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G’day Bitcoiner,

Here’s the week in Bitcoin treasuries.

📰 Tariff Uncertainty Freezes Corporate Bitcoin Buys

🧰 Block Launches Open-Source Dashboard for Corporate Bitcoin Adoption

⚡ Pakistan to Mine Bitcoin With 10GW of Surplus Power

📰 Tariff Uncertainty Freezes Corporate Bitcoin Buys

Big treasury players pause as trade jitters shake confidence

Tariff turmoil just sent a chill through the corporate Bitcoin crowd.

After Trump’s April 2 tariff announcement, the most aggressive BTC buyers - Strategy (MSTR), Metaplanet (3350.T), and Semler Scientific (SMLR) - hit the brakes. No buying the dip.

This marks the first Monday in weeks Michael Saylor’s Strategy didn’t stack sats. The world’s largest publicly listed Bitcoin holder sat out - and so did its peers.

📉 Fallout in the Markets

The market reaction has been sharp:

• Metaplanet: -7.5% unrealised BTC loss · Stock down 20.2%

• Semler Scientific: ~10% drawdown on BTC · Stock down double digits

• OWNB ETF (tracking corporate BTC holders):

  • Down 13% since April 2

  • Down 22% since March 24

Even the most hardened hodlers are feeling the sting as the NGU (Number Go Up) ratio flips negative temporarily for many corporate stacks.

📈 Zoom Out: They're Still Way Up

Despite the tariff-induced pullback, the 12-month returns still tell a bullish story:

• Strategy (MSTR): 🔼 +74%

• Metaplanet (3350.T): 🔼 +867%

• Semler Scientific (SMLR): 🔼 +45% since adopting a Bitcoin Treasury Strategy

The Bitcoin treasury strategy - for all its short-term noise - is still printing serious gains.

🧠 Institutional Doubt Creeping In?

Some are saying "I told you so."
Finance professor David Krause warned in January:

But the bulls aren’t staying quiet

Here’s what Dylan LeClair, Head of Bitcoin Strategy at Metaplanet, had to say this week:

And Saylor posted

Translation: conviction is high

🔍 What’s Next?

Even the most convicted stackers can blink when macro pressure mounts.

Will they be back next week? Will new buyers step in?
We’re watching - and so should you.

The smartphone story isn’t over yet…

Uber did it to taxis, Airbnb to hotels, & now Mode is doing it to the $500B smartphone industry.

They’ve turned smartphones from an expense into an income stream - invest before their price changes.

Invest at $0.26/share before 5/1.

_{*An intent to IPO is no guarantee that an actual IPO will occur. Please read the offering circular and related risks at invest.modemobile.com.
*The Deloitte rankings are based on submitted applications and public company database research.}

🧰 Block Launches Open-Source Dashboard for Corporate Bitcoin Adoption

Jack Dorsey's $30B firm is making it easier than ever for businesses to put Bitcoin on the balance sheet.

Block (formerly Square) just dropped a major update for corporate Bitcoin adoption - and it’s open source.

On April 10, the $30 billion company launched a Bitcoin treasury dashboard designed to help businesses track, manage, and integrate Bitcoin directly into their financial operations.

The move lowers operational barriers and simplifies treasury workflows - key friction points for CFOs and finance teams considering BTC.

📊 What’s in the Dashboard?

• Live BTC/USD Quote API
  Real-time pricing data for accurate dollar-value tracking of Bitcoin assets.

• Finance-Friendly UI
  Built for decision-makers and finance teams - no crypto jargon, no headaches.

• Open Source on GitHub
  Transparent and collaborative. Developers can fork, build, and suggest improvements.

• USD Holdings Tracker
  See your Bitcoin holdings in real-time USD - built with quarterly financial reporting in mind.

• AI-Built Prototype
  Block’s internal AI agent (“codename goose”) helped non-engineers prototype the first version - a glimpse into how AI is accelerating corporate tooling.

🧠 Built for CFOs. Backed by a Bitcoin Blueprint.

Block’s no stranger to Bitcoin.
It published its first Bitcoin Investment Memo back in 2020 and remains a long-term stacker, continuing its monthly DCA program and updating treasury holdings quarterly after earnings.

This dashboard is the next step — not just for Block, but for companies globally.

💬 Final Word

Whether you're a CFO, a founder, or just Bitcoin-curious - Block’s new tools make BTC treasury management easier, clearer, and more transparent.

Open-source. Real-time. Built for business.
That’s how Bitcoin gets on the balance sheet - at scale.

⚡ Pakistan to Mine Bitcoin With 10GW of Surplus Power

In a dramatic policy reversal, Pakistan has confirmed plans to use its 10 gigawatts of surplus electricity for Bitcoin mining, according to Bilal bin Saqib, head of Pakistan’s Crypto Council and advisor to the finance minister.

The strategy: turn wasted energy into monetized Bitcoin reserves, adding hard digital assets to the national balance sheet.

🔌 Power That Pays: Bitcoin as an Energy Battery

Pakistan produces between 10,000–15,000 MW more electricity than it uses — energy that costs the government millions annually due to underutilization.

Now, instead of wasting that power, the country will:

• Collaborate with mining firms to launch operations

• Monetize excess capacity through Bitcoin

• Build BTC reserves as a long-term national asset

💡 Nearly 40% of the surplus comes from renewables like wind, hydro, and solar.

Short ₿its 🌟

🗣️ How to Talk Bitcoin with Shareholders
Buying Bitcoin is only half the battle writes Nick Ward for Bitcoin Magazine - clear, consistent communication before and after execution builds trust, reduces risk, and aligns shareholders for the long haul.

Frame the strategy as a capital allocation decision, not a crypto punt — and repeat the message like your market cap depends on it.

🇸🇪 Sweden Eyes Bitcoin for FX Reserves?
Swedish MP Rickard Nordin has formally asked the finance minister to consider adding Bitcoin to the country’s foreign currency reserves — citing global trends and BTC’s rising role in monetary policy.

🏛️ Florida House Committee Passes Bitcoin Reserve Bill — Unanimously
Florida’s Bitcoin Reserve bill just cleared its first hurdle with a unanimous House subcommittee vote, proposing a $1.5B state-level BTC reserve — the first bill of its kind to receive zero opposition.

The race for America’s first Bitcoin treasury is on, and Florida just made its move.

Tweet of The Week

Podcast of The Week

🎙️ Eric Semler: Bitcoin Is the Cure for Zombie Companies

At the 2025 MIT Bitcoin Expo, Semler Scientific Chairman Eric Semler told Bitcoin Magazine that Bitcoin isn't just a treasury asset — it's a lifeline for capital-starved companies.

He shared how building conviction in 2024 led his firm to embrace BTC, and why he believes every company with idle cash should follow.

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/