Bitcoin Closed the Month at $83,000 Following the Establishment of a Strategic Bitcoin Reserve in the U.S.

Stay up to date with our monthly market commentary:

• President Trump signs an Executive Order to establish a strategic Bitcoin reserve. 
• 80+ public companies use Bitcoin as a treasury reserve asset.
• Strategy now holds over 500,000 BTC on its balance sheet. 
• Bitcoin (BTC) ends the month up 3.9%, while Ether (ETH) is down 14.2% compared to last month.*

Market Overview - March 

The price of Bitcoin (BTC) increased by 3.9% in March, closing the month at around $83,000.

The biggest story of the month is the Executive Order signed by President Donald Trump to establish a strategic Bitcoin reserve and a digital asset stockpile. On March 6th, the president signed the EO in the Oval Office, next to Crypto Czar David Sacks. 

This is a monumental shift in Bitcoin’s history, as the U.S. becomes the first major global economy to acknowledge Bitcoin as a reserve asset. In the press release of the Executive Order, the White House described Bitcoin as “digital gold” and amplified it as a treasury reserve asset for the foreseeable future, as there shall be no selling of BTC held in the reserve. 

But that wasn’t the only exciting announcement for the digital asset community. 

In addition to the strategic Bitcoin reserve, the U.S. President also announced a digital asset stockpile. In that stockpile, assets other than Bitcoin will be held, but if there are market opportunities to sell them, the Treasury will do so. 

While these announcements were widely anticipated in the crypto community, they did not lead to price rallies. 

On the macroeconomic front, the U.S. jobs report did not meet expectations. Combined with ongoing tariff concerns and the Fed's hawkish behavior regarding possible rate cuts in the future, and equity markets reacted with uncertainty. Despite these events, bitcoin held its ground relatively stable, increasing monthly by 3.9%. 

Crypto Asset Market Performance Review 

The crypto asset markets closed in the red in March, despite establishing a strategic Bitcoin reserve in the U.S., after the Trump administration announced further tariff plans, frightening capital (and digital asset) markets across the board.  

Despite President Trump's announcement establishing a strategic Bitcoin reserve and the digital asset stockpile, the crypto asset market experienced a mixed reaction. 

Bitcoin (BTC) closed the month in the green with a 3.9% increase, while Ether (ETH) saw a decrease of 14.2%. The second-largest cryptocurrency saw an outflow in liquidity on-chain and its spot Ethereum ETFs. 

The largest gainers of the month were Cardano (ADA), Ripple (XRP), and Binance (BNB). Both Cardano and Ripple are to be part of the digital asset stockpile. At the same time, Binance’s BNB token saw an increase in its liquidity on decentralized exchanges (DEXs), even overtaking Ethereum’s DEX volume. 

This month's largest gainer was Telegram’s Toncoin (TON), with an increase of 18.6%. This price jump can be attributed to Grok AI’s integration into Telegram. 

The remainder of the crypto assets saw a red month, especially for Layer 1 networks, such as Solana (SOL), where the memecoin hype of previous months has cooled down. 

Institutional Interest in Bitcoin

BlackRock launched its first Bitcoin ETP in Europe, and over 50 public companies worldwide are using Bitcoin as a treasury reserve asset on their balance sheets. 

BlackRock Launches Its First Bitcoin ETP in Europe

BlackRock’s spot Bitcoin ETF in the U.S. has been one of the biggest success stories on Wall Street in the last decade. It was the fastest-growing ETF in history, which seems to have motivated the biggest asset manager in the world to launch a similar product in Europe. 

While BlackRock is not the first issuer to launch a Bitcoin ETP product in Europe, other prominent asset managers, such as Deutsche Digital Assets, were faster in that regard, having the biggest financial institution in the world commit to the European market is a positive signal. 

The iShares Bitcoin ETP is domiciled in Switzerland and listed in Paris, Amsterdam, and Frankfurt. The fund began trading on March 25th and has just shy of €50 million in assets under management. 

80+ Public Companies Hold BTC on Their Balance Sheets

According to a report by River Financial, over 50 public companies used Bitcoin as a treasury reserve asset on their balance sheets by Q3 /2024. That number increased by 17 companies within the last three years. 

Source: X

Business adoption grew by 30% in the last year. 

Looking back further, two years ago, there were only 33. Today, we are over 80 Bitcoin-holding public companies, according to River. 

Bitcoin on Balance Sheets

Strategy’s Michael Saylor announced a $42 billion capital plan with a $21 billion equity offering in October 2024. In March, the company bought 6,911 and 130 BTC, totaling 506,137 BTC on the company’s balance sheet. 

GameStop, a publicly traded company in the U.S., announced plans to raise $1.3 billion through a private offering of convertible senior notes. Just a few days earlier, the board unanimously approved that they will add BTC as a treasury reserve asset. 

Metaplanet, a publicly traded Japanese company, announced the issuance of moving strike stock acquisition rights to raise up to ¥116 billion to buy Bitcoin in January. This month, the company bought 497, 162, 150, and 150 BTC, totaling 3,350 BTC on its balance sheet.  

Atai Life Sciences’ chairman, Christian Angermayer, announced a $5 million Bitcoin treasury strategy for the publicly traded biotech firm on the NASDAQ.  

Marathon Digital Holding, a publicly traded miner in the U.S., acquired 5,939 BTC, totaling 46,374 BTC on the company’s balance sheet. 

‍*Closing price data is from March 30, 2025, at 13:30 CET

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