: CoinMarketCap

Like Tesla, many top holders are choosing not to sell. For example, prominent Bitcoin whale James Wynn has stated that he won’t sell his holdings but instead plans to buy more.



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Ethereum bull
GameFi Guides

Crypto Trader Dumps XRP Holdings For Ethereum, Explains Why

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A prominent crypto trader on the X (formerly Twitter) platform has made waves on social media after revealing that he sold off all of his XRP holdings in order to buy Ethereum. The trader who is known as Doctor Profit on social media revealed this to his over 400,000 followers on the platform, along with reasons why he made this move and what he expects going forward.

Dump XRP For 600% Gains To Buy Ethereum

Doctor Profit had first revealed on May 19 his intent to begin selling his XRP stash. In this initial post, he revealed that all of his XRP was bought at very low prices between $0.2 and $0.5, putting his entry very low. At the current price at the time, the crypto trader was sitting on a profit of approximately 608% at this point.

This was when he told his followers that he intended to start selling his XRP investments after holding onto them for three years. He further explained that he was only selling XRP and no other cryptocurrencies or even Bitcoin. Rather, he was selling to be able to buy more later at a much cheaper price.

Then in a follow-up post on May 20, Doctor Profit finally revealed his full plan when it comes to selling XRP. Apparently, the crypto trader had decided to dump all of his XRP in order to buy Ethereum, a move which he referred to as “a matter of capital appreciation.” The reason for this is because Doctor Profit believes that the Ethereum price could see a major increase in the near term.

As for XRP, he explained that selling his stash did not mean that he expected the XRP price to crash. Rather, it was because holding XRP didn’t make sense in the short term and was a more long-term investment. Thus, he plans to take the gains made from the Ethereum investment and then reinvest them at a later date when a good entry is presented. But for now, Doctor Profit confirmed that all of the profits made from his XRP investment in the last three years have now been moved into Ethereum.

Bullish Outlook For The Market Remains

Back during the decline that plagued the crypto market from January to March 2025, Doctor Profit was one of the analysts who called the price bottom when Bitcoin had dropped to $77,000. From there, the analyst had called that Bitcoin would rebound back above $100,000, maintaining that a new all-time high is possible. So far, his $100,000 prediction has come to pass, and the all-time high forecast was completed after Bitcoin breached $109,300 on Wednesday.

For Ethereum, the analyst’s bullish thesis has been around for a while. He has previously called Ethereum the best opportunity as its technical, on-chain, and psychological indicators have turned bullish. He believes that the Ethereum price can rise as high as $7,600, with a lot of liquidity pooling around $4,000.

ETH bulls push above $2,600 | Source: ETHUSDT on TradingView.com

Featured image from Dall.E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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KindlyMD shareholders approve Bitcoin pivot via Nakamoto Holdings merger
Crypto Trends

KindlyMD shareholders approve Bitcoin pivot via Nakamoto Holdings merger

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KindlyMD shareholders have approved a merger with Bitcoin holding firm Nakamoto Holdings, paving the way for the creation of a publicly traded Bitcoin-focused conglomerate.

According to a May 20 announcement from the U.S.-based healthcare services provider, both companies will now file information statements with the Securities and Exchange Commission. 

The merger is expected to close 20 days after these disclosures are shared with shareholders. Completion is targeted for the third quarter of 2025.

Nakamoto Holdings, led by Donald Trump’s crypto adviser David Bailey, is a newly formed entity that seeks to consolidate Bitcoin-native businesses under one umbrella.

The deal gives Nakamoto Holdings a Nasdaq-listed vehicle to pursue its goal of turning Bitcoin into a foundational asset across global capital markets.

The merged firm plans to scale its Bitcoin holdings per share, a concept Bailey refers to as “Bitcoin Yield,” through equity, debt, and hybrid offerings. 

Though KindlyMD will continue operating its clinics focused on opioid reduction and alternative therapies, the new entity’s core focus will be financial, not medical.

“We are grateful that KindlyMD shares our vision for a future in which Bitcoin is a core part of the corporate balance sheet, and investors across global capital markets have exposure to the world’s greatest asset and store of value,” Bailey said in an accompanying statement.

The companies first announced the proposed merger on May 12. At the time, they described plans to launch a network of Bitcoin-native firms while using the merged balance sheet to accumulate BTC. 

Details of the merger were announced alongside a $710 million capital raise, with Nakamoto securing $510 million through a private placement and $200 million via convertible notes, which, according to Nakamoto, was the largest PIPE in any public crypto-linked transaction to date.

