André Dragosch, PhD | Bitcoin & Macro

Probably nothing

BREAKING: Amount of (highly) liquid BTC supply just touched a new multi-year low.

Bitcoin's supply deficit continues to intensify. 🔥

Number of new public companies adding BTC to their corporate treasury, per month in 2025:

Jan 2025: +6
Feb 2025: +7
March 2025: +9
April 2025: +15

Data via @BTCtreasuries

📌RE: Twenty One et al. vs MSTR

According to the latest estimates by @BTCtreasuries, global corporate BTC holdings have grown by +96,343 BTC in April 2025 already of which MSTR only accounted for +25,370 BTC (26.3%).

Looks like the corporate race for bitcoins is heating up already.

BLOOMBERG: Arizona Lawmakers Back Bitcoin Investments in First Among States

When will the Fed turn on the printers?

Charts via @PeterBerezinBCA

Bitcoin is probably one of the best hedges against structural Dollar depreciation.

Global corporate adoption of Bitcoin is accelerating fast.

We’re up around +100k BTC since last month already.

Judging by all the forward-looking employment indicators, this seems to be mispriced.

WATCH: S&P 500 EPS revisions at their lowest level since 2008.

GM and happy Monday!

The Cantor Equity Partners SPAC for Twenty One has surged almost 200%.

Implied market cap of Twenty One = 12 bn USD w/ roughly 4 bn USD in bitcoin holdings.

Implies that Twenty One will trade at a 3 x NAV premium.

Happy to be proven wrong here but I don’t think MSTR can refrain from generating yield on their BTC stack forever.

Other companies entering the game like Twenty One will compress the NAV premium for everyone, including MSTR.

Companies that utilise covered calls or similar strats like MetaPlanet will likely outperform in terms of BTC yield.

All about competition and even MSTR will have to adapt at some point.

Remember those pseudo-experts who claimed that tariffs wouldn’t be inflationary?

*** 𝗛𝗲𝗿𝗲’𝘀 𝘄𝗵𝗮𝘁 𝘁𝗵𝗲 𝗯𝗼𝗼𝗸 𝗶𝘀 𝗿𝗲𝗮𝗹𝗹𝘆 𝗮𝗯𝗼𝘂𝘁: ***

It helps the reader understand the current transition to a new monetary standard, the innovation and utility of Bitcoin, how to value Bitcoin, the macro factors influencing Bitcoin’s performance and how to implement Bitcoin into an asset allocation framework.

It’s written for professional investors who want to catch up to the latest developments in Bitcoin and build a solid understanding about the key drivers in order to invest into Bitcoin with confidence.

If that sounds like you—or someone you know—stay tuned.

I’ll be sharing exclusive previews via my own newsletter (dropping next week!).

#ExponentialGold #Book #Bitcoin #Macro

Remember when foreign investors used Mag7 stocks to park Dollars because TINA?

That seems to be changing…

What a difference a week makes.

"Bitcoin Outpaces Stocks in Biggest Gain Since Election." via @TheTerminal

GM from Europe ☕️

Over the past 5 trading days, US spot Bitcoin ETFs bought

*checks notes*

29,217 BTC.

That's 13x times the amount of new supply.

Be honest —

Nobody predicted that corporations would be the major buying force in Bitcoin in 2025.

Sovereigns, ETFs, institutional investors — all have been leapfrogged by corporate purchases.

GM from Vienna! ☕️💻

Interesting