Bhandari urges Bitcoin reserve pilot to strengthen India’s economy.
Bhutan crypto success cited as roadmap for India’s Bitcoin policy.
India poised for leadership as global crypto adoption rapidly accelerates.
Pradeep Bhandari, the national spokesperson for India’s ruling Bharatiya Janata Party (BJP), called for a Bitcoin reserve pilot in India. He believes this would be a strategic and forward-looking move, especially as other nations are already taking action in the crypto space. The proposal explains the increasing global usage of Bitcoin and indicates that India cannot be left behind.
Bhandari Highlights Bhutan’s Crypto Success as Model for India
Bhandari sees the creation of a strategic Bitcoin reserve in the United States and the state-driven mining in Bhutan as firm indicators that the world financial system is on the path to digital assets. He said India, with an expanding renewable energy industry, is in a good position to develop its own independent Bitcoin policy. He explained, “This is not a careless switch but a strategic move in the direction of accepting the legitimacy of digital assets.”
Additionally, he clarified that the case of Bhutan demonstrates how digital assets can assist in the stability of smaller economies. This strategy will boost India’s economic resilience as it grows into a major technological and financial center. However, Bhandari was also aware of all the difficulties that India could encounter, such as severe regulation and the scope of such a national undertaking.
He observed that Bitcoin is unique, unlike traditional assets. It does not have a central issuer, as stocks or fiat currencies do. No government, bank, or corporation controls it. This is the decentralized aspect that makes Bitcoin strong and attractive. It is valuable because of three main characteristics, which are scarcity, liquidity, and transparency.
There will be only 21 million Bitcoins. Unlike traditional currencies that governments can print endlessly, Bitcoin has a fixed supply of 21 million coins. This predetermined cap protects it from inflation, offering a built-in scarcity similar to gold. However, unlike gold, Bitcoin can be traded 24/7 across the globe, making it more accessible to investors. Furthermore, while gold often remains stored in vaults or used in jewelry, Bitcoin maintains strong liquidity through constant, active trading.
Bitcoin Reserve Could Signal India Digital Finance Leadership
Another major benefit of Bitcoin is its blockchain, a secure and unchangeable digital ledger. The technology makes the system transparent and far more difficult to tamper with than conventional finance, since anyone can verify all transactions.
Meanwhile, the local crypto market in India is lobbying against a rigorous tax regime on crypto that was enforced last year. Currently, the government taxes crypto profits at 30% and each transaction at 1%. Such high taxation has propelled most of the crypto trading in India overseas. However, India could take a softer approach, partly since the political landscape of the world is also changing, with the likelihood that pro-crypto leaders such as Donald Trump could take power again in the U.S.
Ultimately, it is a turning point of India. The world is getting behind Bitcoin and India has the infrastructure and human capital to take the lead in this direction. The first step towards creating a balanced, progressive crypto policy might be a pilot project in the form of a Bitcoin reserve. It would be a sign of modernity, a world-grabbing headline, and India could be stronger in the financial sense in the future.
Bitcoin, the heavyweight champion of cryptocurrencies, just surged beyond the significant $106,000 milestone, fueled by a renewed sense of geopolitical stability and aggressive institutional investments. Following a recent cease-fire agreement between Iran and Israel, investor optimism received a substantial boost, pushing Bitcoin well beyond its recent stagnation around the $100,000 benchmark.
Yet, despite Bitcoin’s impressive rise and sustained credibility, thanks to substantial inflows such as the notable $589 million into Bitcoin ETFs and strategic acquisitions from powerful entities like ProCap BTC LLC, there remain underlying questions. Prominent figures like Anthony Pompliano have undeniably amplified Bitcoin’s narrative, echoing strategies popularized by Bitcoin advocate Michael Saylor. However, some crypto market insiders believe Bitcoin’s seemingly unstoppable climb may soon face a significant rival.
Neo Pepe Coin— Crypto’s Rising Star
Emerging sharply from the crypto horizon, Neo Pepe Coin ($NEOP) introduces a compelling and disruptive approach to digital currency. Rapidly building momentum as the top pepe coin, Neo Pepe is captivating attention and dominating conversation circles with its unique and carefully structured best crypto presale.
Currently progressing swiftly toward its critical Stage 4 milestone, Neo Pepe’s token price is set to increase from approximately $0.07 to $0.08. Investors are actively positioning themselves, drawn by the structured, escalating price model that promises exciting returns and significant engagement. The presale’s design, divided strategically across 16 distinct stages, ensures consistent excitement and participation, positioning Neo Pepe as a frontrunner in contemporary crypto investment opportunities.
Clash of Titans—Bitcoin vs. Neo Pepe
At its core, Bitcoin offers investors well-established stability and long-term trustworthiness, backed by a robust history and institutional endorsement. However, Neo Pepe offers something distinctly different—a fresh, innovative narrative and considerable potential for rapid growth. Here’s a closer look at how these two crypto powerhouses measure up against each other:
Transparency and Security: While Bitcoin has long boasted secure, decentralized blockchain technology, Neo Pepe matches this by ensuring complete transparency, demonstrated through a rigorous Certik Audit, reassuring investors of safety and clarity in operations.
