Bitcoin Magazine

Bitcoin Coalition Pushes Back Against MSCI Proposal Targeting Bitcoin-Heavy Companies

Bitcoin For Corporations (BFC), in coordination with its member companies, formally challenged MSCI’s proposed rule to exclude companies from the MSCI Global Investable Market Indexes if digital assets represent 50% or more of total assets. 

The rule would apply to companies whose primary business is classified as digital-asset treasury activity.

BFC argues the proposal misclassifies operating companies by prioritizing balance-sheet holdings over actual business operations.

“MSCI has long defined companies by what they do, not by what they hold. This proposal abandons that principle for a single asset class,” said George Mekhail, managing director of BFC. “A shareholder-approved treasury decision shouldn’t override that reality.”

The coalition identified three structural issues with the proposal. First, it redefines primary business based on asset composition rather than revenue-generating operations. Second, it singles out digital assets while other asset classes face no similar treatment. 

Third, it ties index inclusion to volatile market prices, creating unpredictable membership changes.

BFC warned that the proposal could lead to passive fund outflows, higher capital costs, and increased volatility for companies, all unrelated to operational performance. 

The group urged MSCI to withdraw the threshold, maintain an operations-based classification, ensure asset-class neutrality, and engage with market participants on a business-aligned framework.

1/ JUST IN: @BitcoinForCorps (BFC) is formally calling on MSCI to withdraw its proposed 50% digital-asset exclusion rule.

The proposal directly affects how operating companies are treated in global indexes.

Here's everything you need to know: pic.twitter.com/mfBCML5AgW

— Bitcoin For Corporations (@BitcoinForCorps) December 8, 2025

Strive echoes the sentiment 

Strive Asset Management, co-founded by Vivek Ramaswamy, also formally urged MSCI last week to reconsider its proposal to exclude companies with bitcoin holdings exceeding 50% of total assets from major equity benchmarks. 

In a letter to MSCI CEO Henry Fernandez, Strive warned that the rule could produce inconsistent results due to differing accounting standards under U.S. GAAP and IFRS.

Strive, the 14th-largest corporate bitcoin holder with over 7,500 BTC, argued that the 50% threshold is “unjustified, overbroad, and unworkable.” Its executives highlighted that many bitcoin treasury companies operate real businesses in sectors such as AI data centers, structured finance, and cloud infrastructure. 

They compared the proposed treatment of bitcoin to other assets, noting that energy companies with large oil reserves or gold miners are not excluded from indexes.

The firm also cited market volatility, derivatives exposure, and accounting differences as factors that could make index inclusion unpredictable. 

Strive warned that strict rules could drive innovation abroad, giving international firms a competitive advantage.

MSCI plans to announce its decision on January 15, 2026. Strive’s intervention reinforces the broader industry call for operations-based classification, asset-class neutrality, and fair treatment of companies holding significant bitcoin as part of their treasury strategy.

MSCI could exclude Strategy

Perhaps the company most affected by this would be Strategy, the tech- and Bitcoin-focused software company famous for its bold Bitcoin reserve strategy. Strategy and Chairman Michael Saylor recently pushed back against concerns that MSCI could exclude the company from major equity indices, which analysts warn might trigger billions in passive outflows. 

Saylor emphasized that Strategy is not a fund or holding company but an operating business with a $500 million software division and a $7.7 billion Bitcoin-backed credit program. 

He highlighted products like Stretch ($STRC), a Bitcoin-backed credit instrument, and stressed that Strategy actively creates, structures, and operates financial products rather than passively holding assets. 

Disclaimer: Bitcoin For Corporations And Bitcoin Magazine both operate under the parent company of BTC Inc.

This post Bitcoin Coalition Pushes Back Against MSCI Proposal Targeting Bitcoin-Heavy Companies first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Argentina Moves to Let Banks Offer Bitcoin and Crypto Services

Argentina is considering a major shift in its approach to bitcoin. 

