Coinbase (COIN), the largest cryptocurrency exchange in the US, has experienced a significant decline in its stock valuation, dropping nearly 40% from its peak of $444 in July to its current trading level of around $271 per share. This, amid market fluctuations and heightened volatility in the broader crypto market, impacting the exchange’s stock performance.

Bernstein Forecasts New Bullish Phase For Coinbase

Despite these challenges, analysts at Bernstein hold an optimistic outlook on Coinbase’s stock price, suggesting a potential new bullish phase that could propel COIN to surpass previous all-time highs and reach levels above $500. 

Bernstein maintains a price target of $510 on Coinbase, underlining the exchange’s shift from a trading-centric platform to what analysts dub an emerging “everything exchange.”

Analysts led by Gautam Chhugani highlighted the delicate market conditions, citing crypto price fluctuations influencing listed crypto-exposed equities. 

However, Bernstein distinguishes the current market environment from past crypto downturns, noting that speculative excess primarily affects what they refer to as “MSTR copycats,” referencing Strategy’s (previously MicroStrategy) stock performance. 

Central to Bernstein’s bullish thesis is Coinbase’s strategic diversification away from volatile spot trading revenue. They assert that exchange is evolving into a comprehensive financial platform.

The analysts emphasize that clearer regulatory guidelines in the US could drive a revaluation of these business lines, bridging the gap with offshore competitors benefiting from faster token listings and fundraising fees. 

Coinbase’s foray into token issuance through a launchpad-style model, exemplified by Monad’s (MON) recent listing, demonstrates growing market interest. Bernstein notes that these launches, directly influencing trading activity, can stimulate a cycle of issuance, listing, and heightened trading volume.

Confident Ratings For COIN

Looking ahead, one of the exchange’s most notable catalysts is the upcoming product showcase on December 17, anticipated to unveil developments in tokenized equities, prediction markets, and other tools expanding the exchange’s offerings beyond spot crypto trading. 

The integration with Deribit is also expected to further bolster Coinbase’s derivatives expansion, positioning the exchange closer to platforms like Robinhood as both entities diversify their product offerings.

On the consumer front, the exchange’s Base app, focusing on wallet services, payments, and social features, acts as a centralized access point for the broader token markets, reaffirming the analysts’ bullish predictions. 

Bernstein’s reaffirmed “Buy” rating on Coinbase with a massive $510 price target underscores the firm’s confidence in COIN’s growth trajectory. Monness Crespi’s recent upgrade from “Neutral” to “Buy” with a $375 target further adds to the bullish sentiment surrounding the stock’s valuation amid falling prices. 

Featured image from DALL-E, chart from TradingView.com 

Bitcoin Magazine

TD Cowen Sees Strategy ($MSTR) Under Pressure as MSCI Index Review Looms

TD Cowen analysts say Strategy’s stock could face continued pressure due to an impending MSCI review. 

The firm expects that PBTCs like Strategy will be removed from all MSCI indexes this February. A formal decision is expected around mid-January.

Cowen called the potential removal “capricious” but emphasized that investors should prepare for sustained selling pressure. The analysts note that Strategy is not a fund, trust, or holding company. Instead, it is a public operating company. Its $500 million software business generates all of its revenue. 

Meanwhile, its Bitcoin treasury operations are innovative and active, offering unique Bitcoin-backed securities.

“Removing Strategy from broad indexes simply because of its Bitcoin focus feels arbitrary,” the analysts wrote. Cowen questioned whether MSCI’s rationale reflects a bias against crypto rather than any strict classification criteria. MSCI has cited concerns that PBTCs may resemble investment funds, which are ineligible for index inclusion. 

Cowen counters that Strategy’s structure is clearly different.

Strategy and MSCI exclusion

The stakes are high. JPMorgan recently warned that excluding Strategy from MSCI could trigger $2.8 billion in passive outflows. If other indexes follow, the total could reach $8.8 billion. Strategy’s market cap currently sits near $59 billion, with roughly $9 billion held in passive index-tracking vehicles. 

Any forced selling could exacerbate an already depressed share price, JPMorgan argued. 

Strategy’s shares have fallen more than Bitcoin in recent months. The company’s mNAV — the ratio of market value to Bitcoin holdings — has dropped to just above 1.1, its lowest since the pandemic. Investors have seen the stock decline over 60% since last November. Its preferred shares and bond issuances have also sold off sharply.

Despite the volatility, Cowen recently long-maintained a bullish long-term outlook. The bank estimated thatthe company could hold 815,000 BTC by 2027. At that level, intrinsic Bitcoin value per share could support a price target of $585, implying roughly 170% upside from current levels. 

Cowen attributes the recent weakness to market volatility and index-related fears, rather than a failure of Strategy’s core accumulation model.

Michael Saylor, Strategy’s chairman, dismissed index concerns. In a recent statement, he emphasized that the company is a fully operating business with active software and Bitcoin-backed credit programs. Saylor has repeatedly highlighted its innovative financial products, including structured Bitcoin credit instruments like $STRK and $STRC, which offer yields above traditional credit markets.

Saylor envisions accumulating $1 trillion in Bitcoin and growing the company 20–30% annually, leveraging long-term appreciation to create a massive store of digital collateral. 

From this base, Saylor plans to issue Bitcoin-backed credit at yields significantly higher than traditional fiat systems, potentially 2–4% above corporate or sovereign debt, offering safer, over-collateralized alternatives. 

Saylor believes that other large scale traditional finance companies can follow the Strategy model with their income. 

Cowen also points to potential tailwinds. A possible inclusion in the S&P 500 could broaden institutional ownership and stabilize flows into the stock. Additional regulatory clarity around Bitcoin could further bolster investor confidence.

Strategy’s rise underscores the growing role of Bitcoin in global finance. Its inclusion in indexes like the Nasdaq 100 and MSCI benchmarks has historically funneled crypto exposure into mainstream portfolios. 

