G’day Bitcoiner,

A lot of yuuge announcements coinciding with Bitcoin Las Vegas. Here’s the week in Bitcoin treasuries.

Saylor Sparks Bitcoin Firestorm: 🗣 “Proof-of-reserve? It’s a bad idea.”

🎮 GameStop Goes All-In on Bitcoin 🟠

🇵🇰 Pakistan Unveils Strategic Bitcoin Reserve🟠

⚽ Paris Saint-Germain Goes Bitcoin 🟠

🔥 Saylor Sparks Bitcoin Firestorm: Proof-of-Reserve Debate Lights Up the Bitcoin Conference 🔥

Michael Saylor - the Bitcoin heavyweight and chairman of Strategy (formerly MicroStrategy) - just dropped a bombshell at the Bitcoin 2025 Conference in Las Vegas:

That’s right. Saylor has sparked fresh controversy by saying institutional Bitcoin holders should NOT be publishing on-chain proof of reserves. Why?

He argues it’s a massive security risk — exposing wallet addresses invites hacks, scams, phishing, and wild conspiracy theories. Even if you could see Strategy’s on-chain Bitcoin, Saylor says you’d miss the real financial picture:
❌ No insight into debts
❌ No view of loans
❌ No knowledge of obligations

His bottom line:

🚨 The Bitcoin Community Fires Back

Saylor’s stance ignited immediate pushback.

👉 Nate Geraci, president of the ETF Store, clapped back:

Geraci argues that crypto’s fundamental principle is openness, and big players owe the community proof.

But Bloomberg’s Eric Balchunas chimed in with a caution flag:

🏦 The Former Trader’s View

Adding even more heat, Richard Byworth, Managing Partner of Syz Capital and a massive Bitcoin bull, shared his perspective as a former trader.
Byworth pointed out that if market makers, OTC desks, and other big buyers can watch Saylor’s Bitcoin movements on-chain, he loses an edge - exposing his firm’s strategy and opening up the risk of frontrunning and reduced negotiating power.

📊 The Analyst Angle

On-chain analyst and CryptoQuant CEO Ki Young Ju took the conversation in a different direction:

Instead of focusing on proof-of-reserve, Ki praised Saylor for a bigger strategic play - rerouting Wall Street liquidity directly into Bitcoin.

By tapping debt markets and selling shares, Strategy has amassed a jaw-dropping 576,230 Bitcoin, worth over $62 billion — making it the largest corporate Bitcoin holder worldwide.

Ki notes that thanks to market liquidity and volatility, firms like Strategy will keep stacking, turning the once-meme “up only” into today’s institutional Bitcoin reality.

⚡ Key Takeaways

✅ Saylor: Proof-of-reserve = Security disaster waiting to happen
✅ Critics: Transparency is non-negotiable in bitcoin
✅ Analysts: Saylor’s genius isn’t about PoR — it’s about mastering capital markets to build Bitcoin dominance

💬 Where Do You Stand?

Is Saylor right to guard his wallets in silence?
Or is transparency the price big Bitcoin holders must pay?

🟠 🎮 GameStop Goes All-In on Bitcoin! 🟠

GameStop just confirmed its first Bitcoin buy - scooping up a massive 4,710 BTC (worth ~$513M)! This marks the company’s bold jump into bitcoin, after teasing a move into alternative assets back in March.

🚀 The purchase was powered by a $1.3B convertible notes deal and debt financing, signalling GameStop’s high-stakes bet on Bitcoin as a key part of its future.

📈 The markets love it. GME shares popped 12% in March and 18% in February on Bitcoin buzz. As of May 27, the stock closed at $35 and was ticking up to $36.30 pre-market - up ~30% over 30 days and 10% year-to-date. Wall Street is watching, and so is the crypto crowd.

Even bigger: this is a direct nod to its core audience — gamers and retail investors who live online, trade crypto, and demand innovation. By embracing Bitcoin, GameStop is reshaping its identity, aligning with the decentralized revolution, and telling the market: we’re not just here to play — we’re here to win.

