Bitcoin Surpasses Amazon’s Market Cap on Pizza Day

Bitcoin Overtakes Amazon’s Market Cap as Price Hits New High on Pizza Day

Bitcoin celebrated “Bitcoin Pizza Day” with a historic milestone, surpassing Amazon in market capitalization as the world’s top cryptocurrency continues its surge.

As of May 22, Bitcoin’s market cap reached $2.205 trillion, eclipsing Amazon’s $2.135 trillion valuation by $70 billion, according to market data.

The achievement comes amid record-high Bitcoin prices above $110,000, drawing further attention from both crypto enthusiasts and mainstream investors.

“A Structural Shift”

“This is a structural change,” said Hassan Khan, CEO of Bitcoin liquidity platform Ordeez. “Bitcoin is no longer simply a hedge — it’s becoming a benchmark currency.”

Total crypto market cap one-year chart. Source: CoinMarketCap

Alex Obchakevich, founder of Obchakevich Research, said Bitcoin surpassing Amazon will “strengthen confidence in Bitcoin and lead to new injections into the crypto market.”

Obchakevich added that institutional interest is surging:

“In May, BlackRock became the second largest Bitcoin holder after Satoshi Nakamoto, surpassing Binance.”

Bitcoin ETFs and Institutional Inflows

According to CoinMarketCap, Bitcoin ETFs saw nearly $604 million in net inflows on May 21, signaling continued institutional accumulation.

Open interest stood at $756 billion in perpetual swaps and $3.24 billion in futures, reinforcing the growing scale of crypto derivatives markets.

“Short-term profit taking and macroeconomic uncertainty are tempering momentum,” Khan said, “but below-the-surface metrics show high institutional conviction.”

Obchakevich predicted further growth, suggesting:

“We are gradually moving towards $200,000, and I’m confident we’ll see $150,000 and $90,000 within this year.”

The Bigger Picture

At the time of writing, the total crypto market cap stood at $3.49 trillion, just 6% shy of its $3.71 trillion all-time high recorded at the end of 2024.

“Bitcoin now ranks as the fifth-largest asset globally,” said Ulli Spankowski, chief digital officer at Boerse Stuttgart Group, placing it behind only gold and the top three publicly traded companies.

“What was once considered a highly speculative risk has evolved into a serious asset class,” Spankowski added.

A Symbolic Milestone on Bitcoin Pizza Day

May 22 is celebrated as Bitcoin Pizza Day, commemorating the first documented commercial Bitcoin transaction in 2010 — when Laszlo Hanyecz famously paid 10,000 BTC for two Papa John’s pizzas.

Fifteen years later, Bitcoin’s price and influence have soared beyond what many imagined, now commanding a valuation greater than one of the world’s largest tech companies — and continuing to climb.