If MSCI excludes the company, Cowen argues, the market may see short-term disruption but long-term adoption trends remain intact.

Bitcoin itself has struggled over the past month, dropping from an October high above $126,000 to around $88,000 recently. Even amid this sell-off, Strategy continues to execute large Bitcoin purchases, now holding more than 3% of total supply.

Bitcoin bulls need to keep the price above $84,000 after last week’s close. If it falls, weak support sits near $75,000, with stronger buying likely in the $72,000–$69,000 zone. A deeper drop targets the “$58k gang” area around the 0.618 Fibonacci level at $57,700.

MSTR is up over 4% today trading at $177.47.

This post TD Cowen Sees Strategy ($MSTR) Under Pressure as MSCI Index Review Looms first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strategy’s (MSTR) Michael Saylor Dismisses Index Concerns: ‘Our Conviction in Bitcoin is Unwavering’

Michael Saylor pushed back on recent reports warning that Strategy could face billions in passive outflows if MSCI excludes the company from major equity indices.

In a statement on X, Saylor said that Strategy is “not a fund, not a trust, and not a holding company.” He described the firm as a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.

Saylor highlighted the company’s recent activity, including five public offerings of digital credit securities — $STRK, $STRF, $STRD, $STRC, and $STRE — representing over $7.7 billion in notional value. 

He also pointed to Stretch ($STRC), a Bitcoin-backed credit instrument that offers variable monthly USD yields to institutional and retail investors.

“Funds and trusts passively hold assets. Holding companies sit on investments. We create, structure, issue, and operate,” Saylor wrote. “No passive vehicle or holding company could do what we’re doing.” 

He described Strategy as a new kind of enterprise: a Bitcoin-backed structured finance company innovating in both capital markets and software.

Saylor added that index classification does not define the company. “Our strategy is long-term, our conviction in Bitcoin is unwavering, and our mission remains unchanged: to build the world’s first digital monetary institution on a foundation of sound money and financial innovation.”

Will Strategy get removed from Nasdaq 100? 

The statement comes as JPMorgan analysts warned that MSCI’s potential exclusion of Strategy from major indices could trigger $2.8 billion in outflows, rising to $8.8 billion if other index providers follow. 

Strategy’s market cap sits around $59 billion, with nearly $9 billion held in passive index-tracking vehicles. Analysts said any exclusion could increase selling pressure, widen funding spreads, and reduce trading liquidity.

Strategy’s inclusion in indices such as the Nasdaq 100, MSCI USA, and MSCI World has long helped channel the Bitcoin trade into mainstream portfolios. However, MSCI is reportedly evaluating whether companies with large digital-asset holdings should remain in traditional equity benchmarks. 

Market participants increasingly see digital-asset-heavy companies as closer to investment funds, which are ineligible for index inclusion.

Despite all the recent bitcoin volatility and concerns about potential outflows, the company continues to pursue its long-term vision of a Bitcoin-backed financial enterprise, aiming to create new financial products and a digitally native monetary institution.

On October 10, bitcoin and the broader crypto market crashed. Some believe it was because Trump threatened tariffs on China, but some contend that the broader crash was triggered when MSCI announced it was reviewing whether companies that hold crypto as a core business, like MSTR, should be classified as “funds” rather than operating companies. Some contend that ‘smart money’ anticipated this risk immediately after MSCI’s announcement, leading to the sharp market drop, with the outcome now hinging on MSCI’s January 15, 2026 decision.

Trillions of dollars in Bitcoin 

Earlier this year in an interview with Bitcoin Magazine, Saylor outlined an ambitious vision to build a trillion-dollar Bitcoin balance sheet, using it as a foundation to reshape global finance. 

He envisions accumulating $1 trillion in Bitcoin and growing it 20–30% annually, leveraging long-term appreciation to create a massive store of digital collateral. 

From this base, Saylor plans to issue Bitcoin-backed credit at yields significantly higher than traditional fiat systems, potentially 2–4% above corporate or sovereign debt, offering safer, over-collateralized alternatives. 

He anticipates this could revitalize credit markets, equity indexes, and corporate balance sheets while creating new financial products, including higher-yield savings accounts, money market funds, and insurance services denominated in Bitcoin. 

At the time of writing, Bitcoin is experiencing extreme levels of sell pressure and its price is dipping near the $80,000 range. Bitcoin’s all-time high came only six weeks ago when it hit prices above $126,000.

Strategy’s stock, $MSTR, is trading at $167.95 down over 5% on the day and over 15% over the last five trading days.

This post Strategy’s (MSTR) Michael Saylor Dismisses Index Concerns: ‘Our Conviction in Bitcoin is Unwavering’ first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

JPMorgan Says Saylor’s Strategy Could See Billions in Outflows if MSCI Excludes MSTR

Strategy — the original “bitcoin-on-NASDAQ” proxy — is now facing its most consequential structural risk since Michael Saylor began converting the firm into a leveraged BTC holding vehicle five years ago.

A new JPMorgan research note warns that Strategy is “at risk of exclusion from major equity indices” as MSCI approaches a key January 15 decision on whether companies with large digital-asset treasuries belong in traditional stock benchmarks.

MSCI is weighing a rule that would remove companies whose digital-asset holdings exceed 50% of total assets — a category in which Strategy sits at the extreme. 

With the company’s market cap hovering around $59 billion and nearly $9 billion held in passive index-tracking vehicles, analysts say any exclusion could unleash severe mechanical selling pressure.

Outflows could amount to $2.8 billion if MSCI removes Strategy — and as much as $8.8 billion if other index providers follow, the analysts noted.

The current state of MSTR

The warning lands at a vulnerable moment. Strategy shares have fallen more than bitcoin itself in recent months as the company’s once-lofty premium — the “mNAV” spread between enterprise value and bitcoin holdings — has collapsed to just above 1.1, the lowest since the pandemic.

