Bitcoin Magazine An Excerpt From The Satoshi Papers: A Nation of Individuals? This excerpt from the introduction to The Satoshi Papers explores how the rise of the sovereign individual challenges the modern state, tracing the shift from America’s founding principles to today’s centralized military, financial, and bureaucratic power. This post An Excerpt From The Satoshi Papers: A Nation of Individuals? first appeared on Bitcoin Magazine and is written by Natalie Smolenski.

An Excerpt From The Satoshi Papers: A Nation of Individuals?

A team of former Kraken executives has taken control of Janover, with Joseph 
Onorati, former chief strategy officer at Kraken, stepping in as chairman and 
CEO, following the group&#8217;s purchase of over 700,000 common shares and all 
Series A preferred stock.
Parker White, former director of engineering at Kraken, was appointed as the 
new chief investment officer and chief operating officer. The group bought 
728,632 shares of Janover common stock and all 10,000 shares of Series A 
preferred stock. Marco Santori, former chief legal officer at Kraken, will 
join the board.
Janover is a real estate financing company that connects lenders and buyers of 
commercial properties. The company stock price saw an 840% rise on April 7 as 
part of the deal.
According to a statement, the company&#8217;s new leadership has plans to create a 
Solana (SOL) reserve treasury. The plans include acquiring Solana validators, 
staking SOL and additional purchases of the token.
_Janover stock price on April 7. Source:__Google Finance_
In tandem with the announcement, Janover revealed that it had raised $42 
million in an offering of convertible notes. Convertible notes are a type of 
debt instrument that can later be converted to equity at a certain price. 
Participants in the funding round include Pantera Capital, Kraken, Arrington 
Capital, Protagonist, Third Party Ventures, and others.
Janover announced in December 2024 that it had begun accepting payments for 
its real estate services in Bitcoin (BTC), Ether (ETH), and SOL.
## Crypto treasury companies: Bold or risky?
In August 2020, Strategy became one of the first publicly traded companies to 
hold Bitcoin on its balance sheet. Since then, several companies have followed 
suit, including Japan&#8217;s Metaplanet, Semler Scientific, and Tesla.
In many cases, these companies have seen rises in their share prices as 
investors sought exposure to digital assets through traditional financial 
products.
Some outsiders have criticized this approach due to the cryptocurrencies&#8217; 
volatility and some companies&#8217; financing methods, such as convertible note 
offerings used by Strategy.
SOL has seen significant volatility in the past 365 days, according to 
MarketVector. The coin has risen as to high as $274.50 and fallen to a low of 
$107.68.
_**Magazine: Financial nihilism in crypto is over &#8212; It&#8217;s time to dream big 
again**_

Former Kraken execs acquire real state firm Janover, disclose SOL treasury plans

Metaplanet, the Japanese hotel developer turned bitcoin treasury firm, 
announced on Monday that it had fully redeemed or paid off ¥2 billion ($13.5 
million) worth of zero coupon bond debt more than five months early (the bonds 
had a maturity date of Sept. 17, 2025). Funds raised by the bond issuance were 
used to purchase […]

Metaplanet Redeems Zero Coupon Bonds Early

Corporate Bitcoin (BTC) treasuries collectively shed more than $4 billion in 
value after US President Donald Trump&#8217;s tariffs triggered a global market 
sell-off, data shows.
As of April 7, corporate Bitcoin holdings are worth approximately $54.5 
billion in the aggregate, down from roughly $59 billion before April 2, 
according to data from BitcoinTreasuries.net.
The cryptocurrency&#8217;s volatility has also weighed on publicly traded Bitcoin 
holders&#8217; share prices.
The Bitwise Bitcoin Standard Corporations ETF (OWNB) &#8212; an exchange-traded 
fund (ETF) tracking a diverse basket of corporate Bitcoin holders &#8212; has lost 
more than 13% since Trump announced sweeping US import tariffs on April 2, 
according to Yahoo Finance.
Even shares of Strategy &#8212; the de facto Bitcoin hedge fund founded by Michael 
Saylor that pioneered corporate Bitcoin buying &#8212; are down, clocking losses of 
more than 13% since April 2, Google Finance data showed.
The losses highlight ongoing concerns about Bitcoin&#8217;s increasing popularity as 
a corporate treasury asset. Historically, corporate treasuries hold extremely 
low-risk assets like US Treasury Bills.
&#8220;Cryptocurrencies&#8217; high volatility and uncertain regulatory landscape are 
misaligned with the fundamental goals of treasury management [such as] 
stability, liquidity, and capital preservation,&#8221; David Krause, a finance 
professor at Marquette University, said in a January research publication.
_Entities holding Bitcoin. Source:__BitcoinTreasuries.NET_
 _**Related:**__**Bitcoin, showing &#8216;signs of resilience&#8217;, beats stocks, gold 
as equities fold &#8212; Binance**_
## Is Bitcoin right for corporate treasuries?
In 2024, surging Bitcoin prices pushed Strategy&#8217;s shares up more than 350%, 
according to data from FinanceCharts.
Strategy&#8217;s success has inspired dozens of copycats, but investors are becoming 
skeptical.
In March, GameStop lost nearly $3 billion in market capitalization as 
shareholders second-guessed the videogame retailer&#8217;s plans to stockpile 
Bitcoin.
&#8220;There are question marks with GameStop&#8217;s model. If bitcoin is going to be the 
pivot, where does that leave everything else?&#8221; Bret Kenwell, US investment 
analyst at eToro, told Reuters on March 27.
_The case for Bitcoin as a corporate treasury asset. Source:__Fidelity Digital 
Assets_
Still, adding Bitcoin to corporate treasuries can &#8220;potentially be a valuable 
hedge against growing fiscal deficits, currency debasement, and geopolitical 
risks,&#8221; asset manager Fidelity Digital Assets said in a 2024 report.
That thesis may already be playing out as Trump&#8217;s tariffs rattle markets, 
Binance said in an April 7 research report. 
&#8220;[I]n the wake of recent tariff announcements, BTC has shown some signs of 
resilience, holding steady or rebounding on days when traditional risk assets 
faltered,&#8221; Binance said.
Investors &#8220;will be watching closely to see if BTC is able to retain its appeal 
as a non-sovereign, permissionless asset in a protectionist global economy,&#8221; 
according to the report.
_**Magazine: **__**Bitcoin heading to $70K soon? Crypto baller funds SpaceX 
flight: Hodler &#8216;s Digest, March 30 &#8211; April 5**_

