$1.5M Bitcoin? They’re serious!

May 28, 2025

Reading time: 5 minutes

Bitcoin bulls and corporates unite: $130K to $1.5M targets backed by treasury moves

Key points:

  • Bitcoin’s year-end targets now span from $130K to $1.5M, as institutional optimism and treasury adoption heat up.

  • GameStop, Metaplanet, and others have joined a corporate Bitcoin buying spree, signaling growing confidence in BTC as a strategic asset.

News - Top Bitcoin advocates are raising their forecasts amid institutional tailwinds. Blockstream’s Adam Back believes BTC could cross $1 million “this cycle,” especially if the U.S. codifies its Strategic Bitcoin Reserve initiative. Arthur Hayes adds fuel with a $250K call for 2025, assuming the Fed pivots back to quantitative easing.

Meanwhile, traditional firms are taking bold steps into digital asset territory. GameStop has purchased 4,710 BTC (worth ~$512M), officially becoming the 13th-largest public Bitcoin holder, overtaking Semler Scientific. The move was funded via a $1.3B convertible debt raise announced in March and aligns with a treasury diversification strategy.

Other firms are following suit. Metaplanet raised $50M via zero-interest bonds to expand its Bitcoin stack, now at 7,800 BTC. PublicSquare, KindlyMD, Strive Asset Management, and Captor Capital have also added BTC to their reserves, supporting forecasts that institutional investments could reach $120B by end-2025. 

Momentum backed by macro and memes - Analysts from Bitwise and Standard Chartered project a $200K BTC price by year-end, citing rising stablecoin influence and the return of retail interest via FTX repayments. GME’s move also follows its “meme stock” revival, showing how market sentiment and balance sheet bets can now go hand-in-hand.

What’s next? - With institutional players now reinforcing the bullish sentiment, Bitcoin’s next key resistance lies around $122K, according to historical price band models. Whether regulatory clarity or unexpected macro shifts accelerate the rally remains to be seen, but corporate treasuries have clearly picked a side.

Sui faces $223M DeFi crisis, but recovery plan, ETF hopes keep it afloat

Key points:

  • Sui Foundation issued a major loan to DEX Cetus after a $223M exploit, enabling full user reimbursement ahead of a community vote.

  • Nasdaq filed to list a 21Shares Sui spot ETF in the U.S., signaling growing institutional interest despite recent turmoil.

News - The Sui blockchain was hit with one of its worst-ever DeFi exploits last week after an attacker manipulated spoof tokens to drain $223 million from Cetus Protocol, the chain’s largest decentralized exchange. SUI’s price briefly plunged, and the ecosystem faced mounting concerns about smart contract safety and liquidity.

Now, a massive recovery initiative is underway. The Sui Foundation stepped in with a critical loan to Cetus, allowing the DEX to fully reimburse affected users immediately. The loan covers the off-chain stolen assets, while the fate of $162 million in frozen funds hinges on a live on-chain vote by the community. If approved, those funds will be forcefully recovered via a protocol-level upgrade and moved into a multisig wallet overseen by Cetus, OtterSec, and the Sui Foundation.

Sui called the move “an extraordinary measure” to protect its users. Cetus emphasized that the protocol’s treasury and the Foundation’s support would enable a full 100% recovery for all impacted wallets.

Inside the exploit: What went wrong - The attacker used spoof tokens and manipulated price oracles to drain liquidity pools on Cetus, exploiting a vulnerability tied to overflow logic. This enabled the draining of multiple asset pairs, including SUI, stablecoins, and popular meme tokens.

While most major exchanges remained unaffected, the exploit sent ripples through the broader Sui ecosystem. The attacker reportedly bridged over $60 million of stolen funds to Ethereum, while other assets remain frozen on-chain.

ETF optimism amid chaos - In parallel with this high-stakes recovery, Sui scored a win in the institutional arena. Nasdaq filed to list the first U.S.-based spot Sui ETF on behalf of 21Shares, marking the start of the SEC’s review process. If approved, it would join 21Shares’ already live SUI ETPs in Europe, which collectively manage over $317 million in assets.

