Sixty-one corporate treasuries now hold a combined 3.2% of the total bitcoin supply.
The total market cap of the 13 U.S.-listed miners that the bank tracks rose 19% from the month previous, according to the report.
Neither the number of transactions nor active addresses has increased significantly following recent network upgrades, the report said.
As stablecoin usage grows, so does the demand for short-term U.S. Treasuries, the report said.
Both ether and bitcoin products saw net inflows despite a drop in underlying asset prices, the report said.
The bank said it expects solana to underperform ether over the next two to three years, in a report initiating coverage of the cryptocurrency.
The passage of a U.S. stablecoin bill could be one of the most important regulatory developments in the history of crypto, the report said.
U.S.-listed miners also produced fewer bitcoin last month than in March.
Holdings of the stock by government bodies reflects a desire to gain bitcoin exposure where in some cases local regulators do not allow direct ownership, the report said.
Mining gross margins expanded sequentially this month, which is encouraging, the bank said.
The exchange is the first and only crypto company to join the S&P 500 index.
Stablecoins are increasingly becoming strategic assets, and support dollar dominance, the report said.
The crypto exchange's broadening product suite and dominant U.S. market position set it up well for the long term, many analysts said.
Spot bitcoin ETF net inflows totaled over $4 billion in the last three weeks, when adjusted for hedge fund basis trades, the bank said.
The token has traded like an unweighted mix of bitcoin and ether since May 2021, the report said.
Strategy alone is expected to buy another $124 billion of bitcoin over the next five years, in the broker's bull case.
Mining profitability fell in April as the network hashrate increased 6%, the report said.
Strategic allocation away from U.S. assets is likely to be the catalyst for move to a new record.
MARA Holdings and CleanSpark outperformed BTC, while miners with exposure to high-performance computing, such as Bitdeer, TeraWulf, IREN and Riot Platforms underperformed.
The passage of the Genius Act in the U.S., expected in coming months, will further legitimize the stablecoin industry, the report said.
Mining profitability worsened due to a 11.2% decline in the bitcoin price and a 9.1% slump in transaction fees, the report said.
Tariffs contribute to stagflation, and this benefits scarce assets such as gold and bitcoin, the report said.
The asset manager said it was sticking to its 2025 year-end bitcoin price target of $200,000.
Previous crises saw the world's largest cryptocurrency tumble 50-70%, the report said.
Eased policy in China — and signs of this are emerging — could significantly boost bitcoin adoption
The monthly performance was the third-worst on record, the report said.
The broker has a buy rating on the shares with a $23 price target.
U.S.-listed miners maintained their share of the network hashrate at around 30%, the report said.