Bailey, who will become CEO of the merged entity, has likened his vision to building a modern counterpart to the Rothschilds or Morgans, except with Bitcoin as the reserve asset. 

“Every balance sheet, public or private, will hold Bitcoin,” he said at the time.

News of the merger sent shares of KindlyMD (KDLY) soaring more than 650% in premarket trading when it was first announced. Shares closed May 20 at $15.22, up 9% on the day, and climbed another 4.8% in after-hours trading. KDLY is now up over 979% year-to-date.

Bitcoin’s growing role as a treasury asset

With Bitcoin gaining traction as a corporate treasury asset, the KindlyMD–Nakamoto merger adds to a broader wave of public companies across the globe that have integrated Bitcoin into their financial strategies.

In the healthcare space, Basel Medical Group entered exclusive talks to buy up to $1 billion worth of Bitcoin earlier this month, while Semler Scientific has also joined the trend, and has been consistently building a sizable Bitcoin stash, holding 3,808 BTC as of May 21.

Meanwhile, in Latin America, Brazilian fintech Méliuz became the first publicly traded company in the region to adopt Bitcoin as a treasury asset, following shareholder approval earlier this month. 

Over in the Middle East, Al Abraaj Group kicked off its Bitcoin strategy with an initial 5 BTC purchase, while signalling plans to acquire more.

Strategy—formerly MicroStrategy—was the first major public company to adopt Bitcoin as a primary treasury asset back in 2020, effectively popularizing the corporate Bitcoin playbook. 

Recently, the firm disclosed a fresh $765 million purchase, adding 7,390 BTC to its balance sheet.



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Crypto Trends

Bitcoin on Track to Hit $500K as Government Entities Increase MSTR Holdings: Standard Chartered

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In brief

  • Bitcoin’s price will reach $500,000 over the next three-and-a-half years, Standard Chartered analyst Geoff Kendrick writes.
  • In the first quarter, 12 government entities increased their exposure to Strategy.
  • Strategy holds 576,000 Bitcoin.

Bitcoin’s price remains on track to hit half a million dollars before Donald Trump’s current term ends after government entities increased their indirect exposure to Bitcoin in the first quarter, according to Geoff Kendrick, global head of digital assets research at Standard Chartered, 

Whether it was South Korea’s National Pension Service, the Swiss National Bank, or U.S. state retirement funds, government entities’ recent holdings of Strategy—which owns around 576,000 Bitcoin—“was very encouraging,” Kendrick wrote in a note on Tuesday. That group also included Swedish pension funds, a state-owned bank in France, and the Saudi Central Bank.

In the first quarter, 12 government entities increased their exposure to Strategy, holding 31,000 Bitcoin worth of Strategy shares, he added.

Although investors can gain exposure to Bitcoin through spot exchange-traded funds that were approved in the U.S. last year, government entities’ increased Strategy holdings reflect “widening structural demand” for Bitcoin and Strategy’s continued use as a Bitcoin proxy, Kendrick wrote.

“We believe that in some cases, MSTR holdings by government entities reflect a desire to gain Bitcoin exposure where local regulations do not allow direct BTC holdings,” he added.



Analysts at the British multinational bank believe that Bitcoin’s price will reach $500,000 before the end of  Trump’s second term ends in early 2029. That target is premised on the understanding that Trump’s administration, through the repeal of SAB 121 and initiatives like his strategic Bitcoin reserve, will improve investors’ access to Bitcoin, while encouraging demand.

 

Each quarter, institutional investment managers with over $100 million worth of assets under management are required to reveal their holdings through a filing with the Securities and Exchange Commission. Known as a 13F, Kendrick argued that these filings are the best way to test “our thesis that BTC will attract new institutional buyer types as the market matures.”

Within the U.S., state retirement funds for California, New York, North Carolina, and Kentucky upped their Strategy holdings by the equivalent of 1,000 Bitcoin, Kendrick said. Each share in Strategy equates to 0.0018 Bitcoin per diluted share, per Strategy Tracker.

Sovereigns’ exposure to Bitcoin through spot ETFs “was disappointing at first glance,” Kendrick noted, pointing to an overall decline in their direct holdings. The State of Wisconsin Investment Board, which held the equivalent of 3,400 Bitcoin through ETFs, sold all its holdings. 

Mubadala Investment Company, the sovereign wealth fund for Abu Dhabi’s government, validated Standard Chartered’s thesis when it started stockpiling Bitcoin last year. In the first quarter, its Bitcoin exposure increased to 5,000 Bitcoin, from 4,700 Bitcoin, not long ago.

Edited by James Rubin

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