Recent Publications:
Quote of the Week:
While there has been a lot of fraud and grift in the broad cryptocurrency ecosystem (it has been enticing and lucrative for developers and venture capitalists to create unregistered security tokens out of thin air and dump them on retail investors), people working in the Bitcoin-only space have tended to be doing what they do for ethical and pragmatic reasons.
- Broken Money by Lyn Alden
Bitcoin hits all-time high
Summary: Friday morning, Bitcoin reached an all-time high of nearly $118,700.
Impact: Price action has been unstoppable since the 6-month low $75,000 on April 9th. Since then, bitcoin is up over 55%.
Remixpoint, a Tokyo-based energy company, raised around $215 million to allocate towards bitcoin1
Summary: “The firm aims for its reserve to reach 3,000 BTC in the near term. Remixpoint is currently the 30th largest corporate Bitcoin treasury with a balance of 1,051 BTC, worth more than $113.8 million.”
Impact: The list of companies with bitcoin on their balance sheet continues to grow. 263 entities currently hold bitcoin.2 See more in The Chart at the bottom of the newsletter.
Metaplanet, Japan’s largest bitcoin treasury company as discussed in BTCurrent Weekly v13, also acquired another 2,204 bitcoin on Monday for $237 million.
CoreWeave acquires Core Scientific CORZ 0.00%↑
Summary: Core Scientific is the 4th largest publicly traded bitcoin miner by market cap.4 “The deal follows months of announced contracts between CoreWeave and Core Scientific, in which the AI company (CoreWeave) paid the Bitcoin miner for an increasingly larger share of its processing power.”5
Impact: The all-stock deal is valued at around $9 billion. Core Scientific currently has a market cap of nearly $4 billion. This deal allows CoreWeave to leverage the Core Scientific mining centers to share and optimize their processing power for both AI and bitcoin mining.
Ego Death Capital, a Bitcoin-focused venture capital firm, raised a second round of funding of $100 million from investors.
Ego Death Capital raised their first round in January 2024. This second round will focus on Series A companies generating between $1-3 million in annual revenue. The second round “has already invested in three companies: Relai, a Swiss bitcoin brokerage; LN Markets, a derivatives trading platform built on the Lightning Network; and Roxom, which is building a global trading system on Bitcoin.6
Ego Death Capital focuses their investments on companies to grow the Bitcoin network rather than bitcoin mining or hardware solutions. To date, the firm has invested in 9 Bitcoin startups7:
Fedi: Developing the Fedi mobile app powered by Fedimint, a unique community custody protocol designed to rapidly bring Bitcoin to billions.8
Synota: Providing transformative transaction capabilities and instant settlements to the energy industry, with the goal of reducing energy bills, unleashing innovation and promoting global energy abundance.9
Breez: Opening the world of self-custodial Lightning payments to apps and services.10
Relai: Europe’s leading Bitcoin-only platform. Relai does not hold user funds; instead, it empowers users to control their financial futures with an easy-to-use self-custodial wallet.11
Wolf: Four times per year, Wolf brings a select group of founders and teams from around the world, each pushing the boundaries of Bitcoin, to New York City for eight weeks to build, iterate, and scale.12
LN Markets: Creating the next generation of financial services built on Bitcoin infrastructure… combining the best of centralized exchange liquidity with Lightning speed and Bitcoin's security ethos.13
Bipa: Brazilian digital banking app fintech that integrates Bitcoin, USDT, and Brazilian real.14
Simple Proof: Protect humanity's digital history through immutable record-keeping.15
Roxom: The first Bitcoin Securities, Commodities and Crypto Exchange. Trade all sorts of traditional and crypto assets with Bitcoin.16
Ego Death Capital is founded by leaders in the Bitcoin community17:
Jeff Booth - entrepreneur and author, The Price of Tomorrow
Nico Lechua - background in emerging markets Private Equity background
"We're in bitcoin, investing in true companies ... that are solving real world problems… We see bitcoin as the only decentralized and secure base to be able to build on." - Nico Lechuga18
Andi Pitt - former VP, Principal Funding + Investment at Goldman Sachs
Preston Pysh - former PM at US Department of Defense and founder of The Investor’s Podcast
Lyn Alden - macroeconomic analyst and author of Broken Money.
“We’re investing in businesses that treat Bitcoin not as a trade, but as infrastructure — something to build on, not bet on,” said Lyn Alden.
17.5% of all bitcoin mined to date19 is held in Treasuries.
Almost 9% of Entities Holding BTC have joined within the last 30 days.
Microstrategy holds 597,325 bitcoin. The next largest, MARA 0.00%↑, holds 50,000 bitcoin.
Microstrategy holds 2.3 times more bitcoin than all other publicly traded companies combined.
Microstrategy holds 54,000 (over $6.3 billion) more bitcoin than all other public AND private companies combined.
Microstrategy holds 69,880 (over $8.2 billion) more bitcoin than all government entities combined.
No AI was used in the writing of this newsletter.
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