The Trumps Enter the Bitcoin Mining Space, Congress Fast-Tracking Stablecoin Bills to Enforce Dollar Dominance, GameStop Finds the BTC Cheat Code, BlackRock Doubles Down on Bitcoin
News Block #81 (03/31/2025)
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The Trumps are Getting Involved in Bitcoin Mining
On Monday morning, news broke that publicly traded Bitcoin miner Hut8 will transfer all of its ASIC machines to a new entity called “American Bitcoin Corp,” a majority-owned subsidiary formed by a group of investors—including the President’s sons, Donald Jr. and Eric Trump.
According to the announcement, “American Bitcoin aims to become the world’s largest, most efficient pure-play Bitcoin miner while building a robust strategic Bitcoin reserve.” Eric Trump will serve as the corporation’s Chief Strategy Officer.
Donald Trump Jr. added that, “Simply buying Bitcoin is only half the story. Mining it on favorable economics opens up an even bigger opportunity.”
Wow. This is some major news.
We now have the sons of the President of the United States actively mining Bitcoin. It’s not entirely clear whether the announcement refers to a corporate Bitcoin reserve or the government’s strategic reserve—but mining Bitcoin with excess energy resources does fit the mold of a “budget-neutral” strategy for accumulating more Bitcoin for the strategic Bitcoin reserve.
That said, American Bitcoin might face stiff competition on its path to becoming the world’s largest, most efficient miner—especially from NYDIG, which appears to be pursuing a similar goal.
Last week, NYDIG made a major move by acquiring Crusoe’s Bitcoin mining business for an undisclosed amount. Crusoe has long been a leader in Digital Flare Mitigation, a process that converts wasted flared natural gas into electricity to mine Bitcoin. Now, NYDIG owns that critical infrastructure.
The deal brings more than 270MW of power generation capacity under NYDIG’s umbrella. Combined with parent company Stone Ridge’s portfolio of over 10GW of natural gas assets, NYDIG is suddenly positioned as one of the largest mining operations on the planet—with access to abundant, low-cost energy.
NYDIG’s Founder and Executive Chairman Ross Stevens said,
“Natural gas is a powerful weapon in the fight against global energy poverty and, across Stone Ridge, we chose to be leaders in this battle. In the years to come, NYDIG will invest in and expand the footprint of Digital Flare Mitigation and Bitcoin—separately and in combination—across the country and around the world, doing our part to advance human flourishing.”
Well said.
Between the Trumps and NYDIG, we’re witnessing a new phase in the evolution of Bitcoin mining: large-scale, industrial operations with deep ties to both the energy sector and the public sector. The race is on to determine who will become the dominant miner of the next era.
Congress Fast-Tracking Stablecoin Bills to Enforce Dollar Dominance
One of Congress’s top priorities under the new administration has been passing stablecoin legislation — finally giving the industry some regulatory clarity.
Why? Well, it’s pretty obvious.
You’ve heard it from Trump, Treasury Secretary Scott Bessent, and Commerce Secretary Howard Lutnick — they see stablecoins as a tool to preserve U.S. dollar dominance.
And it makes sense. Over the past five years, stablecoin issuers have become massive buyers of U.S. Treasuries. Tether’s CEO, Paolo Ardoino, recently tweeted that Tether was the seventh largest holder of U.S. Treasuries in 2024 — ahead of countries like Canada and Mexico.
With a government running another $2 trillion deficit this year and the national debt over $36 trillion, that kind of demand is a big deal. So it’s no wonder that the U.S. government is motivated to support this market.
Right now, there are two major stablecoin bills making their way through Congress.
The STABLE Act, introduced in the House, released its full draft last week. It bans stablecoins from offering yield and limits issuance to banks, credit unions, and approved non-banks.
Then there’s the GENIUS Act, which is further along. It was introduced in the Senate and just passed a key hurdle — approval from the Senate Banking Committee.
Here’s why it matters: stablecoins have become insanely profitable. Tether made $13 billion in profits last year — just shy of Goldman Sachs — and with a fraction of the headcount. So it’s no surprise that the big players on Wall Street want a piece of the action.
In fact, the FT just reported that Fidelity Digital Assets may be exploring a stablecoin of its own.
The big question now is: Will these bills box out foreign issuers like Tether? They currently dominate with 60% of the dollar-backed stablecoin market, but they’re not based in the U.S.
Representative Tom Emmer recently warned that they will be boxed out as the bills are currently written, saying that the language would force companies like Tether to comply with things like the Bank Secrecy Act, giving U.S.-based issuers a regulatory advantage.
