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The Bitcoin Business Newsletter

For leaders who need to stay informed.

March 20, 2025

By Sovreign

Key Insight

This week's key insight is written by Felipe Muñoz.

Despite a few weeks of declining bitcoin prices, adoption continues to grow. One revealing metric that keeps me grounded during these downturns is the behavior of whales and the activity on their wallets. I've noticed a consistent pattern since I started investing in 2019: when the price drops, whale wallets experience an inflow of bitcoin. That’s a trend that has become a key reason I remain calm and unfazed even when bitcoin undergoes significant dips. I'll only start to worry if whales begin selling after a 20-40% drop, but that hasn’t happened yet in my time in the market.

This week I’ve added a new metric: The Fear and Greed Index. The reason is Warren Buffet’s 1986 letter to his Berkshire Hathaway shareholders, where he wrote: “We simply attempt to be fearful when others are greedy and to be greedy when others are fearful”.

Act accordingly. Reach out to Sovreign now for a quick rundown on how your company can benefit from holding bitcoin.

Satoshi's Per US Dollar: 1167

Fear and Greed Index: Fear (32)

Stock-to-flow Price of bitcoin: $527,745.28

Bitcoin's total market capitalization: $1.70T

Bitcoin's dominance in the overall cryptocurrency markets sits at: 60.6%

Logarithmic Growth Curve suggests bitcoin is currently: Very Undervalued!

Treasury Adoption Updates and News:

  • Bitwise CIO Matt Hougan explains why he believes hundreds of companies will purchase bitcoin in 2025, citing “overlooked megatrend”

  • Xapo Bank now offers Bitcoin-backed loans, where one can borrow up to $1 million without selling one's bitcoin holdings

  • US spot Bitcoin ETFs are continuing to accumulate bitcoin

  • Minnesota Senator Jeremy Miller proposes Minnesota Bitcoin Act after going from skeptic to believer

  • BlackRock solidifies conviction in bitcoin by calling it a global emerging monetary alternative and criticizing narrative of bitcoin as a risk-on asset

  • Long-term bitcoin holders are not selling despite 4 month low

  • Strategy announces proposed STRF Perpetual Preferred Stock Offering for additional bitcoin purchases and working capital

  • North Caroline introduces bill to allocate 10% of public funds into bitcoin

Thinking About Bitcoin for Your Business?

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Top News Stories

Introducing Congressman Nicholas Begich, An OG Bitcoiner

Congressman Nicholas “Nick” Begich (R-AK) is a long-term bitcoin holder who believes in Americans’ right to self custody their bitcoin and understands the importance of bitcoin as a strategic reserve asset for the United States.

Trump Admin Wants to Acquire as Much Bitcoin as Possible: White House - Decrypt

A White House official told crypto industry leaders this week that there should be no limit to the size of a Strategic Bitcoin Reserve.

Cantor Fitzgerald Expands Bitcoin Financing Amid Regulatory Changes

Cantor Fitzgerald is expanding $2 billion in Bitcoin financing with Anchorage Digital and Copper.co amid regulatory shifts.

Musk Claims US Government Has 'Magic Money Computers' – Bitbo

Elon Musk has accused federal departments of operating computers that can issue money 'out of thin air.'

North Korea Now Holds More Bitcoin Than El Salvador and Bhutan – Bitbo

Following a $1.4 billion hack on Bybit, North Korea's Lazarus Group now controls 13,518 BTC—more than the holdings of El Salvador and Bhutan, according to Arkham Intelligence.

bitbo.io/news/north-korea-bitcoin-hack

Kentucky Passes Bill Protecting Bitcoin Self-Custody and Mining – Bitbo

Kentucky lawmakers approved HB 701, a bill safeguarding Bitcoin self-custody rights, protecting mining operations, and ensuring staking services are not classified as securities.

bitbo.io/news/kentucky-passes-bitcoin-bill

Brazil Proposes Bill to Regulate Bitcoin Salary Payments – Bitbo

A new bill in Brazil seeks to regulate voluntary Bitcoin salary payments, requiring employers to pay at least 50% of wages in the national currency, the Brazilian real.

bitbo.io/news/brazil-bitcoin-salary-bill

83% of institutions plan to up crypto allocations in 2025: Coinbase

Some 83% of financial institutions say they plan to up their crypto allocations in 2025, with a sizable majority planning to boost holdings above 5%.

