Newsletter

CCM Blockchain Newsletter (June 2, 2025)

Bitcoin cools off from its all-time high while the stock market closes May in the green.

Christian Lopez

02 Jun 2025 — 7 min read

Happy Monday everyone, and welcome back to this week’s market newsletter. Please see below this week’s market data.

CCM Digital Weekly Market Update (2025.05.30)_v2

CCM Digital Weekly Market Update (2025.05.30)_v2.pdf

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Bitcoin Market Update and News

Bitcoin takes a breather: Bitcoin fell last week following its run up the week prior to an all-time high just shy of $112,000. At the time of writing, bitcoin is down 4.1% on the week to $104,800.
Payment company Square to integrate bitcoin in point-of-sale terminals: Square, the point-of-sale service provider that is a subsidiary of Jack Dorsey’s Block, is finally integrating bitcoin payments. The company announced and introduced the functionality at the Bitcoin 2025 conference in Las Vegas last week. Square’s bitcoin rollout will enable payments using Bitcoin’s Lightning Network – a second layer technology that facilitates faster, cheaper payments than Bitcoin’s on-chain network – and it will introduce this functionality selectively in H2 2025 before making it available to all merchants in 2026.
Vice President JD Vance delivers keynote at Bitcoin 2025: Sitting U.S. Vice President JD Vance made a pitstop to the Bitcoin 2025 conference to deliver a keynote last Wednesday. In his speech, Vance reemphasized the Trump Administration’s commitment to support Bitcoin and crypto where the prior administration failed – or was outright hostile to the industry. “What we’ve done in the Trump administration in digital asset policy is only the beginning. Crypto finally has a champion and an ally in the White House,” he said. Vance, who owns bitcoin, said that “bitcoin is going to be strategically important to the United States” and made a promise that Operation Chokepoint 2.0 – an official mandate by the Biden Administration to debank crypto companies – is dead for good. He also touched on stablecoins, saying that the government will foster regulation and laws to help them thrive and that they “don’t threaten the U.S. dollar—they’re a force multiplier for the economic mission.”

Interesting Reads and Videos

Bitcoin Treasury Updates

President Trump’s media company, Trump Media, raises $2.44 billion to buy bitcoin: Trump Media (DJT), President Donald Trump’s media firm which operates the social media site Truth Social, has raised $2.44 billion, and it intends to use $2.32 billion from the raise to buy bitcoin. The fundraise was split between a $1.44 billion private stock sale and a $1 billion convertible note offering.
GameStop takes the plunge, buys $512.6 million in bitcoin: Video game retail juggernaut GameStop of 2021 memestock mania fame purchased 4,710 BTC last week, valued at $512.6 at the time of purchase. The company announced its intent to join the corporate bitcoin treasury race in March of this year and is one of the first non bitcoin-related publicly traded companies to do so.
Vivek Ramaswamy’s Strive Asset Management raises $750 million for bitcoin treasury: Strive Asset Management, a bitcoin treasury company co-founded by former presidential candidate Vivek Ramaswamy, has raised $750 million in a private equity sale priced at $1.35 per share. The company plans to use part of the proceeds to buy bitcoin, noting that it will seek out distressed bitcoin claims like those in the $7.9 billion Mt. Gox disbursement. The company is seeking a public listing through a merger with Asset Entities
KindlyMD/Nakamoto Holdings makes initial bitcoin buy: Healthcare services provider KindlyMD, which is merging with bitcoin treasury company Nakamoto Holdings, made its first purchase of bitcoin last week. The 21 BTC buy, a symbolic nod to Bitcoin’s 21 million hard cap, was worth $2.3 million at the time. The company recently raised $710 million in a private placement and convertible note issuance, for which Cohen and Company Capital Markets served as lead financial adviser.
Metaplanet ups bitcoin holdings to 8,888: The “Japanese MicroStrategy,” Metaplanet, purchased an additional 1,088 BTC worth $120 million on June 1. The buy pushes the company’s bitcoin holdings to 8,888 BTC and follows last week’s $50 million convertible note raise.