Decentralization Reimagined: Bitcoin’s mining landscape is often critiqued for its centralized tendencies through dominant mining pools. In contrast, Neo Pepe employs a cutting-edge Decentralized Autonomous Organization (DAO), genuinely democratizing power by placing key decisions in the hands of every individual token holder.
Liquidity Revolution: Neo Pepe introduces a transformative auto-liquidity mechanism ensuring permanent liquidity on decentralized exchanges such as Uniswap. This innovative system, lacking in Bitcoin’s model, ensures sustainable price stability and consistent investor confidence.
How & Why $NEOP Could Overthrow BTC
Several core factors underscore why Neo Pepe has generated immense enthusiasm, potentially positioning it to challenge or even surpass Bitcoin’s prominence:
Community-Centric Governance: Unlike Bitcoin’s passive investment approach, Neo Pepe actively engages investors through its robust DAO framework, providing genuine influence and voting power on essential project decisions.
Advanced Tokenomics: Neo Pepe’s sophisticated economic design fosters sustainable growth, transparent reward distribution, and vibrant community involvement, setting it apart from more traditional cryptos.
Already securing more than $2 million, Neo Pepe’s rapid ascent demonstrates its undeniable appeal and the dynamic momentum building behind it.
Crypto content creator Gems Booster thoughtfully dissects Neo Pepe Coin’s presale, pinpointing its carefully structured price stages and distinctive liquidity mechanisms as major positives. Their analysis underscores the community-centric governance model, acknowledging its value in building sustained investor confidence. Gems Booster’s balanced and insightful evaluation provides a clear, nuanced perspective on Neo Pepe’s position within the rapidly evolving crypto marketplace.
Battle of Influence and Strategic Positioning
Where Bitcoin leverages institutional investors and powerful market influencers such as Pompliano, Neo Pepe thrives on grassroots enthusiasm, innovative community engagement, and strategic positioning for maximum visibility. Intent on securing listings on popular decentralized exchanges like Uniswap and prominent centralized exchanges, Neo Pepe is prepared for broad market penetration and exponential user growth.
With Neo Pepe’s stage 4 presale quickly approaching, investors seeking maximum returns may want to swiftly consider securing their portion of little Neo Pepe before market conditions change dramatically.
Crypto’s Ultimate Showdown
Bitcoin, undeniably strong and institutionally backed, faces an ambitious challenger in Neo Pepe Coin. With its groundbreaking strategies, robust community governance, and dynamic engagement, Neo Pepe positions itself as not just an alternative but potentially the future dominant force in crypto.
Are you prepared to choose sides in this unprecedented crypto showdown?
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Disclaimer: This is a paid post and should not be treated as news/advice. LiveBitcoinNews is not responsible for any loss or damage resulting from the content, products, or services referenced in this press release.
Unitronix adds Bitcoin to treasury, advancing its digital asset strategy.
Company plans $2M Bitcoin allocation to boost financial flexibility.
Expanding crypto portfolio includes Ethereum, stablecoins, and DeFi tokens.
Unitronix Corp. has recently taken a significant step to expand its presence in the digital asset space. The company that specializes in blockchain technology, real-world asset (RWA) tokenization and crypto asset management revealed that it has updated its company strategy of its investor. This development involves acquiring Bitcoin for its treasury.
Unitronix to Allocate $2M to Bitcoin
This step is an indication of a larger direction in the company. Unitronix began as a digital asset portfolio management firm, but is now involved in the new technology of cryptocurrency investment with conventional treasury management strategies. The choice shows the increasing tendency of tech-related companies to use Bitcoin both as a store of value and financial development tool.
The rationale of this change lies in the fact that Bitcoin may be used in two major ways. On the one hand, it will provide a strong core treasury reserve that will help in the consolidation of the finances of the business. Second, it will serve as a major asset in the crypto investment tentative of the firm. With this, Unitronix anticipates to control more of the liquidity, ensure protection against the depreciating value of fiat currencies, and follow the long-term capital gains.
With this strategy, the company intends to allocate a preliminary amount of up to 2 million Dollars into Bitcoin. The takeover is projected to be realized in the near future. After the initial investment, Unitronix may buy more Bitcoin depending on market performance and available funds. Additionally, the company is exploring decentralized finance (DeFi) options. These options could help Unitronix generate income. At the same time, it plans to protect its core capital through careful financial planning.
Unitronix Highlights Growing Corporate Interest in Bitcoin
This accompanies the fact that the firm is still expanding its crypto portfolio. Up to now, it contains a combination of Ethereum, stablecoins, and DeFi tokens. The introduction of Bitcoin, however, is another indicator of long-term dedication to digital assets, which the company is committed to. This dedication was initially exercised when the company made its soft launch at the end of 2024, recording an exceeded 300% in gains realized.
As part of its broader financial management, Unitronix has also undertaken a stock buyback program. By January 2025, the company had repurchased its amount of outstanding shares by 165 million. This move is an indication that the management has long-term prospects of its changing strategy and a desire to strengthen the investor confidence.
Furthermore, Unitronix adopts a strategy that balances innovation with caution. By integrating Bitcoin into both its treasury and investment operations, the company enhances its adaptability. As a result, Unitronix positions itself to remain secure and responsive in today’s rapidly evolving financial landscape. Its main objective is to deliver sustained value to the shareholders and be at the forefront of the digital economy.