Argentina’s central bank, the Banco Central de la República Argentina (BCRA), is reportedly drafting rules that would allow commercial banks to offer bitcoin and crypto trading and custody services to customers.

If approved, the new regulations could take effect as early as April 2026.

The potential change would reverse a ban put in place in May 2022. At that time, the BCRA prohibited banks from carrying out or facilitating operations involving digital assets, citing concerns about financial stability and money laundering. 

Since then, crypto activity in Argentina has largely taken place through informal channels or offshore exchanges.

Under the proposed framework, banks in Argentina could integrate crypto services directly into their apps and accounts, allowing for the trading and custody of select cryptocurrencies, including Bitcoin.

These operations would be conducted through separate legal units subject to higher capital, security, and liquidity requirements. Additionally, banks would be required to fully comply with know-your-customer (KYC) and anti-money-laundering (AML) standards, in alignment with regulations set by Argentina’s National Securities Commission (CNV).

Bitcoin as a combat to inflation

Officials have signaled that the move is part of a broader effort to modernize financial services. Argentina has experienced years of high inflation and strict currency controls, pushing citizens to use cryptocurrencies as a way to preserve savings. 

According to Chainalysis, Argentina ranks 15th globally for active crypto wallet users, with around 10 million accounts. Between July 2023 and June 2024, the country processed an estimated $91 billion in on-chain transactions, more than 60% of which involved stablecoins.

Bitcoin-friendly president Javier Milei has influenced the policy shift since taking office in December 2023. 

He has advocated for broader financial freedom, including access to alternative currencies. Under his administration, the BCRA has signaled a willingness to rethink prior restrictions.

Local banks have shown interest in re-entering the crypto market. Some had already experimented with in-app trading tools before the 2022 ban. Now, they are preparing systems that could support regulated crypto services once approval is granted.

Argentina is following the US SEC’s lead

The move mirrors regulatory trends in other regions. In the U.S., the repeal of the Securities and Exchange Commission’s SAB121 in January 2025 allowed major banks like Citi and State Street to plan crypto custody services. European banks have also increasingly integrated crypto offerings for retail clients.

Argentina’s draft framework is not yet final. Authorities are evaluating risk controls, reporting standards, and which assets banks may support. They have emphasized the need to balance innovation with consumer protection and market stability.

If implemented, Argentina could become a model for combining traditional banking with digital assets in a high-inflation economy. Observers note that the country’s experience could offer lessons for other nations where citizens rely on crypto to hedge against currency devaluation.

The BCRA has not confirmed a final timeline, but internal sources suggest a decision could come by April 2026, per reports. 

This post Argentina Moves to Let Banks Offer Bitcoin and Crypto Services first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

UAE’s Security General Hails BTC as a ‘Key Pillar in Future Finance’ at Bitcoin MENA Conference

At the ongoing Bitcoin MENA conference, UAE officials highlighted the nation’s strategic embrace of Bitcoin as a core component of the future financial system. 

In a speech at Bitcoin MENA, Mohammed Al Shamsi, representing UAE National Security, framed the current era as a “historical phase” for the global economy, noting the rapid changes reshaping finance worldwide.

Bitcoin is no longer merely a “digital asset,” Shamsi emphasized, but is now recognized as a “key pillar” in modern financing. Central to this evolution is the role of mining, described as the “beating heart” that underpins network strength, security, and continuity. 

Mining operations today are far beyond 24-hour device management; they represent a fully integrated industry built on energy efficiency, computational accuracy, and scalable infrastructure.

The UAE’s focus on Bitcoin reflects broader ambitions to establish itself as a hub for digital finance. Shamsi underscored the importance of building a sustainable ecosystem that supports large-scale mining operations while maintaining environmental responsibility. 

Efficiency, precision, and the capacity for expansion were cited as essential for this next-generation mining infrastructure.

UAE is buying millions in bitcoin  

Recently, The Abu Dhabi Investment Council (ADIC) increased its Bitcoin exposure in Q3 2025, more than tripling its stake in BlackRock’s iShares Bitcoin Trust to nearly 8 million shares, valued at $518 million. 

