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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 20,319 Minimalist members reading today. 👋
Today we’re covering:
BlackRock CEO Larry Fink says BTC can threaten USD
Strategy acquires 22,048 BTC for $1.92 billion
Hut 8, Eric Trump launch a mining company
And everything else you need to know.
Estimated read time: 3 minutes and 9 seconds
WHAT WE’RE WATCHING
💰 BlackRock CEO Larry Fink warned that soaring U.S. debt could threaten the dollar’s global reserve status. This year alone there have been $952B in interest payments paid. He said Bitcoin may emerge as a “safer bet,” as rising deficits and inflation risk eroding America’s economic advantage.
📦 Strategy (formerly MicroStrategy) bought 22,048 BTC for $1.92B—its second major Bitcoin purchase of 2025. Funded by stock offerings, the buy pushes holdings to 528,185 BTC. But rising debt and Bitcoin’s poor Q1 performance raise concerns over potential liquidation and mounting financial risk.
⛏️ Hut 8 and Eric Trump launched a new bitcoin mining firm, American Bitcoin. Hut 8 merged its operations for an 80% stake, while Eric Trump becomes chief strategy officer. The venture reflects the Trump family’s deeper Bitcoin push, aiming to build a BTC reserve and eventually go public.
🏦 A new policy brief proposes Bitcoin-Enhanced U.S. Treasury Bonds (₿ Bonds) to address $9.3T in maturing U.S. debt. Co-authored by Andrew Hohns and Matthew Pines, the bonds would allocate 10% to Bitcoin, aiming to cut interest costs and build a Strategic Bitcoin Reserve.
🚀 Chun Wang, Bitcoin miner turned billionaire, becomes the first Bitcoin HODLer in space. He funded and joined SpaceX’s Fram2 mission, the first to orbit Earth pole-to-pole. The crew will conduct 22 experiments during the private flight launched from Kennedy Space Center.
🏛️ The U.S. government is expected to reveal its 198,012 Bitcoin holdings—worth $16B—on April 5, following Trump’s executive order. Plans include a “Strategic Bitcoin Reserve” and proposed ₿ Bonds to buy $200B in Bitcoin without taxpayer funding, potentially saving $354B long-term.
IN THE LOOP
Metaplanet’s Bitcoin holdings over time.
Metaplanet acquired 696 more bitcoin for $67.9 million, raising its total holdings to 4,046 BTC.
Tether added 8,888 BTC worth $735 million in Q1 2025, becoming the sixth-largest Bitcoin holder.
MARA Holdings announced a $2 billion stock offering to buy more Bitcoin and support operations.
PlanB said Bitcoin appears significantly undervalued relative to gold and real estate.
Senator Tuberville announced he will reintroduce the Financial Freedoms Act to let Americans invest retirement funds in Bitcoin.
The most clicked link in our last newsletter was GameStop announcing a $1.3B convertible notes offering to buy Bitcoin and expand operations.
MACRO & INDUSTRY
Coinbase users may have lost over $46 million to phishing scams in March.
California amended a digital assets bill to include Bitcoin rights and self-custody protections.
The UAE will launch its Digital Dirham CBDC in Q4 2025 for retail, wholesale, and cross-border payments.
Tether just minted another $1B USDT, bringing its total to $8B in 2025.
The US seized $200,000 in cryptocurrency linked to a laundering scheme that allegedly funneled $1.5 million to Hamas since October.
POLL
Has Bitcoin's price performed how you expected so far in 2025? |
THURSDAY’S POLL RESULTS
Will GameStop own more than 50,000 BTC by 2028?
🟩🟩🟩⬜️⬜️ 🧠 Yes, they’re following the Saylor playbook (57%)
🟥⬜️⬜️⬜️⬜️ 📉 No, they’ll sell or pivot before then (17%)
🟨🟨⬜️⬜️⬜️ 🎲 Maybe, depends on Bitcoin price (26%)
🎲 Maybe, depends on Bitcoin price: “If Bitcoin's price skyrockets, GameStop might not need to buy as much to achieve its goals. If it crashes, they might hesitate or pivot. Their current approach suggests interest, but not full commitment like MicroStrategy.” — Max
🎲 Maybe, depends on Bitcoin price: “They won't ape in. The price could get away from them.” — Troy
VIDEO
Matthew Kratter from Bitcoin University points to macroeconomic uncertainty, selling by individuals despite institutional buying, and a fading four-year cycle effect as key reasons for the slump.
Watch the full breakdown here:
CHARTS & DATA
Projection Models - The more conservative power law and HPR models have been more accurate this cycle, so far, compared to stock to flow and stock to income.
Colored Mayer Multiple - Bitcoin’s cycle this time around has seen less extreme peaks than in the past. We’ve seen a new, more compact range of price movements compared to the past. This can be seen clearly on the Mayer Multiple chart above.
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FROM THE ARCHIVE
This week will mark the supposed birthday of Bitcoin inventor Satoshi Nakamoto.
He registered his birthday as April 5th, 1975 on his P2P Foundation profile.
It is hard to be sure if this is his actual birthday or one he made up, though given his clear preference for privacy, it seems unlikely this is his actual birth date or birth year.
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