MSTR has lost roughly 40% in value over the last six months, with 11% coming in the last five trading days. 

The model that powered Strategy’s rise — raise equity, buy bitcoin, benefit from reflexivity, repeat — now faces structural headwinds: The stock is down over 60% since last November’s high.

Its perpetual preferred shares have sold off sharply, with yields on its 10.5% notes rising to 11.5%. A recent euro-denominated preferred issuance broke below its discounted offer price within two weeks.

Strategy’s inclusion in the Nasdaq 100, MSCI USA, MSCI World, and other benchmarks has quietly funneled the bitcoin trade into mainstream portfolios for years. Passive ETF and mutual-fund flows helped sustain Strategy’s liquidity, valuation, and visibility with institutional allocators.

But MSCI’s October consultation revealed something new according to JPMorgan: Market participants increasingly view digital-asset treasury companies as closer to investment funds than operating businesses. Investment funds are not eligible for index inclusion — and that’s the heart of Strategy’s problem.

JUST IN — Michael Saylor on #Bitcoin price crashing today: "They’ll say we got lucky." pic.twitter.com/3YgUkmj0yz

— Bitcoin Magazine (@BitcoinMagazine) November 20, 2025

MSCI said it does not “speculate on future index changes,” but is evaluating whether digital-asset-heavy balance sheets should remain inside equity benchmarks.

Active managers aren’t required to mimic index changes, but JPMorgan warns that removal alone could spark reputational damage, widen funding spreads, and thin trading activity — making the stock less attractive to large institutions.

Strategy’s rise — and its current risk — underscores how deeply bitcoin has seeped into global finance through indirect channels. 

At one point, analysts speculated the company might gain entry into the S&P 500. Instead, the digital-asset treasury model now looks increasingly fragile because Bitcoin is down 30% from its October high and crypto markets have shed over $1 trillion in value.

Strategy’s January 15 inflection point

JPMorgan believes Strategy’s dramatic underperformance relative to BTC is now primarily driven by index-exclusion fears, not bitcoin weakness. If MSCI rules negatively, the company’s valuation could become almost fully tethered to its underlying BTC — with its mNAV ratio drifting closer to 1.0.

That would eliminate the reflexive premium that powered the last half-decade of Saylor’s strategy.

Earlier this year in an interview with Bitcoin Magazine earlier this year, Saylor outlined an ambitious vision to build a trillion-dollar Bitcoin balance sheet, using it as a foundation to reshape global finance. 

He envisions accumulating $1 trillion in Bitcoin and growing it 20–30% annually, leveraging long-term appreciation to create a massive store of digital collateral. 

From this base, Saylor plans to issue Bitcoin-backed credit at yields significantly higher than traditional fiat systems, potentially 2–4% above corporate or sovereign debt, offering safer, over-collateralized alternatives. 

He anticipates this could revitalize credit markets, equity indexes, and corporate balance sheets while creating new financial products, including higher-yield savings accounts, money market funds, and insurance services denominated in Bitcoin. 

This post JPMorgan Says Saylor’s Strategy Could See Billions in Outflows if MSCI Excludes MSTR first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Price Jumps Near $94,000 After Sub-$90,000 Dip

Bitcoin price briefly dipped below $90,000 overnight on Tuesday, its lowest level since April 22, before recovering to trade above $93,500 this morning.

Currently, the Bitcoin price is trading at $93,794, semi-unchanged in the past 24 hours, with a $124 billion trading volume. It sits 1% below its 7-day high of $94,212 and 5% above its 7-day low of $89,188, with a market cap of $1.86 trillion, according to Bitcoin Magazine Pro data.

Over 19.95 million BTC have now been mined, exceeding 95% of the 21 million maximum supply, and new coins are issued through mining, which slows over time due to halving events every four years. The final fractions of Bitcoin are expected to be mined around 2140, completing its fixed supply.

Earlier in the session, the bitcoin price briefly touched $89,180. For 2025, the cryptocurrency is now down about 2%.

Bitcoin price’s dubious future 

Bitcoin price has fallen sharply below key support levels according to Bitcoin Magazine analysis, closing below $94,290 and erasing gains for 2025. The drops below the $96,000 weekly support signaled strong bearish sentiment, with bears firmly in control and the potential for further downside. 

Immediate support lies near the 0.382 Fibonacci retracement and the $83,000–$84,000 high-volume node, followed by the 2024 consolidation zone around $69,000–$72,000. 

Resistance for the bitcoin price is now thick above $94,000, with key levels at $98,000, $101,000, $106,000–$109,000, and $114,000–$116,000, making any sustained rally really challenging.

Technical patterns, including the broadening wedge, offer minimal hope for bulls. Even if a short-term bounce occurs, it is likely to stall below $106,000 and eventually roll over to new lows. Bitcoin has declined over 25% from October highs, and the four-year cycle high appears to have already passed. 

While a late cycle peak in early 2026 is possible, current market weakness and strong overhead resistance make a meaningful rally improbable, according to Bitcoin Magazine Pro analysis.

Overall, with major support broken, multiple resistance levels overhead, and bearish momentum prevailing, Bitcoin price’s near-term outlook remains extremely negative, and any price recovery is likely to be limited and short-lived.

Tech and stock sell-offs

Tech investors’ sell-offs have closely mirrored crypto declines. The Nasdaq-100, heavily weighted toward large tech companies, is down roughly 4% this month. 

Mike O’Rourke, chief market strategist at Jones Trading, called the correlation between Bitcoin and tech-stock losses “undeniable,” noting that the $1.8 trillion crypto market has been influencing the $32 trillion equity market.

Companies tied to crypto have also suffered. Strategy (MSTR), which leverages Bitcoin, is down roughly 27% for November. MSTR is up 8% today.

Shares of Robinhood Markets, buoyed earlier by crypto trading, have fallen 21%, while Coinbase Global has dropped roughly 23%.

