Strategy recently posted its Q1 2025 earnings report, showing over $4.2 billion in net losses despite gains on its Bitcoin holdings. Shortly afterward, the firm declared its intention to sell $84 billion in new offerings.
Shareholders’ responses are mixed, with some fearful of failing fundamentals and their own stocks being diluted. Still, this audacious plan has its supporters, with Bitcoin’s price on the rise.
Strategy’s Biggest Bitcoin Buy
Strategy (formerly MicroStrategy) hasn’t shown much interest in changing its plan for systematic Bitcoin acquisition. Its latest earnings report takes great care to show its returns on this investment: It holds 553,555 BTC, at an average cost of $68,459 each, and has gained $5.8 billion from Bitcoin.
Despite this, however, the company lost over $4.2 billion overall. The firm’s net losses are primarily due to a $5.9 billion unrealized loss on digital assets, reflecting the volatile nature of cryptocurrency investments.
Initially, the report claimed that Strategy was offering $21 billion in new stock sales to buy more Bitcoin. Soon after, however, Michael Saylor claimed that his firm was setting a much more audacious goal:
“Strategy… doubles capital plan to $42 billion equity and $42 billion fixed income to purchase bitcoin, and increases BTC Yield target from 15% to 25% and BTC $ Gain target from $10 billion to $15 billion for 2025,” Saylor said.
Compared to these figures, $84 billion in new offerings looks completely infeasible for several reasons. The main concern isn’t even finding enough buyers.
Dear MSTR shareholders, you’re getting bent.
Saylor needs to sell more common stock which he knows the shareholders won’t like. Therefore he disguises it in a “42/42” plan, despite having 20 BILLION of unsold preferred remaining from the previous plan. Why not issue it all?… https://t.co/WtUMHCt2nNpic.twitter.com/YrkztgPmVj
In other words, Strategy’s Q1 earnings report clearly shows that the firm has this reserve of preferred stock it could use to buy Bitcoin.
However, the company can’t execute these sales because of its steep losses and lack of cash flow. Offering these new shares instead would allow Saylor to gain fresh liquidity, but this would dilute existing shareholders’ holdings.
Still, some shareholders remain bullish about Strategy’s intention to buy more Bitcoin. Ultimately, the company remains a key pillar for the market’s confidence in BTC. If its investors start heading for the door, it could have adverse implications on the token’s price.
China’s recent directive for its state-owned banks to decrease reliance on the US dollar has amplified a growing trend among countries seeking alternatives to the dominant reserve assets. In some instances, Bitcoin has emerged as a viable competitor.
BeInCrypto spoke with experts from VanEck, CoinGecko, Gate.io, HashKey Research, and Humanity Protocol to understand Bitcoin’s rise as an alternative to the US dollar and its potential for greater influence in global geopolitics.
The Push for De-Dollarization
Since the 2008 global financial crisis, China has gradually reduced its reliance on the US dollar. The People’s Bank of China (PBOC) has now instructed state-owned banks to reduce dollar purchases amid the heightened trade war with US President Donald Trump.
China is among many nations seeking to lessen its dependence on the dollar. Russia, like its southern neighbor, has received an increasing number of Western sanctions– especially following its invasion of Ukraine.
Furthermore, Rosneft, a major Russian commodities producer, has issued RMB-denominated bonds, indicating a shift towards RBM, the Chinese currency, and a move away from Western currencies due to sanctions.
This global shift away from predominant reserve currencies is not limited to countries affected by Western sanctions. Aiming to increase the Rupee’s international use, India has secured agreements for oil purchases in Indian Rupee (INR) and trade with Malaysia in INR.
The country has also pursued creating a local currency settlement system with nine other central banks.
As more nations consider alternatives to the US dollar’s dominance, Bitcoin has emerged as a functional monetary tool that can serve as an alternative reserve asset.
Why Nations Are Turning to Bitcoin for Trade Independence
Interest in using cryptocurrency for purposes beyond international trade has also grown. In a notable development, China and Russia have reportedly settled some energy transactions using Bitcoin and other digital assets.
“Sovereign adoption of Bitcoin is accelerating this year as demand grows for neutral payments rails that can circumvent USD sanctions,” Matthew Sigel, Head of Digital Assets Research at VanEck, told BeInCrypto.
Two weeks ago, France’s Minister of Digital Affairs proposed using the surplus production of EDF, the country’s state-owned energy giant, to mine Bitcoin.
Last week, Pakistan announced similar plans to allocate part of its surplus electricity to Bitcoin mining and AI data centers.