🎲 Legacy gaming meets Bitcoin. The next level just unlocked. 🕹️✨

🇵🇰 Pakistan Unveils Strategic Bitcoin Reserve! 🟠

Pakistan has officially launched its first government-led Strategic Bitcoin Reserve - making it one of the first emerging markets to plant its flag in sovereign digital assets.

Speaking to a packed crowd that included U.S. Vice President JD Vance, Eric Trump, and Donald Trump Jr, Bilal Bin Saqib, CEO of the Pakistan Crypto Council and newly appointed Special Assistant to the Prime Minister for Crypto, announced the creation of a national bitcoin wallet.

But that’s not all: Pakistan has allocated 2,000 megawatts of surplus electricity to fuel bitcoin mining and AI data centres, opening the doors to global miners, tech firms, and clean energy players.

With over 40 million crypto wallets and one of the largest freelancer economies in the world, Pakistan is positioning itself as a Web3 powerhouse.

Saqib laid out a blueprint for emerging markets, calling on global builders to come tokenise land, scale missions, and build for the unbanked in Pakistan.

He’s also leading the creation of the Pakistan Digital Assets Authority (PDAA) to regulate, protect, and supercharge the country’s digital finance ecosystem.

🔥 “Both Pakistan and Bitcoin have suffered from bad PR,” Saqib declared, “but if you look past the headlines, you’ll see talent, resilience, and unstoppable vision.”

This is more than policy - it’s Pakistan’s moonshot moment in the crypto era. 🌕✨ Stay tuned.

Short ₿its 🌟

🟠 Saylor’s Strategy Stacks More Bitcoin 🚀

Michael Saylor’s firm just bought 4,020 BTC for $427M, raising its stash to 580,250 BTC — now worth over $40B and delivering a 16.8% yield so far in 2025.

🇺🇸 Trump Media (DJT) Goes Big on Bitcoin! 🟠

DJT just raised $2.44B in a private placement to build a Bitcoin treasury — with $2.32B in net proceeds, it’s set to become one of the largest U.S. corporate BTC holders ever. 🚀

🇬🇧 Nigel Farage Pushes for UK Bitcoin Reserve! 🟠

REFORM UK leader Nigel Farage is set to introduce legislation to establish a strategic Bitcoin reserve, positioning Britain as a major player in the global crypto race.

🟠 Tether Flexes Massive Reserves! 💰

Tether.io just revealed it holds over 100,000 Bitcoin and 50+ tons of gold, cementing its position as a heavyweight in both digital and hard assets.

🇫🇷 Paris Saint-Germain Goes Bitcoin! ⚽🟠

European soccer powerhouse PSG just announced it’s adopting a Bitcoin treasury reserve, making waves on and off the pitch as it joins the global crypto game.

🇺🇸 Twenty One Capital Keeps Stacking Bitcoin! 🟠

With a fresh $100M raise (bringing total financing to $685M), Twenty One now manages ~$4B in BTC - making it the 3rd-largest Bitcoin treasury among public companies and still on the hunt for more.

🇬🇧 The Smarter Web Company Adds More Bitcoin! 🟠

The UK-listed firm just stacked 24.53 BTC at an average $109,828, boosting its treasury to 83.24 BTC — small but growing fast.

Tweet of The Week

Podcast of The Week

🟠 Tether & Cantor: Bitcoin 2025 Fireside Chat w/ Paolo Ardoino and Brandon Lutnick 💥

Can Bitcoin & bonds thrive together in the same treasury playbook? Tether says yes.

In this powerhouse fireside chat, Paolo Ardoino and Brandon Lutnick reveal how Tether is shifting from pure dollar reserves to a diversified mix of Bitcoin + U.S. Treasuries — a move that could reshape how we think about monetary alternatives.

If you have questions about how Bitcoin could help you or your business, please don’t hesitate to reach out for a free 30-minute consultation 🕒. We're here to help you navigate the future of Bitcoin 💡

Thanks for reading! We hope you’ve enjoyed this week’s edition and look forward to seeing you next week! 👋

Daniel 

for Bitcoin on Balance

32 York Street, Sydney NSW 2000, Australia

https://www.bitcoinonbalance.com/