Global stock markets are reflecting similar caution. The S&P 500 has slid nearly 3%, Germany’s DAX is down almost the same, and Japan’s Nikkei 225 has fallen 7%. Europe’s Stoxx 600 lost 1.2%, while the UK’s FTSE 100 fell 1.2% for a fourth consecutive day.

The AI sector, a driver of tech enthusiasm, has also rattled investors. Nvidia, the poster child for AI hype, dropped 9% after reaching a $4 trillion market valuation earlier this year. 

Alphabet CEO Sundar Pichai warned of “irrationality” in AI markets and cautioned that no company would be immune if the AI bubble bursts. Klarna CEO Sebastian Siemiatkowski voiced concerns about the scale of investments in computing infrastructure and datacenters, noting that huge amounts of money are being allocated to AI without careful consideration.

Despite the market dip, El Salvador kept aggressively accumulating Bitcoin. The country purchased 1,091 BTC recently, bringing its total holdings to 7,474.37 BTC valued at around $688 million.

At the time of writing, the Bitcoin price is $93,718.

This post Bitcoin Price Jumps Near $94,000 After Sub-$90,000 Dip first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Cboe to Launch Continuous Bitcoin Futures on December 15

Cboe Global Markets, Inc. (Cboe: CBOE) announced it will begin offering Bitcoin Continuous Futures (PBT) on its Cboe Futures Exchange (CFE) starting December 15, pending regulatory approval.

Ethereum Continuous Futures will also be offered. Earlier this year, CBOE had announced a November 10 start date but has since delayed the launch.

These new futures are designed to give traders long-term exposure to bitcoin without some of the operational headaches of traditional futures. Each contract has a 10-year expiration and a daily cash adjustment, which means positions are automatically updated every day to reflect the underlying asset’s price.

In effect, this creates a “perpetual” exposure. Traders no longer have to manually roll contracts every few months, which has been a major friction point for investors using conventional futures.

Cboe’s regulated products

“As perpetual futures have historically been traded offshore, Cboe is excited to help expand access to these products within a U.S.-regulated, transparent, and intermediary-friendly environment,” said Rob Hocking, Global Head of Derivatives at Cboe. He added that the product is designed to help investors manage risk efficiently, gain leveraged exposure, and execute tactical trades in digital assets.

The new contracts will use real-time price data from Kaiko, a digital asset market data provider, to track bitcoin and ether. Each day, a “Funding Amount” adjusts open positions to keep the futures price closely aligned with the spot market. 

This ensures that the contract accurately reflects the value of the underlying crypto, which is important for anyone using these contracts to hedge or speculate.

Anne-Claire Maurice, Managing Director of Derived Data at Kaiko, noted that these U.S.-regulated continuous futures remove much of the operational friction that institutional investors face when managing offshore perpetual contracts. 

“They allow investors to gain long-term crypto exposure efficiently, while still benefiting from the oversight and transparency of regulated markets,” she said.

The contracts will be cash-settled and centrally cleared through Cboe Clear U.S., a CFTC-regulated clearinghouse. This reduces counterparty risk, making it safer for traders compared with unregulated or offshore derivatives. 

Margin requirements will follow CFTC rules, and there may be opportunities to offset margin requirements with other CFE-listed futures, such as the Financially Settled Bitcoin (FBT) and Financially Settled Ether (FET) contracts.

In short, Cboe’s continuous futures bring the convenience of perpetual-style crypto exposure to a regulated U.S. market. Traders can now hold positions in bitcoin and ether long-term without the need for constant contract rollovers, while benefiting from transparency, centralized clearing, and regulatory oversight.

This post Cboe to Launch Continuous Bitcoin Futures on December 15 first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Price Plunges to $94,000, Hitting Six-Month Low as Macro Fears Mount

Bitcoin price slid to fresh six-month lows on Friday, breaking decisively below the psychological $100,000 mark and intensifying a sell-off that has wiped out nearly a quarter of its value in just over a month. 

By midday, the bitcoin price was trading between $94,000 and $97,000, its weakest level since early May and a steep fall from October’s $126,296 all-time high, according to Bitcoin Magazine Pro data.

At the time of writing, the bitcoin price is at $94,850 but it bounced off of levels at $94,000.

The drop caps off a chaotic week across global markets, where risk assets, from tech giants to crypto stocks, have tumbled amid collapsing expectations for a Federal Reserve rate cut in December.

Just two weeks ago, traders were pricing in a near-certain 97% chance of easing. Today, that probability has plunged to roughly 50%, triggering deleveraging across equities and digital assets alike.

Why is the Bitcoin price dropping? 

The macro pressures are only part of the story. The Bitcoin price is facing internal market dynamics that have amplified the decline. According to new data from CryptoQuant, long-term holders have sold an estimated 815,000 BTC in the past 30 days—  the largest such exodus since early 2024.

Spot demand has weakened at the worst possible moment, and U.S.-listed spot Bitcoin ETFs have recorded hundreds of millions in daily outflows, draining liquidity while fueling downside momentum.

The turmoil extends beyond crypto. Risk-sensitive equities—including Nvidia, Tesla, Palantir, Coinbase, and Bitcoin miners—were hammered in this week’s sessions as investors fled speculative assets. 

Rising concerns over an AI bubble, combined with uncertainty surrounding delayed U.S. economic data following the 43-day government shutdown, have pushed the VIX to its highest reading since mid-October.

Institutional buying has fallen below the daily supply issued by miners, adding steady sell pressure at a time when liquidity is thinning. 

Bitcoin price is teetering at tricky levels

Bitcoin price is now hovering near its closely watched 365-day moving average around the $100,000, a level analysts say could determine whether the current pullback turns into a sharper correction, according to Bitcoin Magazine Pro.

Researchers at Bitfinex noted to Bitcoin Magazine that the drawdown from October’s peak is tracking closely with typical mid-cycle retracements, matching the roughly 22% pullbacks seen throughout the 2023–2025 bull market. 

