🇺🇸 Revitalizing American Capitalism with Bitcoin

How bitcoin is bringing vibrancy back to public markets

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BITCOIN BOX SCORE

Exchange Rate: $101,380
Market Capitalization: $2.01T
Hash Rate (90 days): 838.3 EH/s
Transactions (30 days): 12,494,289
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 64.60%

"Every company will be a fintech company," wrote a16z's Angela Strange in 2020. She correctly anticipated a future in which every digital platform or consumer-facing company has the capability, and the strategic imperative, to deliver financial services directly to their customers.

Something similar could be said today: Every company will be a bitcoin company. But how?

While Washington debates inflation targets and interest rates, some courageous leaders in corporate America and making bold moves. Led by firms like Strategy (formerly MicroStrategy), corporations are adopting bitcoin as a capital asset.

Strategy has been at the forefront of this movement. Under CEO Phong Le, the company has introduced the "BTC Standard," a framework that reimagines corporate finance with bitcoin at its core. This approach emphasizes real-time financial transparency, with updates every 15 seconds, making it 500,000 times more transparent than quarterly reporting.

Other firms are following suit. David Bailey, CEO of BTC Inc., raised $300 million to launch Nakamoto, a bitcoin investment firm aiming to go public this summer. Similarly, Vivek Ramaswamy's Strive Asset Management is transitioning into a bitcoin treasury company through a reverse merger, with plans to raise $1 billion for bitcoin acquisitions.

At the Strategy World conference, Strategy Executive Chairman Michael Saylor delivered a must-watch keynote emphasizing bitcoin's role in corporate strategy. He argued that adopting bitcoin can significantly enhance a company's value, stating, "You want to 10x your company? Buy bitcoin. You want to 100x? Buy bitcoin with someone else's money."

Economist Saifedean Ammous captures it well: “History shows it is not possible to insulate yourself from the consequences of others holding money that is harder than yours.” As more companies integrate bitcoin into their financial strategies, those that don't may find themselves at a competitive disadvantage.

In an era of economic uncertainty, these moves suggest a growing corporate consensus: embracing bitcoin may not just be a hedge against inflation, but a strategic imperative for future growth.

NEWS

Fidelity issues bold challenge to corporate America

Fidelity Digital Assets' VP of Research Chris Kuiper threw down the gauntlet at Strategy World 2025, confronting corporate America with a harsh reality: bitcoin has outperformed every asset class over the past decade with a 79% compound annual growth rate (CAGR), compared to just 1.3% for investment-grade bonds.

Kuiper offered a brilliant challenge to executives: "What's your opportunity set – and do you believe those opportunities can outperform Bitcoin?”

98% of Pump.Fun tokens are scams, report reveals

A new report from Solidus Labs has exposed the (not-)shocking reality behind Solana's popular token creation platform Pump.fun: 98.6% of all tokens launched on the platform were rug pulls or pump and dump schemes. Of the seven million tokens issued since January 2024, only 97,000 maintained even minimal liquidity of $1,000.

Meme coin mania masks widespread fraud

While bitcoin gains institutional adoption as a legitimate treasury asset, the altcoin ecosystem remains plagued by fraud. Even Raydium, a major Solana decentralized exchange, showed 93% of its liquidity pools exhibited characteristics similar to ‘rug pull’ scams. This epidemic of shameful gambling and fraud has been enabled by ‘crypto’, entirely distinct from bitcoin’s transparent protocol. Remember: BITCOIN, NOT CRYPTO.

BlackRock's Bitcoin ETF Surpasses Gold Fund in 2025 Inflows

BlackRock's spot bitcoin ETF (IBIT) attracted $6.96 billion in net inflows this year, surpassing the SPDR Gold Trust (GLD), the world's largest physically-backed gold ETF, which pulled in $6.5 billion. This milestone comes despite gold's 29% surge as compared to bitcoin's modest 3.8% gain in 2025, positioning IBIT as the sixth-largest ETF by inflows.

Digital gold outshines physical gold

The persistent capital flows into IBIT demonstrate the strong institutional conviction in its long-term value. Bloomberg's Eric Balchunas sees this as evidence supporting his projection that "BTC ETFs will have triple gold's AUM in 3-5 years."

Standard Chartered analyst: $120,000 bitcoin price target "may be too low"

Standard Chartered's head of digital assets Geoffrey Kendrick has issued a tongue-in-cheek "apology" that his $120,000 Q2 bitcoin price prediction "may be too low." The comment comes as bitcoin once again surpassed the $100,000 mark. Last month, Kendrick forecast that bitcoin would reach new all-time highs around $120,000 in Q2 and approach $200,000 by year-end.