The move came just before Bitcoin hit a record high and then dropped below $92,000, reflecting ADIC’s long-term view of Bitcoin as a digital counterpart to gold within its diversification strategy. 

Part of Mubadala, ADIC operates with its own mandate and recently strengthened leadership. The purchases highlight Abu Dhabi’s ambition to position itself as a global crypto hub and treat Bitcoin as a strategic, long-term asset.

Industry leaders at the Bitcoin MENA 2025 conference in Abu Dhabi highlighted the UAE’s potential to become the “Wall Street of cryptocurrencies” due to its business-friendly regulations and growing crypto ecosystem. 

Executives noted that attracting top talent, Bitcoin whales, and capital inflows would create a liquid and influential market. 

You can listen to all interviews and other BTC Conference content on Bitcoin Magazine’s social media and YouTube.

On Tuesday, December 9, from 11:00 to 11:30 a.m. local time, a panel at the Proof of Work stage will explore “Bitcoin Mining as a Grid Stabilizer in Emerging Markets,” featuring Daniel Batten (CH4 Capital) as the moderator, Mohammed Alshiekh (CTO, DEMA Energy), Erik Hersman (CEO, Gridless), and Luca Infeld (Founder, Munich International Mining).

This post UAE’s Security General Hails BTC as a ‘Key Pillar in Future Finance’ at Bitcoin MENA Conference first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Magazine

MicroBT Launches WhatsMiner M70 in Abu Dhabi, Pushing for Sustainable Bitcoin Mining 

MicroBT, a leading developer of Bitcoin mining hardware, launched its latest WhatsMiner M70 series in at Bitcoin MENA in Abu Dhabi on Monday, according to a note shared with Bitcoin Magazine. 

The event, themed “Green-Driven, Ecosystem Redefined,” brought together mining executives, strategic partners, and key clients, marking a significant step in the company’s efforts to shape a more sustainable mining industry.

Dr. Yang Zuoxing, Founder and CEO of MicroBT, opened the event with a keynote that highlighted the connection between technological leadership and long-term industry growth.

He framed the conversation around energy innovation, presenting strategies that aim to integrate renewable sources into mining operations. 

Central to his remarks was an off-grid solar solution capable of 200kW output. This system, using an 800V DC supply and a “load-following-source” design, improves efficiency compared to traditional AC setups and enables uninterrupted operation. 

Dr. Yang also noted the potential of hybrid energy approaches, combining gas-powered generation with careful miner selection to extend hardware lifespan and operational reliability.

Bitcoin mining efficiency

The unveiling of the WhatsMiner M70 series drew the most attention. The new line features models with power efficiencies of 14.5J/T, 13.5J/T, and 12.5J/T. These figures reflect a push to balance performance with energy use.

Following the technical presentation, MicroBT’s Sales and Marketing Director, Wright Wang, addressed the company’s ecosystem strategy. He outlined a vision that extends beyond hardware, focusing on shared-value partnerships and joint mining. 

Wang highlighted the network of certified solution partners who provide expertise in cooling, energy management, and operations. 

By linking these partners to clients, MicroBT positions itself not just as a supplier but as a facilitator of a connected, collaborative mining ecosystem.

The launch included presentations from a range of partners, including HeatCore, HashHouse, FogHashing, Giga, HashSmith, Pauway Energy, Lumen Capital, BitMars, and Luxor. 

Their contributions spanned topics from advanced cooling techniques to financial models for hashrate management. The breadth of participation underscored the interdependence of the modern mining industry and highlighted the role of collaboration in driving innovation.

Tether’s VP of Energy and Mining, Giv Zanganeh, also addressed the audience on the topic of redefining the Bitcoin mining ecosystem. His presence reflected growing confidence in MicroBT’s approach and signaled an emerging alignment between hardware innovation, energy management, and financial infrastructure.

MicroBT’s WhatsMiner M70 launch illustrates a shift in the industry. As miners face increasing pressure to manage energy use and operational risks, the company is betting on a model that combines technical innovation with strategic partnerships. 

