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Sovereign wealth funds and other institutional investors have been actively accumulating Bitcoin (BTC) during April 2025, even as retail traders exit the market through exchange-traded funds (ETFs) and spot markets, according to John D’Agostino, head of strategy at Coinbase Institutional.
In a recent CNBC appearance, D’Agostino likened Bitcoin to gold, highlighting its scarcity, immutability, and non-sovereign nature as key attributes that make it an attractive hedge against currency inflation and macroeconomic uncertainty.
Countries like El Salvador and Bhutan have adopted national Bitcoin reserves, actively purchasing BTC to protect their treasuries from depreciating fiat currencies. Similarly, municipalities and state governments have proposed legislation to accumulate Bitcoin as a safeguard against inflation.
The corporate sector is also embracing Bitcoin as a treasury asset. Michael Saylor’s company, Strategy (formerly MicroStrategy), has transformed into a Bitcoin holding firm, inspiring other companies like MARA, MetaPlanet, and Semler Scientific to adopt similar strategies. As of April 20, over 13,000 institutions have direct exposure to Strategy, with an estimated 55 million beneficiaries indirectly exposed.
Bitcoin’s market capitalization recently surpassed that of Google, ranking it among the top five assets globally, ahead of Amazon and silver. This milestone underscores Bitcoin’s growth since its inception in 2009 and its increasing acceptance as a legitimate asset class.
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