Sui’s network fundamentals also remain strong despite the turbulence. The chain powers a wide array of DeFi apps, and the SUI token retains the 13th spot by market cap globally. Still, analysts are watching closely to see whether the recovery plan can restore user trust and DeFi traction on the network.

TON rallies 16% as Telegram taps Visa exec, xAI deal, and $1.5B raise bolster momentum

Key points:

  • Toncoin jumped over 16% after Telegram partnered with xAI and added ex-Visa crypto lead Nikola Plecas to the TON Foundation.

  • Telegram is also raising $1.5B via bond sales backed by BlackRock, Citadel, and Mubadala to repurchase previous debt.

News - Toncoin (TON), the native token of the Telegram-linked Open Network, surged over 16% after a rapid series of bullish catalysts. A dramatic price breakout occurred shortly after the appointment of Nikola Plecas, a former Visa executive with deep crypto experience, as the TON Foundation’s new VP of Payments. He will oversee payment infrastructure expansion and strategic financial partnerships as TON scales for Telegram’s 1B+ user base.

The hiring news coincided with a $300 million deal between Telegram and Elon Musk’s xAI. The agreement integrates Grok AI into Telegram and grants Telegram 50% of the revenue from in-app xAI subscriptions. TON’s price soared from $3.18 to $3.55 in a matter of hours, driven by a single-minute volume spike nearly 20x the average.

As TON gained traction, Telegram also revealed it is raising at least $1.5 billion through a bond issuance backed by major players like BlackRock, Mubadala, and Citadel. The five-year bonds offer a 9% yield and a 20% IPO discount, making them Telegram’s “only way to get equity exposure early,” according to analysts. Proceeds will go toward repurchasing 2021 debt maturing in March 2026.

All eyes on Telegram’s Web3 flywheel - Beyond payments and AI, Telegram’s broader strategy includes tokenization and app integrations across the TON blockchain. The network is already working with partners like Ethena and Tether, and aims to interconnect with over 100 chains. This convergence of AI, payments, and tokenized infrastructure could turn Telegram into a foundational layer for mainstream Web3 adoption.

What’s next? - With strategic hires, deep-pocketed investors, and expanding AI integrations, TON is positioning itself at the intersection of payments, messaging, and Web3 infrastructure. Continued momentum may depend on how fast TON translates this buzz into tangible user-facing products across Telegram’s sprawling ecosystem.

El Salvador defies IMF again with latest BTC buy amid $120M payout deal

Key points:

  • The IMF says it will “ensure” El Salvador halts further Bitcoin purchases, but Bukele’s government added 8 more BTC right after the announcement.

  • Despite a $3.5B loan program with Bitcoin-limiting conditions, El Salvador’s total stash has grown to 6,190.18 BTC.

News - The International Monetary Fund has reiterated its intent to restrict El Salvador’s Bitcoin accumulation as part of its $3.5 billion loan agreement with the country. Following the IMF’s May 27 review of the Extended Fund Facility, the agency announced a $120 million payout, conditional on El Salvador limiting its Bitcoin-related activities and exiting its role in the Chivo wallet by July.

However, hours after the IMF’s statement, the country’s Bitcoin Office confirmed the purchase of 8 additional BTC, pushing its official reserves to 6,190.18 BTC, worth over $678 million. The IMF’s language has shifted from recommending limits to explicitly stating it will “ensure” the government does not increase its holdings, a stance now openly defied by President Nayib Bukele.

Bukele, a long-time Bitcoin advocate, had already made his position clear earlier in March: “It didn’t stop when the world ostracized us... it won’t stop now.” The IMF’s February remarks acknowledged that the risks posed by Bitcoin “have not yet materialized,” but the fund continues to frame BTC accumulation as a macroeconomic concern.

Technical loopholes and strategic defiance - Despite the formal agreement, some observers suggest that El Salvador might still be complying on paper, by routing purchases through non-government entities. While the IMF praises the country’s fiscal performance, its silence on recent BTC buys raises questions about the enforceability of its conditions.

