Bitcoin Magazine

Standard Chartered Bank Signs Partnership With Digital Asset Broker FalconX

Digital asset broker FalconX has announced a strategic partnership with British multinational bank Standard Chartered to enhance services for institutional clients. 

In the first phase of the partnership, Standard Chartered will offer a range of banking and foreign exchange (FX) services to FalconX, helping to improve the platform’s ability to handle cross-border payments. Over time, this partnership will expand into other offerings and mutual opportunities, the company stated.

By integrating Standard Chartered’s banking infrastructure, FalconX will now have access to more currency pairs, making cross-border transactions faster and more reliable for clients. 

“We are pleased to partner with Standard Chartered, one of the most forward-thinking global banks in digital asset adoption” said Matt Long, General Manager for APAC & Middle East at FalconX. “At FalconX, we work with some of the world’s largest institutions in the digital asset space, and this partnership will allow us to provide even better banking and FX solutions to clients who need to operate in the crypto world.”

The partnership comes soon after recent comments from Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, who apologized for his earlier Bitcoin price target of $120,000. Kendrick now believes Bitcoin could surpass his initial forecast due to the growing institutional demand. He highlighted $5.3 billion in recent inflows to U.S. Bitcoin ETFs, a sign of increasing interest from large investors. Kendrick now expects Bitcoin to reach up to $200,000 by the end of the year. 

“Our partnership with FalconX shows our commitment to advancing the digital asset ecosystem,” said Luke Boland, Head of Fintech at Standard Chartered. “We’re proud to provide the banking infrastructure that helps firms like FalconX offer world-class trading and financing solutions to institutional clients.”

This post Standard Chartered Bank Signs Partnership With Digital Asset Broker FalconX first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

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Bitcoin & Crypto Will Be in Everyone’s 401(k), Says Coinbase CEO Brian Armstrong

Coinbase CEO Brian Armstrong isn’t just celebrating his company’s inclusion in the S&P 500—he’s forecasting a major shift in the way Americans invest for retirement. In an interview with CNBC following the May 12 announcement, Armstrong stated that cryptocurrencies like Bitcoin are “going to be a part of everyone’s 401(k).”

JUST IN – Coinbase CEO on joining the S&P 500: “Crypto is here to stay. It’s going to be a part of everyone’s 401(k).” pic.twitter.com/9vWaWDTuHd

— Bitcoin Magazine (@BitcoinMagazine) May 14, 2025

The comment follows news that Coinbase will officially be added to the S&P 500 on May 19, replacing Discover Financial Services after its merger with Capital One. While the listing itself is a milestone for the company, Armstrong made clear that its broader impact will be felt in the retirement accounts of everyday investors.

“Crypto is here to stay,” Armstrong declared. “We’re very happy to be included in the S&P 500.” He pointed out that Coinbase’s inclusion in the index opens the door for passive exposure to crypto through retirement plans, since many 401(k) funds track the S&P 500 and will now include Coinbase stock by default. 

Armstrong’s remarks reflect a growing conviction within the crypto industry that digital assets are moving from speculative side-bets into core financial planning tools. With Bitcoin ETFs gaining traction and companies like Coinbase being folded into traditional financial indices, Armstrong believes the wall between crypto and mainstream finance is crumbling fast.

“This is a testament to the hard work of our employees, our investors, and a big appreciation to our customers,” Armstrong said. His comments arrive amid broader optimism in the sector, as U.S. policy shifts under a more pro-crypto administration led by President Donald Trump.

Armstrong’s prediction follows similar remarks earlier this year by Eric Trump, who warned that banks unwilling to embrace crypto would be “extinct in 10 years.” Now, with Coinbase’s S&P 500 entry and Armstrong’s 401(k) forecast, the message is clear: digital assets are becoming foundational.

JUST IN: Eric Trump says, “Our banking system is broken.”#Bitcoin and crypto is much better pic.twitter.com/Sd3PggOibw

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2025

Whether it’s through ETFs, index fund exposure, or direct allocation, Armstrong highlights that Bitcoin is becoming more and more integrated into Americans retirement plans and traditional finance.

This post Bitcoin & Crypto Will Be in Everyone’s 401(k), Says Coinbase CEO Brian Armstrong first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

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Metaplanet Achieves Record-Breaking Quarter through Bitcoin Treasury Strategy

Metaplanet’s Q1 earnings weren’t just a breakout—they were a case study in Bitcoin-native treasury execution. This analysis unpacks how the company transformed balance sheet volatility into shareholder performance, offering a blueprint for corporate treasury strategy in the Bitcoin era.

In Q1 FY2025, Metaplanet posted the strongest financial results in its 20-year corporate history—driven by a Bitcoin treasury strategy that is now operating at scale.

Metaplanet isn’t just aligning with Bitcoin. It’s compounding shareholder value through it—by using capital markets infrastructure, BTC-native KPIs, and recurring income strategies to systematically increase Bitcoin per share.

With 6,976 BTC on its balance sheet, a 170% BTC Yield year-to-date, and a growing global footprint, Metaplanet is no longer a signal — It’s a system.

For a quick summary of Metaplanet’s Q1 financial highlights, see our news coverage here.

A Breakout Quarter for Japan’s Bitcoin Treasury Leader

Metaplanet’s Q1 FY2025 results marked a turning point—not only in terms of scale, but in consistency. For the first time, both core operating metrics and Bitcoin treasury KPIs broke company records.

Quarterly Financials:

• Revenue: ¥877M (+8% QoQ)
• Operating Profit: ¥593M (+11% QoQ)
• Total Assets: ¥55.0B (+81%)
• Net Assets: ¥50.4B (+197%)
• Unrealized BTC Gains (as of May 12): ¥13.5B

While the company reported a ¥7.4B valuation loss on its Bitcoin position as of the March quarter-end due to market prices, it noted that those losses had fully reversed—and then some—by mid-May.

This context matters: valuation volatility is expected in a BTC-denominated capital model. What matters more is BTC per share growth, operational profitability, and capital efficiency—all of which trended strongly upward.

BTC Holdings Surge to 6,976—Up 3.9x Year-to-Date

Metaplanet added 5,034 BTC in Q1 alone, growing its Bitcoin holdings to 6,976 BTC—a 3.9x increase since January 1.

It now holds:

• ~68% of its near-term 10,000 BTC target
• A cost basis of ¥13.27M per BTC
• A top 11 position globally and #1 in Asia among public companies by Bitcoin held

This accumulation was funded via Japan’s largest moving-strike warrant program, which allows the company to issue equity into market strength without setting a fixed discount or strike. As of May 10:

• 87% of the 210M-share program has been executed
• ¥76.6B has been raised
• The program enabled continuous BTC purchases without disrupting share price stability

BTC Yield Hits 170%—A Defining KPI

Metaplanet tracks a unique Bitcoin-native KPI: BTC Yield, which measures the growth in Bitcoin per diluted share. In Q1:

• BTC Yield: 170.0%
• BTC Gain: 2,996 BTC
• BTC ¥ Gain: ¥45.4B

This metric is central to how Metaplanet evaluates treasury performance—not in fiat returns, but in how effectively it grows BTC per shareholder unit.

BTC Yield reflects not just accumulation, but capital strategy. Equity raised must result in BTC that outpaces dilution. If that happens, BTC Yield goes up. If not, it drops. It’s a precision tool for treasury discipline.

This mirrors the innovations pioneered by Strategy (formerly MicroStrategy), but with a distinctly Asia-Pacific capital markets model.

Operating Profit Hits New Record—Driven by Bitcoin Income

Unlike many Bitcoin-focused firms, Metaplanet isn’t just raising capital and buying Bitcoin—it’s also generating recurring profit.

Q1 operating income was ¥592M, a new company record.

Breakdown:

• ¥770M from Bitcoin Income Generation (primarily from writing BTC cash-secured puts)
• ¥104M from its legacy hotel business
• Operating margin: 67.6%

Why it matters: this income model reduces dependence on equity issuance and improves capital flexibility. It also means new capital can go directly into BTC—not to fund operations. This reinforces Metaplanet’s ability to grow both BTC and BTC per share.

The company has now monetized 30 out of 58 days in 2025 via its BTC volatility strategies, while maintaining strict downside protection. This turns balance sheet volatility into a revenue source.

Metaplanet’s Premium to NAV and Global Liquidity Edge

One of the defining features of Metaplanet’s public market presence is its ability to maintain a premium to NAV—a rare feat among Bitcoin treasury companies.

At current levels, its equity trades well above the mark-to-market value of its BTC holdings, adjusted for dilution. This premium isn’t a speculative fluke—it’s a reflection of how the company is structurally positioned to outperform Bitcoin per share, and how global investors are beginning to understand and price in that capability.

Drivers of this premium include:

• Consistent BTC Yield growth that reinforces long-term per-share value
• A clean cap table with no preferred equity and no debt
• Deep domestic liquidity on the Tokyo Stock Exchange, where Metaplanet has become one of the top 3 most actively traded stocks by volume in 2025
• Broad ETF inclusion and algorithmic index participation, due to its high volatility, sector neutrality, and tradability
• Global exposure through MTPLF (U.S. OTC listing) and DN3 (Germany), providing accessibility to retail and institutional capital across time zones
• Transparent, BTC-native treasury reporting that aligns with modern investor expectations

Metaplanet has also attracted cross-border capital flows from Bitcoin-aligned investors seeking jurisdictional diversification and treasury growth, not just raw BTC exposure. The firm’s consistently positive BTC Yield and operating margin has helped reinforce this shareholder base, leading to organic demand-driven equity issuance at accretive prices.

A Scalable Bitcoin Treasury Model for Asia

As a Premiere Member of Bitcoin For Corporations, Metaplanet is playing a vital role in shaping the global Bitcoin treasury movement—particularly within the Asia-Pacific region.

While most Bitcoin treasury companies to date have emerged from the U.S., Metaplanet’s model proves that Bitcoin-native capital strategy can scale within different regulatory frameworks, capital markets, and investor cultures.

The company’s design is purpose-built to maximize Bitcoin per share without relying on fixed debt instruments or opportunistic “buy-the-dip” moments. Instead, it leverages:

• Moving-strike equity programs that allow it to issue shares only when market demand supports it
• A programmable treasury acquisition framework, enabling daily BTC purchases without timing discretion or manual trading
• BTC Income Generation strategies that turn volatility into operating profit
• Integrated liquidity infrastructure spanning three regions and currencies (JPY, USD, EUR)

As a Premiere Member of BFC, Metaplanet actively shares learnings, metrics, and execution insights with other public companies exploring Bitcoin treasury adoption. Its structure is not only repeatable—it’s exportable.

For corporates in Japan, Korea, Taiwan, Hong Kong, and Southeast Asia, Metaplanet offers more than proof of concept. It offers a blueprint.

And as BFC continues to expand its international footprint, Metaplanet’s role will be central to how the playbook for Bitcoin-native capital design evolves across global markets.

Conclusion: Metaplanet Moves From Signal to System

Metaplanet is no longer just Japan’s first public Bitcoin treasury company. It’s becoming the first in Asia to build an operational model that proves Bitcoin treasury strategy can deliver:

• High operating margins
• Capital-efficient BTC accumulation
• Scalable, transparent shareholder performance metrics
• Public market outperformance

With 6,976 BTC on the balance sheet, 170% BTC Yield, and a premium valuation supported by execution—not hype—Metaplanet is setting a new standard.

It’s not just holding Bitcoin. It’s showing what a Bitcoin-first capital structure can really do.

Disclaimer: This content was written on behalf of Bitcoin For Corporations. This article is intended solely for informational purposes and should not be interpreted as an invitation or solicitation to acquire, purchase, or subscribe for securities. For full transparency, please note that BTC Inc., the parent company of UTXO Management, (i) holds a stake in Metaplanet and (ii) is an affiliate of Nakamoto through common ownership and provides marketing services to Nakamoto.

This post Metaplanet Achieves Record-Breaking Quarter through Bitcoin Treasury Strategy first appeared on Bitcoin Magazine and is written by Nick Ward.

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Defense In Samourai Case Argues That Hearing Over Delayed Brady Disclosure Is Warranted

On Monday, May 12, the defense in the Samourai Wallet case submitted a letter to the SDNY in which it made the case for the court to schedule a hearing regarding the information that came to light on April 1, 2025 about an August 23, 2023 call between the prosecution (“Government”) and FinCEN in which members of FinCEN stated that they didn’t believe that Samourai Wallet was a money transmitting business due to the noncustodial nature of the product.

The submission of this letter comes on the heels of a letter that the prosecution submitted to the court on Friday, May 9 in which it claimed that it didn’t violate the Brady rule (withhold exculpatory evidence).

Defense Claims Prosecution Did Suppress Key Evidence

In this recent letter, the defense stated that the prosecution did withhold evidence that could clear the Samourai developers of their alleged crime of conspiring to operate a money service business.

“The information the Government suppressed for almost a year is classic Brady: During its investigation of Samourai Wallet, prosecutors called FinCEN to determine whether it would qualify as a ‘money service business’ that was required to have a license and to implement anti-money laundering controls,” wrote the defense.

“Two FinCEN employees, including the Chief of FinCEN’s Virtual Assets and Emerging Technology Section in the Enforcement and Compliance Division, responded that, under FinCEN’s guidance, the answer was ‘no’ because Samourai did not take custody of a user’s cryptocurrency,” they added.

“Because this response precisely echoes the public statements Samourai Wallet made about why its business did not run afoul of the licensing and money laundering requirements for money transmitters, FinCEN’s statements provide powerful corroboration of Mr. Hill and Mr. Rodriguez’s [the defendants] good faith belief that they were not violating any laws.”

The defense went on to state that the prosecution brought the conspiracy to operate an unlicensed money transmitting business charge despite what the members of FinCEN had told them. It also argued that the prosecution has persisted with this charge despite the fact that two U.S. Senators have protested it in a letter and that a recent memo from U.S. Deputy Attorney General Todd Blanche stated that the U.S. Department of Justice will no longer target virtual currency mixing or tumbling services.

