The institutional case for Bitcoin is gaining strength as public companies and investment leaders increasingly position the digital asset as a long-term strategic reserve. Galaxy Digital’s Mike Novogratz reiterated his projection that Bitcoin could rise tenfold to reach $1 million, while Mercurity Fintech Holding unveiled plans to raise $800 million to build a corporate Bitcoin treasury.
Mike Novogratz Projects $1 Million Bitcoin: A Macro Asset on the Rise
Galaxy Digital CEO and outspoken crypto advocate Mike Novogratz is once again making waves with his bullish stance on Bitcoin, predicting the digital currency could one day reach $1 million per coin. Speaking in an interview with CNBC on Thursday, Novogratz outlined a scenario in which Bitcoin continues its steady ascent by gradually displacing gold as a store of value, driven by younger generations and expanding institutional adoption.
“The bull case becomes that over time young people care about it more than old people, so gold slowly gets replaced by Bitcoin,” Novogratz said. “If you look at gold's market cap and Bitcoin's market cap, Bitcoin has a long way to go — 10x — and so that’s [$1 million] Bitcoin just to be where gold is.”
Novogratz’s outlook isn’t based on short-term speculation but rather a broader shift in the global financial paradigm. With Bitcoin currently trading around $106,210 and a total market capitalization exceeding $2 trillion, reaching a $1 million valuation would imply a staggering $20 trillion market cap — putting Bitcoin on par with the total estimated value of all the world’s gold.
The Galaxy Digital chief emphasized that macro-level adoption of Bitcoin is already underway. "Now we’ve got all these treasury companies buying Bitcoin, we’ve got sovereign wealth buying Bitcoin, we’ve got retail investors buying Bitcoin,” he said. “The adoption of Bitcoin as a macro asset, as an asset to save money in — I think that’s now a ball rolling downhill.”
That momentum is most clearly seen in the rise of institutional Bitcoin investment vehicles, most notably BlackRock’s spot Bitcoin ETF. Since its launch, the ETF has accumulated over $70 billion in assets under management, accounting for roughly 3% of the total Bitcoin supply. The product provides traditional investors with exposure to Bitcoin without the complexities of self-custody, making it easier than ever to add the asset to a portfolio.
This institutional interest is helping to legitimize Bitcoin as a modern-day alternative to traditional safe havens like gold. According to Novogratz, it’s this systemic shift — rather than speculative hype — that is laying the foundation for Bitcoin’s long-term growth.
A Broader Chorus of Bulls
Novogratz is far from alone in predicting Bitcoin’s meteoric rise. Cathie Wood’s ARK Invest made headlines in April when it raised its long-term price projection for Bitcoin from $1.5 million to $2.4 million by 2030, citing continued institutional inflows and technological innovation. Strategy co-founder Michael Saylor, another vocal Bitcoin bull, has also consistently reiterated his belief in Bitcoin’s long-term trajectory, going so far as to funnel billions of dollars from his company’s balance sheet into the cryptocurrency.
Bitcoin’s fundamentals have continued to strengthen as well. With an annual price appreciation of over 50%, the asset is now trading within reach of its all-time high of $111,000. Despite short-term volatility, the longer-term trend remains bullish, particularly as macroeconomic conditions favor hard assets amid concerns of inflation and fiat currency debasement.
While Novogratz’s comments are bullish, they are not without vested interest. Galaxy Digital has positioned itself deeply within the crypto ecosystem. The firm’s asset management division last year raised $113 million for Galaxy Ventures, a fund dedicated to early-stage crypto investments. Additionally, the company holds approximately 12,830 BTC on its balance sheet — worth more than $1 billion at current prices — and operates a large-scale Bitcoin mining operation in Texas.
The performance of Bitcoin has a direct impact on Galaxy Digital’s financial health, as well as the broader valuation of the crypto sector. A tenfold increase in Bitcoin’s price would not only validate Novogratz’s thesis but significantly boost the firm’s own assets and revenue.
Roadblocks Ahead?
Despite the optimistic outlook, a number of factors could slow Bitcoin’s ascent to $1 million. Regulatory uncertainty remains a significant concern, especially in jurisdictions with tightening scrutiny on crypto markets. Moreover, the pace of institutional adoption, while growing, still faces hurdles in terms of infrastructure, security, and risk management.
Critics also point to Bitcoin’s scalability and energy consumption as challenges to mass adoption, although proponents argue that these issues are being mitigated by innovations in layer-2 scaling solutions and growing use of renewable energy in mining operations.
Novogratz’s vision for Bitcoin is not predicated on short-term price action, but on a multi-decade transformation of global finance. As the asset becomes more embedded in the portfolios of corporations, sovereign wealth funds, and everyday investors, its utility as a digital store of value could rival or even exceed that of gold.
Whether Bitcoin will eventually reach the $1 million milestone remains to be seen. But if the current trajectory of adoption, innovation, and institutional integration continues, Novogratz’s projection might be less far-fetched than it seems.
Mercurity Fintech to Raise $800M for Bitcoin Treasury Reserve Amid Rising Corporate Crypto Adoption
Meanwhile, Mercurity Fintech Holding, a Nasdaq-listed digital finance firm focused on blockchain-based payment infrastructure, announced plans on Wednesday to raise $800 million in capital to create a long-term Bitcoin treasury reserve. The move places the company among a growing list of corporations integrating Bitcoin into their balance sheet strategies as institutional adoption of crypto assets accelerates worldwide.
In its official statement, Mercurity detailed that the Bitcoin reserve would be established using a blockchain-native approach, incorporating custody solutions, staking mechanisms, and tokenized treasury management services. The initiative is aimed at creating a resilient and yield-generating asset reserve that aligns with the firm’s strategic focus on digital financial infrastructure.
Mercurity’s proposed $800 million capital raise—if executed at current market prices near $104,000 per BTC—would enable the company to purchase approximately 7,433 Bitcoin. This would catapult Mercurity into the 11th spot among corporate Bitcoin holders globally, surpassing GameStop, which holds 4,710 BTC, according to data from Bitbo.
Largest corporate Bitcoin holders (Source: Bitbo)
The initiative reflects a growing corporate trend of transitioning idle treasury funds into digital assets with long-term upside and inflation-hedging potential. Mercurity said it plans to structure the reserve in a way that generates yield while maintaining strategic exposure to Bitcoin as a long-duration asset. The reserve will integrate with blockchain-based treasury management services, reinforcing the company's commitment to decentralized financial systems.
Corporate Bitcoin Adoption Reaches Record Highs
Mercurity’s announcement comes amid a surge in corporate interest in Bitcoin. Recent figures from BitcoinTreasuries.NET reveal that over 223 public companies now hold Bitcoin in their treasuries, up from just 124 earlier this month. These firms collectively control over 819,000 BTC, equivalent to nearly 3.9% of Bitcoin’s total supply.
Firms like Strategy, Galaxy Digital, and Tesla have already paved the way for Bitcoin to become a legitimate corporate reserve asset. Strategy alone holds more than 214,000 BTC, and the trend appears to be accelerating with new entrants like Mercurity Fintech stepping into the arena.
While Bitcoin remains the primary asset of choice for corporate treasuries, alternative cryptocurrencies are also gaining traction. For example, Interactive Strength, a Nasdaq-listed fitness equipment manufacturer, recently disclosed plans to raise up to $500 million to establish a Fetch.ai (FET) token treasury. The move underscores a broader institutional appetite not just for Bitcoin, but for blockchain-based assets more generally.
