Bitcoin Medals Manufactured At Sakamoto Metal

A bitcoin medal (Tomohiro Ohsumi/Getty Images)

Everyone wants a piece of the bitcoin action now, from Trump Media to gold miners

Bitcoin stockpiles grow, Trump Media files for a bitcoin ETFs, and a gold mining company is pivoting to digital gold.

6/5/25 3:18PM

Bitcoin may be down 7% from its all-time high on May 22, but that doesn’t seem to be dampening enthusiasm among the crypto crowd.

A newcomer on the bitcoin treasury scene, Twenty One Capital, just added a bunch of tokens to its reserve. The company, headed by Jack Mallers, believes it will be a superior vehicle to Michael Saylor’s bitcoin holding company, Strategy, and now holds 37,230 bitcoin.

Mallers announced the company’s proof of reserve is live, posting, “Anyone in the world can now audit and verify that we own the #Bitcoin we say we do.”

The move marks a drastic contrast to Saylor, who has said that having a proof of reserves was a “bad idea” and “dangerous.”

“No institutional-grade or enterprise security analyst would think it’s a good idea to publish all of the wallet addresses, such that you could be traced back and forth,” he said when asked about the idea at Bitcoin 2025.

Regardless, last week, Arkham Intelligence identified (and published) 87% of Strategy’s holdings.

Meanwhile, Trump Media & Technology Group filed for a spot bitcoin ETF with the SEC today. Shares were down more than 6% this afternoon (but that might be due to something else).

The Truth Social Bitcoin ETF will be listed on NYSE Arca, pending approval. Yorkville America Digital is listed as its sponsor, while Crypto.com will serve as the ETF’s bitcoin custodian, according to a press release.

Interestingly, as Bloomberg Intelligence analyst Eric Balchunas noted, the risk section of the prospectus has a “regulatory uncertainty/headwinds” portion, which includes “how President Trump launched the crypto task force and a bitcoin strategic reserve. Pretty sure the first time ever the advisor is in the risk section... it’s all so surreal.”

Across the pond, London-listed Bluebird Mining Ventures, a company formerly focused on “bringing historic mines back into production, announced a strategy shift to “convert gold into digital gold.”

Aidan Bishop, executive director and interim CEO, told Sherwood News that this was driven by several factors, including the recognition that bitcoin is a superior store of value to physical gold.

“Whilst gold has industrial applications and for jewelry, I expect that bitcoin as an asset size will, over time, exceed that of gold. Therefore, there is a clear opportunity to convert physical gold into what some describe as ‘digital gold,’” he added. “This factor, along with my journey into bitcoin as well as the need for the company to be invigorated, were the primary reasons.”

Others making sure they are staying orange-hot include:

Semler Scientific acquired 185 bitcoin for $20 million, and now holds 4,449 bitcoin.
Metaplanet acquired 1,088 bitcoin, and now holds 8,888 bitcoin.
Solar energy company SolarBank announced the launch of a bitcoin treasury strategy inspired by Strategy and SharpLink.
Korean media company K-Wave Media announced “a securities purchase agreement with Bitcoin Strategic Reserve KWM LLC, providing for the sale by the Company of up to $500 million of ordinary shares.”

Sage D. Young25m

Solana treasury company dumps more than 12% of its entire stash

On Monday, SOL Strategies, a solana treasury firm, reported the sale of 65,001 tokens to settle more than $4.1 million of debt.

The sale reduced the company’s total holdings of solana by nearly 12.5% from 521,174 tokens to 456,173 tokens, worth roughly $29 million as of writing.

The sale “reflects a decision to reduce debt and further clean up our balance sheet to assist us to fully focus on the operating businesses,” SOL Strategies CEO Michael Hubbard said in a statement.

The news comes one week after the firm announced closing the acquisition of HoudiniSwap, a privacy-based decentralized exchange aggregator, for $18 million.

Shares of SOL Strategies have dropped over 6% today as the underlying cryptocurrency at the center of the firm’s treasury strategy has decreased 5% in the last 24 hours, and 16.8% in the past seven days. The token is down 78% from its all-time high of $293.31 in January 2025.

Meanwhile, solana ETFs have seen $5.5 million in outflows in June, on track to record their first monthly outflow since their inception last year, data from SoSoValue shows.

Yaël Bizouati-Kennedy

Is the AI trade, Strategy, or macro factors to blame for bitcoin woes?

Michael Saylor says don’t blame Strategy after Jim Cramer said he “murdered bitcoin.”

Sage D. Young6/8/26

BitMine buys the dip, makes largest ethereum purchase this year

Despite having an unrealized loss of nearly $9.7 billion, the leading ethereum treasury firm has acquired even more of the token.

BitMine Immersion Technologies announced it has acquired 126,971 tokens over the past week, the firm’s largest purchase of ethereum this year. The company’s total stockpile stands at 5.5 million, or around 4.6% of ethereum’s total supply.

“We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals,” BitMine Chairman Tom Lee said in a statement.

The acquisition comes after the crypto markets saw a broad downturn last week, with many tokens hitting multiyear lows.

Lee argued the sell-off in crypto was a “superficial take.” As artificial intelligence grows more capable, demand for hardened infrastructure is likely to increase alongside expectations that AI systems will expose flaws in centralized rails and weak decentralized protocols, according to Lee.

“We believe this actually strengthens the use case and product market fit for hardened and reliable decentralized blockchains like ethereum,” Lee said. “Thus, we believe ETH prices should not be coming under pressure.”

Meanwhile, last week ethereum ETFs saw more than $173 million in outflows, marking the fourth consecutive week of net redemptions, data from SoSoValue shows.

Joe Lubin, cofounder of ethereum and current CEO of software development firm Consensys, said the recent moves by the Ethereum Foundation, namely staff turnover and leadership changes, are not evidence of a crisis, but a necessary evolution, per a CoinDesk report. Lubin emphasized that “Ethereum is not on the decline, not at all,” even if “we are not front and center right now in terms of capital inflows, investments.”

Yaël Bizouati-Kennedy

6/8/26

Strategy makes big bitcoin buy after period that ranked “among the worst weeks of the decade”

The digital asset stockpiler reversed course from its small sale and purchased $101 million worth of bitcoin.