Tom Emmer says 1M Bitcoin reserve will be enacted under current Congress

The BITCOIN Act proposes the acquisition of 1 million BTC over the course of five years, with a minimum holding period of 20 years.

Bitcoin Nears $86K as Fed Holds Rates, Signals 2025 Cuts – Bitbo

Bitcoin surged toward $86,000 on March 19 after the Federal Reserve kept interest rates steady and indicated plans for two rate cuts in 2025.

REX Launches Bitcoin Corporate Treasury Convertible Bond ETF

MIAMI--(BUSINESS WIRE)--REX Shares (“REX”), a leader in exchange-traded products, announces the launch of the REX Bitcoin Corporate Treasury Convertible Bond ETF (NASDAQ: BMAX), a first-of-its-kind fund that provides exposure to convertible bonds issued by companies actively incorporating Bitcoin into their corporate treasury.

Arizona Bitcoin Reserve Bill Advances in House Committee – Bitbo

Arizona's Bitcoin Reserve Bill (SB 1373) has passed the state's House Commerce Committee with a 6-4 vote, bringing the state closer to establishing a Digital Assets Strategic Reserve Fund.

Other Noteworthy News

📈MicroStrategy Acquires 130 More Bitcoin, Total Holdings Near 500K

🎥Video platform Rumble discloses $17 million in bitcoin treasury holdings, may make additional 'strategic' purchases

📜Bitcoin Act Returns: U.S. Lawmakers Reintroduce Landmark Bill

💰Bitcoin ETFs Break Losing Streak With $274 Million Inflows – Is Demand Returning?

🏦Michael Saylor’s Strategy plans to offer 5M shares to buy more Bitcoin

⚖️Tether CEO Highlights Stablecoin Bill’s Potential Impact and USDt’s Global Role

🌍Tether’s US treasury holdings surpass Canada, Taiwan, ranks 7th globally

⚡The Lightning Network Will Replace Stripe, Visa and Mastercard

🎤Trump to speak at Digital Asset Summit: Report

The Ever-Growing Business Adoption of the Bitcoin Standard for Treasuries | Sovreign Bitcoin Consulting

A case study looking at the increase in treasuries adding bitcoin holdings, suggesting a trend to continue long into the future.

This article by Adrian Christiansen highlights how 71 companies now hold 3.025M BTC, marking a corporate shift toward bitcoin as a strategic reserve asset amid inflation, liquidity advantages, and new accounting standards.

$STRK, Strategy’s New Preferred Stock on Steroids | Sovreign Bitcoin Consulting

Explore what Strategy's new $STRK stock will be, and how it differs from the pre-existing $MSTR.

This article by Adrian Christiansen explores how Strategy is tackling bitcoin's volatility with convertible notes and $STRK preferred stock, offering fixed-income exposure with unlimited upside.


Bitcoin is the Solution, but "What's the Problem?" w/ Joe Bryan (WiM562)

The "What is Money?" Show · Joe Bryan joins me to discuss his film “What’s the Problem”, the destructive cycle of Keynesian systems, the challenges of explaining Bitcoin to the layperson, how money printing enables theft to fund war, why all government spending is capital misallocation, and whether Bitcoin adoption is inevitable.

Chart of the Week

Bitcoin Lightning Capacity

This chart displays the cumulative capacity of all nodes on the Lightning Network, a Layer 2 solution enabling instant, low-fee Bitcoin micropayments by processing transactions off-chain.

Source: Bitcoin Magazine Pro

“Instant transactions, no waiting for cheques to clear, no chargebacks (merchants will like this), no account freezes (look out PayPal), no international wire transfer fee, no fees of any kind, no minimum balance, no maximum balance, worldwide access, always open, no waiting for business hours to make transactions, no waiting for an account to be approved before transacting, open an account in a few seconds, as easy as email, no bank account needed, extremely poor people can use it, extremely wealthy people can use it, no printing press, no hyperinflation, no debt limit votes, no bank bailouts, completely voluntary. This sounds like the best payment system in the world!”

– Trace Mayer J.D, a leading expert on Bitcoin and gold