The launch in Abu Dhabi positions MicroBT as a company seeking to influence both the technology and the practices of Bitcoin mining, framing sustainability and ecosystem growth as inseparable goals.

This post MicroBT Launches WhatsMiner M70 in Abu Dhabi, Pushing for Sustainable Bitcoin Mining  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Price Briefly Surges Past $92,000 As ‘Bitcoin Breaks 4-Year Cycle’  

The bitcoin price climbed above $92,000 over the weekend, off of lows near $88,000. The bitcoin price reached $92,203 at its seven-day high.

Bernstein analysts argue that recent price movements signal a structural shift in Bitcoin’s market cycle. In a note to clients, the firm said the traditional four-year cycle—historically peaking every four years—has broken. 

Bernstein sees Bitcoin entering an elongated bull cycle, fueled by persistent institutional buying that offsets retail selling.

Despite a roughly 30% correction, ETF outflows have remained minimal, under 5%.

The bank raised its 2026 price target to $150,000, projecting the cycle could peak in 2027 around $200,000. Bernstein maintains a long-term 2033 target of roughly $1 million per BTC.

JUST IN: $779 billion Bernstein says, “#Bitcoin cycle has broken the 4-year pattern and is now in an elongated bull-cycle” pic.twitter.com/PUHyyvTqnA

— Bitcoin Magazine (@BitcoinMagazine) December 8, 2025

Meanwhile, Wall Street bank JPMorgan remains bullish over the next year. Its analysts maintain a gold-linked, volatility-adjusted BTC target of $170,000 over the next six to twelve months, factoring in price fluctuations and mining costs.

Strategy and the Bitcoin price

Strategy (MSTR), the largest corporate Bitcoin holder, remains central to institutional market dynamics. The company owns roughly 660,624 BTC, with an enterprise-value-to-Bitcoin holdings ratio (mNAV) of 1.13. 

JPMorgan notes this ratio above 1.0 is “encouraging,” suggesting Strategy is unlikely to face forced sales of its holdings.

Strategy has also built a $1.44 billion U.S. dollar reserve to cover dividend payments and interest obligations for at least 12 months, with plans to extend coverage to 24 months. Bernstein maintained its Outperform rating on MicroStrategy but lowered its price target from $600 to $450, reflecting the recent market correction.

Just today, Strategy said they bought 10,624 BTC last week for about $963 million, paying an average of $90,615 per coin. This brings its total holdings to 660,624 BTC, acquired at an average cost of $74,696 per bitcoin, with a current market value near $60.5 billion and unrealized gains of roughly $11 billion. 

The purchase marks Strategy’s largest recent buying spree as market volatility eased. Its shares rose about 3% in early trading Monday, rebounding from a Dec. 1 low near $155, though they remain over 50% below their six-month peak.

As of right now, the bitcoin price trades at $90,886, up 3% in the past 24 hours, with a 24-hour trading volume of $46 billion.

The cryptocurrency’s market capitalization now stands at $1.82 trillion, with a circulating supply of 19.96 million BTC and a maximum supply capped at 21 million.

This post Bitcoin Price Briefly Surges Past $92,000 As ‘Bitcoin Breaks 4-Year Cycle’   first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strategy ($MSTR) Buys Nearly $1 Billion Worth of Bitcoin

Strategy, the largest publicly traded holder of bitcoin, said it acquired 10,624 BTC last week for about $962.7 million, returning to a scale of purchases not seen since mid-year as market volatility steadied.

The company paid an average price of $90,615 per bitcoin during the Dec. 1–7 period, according to a regulatory filing and a statement from Executive Chairman Michael Saylor. The purchase lifts Strategy’s total bitcoin holdings to 660,624 coins, accumulated for roughly $49.35 billion at an average cost of $74,696 per bitcoin.

At current prices near $94,000, Strategy’s bitcoin stash is valued at about $60.5 billion, leaving the firm with an estimated $11 billion in unrealized gains.