Meanwhile, on April 10, New Hampshire’s House passed HB302, a Bitcoin reserve bill, by a 192-179 vote, sending it to the Senate. This development makes New Hampshire the fourth state, after Arizona, Texas, and Oklahoma, to have such a bill pass a legislative chamber.
If HB302 is approved by the Senate and signed into law, the state treasurer could invest up to 10% of the general fund and other authorized funds in precious metals and specific digital assets like Bitcoin.
According to industry experts, this is only the beginning.
VanEck Predicts Bitcoin to Become a Future Reserve Asset
Sigel predicts Bitcoin will become a key medium of exchange by 2025 and, ultimately, one of the world’s reserve currencies.
His forecasts suggest Bitcoin could settle 10% of global international trade and 5% of global domestic trade. This scenario would lead to central banks holding 2.5% of their assets in BTC.
According to him, China’s recent de-dollarization will prompt other nations to follow suit and lessen their reliance on the US dollar.
“China’s de-dollarization efforts are already having second- and third-order effects that create opportunities for alternative assets like Bitcoin. When the world’s second-largest economy actively reduces its exposure to US Treasuries and promotes cross-border trade in yuan or through mechanisms like the mBridge project, it signals to other nations—especially those with strained ties to the West—that the dollar is no longer the only game in town,” Sigel said.
For Zhong Yang Chan, Head of Research at CoinGecko, these efforts could prove catastrophic for the United States’ dominance.
“Broader de-dollarization efforts by China, or other major economies, will threaten the status of the dollar’s global reserve currency status. This could have [a] profound impact on the US and its economy, as this would lead to nations reducing their holdings of US treasuries, which the US relies on to finance its national debt,” he told BeInCrypto.
However, the strength of the US dollar and other dominant currencies has already shown signs of weakening.
A General Wave of Currency Decline
Sigel’s research shows that the four strongest global currencies—the US dollar, Japanese yen, British pound, and European euro—have lost value over time, particularly in cross-border payments.
The decline of these currencies creates a void where Bitcoin can gain traction as a key alternative for international trade settlements.
“This shift isn’t purely about promoting the yuan. It’s also about minimizing vulnerability to US sanctions and the politicization of payment rails like SWIFT. That opens the door for neutral, non-sovereign assets—especially those that are digitally native, decentralized, and liquid,” Sigel added.
This lack of national allegiance also sets Bitcoin apart from traditional currencies.
Bitcoin’s Appeal: A Non-Sovereign Alternative
Unlike fiat money or central bank digital currencies (CBDCs), Bitcoin doesn’t respond to any one nation, which makes it appealing to some countries.
For Terence Kwok, CEO and Founder of Humanity Protocol, recent geopolitical tensions have heightened this belief.
For these same reasons, experts don’t expect Bitcoin to replace fiat currencies fully but rather provide a vital alternative for certain cases.
A Replacement or an Alternative?
While Bitcoin offers several advantages over traditional currencies, Gate.io’s Kevin Lee doesn’t foresee its eventual adoption causing a complete overhaul of the currency reserve system.
Recent data confirms this. The number of Bitcoin transactions has fallen significantly since the last quarter of 2024. Bitcoin registered over 610,684 transactions in November, but that number dropped to 376,369 in April, according to Glassnode data.
The number of Bitcoin active addresses paints a similar picture. In December, the network had nearly 891,623 addresses. Today, that number stands at 609,614.
Bitcoin number of active addresses. Source: Glassnode.
This decline suggests reduced demand for its blockchain in terms of transactions, usage, and adoption, meaning fewer people are actively using it for transfers, business, or Bitcoin-based applications.
Meanwhile, the Bitcoin network must also ensure its infrastructure is efficient enough to meet global demand.
Can Bitcoin Scale for Global Use?
In 2018, Lightning Labs launched the Lightning Network to reduce the cost and time required for cryptocurrency transactions. Currently, the Bitcoin network can only handle around seven transactions per second, while Visa, for example, handles around 65,000.
“If expansion solutions (such as the Lightning Network) fail to become popular, Bitcoin’s ability to process only about 7 transactions per second will be difficult to support global demand. At the same time, as Bitcoin block rewards are gradually halved, the decline in miners’ income may threaten the long-term security of the network,” Guo, Director of HashKey Research explained.
While the confluence of geopolitical shifts and Bitcoin’s inherent characteristics undeniably create a space for its increased adoption as an alternative to the US dollar and even a potential reserve asset, significant hurdles remain.
Achieving mainstream Bitcoin adoption hinges on overcoming scalability, volatility, regulatory hurdles, stablecoin competition, and ensuring network security.