Despite the slide below a bitcoin price of $100,000, they estimate that about 72% of all circulating bitcoin remains in profit — an indication that long-term holders are still sitting on gains even as sentiment weakens. 

Other analysts see signs that the market may be nearing a floor. JPMorgan estimates bitcoin’s current production cost — driven higher by rising network difficulty — sits around $94,000, a level that has historically acted as a strong downside anchor.

With the price now approaching that threshold, the bank argues that bitcoin’s price-to-cost ratio is back near historical lows and maintains a bullish 6–12 month outlook targeting roughly $170,000.

Still, the forces shaping this correction are far larger than retail traders. Whales, institutions, and leveraged market structures now dictate most major moves. Single transfers from wallets holding thousands of BTC can shift sentiment across exchanges.

But bitcoin’s recent wave of whale selling isn’t a sign of panic but typical late-cycle behavior, according to Glassnode.

Glassnode says long-term holders are steadily realizing profits, with monthly spending rising from 12,000 BTC per day in July to about 26,000 — consistent with normal bull-market distribution rather than an “OG whale exodus.” 

The broader backdrop isn’t helping. The U.S. government has reopened after a record 43-day shutdown, the longest in American history, following President Trump’s late-Wednesday approval of a temporary funding measure. 

Under the bill, federal agencies are funded only through Jan. 30, meaning uncertainty will continue to hang over markets even as operations slowly resume.

At press time, bitcoin price is trading at $95,670, hovering near production-cost levels and testing key technical support. 

This post Bitcoin Price Plunges to $94,000, Hitting Six-Month Low as Macro Fears Mount first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Lemon white bean soup is a creamy, vibrant one pot meal that’s perfect for busy weeknights. It’s hearty, filling, and uses simple, budget-friendly ingredients. (gluten-free with soy-free and nut-free options)

It’s soup season, and I am loving all the creamy, hearty, and budget-friendly soups — and this lemony white bean soup fits exactly into that category. It’s packed with tons of veggies, beans, and protein. 

The best part about this lemon white bean soup is that it’s flexible to your flavor profile. You can easily adjust the flavors and ingredients based on what you have on hand. It’s vibrant, lemony, and perfect for the whole family!

The soup gets its protein from beans, cashews or tofu, nutritional yeast, and the veggies. You also blend up some of the beans into a puree to create that creamy texture along with either cashews or tofu. You can even omit the cashews and tofu, if you need to, and use just the beans for the creamy base.

This creamy lemon white bean soup is wholesome, flexible, and easy to make. The perfect go-to for cozy soup season!!

Why You’ll Love Lemon White Bean Soup

• creamy, vibrant soup with tons of veggies and protein
• versatile recipe! Adjust seasoning and proteins to your taste.
• 40-minute, 1-pot meal
• naturally gluten-free with easy soy-free and nut-free options

Continue reading: 1-Pot Lemon White Bean Soup

The post 1-Pot Lemon White Bean Soup appeared first on Vegan Richa.

Bitcoin Magazine

Boltz Exchange Becoming The Leading Bridge Across Bitcoin Layers via “Holy Grail” Technology

Boltz, the bitcoin-only instant swap exchange, is cornering a niche sector of the bitcoin industry and quickly becoming a favorite of advanced bitcoin users. Its fully open source tech stack, which is actually trust-less, unlocks a variety of possibilities for the industry, including a zero-custody risk bridge across Bitcoin layers. 

Boltz exchange was founded in 2019 by Kilian and another pseudonymous co-founder, as a solution to managing liquidity in the Lightning Network for an early Bitcoin Defi project called OpenDex. Realizing quickly how complex lightning liquidity management was, the team ended up pivoting to the maintenance and polishing of Boltz, a liquidity service provider or LSP. Boltz has been self-funded ever since.

Boltz infrastructure supports multiple Bitcoin wallets today, such as BTCPay server via a plugin, Aqua wallet, Bull Bitcoin, and Breez, to name a few that are publicly known. As a result, Boltz is becoming an increasingly popular and respected company and open source project, an infrastructure cornerstone of Bitcoin’s Lightning Network today. 

The Boltz Lightning node is one of the biggest, boasting on its website 759 Channels, 1022 Peers, 84.625 BTC worth of capacity, and 6.60 years since the oldest operating channel was opened, though these metrics are likely out of date. Their Lightning Network support lets advanced lightning node operators ‘balance their channels’ an otherwise complicated process that generally gets obfuscated away from end users of lighting powered Bitcoin wallets. 

Boltz, however, is more than just an LSP; “We want to be the connecting tissue between all the Bitcoin layers.” Kilian told Bitcoin Magazine in an exclusive interview, discussing the vision and progress of the Boltz exchange so far. Initially built to support Bitcoin on-chain to Lightning Network swaps, today it supports Rootstock and the Liquid Network as well, the most popular ways of using bitcoin by far. To date, Botlz has only dealt in BTC, instead of integrating other blockchains or assets, perfecting its craft and locking in its niche.

In 2023, Boltz added support for the powerful and feature-rich Liquid Network, an open-source federated blockchain where federation members hold keys in a large Bitcoin multisig that collateralizes their L-BTC asset in full reserve. Liquid is one of the oldest two Bitcoin projects and was created by Adam Back and Blockstream. Despite having faster block times, a powerful set of programming scripts for smart contracts, and excellent privacy features such as encrypted transaction amounts on chain, Liquid has struggled to get adopted by centralized exchanges, making access to its feature set very difficult. Boltz integration opened a major bridge between on-chain bitcoin and the speed, programmability, and privacy of the Liquid Network, making wallets like Aqua and Bull Bitcoin possible. 

Shy to share internal numbers, Killian told Bitcoin Magazine the integration “was quite the success story — it was taken on pretty well by the market, it just made sense for people.” Looking back on the market at the time, on-chain bitcoin fees were very high and were causing problems across the industry. Kilian noted, “We had a high fee environment. The main chain was hyper-expensive. So Liquid swaps clicked for a lot of people, and that’s how we really moved into this niche of connecting Bitcoin layers. A Bitcoin bridge for different Bitcoin layers, that’s really how this direction for us was fortified.”