What is more, the defense highlighted that it is customary that evidence favorable to the defense be disclosed within two weeks of an indictment — whether the defense has requested it or not — and that two separate court orders under Rule 5(f) reiterated the need to disclose Brady information as soon as it is discovered.

The defense argued that both the Government’s year-long delay in disclosing what it learned on the August 23, 2023 call with FinCEN is enough to warrant the hearing on the matter it requested.

The Government Downplayed What It Learned From FinCEN

The defense also noted that the Government minimized the importance of the information that the members of FinCEN shared with it on the August 23, 2023 call.

It highlighted how the Government had referred to the call with FinCEN as “informal” and that the information from the FinCEN members was their “individual opinion” and that these FinCEN members’ interpretation of the law lacks any “authoritative effect.”

“This is sophistry,” wrote the defense about the way the Government downplayed the information it had received from FinCEN.

The defense added that it is important to consider that the two members of FinCEN expressed interpretations of FinCEN guidance that were identical to the interpretations that the defendants expressed in their public statements.

The Dangers Of Withholding Evidence

The defense acknowledged that the Brady rule only requires the disclosure of evidence that would be favorable to the defendants before the onset of trial. However (and importantly), it also stated that the Government’s suppressing what it learned on its called with FinCEN is problematic in that there is “no reason to believe that prosecution would have not have accepted a guilty plea” in regard to the conspiracy to operate an unlicensed money transmitting business charge between when it first indicted the Samourai Wallet developers over a year ago and when the information from the FinCEN call came to light last month.

It also stated that, during this year-long period, the defendants “endured significant restrictions on their liberty and spent a substantial portion of their savings to defend themselves,” in part as a result of the Government’s withholding information.

Precedent For A Hearing

In the final portion of the letter, the defense noted that there is precedent for the type of hearing that it’s requesting.

“When confronted with belated disclosures of Brady information, courts in this district have not hesitated to require prosecutors to explain their actions, including by disclosing internal correspondence about whether and when to disclose the information,” wrote the defense, which also cited the cases in which this precedent was established.

“Before the Government has refused to disclose this information to the defense, the Court should compel it to do so, and then hold a hearing to determine the circumstances of the Government’s late disclosure of Brady information and the proper remedy,” concluded the defense.

This post Defense In Samourai Case Argues That Hearing Over Delayed Brady Disclosure Is Warranted first appeared on Bitcoin Magazine and is written by Frank Corva.

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Bitcoin Magazine Launches V3 Limited Edition Bitcoin Crocs

Bitcoin Magazine has dropped the latest iteration of its exclusive Bitcoin Crocs collection, the V3, blending the worlds of Bitcoin and casual footwear in a bold new way. This limited-edition release, capped at just 2,100 pairs, features the iconic Crocs clog style with a striking orange base stamped with black Bitcoin logos. Each pair also comes with a custom Bitcoin Magazine Jibbitz charm, adding a unique touch of BTC flair.

The launch was announced via a post on X, generating buzz among Bitcoin enthusiasts and fashion-forward collectors alike.

Bitcoin Magazine Store Product Owner Michael Markle emphasized the significance of this collaboration, stating, “Cross-brand partnerships like this are key to introducing Bitcoin to new audiences. Working with household names like Crocs allows us to promote Bitcoin adoption in a fun, accessible way, bridging the gap between Bitcoin culture and everyday life.”

This V3 collection is a collaborative effort between Bitcoin Magazine and Collect and Hodl Co., with Bitcoin Magazine serving as the exclusive merchant for the Bitcoin Crocs line. The sale kicked off on Wednesday, May 14, 2025, targeting both “magic internet money fans” and “comfort-minded podiatric connoisseurs.” The vibrant design not only celebrates Bitcoin’s growing cultural impact but also offers a practical, stylish option for fans to showcase their passion.

Mark Mason, Bitcoin Magazine’s International Publisher and Head of Products, stated, “Our core mission statement is hyperbitcoinization, fostering Bitcoin adoption across the board. We want to serve the Bitcoin community and look forward to launching future product offerings by partnering with more household names and creating highly collectible limited-edition products that champion the same scarcity and sound mindset that we love about Bitcoin. Make sure you follow us on social media and subscribe to our daily newsletter for future product releases.”

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Don’t miss your chance to explore this unique fusion of Bitcoin and comfort—check out the Bitcoin Magazine Store for more details and future releases: Bitcoin Magazine Store.

This post Bitcoin Magazine Launches V3 Limited Edition Bitcoin Crocs first appeared on Bitcoin Magazine and is written by Bitcoin Magazine.

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Jack Mallers’ Twenty One Capital And Tether Bought 4,812 Bitcoin For $458,700,000

Today, Cantor Equity Partners, Inc. revealed in a new filing with the SEC that Tether bought 4,812.2 Bitcoin for a total of $458.7 million on behalf of Jack Mallers’ recently launched Bitcoin treasury company, Twenty One Capital, which plans to eventually go public under the ticker $XXI. 

JUST IN: Jack Mallers Twenty One Capital and Tether buys 4,812 #Bitcoin for $458,700,000 pic.twitter.com/SZFMZcDBAa

— Bitcoin Magazine (@BitcoinMagazine) May 13, 2025

“Pursuant to the Business Combination Agreement, Tether agreed that within ten (10) business days thereof, it would purchase a number of Bitcoin equal to an aggregate purchase price of $458,700,000,” Cantor stated in the filing. “With the Convertible Notes PIPE, entered into on April 22, 2025 by Pubco and the Company with certain investors, less a holdback amount of $52,000,000), and place such Bitcoin in a digital wallet held or operated by or on behalf of Tether.

Tether is holding the Bitcoin in a digital wallet, which anyone can view the holdings online here, showcasing further transparency into their holdings similar to how some spot Bitcoin ETF issuers and other public corporations, such as Bitwise and Metaplanet, have done with their holdings.

“The Initial PIPE Bitcoin will be sold by Tether to Pubco at the closing of the transactions contemplated by the Business Combination Agreement upon the funding of the PIPE Investments by the PIPE Investors for a purchase price of $458,700,000,” the filing further stated.

Cantor Equity Partners Inc., currently trading under the ticker CEP, is now live in the markets as it works toward completing its merger with Twenty One Capital. CEO Jack Mallers recently emphasized the firm’s aggressive Bitcoin acquisition strategy, stating: “We do intend to raise as much capital as we possibly can to acquire Bitcoin… We will never have Bitcoin per share negative. At least that is our intent. Our intent is to make sure when you are a shareholder of Twenty One that you are getting wealthier in Bitcoin terms.”

JUST IN: Twenty One Capital CEO Jack Mallers says “we do intend to raise as much capital as we possibly can to acquire #Bitcoin” pic.twitter.com/IrCyy2QVnS

— Bitcoin Magazine (@BitcoinMagazine) April 23, 2025

At launch, the company will hold over 42,000 Bitcoin, instantly making it one of the largest corporate holders of BTC worldwide—only behind industry giants like Strategy. 

In an also recent interview, Jack Mallers described Twenty One Capital’s mission clearly: “We want to be the ultimate vehicle for the capital markets to participate in Bitcoin…building on top of Bitcoin. So we are a Bitcoin business at our core. It’s our founding, it’s in our name, it’s on our board, it’s at our leadership.”

This post Jack Mallers’ Twenty One Capital And Tether Bought 4,812 Bitcoin For $458,700,000 first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

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My First Bitcoin Receives $1 Million Grant from Jack Dorsey to Expand Global Bitcoin Education

My First Bitcoin, a nonprofit focused on grassroots Bitcoin education, just announced they are receiving a $1 million grant from Start Small. This funding will help scale efforts to provide free, open source Bitcoin education for the world.

My First Bitcoin receives $1 million grant from #startsmall to advance independent Bitcoin Education around the world

May 13, 2025 – We are proud to announce that My First Bitcoin has received a $1 million grant from #startsmall. With this financial support from Jack Dorsey’s… pic.twitter.com/Bl5OajOgQu

— Mi Primer Bitcoin (@MyfirstBitcoin_) May 13, 2025

“The revolution of Bitcoin education is that it teaches students HOW to think, not WHAT to think,” said Founder and Executive Director of My First Bitcoin John Dennehy. “Funding from sources with their own incentives is the greatest vulnerability that threatens that. Education will be captured by whoever funds it. We will never take any government money and frequently turn down funding from corporations and companies. The subtle influence of funding has ruined fiat education and we need to create alternative models for the revolution of Bitcoin education to realize its full potential.”

This grant gives My First Bitcoin the ability to expand its reach and improve tools like the Bitcoin Diploma, Intro Course, and teacher training workshops. It also strengthens their Online School and Community Hub, making Bitcoin education more accessible to people everywhere.

This funding is not just a milestone—it’s a statement. As Dennehy added, “My First Bitcoin is a proof-of-concept for all independent Bitcoin educators that if you stay on the mission, even when it’s challenging, then you will come out the other side even stronger.”

My First Bitcoin started in 2021 as a small local project. Since then, it’s grown into a global movement. Over the years, the team has taught tens of thousands of students in-person, testing and refining materials based on real-world feedback. 

In 2022, My First Bitcoin awarded Bitcoin diplomas to 38 high school students in El Salvador. As part of the program, the students had 10 lessons which included the introduction to monetary systems, the consequences of fiat, monetary history, understanding bitcoin, wallets and the Bitcoin network, the double-spend problem and nodes, security and mining, the value of bitcoin, the Lightning Network and Bitcoin’s future, and the final project. 

Today, 38 high school students received their #Bitcoin diplomas in El Salvador pic.twitter.com/X7iiWhgM1i

— Bitcoin Magazine (@BitcoinMagazine) June 25, 2022

In 2023, the organization launched the Independent Bitcoin Educators Node Network—now with over 65 projects across more than 35 countries. These include circular economies, meetup groups, and other local Bitcoin projects. What unites them is their shared commitment to six core values: “that their education is independent, impartial, community-led, Bitcoin-only, quality, and focused on empowerment over profit.”

“Open source money deserves open source education. Over the past few years, we’ve seen growing demand for our resources around the world, and we remain committed to serving everyone in the Bitcoin space who needs support,” said Director of Communications at My First Bitcoin Arnold Hubach.

this is EPIC

I’m so proud of this team and so honored to be a part of this movement

this is going to accelerate independent bitcoin education EVERYWHERE! https://t.co/8ytQvIQD0n

— John Dennehy (@jdennehy_writes) May 13, 2025

This post My First Bitcoin Receives $1 Million Grant from Jack Dorsey to Expand Global Bitcoin Education first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

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Missouri Bill Would Enable Tax-Free Bitcoin Spending

Missouri’s House Bill 594 (HB594), which would eliminate capital gains taxes for residents in the state, recently passed a vote in the state’s House of Representatives and now awaits a signature from Missouri’s governor, Mike Kehoe (R).

If the bill passes, Missourians can write off “one hundred percent of all income reported as a capital gain for federal income tax purposes,” according to the language in the bill. This means that residents of Missouri would not have to pay a capital gains tax when they spend (or sell) their bitcoin.

This bill differs from a bill recently introduced in Rhode Island that would permit the state’s residents to spend up to $10,000 per month in bitcoin without incurring a capital gains tax on the state level while still paying it on the federal level in that it stipulates that the adjusted gross income for Missourians under this bill would alter their federal gross income.

The language in the bill reads as follows: “The Missouri adjusted gross income of a resident individual shall be the taxpayer’s federal adjusted gross income subject to the modifications in the [bill].”

It’s unclear as to whether Governor Kehoe will sign the bill or not, as, if it were to be enacted, it would reduce the state’s revenue by almost $300 million per year at a time when public schools in Missouri are underfunded and Governor Kehoe has acknowledged that public schools are underperforming.

With that said, other Republicans (Gov. Kehoe is a Republican) in the state have made the argument that enacting HB594 into law would fuel economic growth in the state and provide tax relief for the average Missourian.

HB594’s passing in the Missouri House of Representatives comes in the wake of a broader push back on taxation within the United States, as President Trump recently shared on Truth Social that he’s considering eliminating income taxes on those making less than $200,000 per year as he implements tariffs to make up for the difference in revenue.

If Governor Kehoe signs the bill into law, Missouri will become the first state with income taxes to leave out earnings from capital gains as well as a friendly jurisdiction for Bitcoiners looking to spend their bitcoin without having to pay taxes on the fiat gains they’ve made on it.

This post Missouri Bill Would Enable Tax-Free Bitcoin Spending first appeared on Bitcoin Magazine and is written by Frank Corva.

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OP_RETURN Limits: Bitcoin’s Battle Over Arbitrary Data

An OP_RETURN debate flared up in the Bitcoin industry in recent weeks and has by now invaded most conversation spaces within the industry. The topic is rich and complex, and many people have strong opinions on the matter.

OP_RETURN is an opcode in Bitcoin’s scripting language used to store meta data or arbitrary data that is not relevant for bitcoin transaction validation, as such can be pruned by node runners without much issue, enabling more efficient management of spam while also giving developers a controlled environment to anchor data on chain. 

Taking a harm reduction approach to the problem of spam, the OP_RETURN controversy was recently triggered by a pull request submitted by Peter Todd to the Bitcoin Core repository. Proponents of the update seek to uncap the amount of arbitrary data that can be placed in the OP_RETURN by removing the mempool policy rule that restricts it to 80 bytes. By consequence, this moves the limit up to the consensus block size cap of 1MB of non-SegWit data. They argue that this limit is no longer effective at stopping spam and, on the contrary, is leading to more harmful behaviors such as stuffing data in UTXOs, which harm node runners.

Furthermore, the proposal removed the datacarrier flag, a configuration option that allowed node runners to choose which transactions to filter from their local mempool based on how much arbitrary data the OP_RETURN carried.