Corporate Bitcoin treasuries drop more than $4B on US tariff hike impact

Crypto markets are reeling as aggressive U.S. tariffs ignite global economic 
turmoil, triggering a $1 trillion wipeout and fueling extreme volatility, 
Binance Research finds. Binance Warns of Prolonged Crypto Volatility Amid US 
Tariff Shock Crypto exchange Binance published research on April 7 analyzing 
the fallout from escalating U.S. tariffs and their disruptive impact on global 
[…]

Crypto Markets Suffer $1T Hit as US Tariff War Escalates

Thinking about dumping your XRP? Hold your horses—make sure you’ve got a solid 
plan first. A well-known software engineer has expressed confidence in XRP 
despite its sharp price decline in recent market turmoil. The digital currency 
has fallen 16% to $1.76 amid widespread selling across cryptocurrency markets. 
Related Reading: Ethereum Slips Below Triangle—Is A $1,600 Crash Next? Market 
Drops Hit Major Cryptocurrencies Hard Bitcoin values have also plummeted, 
dropping more than 8% to $76,000, based on market data quoted in recent news. 
The selloff seems to be part of a bigger decline hitting several 
cryptocurrencies. Vincent Van Code, a renowned figure among software 
engineers, opines that the recent price declines are a result of fear and not 
inherent issues with XRP itself. According to his evaluation, the existing 
selling pressure is not based on any substantial reason beyond general market 
sentiment. I would never Panic sell XRP in current market. Why? Because other 
than market fear, there are no fundamentals to support XRP dump. In my view, 
XRP went from 0.54 to $3.40, largely due to pro crypto incoming adminstration. 
Now, nothing&#8217;s changed except stock market has tanked.… — Vincent Van Code 
(@vincent_vancode) April 7, 2025 XRP: Past Price Spike Attributed To Political 
Reasons According to Van Code, the previous sudden spike in XRP&#8217;s price from 
$0.54 to $3.40 was primarily spurred by pro-cryptocurrency policy optimism 
anticipated from the new US administration. This suggests the token&#8217;s value 
has been heavily influenced by political considerations rather than only 
technical improvements or adoption rates. The engineer points out that nothing 
has fundamentally changed about XRP&#8217;s prospects, even as prices fall. He 
attributes current market conditions to spillover effects from traditional 
market volatility, noting reports that the US stock market lost approximately 
$6.5 trillion in value within a two-day period last week due to global trade 
tensions. Expert Points To Larger Economic Changes Van Code connects current 
market instability to what he describes as a major geopolitical and economic 
transformation. Based on his statements, he believes the US government is 
engaged in actions that have destabilized multiple economies as part of what 
he calls a &#8220;global financial reset.&#8221; The engineer warns that such sweeping 
economic transformations usually necessitate the breakdown of current 
structures prior to the rebuilding process, implying that investors should 
better be prepared for further volatility. Related Reading: XRP Will 
Explode—And This Korean Expert Says He’ll Be ‘Laughing’ At Critics On Market 
Shorting Instead of looking at the decline as reason to panic, Van Code sees 
prevailing situations as possibly deliberate actions of influential market 
players. In his estimation, some investors have already made some pretty good 
gains by shorting the market prior to the latest price declines. He forecast 
that the same investors will turn their positions around in a short time and 
start buying again, possibly inducing what he called a &#8220;miraculous&#8221; market 
bounce. Van Code draws an analogy with swimming near huge whales in a stormy 
sea—turbulent but possibly manageable with the right tactics. The engineer 
urged XRP investors not to close their positions in spite of short-term price 
drops, saying there is still a good chance of a big price run once market 
conditions are stable. Featured image from Gemini Imagen, chart from 
TradingView