In November of 2024, Boltz expanded into Rootstock support, a 2015 era layer two, little known among the English-speaking crowd, though very popular in Latin America, particularly Argentina, where many of its founders are from. Still shy to share internal numbers, Killian told Bitcoin Magazine that the integration with Rootstock has ‘gone well’, likely serving as one of the best ways to turn on-chain bitcoin into rBTC, an essential asset of the Rootstock ecosystem. Rootstock’s claim to fame is bringing to Bitcoin the integration of an Ethereum-compatible “EVM”, the smart contracting language on top of which most of DeFi is built across the crypto ecosystem today.

The most interesting feature of Boltz, however, is its use of Atomic Swaps, an ancient “Holy Grail” of Bitcoin theory that can be traced back to the earliest discussions in the Bitcoin Talk forum. Atomic Swaps make it possible for users to trade against Boltz without having to trust the Boltz team or company not to steal the money, a luxury in finance across history. All centralized exchanges require such trust, as do most instant swap exchanges in the market today. Boltz integration with this sophisticated type of smart contract means that anyone can fundamentally run a local instance of Boltz and be a reliable trade partner of the public, without the need to bootstrap a brand or a reputation. 

But how do Atomic Swaps work? Leveraging the public nature of blockchains, Atomic Swaps function around a shared secret. This secret is used to lock the funds during the trade between two parties. For one party to claim the funds of the other, they must publish this secret to the blockchain, allowing the counterparty to do the same, resulting in the ‘atomic’ execution of the trade. 

This protocol solves a key issue of trust in business. Who sends the money first? Who sends the goods first? Whoever does, takes a certain amount of risk as it allows the counterparty to take the goods and run. Atomic Swaps eliminate that risk entirely. They essentially allow for the creation of a non-custodial crypto exchange. Though the implementation details and user experience vary, as some blockchains do not have the right script or smart contracting tools to support Atomic Swaps, while fiat is — so far — ruled out entirely as bank transfers are almost always reversible, undoing atomicity. 

Looking out into the future of Boltz and the programmability of Bitcoin as money for the digital age, Kilian said, “I think we will see a new breed of layer two projects launching early next year. So, probably stuff that you and I have never heard about, but there are so many projects, so much stuff. So this is a really interesting space to be in. And the difficulty, the quest, will be to separate the good from the bad.”

This post Boltz Exchange Becoming The Leading Bridge Across Bitcoin Layers via “Holy Grail” Technology first appeared on Bitcoin Magazine and is written by Juan Galt.

Bitcoin Magazine

IREN, Cipher Mining (CIFR) Strike Multi-Billion AI Cloud Deals with Microsoft and Amazon

IREN Limited (NASDAQ: IREN) and Cipher Mining Inc. (NASDAQ:CIFR), Bitcoin miners pivoting to AI infrastructure providers, are making some hefty business moves today, and their stocks have been reflecting it.

IREN signed a five-year, $9.7 billion agreement with Microsoft for GPU cloud computing services. The deal gives Microsoft access to NVIDIA GB300 GPUs managed by IREN at its Childress, Texas campus, with a phased deployment of GPU capacity throughout 2026. 

The contract includes a 20% prepayment and positions IREN as a key hyperscaler partner for the first time. 

Four new liquid-cooled data centers, Horizon 1 through Horizon 4, will support 200 megawatts of critical IT load, while a separate $5.8 billion agreement with Dell Technologies covers the purchase of GPUs, servers, and associated infrastructure. 

CEO Daniel Roberts said the partnership could generate roughly $1.94 billion in annualized revenue once fully deployed. Following the announcement, IREN shares jumped more than 28% in pre-market trading. 

The stock is now up 8% in intraday trading. IREN, which has seen its Nasdaq stock surge over 500% this year, joins other AI-focused “neocloud” providers, many of which originated in cryptocurrency mining.

Cipher Mining’s deal with Amazon

Meanwhile, Cipher Mining secured a $5.5 billion, 15-year lease agreement with Amazon Web Services (NASDAQ: AMZN) to provide turnkey space and power for AI workloads.

Cipher will deliver 300 megawatts of capacity in 2026 through air- and liquid-cooled facilities in two phases, with rent starting in August 2026. Additionally, the company announced a joint venture to develop a 1-gigawatt site named “Colchis” in West Texas, in which it will hold roughly 95% equity. 

Combined with prior deals with Fluidstack and Google, Cipher’s AI hosting contracts now represent approximately $8.5 billion in lease payments. 

Cipher shares rose 15% in pre-market trading following the news. The stock is now up 14% in intraday trading. 

Bitcoin mining success with an AI twist

Bitcoin mining and crypto infrastructure stocks have seen a big rally over the past six months, and IREN Limited is a standout example. 

Investors have rewarded companies that can combine traditional bitcoin mining with scalable, revenue-generating AI or data-center services. 

In IREN’s case, the stock’s recent surge comes after a major GPU expansion and analyst upgrades, and now this new Microsoft news is helping boost the price. 

This reflects a wider market appetite for miners that offer optionality: steady bitcoin cash flows to fund new ventures, while also positioning for high-growth technology trends.

In essence, the past half-year has favored bitcoin-mining firms that can monetize excess power, land, and data-center capacity beyond mining.

The rally is less about bitcoin prices alone and more about miners evolving into hybrid tech infrastructure operators with diversified revenue streams.

This post IREN, Cipher Mining (CIFR) Strike Multi-Billion AI Cloud Deals with Microsoft and Amazon first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Michael Saylor’s Strategy (MSTR) Reports $2.8B Q3 Net Income, Bitcoin Gains Soar

Michael Saylor’s Strategy (NASDAQ: MSTR) released its third-quarter earnings after market close on Oct. 30, posting net income of $2.8 billion. 