The opposition, led by Luke Dashjr, not only wants to keep the OP_RETURN limit in place and retain the datacarrier size but proposes further mempool policy restrictions on arbitrary data and “non-monetary” transactions on Bitcoin.

Both camps generally agree that arbitrary data on Bitcoin is a bad thing for the network. They also agree that filters cannot possibly filter all kinds of spam. What they disagree on is how effective these kinds of filters are in mitigating spam. They also disagree on the consequences of imposing or removing these filters from the network, their impact on the costs of running a node, and their impact on mining centralization.

Author’s note: Of course, not all proponents of the OP_RETURN changes agree with all of the arguments in favor of the pull request, and not all opponents agree with all of the arguments against it. This is just a general (and probably incomplete) overview of the various arguments out there.

In Support Of Removing the OP_RETURN Size Limit

Spearheaded by Peter Todd, though supported by many Bitcoin Core contributors, the removal of the OP_RETURN limit represents a harm reduction approach to the problem of spam and arbitrary data on Bitcoin.

Todd argues that the current OP_RETURN limit, initially placed over a decade ago to give spammers a safe and controlled space for arbitrary data, no longer serves its purpose as companies and enthusiasts have developed direct-to-miner private mempools, such as MARA’s Slipstream, that bypass mempool policy.

The OP_RETURN limit was put in place after Satoshi Nakamoto left, to protect the network from similar spam but during a very different era, when blocks were rarely full, much less boasting a high-fee environment. There were also few to no tools for pruning, and the software was very inefficient. Many optimizations have been implemented  over the last decade, and their cumulative effects influence this debate.

The OP_RETURN limit was thus more effective when it was first created and more difficult to bypass. Today, NFT and arbitrary data enthusiasts with ambitious projects, pressured out of the OP_RETURN space by the current mempool limit, have resorted to stuffing arbitrary data into the UTXO set instead. Unlike OP_RETURN or SegWit spaces, which can be reasonably pruned off nodes, the UTXO set is generally held in RAM, the most expensive form of memory. The UTXO set needs to be processed by nodes, to verify the supply of coins and be able to validate the integrity of new transactions, a fundamental piece of running a node, without which home nodes lose much of their value proposition. UTXO data stuffing as a result imposes significant costs on node runners by increasing initial block download, overall sync time, and hardware requirements that ultimately harm the decentralization of the Bitcoin network. 

Finally, supporters argue that miners are “rational economic actors,” an economics term meaning that to stay alive in a very competitive market, miners need to optimize for profits wherever possible. Thus, if mining consensus-valid non-standard transactions gives them an edge, they will take it.

Back in 2023, Luke Dashjr proposed a change that sought to apply datacarrier mempool policy to SegWit and Taproot arbitrary data, such as Inscriptions, further restricting the options for spammers. Peter Todd opposed the PR, explaining that “The transactions targeted by this pull request are a very significant source of fee revenue for miners. It is very unlikely that miners will give up that source of revenue. Censoring those transactions would simply encourage the development of private mempools – harmful to small miners – while making fee estimation less reliable.”

In Support of Removing the datacarrier Flag

Todd’s pull request did one more thing aside from removing the OP_RETURN limit: it also removed the datacarrier flag from the configuration options of node operators. Users of Bitcoin Core node software can control what transactions they relay through their node based on a configuration option called the datacarrier flag, which looks specifically at the amount of data inside the OP_RETURN, the default today being 80 bytes of arbitrary data.

Supporters argue that the flag is obsolete now and that the prevalence of tools like the mining pool MARA’s Slipstream program or Todd’s Libre Relay streamline the inclusion of consensus-valid transactions, even if they are “non-standard” by mempool policy.

Consensus-valid non-standard transactions are in conflict with mempool policy rules like the OP_RETURN limit but do not break any consensus rules and thus can be included in Bitcoin by a miner directly if the miner can simply be made aware of the transaction. Such systems already obsolete controversial filters, supporters argue, making the datacarrier flag irrelevant, particularly if the default OP_RETURN size limit is lifted.

Supporters argue that the flag only gives users the illusion of control and is a “footgun” – a tool that is dangerously easy to misuse – and in this case has no utility to the user.

Finally, removing the datacarrier flag alongside the OP_RETURN limit can remove a recurring point of conflict and controversy for Bitcoin Core, as filter-supporting Bitcoin maximalists are not the only ones with an opinion on the matter or capable of rallying the internet to oppose a pull request.

In 2023, a pull request was made to Bitcoin Core that sought to change the default mempool policy around routing bare multisig transactions. This is an old standard that is used today by NFT protocols such as Stamps, among others, to ensure their arbitrary data easily makes it to the chain and, better yet, cannot be easily pruned. The pull request quickly devolved into an internet flame war between “spammers” and supporters of the change, pausing its integration into Bitcoin Core in a similar way as Todd’s pull request did last week.

By removing the datacarrier flag, which supporters argue is irrelevant anyway, drama of this sort can be put to bed, and Bitcoin Core contributors can move on to other, more pressing issues, they argue.

In Opposition to Removing the OP_RETURN Size Limit

The opposition – colloquially known as the Filterors – and led by long-time Bitcoin Core contributor Luke Dashjr, argue that removing the OP_RETURN size limit is a surrender to the spammers, that perfect filters are not what is needed, rather that the mere act of filtering sends a message to companies or projects looking to build arbitrary data-reliant systems on top of Bitcoin. The message is: go build that somewhere else or find a better way to do it.

They argue that Bitcoin is a network for monetary transactions only, that anything outside of that definition is spam. Monetary transactions are, in their view, Bitcoin transactions that seek only to transfer bitcoin-denominated value between two users, with goods and services transferred off-chain in return.

According to Chris Guida, a Lightning developer and Bitcoin Knots supporter, there are roughly two formal definitions for monetary transactions on Bitcoin.

“I think there are effectively two different definitions: one has to do with whether the transaction is actually using Bitcoin as a payment rail, and not a database for scammy ‘products’,” referring to NFTs, adding “and the other definition is, effectively, ‘does it fit within 40/80 bytes’ in OP_RETURN. If neither of these standards apply, they consider it spam.”

NFT trades or arbitrary data used to anchor Layer 2 protocols on top of Bitcoin do not count as monetary transactions in this sense and thus are considered spam, even if these Layer 2s might be conducting financial transactions of various kinds.

Furthermore, Filterors argue that Bitcoin Core should be actively looking for ways to discourage this kind of behavior. They argue that spammers moving to UTXO stuffing is evidence that the filters work, in that the pressure effectively leads them to find other ways to spam the network. In other words, if the filters did not work, then spammers would not be looking for more expensive terrain on which to build their spam systems, such as the UTXO set.

Thus, not only should the OP_RETURN limit be kept, but it should probably be shrunk further, perhaps back to the historical 40 bytes. Furthermore, the datacarrier flag should be expanded to govern Segregated Witness and Taproot transactions, which are uncapped for arbitrary data up to the block size limit and are being exploited by spammers, the most prominent of which are Inscriptions.

Finally, the Filterors affirm that systems like Todd’s Libre Relay or MARA’s Slipstream can be fought in various ways, and they do not intend to simply fold if Bitcoin Core continues with its current development path. The result has been growing interest in Bitcoin Knots, the alternative implementation of Bitcoin maintained by Luke Dashjr, among others, to empower Bitcoin users to run their own filters as they see fit and fight the spam. As of the time of writing and according to Luke’s network analysis, over 5% of the Bitcoin nodes are running Bitcoin Knots.

In Opposition to Removing the datacarrier Flag

Filterors and Bitcoin Knots enthusiasts also defend the datacarrier flag on principle. They argue that with sufficient numbers, coordinated node runners have a path to successfully filter a certain set of spam, going as far as to argue for the expansion of what the datacarrier flag governs, as seen in that pull request from 2023 by Luke Dashjr. In it, SegWit and Taproot arbitrary data storage capabilities would also be limited by the node runner-controlled datacarrier flag; they currently are not.

This point, in particular, has resonated with many people, as seen by the growing numbers of Bitcoiners running the Bitcoin Knots implementation of Bitcoin, which includes mempool policy changes of this sort while keeping all other Bitcoin Core code intact.

Some Bitcoin Knots supporters, like Chris Guida, are starting to talk about user-controlled relay policies or “modular filters” which can be created from refactoring mempool policy code and updated to follow certain actively managed templates – a kind of automated spam filter algorithm that users could choose from a provider. 

On X he argued “It is often claimed that filtering spam is a “cat-and-mouse game” where somehow the filterers are at a disadvantage.

I think that’s absurd. We can create filters as fast as new fungible token metaprotocols can create their new tx formats, before they even hit mainnet.”

While even Filterors recognize that there are limits to spam control, they maintain that a hostile environment to spam-related software systems and business models is a good thing and one that needs to be maintained to deter bad behavior, even if the more price-insensitive versions will nevertheless go direct to miners and pay to make it into a block.

This post OP_RETURN Limits: Bitcoin’s Battle Over Arbitrary Data first appeared on Bitcoin Magazine and is written by Juan Galt.

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The Bitcoin Mempool: Why We Have Filters

In my prior article on the mempool, I laid out a simple conceptual framework to reason about the basic functionality of the mempool, and how it was used by different kinds of users of the Bitcoin network. In this piece I will be looking at the differences between relay policy and consensus rules, and why by default Bitcoin nodes do not relay some types of bitcoin transactions despite being consensus valid. 

First and foremost, regardless of the peer-to-peer network refusing to relay certain kinds of consensus valid transactions, if those transactions were to find up in a miner’s mempool and be selected for inclusion in a block, they will be received and downloaded by nodes when they receive that block. Nothing can prevent this short of consensus changes to make those classes of transactions invalid under consensus rules. 

There are different types of filters for different reasons. The three general types of filters are those protecting nodes (and therefore the network) from Denial of Service (DoS), those protecting upgrade hooks for future softforks, and those gently discouraging things that Bitcoiners might not like but otherwise present no serious harm to individual nodes or the network. 

Denial of Service Vectors

Bitcoin nodes are computer programs running on computers. This means they have all the technical constraints of any programming running on any computer, limitations for storage, memory, processing power, etc. This is the root of why the blocksize limit was introduced and maintained, so as to create a global constraint keeping the verification costs reasonable for normal devices. 

This class of filters is designed specifically to ensure that even with the blockspace limit individual transactions that can be created that can consume too much of a node’s resources do not do so. 

The simplest example of such a filter is the minimum feerate needed for a transaction to propagate, and the Replace-By-Fee (RBF) rules dictating when a different version of the same transaction can replace the previous one, i.e. only when it pays a higher fee than the last version. Once you sign a transaction with a fee, you are on the hook. Unless you doublespend it, any miner who gets that transaction can mine it and collect that fee. There is no way to escape paying that cost other than spending your UTXO in a different transaction first (which also requires a fee). 

The reason for this is DoS protection. Without having to put themselves on the hook for a fee that they can’t escape paying, a user could simply create infinite variations of a single transaction and spam the mempools of every node on the network, eating bandwidth and memory in the process. Nothing would be stopping them from doing this forever. Nodes on the network would outright crash, or bandwidth costs become so exorbitantly high that users couldn’t afford them. 

Another example of transactions filtered by relay policy are expensive to validate transactions. It is possible to create transactions that are incredibly expensive to verify. Some blocks can be created that will take a Bitcoin node running on normal consumer hardware over an hour to verify. This is done by creating large custom scripts that are designed to create the maximum amount of signature checks that can be and stuffing a block full of nothing but these transactions. 

Such script structures have been constructed before and verification times tested on different types of machines, but the exact structure of those scripts has not been publicly revealed by the developers who did so for obvious reasons. These are transactions that could literally stall the entire network. 

A last example of DoS protection would be the dust limit. Transactions creating UTXOs with a satoshi value below the dust limit are not relayed because the fee to spend that UTXO would be higher than the satoshi value of the output. This makes it uneconomical and unlikely that it would ever be spent, meaning that the UTXO set would have to store these outputs forever. This could create a bloating UTXO set that makes block validation more computationally intensive. 

Future Softforks

All major upgrades to the Bitcoin protocol have been done with softforks, an upgrade mechanism that allows new script functionality to be added to the protocol in a way that un-upgraded nodes will still accept as valid.

This is possible because Bitcoin script includes “undefined” opcodes, meaning that any use of them automatically is considered valid because no verification rules are currently defined for them. When people upgrade their nodes to enforce the new rules, upgraded nodes will apply the new rules against that opcode, and older ones will simply accept any use of them. As long as miners do not mine transactions violating the new rules before the network of nodes all upgrade, everyone stays on the same blockchain and everything is backwards compatible. 

Transactions using these undefined opcodes are filtered by relay policy. This is done in order to preserve the upgradeability of the Bitcoin protocol in the future. 

If users were to make UTXOs using such undefined opcodes, say in combination with a defined ones so that they weren’t spendable by anyone, if that undefined opcode were given verification rules in a softfork that UTXO would become unspendable. The structure of the script would not be able to meet the new verification rules applied during the softfork. 

Allowing these to propagate and be confirmed could allow UTXOs using undefined opcodes to turn any potential softfork upgrade in the future into a philosophical dilemma of not upgrading or rendering some user’s coins unspendable. 

Discouragement

There are some types of transactions that while causing no actual harm to nodes on the network, i.e. crashing nodes, using excessive memory or resources, a large segment of network users find undesirable or contrary to the primary purpose of Bitcoin. 

Examples of such transactions would be those making use of large OP_RETURN outputs, or Inscriptions making use of the Witness field, to write arbitrary information to the blockchain. These are discouraged because they are not seen as a primary use case of the Bitcoin network. 

Not Everything Is The Same

These different classes of filters in relay policy are very clearly distinctly different things. Not all relay filters exist for the same reason, not all of them involve the same incentives for miners to mine (or not mine) them. Each of them exists for a specific purpose to protect your node, or the blockchain, from different types of things that are either legitimately damaging or just undesirable. 