Shares of Strategy (MSTR) were modestly higher in premarket trading Monday, rising about 2% alongside a small advance in bitcoin. The stock rebounded from a low near $155 on Dec. 1, reached during a sharp selloff across crypto-linked equities, but remains down more than 50% over the past six months.

Strategy’s largest purchase in 6 months

The acquisition marks Strategy’s largest weekly bitcoin purchase since July. In recent months, the company continued to add bitcoin almost every week, though in smaller amounts, as falling equity prices limited its ability to raise capital. 

Last week’s transaction suggests improved access to funding, even as investor sentiment toward crypto-related stocks remains mixed.

Strategy said the purchase was funded primarily through its at-the-market equity sales program. The company raised $928.1 million from the sale of 5.13 million shares of MSTR common stock and an additional $34.9 million from selling 442,536 shares of its STRD preferred stock. Net proceeds totaled about $963 million.

The firm retains significant remaining issuance capacity across multiple securities. Strategy reported unused at-the-market capacity of about $13.45 billion in common stock and more than $26 billion across several preferred and structured offerings, including STRK, STRF, STRC, and STRD.

Saylor also highlighted the company’s “BTC Yield” metric, which he said reached 24.7% year-to-date in 2025. The measure is intended to reflect the growth in bitcoin held per diluted share, rather than changes in dollar value, and has become a core part of Strategy’s investor messaging as it positions itself as a bitcoin-focused treasury and structured finance business.

The latest purchase comes as Saylor attends the BTC Conference in Abu Dhabi. In public comments, he said he has spent the past week meeting with sovereign wealth funds, banks, family offices, and hedge funds across the Middle East to discuss bitcoin and capital markets. Strategy did not disclose whether those meetings resulted in any financing commitments.

You can listen to Mr. Saylor’s interview and other BTC Conference content on Bitcoin Magazine’s social media and YouTube.

JUST IN: Michael Saylor says he is meeting with all the sovereign wealth funds in the Middle East to talk about #Bitcoin pic.twitter.com/PkiO5SIKx2

— Bitcoin Magazine (@BitcoinMagazine) December 8, 2025

Bitcoin rose about 3% over the past 24 hours and roughly 1.5% on Monday morning, recovering from recent weakness that pushed prices into the low $80,000s. Some analysts attribute the bounce to expectations that the Federal Reserve may cut interest rates this week, which could support risk assets after the recent pullback.

The backdrop remains unsettled for Strategy. Investors continue to debate whether the company’s aggressive use of equity issuance to buy bitcoin amplifies both upside and downside for shareholders. The firm raised nearly $2 billion two weeks ago, largely to build a cash buffer to cover preferred dividend obligations, before tapping markets again last week to fund bitcoin purchases.

Strategy’s MSCI concerns

At the same time, Strategy faces uncertainty around index inclusion. MSCI is reviewing whether companies with large digital-asset holdings should remain in traditional equity benchmarks. JPMorgan analysts have warned that exclusion could trigger billions of dollars in passive outflows from Strategy if index funds are forced to sell.

Saylor has pushed back on those concerns, arguing that Strategy is an operating company with a sizable software business and a growing Bitcoin-backed credit operation, not a fund or trust. He has said index classification debates do not alter the firm’s long-term approach.

For now, the company is pressing ahead with that strategy. With more than 660,000 bitcoin on its balance sheet and continued access to capital markets, Strategy remains the most visible corporate proxy for bitcoin exposure in public equities, even as volatility in both crypto prices and its own shares shows little sign of fading.

The current bitcoin price is near $91,500. 

This post Strategy ($MSTR) Buys Nearly $1 Billion Worth of Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Vivek Ramaswamy’s Strive Urges MSCI to Rethink Bitcoin Index Exclusion

Strive Asset Management is pushing back against MSCI’s latest proposal. The index provider suggested removing companies with bitcoin holdings over 50% of total assets from major equity benchmarks.