Market Overview

Equities gain on the week, close May in the green: Stocks recovered from their losses the week prior, capping off a month that had them closing in the green following April’s bloodbath. The S&P 500 (+6.2%), Dow Jones (+3.9%), Nasdaq (+9.6%), and Russell 2000 (+2.3%) were all up in May, with the S&P 500 enjoying its strongest May since 1990. Year-to-date, the S&P 500 is up nearly 1%, the Dow Jones and Nasdaq are down just under 1%, and the Russell 2000 is down 7.4%.
- S&P 500: $5,911.69 (+1.9%)
- Dow: $42,270.07 (+1.6%)
- Nasdaq: $19,113.77 (+2%)
- Russell 2000: 2,066.29 (+1.3%)

U.S. International Trade Court rules against Trump’s tariffs; appeals court grants stay to allow tariffs to continue: On May 28, 2025, the U.S. Court of International Trade ruled that President Trump exceeded his authority under the International Emergency Economic Powers Act (IEEPA) by imposing broad tariffs without Congressional approval. Following the trade court's decision, the Trump administration appealed to the U.S. Court of Appeals for the Federal Circuit. On May 29, 2025, the appeals court granted a temporary stay of the lower court's ruling, allowing the tariffs to remain in effect while the appeal is reviewed.
Consumer confidence rebounds in May, defies expectations: The Conference Board’s Consumer Confidence Index broke a 5 month losing streak in May. Consumer confidence rose 12.3 points in May to 98, the largest monthly gain in four years. The Expectations Index spiked 17.4 points to 72.8, which is still below the 80 point threshold that is considered a healthy benchmark. The rebound in confidence was broad-based across all age and income groups.
Treasury yields retreat: After surging the week prior, yields for long-term and short-term U.S. Treasury Bonds fell last week. The 30-year fell back below 5% while other durations followed suit:
- 30-year: 4.92% (-12 bps)
- 10-year: 4.41 (-10 bps)
- 5-year: 3.96% (-12 bps)
- 2-year: 3.89% (-11 bps)
Oil falls for the second week in a row: Oil prices declined again last week amid continued concerns over tariffs and an anticipated increase in output from OPEC+ members. WTI Crude closed down 1% to $60.79/barrel while Brent Crude fell 1.5% to $63.84/barrel.
Delinquent consumer credit hits 5-year high: The Federal Reserve Bank of New York has reported that U.S. consumer debt delinquencies surged to 7.74% in Q1 2025, a 5-year high and up from 0.49% in mid-2024. Beginning May 5, 2025, the U.S. The Department of Education resumed collecting defaulted federal student loans, ending a freeze on these loans that began in March 2020. This resumption has effected an estimated 5.3 million borrowers.
U.S. M2 money supply tops April 2022 peak, hits all-time high: US M2 money supply hit an all-time high of $21.86 trillion in April 2025, topping its prior peak in April 2022. Year-over-year, M2 is up 4.44% and 1.59% year-to-date. Prior to the increase, M2 fell 4% from April 2022 to April 2023, the sharpest downturn on record.
U.S. home sellers outnumber buyers by 500,000: According to Multiple Listing Services and Redfin data, the U.S. real estate is firmly a buyer’s market. As of April 2025, there were 1.94 million sellers to 1.45 million buyers, a difference of 33.7%. Redfin notes that the gulf has never been wider since MLS started collecting the data in 2013. The real estate company also notes that buyers are skittish given record-high home prices, rising interest rates, and concerns over the economy.

S&P 500 earnings scorecard rises once again with nearly all companies reported: With 98% of companies having reported earnings, FactSet reports that the average growth rate for S&P 500 companies was 13.3% in Q1 2025, smashing March’s 7.2% estimates for the second quarter in a row of double digit growth. 78% and 68% of companies respectively reported a positive earnings per share surprise and positive revenue surprise. Revenues on average increased 4.9%, the 18th consecutive quarter of growth. The Magnificent 7 had a combined earnings growth of 27.7% in Q1.

April PCE marks slowest annual increase since 2021: The headline read for April’s Personal Consumption Expenditures (PCE) Price Index was 0.1% month-over-month and 2.1% year-over-year, the lowest annual rate since September 2021. Core PCE rose 0.1% month-over-month and 2.5% year-over-year, which was the slowest annual increase since March 2021.

The week ahead in data:

Institute for Supply Management’s manufacturing index (Monday)
U.S. Census Bureau construction spending report (Monday)
U.S. Bureau of Labor Statistics Job Openings and Labor Turnover Survey (Tuesday)
ADP National Employment Report (Tuesday)
Institute of Supply Management nonmanufacturing index (Wednesday)
U.S. Department of Labor weekly unemployment report (Thursday)
U.S. Bureau of Labor Statistics productivity and labor costs report (Thursday)
U.S. Census Bureau trade balance report (Thursday)
U.S. Bureau of Economic Analysis Personal Consumption Expenditure Price Index (Friday)
U.S. Bureau of Labor Statistics jobs and unemployment report (Friday)
U.S. Federal Reserve Index of Consumer Sentiment consumer credit (Friday)

Notable corporate earnings this week: