Blockchain & Digital Assets Weekly Briefing - Week 19
- danae317
- May 9
- 6 min read
Week ending 9th May 2025
This week, U.S. states New Hampshire and Arizona launched strategic Bitcoin reserves, Brown University disclosed a $4.9M Bitcoin ETF investment, and Visa backed stablecoin firm BVNK. Meanwhile, Vivek Ramaswamy’s Strive merged to form the first public Bitcoin treasury manager, and Bhutan debuted the world’s first national crypto payment system for tourism.
U.S. States break ground with Strategic Bitcoin Reserves: New Hampshire and Arizona lead the way.
Brown University bets on Bitcoin: $4.9M IBIT ETF investment revealed in SEC filing.
World’s largest payment network Visa backs BVNK, signaling strong endorsement of stablecoins in future.
Vivek Ramaswamy’s Strive merges with Asset Entities to launch first public Bitcoin treasury asset manager.
Bhutan pioneers crypto tourism: launches world's first national-level digital payment system.
U.S. States break ground with Strategic Bitcoin Reserves: New Hampshire and Arizona lead the way
In a landmark development for cryptocurrency adoption in the United States, New Hampshire and Arizona have enacted legislation establishing state-level Bitcoin reserve frameworks. New Hampshire's House Bill 302 positions the state as the first to authorize direct investment of public funds into Bitcoin and other qualifying digital assets, while Arizona's House Bill 2749 creates a reserve fund sourced from unclaimed digital assets and staking rewards. These pioneering laws signify a significant shift in state-level financial strategies, integrating digital assets into public finance and potentially influencing broader adoption across the nation. Complementing these initiatives, Oregon has passed Senate Bill 167, updating its Uniform Commercial Code to legally recognize digital assets, allowing their use as collateral and providing a clear legal framework for digital asset transactions. Collectively, these legislative actions signal a growing momentum among U.S. states to embrace digital assets, potentially setting a precedent for other states and countries to consider similar measures.
New Hampshire's HB 302, signed into law by Governor Kelly Ayotte, permits the state treasurer to allocate up to 5% of public funds into digital assets with a market capitalization exceeding $500 billion, currently encompassing only Bitcoin, as well as precious metals. The assets will be securely held through U.S.-regulated custody solutions or exchange-traded products. Set to take effect in 60 days, this legislation marks the first instance of a U.S. state formally integrating Bitcoin into its financial reserves, reflecting New Hampshire's proactive stance on cryptocurrency adoption.
Arizona's HB 2749, signed by Governor Katie Hobbs, establishes a Bitcoin and Digital Assets Reserve Fund composed of unclaimed digital assets, staking rewards, and airdrops. While the state is authorized to manage these assets, the law prohibits the direct investment of public funds into Bitcoin, reflecting a more cautious approach compared to New Hampshire. This legislation enables Arizona to participate in the digital asset economy through the management of existing digital assets without exposing public funds to market volatility.
Oregon's Senate Bill 167, signed into law by Governor Tina Kotek, updates the state's commercial laws to incorporate digital assets into the Uniform Commercial Code (UCC). The legislation introduces UCC Article 12, creating a legal framework for digital assets including crypto assets, tokenized records, and electronic money. It also amends Article 9 to allow digital assets to be used as collateral in secured transactions and updates several UCC articles to recognize electronic records, signatures, and hybrid transactions. This legal clarity facilitates the use of digital assets in commerce and finance, positioning Oregon as a forward-thinking state in digital asset regulation.
Oregon's legal recognition of digital assets further underscores the growing momentum among U.S. states to integrate digital assets into their financial and legal systems, potentially influencing broader adoption domestically and internationally.
Brown University bets on Bitcoin: $4.9M IBIT ETF investment revealed in SEC filing
Brown University has entered the cryptocurrency space through a $4.9 million investment in BlackRock’s iShares Bitcoin Trust (IBIT), as revealed in its latest 13F SEC filing. As of March 31, the Ivy League institution held 105,000 shares of the spot Bitcoin ETF, marking a significant step into digital assets for a major U.S. university endowment.
This move reflects a broader trend of traditional institutions cautiously adopting cryptocurrency exposure through regulated investment vehicles. BlackRock’s IBIT, launched in early 2024, has quickly gained popularity among institutional investors. The State of Wisconsin Investment Board, for instance, disclosed nearly $100 million invested in the fund.
Brown’s investment signals a growing acceptance of Bitcoin and digital assets within the conservative world of university endowments and pension funds, suggesting a shift in long-term portfolio strategy.
World’s largest payment network Visa backs BVNK, signaling strong endorsement of stablecoins in future
Visa, the world’s largest payment network, has invested in BVNK, a fintech firm providing infrastructure for stablecoin-based payments. This investment highlights Visa’s growing commitment to blockchain innovation and signals increasing confidence in stablecoins as a scalable, reliable means of global transaction settlement. BVNK enables businesses to move money more efficiently using stablecoins, and Visa’s backing amplifies the legitimacy of this approach.
This move follows similar efforts by Mastercard, which has been actively exploring crypto and stablecoin applications. In 2021, Mastercard announced it would support select cryptocurrencies directly on its network. By 2023, it had launched a stablecoin settlement pilot with Circle’s USDC on the Solana blockchain, facilitating near-instant payments between merchants and consumers. Mastercard has also partnered with blockchain infrastructure firms to expand its capabilities in cross-border transactions using stablecoins.
Together, these strategic initiatives by Visa and Mastercard mark a significant evolution in how traditional payment giants are adapting to the digital currency economy, aiming to modernize and streamline global finance.
Vivek Ramaswamy’s Strive merges with Asset Entities to launch first public Bitcoin treasury asset manager
On May 7, 2025, Asset Entities Inc. (NASDAQ: ASST), a digital marketing and content delivery services provider, announced a definitive merger agreement with Strive Asset Management, the investment firm co-founded by entrepreneur and political figure Vivek Ramaswamy. The combined entity will operate under the Strive brand and remain listed on NASDAQ, positioning itself as the first publicly traded asset management firm with a Bitcoin treasury focus.
Strategic Objectives
The merged company aims to maximize Bitcoin exposure per share and seeks to outperform Bitcoin over the long term, enhancing value for common equity shareholders. Strive Asset Management plans to leverage its institutional investment expertise to implement proprietary strategies for Bitcoin accumulation in accretive ways.
These strategies include:
Offering equity in exchange for Bitcoin through a tax-free structure under Section 351 of the U.S. tax code.
Acquiring cash at a discount via mergers with overcapitalized companies.
Utilizing in-house fixed income and derivatives expertise to hedge risk while unlocking additional leverage for Bitcoin accumulation.
Capital Structure and Funding
The reverse merger structure is expected to provide immediate access to an effective shelf registration statement, enabling the company to raise primary capital post-closing. Plans are in place to expand this to $1 billion, facilitating Bitcoin accumulation through equity and debt offerings when accretive to common equity.
Leadership and Governance
Matt Cole, with a background as a $70 billion fixed income portfolio manager specializing in complex structured securities, will lead the company as CEO and Chairman of the Board. The management team will also include Ben Pham as CFO, Arshia Sarkhani (current CEO of Asset Entities) as CMO, and Logan Beirne as CLO. Additionally, respected Bitcoin leaders Ben Werkman, Jeff Walton, and Avik Roy are expected to join as independent board directors.
Market Positioning
Strive Asset Management has built its brand on advocating for capitalism, meritocracy, and innovation. The merger with Asset Entities is anticipated to amplify Strive's mission and deliver transformative value to shareholders, positioning the combined company at the forefront of corporate Bitcoin treasury strategies.
Bhutan pioneers crypto tourism: launches world's first national-level digital payment system
Bhutan became the first country to launch a nationwide cryptocurrency payment system for tourism. In collaboration with Binance Pay and DK Bank, the Royal Government introduced a QR code–based platform that allows travelers to pay for flights, visas, accommodations, and other local services using more than 100 cryptocurrencies, including bitcoin (BTC), binance coin (BNB), and USD coin (USDC).
The system aims to simplify travel by eliminating currency exchange issues and reducing fees, while empowering over 100 local vendors—many in remote areas—to accept crypto payments via smartphones. Payments are automatically converted into Bhutan’s local currency, the ngultrum, through DK Bank, ensuring price stability for businesses.
This development aligns with Bhutan's broader digital asset strategy. The country has quietly built crypto reserves exceeding $1.2 billion, including 12,000 BTC, supported by eco-friendly mining powered by hydropower.
Bhutan’s move signals a new era for the tourism industry, where digital assets and decentralized finance tools are integrated into national infrastructure. As travel expectations evolve toward greater convenience, transparency, and flexibility, crypto-enabled tourism may become a standard offering in destinations worldwide—especially in countries seeking to diversify their economies and appeal to a new generation of tech-savvy travelers.
