🟠 BTC Holders

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.

Happy Tuesday to the 19,354 Minimalist members reading today. 👋 

Today we’re covering:

• Bitcoin closes June at record $107K

• Public firms’ Bitcoin holdings surge 18%

• $500 Casascius bar redeemed for $10M

• And everything else you need to know.

Estimated read time: 2 minutes and 58 seconds

WHAT WE’RE WATCHING

📊 Bitcoin’s STH cost basis signals $117K as next price target, with the key breakout level seen at $109K–$110K. Onchain data and MVRV metrics suggest further upside as BTC trades within a well-defined range, eyeing new highs above May’s $112K peak.

🎨 Figma disclosed $69.5M in Bitcoin ETF holdings. This represents 4.5% of its $1.54B portfolio, and comes ahead of its NYSE IPO bid. The board pre-approved another $30M Bitcoin buy using USDC. This marks a surprising shift as Figma pivots from Adobe’s failed 2023 acquisition toward public markets.

💵 Trump family’s Bitcoin miner American Bitcoin raised $220M to buy BTC and more mining rigs. Backed by Eric and Donald Trump Jr., the Hut 8 subsidiary plans a Nasdaq listing as $ABTC and joins Trump’s broader crypto ventures, including a $2.5B Bitcoin fund and $1.7B memecoin.

🏢 Public companies boosted Bitcoin holdings 18% in Q2. Public companies are outpacing ETFs’ 8% rise for the third straight quarter. Firms now hold ~855K BTC, driven by treasury strategies inspired by Strategy (formerly MicroStrategy), amid regulatory relief and growing corporate adoption under Trump’s administration.

📈 [NEW VIDEO] PlanB says Bitcoin is still far from his stock-to-flow target of $500K. He attributes the “flat” bull market to rotation into ETFs and predicts further highs, while 40% of investors doubt Bitcoin will top $200K by 2026.

IN THE LOOP

• A 2012 Casascius bar bought for $500 was redeemed for over $10 million.

• Standard Chartered predicts Bitcoin will reach $135,000 by Q3 2025.

• PlanB says Bitcoin closed June at $107,179, marking a new all-time high monthly close “like clockwork.”

The most clicked link in our last newsletter was current price action has broken six popular Bitcoin price models, as Blockspace cites ETFs and corporate buying for muted drawdowns.

MACRO & INDUSTRY

• Tech billionaires led by Palmer Luckey and Peter Thiel are launching Erebor, a crypto-focused digital bank to fill the gap left by Silicon Valley Bank’s collapse.

• Donald Trump added at least $620 million to his fortune in months through crypto ventures.

• Pierre Rochard says Bitcoin treasury companies matter because they stay committed to accumulating despite the psychological difficulty of holding.

• SEC Chair Paul Atkins ended “regulation through enforcement”.

POLL

TUESDAY’S POLL RESULTS

Which Bitcoin price model do you think is most accurate?

🟨🟨⬜️⬜️⬜️ 📈 Stock to Flow (18%)

🟩🟩🟩🟩⬜️ ⚡ Power Law (41%)

🟨🟨🟨⬜️⬜️ 🌈 Halving Rainbow (31%)

🟥⬜️⬜️⬜️⬜️ 🥴 Other (10%)

⚡ Power Law: “Most people criticize the power law model without fully understanding what’s going on here. The Regression line is becoming a better fit every day. The top band is not a part of the PL.” — Evan

VIDEO

Bitcoin’s boom-and-bust cycles aren’t dead, argues Matthew Kratter, despite institutional buying. 

He warns bear markets remain inevitable, driven by human psychology and leverage, and advises hodling, cold storage, and caution with Bitcoin-treasury stocks.

👉 Watch here →

CHARTS & DATA

STH MVRV - Short-term holder MVRV is low, despite Bitcoin essentially sitting at an all-time high.

SMA 1458 - Bitcoin has yet to overheat like it has in past cycles, at least according to the SMA1458 heatmap.

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.