All filters are not the same, and the difference between the things they are filtering is massive. Everything from problematic transactions that could crash the network (which should be fixed at the consensus level), to just discouraging harmless transactions that people find undesirable. 

It’s important to realize the difference between these things. For instance, a miner might mine a simply undesirable transaction if a user pays for it, but no rational miner would construct and mine a block full of transactions that would crash the entire network. That would undermine their investment. 

This post The Bitcoin Mempool: Why We Have Filters first appeared on Bitcoin Magazine and is written by Shinobi.

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Coinbase Becomes First Bitcoin And Crypto Company To Join The S&P 500

Coinbase Global Inc. (NASDAQ: COIN) is officially joining the S&P 500 starting May 19. It will replace Discover Financial Services (NYSE: DFS), which is being acquired by Capital One Financial (NYSE: COF), an existing member of the index.

JUST IN: Coinbase to join S&P 500 pic.twitter.com/bF5F1njTMR

— Bitcoin Magazine (@BitcoinMagazine) May 12, 2025

This is a big move for Coinbase and an even bigger signal for Bitcoin. For a crypto company to be added to one of the most important indexes in the U.S. shows how far this industry has come. It’s not just hype anymore—it’s becoming a real part of the traditional financial system.

“Thank you to everyone who made it possible for a crypto company to join the S&P 500 for the first time in history,” Coinbase posted on their X account.

To get into the S&P 500, a company needs to meet a few strict requirements. They need a market cap of at least $18 billion, have most of their shares held by the public, be profitable over the last four quarters, and be listed on a U.S. exchange. Coinbase checks all of those boxes, with a market cap over $40 billion and solid recent earnings.

Once Coinbase is added, every fund that tracks the S&P 500 will need to include it in their portfolios. That means more demand for the stock, which could push the price up in the short term. But even more important, it brings more exposure and credibility to the entire crypto space.

“Congratulations Brian Armstrong on $COIN being added to the S&P 500 Index,” said Strategy Executive Chairman Michael Saylor. “A major milestone for Coinbase and for Bitcoin.”

Now let’s talk about Bitcoin. Coinbase is one of the top platforms people use to buy and sell Bitcoin. Having it in the S&P 500 makes Bitcoin exposure more accessible to traditional investors. It also helps reduce the idea that Bitcoin and crypto are just some risky gamble.

NEW: #Bitcoin has significantly outperformed the S&P 500 over the past 14 years. pic.twitter.com/mdBhIZSbor

— Bitcoin Magazine (@BitcoinMagazine) April 14, 2025

And the numbers speak for themselves. Over the past 14 years, Bitcoin has outperformed the S&P 500 and gold by a huge margin. Since 2010, Bitcoin has surged a staggering 7,200,000%, compared to the S&P 500’s 306% and gold’s 116%. Even when looking at shorter timeframes, Bitcoin consistently beats both. For instance, in the past year, Bitcoin is up 27%, while gold is up 37%, and the S&P 500 is only up 5%. In the last five years, Bitcoin has gained 1,138%, far surpassing gold’s 85% and the S&P 500’s 92%.

As the saying goes…

“First they ignore you.
Then they laugh at you.
Then they fight you.
Then they add you to the S&P 500.”

…or something like that.

— Coinbase (@coinbase) May 12, 2025

This post Coinbase Becomes First Bitcoin And Crypto Company To Join The S&P 500 first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

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The Blockchain Group Raises €22M to Accelerate Its Bitcoin Treasury Strategy

The Blockchain Group (ALTBG), a Premiere Member of Bitcoin For Corporations and Europe’s first publicly traded Bitcoin Treasury Company, has completed two major capital raises totaling over €22 million in less than a week—a bold signal of institutional conviction in its Bitcoin-native strategy.

These moves are not just capital raises—they’re a blueprint for how public companies can re-architect their balance sheets around Bitcoin, while attracting world-class partners along the way.

Part One: €9.9M Equity Raise Anchored by Major Institutions

On May 9, The Blockchain Group announced a €9.9 million capital increase, pricing shares at €1.0932, a 61.7% premium over the 20-day average. The raise was conducted without preemptive rights and drew participation from respected institutional and strategic investors including:

• Tobam (€4M)
• Generali Ambition Solidaire (€1.1M)
• Jean-Marie Formigé (€2.2M)
• Quadrille Capital, EFG Bank, VP Bank, and others

This tranche was structured under Article L. 411-2 of the French Monetary and Financial Code, enabling fast, strategic deployment of capital toward two fronts:

1. Strengthening the company’s Bitcoin accumulation strategy, centered on increasing Bitcoin per fully diluted share.
2. Fueling growth of its operating subsidiaries, which focus on Data Intelligence, AI, and decentralized tech consulting.

This equity round demonstrates The Blockchain Group’s ability to attract forward-looking capital while preserving dilution discipline.

Part Two: €12.1M Bitcoin-Denominated Convertible with Adam Back

On May 12, ALTBG followed up with a second raise—this time in Bitcoin.

The company’s Luxembourg subsidiary issued a €12.1 million BTC-denominated convertible bond, subscribed in full by Adam Back, CEO of Blockstream and one of Bitcoin’s earliest pioneers.

This is Tranche 2 of the company’s OCA convertible series, issued at a 30% premium over Tranche 1’s conversion price. Upon conversion, it could result in the issuance of up to 17.2 million new shares at €0.707 per share, with conversion terms based on future share price performance.

This issuance brings Bitcoin-native capital structure innovation directly to the European public markets—aligning long-term investors with the company’s mission to grow Bitcoin per share.

A Model for the Future of Public Company Finance

Together, these two raises represent something more profound than capital inflow—they mark a strategic realignment of corporate finance around Bitcoin.

The Blockchain Group is not simply raising funds; it is redefining the role of capital markets in the Bitcoin era. By leveraging equity placements, Bitcoin-denominated convertibles, and a treasury mandate focused on hard assets, the company is aligning its capital structure with the monetary principles of Bitcoin: scarcity, transparency, and time preference.

As a Premiere Member of Bitcoin For Corporations, The Blockchain Group stands at the frontier of a growing movement—one where public companies don’t just hold Bitcoin, but design their entire capital formation strategy around it. This model introduces a new standard of corporate discipline: drive Bitcoin per share up over time, attract long-term aligned capital, and build investor trust through structural clarity.

In a financial system defined by fiat dilution and short-termism, The Blockchain Group offers a blueprint for public firms looking to escape the treadmill and build lasting shareholder value on a Bitcoin standard.

Don’t Miss the Live Discussion

To unpack these moves and explore what’s next, join the company’s first official BTC Strategy X Space, hosted by The Blockchain Group with special guest Adam Back.

https://t.co/igCsPEfyJC

— Alexandre Laizet (@AlexandreLaizet) May 9, 2025

Join the X Space
Tuesday, May 13
9:00 AM ET / 3:00 PM CET

Speakers include:

• Alexandre Laizet, CEO, The Blockchain Group
• Adam Back, CEO, Blockstream
• Co-hosted by Bitcoin For Corporations

This marks the first public dialogue around The Blockchain Group’s capital strategy—and offers a front-row seat to how Bitcoin treasury companies are rewriting corporate finance in real time.

Disclaimer: This content was written on behalf of Bitcoin For Corporations. This article is intended solely for informational purposes and should not be interpreted as an invitation or solicitation to acquire, purchase, or subscribe for securities. For full transparency, please note that UTXO Management, a subsidiary of BTC Inc., holds a stake in The Blockchain Group.

This post The Blockchain Group Raises €22M to Accelerate Its Bitcoin Treasury Strategy first appeared on Bitcoin Magazine and is written by Nick Ward.

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Strategy Grows Bitcoin Holdings to $58.5 Billion with Latest $1.34 Billion Purchase

Strategy has significantly expanded its Bitcoin position with the purchase of 13,390 BTC for approximately $1.34 billion at an average price of $99,856 per coin. The company announced the acquisition on X, revealing that the purchase took place between May 4 and May 11, marking one of its largest weekly BTC buys to date.

As of May 11, 2025, the company now holds a total of 568,840 BTC, purchased at a combined cost of approximately $39.41 billion, with an average cost basis of $69,287 per coin. The increase of 13,390 BTC in just one week reflects Strategy’s continued high-conviction approach to Bitcoin as a core treasury asset.

Strategy has acquired 13,390 BTC for ~$1.34 billion at ~$99,856 per bitcoin and has achieved BTC Yield of 15.5% YTD 2025. As of 5/11/2025, we hodl 568,840 $BTC acquired for ~$39.41 billion at ~$69,287 per bitcoin. $MSTR $STRK $STRFhttps://t.co/J75Id0Y4tF

— Strategy (@Strategy) May 12, 2025

This latest purchase follows the company’s prior update on May 5, when it disclosed the acquisition of 1,895 BTC for around $180.3 million at an average price of $95,167 per bitcoin. At that point, Strategy held 555,450 BTC worth roughly $38.08 billion at an average purchase price of $68,550.

In addition to growing its holdings, Strategy has seen a rise in its BTC yield performance. On May 4, the company reported a 14.0% year-to-date yield from its Bitcoin strategy. Just one week later, that yield has risen to 15.5% YTD. Which indicates that its investment performance has improved, due to successful execution of its current strategy.

During last week’s Bitcoin For Corporations event at Strategy World 2025, Michael Saylor, Executive Chairman of Strategy, made a bold statement to tech companies to skip stock buybacks and start buying bitcoin as their reserve asset instead.

“Microsoft is going to do a buyback,” Saylor said. “Buying Bitcoin would be 10x better than buying their own stock.” Citing performance data, he argued that corporations sticking to traditional capital strategies are leaving massive upside on the table. Over the last five years, Microsoft stock returned 18% annually—impressive, but far behind Bitcoin’s 62% annual return. “If the cost of capital is the S&P 500 at 14%, Microsoft is outperforming by 4%. Bitcoin is outperforming by 48%,” Saylor emphasized. “Bonds, by the way, are down 5%—underperforming by 19%.”

The company’s aggressive pace of accumulation and strong BTC yield highlight a firm belief in Bitcoin’s long-term potential—not just as a hedge, but as a foundational asset for corporate treasuries in the digital age.

This post Strategy Grows Bitcoin Holdings to $58.5 Billion with Latest $1.34 Billion Purchase first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

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David Bailey and Bitcoin-Native Holding Company Nakamoto Announce Merger with KindlyMD to Establish Bitcoin Treasury

KindlyMD, Inc. (NASDAQ: KDLY), a Utah-based healthcare services provider, has entered into a merger agreement with Nakamoto Holdings Inc., a Bitcoin-native holding company. The transaction, announced on May 12, 2025, includes $710 million in financing through a combination of private placement and convertible notes.

BREAKING: David Bailey and holding company Nakamoto raises $710 million and announces merger with KindlyMD to establish #Bitcoin Treasury. pic.twitter.com/eCuJfemaQh

— Bitcoin Magazine (@BitcoinMagazine) May 12, 2025

The merger will create a publicly traded company focused on establishing a Bitcoin treasury strategy, with $510 million raised through private placement in public equity (PIPE) at $1.12 per share and $200 million in senior secured convertible notes maturing in 2028.

David Bailey, founder of BTC Inc. and Nakamoto Holdings, will serve as CEO of the combined entity. Tim Pickett will continue managing KindlyMD’s healthcare operations, which include four clinics across Utah providing integrated medical services, pain management, and mental health care.

David Bailey, Founder and CEO of Nakamoto said, “Nakamoto’s vision is to bring Bitcoin to the center of global capital markets, packaging it into equity, debt, preferred shares, and new hybrid structures that every investor can understand and own. Our mission is simple: list these instruments on every major exchange in the world.”

He continued, “Nakamoto is building the first publicly traded conglomerate designed to accelerate that future. The financial institutions who defined their chapter in history have all carried the names of their founders: Medici, Rothschild, Morgan, Goldman. Today, we stake that legacy on Nakamoto.”

The PIPE financing attracted over 200 investors globally, including institutional investors such as Actai Ventures, Arrington Capital, BSQ Capital Partners, Kingsway, Off the Chain Capital, ParaFi, RK Capital, Van Eck, and Yorkville Advisors, alongside individuals including Adam Back, Balaji Srinivasan, Danny Yang, Eric Semler (CEO of Semler Scientific), Jihan Wu, Ricardo Salinas, and Simon Gerovich (CEO of Metaplanet). YA II PN, Ltd., an investment fund managed by Yorkville Advisors, was the sole convertible note purchaser.

Under the agreement, KindlyMD’s shares will continue trading on Nasdaq under the symbol “KDLY” until a new ticker symbol is announced. The combined company’s board will consist of six directors appointed by Nakamoto and one by KindlyMD.

The transaction includes the assumption of Nakamoto’s marketing services agreement with BTC Inc., which will provide marketing services related to Bitcoin treasury operations. KindlyMD’s clinical operations will maintain their current focus on reducing opioid use through integrated healthcare services.

The merger requires KindlyMD shareholder approval and is subject to customary closing conditions. Additional transaction details will be available in a Current Report on Form 8-K to be filed with the SEC.

BTC Inc, Bitcoin Magazine’s parent company, is affiliated with Nakamoto through common ownership. BTC Inc also has a contractual relationship with Nakamoto to provide marketing services.

This post David Bailey and Bitcoin-Native Holding Company Nakamoto Announce Merger with KindlyMD to Establish Bitcoin Treasury first appeared on Bitcoin Magazine and is written by Vivek Sen.

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Matador Technologies Raising C$1 Million to Invest in Bitcoin

Matador Technologies Inc. (“Matador” or the “Company”) (TSXV: MATA, OTCQB: MATAF), a Bitcoin-focused tech and investment company, just announced a non-brokered private placement of up to 5,454,546 units priced at $0.55 each. The total amount Matador expects to raise is up to C$3,000,000 in gross proceeds.

