Galaxy Research, an arm of the digital asset management firm Galaxy, projects bitcoin (BTC) to surpass $150,000 in the first half of 2025 and may even reach $185,000 in the last quarter of that year. The research arm cites a combination of institutional, corporate, and nation-state adoption as factors likely to propel the top cryptocurrency to those heights.

By projecting BTC growth of more than 50%, Galaxy Research joins the digital asset management firm Vaneck, which similarly foresees the top cryptocurrency topping $180,000 in the fourth quarter of 2025. However, Vaneck expects to see a retracement before the leading cryptocurrency achieves this new milestone.

Meanwhile, in addition to predicting an all-time high for BTC toward the end of 2025, Galaxy Research says it foresees BTC continuing its trend of beating other asset classes, including the S&P 500. With respect to gold, the Galaxy team expects the total market capitalization of BTC to reach 20% of that of the precious metal. At the time of writing (Dec. 29, 2024), BTC market capitalization stood at $1.85 trillion, while gold is estimated to be close to $18 trillion.

Regarding assets under management (AUM) of spot bitcoin exchange-traded products (ETPs), Galaxy projects this to surpass $250 billion in 2025. Spot bitcoin ETPs are also poised to surpass the AUM of all U.S. physical gold ETPs, Galaxy Research said in a post on X.

Concerning top wealth management firms’ reluctance to add BTC to their respective portfolios, Galaxy said:

“For a variety of reasons, including seasoning periods, internal education, compliance requirements, and more, no major wealth manager or asset management firm has yet officially added a Bitcoin allocation recommendation to investment-advised model portfolios. That will change in 2025, and this will further swell the flows and AUM of U.S. spot-based Bitcoin ETPs.”

On the development front, Galaxy says it foresees developers reaching consensus on the next protocol upgrade in 2025. Publicly traded bitcoin miners will likely announce transitions to or enter partnerships with hyperscalers, artificial intelligence (AI), or high-performance computing firms. Consequently, Galaxy expects this to restrain the year-over-year hash rate growth rate.

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