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Fellow TRU Capitalists.
May was one of the most jam-packed months for digital assets and for TRU Capital.
After the Jets and Capital event, we've released 4 new podcast episodes for the TRU Money Show (YouTube, Apple, Spotify), have been guests on multiple other podcasts like BetterWealth, have more panels coming up and have further expanded our reach to extend in other markets!
Additionally, given the popular demand for algorithmic trading, we have some additional announcements coming down the chute that can help you tap into more of our institutional-grade technologies!
As you'll see with the theme of this newsletter, digital assets are heating up. There's a lot of noise out there and finding the signal and staying TRU to it is what we aim to do! In fact our founder, Robert Miller, has launched a mini series on LinkedIn titled "How Tokenization Can Change the World as We Know it (click here to see the articles)
And given we currently still have slots open for the fund, if you want to get allocated to digital assets now would be the time to do so! So click the button below to speak with us, otherwise enjoy!
We're so back.
May has seen a huge rush of news for digital assets and the broader investment landscape.
Let's break it down.
Bitcoin reclaimed the $100,000 level for the first time since February, and put in a new all-time high at just under $112k. The move was driven by institutional inflows, particularly into BlackRock’s spot Bitcoin ETF (IBIT), which saw $356M in a single day, continuing the trend we've seen of institutions leading instead of retail.
The bullish momentum continued into the Bitcoin conference in Vegas which saw over 30,000 attendees and a slew of bullish announcements.
$ETH surged 26% in the first week of May, marking its best week since May 2021. The highly anticipated Ethereum Pectra upgrade also launched on May 7th, 2025, enhancing the Ethereum network with several key benefits, including improving user experience, enhancing scalability, and deploying smart wallet upgrades.
SharpLink Gaming, Inc. (NASDAQ:SBET) disclosed a $425 million private placement purchase of $ETH on May 27th and intentions to pivot to becoming an Ethereum Treasury Company that accumulates and holds $ETH
The investment is led by Consensys and Ethereum co-founder Joe Lubin. Included in this effort are several well-known crypto-focused VC firms, such as Pantera Capital, Electric Capital, and ParaFi Capital.
Sharplink's stock price uh - rose quickly - following the announcement.
Some are calling this Ethereum's Microstrategy moment, and Sharplink has already announced plans to purchase an additional $1BB to buy more $ETH.Minimize image
This leads to another big trend in digital assets, Strategy Copycats. Hundreds of entities of all kinds are adopting Michael Saylor and Strategy's "Bitcoin Treasury" plan. We've also seen companies begin to treasury ETH, SOL, and XRP.
We expect this to continue as the market has made it very clear that there is a huge appetite for access to these assets. There are possible concerns though, if these companies get too over-leveraged in their rush to fill their bags.
Overall, though, this is a strong bullish trend and a clear indication that the market wants more exposure to digital assets.
New Hampshire and Arizona passed bills to create Bitcoin strategic reserves for their states. Many other bills are in progress in other state legislatures.
At The Bitcoin Conference In Vegas, Pakistan announced their own Strategic Bitcoin Reserve.
GameStop bought half a billion worth of Bitcoin. Trump Media is raising over $2bb to buy $BTC.
The race to accumulate Bitcoin is in full swing. Expect these announcements and accumulation to continue and accelerate.
Another digital asset race we're watching closely is around stablecoins. With legislation expected to pass Congress imminently, there's increased attention and competition in this multi-trillion-dollar emerging market.
Three years after their Diem/Libra project was killed off by regulators, Meta announced that is once again looking into integrating stablecoins for payments across its platforms.
Back in February, Stripe acquired Bridge for $1.1bb. This week, they announced that Bridge's stablecoin USDB is live in one hundred and one countries. Ramp announced they're working with Stripe to issue stablecoin-backed corporate credit cards to facilitate cross-border payments.
JPMorgan, Citi, and BofA announced plans to develop a shared, unified, fiat-backed stablecoin. This is a huge pivot for these organizations and signals that TradFi plans to compete with DeFi and crypto native start-ups for control of the digital dollar.
Meanwhile, Circle, issuer of US Tresury backed stablecoin powerhouse USDC, announced plans to IPO. It seems they think that market conditions are growing ripe to grab some liquidity off the capital markets.
They are probably right.
The USD stablecoin market is one of the biggest battlefields in monetary history. Keep an eye on it.
Next, let's talk about some major movers in crypto.
Coinbase announced a $2.9 billion acquisition of Deribit, a leading crypto options platform, on May 8th. This is the largest acquisition in digital assets history, a title that seems to be updated almost every month these days. The move aims to expand Coinbase’s international presence and will see it compete for options trading volume against legacy financial institutions.