The funds raised will be allocated into three equal parts. One-third will be used to buy Bitcoin, which lines up with the company’s continued interest adding to their Bitcoin reserves. Another third will go toward expanding their gold acquisition plans and growing the Grammies business initiative. The final third will cover general corporate needs—things like operations, admin costs, and any new business opportunities that come up.

Each unit includes one common share and half of a common share purchase warrant. One full warrant gives the holder the right to buy an additional share at $0.75. These warrants are valid for 12 months starting from the date they’re issued.

There’s also an acceleration clause. If the Company’s stock hits $1.05 or more for five straight trading days on the TSX Venture Exchange (TSXV)—but only after four months and one day from closing—Matador can speed up the expiration of the warrants. If that happens, they’ll issue a press release, and the new expiry date will be 30 days after that notice is made public.

All securities from this offering will be under a statutory hold period of four months and one day, as required by Canadian securities laws. Investors won’t be able to sell or trade these shares during that time. This hold period helps ensure compliance with regulations and adds stability during the early stage of the investment.

The offering will be done under exemptions from the usual prospectus requirements. It’s open only to accredited investors across Canadian provinces and possibly in other regions where it’s legally allowed. Like most placements, it still needs final approval from the TSX Venture Exchange before it’s official.

This private placement is part of Matador’s ongoing plan to strengthen its role in the Bitcoin and gold markets while also building up other parts of its business. By diversifying its investments and focusing on both digital and traditional assets, the company is positioning itself for long-term growth. In December 2024, the company’s Board of Directors approved to purchase its first $4.5 million in Bitcoin.

JUST IN: Publicly traded Matador Technologies Inc. approves to purchase $4.5 million #bitcoin as a strategic reserve asset. pic.twitter.com/WzlGTgwjG7

— Bitcoin Magazine (@BitcoinMagazine) December 23, 2024

This post Matador Technologies Raising C$1 Million to Invest in Bitcoin first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

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Coinbase Launches 24/7 Bitcoin Futures Trading in the U.S.

Coinbase has made a significant move in the U.S. derivatives market, launching 24/7 trading for Bitcoin futures. This is the first time that leveraged futures contracts for these digital assets will be available around the clock on a CFTC-regulated exchange. Starting today, U.S. traders will have access to Coinbase Derivatives, LLC (CDE), enabling continuous trading, including weekends, with no restrictions tied to traditional market hours.

24/7 trading for futures is here in the US.

Trade Bitcoin and Ethereum futures on your time — any hour, any day. The market doesn’t sleep, and now, neither do your opportunities.

Next up: Perpetual futures. Stay tuned. pic.twitter.com/q4OXMjr8pn

— Coinbase Futures (@cbFutures) May 9, 2025

The introduction of 24/7 futures trading eliminates the limitations of traditional trading hours, giving traders the opportunity to manage risk and seize opportunities in real time. “24/7 trading is a natural evolution for US regulated crypto futures markets,” said Andrew Smith, Senior Vice President at Virtu Financial. “By working with Coinbase Derivatives, we’re helping to build a more accessible, efficient, and robust 24/7 crypto derivatives market.”

Coinbase’s infrastructure is built to support uninterrupted, continuous trading. The company is already planning to introduce perpetual futures soon, a widely used product in the crypto space. These future products will be available within a regulated environment, making it easier for retail traders to access popular crypto derivatives. Andy Sears, CEO of Coinbase Financial Markets, shared his excitement: “The arrival of 24/7 CFTC-regulated markets is a game-changer for the industry.”

This new development provides both retail and institutional traders with the flexibility to trade futures contracts at any time, offering unmatched market access and the ability to react quickly to price movements or market events. Coinbase’s leadership sees this as a major shift in how the market operates. “Extending futures trading to a 24/7 cycle is a fundamental evolution in market structure,” said Paul Cusenza, Chairman and CEO of Nodal Clear. “Nodal Clear is proud to provide the clearing infrastructure that makes this innovation possible, ensuring continuity, transparency, and integrity for all market participants.”

This 24/7 trading access is made possible through Coinbase’s strong network of partners, including ABN AMRO, Wedbush Securities Inc., and Nodal Clear, which help ensure smooth trading operations and robust liquidity. These partnerships also provide seamless onboarding for a wide range of U.S. traders, expanding access to CDE products.

With this launch, Coinbase is setting a new benchmark for the U.S. crypto futures market, creating a new standard for digital asset trading that reflects the always-on nature of the crypto world. This innovation is just the beginning, as Coinbase continues to expand its offerings and improve market access for all types of traders.

This post Coinbase Launches 24/7 Bitcoin Futures Trading in the U.S. first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

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U.S. Vice President JD Vance To Speak At Bitcoin 2025 Conference

The team at BTC Inc. is proud to announce that U.S. Vice President (VP) JD Vance will address the Bitcoin 2025 conference from the main stage of the event on May 28 at 9:00 AM PST.

VP Vance’s keynote will be delivered to tens of thousands of attendees at The Venetian Las Vegas as part of the “Code + Country” programming track for the conference. The address will also be streamed globally via Bitcoin Magazine’s media channels and X account.

In making this address, VP Vance will become the first ever U.S. vice president to make a public address in support of Bitcoin. His appearance at the Bitcoin conference comes one year after the President Trump delivered a historic speech at Bitcoin 2024 in Nashville, TN while he was still on the campaign trail.

“This is more than a headline moment — it’s a signal,” said David Bailey, CEO of BTC Inc. “Bitcoin is the most exciting financial innovation in the world. It’s at the forefront of the national conversation”

And given that his financial disclosures show that his personal bitcoin holdings range from $250,000 to $500,000 in value, the address will not just be coming from the Vice President of the United States, but a Bitcoiner.

During his time in the U.S. Senate, VP Vance advocated for Bitcoin, as he took a clear stand against regulatory overreach and pushed to redefine how the U.S. government interacts with open-source money.

He’s also been critical of current SEC leadership and vocal about the dangers of centralized financial control — pointing to events like Canada’s 2022 bank account freezes as examples of why Bitcoin matters.

In his address at Bitcoin 2025, he is expected to focus on innovation, financial sovereignty, and how Bitcoin plays a role in a more resilient American future.

“This is a historic moment for Bitcoin,” said Brandon Green, co-organizer of Bitcoin 2025.

“We are beyond honored to host the Vice President at the world’s largest Bitcoin conference. VP Vance is the voice of a new generation that values freedom and isn’t fearful of, but instead pioneers, new technology,” he added.

“I cannot wait to hear what he has to say in Vegas!”

Bitcoin 2025 is projected to host over 30,000 attendees and features leaders from technology, finance, education, and global policy. Previous speakers have included U.S. presidential candidates Donald J. Trump, Robert F. Kennedy Jr., tech innovators, and heads of major financial institutions.

This post U.S. Vice President JD Vance To Speak At Bitcoin 2025 Conference first appeared on Bitcoin Magazine and is written by Frank Corva.

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Bitcoin Magazine

The Enhanced Bitcoin Everything Indicator Unlocks Massive Profits

The Bitcoin Everything Indicator was designed to provide a comprehensive view of all major forces impacting BTC price action, on-chain, macro, technical, and fundamental. Since its creation, it has proven remarkably accurate at marking both cycle tops and bottoms. But today, we take it a step further.

In this article, we’ll explore how this already-powerful tool can be upgraded with a simple modification to give more frequent, actionable insights, without compromising its core integrity. If you’re looking for a high-signal way to approach the Bitcoin market more actively, this might be the metric you’ve been waiting for.

What Is the Bitcoin Everything Indicator?

Originally built as a composite tool, the Bitcoin Everything Indicator is constructed from several uncorrelated signals:

• On-chain metrics like the MVRV Z-Score and Spent Output Profit Ratio (SOPR).
• Macroeconomic inputs, particularly the Global M2 Money Supply and liquidity growth.
• Network data, including active address sentiment.
• Technical overlays like the Crosby Ratio.
• Mining health metrics, incorporating the Puell Multiple and profitability ratios.

Together, these data points are equal-weighted, not overfitted, creating an aggregate score that tracks broad BTC market dynamics. Importantly, it doesn’t rely on any single model or indicator. Instead, it captures the confluence of multiple domains that collectively shape Bitcoin price movements. Backtesting shows that the indicator consistently highlights macro turning points, including cycle tops and capitulation bottoms, across all major Bitcoin cycles. 

Infrequent But Strong Signals

While accurate, the original Everything Indicator was inherently long-term. Signals would only appear every few years, marking the major inflection points of each bull and bear market. For investors looking to buy generational lows or scale out at macro tops, it was invaluable.

But for those aiming to be more active, strategically DCA-ing, rotating capital, or even managing risk with mid-cycle exits, it offered little day-to-day guidance. The solution? Increase signal resolution without sacrificing the macro integrity of the model.

Adding A Moving Average

The improvement is elegantly simple: apply a moving average to the Everything Indicator score and look for crossovers. Just as we do with price-based strategies, we can treat the indicator like a signal line and look for directional changes.

By default, a 200-period simple moving average was applied. When the Everything Indicator crosses above this MA, it suggests that most components, liquidity, network health, sentiment, and technicals, are trending upward together. These crossovers signal bullish trend initiation, offering earlier entries than waiting for cycle lows alone. Conversely, a cross below the moving average can serve as a de-risking or distribution signal, especially when occurring at or near previously identified overheated zones.

Even with conservative trading assumptions (increased fees and slippage), this strategy’s performance was striking. Backtests from Bitcoin’s early years, when BTC traded under $4, showed this crossover strategy returning over 3.1 million percent, dramatically outperforming simple buy-and-hold.

Increased Signal Frequency

To accommodate more active investors, we can further shorten the moving average, down to 20 periods, for example. This provides hundreds of entry and exit signals per cycle while retaining the original logic of the indicator.

Even when using the shorter-term signal, returns remained strong, and outperformance relative to holding BTC remained intact. This shows the tool’s flexibility. It can now serve both long-term investors looking for macro confirmation and active traders who want to respond more dynamically to market changes.

Reducing the moving average period has key benefits, including generating earlier signals at market lows, more frequent accumulation guidance, regular exit prompts during overheated conditions, and increased opportunities to avoid prolonged drawdowns.

Conclusion

The Bitcoin Everything Indicator could now offer the best of both worlds: a high-integrity, all-encompassing view of market health, and the flexibility to offer frequent actionable signals through a simple moving average overlay. Even with real-world trading friction, with fees and slippage, this strategy has outperformed holding BTC over multiple timeframes, including from as far back as 2011.

So if you’re already using Bitcoin Magazine Pro’s suite of indicators, now might be the time to take this one step further. Add overlays. Adjust moving averages. Layer in bands and filters. The more you adapt these tools to your own strategy, the more powerful and intuitive they can become!

For more deep-dive research, technical indicators, real-time market alerts, and access to a growing community of analysts, visit BitcoinMagazinePro.com.

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Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.

This post The Enhanced Bitcoin Everything Indicator Unlocks Massive Profits first appeared on Bitcoin Magazine and is written by Matt Crosby.

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MARA Reports $214M in Q1 Revenue, Grows Bitcoin Holdings to 47,531 BTC

MARA Holdings, Inc. (NASDAQ: MARA) has reported first quarter 2025 earnings, announcing $213.9 million in revenue—a 30% increase from Q1 2024—as the company continues its transformation into a digital energy and infrastructure powerhouse.

“Revenues increased 30% to $213.9 million in Q1 2025 from $165.2 million in Q1 2024,” the company shared in its shareholder letter. MARA’s bitcoin holdings surged by 174% year-over-year, rising from 17,320 BTC to 47,531 BTC, now valued around $3.9 billion as of March 31, 2025.

Despite the revenue boost, MARA posted a net loss of $533.4 million, primarily due to a $510.2 million loss in the fair value of bitcoin as it ended the quarter at $82,534. “Although we recognized a loss in Q1… the current bitcoin price of approximately $100,000 would imply a substantial fair value gain,” the company noted.

MARA mined 2,286 BTC and purchased 340 more in Q1. Its energized hashrate nearly doubled from 27.8 EH/s in Q1 2024 to 54.3 EH/s, while cost per petahash per day improved 25% to $28.5.

The company is pushing forward on its two strategic priorities: “(1) strategically growing by shifting our model toward low-cost energy with more efficient capital deployment, and (2) bringing to market a full suite of solutions for data centers and edge inference—including energy management, load balancing, and advanced cooling.” 

MARA’s Q1 2025 Shareholder Letter is here. Read the full report: https://t.co/HnwoPcA36r pic.twitter.com/x0HdL5EVUh

— MARA (@MARAHoldings) May 8, 2025

Highlights from the quarter include:

• Acquisition of a 114 MW wind farm in Texas with low fixed energy costs (~$10/MWh).
• Deployment of gas-to-power operations in North Dakota and Texas, reducing emissions by the equivalent of 14,200 gasoline-powered vehicles.
• Expansion of its Ohio data center, adding 50 MW and 12,000 new miners.
• Continued development of proprietary immersion cooling systems (2PIC) and next-gen ASICs through its stake in chipmaker Auradine.

MARA will host a webcast and earnings call at 5:00 p.m. ET on May 8, 2025. Shareholders can register via this link. 

This post MARA Reports $214M in Q1 Revenue, Grows Bitcoin Holdings to 47,531 BTC first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

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OCC Gives Banks the Green Light to Offer Bitcoin and Crypto Custody and Trading Services

The Office of the Comptroller of the Currency (OCC) has issued new guidance confirming that national banks and federal savings associations can engage in crypto-asset custody and trading services. This clarification comes in Interpretive Letter 1184, which outlines that banks may buy and sell digital assets held in custody at their customers’ direction and may also outsource crypto-related activities, such as custody and execution services, to third parties. However, banks must ensure they implement proper third-party risk management practices.

This decision is important as the OCC’s guidance enables banks to participate more actively in the rapidly growing cryptocurrency market, which now includes over 50 million Americans. The OCC’s updated rules are part of its ongoing efforts to ensure that banks can responsibly engage in emerging financial technologies while protecting consumers and complying with applicable laws.

