🟠 BTC ETF Loans

First time reading? I’m Jordan, and this is The Bitcoin Minimalist. Every Tuesday & Thursday, we scour 100s of sources to bring you need-to-know Bitcoin insights.

Good morning — Jordan here.

We’re back after an off-day on Tuesday.

Happy Thursday to the 19,670 Minimalist members reading today. 👋 

Today we’re covering:

• JPMorgan accepts BTC ETF as collateral

• U.S. military exploring strategic BTC reserve

• Twenty One Capital now #2 BTC holder

• And everything else you need to know.

Estimated read time: 2 minutes and 58 seconds

WHAT WE’RE WATCHING

💸 Coinbase CEO warns rising U.S. debt could make Bitcoin the new reserve currency. Brian Armstrong said failure to rein in the $36.9T debt might lead Bitcoin to replace the dollar. Elon Musk echoed fiscal concerns, slamming GOP lawmakers for backing a massive spending bill.

🏦 JPMorgan will now accept BlackRock Bitcoin ETF shares as loan collateral, per Bloomberg. The bank will also count Bitcoin holdings when evaluating clients' net worth—treating them like real estate. This marks a major shift for JPMorgan, despite CEO Jamie Dimon’s long-standing skepticism of Bitcoin.

📊 PlanB releases June 2025 Bitcoin analysis video, “New ATH, What’s Next?”. He argues Bitcoin remains in a bull market but follows a different pattern than previous cycles. According to PlanB, current conditions suggest we're only at the start of this new bullish phase.

🇺🇸 A Trump-branded Bitcoin ETF tied to Truth Social has been filed with the SEC. NYSE Arca submitted the application on behalf of Yorkville America Digital, a partner of Trump Media. If approved, it would join a crowded market led by BlackRock’s $69B iShares Bitcoin Trust.

🪖 U.S. Senator Cynthia Lummis says some military leaders, particularly in Southeast Asia, support creating a strategic Bitcoin reserve. In a Bloomberg interview, she framed the move as preparation for economic conflict with China, citing growing military interest in Bitcoin amid rising geopolitical tensions.

🏢 Twenty One Capital received 37,229 BTC (~$3.9B) from Tether and Bitfinex. This comes ahead of its public debut via SPAC merger with Cantor Equity Partners. Led by Jack Mallers, the firm now becomes the second-largest corporate Bitcoin holder and pledges full on-chain transparency through its "Bitcoin Treasury Transparency" initiative.

📊 Bitbo is excited to announce three new charts:
- U.S. dollar devaluation
- U.S. gas prices in BTC
- U.S. M2 money supply vs Bitcoin

IN THE LOOP

• Bitcoin's Hash Ribbons metric just flashed its third 2025 “buy” signal according to CoinTelegraph.

• California Assembly passed a bill 68-0 to allow Bitcoin payments to state agencies, sending it to the Senate.

• Semler Scientific bought 185 more BTC for $20 million, raising its total holdings to 4,449 BTC.

• Metaplanet bought 1,088 more BTC, bringing its total to 8,888.

• Jack Dorsey’s claim that “seedless is safer” sparked debate as Bitkey defends its multisig design and encrypted recovery process.

The most clicked link in our last newsletter was Senator Lummis claiming that Trump backs her bill to buy 1 million BTC over five years, with funding via Fed and Treasury.

MACRO & INDUSTRY

• 61 publicly listed companies now hold over 3% of all Bitcoin, doubling their combined BTC in two months.

• Elon Musk warned that excessive U.S. spending will lead to “debt slavery,” slamming Trump-backed legislation as a “disgusting abomination.”

• The European Central Bank cut its key interest rate to 2% amid ongoing economic uncertainty.

POLL

THURSDAY’S POLL RESULTS

What’s the biggest event in crypto over the past few days?

🟥⬜️⬜️⬜️⬜️ 🎮 GameStop Bitcoin purchase (14%)

🟩🟩⬜️⬜️⬜️ 🇵🇰 Pakistan strategic Bitcoin reserve (40%)

🟨⬜️⬜️⬜️⬜️ 🪙 DOL lifts restrictions on BTC retirement accounts (22%)

🟨⬜️⬜️⬜️⬜️ 💳 Bitcoin payments coming to Square (24%)

💳 Bitcoin payments coming to Square: “Bitcoin entering the public arena for ordinary people...this is how it begins. General adoption here we come.” — Chris

🇵🇰 Pakistan strategic Bitcoin reserve: “Countries buying or mining Bitcoin for a reserve has the biggest impact on the value of Bitcoin and is the last step after first individuals and companies. Keep on buying sats and HODL!” — René

CHARTS & DATA

Monthly RSI - Despite being near an all-time high, Bitcoin’s monthly RSI is nowhere near past peak areas.

Bull Market - Bitcoin is in what we want to call “Leg 3” of a nearly two year long bull market.

FROM THE ARCHIVE

MORE FROM BITBO

The Bitcoin Minimalist is run by Bitbo. Browse our most popular pages across our sites:

📊 Bitbo Pro: Analytics & intelligence to supercharge your Bitcoin investing & trading.

📈 Bitbo Charts: Useful Bitcoin charts, featuring on-chain metrics and other Bitcoin analysis.

👕 Bitbo Store: Shirts, hats, hoodies, mugs, and other merch for Bitcoiners.

🎛️ Bitbo Dashboard: View live price action, monitor on-chain data, and track key economic indicators - all for free.