According to the observers, this is an indication of an increasing interest in digital currencies by progressive companies. As other companies continue researching how to employ the crypto asset, and Bitcoin in particular, the move by Unitronix could affect other practices.
Ultimately, Unitronix uses Bitcoin in its financial activities, demonstrating a significant shift in the attitude of businesses to digital currencies. In such a way, this tactic is helping this company not only redefine its future but also the overall use of decentralized financial instruments.
Green Minerals invests $1.2B in Bitcoin to hedge inflation risks.
Company shifts treasury strategy, reducing reliance on unstable fiat currencies.
Blockchain to improve transparency, traceability, and mining supply chain efficiency.
Green Minerals, a company based in Norway, is well known for its work in deep-sea mining and sustainable mineral extraction. Recently, the company made an important announcement. It has adopted a Bitcoin Treasury Strategy. This resolution is the first step for Green Minerals to adopt the concept of blockchain technology on a larger scale.
Green Minerals Turns to Bitcoin to Escape Inflation Risk
This move is chiefly caused by the need to save the financial situation of the company. Green Minerals would like to decrease its dependence on the regular currencies. These are the currencies that are influenced by inflation and the instability in the world politics. Investing in Bitcoin, the company wants to be sure that its assets are safe and they will not lose their place in the world where everything can change at any moment.
Executive Chairman Stale Rodahl clarified the situation at the company. He remarked that we are in an age of monetary inflation. Even more now when conditions are weak, a good balance sheet is important. In his view, Bitcoin is a decentralized system that is not tied to inflation like other currencies, which makes it a good alternative.
Under this plan, Green Minerals has set a target of raising an amount up to 1.2 billion US dollars. Partners will be involved in realizing this aim. Significant bit of this money will be spent in order to develop the Bitcoin reserves of the company. It is a set strategy. The company is sure that due to Bitcoin it is possible to overcome the risks in the future and be ready to the long-term development.
Meanwhile, Green Minerals is also paying attention to other applications of blockchain. As an example, the blockchain can enhance transparency in the supply chain. It is also useful to confirm the origin of minerals and enhance the efficiency of operations. This can be useful in terms of the compliance to new regulations as well as with keeping ahead of the rivals.
Bitcoin Strategy to Support Green Minerals’ Core Projects
Although the company is moving into digital assets, its main focus remains the same. Green Minerals remains dedicated to its central business in sustainable mineral mining. The Bitcoin Treasury Strategy is meant to endorse, not substitute, these objectives. The company reckons that it can have a good financial foundation for upcoming projects through digital assets. These would comprise investments in equipment and infrastructure required for deep-sea mining.
Another thing that should be mentioned is that other firms take the same steps. Such as ProCap, which recently increased its position in Bitcoin. Strategy, which used to be called MicroStrategy, and Know Labs and Metaplanet have also added Bitcoin to their balance sheets. All these demonstrate that the global business community is getting more interested in Bitcoin.
Green Minerals also aims at transparency. The firm desires to handle its ownership of Bitcoin in an open and accountable manner. To this end, it will develop a safe platform for purchasing, storing, and reporting on Bitcoin. A new measurement by the name of Bitcoin per share will also be introduced in the company. This will demonstrate to the shareholders the value of Bitcoin that is attached to the number of shares held by each of them.
Lastly, Green Minerals makes a brave and progressive move. This company is already looking to the future by investing in Bitcoin and implementing blockchain in its business. This plan is likely to enable Green Minerals to expand and remain safe in a world undergoing changes.
You might be wondering if this is even a problem for you right now, and honestly, it depends on your situation. The fact is that it does effect everyone, so you need to be aware. Still, if you’ve received a large amount of UTXOs (for example, if you buy a small amount of bitcoin regularly and spend a lot of bitcoin), you should start considering taking steps to manage your UTXOs sooner rather than later. Since the bitcoin you own today may be worth far more in the future, it’s better to be cautious.
Now that we know that managing these UTXOs is essential, wouldn’t it be great if you could organize them? Yes!
Let’s introduce the concept of UTXO consolidation: the process of combining smaller UTXOs into one larger UTXO by sending a transaction to yourself. This will help reduce fees and simplify your future transactions.
You would usually only want to consolidate UTXOs from the same source (for example, keeping business payments separate from personal savings). This way, you can maintain your privacy while managing your UTXOs efficiently and saving on future fees.
*It’s usually recommended to avoid combining all your funds into a single UTXO*
How do you do this?
First, wait until bitcoin fees are quite low. Then, select which UTXOs you want to combine and send them to yourself, creating a new, single UTXO. This is easy to do in Trezor Suite.
So in practice, you can consolidate UTXOs selectively, maintain your privacy, and avoid higher fees.
Important: If you’re not careful, UTXO consolidation comes with a privacy risk. Although it will reduce future fees, if you merge UTXOs linked to different addresses, you could end up revealing your total wallet balance on the blockchain.
Billy buys bitcoin monthly, and each time it’s sent to a different address.
He also receives regular bitcoin payments for freelance work he does to the same wallet.
Billy’s wallet contains UTXOs that aren’t linked, so his overall wallet balance remains private, but all these UTXOs will result in higher transaction fees. So Billy decides to consolidate his bitcoin by sending it all to his wallet, creating a new, single UTXO.
