The Weekly Validation
June 2, 2025
What happened. Why it matters. And what are we even talking about, anyway?
📊 Markets This Week.  
A down week this week. Welcome news to me as the fund should have its initial close in the coming week or so.
Bitcoin (BTC)
$104,420.99
(-4.58%)
Ethereum (ETH)
$2,549.09
(+0.23%)
Solana (SOL)
$153.36
(-12.48%)
🏴‍☠️ Digital Asset Treasury Companies (including Trump’s) are betting big, driving growth and risk.
🧠 What is a Digital Asset Treasury Company?

Effectively, its a publicly traded company that raises money (through outside investment or cheap debt) to buy bitcoin or other digital assets. As the stock price trades above the value of the underlying digital assets, the company sells stock to buy more digital assets.
MicroStrategy’s (now just “Strategy”) Michael Saylor has become the most infamous CEO to execute this strategy. The company owns ~580,250 BTC (or $60 billion). The stock price has surged using this strategy, to ~$372 from ~$3 when it was first implemented in 2020.
⏱️ Now, other companies are adopting the same strategy.
In the last few weeks:
  • Twenty One, created by SoftBank and Tether, launched via a Cantor Fitzgerald SPAC with $685 million in capital to buy bitcoin.
  • Nakamoto, founded by BTC Media’s David Bailey, merged with a publicly traded medical firm, raising $710 million to buy bitcoin. Fun fact, BTC Media was my first Bitcoin client in 2014, and I become employee no. 13 in 2017.
  • SharpLink Gaming, announced plans to raise $1 billion to become an Ethereum holding company
🔥 Hot Take: I believe the next bull run - and bear crash - will likely be driven in part by a wave of corporate treasuries borrowing billions of dollars to buy digital assets. Here are the publicly available warning signs I’m looking out for in the data.
  • When does the mNAV (or market capitalization divided by value of BTC holdings) approach 1.0?
  • Which companies are the highest leveraged, and on what terms?
  • When is that debt being rolled over? Which companies will have the hardest time with the debt burden.
  • Which assets are most in demand?
  • Which of these companies hold bitcoin in reserve, versus lending it out in order to create yeild - and increase risk.
❗ Remember: I believe this next phase of mainstream digital asset adoption will be extremely volatile, as more money flows into a maturing industry. That means there will be significant periods of growth, followed by periods of decline.
🧠 Foundational Read of the Week
💳 Visa’s “Stablecoins and the future of onchain finance - How banks can accelerate growth and money movement across blockchain networks.”
“Every bank should have a stablecoin strategy” (p. 18)
Last week, Visa released this white paper. In short, it presents several strong arguments for why Visa is encouraging banks to adopt stablecoin strategies.
  • Stablecoins are going mainstream. Over $6.4T in adjusted stablecoin volume occurred in the past year, up 63% YoY. Daily usage now exceeds 40M addresses, and Solana-based usage is growing fastest. (pg. 6)
  • Banks are no longer on the sidelines. Regulatory clarity in the U.S.—including the GENIUS Act, STABLE Act, and a Trump-signed executive order—has removed barriers that kept banks from participating (pg. 8).
  • New use cases are booming. Visa highlights six strong use cases (pg. 9):
  1. Dollar store of value
  1. International Remittances
  1. B2C payouts
  1. Corporate treasury & B2C payments
  1. On-chain credit facilities
  1. Tokenized real-world assets (i.e., treasuries, stocks, bonds, etc.)
Visa is all-in. Visa is piloting stablecoin-linked card programs, allowing users to spend stablecoins anywhere Visa is accepted. It’s also helping banks mint their own stablecoins via its Tokenized Asset Platform (VTAP) (pg. 17).
Don’t speculate.  Validate.  
—Validator Digital
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