How we think about bitcoin is changing

The bitcoin narrative has evolved rapidly, according to Kendrick. What started as "correlation to risk assets" then became "a way to position for strategic asset reallocation out of U.S. assets." Now, he says, "It is all about flows." These flows include $5.3 billion into U.S. spot bitcoin ETFs in just three weeks, alongside significant allocations from Strategy, Abu Dhabi's sovereign wealth fund, and even the Swiss National Bank buying shares of Strategy.

BITCOIN ADOPTION CONTINUES

21 Futures is crowdfunding "The Noderoid Saga," the first of 21 planned bitcoin-themed animated short films inspired by the "Tales from the Timechain" anthology. Release is planned for early 2026.

The Bitcoin 2025 conference in Las Vegas will attempt to set a GUINNESS WORLD RECORDS title for most bitcoin point-of-sale transactions in 8 hours, issuing 4,000 Lightning-ready Bolt Cards to attendees and offering 21% discounts on all bitcoin payments.

Bitcoin Chattanooga, a nonprofit founded in October 2021, is working to transform Chattanooga, Tennessee into a bitcoin city through free business promotion, educational workshops, and bitcoin-paid employment opportunities for financially vulnerable residents.

Onramp launches its comprehensive bitcoin financial services platform, offering institutional-grade trading with Multi-Institution Custody vaults, inheritance planning, and bitcoin-backed lending services.

Revolut partners with Lightspark to integrate Lightning Network and Universal Money Address (UMA) technology, enabling instant, low-cost bitcoin payments for millions of users across the UK and European Economic Area.

HOW BITCOIN WORKS

Learn one key idea about bitcoin each week. This week:

A perspective on leverage

(not financial advice)

As corporate bitcoin adoption accelerates, many investors, especially newcomers, find themselves attracted to equities like Strategy (formerly MicroStrategy), Cantor Equity Partners, and other firms implementing bitcoin treasury strategies. These companies offer amplified exposure to bitcoin's price movements, essentially functioning as leveraged bets on bitcoin's performance.

While these investments can generate impressive returns during bull markets, they introduce complexities that pure bitcoin holdings don't carry. Strategy's innovative approach – raising capital through convertible notes and preferred stock to purchase bitcoin – creates what Michael Saylor calls "bitcoin yield." Yet this yield comes with counterparty risk, potential asset-liability mismatches, and susceptibility to market sentiment beyond bitcoin fundamentals.

These bitcoin-holding equities are better understood as "performance bitcoin" – high-beta plays designed to enhance returns during upswings, not as foundational wealth preservation vehicles. During the recent bull market, bitcoin treasury companies have done well, oftentimes outperforming bitcoin itself.

Remember that these equities introduce multiple layers of risk, including the company's operational decisions, management execution, debt servicing capabilities, and traditional equity market dynamics, all on top of bitcoin's volatility. When markets turn bearish, these same leverage mechanisms can amplify downside exposure.

For wealth preservation across generations, physical bitcoin held in self-custody remains unmatched. It eliminates inflation risk, removes counterparty dependencies, and provides true monetary sovereignty. Companies, even the most innovative ones, come and go throughout history, but bitcoin's core properties persist.

A balanced approach might include both: a foundation of actual bitcoin for long-term wealth preservation, complemented by selective exposure to bitcoin equities (treasury companies, miners, etc) for enhanced returns during favorable market conditions. The key (especially for new bitcoiners) is understanding that leveraged exposure, while potentially profitable, is fundamentally different from owning the real thing.

COIN CHECK

What does “UTXO” stand for in Bitcoin?

  1. Unspent transaction output

  2. Unverified transaction order

  3. Unified token operator

  4. Unlimited token offering

Check your answer at the end of the page.

FROM THE MEME POOL

ANSWER

  1. Unspent transaction output. Imagine you're at a coffee shop with a $20 bill, but your latte costs only $4.50. You hand over the $20, and the barista gives you $15.50 in change. In the world of Bitcoin, that $20 bill is akin to a UTXO—an Unspent Transaction Output. It's a chunk of Bitcoin you've received but haven't spent yet. When you make a transaction, you don't slice off the exact amount you need; instead, you use the whole UTXO, and the system returns the "change" back to you as a new UTXO. This process ensures that every piece of Bitcoin is accounted for, making the network secure and transparent. So, just like managing your physical cash, handling UTXOs is about spending whole units and receiving new ones as change, keeping the digital economy flowing smoothly.

That’s all for this week, folks! When you signed up for this newsletter, we promised to act as your personal guide and help you understand what’s happening in the world of bitcoin. What did you think of today’s newsletter? Reply to this email and let us know what you’d like to see more of.

Until next week!

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