By combining and consolidating all these UTXOs at once, Billy is revealing his entire bitcoin wallet balance to the blockchain. Both the exchange that he was buying bitcoin from and anyone who was paying him in BTC can now see his total wallet balance!
*This is irreversible*
Once you do this, it cannot be reversed. If your holdings become publicly known, this could lead to future security issues.
Bot-driven activity on Ethereum contributed to the surge in stablecoin volume and pushed stablecoin swaps on DEXs to a new all-time high.
Record-low gas fees in 2025 made Ethereum mainnet more attractive for stablecoin activity than competing chains.
Stablecoin transfers and market cap shifted back from L2s to Ethereum L1, reversing last year’s trend and boosting mainnet dominance.
In May 2025, bot activity on Ethereum registered its largest share ever in stablecoin transfers, representing 57% of volume and 31% of transaction count. Bots on Ethereum made over 4.84 million stablecoin transfers, totaling more than $480 billion last month, also reaching all-time high levels.
Increased bot activity helped lift Ethereum L1 back to the center of DeFi activity, boosted existing operations, and caused significant changes in Ethereum’s DEX volume distribution. Here is why this happened — and what this trend could mean for Ethereum going forward.
Low-Fee Environment Fueled the Bot Surge
The most impactful factor that boosted bot activity on Ethereum has been an over 92% drop in mainnet fees in early 2025. With gas prices hovering below 1 gwei in March and April, Ethereum L1 became more cost-competitive in stablecoin transfers not only compared to other L1 networks but even to its L2s. Most of Ethereum’s gains in overall stablecoin activity this year occurred during this record-low-fee period.
However, stablecoin transfers are the most fee-sensitive type of transactions. For example, following the Pectra upgrade in early May, Ethereum L1 saw elevated fees, which led to a 8% decrease in total stablecoin transaction volume and a $1 billion drop in stablecoin market cap. This slowed the growth of bot activity within the network but didn’t reverse it, as the sector was still riding the momentum from the low-fee period.
Chart: Transaction Fee Comparison Between Ethereum and Its L2s
Bots were primarily used for automating swaps, arbitrage strategies, and liquidity routing, which contributed to the spike instablecoin swap dominance on Ethereum’s DEXs. In April and May, stablecoin swaps held the top spot in Ethereum’s DEX activity for two consecutive months for the first time ever, making up 37% and 32% of total DEX volume, respectively.
As a result, USDT and USDC took center stage, increasing its share in DEX volume (green circle). In March and April, USDC even became the most traded asseton Ethereum DEXs.
Ethereum’s transition to a more stablecoin-focused DEX volume signals a broader transition in Ethereum’s on-chain economy — one that favors utility and payment-focused use cases over speculative trading. In 2025, only two categories saw meaningful DEX volume increases on Ethereum: tokenized assets, which surged by 284%, and stablecoin swaps, up 31%.
Ethereum Eats Up L2s in the Stablecoin Field
One of the major consequences of Ethereum’s bot expansion and reduced fees was that L1 has been increasingly taking the market share from its L2s.
Stablecoin market cap
So far in 2025, Ethereum mainnet’s stablecoin market cap grew by 11%, while the combined stablecoin market cap on L2s shrunk by 1%. For comparison, in 2024, Ethereum mainnet posted a 65% increase, but L2s collectively surged by 218%. The biggest declines in stablecoin supply among L2s this year have come from Optimism, which lost over $700 million.
Transaction Volume
In total, the Ethereum ecosystem, including mainnet and L2s, processed over $11 trillion in stablecoin transaction volume in 2025 to date, triple the volume seen over the same period in 2024. This brought Ethereum’s share of global stablecoin volume to 60%, up from 40% in 2024, indicating that stablecoin activity has been shifting to Ethereum from other L1 networks as well.
At the time of this writing, L1 and L2s were showing a nearly 50/50 split in monthly transaction volume within the Ethereum ecosystem, with mainnet largely reclaiming positions starting March 2025, or during record-low-fee environment.
Transaction Count
In 2022-2024, L1’s share of stablecoin transactions in the Ethereum ecosystem was primarily declining to as low as 22%, since users increasingly favored L2s for their lower costs. But, in 2025, that trend has also flipped. According to GrowThePie data, Ethereum mainnet recorded over 30 million stablecoin transactions this year, lifting its share in transaction count to 42%.
Chart: Transaction Count Distribution Across Ethereum and Its L2s
Final Thoughts
While bots are often associated with sandwich attacks and frontrunning, Ethereum’s increase of bot activity within the stablecoin field shows that they could be among the major drivers to improve market efficiency, boost stablecoin adoption, and enhance DEX performance — a net positive for users and protocols alike.
Still, stablecoin transfers are highly fee-sensitive, meaning that the network may face a trend reverse and user migration outside Ethereum if fees remain elevated. However, if L1 manages to maintain a low-fee environment over time, this could help Ethereum reclaim further market share in the stablecoin space.
An analyst, with a username of @lowstrife, issued a series of warnings on social media platform X regarding the financial health of MicroStrategy, drawing parallels between the company’s capital strategy and the now-defunct structure of the Grayscale Bitcoin Trust.