OCC-regulated banks may buy and sell assets held in custody and are permitted to outsource bank-permissible crypto-asset activities, including custody and execution services. https://t.co/0ScQdgNaS6 pic.twitter.com/J5dEkx4WUL

— OCC (@USOCC) May 7, 2025

Rodney Hood, Acting Comptroller of the Currency, emphasized in the video that “this digitalization of financial services is not a trend. It is a transformation.” He further explained that regulated banks can provide custody services, including the safekeeping and secure storage of Bitcoin and other digital assets, on behalf of their customers. Additionally, “the banks we supervise also may buy and sell cryptocurrencies they hold in custody at their customer’s direction.”

The letter further states that banks can provide other important services, such as recordkeeping, tax reporting, and compliance services. The OCC also made it clear that banks may use sub-custodians to provide these services, but only “subject to appropriate third-party risk management practices.”

Rodney Hood also emphasized that “while a range of cryptocurrency and digital asset activities may be performed by banks and their third parties, I want to be clear that the OCC expects these activities to be conducted in a safe and sound manner and in compliance with applicable law.”

The clarification from the OCC is significant as it gives banks the ability to meet the growing demand for cryptocurrency-related services while ensuring they maintain security and comply with regulatory standards. In the video, Hood stressed that the digital shift is not just changing the way people engage with money but transforming the entire financial landscape.

For banks, this presents an opportunity to broaden their offerings by providing services related to digital assets in addition to traditional financial services. As Hood pointed out, regulated banks can now help customers manage their crypto portfolios just as they would traditional assets, with services like tax reporting and transaction recording.

However, banks must ensure they manage the risks involved in crypto custody. The OCC’s emphasis on “safe and sound” operations means that any crypto-related activity must be carried out securely and in full compliance with the law.

This updated guidance from the OCC marks an important step in integrating digital assets into the regulated financial system. With these clear rules in place, national banks are better positioned to serve customers while ensuring that crypto-related activities are conducted responsibly and securely.For more information, visit here.

This post OCC Gives Banks the Green Light to Offer Bitcoin and Crypto Custody and Trading Services first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

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What is a Strategic Bitcoin Reserve?

A Strategic Bitcoin Reserve is a designated accumulation of Bitcoin (BTC) held by a government, institution, or corporation to secure financial stability, hedge against inflation, and reinforce economic sovereignty. Similar in function to gold or foreign exchange reserves, it leverages Bitcoin’s fixed supply, decentralization, and global liquidity to mitigate economic and geopolitical risks.

What is a Strategic Bitcoin Reserve

A Strategic Bitcoin Reserve (SBR) represents a deliberate holding of Bitcoin by national governments or large corporations as part of their strategic financial reserves. Rather than speculative investment, the goal is long-term economic protection and resilience, particularly against inflationary pressures and currency devaluation inherent in fiat monetary systems. An SBR serves as a diversification strategy, integrating Bitcoin’s unique characteristics—limited supply, censorship resistance—into established financial management practices.

Key Takeaways

• Holding Bitcoin as part of a strategic reserve can strengthen financial stability and hedge against fiat currency risks.
• Bitcoin’s fixed supply of 21 million coins enhances its appeal as a deflationary, long-term asset.
• Institutional and governmental adoption of Bitcoin reserves is growing, with key examples including the United States, Strategy (formerly MicroStrategy), Metaplanet, and others.
• Incorporating Bitcoin into reserves reflects a broader shift toward financial modernization, decentralization, and economic sovereignty.

Purpose

A Strategic Bitcoin Reserve serves several important functions. First of all, it provides a buffer against economic instability by mitigating the impact of inflationary monetary policies often associated with fiat currencies. It also strengthens financial sovereignty by reducing a nation’s or institution’s reliance on traditional banking systems and centralized financial institutions. Additionally, Bitcoin offers a unique opportunity for asset diversification, as its fixed supply, decentralized nature, and digital infrastructure make it an appealing and resilient store of value in modern reserve management.

History

The concept of a Strategic Bitcoin Reserve gained prominence in the early 2020s as Bitcoin’s adoption expanded. The pivotal moment occurred in March 2025 when the U.S. President Donald J. Trump signed an executive order establishing the nation’s SBR. The initiative aimed to leverage Bitcoin’s fixed supply and decentralized nature to enhance national financial resilience.

The foundation for state-level Bitcoin adoption was laid earlier by El Salvador, which became the first country to declare Bitcoin legal tender in 2021 and began accumulating Bitcoin for national reserves. Though not officially labeled a Strategic Bitcoin Reserve, the country’s approach set a precedent for sovereign Bitcoin holdings as a monetary strategy.

Notable Examples

El Salvador

In 2021, El Salvador became the first country in the world to adopt bitcoin as legal tender and began acquiring bitcoin for national holdings. While not formally labeled a Strategic Bitcoin Reserve, the government’s ongoing accumulation strategy, including daily purchases announced by President Nayib Bukele, closely resembles the principles of an SBR. El Salvador’s move set a global precedent for sovereign Bitcoin adoption and laid the foundation for future reserve strategies.

United States

In 2025, the U.S. government formalized its bitcoin holdings into a Strategic Bitcoin Reserve, utilizing assets acquired through legal forfeitures. This move underscored a shift in policy, recognizing bitcoin’s potential as a strategic asset and aligning with broader efforts to modernize the nation’s financial infrastructure.

Strategy (formerly MicroStrategy)

Since 2020, Strategy has been at the forefront of corporate Bitcoin adoption, amassing over 500,000 BTC by 2025. The company employed innovative financial instruments, such as convertible bonds and preferred stock, to fund its acquisitions, positioning itself as a pioneer in integrating Bitcoin into corporate treasury strategies.

Metaplanet Inc.

Japanese firm Metaplanet adopted Bitcoin as its primary treasury reserve asset, issuing bonds to finance its purchases. By April 2025, the company held over 4,500 BTC, with plans to increase its holdings to 10,000 BTC by the end of the year. Metaplanet’s strategy reflects a growing trend among corporations to leverage Bitcoin for long-term financial stability.

How it Works

A Strategic Bitcoin Reserve (SBR) functions through several interrelated components. These range from how the Bitcoin is acquired, funded, stored, and governed, to how it is ultimately used as part of a long-term sovereign or institutional strategy.

1. Purchase and Allocation

The first step in establishing a Strategic Bitcoin Reserve is making the decision to formally allocate a portion of national or institutional capital to Bitcoin. This may involve passing legislation, updating reserve management policies, or assigning authority to a designated treasury or finance department.

Once the decision is made, accumulation typically follows a structured, phased approach to minimize market disruption and maintain financial stability. For example, the BITCOIN Act, introduced in July 2024 by U.S. Senator Cynthia Lummis, proposes that the federal government acquire one million BTC over five years, divided into four tranches of 250,000 BTC. This staggered model offers flexibility to time acquisitions in response to market conditions and broader economic developments, while funding would come from seized bitcoins, surplus Federal Reserve funds, and revalued gold certificates.

2. Funding Sources

To avoid burdening taxpayers or increasing public debt, strategic reserves can draw from various funding methods:

• Seized Bitcoin: Often originating from asset forfeitures or regulatory actions, such as those previously held as part of legal settlements or enforcement actions. (eg: Silk Road, Bitfinex)
• Revalued gold certificates: The U.S. Treasury holds certificates backed by physical gold that, if marked to market, could unlock hundreds of billions in value.
• Federal Reserve surplus: Surplus capital from the Federal Reserve can be redirected without impacting ongoing monetary operations.

These approaches offer flexibility and reduce the risk of politically contentious spending measures.

3. Legislative Framework and Oversight

Reserves like the U.S. Strategic Bitcoin Reserve require formal legislation to ensure public trust and legal clarity. The BITCOIN Act serves as one such framework. It sets:

• Limits on annual bitcoin purchases.
• Conditions under which bitcoin can be sold (e.g., only to pay off federal debt).
• Requirements for reporting, audit, and public disclosure.

This legal architecture creates predictability and institutional accountability.

4. Secure Storage

Securing bitcoin under a Strategic Bitcoin Reserve (SBR) presents unique challenges that go beyond traditional asset management. Because bitcoin is a bearer instrument, control of the private keys equates to control of the funds. Entrusting those keys to a single individual — or even a small group — creates significant risks, both to the reserve itself and to the people involved. Individuals may simply not want that level of responsibility, as the personal and legal risks are extraordinarily high. A failure, hack, or even a misstep could have catastrophic consequences, making sole or concentrated custody an impractical and dangerous solution.

To mitigate these risks, an SBR would likely consider an institutional-grade multisignature custody model. This setup allows for the distribution of keys across multiple, independent parties, requiring quorum-based authorization (e.g., 3-of-5 or 5-of-7) to approve transactions. By separating key holders geographically and across trusted institutions — such as treasury departments, independent auditors, or allied entities — this approach minimizes the chance of compromise while enhancing resilience and accountability. It also aligns more closely with Bitcoin’s foundational principle of decentralization, ensuring that no single actor has unilateral control over the nation’s reserve.

5. Long-Term Holding Mandate

A key feature of strategic reserves is the duration of the hold. The U.S. proposal suggests a 20-year minimum, preventing short-term political or economic disruptions from influencing management.

Bitcoin may only be sold under specific circumstances—such as debt reduction—ensuring the reserve functions as a stable store of value rather than a speculative asset. This provides policy consistency across different administrations.

6. Strategic Utility and Integration

Once in place, the reserve becomes part of a broader national financial strategy. It may be:

• Used as collateral for sovereign borrowing.
• Held alongside gold, oil, and foreign exchange reserves to diversify risk.
• Leveraged diplomatically during geopolitical negotiations or economic partnerships.

The SBR thus serves both a defensive and offensive role—protecting domestic purchasing power while enabling financial innovation and strategic influence.

Related Terms

• Bitcoin (BTC): A decentralized digital currency with a fixed supply of 21 million coins, operating on blockchain technology.
• Cold Storage: Secure, offline methods for storing cryptocurrencies to prevent unauthorized access.
• Multi-signature Wallet: A cryptocurrency wallet that requires multiple keys to authorize transactions, enhancing security.
• Fiat Currency: Government-issued currency not backed by a physical commodity, such as the US Dollar or Euro.

Why Bitcoin is Being Considered as a Strategic Reserve

Bitcoin is gaining attention as a strategic reserve asset due to its fixed supply, decentralization, and resilience. With only 21 million coins ever to exist, Bitcoin offers a deflationary counterpoint to fiat currencies that are regularly expanded through monetary stimulus.

Its decentralized design—free from any central authority or leadership—instills confidence in its neutrality. Satoshi Nakamoto, the anonymous creator, walked away from the project in 2010, leaving behind a system governed by code and distributed consensus. This absence of leadership makes the network more resistant to censorship, political pressure, or manipulation.

Bitcoin’s market capitalization has grown to the point where corporations and governments now view it as large and liquid enough to consider for reserves. As trust in traditional monetary systems declines, bitcoin is increasingly seen as a viable hedge.

The current fiat system may be approaching its endgame—overextended by debt and distortion. If the system cracks, Bitcoin could be a legitimate financial fallback: a bearer-based, censorship-resistant monetary asset outside the reach of central banks.

Bitcoin also offers transparency, programmability, and auditability—qualities that position it as a serious contender in future monetary and reserve strategies.

How Likely Is the U.S. Strategic Bitcoin Reserve?

The U.S. Strategic Bitcoin Reserve Is No Longer a Hypothesis

With the national debt surpassing $35 trillion and the limitations of traditional monetary policy becoming increasingly evident, the U.S. has taken decisive action by formally establishing a Strategic Bitcoin Reserve. This development, announced via an executive order in March 2025, confirms that the federal government views bitcoin not merely as an emerging asset, but as a critical component of long-term fiscal and strategic planning. 

This move is symptomatic of the convergence of economic and geopolitical factors:

• Game-Theoretic Pressure: As it is thought that some nations are quietly accumulating bitcoin, the U.S. won’t want to risk falling behind in a finite-asset race. Early adoption is now a strategic imperative.
• Sovereign Resilience: Bitcoin’s immunity to censorship, seizure, and monetary debasement makes it uniquely suited for sovereign reserves in an increasingly fragmented global financial system.
• Market Maturity: Bitcoin’s deepening liquidity and growing market cap now meet the thresholds required for sovereign-level acquisition without destabilizing the market.
• Cross-Party Support: The reserve has drawn backing from across the political spectrum—appealing both to advocates of fiscal discipline and to supporters of decentralized, non-state monetary systems.

With the Strategic Bitcoin Reserve now a matter of policy, attention will increasingly turn to its execution—particularly how it is funded, how custody is managed, and how acquisition is phased to avoid disrupting markets. The foundation has been laid; the next challenge is implementation at scale.

FAQs

How is a Strategic Bitcoin Reserve different from corporate bitcoin holdings?

While both may involve large, long-term holdings, the key difference lies in purpose and scope. A Strategic Bitcoin Reserve—especially at the state level—is held to enhance national economic resilience, hedge against sovereign currency risk, and support strategic autonomy. Corporate holdings, by contrast, are usually governed by fiduciary obligations and focused on optimizing balance sheets or shareholder returns. That said, some corporations like Strategy or Metaplanet blur this line by explicitly framing their bitcoin holdings as core to long-term strategic treasury planning.

What risks are associated with a Strategic Bitcoin Reserve?

Primary risks include Bitcoin’s market volatility, cybersecurity threats, regulatory uncertainties, and potential political opposition domestically or internationally.

How Will a Strategic Bitcoin Reserve Impact BTC Price?

Establishing an SBR at the sovereign level could exert significant upward pressure on Bitcoin’s price, especially given its fixed supply. Large-scale purchases by governments or state institutions would reduce available supply, potentially driving greater demand and long-term valuation increases. Market participants may also front-run anticipated purchases, compounding volatility in the short term.

Is a Bitcoin Reserve a Good Idea?

