Riding the Bitcoin Wave: Reflections from the Bitcoin Conference 2025 in Las Vegas
The 2025 Bitcoin Conference was held at the iconic Venetian in Las Vegas and brought together over 35,000 attendees from around the world — a record-breaking turnout for the event. The atmosphere was a cross between a high-stakes innovation summit and a grassroots financial revolution. Crowds filled massive expo halls, panel stages buzzed with ideas, and the energy was undeniable: Bitcoin isn’t just alive — it’s accelerating. As an attendee, I felt the thrill of witnessing an industry not just finding its footing, but preparing to scale.
A Conference of Highlights and Insights
One highlight was Michael Saylor’s rousing keynote, “21 Ways to Wealth.” Saylor – known for championing Bitcoin – delivered a rapid-fire list of principles for building wealth through Bitcoin.
- He began with “clarity,” arguing that Bitcoin represents “perfected… incorruptible capital” rather than just a speculative asset.
- He preached conviction, predicting Bitcoin will appreciate faster than any other asset and become “the most efficient store of value in human history”.
- Notably, even amidst the high-energy evangelism, Saylor emphasized fundamentals like legal structure and compliance. He reminded entrepreneurs that a “well-structured corporation is the most powerful wealth engine on Earth” and urged builders to “learn the rules of the road” so they can “scale legally and sustainably”.
Hearing this mix of visionary zeal and operational pragmatism resonated with me as both a Bitcoin believer and a business operator. Beyond the big speeches and crowd enthusiasm, I paid close attention to the current ecosystem gaps that could hinder Bitcoin’s broader adoption.
A recurring theme was the challenge of physical security for Bitcoin holdings. Unlike traditional assets, securing crypto requires managing private keys and seed phrases – those 12- or 24-word recovery codes that users must guard with their life. The conference underscored what many in the community admit: today’s self-custody tools are not user-friendly. The average person is one slip-up away from disaster, whether through lost hardware wallets or stolen seed phrases. In fact, even industry experts note that being confronted with a seed phrase on day one is “very difficult” for new users, and the landscape of self-custody remains “perilous” for anyone who isn’t extremely tech-savvy. There’s a palpable need for better solutions in cold storage, key management, and wallet recovery to make holding Bitcoin safer and simpler.
Gaps in the Bitcoin Business Ecosystem
From my operational perspective, the Bitcoin 2025 conference also highlighted several business infrastructure gaps that present both challenges and opportunities:
Security & Custody: As mentioned, securing digital assets is still cumbersome. Many businesses rely on ad-hoc methods for cold wallets and safekeeping of seed phrases. Solutions for institutional-grade custody (that don’t sacrifice self-sovereignty) are in demand, but the market has yet to fully mature.
Legal Structures & Compliance: Crypto startups often lack robust legal frameworks. Uncertainty in regulation leaves questions around how to structure entities, handle taxes, or comply with financial rules. This gap was evident – for example, general counsels in some regions report that specialist crypto knowledge is “absent at many of the… full-service firms” they’d typically turn to. The result is that many crypto ventures are winging it on legal and compliance matters. The need for solid guidance here is huge, especially as governments clarify rules. (Even Saylor’s formula included compliance as a key to success, underlining that playing within clear legal guardrails is essential.)
Procurement & Operational Workflows: The Bitcoin industry has grown up outside many traditional corporate processes. I noticed gaps in areas like procurement – for instance, how companies source mining equipment, software, or professional services. Many teams are startups used to bootstrapping, and they may not yet employ formal procurement strategies or vendor-management best practices. As Bitcoin companies scale, they’ll need more structured workflows for sourcing and negotiating with suppliers, ensuring cost efficiency and reliability. Streamlining these operational processes is an opportunity for improvement.
M&A and Transition Processes: The crypto sector is still fragmented, but consolidation is on the horizon. In fact, crypto mergers and acquisitions are already accelerating – 62 crypto M&A deals took place in Q1 2025, up from 33 just two quarters prior. This trend signals that many startups will face mergers, acquisitions, or other major transitions in the coming years. Yet, few crypto-native companies have experience with post-merger integration or the playbooks that more mature industries use to merge operations smoothly. Everything from due diligence and contract novation to blending corporate cultures is new territory. I see a gap in M&A transition planning – there’s a lack of frameworks for how a crypto company folds into a larger entity (or vice versa) without losing its momentum or violating regulatory requirements. With consolidation likely to continue, developing repeatable processes for M&A execution and integration will be critical. (See Appendix 1 below for more details about 2025 M&A activity).
All of these gaps represent growing pains of an industry moving from its wild west phase into a more structured, institutional phase. Being at the conference felt like confirmation that Bitcoin’s ecosystem, while incredibly innovative, is still maturing in terms of the boring but necessary operational fundamentals.
Where Are the Traditional Service Firms?
One striking observation in Vegas was who was not in the room. Scanning the expo floor and speaker list, it became clear that the usual players in corporate consulting and legal advisement – the big law firms, the Big Four consulting and accounting firms, procurement specialists, and M&A integration consultants – were largely absent. In other tech sectors, these professionals swarm to offer their services, but in the Bitcoin/crypto space, they haven’t yet shown up in force.
Why the gap? It seems many traditional firms are still sitting on the sidelines, perhaps waiting for the industry to further mature or for clearer regulations before they invest heavily. As one compliance expert noted, among traditional finance (TradFi) compliance officers, engagement with crypto has been “limited, possibly because it’s such a new and complex frontier.” Many banks and funds are watching and waiting, expecting crypto to become more mainstream before they dive in. The same likely goes for large legal and consulting firms – they acknowledge the opportunity but have not fully committed resources to it yet.
