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Bitcoin 2025 drew over 35,000 attendees to the sun-parched, den of depravity, Las Vegas. The Blockspace team was there in force, with our own Charlie Spears speaking on the main stage and Colin Harper and Will Foxley hosting the Mining Stage all week.

If you missed out on the biggest Bitcoin conference ever (no fomo), we’ve got you — for today’s newsletter, our three biggest takeaways from Bitcoin’s big week in gambler’s paradise.

It’s a 5 minute read.

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What you missed at Bitcoin 2025

Bitcoins biggest conference ripped through Sin City last week and Blockspace covered every inch of it. Newly minted Bitcoin stars took the stage alongside traditional household-name celebrities.

What did you miss? A lot. Here are three big takeaways.

The Bitcoin Treasury Strategy is a consensus trade

Everyone and their dog is launching a Bitcoin treasury company. 

Whether it’s the Bitcoin 2025 conference title sponsor Nakamoto Holdings (which is helmed and co-founded by David Bailey, the CEO of Bitcoin Magazine and the Bitcoin Conference), Tether-backed Twenty One Capital, or a good ole fashion Saylor smash buy, the main stage delivered a clear message: use a corporate entity to go long bitcoin. Over half of the speakers or presentations on the conference main stage were either about bitcoin treasuries or featured representatives from bitcoin treasury companies.

The speed at which this became the consensus trade is astounding. Just a year ago, Metaplanet announced that it was going to become “the MicroStrategy of Japan,” and in 2025 alone we’ve seen over $5 billion in committed BTC purchases from multiple giant entities: KindlyMD/Nakamoto, Twenty One, and Gamestop, just to name a few. 

The general strategy is to leverage tradfi offerings, namely convertible notes and stock issuance, to buy BTC and capture a corporate premium to Net Asset Value on the public markets.

The trade is getting crowded – a little too crowded.

Bitcoin is political

You couldn’t swing a dead cat without hitting a politician at Bitcoin 2025. Vice President JD Vance opened up Wednesday with a remarkably insightful talk on digital assets broadly. Beyond Vance we saw a whole host of political megastars including: Trump brothers Donald Jr. and Eric, Vivek Ramaswamy, Sen. Cynthia Lummis, NYC Mayor Eric Adams, White House Council Executive Director Bo Hines, U.K. MP and Reform party leader Nigel Farage, and numerous other Senators and Legislators.

Recall that one year ago the Bitcoin conference was defined by a political reactionary spirit. Trump (at the time the disfavored candidate) called out multiple people and programs (like Operation Chokepoint 2.0) he would scrap, to raucous applause. This year’s conference saw multiple politicians currently in power with clear action-oriented promises and surprisingly comprehensive understanding of how digital assets work.

US Securities & Exchange Commissioner Hester Pierce’s fireside chat brought the most tactical plans and language for this new era of Bitcoin. Her primary focus was regulatory clarity and better disclosure requirements. “It’s much harder to identify bad actors—and it gives them more room to operate. Meanwhile, it pushes legitimate actors out of the U.S. or out of the industry entirely. We need to create a good environment for the good actors and a bad one for the bad actors,” Pierce said at the conference.

Bitcoiners love stablecoins

Bitcoin is “drinking the dollar milkshake,” as Saifedean Ammous puts it. 

Yes, the final meta-narrative this conference is that Bitcoin is going to win versus the U.S. dollar with… stablecoins! Tether (and other stables) have operated in a legal gray area since inception, but now that it holds $120 billion in U.S. Treasuries, it’s impossible to ignore.

Stablecoins are being integrated into pretty much every Bitcoin application now, with multiple wallet booths on the conference floor featuring bitcoin plus stablecoin integrations. It appears that the heuristic for what constitutes a “shitcoin” does not apply to stablecoins as they appear to be embraced by the Bitcoin maximalist pantheon (notably Jack Mallers, Adam Back, Samson Mow, and Saifedean Ammous).

In his talk, Tether Founder Paolo Ardoino reiterated that Tether will return to Bitcoin, this time not on the old deprecated Omni layer, but rather on the fast and fun Taproot Assets protocol built on Lightning.

The revolution will not be televised, but it will be stable-ized.

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Tweet of the Week

Brad Garlinghouse had his coming to Satoshi moment last week. The Ripple CEO donated that Skull of Satoshi to the Bitcoin Conference. Greenpeace commissioned the anti-Bitcoin art piece — which is waaaaay too bad ass to be a net negative for Bitcoin btw — during its “Change the Code” initiative, an astroturfing campaign funded by Ripple’s Chris Larson to push for Bitcoin to change from proof-of-work to proof-of-stake. Garlinghouse tweeted that “it’s past time that we set aside our differences and work together to move the industry forward.” The call for kumbaya would be nice if it didn’t ring so hollowly from one of Bitcoin’s chief antagonists. So you can keep your milquetoast mea culpa, Brad, and Bitcoiners will keep the skull — deal?

Blockspace Podcasts

For the latest Writer’s Room, Charlie and Colin dive into more takeaways from Bitcoin 2025.

Cipher Mining’s CEO Tyler Page and CCO Chris Totin join us on the latest Mining Pod to discuss the company’s dive into AI.

-CBS & CMH