The cypherpunks and early Bitcoin adopters—those who valued Bitcoin as a tool for personal sovereignty and separation of money from state—may view the concept of a government-controlled Bitcoin reserve with deep skepticism, as Bitcoin was built to be outside the reach of centralized power. State-level reserves risk inviting political capture, custodial control, or dilution of Bitcoins core ethos.

Yet, others may find merit in governments adopting Bitcoin as a monetary hedge. From this perspective, it reinforces individual liberty through sound money principles and offers a way for governments to reduce dependence on inflationary fiat systems. It also positions bitcoin as a reserve asset in a multipolar world of competitive currencies.

From a pragmatic angle, securing a bitcoin reserve can enhance monetary resilience, accelerate adoption, and demonstrate forward-thinking financial strategy. It helps governments hedge against fiat debasement and increases their credibility amid rising sovereign debt and central bank distrust.

Ultimately, if Bitcoin is to serve as the next global reserve money, then individuals, institutions, and governments alike will need to hold some. The central question isn’t whether governments will adopt it—but how bitcoin will be distributed and accessed, and whether its foundational principles can be preserved in the process.

Takeaway

The rise of Strategic Bitcoin Reserves marks a turning point in how governments, corporations, and institutions approach long-term economic security. Bitcoin’s immutability, neutrality, and fixed supply make it fundamentally different from traditional reserve assets—globally accessible, apolitical, and digitally native.

We are witnessing game theory in action. Often, actors wait for external validation before taking bold steps—and there is no greater signal than the United States of America strategically stockpiling bitcoin. This not only grants implicit permission for others to follow, but also communicates long-term belief in Bitcoin’s value.

Its adoption reflects a growing recognition that the fiat system may be nearing exhaustion. In this context, bitcoin is more than an asset—it’s a hedge, a strategic benchmark, and a potential backbone for future monetary systems.

The question is no longer if reserves will be established—but how they will be structured, secured, and balanced with the principles that made Bitcoin valuable in the first place: openness, decentralization, and individual sovereignty.

This post What is a Strategic Bitcoin Reserve? first appeared on Bitcoin Magazine and is written by Conor Mulcahy.

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Sculpting Scarcity: Artist Maxfield Mellenbruch Brings Rare Steak Worth Millions To Bitcoin 2025 

Maxfield Mellenbruch — an American sculptor, designer, and the creator of the iconic Kialara series — returns to the bitcoin stage with Rare, a platinum and gemstone-encrusted sculpture appraised at over $2 million. Mellenbruch first gained recognition in 2014 for crafting cold-storage Bitcoin wallets that blurred the line between high design and cryptographic function, earning a cult following among early adopters and collectors alike. His work explores themes of security, value, and permanence in the digital age.

Now, with Rare, he unveils his most ambitious piece to date. On view exclusively in the Deep Vault VIP exhibition during Bitcoin Conference 2025 in Las Vegas, Rare stands as the centerpiece of this year’s art auction and is expected to become the highest-selling artwork priced in bitcoin in the conference’s history.

Mellenbruch will also appear as a featured speaker on the Genesis Stage in a panel titled “From Cave Art to Code: Redefining Value in a World of Absolute Scarcity” alongside Vijay Boyapati and Jesse Myers, moderated by Erin Redwing of Inscribing Vegas. The conversation takes place on May 29, 2025, from 3:10–3:40 PM, just hours before the auction for Rare concludes on Scarce.City.

In advance of the artwork’s unveiling and auction at Bitcoin 2025, I spoke with Max about the ideas behind Rare and the evolving role of art in a Bitcoin-denominated world.

Rare is a jeweled sculpture of extraordinary commitment — over 12,000 gemstones, a 2.56-pound platinum cast, and a design that blends anatomical familiarity, extreme material excess, and almost satirical details like its leather case mimicking butcher paper.  What compelled you to make this piece, and how long did it take to conceive, source, and execute such a technically and financially ambitious work?

The whole thing took about a year—casting the platinum, setting over 12,000 stones by hand, pulling together the right people. From the start, Rare was a stretch: technically, financially, creatively. 

The idea had been building for a while—driven by a growing interest in what’s real, what endures, and what nourishes. I started cutting out processed food and paying closer attention to what I was putting in my body. That naturally led me to steak—simple, unprocessed, nutrient-dense. For a couple years, it was at the center of my diet. And the more I leaned into it, the more I noticed how controversial it had become. The narrative around red meat reminded me of how Bitcoin was treated in its early days—dismissed, attacked, misunderstood. But to me, both represented something honest and resilient. Rare came out of that overlap. Not as a dietary message or anything like that, but as a reaction to the way value gets distorted—and the instinct to come back to something elemental.

I already knew I had to make it. But seeing people’s reactions—from my jeweler’s excitement to someone at the casting house laughing in disbelief—helped confirm it. Rare isn’t just about excess. It’s about curiosity—about taking one idea as far as it can go and seeing if it still holds up.

Writer Jesse Myers suggests that humans are biologically wired to seek out scarce assets — a primal instinct that Bitcoin taps into. How did this idea inform your vision for Rare?

We’ve always chased what’s hard to get. That instinct hasn’t changed—just the objects have. Bitcoin taps into it. So does gold. So do gems. With Rare, I wanted to hit that same nerve—only through something physical. Platinum, diamonds, rubies—materials that carry weight, both literally and symbolically. They’re beautiful, elemental, forged over time. We respond to them without needing to be told why.

The title Rare does more than describe it. It’s a word people see all the time, but once they’ve seen this piece, it sticks differently. It rewires the word. Hijacks it a little. And the next time they see a steak—or hear the word rare—this might be the first thing that comes to mind. That’s part of the fun.

And yeah, part of this was about pushing the ceiling higher. If Rare works, it lifts everything that came before it. I think about that—how to keep things moving forward, not just for me, but for the collectors who’ve believed in my work from the start. It’s not about hype—it’s about making something that holds.

Your sculpture joins a lineage of high-stakes artworks that provoke intense responses — Fabergé eggs as imperial excess, Damien Hirst’s diamond skull as a meditation on wealth and mortality, Manzoni’s Artist’s Shit as market provocation. In the era of Bitcoin as a decentralized store of value, how does Rare challenge our inherited instincts around luxury, permanence, and what it means for something to be truly “valuable”?

I wanted to create something that felt impossible at first glance—a diamond-and-ruby steak. It’s absurd, sure. But that’s the point. We’re surrounded by noise, and attention has become its own kind of currency. I wanted to cut through it—not just to shock, but to say something about what we value. About what lasts. Like the works you mentioned, Rare plays with extravagance not just to impress—but to provoke.

I’ve spent the last decade creating physical Bitcoin wallets—art that held both currency and trust. I kept my head down, focused on craft, and over time, that turned into a real collector base. Rare isn’t a departure—it’s the next step. Just louder. Still speaking the same language: weight, precision, permanence.

I feel like I’ve earned the right to go there.

With Rare appraised at over $2 million and debuting at a Bitcoin event, the piece sits at the edge of cultural whiplash — a confrontation with both material opulence and Bitcoin’s trajectory. Do you see it as a kind of “future shock” — especially as figures like Michael Saylor suggest Bitcoin could reach $13 million per bitcoin? Even among Bitcoiners, how prepared do you think people are to emotionally process that scale of value?

I’m not even sure what “future shock” means anymore. Maybe it’s not about being surprised by the future—but realizing you’re already behind. A lot of people missed Bitcoin early on, and now they’re watching it run. So yeah, $13 million a coin sounds wild—but maybe what’s wilder is having none.

Things are moving fast—tech, money, culture—and it’s hard to keep up. People are overwhelmed. That’s where something like Rare fits in. It’s physical. You can see it, feel it. In a world where most value is invisible, that matters. Bitcoin’s different—it’s digital, but it still forces you to rethink what’s real. Same with long-term plays like ETFs. They’re all just different ways of asking: where do I put my value?

Most people probably aren’t ready. But no one really is. We’re all trying to figure it out while the ground keeps shifting.

Your earlier works, like the Kialara Labyrinth edition in 2015, helped give Bitcoin one of its first tangible forms — blending design, function, and cryptographic symbolism into a physical object. With Rare, you’ve moved from secure vessel to cultural artifact. How does this evolution mirror Bitcoin’s own transformation — from a niche cypherpunk experiment to a globally recognized store of value and institutional or corporate treasury asset?

In the early days, Bitcoin felt invisible. I wanted to give it a physical form—something fun and engaging people could actually hold. The Kialara series did that. It helped Bitcoin feel real when it was still mostly abstract.

But now Bitcoin is mainstream—ETFs, corporate treasuries, global headlines. It doesn’t need the same kind of validation. It doesn’t need me in the same way. So my role has shifted. With Rare, I’m contributing to the culture around it.

At a time when food, value, and meaning are all in flux… I wanted to create something that holds that tension. I’m not trying to make a nutritional statement, but I get the same feeling from beef and the carnivore movement now that I got from Bitcoin a decade ago—disruptive, controversial, misunderstood. Rare felt like the right place to explore that.

As Bitcoin blurs lines between money, ideology, and art, what do you see as the artist’s role in making sense of this shift — especially when the work itself, like Rare, sits at the intersection of extreme material value and symbolic power?

I’m not sure if the artist’s role is to make sense of the shift—or if the shift happens because the artist shows up. Sometimes we reflect the world. Sometimes we bend it. And today, what counts as an artist is wide open. Satoshi didn’t make traditional art, but he reshaped how we see trust, time, and value. That feels like art to me.

With Rare, I took some of the Earth’s most enduring materials and shaped them into something instinctual—something tied to appetite, ritual, and survival. No electronics. No moving parts. Raw elements from deep underground, shaped into a form we all recognize but rarely stop to consider. A cut of meat, frozen in time. It doesn’t try to explain the moment—it lets the tension sit there. Still. Silent. But alive.

That’s what art can do. It doesn’t hand you meaning—it waits for you to find it.

Rare by Max Mellenbruch will be exclusively available for auction during Bitcoin Conference Las Vegas. The sculpture will be on view in the Deep Vault — a private exhibition space accessible only to Whale Pass holders. Bidding has started on Scarce.City and concludes May 29th. 

Max’s book Kialara, chronicling his early Bitcoin journey and the creation of his meticulously crafted physical wallets, can be found here. 

This post Sculpting Scarcity: Artist Maxfield Mellenbruch Brings Rare Steak Worth Millions To Bitcoin 2025  first appeared on Bitcoin Magazine and is written by Dennis Koch.

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An Excerpt From I Am Not Your Bruh: Parenting Is Progress, Not Perfection

Parenting isn’t rocket science. It’s much harder. With all due respect to rocket scientists, the implications of a failed launch are far less consequential than a failed parenting strategy.

Progress is a more attainable goal to strive for, and taking steps that lead to meaningful change is all you can really hope for. Parenting is the most challenging and most rewarding responsibility afforded to us in this life. Imagine bringing a whole entire human being into this world who is a literal piece of you and not being awed by such a profound blessing. Your family is your biggest flex.

Still, perfection is a trap. If you expect perfect days, perfect moods, perfect meals, or perfect discipline, you’re setting yourself up for disappointment. Children don’t need perfect parents. They need present parents who are committed to growing right alongside them.

In the everyday struggles and triumphs of life, the small moments matter most: an encouraging word after a tough day, the consistency of a hug even after a tantrum, the patience to listen when it’s easier to scold. Progress means showing up a little better today than you did yesterday, and giving yourself (and your kids) the grace to fail forward.

Parenting is not about reaching some final destination of mastery—it’s about the journey. And every small, intentional step forward is a victory worth celebrating.

For Mother’s Day, grab a copy of I Am Not Your Bruh for just $21 (regularly $29.99) and invest in timeless parenting wisdom to guide the next generation.

This post An Excerpt From I Am Not Your Bruh: Parenting Is Progress, Not Perfection first appeared on Bitcoin Magazine and is written by George Mekhail.

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Scotland’s Lomond School and Saifedean Ammous Launch New Bitcoin Scholarship Program

In a bold new step blending education and Bitcoin innovation, Lomond School has announced the launch of the Satoshi Scholarships, a first-of-its-kind Bitcoin-powered scholarship initiative, according to a press release sent to Bitcoin Magazine. The announcement comes alongside a strategic partnership with renowned economist Dr. Saifedean Ammous to develop an Austrian economics curriculum for students.

The independent co-educational day and boarding school, already known as the first in the world to accept Bitcoin for tuition, is now offering 21 two-year boarding scholarships and 21 two-year day scholarships—fully covering the school’s prestigious International Baccalaureate (IB) programme. Each scholarship is designed to empower students with a passion for economics, innovation, and critical thinking, regardless of their background.

“The response from the Bitcoin community since announcing our acceptance of Bitcoin for fees has been phenomenal,” said Claire Chisholm, Principal of Lomond School, during an appearance on Jordan Walker’s Bitcoin Collective Podcast. “The scholarship programme seemed like the natural next step. With Dr. Ammous backing our curriculum and the introduction of our scholarship programme, I invite committed supporters to join us as benefactors and help shape the next generation of economic thinkers.”

Beyond scholarships, the school is also launching a new economics curriculum in collaboration with Dr. Ammous, best known as the author of The Bitcoin Standard. The initiative will emphasize Austrian economics, sound money, and the ethics of financial liberty.

“The future of freedom and prosperity depends on the next generation understanding sound economics,” said Dr. Ammous. “With this partnership, we aim to plant the seeds of long-term thinking and financial literacy early in life. I am delighted to work with Lomond School on this incredibly exciting project.” 

The curriculum will complement Lomond’s already progressive learning model, with hands-on Bitcoin integration. Students will explore decentralized finance principles, interact with Bitcoin mining hardware donated to the school, and gain practical understanding of monetary systems beyond the traditional classroom. 