What’s next? - With the IMF due to approve the $120M disbursement and more reviews ahead, tensions between global financial governance and Bitcoin-native national policies are escalating. For now, Bukele appears undeterred, and the Bitcoin Office continues stacking sats, one BTC at a time.

Did you know?

  • Circle Internet, the issuer of the USDC stablecoin, has announced plans for an initial public offering (IPO) on the New York Stock Exchange, aiming for a valuation of up to $6.71 billion. This move reflects renewed investor optimism in cryptocurrencies and marks one of the largest crypto-related listings since Coinbase's 2021 IPO.

  • OpenAI's Sam Altman, in collaboration with Tools for Humanity, has introduced the Orb, a biometric device designed to scan irises and generate a unique identification code as proof of humanity. Participants receive $42 in cryptocurrency for their iris scans, aiming to authenticate real people online and curb the spread of AI-generated content. Despite privacy concerns, the project has enrolled 12 million users since its 2023 launch. 

  • Japan's Government Pension Investment Fund, one of the world's largest pension funds, has announced plans toexplore diversifying into Bitcoin. This initiative is part of a broader trend where several countries are considering adding Bitcoin to their national reserves.

Top 3 coins of the day

Toncoin (TON)

Key points:

  • At press time, TON was trading at $3.18, up 5.95% over the last 24 hours.

  • It rebounded sharply from the $3.00 support zone, flipping short-term momentum back in favor of the bulls.

What you should know:

TON bounced nearly 6% after revisiting the $3.00 mark, a key psychological and technical support level. The Parabolic SAR remained above the candles, indicating that TON is still technically in a short-term downtrend despite today’s strong rebound. However, the Awesome Oscillator flipped green again, hinting at early bullish momentum. Volume also picked up modestly. If TON maintains this trajectory, it may test resistance near $3.45–$3.55. A failure to hold $3.10 could lead to another pullback toward $2.90–$3.00.

Cetus Protocol (CETUS)

Key points:

  • At press time, CETUS was trading at $0.16, down 0.79% over the last 24 hours.

  • It struggled to hold its bounce after last week’s major crash, with bearish pressure still visible.

What you should know:

CETUS remained under pressure following its recent price collapse, though it managed to stage a partial recovery. The Bollinger Bands showed that price failed to break above the midline, suggesting continued resistance around the $0.20 level. The Squeeze Momentum Indicator (Lazybear) flipped red again after a brief burst of green bars, signaling fading bullish momentum. Volume has started to decline as well, implying reduced trader conviction in the rebound. The recent bounce, however, was likely driven by investor optimism after Cetus Protocol announced a full 100% reimbursement plan for victims of its $223 million exploit. Backed by an emergency loan from the Sui Foundation and a pending governance vote, the move helped restore market confidence, temporarily lifting CETUS from sub-$0.11 lows. For bulls to regain control, CETUS must break above the $0.19–$0.20 resistance. Otherwise, failure to hold current levels could lead to another pullback toward $0.13 or even $0.11.

Ethereum (ETH)

Key points:

  • At press time, ETH was trading at $2,641, down 0.81% over the last 24 hours.

  • It remained rangebound below $2,700 despite bullish signals on the chart.

What you should know:

ETH dipped slightly on the day but preserved its structure above the $2,600 mark. The Supertrend indicator continued to flash a “Buy” signal that has held since early May, reinforcing the current bullish bias as long as price holds above the $2,200 support zone. Additionally, the Relative Strength Index (RSI) hovered around 66.84, firmly in bullish territory, though not yet overbought. Volume stayed flat, suggesting traders are cautious ahead of a potential breakout or rejection at $2,700. A move past this resistance could push ETH toward $2,850–$2,900, while a drop below $2,500 may weaken the uptrend. Recent institutional activity may be playing a role in supporting sentiment. ETH got a confidence boost after SharpLink Gaming announced a $425 million private placement to establish an Ethereum treasury, an initiative backed by Consensys, Galaxy Digital, Ondo, Pantera Capital, and ParaFi Capital.

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