Rep. Emmer believes everyone should be allowed to compete and that there should be a fair playing field — and I agree.
In response to these recent developments, Tether seems to be preparing for a potential U.S. pivot. Ardoino recently said the company is open to launching a domestic stablecoin — and they’re working on completing a full independent audit with one of the Big Four accounting firms.
Critics have long pointed to the lack of an audit as a red flag, so passing one would help legitimize Tether and eliminate a cloud that’s hung over the market for years.
And remember, back in November, Michael Saylor said at the Cantor Fitzgerald conference that an acid test for whether the U.S. has effectively developed a digital asset framework or not is if Tether relocates its HQ to the U.S
We’re still in the early innings, but the ball appears to be headed in that direction.
And it’s amazing how fast market players move once they know the rules of the road.
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GameStop Finds the Bitcoin Cheat Code
Switching gears now…one of the biggest new stories this week was, without a doubt, GameStop's announcement that its board unanimously approved a plan to add Bitcoin as a treasury reserve asset.
Speculation had already been swirling for weeks after a photo of Michael Saylor and GameStop CEO Ryan Cohen went viral. Then Cohen started following Bitcoin Magazine, which stood out because he had only followed two accounts at the time.
Now? He follows three: GameStop, Bitcoin Magazine, and Bitcoin.
This marks one of the biggest additions yet to the small but growing group of public companies that are incorporating Bitcoin into their balance sheets.
GameStop is currently sitting on a massive $4.6 billion in cash. To put that into perspective — if they put all of it into Bitcoin, they’d instantly become the second-largest publicly traded Bitcoin treasury in the world.
The big question now is: how much will they actually allocate?
We still don’t know… but the day after the announcement, we did get a hint of how serious GameStop could be about implementing the strategy when it announced a $1.3 billion convertible debt offering at a 0% coupon. The proceeds are earmarked for “general corporate purposes, including the acquisition of bitcoin.”
Wow. That’s the cheat code Saylor discovered years ago: raise cheap capital—at zero percent—to buy Bitcoin. With that move, GameStop now has nearly $6 billion in dry powder!
But here’s the twist: GameStop investors didn’t love the news. The stock initially popped… and then dropped more than 20%.
Why? Probably because traditional investors still view Bitcoin as risky — especially for a company with declining revenues over the last five years. As a Bitcoiner, I’d say holding onto billions in cash and watching its value melt away is the real risk, but that kind of thinking still feels unconventional to many today.
One overlooked reason Strategy was so successful at implementing a Bitcoin treasury strategy is that the team absolutely nailed investor communications. At the time, Strategy offered its shareholders something called a modified Dutch auction tender offer, which provided investors who were uncomfortable with the company's new direction with an opportunity to sell their shares at an attractive price.
The result? Only shareholders who were fully aligned with the company’s new Bitcoin strategy remained, which meant they were more likely to hold onto their shares long term.
So going forward, it’ll be fascinating to see if other companies take a page from that playbook. I believe companies will increasingly learn why effective investor relations are critical when navigating a transition to a Bitcoin Standard.
Bitcoin Corporate Adoption Continues to Gain Momentum
Now that GameStop has entered the fray, other Bitcoin corporations are ramping things up.
This past week? It was a flurry of action.
First, Strategy kept its foot on the gas — buying another 6,911 bitcoin for $584 million last week and then a whopping 22,048 bitcoin for $1.92 billion. The purchases were funded through a mix of common stock and their new perpetual preferred stock offerings, Strike and Strife. And with that, the company hit another major milestone: it now holds over half a million bitcoin — 528,185 BTC to be exact. Insane.
Then MARA jumped in, announcing a $2 billion stock offering. It plans to use the proceeds to acquire more Bitcoin. Today, MARA is the second-largest public holder of Bitcoin.
Metaplanet also made some noise when it added another 150 BTC, bringing its total to 3,350. And KULR Technology Group grabbed another 58 bitcoin for $5 million.
I recently had both of their CEOs—Michael Mo from KULR and Simon Gerovich from Metaplanet—on the show. Definitely check out those episodes if you want to hear their Bitcoin stories firsthand.
Finally, The Blockchain Group—which some call the Strategy of France—just made its biggest purchase yet: 580 bitcoin for €47 million, funded by a recent convertible debt offering. That brings its total to 620 BTC.
So yeah… the game theory appears to be kicking in hard.
