Who Sold to Saylor?

Happy Monday Bitcoiners, it's Bam here with another Bitcoin update!

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

Notable events this week include:

• Steak n’ Shake shows the world how to nail a Bitcoin rollout.

• Coinbase faces hundreds of millions in losses after major data breach.

• Moody’s cuts America’s credit rating.

Let’s dive in! ⚡

Azteco. For every bit of life.

Latest News 📰

🙌 Adoption

• Public corporations have already bought 3.3X more Bitcoin than the new supply in 2025, exceeding the estimated annual issuance of 164,250 BTC.

• Steak n’ Shake successfully rolls out Bitcoin payments, now accepting sats for steakburgers and beef tallow fries at all 393 locations across the US.

• 14 US states have reported $632m in $MSTR exposure for Q1, in public retirement and treasury funds. A collective increase of $302m in one quarter with an average increase in holding size of 44%.

⚖️ Legal

• SEC allows Dell to exclude a shareholder proposal to consider Bitcoin as a treasury asset. This affirms that cash management decisions, including Bitcoin, fall under management’s authority, not shareholders’.

• Coinbase projects a $180M–$400M loss from a data breach tied to bribed overseas contractors. It refused a $20M ransom, now offers a matching bounty.

• A failed kidnapping in Paris targeted the daughter of a French crypto executive. Masked men tried to force her into a van but were stopped by her partner and bystanders. Authorities are now boosting protection for crypto industry figures in the country.

📈 Markets

• MercadoLibre, Latin America’s largest e-commerce company with 84,207 employees and a $127 billion market cap, purchases 400 Bitcoin.

• Coinbase becomes the first Bitcoin and crypto company added to the S&P 500, replacing credit card firm Discover Financial.

• Goldman Sachs increases its stake in BlackRock's IBIT ETF to 30.8M shares, a 28% increase from the start of Q1 2025.

🏦 Treasury

• Nakamoto Holdings, David Bailey’s new venture, merges with KindlyMD and raises $710M to buy Bitcoin.

• Metaplanet makes its largest single purchase to date, adding 1,241 Bitcoin and bringing total holdings to 6,796 BTC. Their stash now exceeds El Salvador’s holdings.

• The Blockchain Group raises €22M (€9.9M in equity and €12.1M in BTC-convertible bonds issued to Adam Back) to expand its Bitcoin treasury strategy. Their goal is to secure 1% of the Bitcoin supply by 2030.

⛏️ Mining

• Nebraska unanimously passes LB 526, requiring large Bitcoin miners using 1MW or more to cover infrastructure costs, report energy use, and accept service interruptions.

• Hyperscale Data will restart Bitcoin mining at its 10MW Montana facility next month. The site, completed in 2024, fits 3,200 Antminer S19j Pro units. The company cited rising Bitcoin prices and expects sustainable, positive cash flow.

• Major mining companies like Riot Platforms, MARA, CleanSpark, Hut 8, TeraWulf, and Core Scientific reported significant losses in Q1 2025, with only Core Scientific showing a net income due to non-cash adjustments.

🗳️ Politics

• Moody's downgrades its credit rating of the United States by a notch to "Aa1" from "Aaa", citing rising debt and interest "that are significantly higher than similarly rated sovereigns".

• Latvia’s Economy Minister says establishing a Strategic Bitcoin Reserve is only a matter of time.

• Ukraine is preparing a draft bill to adopt Bitcoin as a national reserve asset, according to MP Yaroslav Zhelezniak.

Bams ‘2 Sats’ 🧢

The Corporate Race Is On (Part 2)

The announcements keep coming. This week, more companies, from Brazil to China, joined the movement by adding Bitcoin to their treasury or signaling plans to do so.

Even smaller firms are getting involved as mentioned by CEO of River Alex Leishman.

Naturally, this sounds bullish for Bitcoin. Fixed supply, rising demand, the price should climb… right?

That’s the theory. But this week, I stumbled on one of the most troubling stats of 2025: individuals are letting go of their Bitcoin.

We often ask, “Who’s selling?” What if it’s retail? What if people are trading away their Bitcoin to chase “higher gains” in Bitcoin-adjacent stocks and infrastructure plays? It wouldn’t be surprising. Just look at $MSTR—after last year’s surge, it now trades well above the value of its Bitcoin holdings. Even Willy Woo recently said he’s shifted part of his allocation to these types of stocks.

Then there’s David Bailey, CEO of Bitcoin Magazine, who’s been outspoken about acquiring controlling stakes in so-called “zombie companies” across multiple jurisdictions to replicate MicroStrategy’s Bitcoin playbook. It’s a smart strategy. By steering a public company toward a Bitcoin treasury policy, you’re effectively buying Bitcoin at a discount, leveraging the premium created by market excitement.

Here’s the thing: as more companies accumulate Bitcoin by diluting shareholders, it gets harder to argue they’ll all deserve a premium.

If 100 companies collectively hold 5 million BTC, can we really justify valuing them as if they own 10 million? After all, we’re talking about the scarcest asset on Earth.

So what happens next?

In an interview about his new venture, Nakamoto, Bailey suggested he might sell Bitcoin if the stock trades below its market Native Asset Value (mNAV). The goal would be to boost Bitcoin per share, benefiting shareholders. But that also means selling the hardest money in existence… to buy a stock that can be printed endlessly, just because it’s temporarily undervalued?

Could that dynamic trigger a broader selloff? If the main appeal of these stocks is their Bitcoin holdings, and they start selling Bitcoin… what’s left?

We’ll have to wait and see how it plays out, but it definitely raises some important questions.

So should I jump in and buy these stocks? I understand the appeal: supporting the ecosystem and maybe catching some upside. But personally, I’ll stick to buying Bitcoin. At least with Bitcoin, I know there will only ever be 21 million.

Stay safe and keep on stacking!
Bam

Igniting a Monetary Revolution

In our latest interview, Rob Wallace sits down with Alan Hibbard, co-host of the GoldSilver, to unpack the global economic unraveling and the true meaning of sound money in a world built on fiat promises.

We cover whether globalization is a scam, why fiat money creates broken societies, the breaking point of the U.S. bond market, and how gold and Bitcoin fit into the entropy theory of money.