MicroStrategy, now rebranded as Strategy, is a publicly traded company listed on the NASDAQ stock exchange under the ticker $MSTR. It is the largest known Bitcoin Treasury Company, holding a significant amount of $BTC as its primary reserve asset.
The Grayscale Bitcoin Trust, with a ticker symbol of $GBTC is an exchange-traded fund (ETF) that is solely and passively invested in $BTC. It allows investors to gain exposure to $BTC without directly buying, storing, or securing it themselves.
mNAV Critical to $MSTR’s Survival
In an X thread, lowstrife emphasized that $MSTR’s fate is tightly bound to its market Net Asset Value (mNAV), a sentiment-driven metric that reflects investor perception rather than actual assets.
He stressed that if $MSTR’s mNAV weakens, the company’s ability to raise capital could collapse. Convertible debt, in particular, poses a threat to mNAV by potentially undermining the firm’s ability to service its financial obligations.
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The analyst then drew a parallel comparison to the decline of the $GBTC, which soared in popularity during the 2021 bull market as investors sought indirect exposure to $BTC. However, when demand faded, $GBTC’s structure unraveled.
lowstrife warned that MicroStrategy could face a similar trajectory if mNAV falters, ultimately crippling its fundraising ability and destabilizing its Bitcoin-centric strategy.
“GBTC was a closed fund which floated at a premium or discount relative to the underlying assets. Once the demand for this exposure dried up, demand for the fund to purchase new assets also dried up… Once that mNAV was crushed, that was it for demand.”
lowstrife
lowstrife pointed out that investors are currently buying $MSTR for reasons similar to those that once fueled $GBTC, which is about a way to gain indirect $BTC exposure.
However, he noted that the investment landscape has evolved. With broader and easier access to $BTC through various platforms and financial products, $MSTR’s appeal as a proxy to $BTC is fading.
As $BTC becomes more accessible, the rationale for using $MSTR as a substitute weakens, potentially undermining its value proposition.
The analyst emphasized that there is no inherent mechanism forcing mNAV to align with the actual value of the company’s assets, making it especially fragile.
“Remember, mNAV is entirely sentiment-based. There is no mechanism or reason that it needs to trade at what the assets are worth.”
lowstrife
Structural Risks of $MSTR
lowstrife noted that a major issue for $MSTR lies in its $8.2 billion in outstanding convertible bonds, maturing between 2028 and 2032. He explained that the core issue is not Bitcoin’s price volatility but the performance of $MSTR’s own stock.
That since these are convertible bonds, successful conversion depends on $MSTR’s stock appreciating to predefined levels. If the stock fails to reach those levels, the debt cannot convert into equity, posing a significant financial challenge.
Since $MSTR’s share price is largely driven by its mNAV, a sentiment-based metric, a loss of investor confidence could prevent the conversion from occurring. If that price appreciation fails to materialize, lowstrife warned that the company may be forced to repay the bonds in cash, potentially requiring it to liquidate $BTC holdings.
“If, for whatever reason, this price appreciation doesn’t happen, this turns into a time-based problem rather than a price-based one. The debt can become due, independent of what the underlying price of bitcoin is… MSTR must either refinance, or repay the debt in cash, selling BTC.”
lowstrife
Flywheel Reversal Risk
lowstrife also raised concerns about the stability of $MSTR’s financial model, warning that the company could be forced to unwind its strategy if mNAV falls below 1.0. A drop below that threshold would impair the company’s ability to raise capital and could lead to repurchasing shares while liquidating $BTC.
He noted that a compressed mNAV would weaken $MSTR’s capacity for future capital raises and $BTC’s acquisitions, which could erode the stock’s intrinsic value. The situation could deteriorate further if the company is required to manage debt repayments under unfavorable conditions.
The analyst also added there may even be fiduciary pressure to act if mNAV continues to decline.
“In the end, the flywheel will work just fine in reverse to unwind the entire scheme. Rebuying shares below mNAV 1.0 and selling the underlying assets to fund it… There is an argument for a fiduciary responsibility to do this, and [President and CFO Andrew] Bailey is out there telling you he WILL do this.”
lowstrife
Finally, lowstrife delivered a critique of Chairman Michael Saylor’s financial engineering, comparing it to the risky tactics that led to the 2008 financial crisis, which $BTC was created to address.
“It’s not a financial revolution. It’s ponzi hypebeasts chasing leverage. I’ve owned bitcoin for a long time and it’s really sad to see bitcoin OG’s cheering Saylor on as he uses it to repeat the financial engineering of 2008 that caused bitcoin to be created in the first place.”
lowstrife
What Happened to $GBTC?
A nightmare happened, and that was when institutional investors exited $GBTC.
The most popular exit event was when the State of Wisconsin Investment Board fully liquidated its $63.7 million $GBTC holdings in the first quarter of 2025 and reallocated the position to iShares Bitcoin Trust, another ETF managed by BlackRock with a ticker symbol of $IBIT, before selling that as well.
Other large asset managers, including Millennium Management and Brevan Howard, have also opted to trim or shift their ETF exposure to alternative funds.
Analysts cite $GBTC’s higher fees and tracking inefficiencies as key reasons for its declining popularity. Following its conversion to a spot ETF, the product has failed to regain its former dominance in the market.