For Bitcoin companies, this means a lot of needs are currently unmet. Growing startups can’t easily find a “Deloitte of crypto” or a seasoned legal operations team that knows the nuances of digital assets. Major opportunities exist for these service providers: advising on regulatory compliance programs, setting up procurement and supply-chain systems for hardware (like mining rigs), creating playbooks for post-merger integration of blockchain companies, and ensuring that when big money (e.g. private equity) comes into the space, there are experts to guide execution.
As someone with a foot in both the crypto world and the corporate M&A world, I see this as a huge opening. The first traditional professional service firms to deeply engage with crypto will add tremendous value – and will likely reap rewards as the ecosystem grows up. In short, the cavalry of experienced operators is coming, but isn’t fully here yet.
Bridging the Gap with In2Edge
This is where I believe In2Edge – my firm – has a pivotal role to play. In2Edge is built specifically to help companies navigate complex transitions at the intersection of traditional business and emerging technology like crypto. Our team has spent years developing an operational framework to guide organizations through M&A, integration, and process improvement, and those tools are perfectly suited for the challenges crypto companies face as they mature.
At In2Edge, we take an end-to-end approach to transition support, from pre-deal planning through post-merger integration. For example, we use a proven OASIS methodology (Organize, Analyze, Standardize, Institutionalize, Synergize) to streamline contract management during M&A – ensuring that when one company acquires another, every contract and obligation is captured and transitioned smoothly. We bring cross-functional expertise – our team includes project managers, attorneys, procurement specialists, and compliance officers – to provide holistic solutions. This means we can tackle legal entity structuring, establish robust compliance programs, and set up efficient procurement workflows all under one roof.
Our goal is to help clients maximize value and minimize risk during periods of change. Whether it’s a crypto startup preparing to be acquired by a larger firm, a Web3 project formalizing its supplier contracts, or a private equity operator looking to consolidate several blockchain companies, In2Edge offers the playbook and bench strength to execute these transitions effectively.
Summary
Attending Bitcoin 2025 reinforced my excitement about where this industry is headed – and also the work that still lies ahead to build the “boring” infrastructure that every thriving industry needs. The enthusiasm in Vegas was contagious; you could feel that Bitcoin’s story is still in its early chapters. But as the industry writes its next chapters, it will require blending visionary zeal with operational excellence. By addressing the gaps in security, legal structure, procurement, and M&A integration – and by inviting more traditional experts to the table – we can help Bitcoin businesses scale responsibly and sustainably. For companies and investors navigating this space, having a partner who understands both Bitcoin’s promise and the practicalities of corporate transitions can make all the difference. We’re excited to support those pioneering the future of crypto, ensuring that as the industry grows from its passionate beginnings into a stable, mature ecosystem, none of that hard-earned momentum is lost in transition. Lisa J. Scott – CEO & Founder, In2Edge.
Appendix 1 – M&A Deals
In Q1 2025, the cryptocurrency sector experienced a surge in mergers and acquisitions (M&A), with reports indicating between 61 and 85 deals completed during the quarter. While a comprehensive list of all transactions isn’t publicly available, several high-profile deals have been reported:
Kraken Acquires NinjaTrader for $1.5 Billion
Kraken, a leading cryptocurrency exchange, acquired NinjaTrader, a retail trading platform, for $1.5 billion. This acquisition was notable for the use of AI in streamlining the due diligence process.
Coinbase Acquires Deribit for $2.9 Billion
Coinbase announced its acquisition of Deribit, a Dubai-based cryptocurrency derivatives exchange, for $2.9 billion. This move aims to expand Coinbase’s presence in the crypto derivatives market.
Ripple Acquires Hidden Road for $1.25 Billion
Ripple, known for its digital payment protocol, acquired Hidden Road, a multi-asset prime broker, for $1.25 billion. This acquisition is expected to enhance Ripple’s institutional offerings.
Twenty One Capital’s $3.6 Billion SPAC Merger
Twenty One Capital, a Bitcoin-focused company backed by Tether, Bitfinex, and SoftBank, announced plans to go public through a $3.6 billion SPAC merger. This strategy mirrors MicroStrategy’s approach of holding significant Bitcoin reserves.
These deals highlight the growing institutional interest and consolidation within the crypto industry. For a more detailed overview of Q1 2025 crypto M&A activity, the Architect Partners’ Q1 2025 Crypto M&A and Financing Report provides comprehensive insights.
Appendix 2 – Primary Sources and Reports
Bitcoin Conference 2025 Attendance & Location: Public event data and media coverage confirmed 35,000+ attendees at the Venetian, Las Vegas.
Michael Saylor’s Keynote – “21 Ways to Wealth”: Summarized from livestream and transcript excerpts shared across Bitcoin Magazine and social media during the event.
Crypto M&A Activity – Architect Partners Q1 2025 Crypto M&A and Financing Report
https://architectpartners.com/wp-content/uploads/2025/04/Q1-2025-Crypto-MA-and-Financing-Report.pdf
Kraken Acquires NinjaTrader for $1.5B – Business Insider
https://www.businessinsider.com
Coinbase Acquires Deribit for $2.9B – Investor’s Business Daily
Ripple Acquires Hidden Road for $1.25B – Reuters
Twenty One Capital SPAC Merger ($3.6B): Wall Street Journal coverage on crypto IPO trends
Analysis & Background Insights
FASB Accounting Update (2025 Fair Value for Crypto): Financial Accounting Standards Board announcements
OFAC & FinCEN Compliance Expectations for Crypto Businesses: U.S. Treasury guidelines and past enforcement actions
General Market Commentary on Seed Phrase Security: Reports from Swan Bitcoin, Unchained Capital, Casa, and Ledger on usability and custody challenges.
Lisa Scott’s Operationalization Framework
Internal research and strategy materials from In2Edge: OASIS Cycle and Transition Playbooks
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