The unfolding panorama suggests Bitcoin will carve out an important role in the global financial system, though a complete overhaul of established norms seems unlikely in the immediate future.
PancakeSwap (CAKE) has experienced a notable recovery recently, surging by 55% over the past week. This sharp rise has reversed the significant losses seen in late February, with the altcoin now trading at $2.68.
As the price has soared, traders and investors have become increasingly bullish, prompting a surge in trading activity and increased optimism for future price movements.
PancakeSwap Notes Surge In Whale Activity
In the past four days, whale addresses have accumulated 25 million CAKE tokens worth approximately $69 million. This massive accumulation follows a 50% surge in price over the past week, further fueling the positive market sentiment.
The increase in whale activity indicates strong confidence in PancakeSwap’s future prospects, suggesting that large investors expect further gains for the crypto coin.
The bullish sentiment is not just confined to the spot market. Whales’ actions have had a ripple effect, contributing to a broader market uptrend.
As the price continues to rise, the influence of these larger traders could drive additional interest from smaller investors, helping to maintain the upward momentum.
The overall macro momentum of PancakeSwap has shown a clear shift in favor of bullish market sentiment. One key indicator of this is the significant growth in Open Interest, which surged by 326% over the past week.
From $23 million to $98 million, this increase highlights that traders are increasingly betting on future price rises, particularly through long contracts in the Futures market.
The rise in Open Interest shows that the market is confident in the spot price and is also positioning for continued growth in the coming weeks.
This increased activity in Futures contracts suggests that traders are preparing for further upward price action, supporting the case for additional gains in CAKE’s price.
CAKE has seen a remarkable 81% price increase over the last ten days, bringing its price to $2.67. In doing so, the altcoin has successfully erased the 47% losses it experienced in late February. The rapid price recovery suggests that there is significant momentum behind the asset.
Currently, PancakeSwap faces a resistance level of $2.85, which has not been established as support since early 2025. If the momentum persists, CAKE could break through this barrier and potentially surpass $3.00.
A successful breach of this level would suggest that the altcoin is poised for further growth.
However, if CAKE fails to break through the $2.85 resistance, it could retreat to $2.30. Such a drop would erase recent gains and invalidate the bullish outlook, possibly signaling a temporary halt in the recovery trend.
CME Group has partnered with Google Cloud to pilot initiatives aimed at enhancing capital market efficiency through tokenization. The collaboration seeks to leverage Google Cloud Universal Ledger (GCUL).
However, critics argue that the technology represents a shift toward centralization in an industry that has traditionally prioritized decentralization.
CME and Google Cloud’s Tokenization Pilot: A New Era or Centralization Crisis?
For context, Google Cloud’s GCUL is a distributed ledger built for seamless integration by financial institutions. This platform simplifies account and asset management while enabling secure transfers on a private and permissioned network.
“Google Cloud Universal Ledger has the potential to deliver significant efficiencies for collateral, margin, settlement, and fee payments as the world moves toward 24/7 trading,” Duffy said.
The team has finalized the initial integration and testing phase of GCUL. They will conduct direct testing with market participants later this year. Lastly, the services’ launch is planned for 2026.
Nonetheless, the move has sparked controversy within the cryptocurrency community. Critics argue that GCUL, as a centralized and permissioned ledger, contradicts the decentralized ethos that underpins blockchain technology.
“It is not a bullish development,” a user wrote on X.
The collaboration has also ignited a broader discussion about the role of public versus private blockchains in asset tokenization. DeFi analyst Ignas framed the issue as a “battle between public, decentralized networks and private chains.
This suggested that centralized solutions like GCUL could undermine the principles of transparency and inclusivity of public blockchains.
“Not bullish at all. Google Cloud Universal Ledger (GCUL) seems to be a private, permissioned network,” he posted.
Meanwhile, another analyst pointed out the practical challenges associated with using public blockchains.
“I’m honestly not sure if public chains are competitive in this space,” he claimed.
The analyst explained that CME Group or similar institutions require ultra-high-frequency settlements with near-instant finality. They also need room for manual intervention when necessary.
This need for precise control often leads institutions to split blockchain nodes into specialized roles like clearing, settlement, compliance, and observation. The analyst argued that public blockchains do not support this level of control.
He also highlighted that tokenized assets need liquidity boundaries to avoid risks like money laundering and speculation. Without proper controls, tokenized assets could face these issues if traded on decentralized exchanges.
“I’ve talked to quite a few people from traditional finance, and honestly, many of them say DEXs are basically no different from black markets,” the analyst added.