In a letter to MSCI CEO Henry Fernandez, Strive warned the plan could create uneven results worldwide. Companies report bitcoin differently under U.S. GAAP and IFRS accounting standards. Strive said this could lead to inconsistent outcomes for firms with similar exposure.

The Nasdaq-listed firm urged MSCI to rely on optional “ex-digital-asset treasury” index variants instead of redefining eligibility for broad benchmarks. These custom indexes already exist for sectors like energy and tobacco.

Strive is the 14th-largest public corporate bitcoin holder, with more than 7,500 BTC on its balance sheet. Its executives argued that the proposal would “depart from index neutrality” and asked MSCI to “let the market decide” how bitcoin-heavy firms are treated.

Co-founded by Vivek Ramaswamy and Anson Frericks in 2022, Strive has a mission to “depoliticize corporate America.”

MSCI’s ruling affect on companies like Strive and Strategy

The rule change could affect major players like Strategy, which holds 650,000 BTC. JPMorgan estimates MSCI’s exclusion could trigger $2.8 billion in passive outflows from Strategy alone. If other index providers follow suit, the total could rise to $8.8 billion.

Strive’s letter criticized the 50% threshold as “unjustified, overbroad and unworkable.” Many bitcoin treasury companies operate real businesses. 

These include AI data centers, structured finance, and cloud infrastructure. Miners such as MARA, Riot, Hut 8, and CleanSpark are pivoting into renting excess power and compute capacity.

The firm drew comparisons to other industries. Indexes do not exclude energy companies with large oil reserves or gold miners whose value depends on metals. Applying a bitcoin-specific rule, Strive argued, imposes an investment judgment on benchmarks meant to remain neutral.

Executives also highlighted market volatility and accounting differences. Bitcoin’s price swings could push companies in and out of eligibility from quarter to quarter. Derivatives or structured products further complicate exposure calculations.

Strive warned that strict rules could push innovation abroad. U.S. markets may face penalties, while international companies benefit from IFRS treatment. The firm believes the proposal may stifle new bitcoin-backed financial products.

MSCI plans to announce its decision on January 15, 2026, before the February index review. Strive is among several firms lobbying against the proposal. Its argument centers on fairness, neutrality, and market choice rather than restricting investor access.

Last week, Strategy’s Michael Saylor disputed MSCI index disputes and clarified that Strategy is a publicly traded operating company with a $500 million software business and a treasury strategy using Bitcoin, not a fund, trust, or holding company. 

This post Vivek Ramaswamy’s Strive Urges MSCI to Rethink Bitcoin Index Exclusion first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Price Craters to $88,000, But JPMorgan Maintains $170,000 Target

Bitcoin price plunged to $88,000s on Friday, down over 4% in the past 24 hours. The cryptocurrency is trading near its seven-day low of $88,091, and about 4% below its seven-day high of $92,805. 

The global market capitalization for Bitcoin now stands at $1.77 trillion, with a 24-hour trading volume of $48 billion.

Despite the recent drop, Wall Street bank JPMorgan remains bullish on the Bitcoin price over the long term. The bank continues to maintain its gold-linked volatility-adjusted BTC target of $170,000 over the next six to twelve months. 

Analysts say the model accounts for fluctuations in price and mining costs.

One key factor in the market is Strategy (MSTR), the largest corporate Bitcoin holder. The company owns 650,000 BTC. Its enterprise-value-to-Bitcoin-holdings ratio, known as mNAV, currently stands at 1.13. 

JPMorgan analysts describe this as “encouraging.” A ratio above 1.0 indicates Strategy is unlikely to face forced sales of its Bitcoin.

JUST IN: JPMorgan says it is sticking to its Bitcoin vs gold model target, which would see BTC hit $170,000 over the next year pic.twitter.com/PNt9ojpBRv

— Bitcoin Magazine (@BitcoinMagazine) December 5, 2025

Strategy has also built a $1.44 billion U.S. dollar reserve. The reserve is designed to cover dividend payments and interest obligations for at least 12 months. The company aims to extend coverage to 24 months. 

