The Bitcoin Layer
Investor Due Diligence Report
by Nik Bhatia
substackCrypto
Bitcoin and global macro research firm.
26K
780 paid
~0%
Subscriber count is a platform estimate
Pricing
$49/mo
$499/yr annual option
$31K
780 paid subs
$31K/mo – $31K/mo(±0%)
Previously ~2x per week
1.9 posts/week
58/100
Variable (~3.9d avg)
| Newsletter | Subscribers | Weekly Growth | Price | Platform |
|---|---|---|---|---|
| Blockware Intelligence Newsletter | 143K | N/A | $10/mo | substack |
| The Wolf Den | 138K | -0.4% | $5/mo | substack |
| Bitcoin Vector Lite | 95K | N/A | $50/mo | substack |
| Good Morning Crypto - by Crypto Banter | 44K | N/A | Free | substack |
| Month | Subscribers | Est. Revenue | Change |
|---|---|---|---|
| Feb 2026 | 26K | $30,753.45 | — |
| Mar 2026 | 26K | $30,753.45 | ~0% |
| Apr 2026 | 26K | $30,753.45 | ~0% |
Platform Dependency
Hosted on substack subdomain
Publishing Consistency
Variable publishing frequency
Key Person
Single-author publication — key-person dependency
Revenue Model
Active paid subscription tier
Subscriber threshold
26K subscribers — above the 2K category median for first paid tier
Has paid tier
Active paid subscription offering
Peer monetization
100% of 18 similar-size peers in Crypto have paid tiers
Pricing position
$49/mo vs $5/mo category median (267 newsletters)
| Date | Monthly | Annual |
|---|---|---|
| Mar 2026 | $49 | $499 |
Disclaimer: This report is generated automatically based on publicly available data and proprietary estimation models. Estimated subscriber counts are derived from engagement patterns and should be verified through direct disclosure. Revenue estimates are based on known pricing and estimated paid subscriber counts. This report is for informational purposes only and should not be the sole basis for investment decisions.
Score based on available components only.
| Component | Score | Weight |
|---|---|---|
| Paid Subscriber Ratio | 50/100 | 25% |
| Coin Metrics State of the Network | 24K | N/A | Free | substack |