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May 01, 2025
Welcome Back, TRU Capitalists,
First, we want to invite you to join us at Jets & Capital in Miami. We're co-sponsoring this event and are excited to present our fund and expand our ever-increasing network of LPs, thought leaders, and friends. Byron Donalds will be in attendance along with several other prominent players in the US digital asset industry!
If you're going to be in Miami and want to join us, reach out and let us know!
In addition to speaking at events, our team has refreshed our website where you're able to read blogs on trucapital.fund, review a few recent trade wins and see the stats of our algorithmic technology.
We will be sending a recap post event, and as always if you'd like to invest along side us click the button below to book a time with our team.
This month saw "Liberation Day" volatility, a new Chairman of the US Securities and Exchange Commission, and digital assets going mainstream with more institutions buying and Circle filing for an IPO.
Let's break it down.
The tariff trade war has sparked a lot of volatility in the market. Without bogging down in predicting the as yet uncertain outcome or commenting on the wisdom of these policies or their application, one thing is clear. Eventually, agreements will be renegotiated and certainty will return. The world's central banks will go back to printing, and this seems poised to extend the digital asset bull run deep into 2026. So, despite the short-term pullbacks, our view is that the end result of this period of uncertainty will be a much longer, stronger, sustained bull run in digital assets.
The timeline and details remain hazy, but directionally, it's only a matter of time before #Bitcoin starts #Bitcining again.
During this time of volatility, Bitcoin has outperformed most other assets on the market, recently even surpassing Gold, which had been outperforming for most of April.
Furthermore, US bonds, equities, and the dollar all sold off together while Bitcoin held up well.
It's hard to confidently assert too much for such a short period, but it appears that Bitcoin is being seen as a politically neutral, long-term store of value. This is very bullish and only adds to Bitcoin's credibility as an emerging and vital asset class.
Jack Mallers of Strike announced a partnership to launch a new company called 21 Capital. The company brings together stablecoin giant Tether, crypto exchange Bitfinex, brokerage and investment bank Cantor Fitzgerald, and SoftBank — the $180 billion Japanese juggernaut.
Their goal? “...to accumulate Bitcoin.”
The plans to capitalize the company are a bit involved, but when finished, Twenty One expects to launch with about 42,000 Bitcoin. This would make it the third-largest public Bitcoin treasury in the world.
This seems like a direct challenge to Strategy (formerly Microstrategy) as the dominant Bitcoin Treasury Company on the market. Definitely something to keep an eye on.
Crypto acquisitions and public listings in the U.S. reached $8.2 billion across 88 transactions in the first four months of 2025, already tripling the total value of all 2024 crypto deal-making.
This includes all mergers and acquisitions, but it also captures how much additional capital is going into digital assets and how many new companies are launching.
There are now over 180 different companies with a Bitcoin Treasury holding a total of over 3.2 million Bitcoin. So while companies like 21 Capital and Strategy might be getting a lot of attention, it's important to realize that digital assets are no longer a fringe business activity.
The market is growing at an incredible speed. If you're considering investing into Bitcoin Treasury Companies, read this post from our Founder Robert Miller who expands further on the topic giving his opinion on how the sequence of events determine the upside in these types of entities. Click here
All of this institutional demand for the limited supply of Bitcoin means one thing. There is not enough to go around. Exchanges have been trying to keep this quiet, but they are very quickly running out.
Since Trump's election, the supply of Bitcoin on exchanges has fallen below what it was in early 2019, and it has shown no signs of rising anytime soon. If you're thinking of getting into digital assets, don't wait until you are last.
The Federal Reserve removed a lot of restrictions on banks getting involved in digital assets.
Some critics of the Fed have called this move "lip service," but regardless of how long it takes for the Fed to pivot policy, this is a clear signal to the market that they intend to take a more accommodative stance to US banks' involvement with digital assets.
Paul Atkins was officially sworn in as SEC chairman, bringing joy to the realm and filling the office vacated by Darth Genlser.
Atkins said that digital asset regulation with be a top priority during his tenure, adding, "I look forward to engaging with market participants and working with colleagues in President Trump's administration and Congress to establish a rational fit-for-purpose framework for crypto assets."
Bullish.
Circle, the issuer of the USDC stablecoin, filed for an initial public offering (IPO), signaling growing institutional interest and ambitions to integrate stablecoins into mainstream finance. Stablecoins might not seem exciting, but they are a huge part of the digital asset ecosystem and probably its most important use case so far.
Citi released a report last week estimating that the market cap of US stablecoins could rise as high as $37 trillion by 2030.
Keep your eye on this, all the governments of the world will be paying attention too.
The current uncertainty in all sectors of the market is temporary. The Trump administration knows that it needs to quickly make deals. They need to cut rates. They need to refinance $9 trillion of debt. They need to send the market back to all-time highs before the mid-term elections. All of this points to short-term volatility but long-term money printing.
We anticipate this will result in the largest bull run in Bitcoin and the broader digital asset market in history, as well as sustained adoption and increased economic demand for digital assets globally.
The opportunity for investors who are willing to be calm and take a long view of this asset class and take advantage of the depressed price levels currently on offer is substantial. Here at TRU Capital, we plan to participate in this bull run, capturing the maximum upside while avoiding unnecessary risks, pitfalls, and predators.
If you'd like to learn more about us and our unique, investor-focused strategy, we hope you'll reach out. We would love to partner with you to ensure your success in this emerging asset class.
Until next time, remember that this is TRU Capital.
We believe capital is value, cryptography is truth, and Truth is priceless. "Buy the truth, and sell it not" - Proverbs 23:23 KJV HODL,
The General Partners of TRU Capital
P.S. If you'd like to allocate to TRU Capital Fund 1, click here to book your time and allocate today.
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