Performance Update

As of May 2025, Bursera Capital's total ROI has reached 1252.70% since the fund's inception in 2019, with Bitcoin standing at 909.37% and the average fund reaching 509.00%. Returns are 6.21%, with the average fund reporting 9.28% and Bitcoin at 11.07%. Our Compound Annual Growth Rate (CAGR) of 53.23% continues to lead both Bitcoin (45.16%) and the average fund (31.62%).

Market News

Key takeaways from this month's market activity:

• Bitcoin hits a new all-time high (ATH) of $112K, coinciding with Bitcoin investment product inflows year-to-date (YTD) in 2025 surpassing $10 billion.
• A New Jersey county agrees to a monumental contract with fintech firm Balcony, planning to digitize $240 billion worth of property deeds on the Filecoin and Avalanche networks.
• The race to hold state-level Bitcoin reserves is intensifying, with Texas positioning itself to become the third state to adopt the policy.
• Block announces that it will accept Bitcoin payments at its Square terminals starting in 2026, utilizing the Bitcoin Lightning Network's layer-2 technology.
• Trump holds a controversial dinner event for top holders of his $TRUMP coin, sparking criticism about potential corruption in the digital asset community and abroad.
• A shake-up at the Commodity Futures Trading Commission (CFTC) raises concerns among industry leaders and regulators about the commission's role in maintaining a sustainable and safe marketplace for digital assets.

Bitcoin Rockets to $112K All-Time High as YTD Exchange-Traded Fund (ETF) Inflows Surge Past $10 Billion

Bitcoin reached a new all-time high of $112,000 in May, driven by surging institutional demand that propelled digital asset investment products to $6.2 billion in monthly net inflows. This massive influx pushed year-to-date crypto investment flows to $10.8 billion for 2025, with total assets under management (AUM) reaching $187.5 billion. The institutional appetite appears insatiable, with U.S. Bitcoin spot ETFs accumulating $44.3 billion in total inflows since their January 2024 launch. Recent momentum has been particularly explosive, with $2.75 billion flowing in during the third week of May alone, demonstrating accelerating adoption among professional investors.

May 22 showcased broad ETF momentum, with Bitcoin ETFs attracting $934.8 million while Ethereum ETFs pulled in $110.5 million. Bitcoin's rally was accompanied by broader crypto market strength, with Bitcoin capturing $2.9 billion of weekly inflows while Ethereum secured $326 million. The Ethereum ecosystem attracted over $1.1 billion in the past seven days, though XRP experienced a $37.2 million outflow, breaking its impressive 80-week inflow streak.

• Record-Breaking Momentum: $2.75 billion weekly inflows represent the third-largest week ever, signaling unprecedented institutional adoption. Seven consecutive days of Bitcoin ETF inflows and $6.2 billion in monthly flows suggest trend acceleration.
• Sustained Demand: $44.3 billion in total ETF inflows since launch prove that crypto ETFs aren't a fad but a structural shift in the investment landscape.
• Broader Market Strength: The combined performance of Bitcoin and Ethereum ETFs demonstrates broad-based institutional adoption of digital assets.
• Market Maturation: $187.5 billion total crypto AUM approaching traditional asset class scale and legitimacy.
• Institutional Fear of Missing Out (FOMO): The largest daily inflows since January, coinciding with the ATH, suggest institutional investors are experiencing fear of missing out.

$240 Billion Real Estate Tokenization Deal Makes History as New Jersey County Elects to Adopt Blockchain Tech

Bergen County, New Jersey, has partnered with blockchain firm Balcony in a five-year deal to tokenize $240 billion in real estate deeds on Avalanche, the largest such project in the United States and a sign of growing blockchain adoption for real-world assets.

The initiative will migrate 370,000 deeds from 70 municipalities onto an immutable, searchable ledger, combining Avalanche's high-speed network with Filecoin storage to cut processing times from 90 days to one. Aligning with projections that real-world asset tokenization could reach $4–$10 trillion by 2033, Balcony's platform has already recovered nearly $1 million in lost revenue in Orange County, demonstrating clear efficiency and revenue benefits.