Bitcoin mining pressure

Mining pressures continue to weigh on Bitcoin. The network’s hashrate and mining difficulty have fallen. High-cost miners outside China are retreating due to rising electricity costs and declining prices. Some miners have sold Bitcoin to remain solvent. 

JPMorgan now estimates Bitcoin’s production cost at $90,000, down from $94,000 last month. Falling hashrates can push production costs lower, but the short-term effect is sustained selling pressure from miners.

Institutional investors also show caution. BlackRock’s iShares Bitcoin Trust, or IBIT, has recorded six consecutive weeks of net outflows. Investors pulled more than $2.8 billion from the ETF over this period, according to Bloomberg.

The withdrawals highlight subdued appetite among traditional investors, even as Bitcoin prices stabilize. Analysts note that the trend marks a reversal from the persistent inflows seen earlier in the year.

The broader market is still recovering from the October 10 liquidation event. That crash wiped out over $1 trillion in crypto market value and pushed Bitcoin into a bear market.

Although the Bitcoin price has recovered some ground this week, momentum remains fragile.

JPMorgan analysts now say Bitcoin’s next major move depends less on miner behavior. Instead, it depends on Strategy’s ability to hold its Bitcoin without selling. The mNAV ratio and reserve fund provide confidence that the company can weather market volatility.

Other potential catalysts remain. The MSCI index decision on January 15 could impact Strategy’s stock and, indirectly, Bitcoin. Analysts say a positive outcome could trigger a strong rally.

Last week, Strategy’s Michael Saylor disputed MSCI index disputes and clarified that Strategy is a publicly traded operating company with a $500 million software business and a treasury strategy using Bitcoin, not a fund, trust, or holding company. 

He emphasized the firm’s recent activity, including five digital credit security offerings totaling over $7.7 billion in notional value.

Bitcoin price analysis

Bitcoin Magazine analysts believe that the bitcoin price correlation with Gold has recently strengthened mainly during market downturns, offering a clearer view of its purchasing power when analyzed against Gold instead of USD.

Breaking below the 350-day moving average (~$100,000) and the $100K psychological level signaled Bitcoin’s entry into a bear market, dropping roughly 20% immediately. 

While USD charts show a 2025 peak, Bitcoin measured in Gold peaked in December 2024 and has fallen over 50%, suggesting a longer bear phase. 

Historical Gold-based bear cycles indicate potential support zones approaching, with current declines at 51% over 350 days reflecting institutional adoption and constrained supply rather than cycle shifts.

For now, bitcoin price hovers near $88,000. 

This post Bitcoin Price Craters to $88,000, But JPMorgan Maintains $170,000 Target first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Indiana Lawmakers Push Bill to Make State a Bitcoin Leader

Indiana lawmakers are taking a bold step toward embracing bitcoin. A new proposal would let the state invest in digital assets like Bitcoin through regulated funds while blocking local governments from restricting crypto companies.

The measure, House Bill 1042, reflects growing political and financial interest in crypto. Digital assets once seen as fringe now have backing from top U.S. leaders, including President Donald Trump, and major financial institutions. 

Congress also passed its first major crypto bill earlier this year.

Indiana wants in. Lawmakers gave HB 1042 an early hearing as they juggle redistricting, signaling the issue is a top priority for Republicans.

“Digital assets are quickly becoming part of everyday finances, and Indiana should be ready to engage in a smart, responsible way,” said bill author Rep. Kyle Pierce, R-Anderson. “This bill gives Hoosiers more investment choices while establishing guardrails and helping us explore how blockchain and digital asset technology can benefit communities across our state.”

A cautious bitcoin and crypto approach

The Indiana bill would let public investment funds gain exposure to digital assets, but only indirectly. It does not allow direct crypto purchases. 

Instead, it authorizes cryptocurrency exchange-traded funds, or ETFs. These funds track crypto prices and operate under federal oversight.

ETFs offer more stability than holding tokens directly, but risks remain. The SEC has warned that crypto markets still lack strong safeguards and are vulnerable to fraud and manipulation.