Diluted earnings per share (EPS) came in at $8.42, surpassing analyst expectations of $8.15. As of Oct. 26, 2025, Strategy held 640,808 BTC, acquired for a total of $47.44 billion at an average price of $74,032 per coin. 

The company reported a year-to-date Bitcoin yield of 26%, generating $12.9 billion in gains amid the ongoing 2025 crypto bull market.

Looking forward, Strategy projects full-year 2025 operating income of $34 billion and net income of $24 billion, or $80 per share — highlighting its transformation from a business intelligence firm into a de facto corporate Bitcoin investment vehicle.

Total revenues for Q3 reached $128.7 million, up 10.9% year-over-year and above the $118.43 million analysts had forecast.

The firm’s Bitcoin holdings have already produced gains of 116,555 BTC in 2025, translating to $12.9 billion in dollar terms based on an average BTC price of roughly $110,600 as of Oct. 24, nearing its full-year target of $20 billion.

Michael Saylor is the epitome of a bitcoin bull

Michael Saylor said recently at Money 20/20, “By the time the bankers tell you it’s a good idea, it’ll cost $10 million per Bitcoin.” He added that Bitcoin is currently at a “99% discount.”

NEW: Michael Saylor says, “By the time the bankers tell you it’s a good idea, it’ll cost $10 million per Bitcoin.”

It’s at a “99% discount” right now. pic.twitter.com/qaH4pF9xVj

— Bitcoin Magazine (@BitcoinMagazine) October 30, 2025

And Saylor’s public discourse towards bitcoin backs this belief up. Saylor reiterated his bullish outlook on Bitcoin, projecting $150,000 by the end of 2025 and up to $1 million within four to eight years.

He cited growing institutional adoption, driven by industry shifts, new investment products, and Strategy’s recent B-minus credit rating, as key catalysts. 

Saylor highlighted Strategy’s digital credit instruments offering 8–12.5% yields, tax-efficient returns, and tailored risk profiles. He noted increasing acceptance of Bitcoin by major U.S. banks and praised supportive regulatory policies. 

Strategy with a trillion-dollar Bitcoin balance sheet

In a recent interview with Bitcoin Magazine, Michael Saylor outlined his ambitious vision for Strategy: building a trillion-dollar Bitcoin balance sheet to transform global finance. 

Saylor sees his firm — and potentially other Bitcoin treasury companies — accumulating massive Bitcoin holdings, leveraging the cryptocurrency’s historical 21% annual appreciation to supercharge capital growth.

Central to his plan is the creation of Bitcoin-backed credit markets offering yields significantly higher than traditional fiat debt. By over-collateralizing capital, Saylor argues the system could be safer than AAA corporate debt while providing healthier returns for investors. 

This approach, he suggests, could revitalize credit markets worldwide, offering alternatives to low-yield bonds that dominate Europe and Japan.

Saylor also envisions Bitcoin becoming embedded across corporate, banking, and sovereign balance sheets, gradually turning traditional equity indexes into indirect Bitcoin vehicles. 

This integration could boost public companies, redefine savings accounts and money market funds, and allow tech giants like Apple and Google to bring hundreds of millions into the digital economy.

Those interested in learning more about Strategy’s earnings report can watch in full detail here.

This post Michael Saylor’s Strategy (MSTR) Reports $2.8B Q3 Net Income, Bitcoin Gains Soar first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Vireo Growth Corp. will receive $1 million in cash and Pennsylvania real estate from Verano Holdings Corp., the companies announced Wednesday.

Marijuana MSOs settle $860 million lawsuit after failed boomtime acquisition is a post from: MJBizDaily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

A one-pot soup meal made with leftovers and greens, this is great for a working day dinner or when you’ve got surprise guests

Part two of the Lettuce Series as I’ve dubbed it was about throwing things into a large pot to put together a soup – the kind that makes life a whole lot better (read: bearable) when your home has been invaded by painters and you are sneezing your head off courtesy allergies. The Chicken Lettuce Soup isn’t a planned recipe but it’s the kind that, after you’ve sampled, you realise needs to be shared with the world. Or the little pockets of the world this blog reaches.

The best thing about this soup is that the mothership liked it and trust me when I say, her liking food that has chicken (she’s developing a dislike for chicken and meat) and lettuce (read part one of the Lettuce Series) made me feel like a parent whose child has accomplished something major in life!

For those of you who’re coming into this rodeo late, check out the Lettuce Sourdough-wich recipe to know all about reverse parenting. And for those of you like all things soup, check out the recipes for Masala Chicken Soup and Pumpkin Carrot & Spring Onion Soup for some inspiration.

Do let me know if you try this recipe! Leave a comment and don’t forget to tag me on Instagram at from.the.corner.table and hashtag it #fromthecornertable. I’d love to see it

For regular updates on recipes, recommendations on things to read and watch and ramblings that make sense, subscribe to the newsletter – you’ll find the form in the sidebar if viewing on a screen and at the bottom if viewing on the phone. Since spamming or flooding your inbox is a huge no for me, these newsletters go out only when I’ve put up a new post or sometimes, once in a month only.

Pillowy tortellini and a velvety tomato-cream broth, enriched with my easy homemade sausage spice mix. Bursting with bold Italian flavors and ready in just 30 minutes, it’s your new favorite irresistible soup.

I got some almond ricotta–stuffed tortellini, so I decided to make an amazing soup with it. This is a hearty, delicious, and easy tortellini soup recipe. It uses the usual suspects of an Italian-flavored soup: aromatics, carrot, celery, Italian herbs, and vegan sausage. Those flavors pair up with the tortellini, tomato purée, and some non-dairy cream. 

It turns out absolutely delicious.