With a big name like GameStop now in the mix, the incumbents are using every tool at their disposal to stack more Bitcoin. And with one of the most recognizable memestocks on the planet adopting Bitcoin, this strategy is about to hit the radar of many more CEOs and CFOs.
The only questions now are: “Who’s next?”…and…“How much dry powder will they be working with?”
Let the games begin.
And if you want to stay on top of all these corporate Bitcoin moves, visit tobitcointreasuries.net, brought to you by our friends at Coinkite.
BlackRock’s Doubling Down on its Bitcoin Strategy
To wrap up this News Block, here’s a rapid-fire round of headlines that caught my eye this week:
First — the FDIC updated its guidance, saying banks no longer need to seek approval before engaging in crypto-related activities. This comes just a week after it scrapped “reputational risk” as part of bank supervision.
This is a big win — and another example of red tape being cut, making it easier for banks to work with this industry.
Next — BlackRock continues to double down.
BlackRock just launched its Bitcoin ETF in Europe—the first outside North America—making it easier than ever for Europeans to gain Bitcoin exposure.
According to the X account Macroscope, BlackRock’s Global Allocation Fund now holds over 821,000 shares of IBIT, worth $47.4 million—nearly double what it held in October of last year.
BlackRock is clearly leaning into Bitcoin.
And finally — a feel-good story out of Zambia.
The BBC reported on a Bitcoin mine operated by Gridless that’s supporting a small hydroelectric plant in a rural village by purchasing its excess energy. Before, that energy was going to waste. Now? The Bitcoin mine accounts for 30% of the plant’s revenue, helping keep electricity prices low for the nearby community of 15,000 people. Give it a watch:👇
This is yet another example of how Bitcoin mining can enhance the economics of energy projects — turning stranded power into opportunity.
Stories like this remind me why I’m so passionate about sharing Bitcoin’s real-world impact. When mainstream media like the BBC starts covering the benefits of Bitcoin mining, you know the narrative is really beginning to shift.
Definitely check out the story — and share it with friends or family who still question Bitcoin’s energy use. It might just be what finally changes their mind.
Until next week, keep stacking.
- Nat
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NEW: Bullish Bitcoin Analysis, Market Outlook & Bitcoin Adoption Trends with Eric Yakes
Natalie Brunell sits down with Eric Yakes, co-founder of Epoch, to dive into key insights and Bitcoin analysis from his latest research, The Bitcoin Ecosystem: 2024 Annual Report, which highlights strong bullish momentum for Bitcoin. They cover:
New data and analysis from The Bitcoin Ecosystem Report
Bitcoin corporate adoption among the top ten U.S. equities
The rise of Bitcoin-only investments by venture capital firms
Why Bitcoin will compete with gold in national reserves
Cultural shifts in Bitcoin adoption and the “Bitcoin is dead” narrative
Bitcoin retail adoption and the shift from other cryptocurrencies to Bitcoin-only
Make sure to listen to my latest Coin Stories episodes, including Eric Yakes, Matt Hougan, and James Lavish.
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Links to Items Mentioned in this Issue:
GameStop Announces Bitcoin Treasury Strategy
GameStop Announces $1.3B Convertible Debt Offering
GameStop’s $1.3 Billion Convertible Debt Offering
Strategy Now Holds More than Half a Million Bitcoin
MARA Announces $2 Billion Equity Raise to Buy BTC
Metaplanet Acquires an Additional 150 BTC
KULR Technology Group Acquires an Additional 58 BTC
The Blockchain Group Announces 580 BTC Purchase
Fidelity Rumored to Be Exploring Stablecoin Market
Full Draft of the STABLE Act Released
U.S. House Stablecoin Bill Goes Live
Congress Moves Forward with GENIUS Act
Rep. Tom Emmer’s Comments on Stablecoin Legislation
FT: Fidelity Considering Launching Its Own Stablecoin
Tether Brought in $13 Billion in Profit in 2024
Tether CEO: “Open” to U.S. Domestic Stablecoin
Tether CEO: A Full Audit by “Big Four” Firm Top Priority
FDIC Allows Institutions to Engage with Crypto Activities
Michael Saylor’s Cantor Fitzgerald Presentation
BlackRock Launches its Bitcoin ETF in Europe
BlackRock Increases Bitcoin Allocation in Global Fund
NYDIG Acquires Crusoe’s Bitcoin Mining Business
BBC: Bitcoin Mine is Helping Community in Zambia
BBC Story of Bitcoin Mine in Zambia (Video)