• Market Scale: $240 billion in real estate value being tokenized represents significant validation of blockchain infrastructure for high-value asset management.
• Gains in Efficiency: 90% reduction in deed processing time demonstrates clear operational advantages that could drive broader adoption.
• Revenue Recovery: The platform's ability to identify lost municipal revenue (more than $1 million recovered) shows immediate return on investment (ROI) potential for government clients.
• Infrastructure Role: Avalanche is positioning itself as the preferred blockchain for large-scale government and institutional tokenization projects.
• Competitive Landscape: Multiple Layer-1 Blockchains are competing for RWA tokenization market share, which will fuel further adoption and technological innovation.
• Regulatory Acceptance: Government adoption at the county and state levels suggests increasing regulatory comfort with blockchain technology.
• Proof of Scalability: Handling 370,000 deeds demonstrates these blockchains' readiness for enterprise-scale implementations.

State Bitcoin Reserve Race Accelerates as New Hampshire and Arizona Lead Historic Adoption Wave

New Hampshire became the first state to enact a strategic Bitcoin reserve law, followed by Arizona as the second state to pass similar legislation. The movement gained momentum with Texas Governor Greg Abbott signaling support for his state's Bitcoin reserve bill, which passed the House 101-42 and awaits final approval.

New Hampshire's HB 302 authorizes the state treasurer to purchase Bitcoin and digital assets with market caps above $500 billion, capping holdings at 5% of state funds with secure custody requirements. Arizona took a conservative approach with HB 2749, funding reserves exclusively through unclaimed crypto assets and staking rewards rather than direct state investment.

The broader movement spans 28 states with Bitcoin reserve proposals, though success rates remain mixed. Texas leads with seven active bills, while Michigan recently introduced four new bills covering retirement fund investment and mining incentives, and Kentucky became the first state to enshrine "Bitcoin rights" protections.

• Legislative Breakthrough: New Hampshire and Arizona establish legal precedent for state Bitcoin reserves, creating a blueprint for state-level adoption.
• Scaling Momentum: With 28 states proposing Bitcoin legislation and 18 actively progressing, the mainstream political acceptance is evident.
• Texas Impact: Governor Abbott's support for the largest state economy Bitcoin reserve could accelerate national adoption if enacted.
• Conservative Implementation: States are adopting cautious approaches with percentage caps and high market cap requirements to limit risk.
• Treasury Evolution: The movement represents a shift from experimental to institutional thinking about Bitcoin as a legitimate government reserve asset.
• Regulatory Framework: States are establishing custody requirements and legal frameworks that could inform federal policy development.

Jack Dorsey's Block to Accept Bitcoin Payments Across 4 Million Square Point-of-Sale (POS) Terminals by 2026

Jack Dorsey's Block announced plans to enable Bitcoin payments across all Square PoS terminals, delivering the largest Bitcoin payment infrastructure rollout in commercial history. The rollout is scheduled to begin in the second half of 2025 and is expected to reach approximately 4 million eligible Square merchants by 2026, pending regulatory approvals.

The payment system leverages the Lightning Network for near-instantaneous, low-cost transactions through existing Square hardware. Customers pay by scanning a QR code while Square handles technical complexities, including real-time exchange rates. Merchants can either hold Bitcoin or automatically convert to fiat currency in real-time.

The feature builds upon Square's existing Bitcoin Conversion capability and was showcased at the Bitcoin 2025 conference in Las Vegas. The initiative represents the latest expansion of Block's Bitcoin ecosystem, which includes Cash App, Bitkey wallet, and Proto mining products, with new Bitkey security features set to roll out in May.

• Massive Scale: 4 million Square terminals represents the largest Bitcoin payment infrastructure deployment in mainstream commerce.
• Lightning Integration: Instant settlements and low fees, made possible by the Lightning Network's layer 2 solution, are crucial for the success of retail adoption.
• Merchant Flexibility: Auto-convert to fiat option removes volatility concerns while maintaining Bitcoin acceptance.
• Timeline Advantage: H2 2025 start positions Block ahead of competitors in the Bitcoin payment race.
• Technical Simplification: QR code payments remove adoption barriers for merchants and consumers.
• Regulatory Dependency: Success is contingent on obtaining necessary approvals across operating jurisdictions.
• Market Validation: Dorsey's continued investment in Bitcoin signals long-term conviction in the future of cryptocurrency payments.

CFTC Leadership Exodus Threatens Digital Asset Regulation as Trump's CFTC Pick Awaits Confirmation

The Commodity Futures Trading Commission (CFTC) is on the brink of a historic leadership vacuum, as all four current commissioners prepare to depart, leaving the agency severely understaffed during a pivotal time for digital asset regulation.

