Crypto asset manager Grayscale Investments published its May 2025 market report on June 2, detailing how escalating U.S. fiscal imbalances have accelerated corporate demand for bitcoin. With the House of Representatives passing the “One Big Beautiful Bill Act” on May 22 — legislation projected to add between $3 and $5 trillion to the national deficit over the next decade — institutional interest in non-sovereign assets has intensified. Moody’s downgrade of the U.S. sovereign credit rating to double-A on May 16 further fueled market concerns. Grayscale wrote:

U.S. fiscal risks seem to be generating demand for bitcoin, including in the form of ‘bitcoin treasury’ corporations — public companies holding bitcoin on their balance sheet.

Major corporations stepped up their bitcoin strategies in May. Strategy (also known as Microstrategy) added 27,000 bitcoin to its balance sheet, valued at roughly $2.8 billion. The firm’s market capitalization remains significantly higher than the value of its holdings, reflecting robust investor interest. Other companies are entering the space. Twenty One Capital — a venture by Tether, Bitfinex, and Softbank — debuted with 42,000 BTC. Bitcoin Magazine CEO David Bailey converted KindlyMD into Nakamoto Holdings, planning to raise $700 million to acquire bitcoin and replicate the model globally.

Trump Media & Technology Group announced a $2.5 billion fundraising effort to pursue similar bitcoin acquisitions. Grayscale emphasized the core driver behind these moves:

Demand for bitcoin tends to rise when investors become concerned about the credibility of fiat money systems.

The report warned that the nation’s fiscal course poses broader economic challenges: “The U.S. government is not close to default, but the unsustainable debt path increases the risk of macro mismanagement over time and increases investor interest in non-sovereign stores of value like gold and Bitcoin.” Meanwhile, firms are branching beyond bitcoin into ether ( ETH), solana ( SOL), XRP, and even novelty tokens like the Trump memecoin.

Despite the proliferation of crypto treasury strategies, Grayscale noted that demand may taper as spot crypto exchange-traded products (ETPs) become more accessible. Still, the firm remains bullish on the asset class’s outlook: “In the months ahead, crypto markets are likely to be driven by many of the same trends: macro demand for bitcoin in the context of stagflation risks and tariff uncertainty, an improving regulatory environment in the United States and overseas, and innovations in blockchain-based AI and other areas.”

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