As $BTC approaches its all-time high of $110,000, $GBTC remains overshadowed by more competitive offerings.
How Much Was the Most Expensive Pizza in the World
The answer is 10,000 bitcoins (BTC).
This isn’t a crypto joke. It’s a true story that happened on May 22, 2010. On that day, a programmer named Laszlo Hanyecz used 10,000 BTC, which had very little value at the time, to buy two Papa John’s pizzas. This was the first recorded purchase of a physical item using cryptocurrency, and it opened the door to a whole new chapter in global digital finance.
The day later became known as Bitcoin Pizza Day.
It’s more than just a fun fact in crypto history. Every year on May 22, the global Web3 community celebrates it as a symbol of crypto’s real-world adoption.
Today, those 10,000 bitcoins are worth a staggering amount. Calling it “the most expensive pizza in the world” is no exaggeration. From that one slice, Bitcoin has gone through countless ups and downs, growing from a little-known experiment into a globally recognized decentralized asset.
What Happened on May 22, 2010
It all started with a simple forum post.
At the time, Bitcoin was only about a year old, and most people still had no idea what digital currency even was. In Florida, a programmer named Laszlo Hanyecz, one of Bitcoin’s early core developers, made a bold yet simple request in a post on the forum bitcointalk.org.
“I’ll pay 10,000 bitcoins for a couple of pizzas… like maybe 2 large ones so I have some left over for the next day. I like having leftover pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins where I don’t have to order or prepare it myself. Kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!
I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc. Just standard stuff, no weird fish topping or anything like that. I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire.
If you’re interested, please let me know and we can work out a deal.
Thanks, Laszlo.”
At first, no one paid much attention to what seemed like a ridiculous offer. After all, 10,000 BTC was only worth about 40 US dollars at the time.
But a few days later, a user named Jeremy Sturdivant (aka jercos) agreed and had two pizzas delivered to Laszlo’s house.
That’s how the first real-world crypto transaction was born.
The original discussion thread is still available online today, serving as a time capsule for the entire crypto community.
How Crazy Was This Trade
In 2010, 10,000 bitcoins were worth about 41 US dollars, and the two pizzas Laszlo received cost around 25 dollars. Even at the time, Laszlo got the short end of the deal.
But that’s not the point. What made this transaction legendary is what happened afterward: Bitcoin’s price exploded over the next 14 years.
Despite this, Laszlo later told CNN in an interview that he had no regrets:
“I don’t regret it. I think that it’s great that I got to be part of the early history of Bitcoin in that way.”
When asked if he loses sleep over how much those BTC would be worth today, he calmly replied:
“I think thinking like that is… not really good for me.”
To the crypto world, Laszlo isn’t a fool. He’s a hero.
The Bitcoin Pizza Guy, who helped turn Bitcoin from an idea into something real.
Why Is Bitcoin Pizza Day So Important to Crypto
There have been many price spikes and protocol upgrades throughout blockchain history. But few moments are as symbolic as Bitcoin Pizza Day. Because this wasn’t just about pizza. It was the moment Bitcoin stepped out of the whitepaper and into the real world.
Before this, Bitcoin was still a concept, an experimental idea shared by forum users and tech enthusiasts. No one knew if it could actually work. But when Laszlo successfully exchanged 10,000 BTC for two pizzas, he proved that crypto had real-world utility. That simple act opened the door for everything that followed. Bitcoin Pizza Day showed that digital assets could serve as a medium of exchange, not just a speculative asset. It marked the first step in a new financial era, laying the groundwork for Web3, DeFi, NFTs, and more. More importantly, it captured the spirit of early crypto: bold, curious, and driven by belief, with a touch of humor.
That’s why, every May 22, the crypto world comes together. Across chains, coins, and countries, we pause the debates, eat some pizza, and pay tribute to the man who started it all.
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Pizza Day Reflection: Would You Spend Your BTC on Pizza
If you had 10,000 BTC today, would you use it to buy two pizzas?
With Bitcoin now worth tens of thousands of dollars, that question sounds absurd, even funny. But this is exactly the kind of thought experiment that Bitcoin Pizza Day leaves with the crypto world. Laszlo didn’t HODL. He used Bitcoin. Not for profit, but to unlock a new kind of value exchange.
So we ask:
Is HODLing always the right move?
Is Bitcoin meant to be an investment, or a form of payment?
Do we still have the early spirit of crypto, the courage to actually use it?
Today, the Web3 ecosystem has grown stronger. We have better tools, more robust infrastructure, and widespread adoption potential. But if no one actually uses their crypto, how will the decentralized revolution ever reach the mainstream? Bitcoin Pizza Day isn’t just about remembering a legend.
Bitcoin Pizza Day reminds us: it’s not about how much your BTC is worth. It’s about what you’re willing to do with it.
The Financial Revolution That Started With Pizza Is Still Going
Those two pizzas in 2010 didn’t just feed a hungry developer. They sparked the world’s imagination of what decentralized money could be.
Bitcoin Pizza Day became a symbol. It challenged the definition of traditional finance and broke the boundaries of value exchange. It challenges traditional finance, redefining value exchange, and proving trust can be built peer-to-peer.
