Recapping Bitcoin 2025:
Strategic Moves in the Making

The Bitcoin 2025 conference in Las Vegas marked a clear inflection point in bitcoin’s global adoption, with announcements that underscored its accelerating role in both sovereign policy and corporate strategy.

Pakistan made headlines with plans to implement a national Strategic Bitcoin Reserve, becoming one of the first emerging market governments to formalize BTC as a monetary hedge.

Meanwhile, Trump Media Group announced it would pursue the MicroStrategy playbook, raising $2.5 billion to begin aggressively accumulating bitcoin for its balance sheet.

And on the infrastructure front, Block’s subsidiary c= revealed that its lightning routing node is now generating a 9.7% annualized return on deployed bitcoin liquidity—highlighting how BTC-native yield is no longer theoretical.

In short: capital is mobilizing, adoption is advancing, and bitcoin’s role in the global financial order is beginning to crystallize.

Keynote Speaker Highlights:

• Lyn Alden: Nothing Stops This Train
• Saifedean Ammous: Bitcoin & Tether: Drinking The Dollar Milkshake
• Arthur Hayes: The Math Behind $1M Bitcoin by 2028
• Ross Ulbricht: Freedom, Decentralization, Unity

For more analysis, catch today's episode of The Last Trade for a full recap on the week of announcements and developments.

Chart of the Week

"U.S. stocks are now more expensive than nearly any time in modern history. But here’s the real problem: U.S. households are holding more stocks than ever before. This combo is rare and risky."

— StockMarket.News on X

Quote of the Week

"Our debt is glass jaw...hard assets are going to be remonetized."

— Matthew Pines of BPI at Bitcoin 2025

Podcasts of the Week

Bitcoin 2025: A New Era of Strategic Moves by Nations, Corporations, and Institutions

In this episode of The Last Trade, hosts Jackson Mikalic, Michael Tanguma, Brian Cubellis, & Tim Kotzman are joined by Liam Nelson, Partner at Early Riders, to discuss key takeaways from the Bitcoin 2025 conference in Vegas. Nations, corporations, and institutions are no longer on the sidelines—from BlackRock to the Trump family to Pakistan—key players are making strategic moves for the new bitcoin era.

MetaPlanet, Bond Chaos, and Bitcoin’s Ascent with Mark Yusko

In this episode of The Last Trade, hosts Jackson Mikalic, Michael Tanguma, Brian Cubellis & Tim Kotzman are joined by Mark Yusko, Founder of Morgan Creek Capital, to discuss BTC's rise from Pizza Day to $111K, lessons in monetary history, bond chaos in Japan, MetaPlanet’s unique arbitrage, talent, timing & luck in investing.

Trump Bets Billions on Bitcoin: Why Treasury-Scale Custody Must Be Distributed

In this episode of Final Settlement, hosts Michael Tanguma, Liam Nelson, & Brian Cubellis discuss the latest deals and news items of the week across bitcoin, technology, and venture capital. Key topics include Trump Media's bitcoin treasury strategy, the perilous fiscal situation in the US, security risks for bitcoin holders, and more.

Closing Note

Onramp provides bitcoin financial services built on multi-institution custody. To learn more about our products for individuals and institutions, schedule a consultation to chat with us about your situation and needs.

Until next week,

Brian Cubellis