I make this spice mix which adds all the flavor of sausage to whatever plant based protein you choose. This spice mix combines smoked paprika, fennel seeds, garlic powder, black pepper, oregano, and pepper flakes, and it’s just so versatile and flavorful!

First make the spice mix, and then decide which protein you want to use for the sausage. You can use vegan sausage, lentils, walnuts, pecans, chickpeas, crumbled tofu, chopped up soaked soy curls, seitan, or whatever else you like. 

Cook your protein of choice with some garlic and the spice mix, then add all the aromatics. Fold in the tomato sauce, tortellini, and some stock, then add non-dairy cream at the end. The tortellini cooks up in the same pan with the rest of the soup.

The soup comes together within 30 minutes in just 1 pan, and is creamy and satisfying!

Why You’ll Love Tortellini Soup

• super easy 1-pot meal ready in 30 minutes
• creamy, tomatoey broth with sausagey flavors and tender, cheesy tortellini
• super versatile! Use whatever plant-based protein you like!
• Easily made gluten-free, soy-free, and/or nut-free.

Continue reading: Creamy Tortellini Soup (30 Minutes!)

The post Creamy Tortellini Soup (30 Minutes!) appeared first on Vegan Richa.

A one-pot soup meal made with leftovers and greens, this is great for a working day dinner or when you’ve got surprise guests

Part two of the Lettuce Series as I’ve dubbed it was about throwing things into a large pot to put together a soup – the kind that makes life a whole lot better (read: bearable) when your home has been invaded by painters and you are sneezing your head off courtesy allergies. The Chicken Lettuce Soup isn’t a planned recipe but it’s the kind that, after you’ve sampled, you realise needs to be shared with the world. Or the little pockets of the world this blog reaches.

The best thing about this soup is that the mothership liked it and trust me when I say, her liking food that has chicken (she’s developing a dislike for chicken and meat) and lettuce (read part one of the Lettuce Series) made me feel like a parent whose child has accomplished something major in life!

For those of you who’re coming into this rodeo late, check out the Lettuce Sourdough-wich recipe to know all about reverse parenting. And for those of you like all things soup, check out the recipes for Masala Chicken Soup and Pumpkin Carrot & Spring Onion Soup for some inspiration.

Do let me know if you try this recipe! Leave a comment and don’t forget to tag me on Instagram at from.the.corner.table and hashtag it #fromthecornertable. I’d love to see it

For regular updates on recipes, recommendations on things to read and watch and ramblings that make sense, subscribe to the newsletter – you’ll find the form in the sidebar if viewing on a screen and at the bottom if viewing on the phone. Since spamming or flooding your inbox is a huge no for me, these newsletters go out only when I’ve put up a new post or sometimes, once in a month only.

During a California court appearance Monday, when questioned about a 420 tweet, Elon Musk suddenly forgot the significance of the number in pot culture. The tech billionaire responded after being cornered by a prosecutor representing Tesla employees for a class action lawsuit alleging he tweeted and misled shareholders about the price of Tesla shares.

The fiasco began several years ago. In 2018, Musk rounded up Tesla shares from $419 to $420, announcing his plan to go private in a tweet. “Am considering taking Tesla private at $420,” Musk tweeted on Aug. 7, 2018. “Funding secured.”—sending officials from The Securities and Exchange Commission (SEC) into a tailspin.

Am considering taking Tesla private at $420. Funding secured.

— Elon Musk (@elonmusk) August 7, 2018

Musk said he tweeted the share price based on what he said was a “firm commitment” from Saudi Arabia’s Public Investment Fund (PIF) to take Tesla private. But about 10 days later, Musk admitted that the Tesla buyout he had envisioned wasn’t going to materialize.

After an investigation, the SEC fined Musk $40 million, forcing the billionaire to step down as chair of Tesla’s board. The SEC said that Musk misled investors. In the SEC’s complaint, Musk was accused of rounding up the share price to $420 from $419 “because he had recently learned about the number’s significance in marijuana culture.” 

Musk caused instantaneous uproar about a month later, sparking a blunt with Joe Rogan on his show “The Joe Rogan Experience” on Sept. 3, 2018, shocking Tesla investors and officials across the board. His troubles didn’t end there. High Times asked if it was “the most expensive blunt of all time” due to the fallout, with NASA- and SpaceX-associated officials reviewing his security clearance.

The Verge reports that Nicholas Porritt is an attorney for a class of Tesla investors suing Musk for millions of dollars that they say resulted from his failure to take Tesla private. 

The courtroom got tense: “You rounded up to 420 because you thought that would be a joke that your girlfriend will enjoy, isn’t that correct?” Porritt asked. “No,” Musk said, adding, “there is some, I think, karma around 420. I should question whether that is good or bad karma at this point.”

Musk said that 420 wasn’t a weed joke, but a roughly 20% premium on the $419 stock price at the time. “420 was not chosen because of a joke,” Musk testified. “It was chosen because there was a 20 percent premium over the stock price.” Musk also claimed that it was a “coincidence.”

The jury will decide if Musk should have to pay out up to billions of dollars in damages to Tesla shareholders for the money they lost due to his tweets.

Judge Edward Chen ruled that the jury should be aware that Musk’s 2018 tweets are false. Jurors will now need to decide whether Musk deceived Tesla shareholders because of his tweets.

Musk said that he was not relying on a commitment for the Saudi PIF when he tweeted “funding secured,” adding that his shares in SpaceX would also help fund the deal to take Tesla private. “Just as I sold stock in Tesla to buy Twitter… I didn’t want to sell Tesla stock, but I did sell Tesla stock,” Musk said. “My SpaceX shares alone would have meant that funding was secured.”

Musk has also been sued by a group of former Twitter employees after a mass firing. Musk recently became the CEO of Twitter after buying the platform for $44 billion in October 2022. Saudi Prince Alwaleed bin Talal bin Abdulaziz is Twitter’s second-largest shareholder after Musk. 

The post Elon Musk Denies 420 Tweet Was About Weed appeared first on High Times.