21 Oaks Capital
Monthly Review

21 Oaks Newsletter — March 2025

1 April 2025·2 min read

BREAKING

  • A new federal government formed by CDU/CSU and SPD plans to abolish the crypto holding period. Instead of potential tax exemption, a general 30 percent capital gains tax on realized price gains would then apply regardless of the holding period.

MORE

  • GameStop may invest several billion USD in Bitcoin. The company currently holds around five billion USD in its reserve and announced the purchase of BTC.
  • Donald Trump is launching his own stablecoin and is cooperating with the crypto exchange Crypto.com to roll out proprietary ETFs internationally.
  • The Ethereum $BUIDL fund has reached nearly 2 billion USD, almost tripling within three weeks.
  • Trump signed the executive order creating a US crypto reserve. The goal is now to acquire as many BTC as possible, as government official Bo Hines explained.
  • The SEC is dropping its lawsuit against Ripple. This milestone underscores the political shift in the US.
  • North Korea may have been building its own Bitcoin reserve since 2017. It reportedly currently comprises BTC worth 1.1 billion USD.
  • With Texas, the first state has already passed legislation to launch state crypto investments, thereby moving ahead of the federal government under Trump.
  • Strategy, formerly known as MicroStrategy, now holds roughly 2.4% and more than 500,000 of the total supply of 21 million Bitcoin.
  • Fidelity plans to introduce a tokenized fund to compete with BlackRock's $BUIDL.
  • Bhutan finances its state apparatus with income from Bitcoin mining and has, since April 2019, likely been the first country in the world to begin building a state Bitcoin reserve.
  • Donald Trump was the first US president to speak at a crypto conference while in office. He made no significant announcement. Instead, he affirmed that he would continue his crypto-friendly policy.

SPEAKERS’ CORNER

  • Our conversations with investors confirm our assessment that the current market correction is primarily attributable to a buyers' strike.
  • The uncertainty created by the introduction of US trade tariffs is leading many market participants to adopt a wait-and-see stance. The market is in a phase of hesitation and is waiting for clear signals — such as an interest rate cut in the US. As long as such impulses fail to materialize, investors remain reticent.
  • In recent weeks we have also held numerous conversations with investors about the possibility of a Strategic Bitcoin Reserve (SBR) in the US. The strong interest in this topic surprised us.
  • For investors who would like to explore the topic in greater depth, we recommend the following website with further information: https://bitcoinlaws.io/.

Translated from the German original, which is the authoritative version. Read the German version