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đźź BTC for Gamestop
Strategy holdings & Bitwise says last risk removed
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 20,261 Minimalist members reading today. đź‘‹
Today we’re covering:
GameStop to diversify with Bitcoin
Trump endorses pro-Bitcoin Lummis
Long-term holders resume accumulation
And everything else you need to know.
Estimated read time: 3 minutes and 1 second
WHAT WE’RE WATCHING
💰 GameStop announced a $1.3B convertible notes offering to fund Bitcoin purchases and corporate expansion. The move mirrors Strategy’s debt-financed BTC strategy and marks a shift in GameStop’s treasury approach, aiming to diversify its $4.5B cash reserves with digital assets.
📊 Bernstein’s bull case sees Strategy doubling its bitcoin holdings to over 1 million BTC—around 5% of total supply. The firm currently holds 506,137 BTC, valued at $44B. Analysts project outcomes ranging from aggressive accumulation to forced liquidation, depending on future bitcoin market conditions and capital access.
🇺🇸 Bitwise CIO says Trump’s U.S. Strategic Bitcoin Reserve removes the “last existential risk” to BTC. With 103,500 BTC allocated and plans for budget-neutral accumulation, Matt Hougan calls this the “best time in history” to buy bitcoin, positioning it as the top backup to the U.S. dollar.
🗳️ Trump endorsed pro-Bitcoin Senator Cynthia Lummis for her 2026 reelection. He claims she is a crucial key to making the U.S. the “Crypto Capital of the World.” Lummis chairs the Senate Banking Subcommittee on Digital Assets and backs the BITCOIN Act, proposing a 1M BTC treasury reserve funded via budget-neutral strategies.
📉 Bitcoin’s on-chain data shows weakening demand as realized profit/loss volumes drop 85% from the $109K peak. Short-Term Holders face record losses—3.4M BTC underwater—while Long-Term Holders resume accumulation, signaling growing conviction and a gradual shift of supply back to price-insensitive hands.
⛏️ Bitcoin miner revenue hit $3.6B in Q1 2025, but transaction fees made up just 1.33%, keeping long-term incentives under pressure. As block rewards decline, Bitcoin is shifting toward a store-of-value role—63% of supply is now held long-term—while Layer-2s aim to boost its transactional utility.
IN THE LOOP
Analysts say Trump’s upcoming “Liberation Day” tariff announcement could trigger major volatility in the crypto market.
T. Rowe Price’s Dominic Rizzo says now is a good time to buy bitcoin, comparing its price to a commodity near mining cost.
Early bitcoin investor Trace Mayer says the U.S. will never buy 5 million BTC and warns against “smash buying” without a long-term strategy.
The Blockchain Group added 580 BTC as its stock surged 226% since pivoting to Bitcoin after Trump’s election win.
The most clicked link in our last newsletter was a video breakdown about Bitcoin’s 30% dip, seeing it as a typical correction, not a breakdown, with signs pointing toward a new uptrend.
MACRO & INDUSTRY
Congressman Emmer reintroduces the Securities Clarity Act to define digital asset regulation and boost blockchain innovation.
Wyoming unveils WYST, the first state-issued stablecoin, set to launch in July with multichain support and public oversight.

POLL
Will GameStop own more than 50,000 BTC by 2028?$1.3 billion gets them around 15,000 BTC at today's price. |
TUESDAY’S POLL RESULTS
Do you believe Bitcoin will hit Tuur Demeester's 600k price prediction?
🟩🟩🟩🟩⬜️ 👍 Yes (66%)
🟨🟨⬜️⬜️⬜️ 👎 No (34%)
👍 Yes: “We’re going to the moon.” — Chris
👍 Yes: “The question is when...” — Chuck
👎 No: “It would be wonderful, fantastic, and awesome for Bitcoin to rise to 600k price, however, this would only be possible ideally, not realistically. Let's first reach over 100k price, and if it works out, and the price reaches 600k price one day, we can give kudos to Mr. Demeester for his prediction, because no one knows what, how, and when this may happen in the future.” — Jimmy
👎 No: “110k is a more realistic number.” — Ethan

VIDEO
🎙️ Supply Shock podcast features early Bitcoin advocate Trace Mayer in conversation with host Pete Rizzo at the Digital Asset Summit.
Trace is a Bitcoin OG who has recently come out of hiding after years of silence.
Watch the full discussion here:
CHARTS & DATA
50MARP - 50MARP is resetting and trending downwards. It now stands at just 2.06.
Supply in Profit - Supply in profit is at 79%, close to the area where it has been before resuming an upward trend in bull markets.
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