Robinhood has announced plans to build a blockchain-based platform to facilitate European trading of U.S.-based financial assets.
Kraken has announced it'll launch tokenized US Equities on Solana. They're doing this in partnership with Backed Finance. Kraken is preparing to launch 50+ tokenized U.S. equities and ETFs—including Apple, Tesla, and NVIDIA—with 24/7 trading.
The choice to do this on Solana has drawn much attention since Kraken already has its own ETH Layer Two, Ink. The speculation has been that Kraken is targeting retail investors who don't already have access to the US equities market, and believes that many of them are already on Solana.
Which leads into another theme we want to highlight...
Wall Street Investment Banking Giant Cantor and on-chain asset management and lending platform Maple have announced a $2B investment in a new Bitcoin lending business.
BNP Paribas Asset Management, which oversees $680B, launched a tokenized money market fund to focus on competing in cross-border settlements.
Babylon Tech is working with several municipalities in New Jersey to tokenize property records on the Avalanche blockchain. This move could bring $240B in real estate on-chain in the largest blockchain deed initiative in U.S. history.
Tokenized U.S. Treasuries are soaring, now exceeding $7B, with BlackRock’s BUIDL fund alone nearing $3B. Qatar is moving forward with $500M+ in tokenized real estate projects, while exploring tokenized funds and an updated digital asset framework.
HSBC in Hong Kong also launched its first tokenized deposit settlement system. A sign that China might be testing the waters with digital asset adoption.
NYC Mayor Eric Adams proposed abolishing the BitLicense to attract crypto firms, and introduced a "BitBond" municipal bond backed by Bitcoin to fund city projects and invest in Bitcoin, offering investors annual interest and potential Bitcoin gains.
There is simply too much news coming out too fast to cover everything in the RWA space, but what we want to highlight here is that this movement is global, large, growing, and not going to stop.
Digital asset adoption is underway.
The U.S. Department of Labor retracted its 2022 guidance that warned against including cryptocurrencies in 401(k) plans. The new directive states the department will not single out asset classes, arguing investment decisions should be made by plan fiduciaries, not government officials.
This means that the path is being cleared for Americans to hold Bitcoin directly in their 401Ks. This would unlock an ocean of capital.
Finally, a word on the insanely over-indebted elephant in the room, macro.
The US national debt is shaking investor confidence in the US capital markets. The interest payments have rapidly become burdensome.
The Trump Administration has tacitly admitted that DOGE cuts have been smaller than expected and there is no political will for serious austerity measures. In other words, they can't cut enough discretionary spending, they can't hike taxes, and they can't get Congress to decrease obligated spending right now.
The only way out is for the economy to outgrow the debt problem. This has been stated publicly by several prominent members of the administration, including Treasury Secretary and Macro-GOAT Scott Bessent.
There are a few policy tools they might reach for to aid in this process, but directionally, it makes it very clear that at some point this year, the US government will increase liquidity and weaken the dollar. This will help them inflate away the debt, stimulate growth and economic activity, and it will also send the digital asset market valuations flying.
We anticipate this pivot in fiscal and monetary policy to come prior to the midterm election cycle to help Trump secure an even greater majority in Congress. That means that a huge rush of liquidity is going to come soon. It's already started in China and the EU. Their central banks are cutting rates and their governments are injecting huge amounts of capital.
It will happen in the US as well, very soon.
As this capital enters the market, we expect a 2-3 month lag before it impacts risk asset valuations. This will also be a signal to trillions of dollars worth of sidelined capital that it is safe to return to investing again. There is now over $7.2 trillion of "scared money" in money market funds alone, some of which will rotate back into the asset markets.
All of this will culminate in Bitcoin squeezing to untold highs and the altcoin market following.
We, the partners of TRU Capital, would like to remind you that we are approaching the climactic pitch of the biggest bull run in the fastest-growing asset class in history. News and markets will move rapidly. It is more important than ever that you prioritize your education and pay attention to new developments.
We are enthusiastic about the opportunities we see in this market and would love to discuss how we can partner with you on your digital asset investing journey.
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,
Sincerely,
The General Partners of TRU Capital
P.S. If you'd like to attend our webinar that we're hosting on May 13th about TRU Capital Fund 1, click here to reserve your seat!
Robert J Miller
Founder and General Partner, TRUCapital.Fund
Fundamental and Thesis Driven Digital Asset Investing for Investors.
John Gillen
Head of Fundamental Analysis and Market Research, TRUCapital.Fund
Fundamental and Thesis Driven Digital Asset Investing for Investors.
TRU Capital Management LLC, 1221 Brickell Ave, 900, Miami, FL 33131, United States
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