Monumental

5. Texas Strategic Bitcoin Reserve Bill Passes The Senate

In a vote of 25-5, Texas’ bitcoin reserve legislation (SB 21) has been approved by the Senate. The bill will now advance to the House. If the bill passes it would make Texas the first U.S. state to hold $BTC.X ( ▲ 0.57% ) on its balance sheet. Track all state strategic reserve bills here.

4. Recently IPOd Fold Adds 475 Bitcoin to Treasury

Fold $FLD ( ▼ 3.14% ) now holds over 1,485 bitcoin in its corporate treasury, placing it at #10 on the list of U.S. companies with BTC treasuries. The company acquired the BTC using a convertible note with a conversion price of $12.50 per share.

3. SBF Interviewed

Sam Bankman-Fried (SBF), the founder of collapsed crypto exchange FTX, sat down for an interview yesterday from prison with Tucker Carlson. In it, SBF explained that he doesn't believe he's a criminal, alleging his conviction was politically motivated, as part of what appears to be a campaign to win a presidential pardon from Donald Trump. In our opinion the interview was pretty muted, but it seems to come as a surprise to SBF’s crisis manager who immediately quit after the interview was released.

2. Bitcoin Strategic Reserve Announced

It’s official. Last night President Trump signed an Executive Order, calling for the establishment of a U.S bitcoin strategic reserve and stockpile of other cryptocurrencies – formed with digital assets seized by the government in civil and criminal cases. (watch clip)

Key Points:

• 200k (worth ~$18M) BTC in reserve — although the EO also includes a formal audit on the actual amount

• Will not sell

• A clear distinction: Bitcoin in reserve. Everything else is a “stockpile”

• Treasury is authorized to explore other budget-friendly ways of accumulating more bitcoin

Couldn’t have been a better scenario. To the moon we go… [checks price]… wait.

1. Prices Remain Muted

If you’d told us in 2017 – when we first started this letter – that the U.S. would create a Bitcoin Strategic Reserve by 2025, we’d have laughed. But if you’d added that the market wouldn’t budge on the news, we’d have laughed even harder. Yet here we are. BTC briefly rose to $90k, then slid right back to $88k – a victim of the overall market slump (thanks, tariffs?).

Don’t let the price reaction dilute the significance: America now has its own “digital Fort Knox.” We’ve come a long way, and don’t get it twisted… this is a massive milestone, even if the fight isn’t over.