This Week in Crypto: US States’ $632 Million MSTR Stake, 86 Million Pi Withdrawals, Bitcoin New High and More

The week was notably bullish for the crypto market, with Bitcoin (BTC) reaching record highs of $111,980 and more optimistic predictions emerging. US states’ investment trends and regulatory developments dominated the spotlight, while Pi Network’s price surge also drew attention.

The following is a roundup of some of the most important developments in the crypto market this week.

14 US States Disclose $632 Million Stake in MSTR

One of the most notable developments this week in crypto was the revelation of US states’ $632 million holdings in Strategy’s MSTR stock. BeInCrypto reported that in Q1 2025, the holdings increased by an average of 42%.

“14 US states have reported $632 million in MSTR exposure for Q1, in public retirement and treasury funds. A collective increase of $302 million in one quarter,” Bitcoin Laws founder Julian Fahrer posted.

US State MSTR Stock Holdings. Source: Data Curated by BeInCrypto

California, through its state teachers and public retirement fund, led the pack with $276 million in MSTR shares, followed by Florida, North Carolina, and New Jersey. Despite a recent veto on a Bitcoin reserve bill, Arizona also increased its MSTR holdings.

Other states like Utah and Colorado showed substantial growth in MSTR investments, with the former’s holdings growing by 184% in the last quarter. On the other hand, while boosting its MSTR position by 26%, the Wisconsin Investment Board sold off its entire $300 million stake in BlackRock’s Bitcoin ETF.

This exemplifies that Strategy, the largest corporate holder of Bitcoin (576,230 BTC), has become a preferred choice for states seeking indirect crypto exposure without dealing with the complexities of direct ownership. 

Pi Network’s 86 Million Token Withdrawal from OKX

Pi Network has been widely discussed since its open network launch in late February 2025. This week, Pi Coin (PI) dominated headlines due to its 11% price appreciation. BeInCrypto highlighted that the catalyst behind this uptick was an 86 million withdrawal from the OKX exchange. 

This reduced OKX’s PI token balance to just 21 million. This mass movement suggested investors were holding rather than selling. This bullish signal is often associated with confidence in future price appreciation.

“This isn’t just a withdrawal—it’s a POWER MOVE by the Pi community. Scarcity is kicking in, and the market is feeling the heat!” a Pioneer posted on X.

Nonetheless, the high was fleeting. After the rise, more declines followed. Over the past day alone, Pi Coin’s value depreciated by 4.7%.

At the time of writing, it traded at $0.79.

Pi Coin Price Performance. Source: BeInCrypto

Along with its underwhelming price performance, Pi Network has faced significant criticism due to its inability to secure a listing on major exchanges like Binance or Coinbase. Concerns regarding its lack of recognition on price tracking platforms, token distribution, node centralization, and migration challenges further add to the growing list of issues.

Blum Co-Founder Vladimir Smerkis Arrested in Moscow

Another crypto-related incident this week involved the co-founder of the Telegram-based crypto project Blum. On May 18, the Zamoskvoretsky District Court in Moscow arrested Vladimir Smerkis, who previously managed Binance’s operations in Russia. Smerkis allegedly committed ‘large-scale fraud.’

“The Zamoskvoretsky District Court granted the investigator’s petition for the preventive measure of detention for Vladimir Smerkis, who was arrested in connection with a case of large-scale fraud (Article 159 of the Criminal Code of the Russian Federation),” local media reported.

In response to the arrest, Blum quickly distanced itself from Smerkis and his involvement in the project.

“We would like to inform our community that Vladimir Smerkis has stepped down from his role as CMO and is no longer involved in the development of the project or in any co-founder capacity,” Blum’s official statement read.

Fred Krueger Predicts Bitcoin Could Reach $600,000 by October 2025

This week in crypto, Bitcoin took center stage with its impressive rally. BeInCrypto was the first to report that Bitcoin reclaimed its all-time high of $108,900 after four months. However, the rally didn’t stop there, as the price continued to climb.

Yesterday, BTC peaked at a new record of $111,980, a high yet to be surpassed. Yet, analysts are increasingly optimistic about Bitcoin’s prospects moving forward.

Mathematician and analyst Fred Krueger predicted that Bitcoin’s price could surge to $600,000 by October 2025. His forecast hinges on a series of speculative developments that will begin on July 21, with BTC priced at $150,000.

“THE FINAL RUN: BITCOIN TO $600,000. Timeframe: 90 days — from Monday, July 21, 2025. Starting BTC: $150,000, Ending BTC: $600,000. Final Gold: $10,400.  DXY: Collapses from 96 → 68.  US 10Y Yield: Spikes to 9.2% before being “frozen” by the Fed.  SPX: Collapses 50%,” Krueger stated.

The supposed catalysts for Bitcoin’s rise to $600,000 include a failed US Treasury auction, BRICS nations launching a Bitcoin-backed payment system, countries shifting reserves to Bitcoin, rising Treasury yields, a collapse in US real estate, tech companies adopting Bitcoin, and a potential restructuring of the US dollar at an October summit. 

Texas Bitcoin Reserve Bill Passes Key House Vote

Apart from the price, Bitcoin also dominated the regulatory sector. This week in crypto, Texas’s Senate Bill 21 passed its second House reading with a 105-23 vote. Shortly after, it passed the third and final reading by a vote of 101-42.

The bill, which aims to create a state-level Bitcoin Reserve, now only requires Governor Abbott’s signature to be finalized. Notably, as BeInCrypto pointed out, Governor Abbott is pro-crypto.

In fact, he posted an article about the Texas Strategic Bitcoin Reserve on his X account today, which signals a likely approval.

“It’s happening. Texas Governor, Greg Abbott, will sign Texas’ Bitcoin Reserve into law. One of the richest states will be buying Bitcoin. Get ready!!!” crypto commentator Kyle Chassé remarked.

With the Texas Senate session ending on June 2, Governor Abbott has until then to make a decision. If signed into law, Texas will become the second US state to establish its own Bitcoin Reserve, following New Hampshire.