Outgoing Commissioner Christy Goldsmith Romero, whose final day is May 31, warned that the situation is "not great" for crypto oversight. She expressed serious concern that having only one commissioner remaining could cripple the agency's decision-making process, eliminating the vital internal debate that leads to stronger regulatory outcomes. She also emphasized the importance of fundamental investor protections, including defining who qualifies as a retail customer, prohibiting the commingling of company and customer funds, and mandating the registration of exchanges and brokers.

Fellow Commissioner Summer Mersinger will exit just one day earlier, on May 30, to become the new CEO of the Blockchain Association. Acting Chair Caroline Pham has also announced her intention to step down once a new chair is confirmed. That leaves Brian Quintenz, President Trump's nominee for CFTC chair, potentially as the sole commissioner until new appointments are made and approved by the Senate.

Quintenz, a prominent digital asset lobbyist and the current global head of crypto policy at Andreessen Horowitz's a16z, awaits Senate confirmation. However, no hearing has been scheduled. He has disclosed $3.4 million in assets and significant ties to the crypto industry, including roles at prediction market platform Kalshi and the Crypto Council for Innovation, raising questions about potential conflicts of interest.

• Decision-Making Concerns: Goldsmith Romero warns that the single-commissioner structure eliminates the crucial "push and pull" needed for effective rulemaking.
• Conflict of Interest: Quintenz's $3.4 million in crypto-related assets and a16z ties raise concerns about independence, although it should be noted that he has pledged to divest conflicting assets and resign from a16z within 90 days of taking office.
• Regulatory Limbo: Mass departures weaken the CFTC's position in the ongoing turf war with the Securities and Exchange Commission (SEC) over digital asset jurisdiction. The Senate confirmation process could leave the agency severely understaffed for months as crypto legislation advances.
• Positive Signs: The movement of multiple commissioners to the crypto private sector highlights the close ties between regulators and the crypto industry, implying that former commissioners still view a favorable regulatory outcome for the digital asset market.
• Unregulated Markets: Former chairs warn that crypto remains vulnerable to fraud without new CFTC authority for spot markets.

Trump's Meme Coin Dinner Sparks Backlash as Attendees and Broader Crypto Community Voice Disappointment

President Trump's exclusive crypto dinner for top meme coin holders has triggered a House Democratic investigation while generating backlash from disappointed attendees who spent millions for limited access. The May 22 event hosted the top 220 holders of his $TRUMP meme coin, with VIP attendees spending an average of $4.8 million each for front-table seats.

Representative (Rep.) Jamie Raskin launched a formal probe demanding the guest list and funding sources, citing concerns that foreign governments may have bought influence through anonymous transactions. Trump-affiliated businesses have received $312 million from crypto sales, with the Trump Organization owning 80% of the 1 billion $TRUMP coins.

Attendees expressed widespread disappointment, describing overcooked steak, limited beverages, and minimal presidential interaction. Nicholas Pinto, who spent $320,000 on tokens, called it "false advertising," noting Trump stayed only one hour and spent most time exclusively with top-tier VIP holders before departing without personally awarding promised watches.

The dinner's opacity has raised serious ethical concerns, with roughly half of the top 220 owners receiving coins from exchanges that reject U.S. customers, suggesting potential foreign involvement. A Washington Post analysis identified 28 untraceable "ghost wallets" among top purchasers, making it impossible to determine the extent of sovereign wealth participation.

• Corruption Investigation: House Democrats demand transparency on $312 million dinner, raising serious governance and regulatory concerns.
• Foreign Influence: Half of the holders are potentially foreign-based with untraceable wallets, suggesting constitutional violations.
• Pay-for-Access: $4.8 million average VIP cost creates unprecedented direct presidential profit from private interests.
• Attendee Backlash: Poor execution and limited access to Trump himself undermined confidence in his crypto ventures and promises regarding the industry as a whole among attendees.
• Constitutional Risk: Potential emoluments violations if foreign government funds were involved.
• Dangerous Precedent: Profiteering from a "meme coin" by a sitting president sets a bad standard for the digital asset marketplace and strengthens critics' arguments against crypto adoption.
• Socio-Economic Weakening: The lack of transparency and alleged corruption surrounding the event and $TRUMP coin will be used to further scrutinize the Trump administration, which will also lead to criticism of the digital asset market as a whole by association.