From DeFi to GameFi, NFTs to DAOs, the ripple effects continue to shape the Web3 era. From person to person. From chain to chain. This financial revolution continues to grow.
What we celebrate each year on May 22 is not just a single transaction. It’s the spirit of experimentation and belief that started it all.
And it all began with one slice of pizza.
CoolWallet is proud to be part of this history. Let’s move forward together into the next chapter of Web3.
On-chain RWA value surged by $7.5 billion in 2025, matching 2024 growth, and outperforming other sectors within the DeFi ecosystem.
Tokenized treasuries led inflows, with Euro bonds doubling its on-chain value and BlackRocks’s BUIDL capturing 79% of U.S.-treasury-based RWA growth in 2025.
Tokenized gold beat its 2024 figuresin both market cap and new holders increases.
Ethereum ecosystem’s dominance strengthened, hosting over 83% of RWA value on general-purpose chains.
Real-world assets are no longer a side bet in DeFi — they’re becoming the main event. After adding $7.5 billion in on-chain valuethroughout 2024, the RWA sector matched that figure in the first five months of 2025. On May 13, on-chain RWA value reached $23.8 billion, up from $16.3 billion at the start of the year.
The surge isn’t just about capital. The number of RWA holders has also crossed a key milestone, surpassing 100,000 addresses, showing a 22% increase in 2025 so far.
This rapid expansion in both adoption and value comes as most DeFi sectors are seeing stagnation or contraction. With the RWA sector surging by 43% in 2025, its on-chain value briefly surpassed total DEX TVL.
The Drivers Behind the RWA Surge and Biggest Winners
While RWAs as a whole are surging, not all sectors are riding the same wave. In 2025, market uncertainty — not just yield — has become the dominant catalyst, and no asset classes reflect that more than bonds and gold.
Tokenized Euro Bonds Doubled in New On-Chain Value
The sharpest RWA sector spike came from Non-U.S. bonds, which saw a 101% increase in on-chain value in 2025 so far. This sector saw distinct inflection points that coincided with political headlines — most notably, accelerated inflows following Trump’s inauguration and another local jump after a selection of tariffs became effective on March 3-4.
Among Non-U.S. bonds, Euro-denominated ones stand out as the biggest winner, adding $102.6 million in on-chain value in 2025, and already outpacing 2024 on that matter. Most of these inflows went to Spiko’s EUTBL, which now accounts for over 80% of this RWA segment, experiencing 114% and 78% increases in value and holders in 2025, respectively.
However, tokenized Euro bonds account only for 1% of the entire RWA sector, meaning this hasn’t been the biggest landscape mover, despite the local surge.
BUIDL Took Over the U.S. Treasuries Segment
Tokenized U.S. treasuries had a much larger impact on the RWA sector, adding over $2.8 billion in on-chain value throughout this year. Around 79% of these inflows were allocated to BlackRock’s BUIDL, which has been securing the top spot in this segment starting mid-March. March 12, when the EU announced retaliatory tariffs, has also been the turning point in rapid BUIDL expansion, as nearly all of its gains occurred after this date. As such, BUIDL showed a more than 343% increase in new value added year-to-date, outpacing even much smaller funds.
Notably, BUIDL has also been among the leaders in attracting new holders, showing a 57% increase in the first five months of the year. This appears to be remarkable as BUIDL is not available on open markets, and features a much larger entry threshold. According to Amberdata, BUIDL features a minimum investment worth $5 million, while USTB, OUSG, USYC, and TBILL — $100,000. This signifies that the expansion of tokenized U.S. treasuries was primarily driven by institutional investors.
Another catalyst that pushed BUIDL forward was the downfall of USYC, which saw an over 3,000% increase in on-chain value in 2024, and dominated the space between November 2024 and March 2025. USYC experienced an over 73% drop in on-chain value in 2025, which began shortly before Circle’s acquisition of Hashnote, USYC issuer. The USYC drop occurred due to the yield-bearing USD0 stablecoin, which utilizes USYC as a primarily backing asset, and lost 60% of its TVL this year.
Tokenized Gold Overshadowed Its 2024 Performance
In parallel with the surge in fixed-income RWAs, tokenized commodities, especially gold, have emerged as a resilient safe-haven sector, benefitting from the same macro tailwinds. Total market cap for tokenized commodities grew by over $547 million in 2025 to date, with gold-backed tokens accounting for nearly 98% of that growth.
This momentum has been largely led by Paxos’ PAXG, Tether’s XAUT, and Kinesis’ KAU, which together make up 88% of gold-related trading activity. Among them, XAUT saw the most significant growth in user base, nearly doubling its number of holders (+102%) since January. Despite this, PAXG still dominates the space in terms of holders, outpacing XAUT by nearly 10 times.
As such, tokenized gold has already managed to beat its 2024 figures in both increased on-chain value and new holders.
While tariff-induced uncertainty served as a major catalyst to boost tokenized gold, activity stayed elevated even after the tariff noise began to subside. On April 22,tokenized gold trading volumes spiked to nearly $400 million, coinciding with gold spot prices hitting an all-time high above $3,500. This is the highest daily trading volume that tokenized gold showed since the U.S. banking crisis in March 2023.