Lomond School said it is actively seeking 43 founding benefactors—one for each scholarship and the flagship sponsor package. As Chisholm put it: “Be one of the 43 to shape the future — where education meets innovation, and where Austrian economics takes root in the classroom. Help us change the world from Helensburgh.” Those interested can learn more or express interest by contacting [email protected]. 

This post Scotland’s Lomond School and Saifedean Ammous Launch New Bitcoin Scholarship Program first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

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Fidelity’s Chris Kuiper Presents “The Investment Case For Bitcoin” At Corporate Conference 

Speaking at Strategy World 2025 today, Chris Kuiper, Vice President of Research at Fidelity Digital Assets, challenged corporations to reexamine how they think about risk, capital allocation, and long-term financial health. “Bitcoin has outperformed every major asset class over the last ten years,” Kuiper said. “If you’re a company sitting on cash or low-yield bonds, you’re falling behind.” 

JUST IN: Fidelity’s Chris Kuiper presents “The Investment Case for #Bitcoin” to corporations interested in adopting BTC

“Bitcoin has more good volatility than bad volatility,” there is “opportunity” here pic.twitter.com/JSqbMVhqlF

— Bitcoin Magazine (@BitcoinMagazine) May 7, 2025

With over a decade of data, Kuiper made the case that Bitcoin isn’t just a speculative asset—it’s a superior strategic reserve. The numbers were front and center: Bitcoin has delivered a 79% compound annual growth rate (CAGR) over the last decade and 65% over the past five years. In contrast, Kuiper showed that investment-grade bonds returned just 1.3% nominally over the same period.

“Corporations often focus on volatility. But volatility isn’t risk—permanent capital loss is,” Kuiper explained. He cited inflation and currency debasement as the real threats facing balance sheets today, showing how even traditional safe havens like U.S. Treasury bonds have suffered negative real returns over time. 

To address concerns about Bitcoin’s volatility, Kuiper offered two practical strategies: position sizing and long-term thinking. “Bitcoin doesn’t have to be all or nothing,” he said. “It’s not a switch—it’s a dial.” Even a 1–5% allocation, he argued, can significantly improve a corporation’s risk-adjusted return while limiting drawdown exposure.

The presentation then turned to corporate fundamentals. Kuiper emphasized the importance of return on invested capital (ROIC) over headline earnings, calling out the inefficiencies of sitting on cash. As an example, he noted that Microsoft’s ROIC drops from 49% to 29% when excess cash is included—highlighting the drag idle capital creates.

“Corporations are laser-focused on income statements, but it’s the balance sheet that tells the real story,” Kuiper said. “Cash is part of that story—and Bitcoin can turn it from dead weight into a productive asset.” 

He closed with a direct question to executives: “What’s your opportunity set—and do you believe those opportunities can outperform Bitcoin?”

In Kuiper’s view, the answer is increasingly obvious. 

This post Fidelity’s Chris Kuiper Presents “The Investment Case For Bitcoin” At Corporate Conference  first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

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Michael Saylor Delivers Bitcoin for Corporations 2025 Keynote Speech

In his keynote at Bitcoin for Corporations 2025, Michael Saylor, Executive Chairman of Strategy, laid out a powerful case for why Bitcoin represents the most compelling capital asset for corporations today. Saylor emphasized the stark economic realities facing the vast majority of public companies, labeling 96% of them as “zombie companies” that are unable to outperform a Treasury bill.

From Zombie Company to Treasury Titan

Drawing on his own experience at Strategy, Saylor recounted how the company leveraged Bitcoin as a balance sheet strategy starting in 2020, transforming itself from a stagnating enterprise to one of the most profitable Bitcoin-backed firms in the world. “If you’re not Apple, Google, or Nvidia,” Saylor said, “you need to find a strategy to break free from the stranglehold of digital monopolies.”

Saylor’s pitch to the audience was clear: Bitcoin is not just an asset – it’s the antidote to corporate entropy. Unlike AI, which he described as a consensus technology that amplifies the power of incumbents, Bitcoin offers a paradigm shift, allowing companies to store value in an asset that is “indestructible, invisible, and immortal.”

For Saylor, the Bitcoin strategy is simple: “You want to 10x your company? Buy Bitcoin. You want to 100x? Buy Bitcoin with someone else’s money.” He argued that while the Magnificent Seven – Apple, Google, Meta, Amazon, Microsoft, Nvidia, and Tesla – will continue to dominate, Bitcoin offers a rare path for smaller firms to align with a global monetary network in its nascence.

Saylor concluded with a bold call to action: “Bitcoin is the universal, perpetual, profitable merger partner for every company on Earth. The only question is: Are you ready to make the merger?”

Watch the full livestreams for Days 1 and 2 of Bitcoin for Corporations on the Bitcoin Magazine YouTube channel.

This post Michael Saylor Delivers Bitcoin for Corporations 2025 Keynote Speech first appeared on Bitcoin Magazine and is written by Spencer Nichols.

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Strive Asset Management Merges with Asset Entities to Launch A Public Bitcoin Treasury Company

Strive Asset Management, LLC, a $2 billion institutional investment firm and subsidiary of Strive Enterprises, Inc., has announced a definitive merger with Asset Entities Inc. (NASDAQ: ASST), a digital content and social media technology company. The transaction will result in a new entity, claiming to be the first public Bitcoin Treasury Company designed to maximize Bitcoin exposure per share using innovative, minimally dilutive strategies.

Strive Asset Management is becoming a Bitcoin Treasury Company!

We are thrilled to combine with Asset Entities (Nasdaq: ASST) to create the first publicly traded asset manager on the Bitcoin Standard.

Strive intends to use all available mechanisms, including novel financial…

— Ben Pham (@BenPhiat) May 7, 2025

The merged company will operate under the Strive brand and remain listed on NASDAQ. Matt Cole, Strive CEO, will lead the new entity as Chairman and CEO and is set to deliver the first public remarks about the announcement today at 2:15 p.m. ET during the Strategy World conference, available via the livestream below:

Here’s what they’re doing:

• Bitcoin-for-Stock Offer:
  Strive plans to let some accredited investors trade their Bitcoin for company stock without paying taxes up front. This is through Section 351 of the U.S. tax code. The deal could go up to $1 billion, and is expected to be tax-free if requirements are met.
• Buying Cash at a Discount:
  Strive wants to merge with public companies that have more cash than their stock is worth. This lets Strive get cash cheap and use it to buy more Bitcoin, which could help grow value for shareholders.
• Using Leverage and Hedging:
  Strive will use its fixed income and derivatives experience to borrow money and hedge risks while buying more Bitcoin. They say no other Bitcoin treasury has used this kind of strategy.
• Ready to Raise More Capital:
  Because of how the merger is set up, the new company will be able to raise money fast using a $1 billion shelf registration. They’ll only use this when it helps shareholders.

Strive’s mission is clear: build a long-term Bitcoin treasury with a capital deployment strategy that aims to outperform Bitcoin itself. To accomplish this, Strive claims it is deploying a series of first-in-class financial tools not previously used in the Bitcoin treasury space.

The executive team of the combined company includes Ben Pham as CFO, Arshia Sarkhani (former CEO of Asset Entities) as CMO, and Logan Beirne as CLO. Additional board members will include Bitcoin advocates Ben Werkman, Jeff Walton, and Avik Roy.

Since its founding in 2022, Strive Asset Management has quickly emerged as a force in the asset management industry, challenging ESG mandates and championing unapologetic capitalism. This merger marks the beginning of a new strategic push: corporate adoption of Bitcoin treasuries.

This post Strive Asset Management Merges with Asset Entities to Launch A Public Bitcoin Treasury Company first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

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How Bitcoin Mining Can Energize Real Estate

Introduction

Real estate is an energy-intensive industry. During construction, significant energy resources are required for operating heavy machinery and equipment, as well as producing materials like cement and steel. 

Once constructed, buildings continue to demand substantial energy for various functions. For instance, residential properties require consistent heating, cooling, and lighting, while commercial properties like hotels, malls and stadiums have additional energy needs for climate control, complex lighting systems, high-capacity HVAC systems and require energy for powering amenities such as elevators, escalators, and restrooms. Agricultural facilities and stables often use energy-intensive systems for irrigation and equipment operation. 

This persistent demand for energy typically results in high capital expenditures and operational costs, imposing a significant financial burden on both homeowners and tenants.

In most jurisdictions, including the United States, landlords can pass energy costs on to renters, further escalating living expenses. The specifics can vary depending on local regulations and the type of lease agreements in place (e.g., gross versus triple net leases).

Bitcoin mining: a solution to soaring living expenses

In Germany, for instance, reliance on imported energy resources, especially natural gas, has become even more expensive due to geopolitical tensions. With domestic options like nuclear power largely phased out, developers and property managers face rising expenses that inevitably filter down to tenants, driving up the overall cost of housing.

Bitcoin mining involves miners searching for a random number that meets specific criteria, with a solution typically found every 10 minutes. Although most readers are familiar with this process, known as Proof-of-Work, it remains a fundamental mechanism underpinning Bitcoin’s security and decentralization. This process not only rewards successful miners with bitcoin but also transforms electricity into both processing power and significant amounts of heat. The more computational power employed, the more secure the network becomes, making it increasingly difficult for any single entity to control or manipulate it.

With an effective system in place, this excess heat can be captured and utilized for various purposes, allowing energy to be harnessed in two dimensions, computing power and heat.

Paving a truly sustainable energy path with bitcoin

The word “sustainable” has been so misused that I almost prefer not to use it at all. Like other positively connoted terms, it has been abused, especially by institutions that seek to control its meaning. Nevertheless, the underlying concept is sound, and Bitcoin makes it possible. By incorporating Bitcoin mining into energy management strategies, property owners can repurpose the excess heat generated by Bitcoin mining to meet certain energy needs. This heat can support building heating systems, warm water, or directly heat spaces such as residential and commercial areas. New energy systems are being developed to integrate Bitcoin miners with specialized heating systems, allowing for efficient use of this heat to maintain comfortable temperatures and improve energy efficiency within a property.

Bitcoin, solar and excess energy

In regions with sunlight, such as agricultural areas or warm climates, combining Bitcoin mining with solar panels presents a significant opportunity. 

This integration can substantially boost the return on investment for solar systems by monetizing the excess energy through bitcoin mining. For residential properties with rooftop solar installations, this also addresses grid capacity challenges that can prevent homeowners from selling surplus energy back to the grid. By utilizing Bitcoin mining, excess energy can be absorbed, converted into reusable heat, and even generate profit.

In many regions, including colder climates like Germany, building regulations mandate the integration of certain energy sources such as solar panels. However, the installation costs of solar panels can be high, with energy generation often limited. Bitcoin mining offers a solution by monetizing the generated energy, thereby providing an additional revenue stream that can help offset the high installation costs of solar panels. This added income makes solar energy, and renewable energy systems in general, more economically viable and financially attractive.

Overall, integrating Bitcoin mining into real estate can result in several economic benefits:

• Reduced Energy Costs: By repurposing excess heat from mining operations for heating or other energy needs, property owners can reduce their overall energy expenses, thereby lowering costs for tenants.
• Alternative Revenue Stream: Bitcoin mining offers a bitcoin-denominated income stream, similar to rental income in real estate. It can provide an additional cash flow alongside traditional real estate income. This extra revenue can be reinvested into the property or used to offset operational costs. 
• Increased Property Value: Reduced energy costs through Bitcoin mining may increase a building’s value by lowering operational expenses and potentially creating additional cash flow. Overall, properties that reduce energy costs and integrate renewable energy sources become more appealing to buyers.

Regulatory hurdles

While Bitcoin mining offers significant potential for the real estate industry, regulatory considerations must be carefully navigated. In some jurisdictions, integrating Bitcoin mining into property operations may face legal challenges. 

These concerns can vary based on local laws and regulations, which could impact how mining activities are implemented and managed within real estate developments. Therefore, it is crucial to navigate local laws and regulations carefully to assess the viability, ensure compliance, and maximize the benefits of integrating Bitcoin mining into property management.

A new era in property management?!

Real estate developers and investors who embrace Bitcoin mining can position themselves at the forefront of a new era in property management, where Bitcoin plays a key role. 

With the emergence of Bitcoin, real estate may eventually revert to reflecting its utility value, as bitcoin proves to be a superior store of value that many may prefer over traditional property investments. In this new paradigm, Bitcoin mining could further transform our view of properties, prompting us to see them not only as financial assets but also as purposeful physical spaces that require proper care and can generate sustainable profitability.

Integrating Bitcoin mining into real estate operations can actively support existing business processes and demonstrates how mining can positively impact living environments. As mining technology continues to evolve and its benefits become clearer, the adoption of these practices in real estate is expected to grow.

Potential decentralization in mining through the integration into tangible structures

In addition, a particularly exciting potential side effect for Bitcoiners is that many small-scale mining facilities can be integrated in a decentralized manner. This could contribute to a less centralized Bitcoin mining ecosystem compared to the current dominance of large mining pools.

Conclusion

As someone with a background in real estate development, I appreciate that Bitcoin is not just a concept or utopia. It is a protocol and computer network with tangible impacts on our physical world. The synergy between Bitcoin mining and real estate offers a promising opportunity to enhance the energy efficiency and profitability of properties.

The integration of Bitcoin mining into existing property structures or new developments currently faces several challenges, including regulatory uncertainties and the lack of pre-manufactured solutions that can be easily incorporated into buildings on a large scale. 

These obstacles underscore how early we are in the development of this technology but also present a significant opportunity for entrepreneurs to innovate and create practical solutions. 

Just as it took decades to build out the internet infrastructure, the integration of Bitcoin mining into physical structures like real estate will need time and effort. This will require careful planning, allocating dedicated space for mining operations, integrating them into the existing heating system, and addressing energy management concerns. 

A dedicated and forward-thinking landlord or property manager can overcome these challenges and unlock the benefits of combining real estate with Bitcoin mining.

This is a guest post by Leon Wankum. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

This post How Bitcoin Mining Can Energize Real Estate first appeared on Bitcoin Magazine and is written by Leon Wankum.

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