BTC Wealth Report – Issue 08

👋 Welcome to BTC Wealth — Issue 08

This was a massive week for Bitcoin Treasury Company news — and by extension, for Bitcoin itself.

A case study in execution.

Here’s what we’re tracking this week:

• 🟠 Trump Media Goes Full Bitcoin — $2.44B raised. Strategy playbook engaged.

• 🎮 GameStop Fumbles the Bag — No conviction. No clarity. No trust.

• 📉 ETF Flows Pull Back — A softer week, but the structural trend holds.

Let’s get into it.

🏦 Trump Media Just Became a Bitcoin Treasury Company

🟠 Trump Media just closed a $2.44 billion capital raise — through equity and debt — to buy Bitcoin.

Yes, that Trump Media.
The sitting U.S. President’s public company is now a Bitcoin accumulator.

Let that sink in.

Trump Media is a $4.7B meme stock with no clear business model — which makes it a perfect candidate for a BTC Treasury Company.

If you’ve been reading this newsletter, you already know:
This is one of the best business models in the world right now.

1️⃣ Raise capital
2️⃣ Buy Bitcoin
3️⃣ Trade at a premium
4️⃣ Repeat

✅ Strategy (fka MicroStrategy) did it — and 100x’d its market cap.
✅ Metaplanet, the Japan-based clone, followed — and 100x’d even faster.

And now, the playbook has the backing of the most powerful political brand in America.

But that’s not the story I want to focus on this week.
🕹️ GameStop had the same opportunity — and blew it.

🎮 GameStop: The Treasury Strategy That Wasn't

Until this week, GameStop looked like the next big entrant as BTC Treasury Company.

💰 $13B market cap
📉 Just $37M in annual profit
📦 A literal meme stock with $5B of cash
📢 Announced a Bitcoin Treasury strategy on March 25
💸 Raised another $1.5B in April, when BTC was at ~$80K

This was the moment to go full Strategy-mode.

But they botched it.
Badly.

They revealed they’d bought just $500M of Bitcoin — a modest 4,717 BTC.
Leaving 90% of their capital sitting in dollars.

Then it got weirder.

🗣️ CEO Ryan Cohen announced the purchase with no conviction, no commitment, and zero clarity about future BTC buys.

He rambled about Bitcoin being a ‘hedge’ against system risks and qualified it by saying:

Then he ended the announcement with:
“YOLO.”

🤦‍♂️🤦‍♂️🤦‍♂️

💥 What Went Wrong

This was a catastrophic misfire — not because they bought Bitcoin — but because they fumbled their opportunity to be so much more.

GameStop had the potential to be the next great Bitcoin treasury company. But they simply couldn’t execute.

A Bitcoin Treasury strategy isn’t about trying to time the market or “hedge.”
It’s about execution and transparency.

📉 The Market Reaction

Following their announcement GameStop stock price dumped immediately.

And here’s why:

🔑 The entire model depends on trust.

When Saylor raises money, he buys Bitcoin.
No hedging. No wavering. No clever strategy. Just conviction.
Same with Metaplanet. As Dylan LeClair has said:

That’s how you earn investor trust.

Ryan Cohen had $5B in cash when Bitcoin was $80K — and he froze.

Now? Nobody can trust that they’ll keep accumulating. We can’t even trust that GameStop won’t sell if Bitcoin’s price drops or the narrative shifts.

The market smelled indecision — and it’s over.

The tricky thing about Trust. Once it’s gone, it’s gone.

🤔 “But They Still Bought Bitcoin, Right?”

Some of you might be thinking:
“Wait — doesn’t GameStop still win here? They bought 4,717 BTC. That’s huge.”

Yes — in isolation, it’s a win.

📦 They now own real Bitcoin.
📈 They’ll benefit from price appreciation.

But let’s separate two very different ideas:

1. ✅ Owning Bitcoin

2. ❌ Executing a Bitcoin Treasury Strategy

Those are not the same game.

🧮 Microsoft can allocate 10% of its $80B cash pile to BTC and call it a hedge.
That’s fine — Microsoft is a business juggernaut.

But GameStop?
They had a shot to become something more.

With proper execution, they could’ve stacked 50,000+ BTC within 12 months.
They had the blueprint. They had the capital.
And they fumbled it.

GameStop doesn’t know who they are.

They’ll go back to selling video games and riding nostalgic meme pumps.
Because the Bitcoin Treasury dream is over.

🧠 What the Next BTC Treasury Should Learn

Execution & trust are everything.
If you want this model to work:

1. 📢 Tell us your Bitcoin strategy.

2. 💰 Execute it — without hesitation.

3. 📈 Tell the world — and do it again.

That’s how you raise at a premium.
That’s how you scale.
That’s how you win.

📊 One More Thing: ETF News

This week wasn’t a strong one for price action — and the flows reflected it.

U.S. spot ETFs saw net outflows of 1,760 BTC.

🟢 BlackRock (IBIT) kept the streak alive, adding +5,242 BTC
🔴 But that strength was more than offset by the big sellers:

• ARK (ARKB): –2,665 BTC

• Fidelity (FBTC): –1,878 BTC

• Grayscale (GBTC): –1,266 BTC

🧠 Final Thoughts

ETF flows remain tightly coupled to short-term price momentum — and this week, both cooled.

That said, ETFs still bought 50,000 BTC in May. The trend is our friend. Don’t get too distracted by week-to-week noise.

📅 I still expect ETFs to stack 100K+ BTC in the second half of the year.

That’s your BTC Wealth Report this week.

Found it valuable? Share it with your network. It helps more than you think.

Thanks for reading.

- Thomas Fahrer