Ethereum Ecosystem Strengthened Its RWA Dominance
In 2025, Ethereum’s role as the central infrastructure layer for RWA has become even more pronounced. The combined Ethereum ecosystem — including both mainnet and L2s — now accounts for over 82% of total RWA value hosted on general-purpose blockchains, up from 75% at the start of the year and 70% in early 2024.
This growing dominance is driven by two complementary trends: the rise of products originally launched on Ethereum such as BUIDL, and the rapid emergence of new RWA platforms on Ethereum L2s. The most notable example was the debut of Tradable, a private credit-focused platform that deployed over $1.7 billion in assets on zkSync. This single launch catapulted zkSync into the position of second-largest general-purpose blockchain in RWA.
Furthermore, unlike most other chains that depend on a single RWA vertical or flagship project, Ethereum offers the most diversified spectrum of RWA products. This gives Ethereum an inherent advantage: it’s not overly reliant on the success of any one sector. Instead, it acts as the primary execution layer for RWA growth wherever it happens.
While Ethereum dominates the general-purpose blockchain landscape, it’s important to note that in a broader view — including purpose-built blockchains — Provenance technically takes the top spot. This is largely due to its private credit platform Figure, with nearly $10 billion in RWA TVL.
Final Thoughts
RWAs are not only leading the DeFi recovery — they’re setting the pace of it. With over $7 billion in new on-chain value added in under five months, the sector is evolving to become a core infrastructure in both institutional and decentralized finance.
That said, the sector’s further short-term trajectory will largely hinge on the outcome of the existing tariff uncertainty. If trade tensions escalate, the flight to safe-haven and yield-generating RWAs could intensify even further. But a resolution, or even a de-escalation, could test the sustainability of the current inflows. Either way, RWAs have already proven their staying power as a response to market chaos.
Sources
The data used for this research consists of publicly available information from RWA.xyz, CoinGecko, DeFiLlama, and Amberdata. The observation period for this study was focused on RWA’s 2024-2025 performance, with data points starting January 1, 2024, and ending May 14, 2025.
You’d think people would be rushing to take 10,000 BTC for a couple of pizzas, right?
This was Laszlo posting 3 days later:
“So nobody wants to buy me pizza? Is the bitcoin amount I’m offering too low?”
Eventually, Laszlo Hanyecz sends 10,000 BTC to Jeremy Sturdivant, who agrees to the transaction. It’s worth about $41 at the time.
Two Papa John’s pizzas show up at his house. History is made with the first real-world bitcoin transaction.
Image credit: CBS
Now, every year, Bitcoiners and the world look back at the most expensive pizza ever bought. If you want to have some fun, you can browse through the original post thread and see people coming back to comment years later.
“Will this eventually become the world’s first million-dollar pizza?”
As of today, it’s now the world’s first billion-dollar pizza.
Today (May 22nd, 2025), those 10,000 bitcoins could buy you…
1,500 Lamborghinis
1/200th of a Jeff Bezos
Over 50,000,000 pizzas
It took almost 15 years to reach this point. Not long, right?
And as if it wasn’t impressive enough that Bitcoin has reached $1 trillion dollars in value so fast. This event is a good reminder of Bitcoin’s origin story and what makes it so special.
Laszlo buying those two pizzas for 10,000 BTC was the beginning of Bitcoin’s price discovery.
It’s a good reminder that no matter how much institutional and state-level interest Bitcoin draws today, the project started as (and remains) a ground-up movement. No matter how small you may think you are, your contributions to Bitcoin have an impact, just like Laszlo’s did. And no one has to give you permission, either. Trezor Academy is currently working with many local educators in the Global South who are transforming their local communities using Bitcoin.
That’s part of the reason Laszlo doesn’t regret spending those 10,000 bitcoin today…
It’s also why many people still spend their bitcoin today despite the rising price. Actively using Bitcoin will help with adoption and grow the community. At the Trezor office, we have vending machines for staff to buy things like beer using BTC. After all, isn’t using Bitcoin as a replacement for fiat currency sort of the point?!
Using Bitcoin helps grow the network, but securing your coins is just as important. After all, Bitcoin only works if people have true ownership. Self-custody gives you the power to protect your money without relying on anyone else.
Bitcoin Pizza Day isn’t just about price, it’s about how far we’ve come. And part of that journey is learning how to take control of your coins securely…
Trezor emerged from the chaos of online exchanges that just couldn’t keep up. We realized it was time to step up the security game against online attacks and malicious apps.
Our mission? To give you the tools to securely hold your bitcoin and crypto, without compromise. Everything we build is 100% open-source, and easy to use. This is part of our effort to help Bitcoin grow while staying true to its cypherpunk ethos and origin. We want you to be able to save and spend bitcoin securely.
For us, it all started with the Trezor Model One, the original hardware wallet and the world’s first. Simple, proven, and trusted since 2014. We don’t want to brag, but this literally started the hardware wallet industry.
We followed up with our first premium touchscreen device in 2018, the Trezor Model T.
Get free worldwide shipping on all Trezor products with code: PIZZADAY25 (on our best value delivery method)
*Please note that the 41% discount for the Trezor Model One & Trezor Model T has already been applied to the list price shown on our e-shop. But, the code PIZZADAY25 must be used for free global shipping on all products.*
