Bitcoin Stands Firm Amid Global Chaos

Happy Monday Bitcoiners - it’s time for another weekly Bitcoin update!

Each week, our team saves you time by curating the most impactful events into a concise, easy-to-read update.

Notable events this week:

• One of the top 3 largest US banks recognizes the greatness of Bitcoin.

• Hackers steal 90M+ from Iranian exchange (then destroy the BTC).

• Pakistan taps Saylor as its Bitcoin advisor.

Let’s dive in⚡

Latest News 📰

🙌 Adoption

• Bank of America ranks Bitcoin alongside the printing press, steam engine, and the internet as one of the most disruptive technologies of the last 1,000 years.

• Grocery giant Spar is rolling out Bitcoin Lightning payments in Liechtenstein, following a successful pilot in Switzerland, to enable fast, low-fee crypto payments at checkout.

• Jesse Shrader, co-founder of Amboss, routed 4,708 payments and earned 133,000 sats using Rails (AI-powered tool helping users earn non-custodial yield from Lightning routing).

⚖️ Legal

• Texas Governor Greg Abbott signs SB 21 into law, establishing a state Bitcoin Reserve and making Texas the third state to do so.

• Nobitex, Iran’s largest crypto exchange, was hacked for $81.7 million. The attackers stole Bitcoin and other assets, then burned the funds by sending them to unrecoverable vanity addresses.

• Ohio’s House passes HB 116 (the Blockchain Basics Act), exempting all Bitcoin transactions under $200 from state capital gains tax to simplify everyday use and spur adoption.

📈 Markets

• BlackRock’s Bitcoin ETF adds over $2 billion of BTC in the first two weeks of June.

• SEC clears Trump Media’s Plans to establish a $2.5 billion Bitcoin Treasury.

• JPMorgan warns Strategy’s surge is risky. It holds ~$61B in BTC but trades at $103B valuation on just $111M revenue, and is indexed to $50B in assets despite not being in the S&P 500.

🏦 Treasury

• Strategy acquires 10,100 BTC and now holds 592,100 bitcoin, increasing its position by 19.1% in 2025.

• Metaplanet hits 10,000 BTC milestone, up from a $13M valuation a year ago to $7.63B today, marking a staggering 500x return since adopting its Bitcoin strategy.

• Semler Scientific names Joe Burnett Director of Bitcoin Strategy and unveils plan to acquire 105,000 BTC by 2027, stock jumps nearly 20% on the news.

⛏️ Mining

• China’s top Bitcoin mining rig manufacturers, Bitmain, Canaan, and MicroBT, are relocating production to the U.S. to avoid rising trade tariffs and capitalize on booming American hashrate.

• The French National Assembly rejects a proposal to make Bitcoin mining a state activity and integrate it into the national energy system using surplus nuclear power.

• Brazilian political party proposes a bill to restrict Bitcoin mining and tax crypto trading. It would require mining licenses and enforce strict environmental standards to curb the industry’s impact.

🗳️ Politics

• The U.S. Senate passes the GENIUS Act, the first major federal crypto bill. It mandates 1:1 stablecoin backing in cash or Treasuries, monthly audits, AML compliance, and bars foreign and ‘big-tech’ issuers.

• Pakistan appoints Michael Saylor as its official Bitcoin advisor and confirms national BTC reserves, marking a major strategic shift.

• Thailand’s cabinet votes to eliminate capital gains tax on Bitcoin (and other crypto) from Jan 1st, 2025 to Dec 31st, 2029.

🧠 Bitcoin Trivia 🧠

Bam’s 2 Sats 🧢

The Corporate Race Is On [Part 7]

Missile exchanges between Israel and Iran, threatening wider regional war, were finally enough to break Bitcoin’s 44-day streak above $100K.

As Trump ordered B2 bombers to strike Iran’s nuclear sites, markets were spooked on Sunday, during which Bitcoin briefly dipped to as low as $98K with Iran’s parliament voting to close the Strait of Hormuz.

The streak ended on day 45, but Bitcoin has since already rebounded above six figures. With oil prices retreating and markets stabilizing, investors seem to be calling the bluff on further escalation.

Bitcoin is further taking center stage in U.S. policy discussions, with President Donald Trump meeting with Pakistani officials to discuss trade, Bitcoin, and AI. This occurred just a few days after Michael Saylor was appointed Pakistan’s official Bitcoin advisor.

This is a clear game-changer.

I remember April last year. After Iran’s April 13–14, 2024 missile and drone strikes on Israel, Bitcoin plunged over 14% in six days, briefly dipping below $60K, while gold surged.

But this time feels different.

Bitcoin may finally be seen as the safe haven it was intended to be, especially as counterparty risk becomes increasingly difficult to ignore. Whether that shift is due to BlackRock steadily positioning Bitcoin as a flight-to-safety asset after launching its ETF is unclear. But the timing fits.

What’s clear is that smart money is flooding into Bitcoin, not its crypto competitors. During Sunday’s selloff, Bitcoin dominance surged to levels last seen in January 2021, confirming it remains the main game in town.

Meanwhile, the Bitcoin Strategy crowd is in overdrive, backed by growing institutional momentum. Every day brings fresh headlines with new companies entering, existing ones raising targets.

This week alone, 18 companies added to their stack, 2 new treasuries launched, and over 12,000 BTC was accumulated. Another 12 firms announced plans to buy, signaling potential purchases of up to $1.16 billion.

I don’t know how all this makes you feel, but to me, it’s a signal. Something big is coming. And we’re just seeing the beginning of a much larger corporate race.

Stay safe and keep on stacking!
-Bam

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