That concern surfaced in testimony from Tony Green, deputy executive director of the Indiana Public Retirement System. He said INPRS was neutral on the bill but would want clear disclaimers about volatility. He also noted members have shown little interest in crypto options.

Under the bill, several major programs in Indiana must offer at least one crypto ETF. That list includes the 529 education savings plan, the Hoosier START plan, and retirement systems for teachers, public employees, and lawmakers. 

Other state funds would also gain authority to invest in crypto ETFs. The state treasurer could place assets in stablecoin ETFs as well.

Guardrails and a task force

The bill goes beyond investments. It would restrict how Indiana state agencies and local governments regulate digital assets. Pierce said the aim is fairness. The measure bars local rules that target crypto use, mining operations, or self-custody.

It also protects private keys as privileged information.

The proposal creates a Blockchain and Digital Assets Task Force. The group would study potential government and consumer uses of the technology. It would also recommend pilot projects across the state.

Bitcoin is a national trend

States are increasingly exploring crypto in pension funds and public accounts. The push comes as Bitcoin gains traction as a potential store of value for governments. Some federal proposals have even floated using Bitcoin reserves to offset national debt.

Last week, Texas became the first U.S. state to purchase Bitcoin through a spot ETF, buying $5 million worth via BlackRock’s iShares Bitcoin Trust, according to Texas Blockchain Council President Lee Bratcher. 

The acquisition is the state’s first move under its new Strategic Bitcoin Reserve, created by legislation signed in June. 

Texas plans to eventually self-custody its BTC but used IBIT for the initial allocation while the procurement process continues. The purchase highlights rising state and institutional interest in Bitcoin as a reserve asset. 

Harvard University recently tripled its IBIT holdings to $442.8 million, while Emory University and Abu Dhabi’s Al Warda Investments have also boosted exposure. 

Texas had previously explored a Bitcoin reserve proposal that called for cold storage, resident donations, and annual audits.

Meanwhile, New Hampshire approved a $100 million Bitcoin-backed municipal bond, the first of its kind globally, requiring borrowers to over-collateralize with BTC.

At the time of writing, the bitcoin price is flirting with $90,000.

This post Indiana Lawmakers Push Bill to Make State a Bitcoin Leader first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Treasury Twenty One Capital to Start Trading on NYSE Next Week With $4 Billion BTC Treasury

Bitcoin treasury firm Twenty One Capital will start trading on the New York Stock Exchange on December 9. The company will use the ticker symbol XXI.

Twenty One Capital is the result of a merger with Cantor Equity Partners (CEP). CEP shareholders approved the deal, clearing the way for the transaction to close around December 8. The merged entity will operate under the Twenty One Capital name.

The company will launch with about 43,514 BTC. At current prices, that is roughly $4 billion. This will make Twenty One Capital the largest BTC treasury company listed on the NYSE. Globally, it will be the second-largest corporate BTC holder after Strategy.

The firm was first announced in April as a joint venture between Tether, Bitfinex, SoftBank, and Cantor Fitzgerald. The name refers to Bitcoin’s total supply of 21 million coins, of which about 19.95 million have been mined.

Jack Mallers, CEO and co-founder of Twenty One Capital, posted on X, “Game on. See you at the NYSE on Tuesday.”

In July, the company added 5,800 BTC from Tether to its treasury. Combined with initial holdings, Twenty One Capital will hold more than 43,000 BTC at launch. The firm plans to continue growing its BTC holdings as part of its core strategy.

Pre-merger, Cantor Equity Partners raised $585 million through Private Investment in Public Equity (PIPE) financing. Twenty One Capital also sold $100 million in convertible notes. Part of these funds were used to increase the Bitcoin treasury.

Direct bitcoin exposure on Wall Street

Twenty One Capital’s model focuses on giving investors direct exposure to BTC through its corporate balance sheet. The company will introduce a metric called Bitcoin Per Share.

It shows the amount of BTC held per share. The measure relies on on-chain proof-of-reserves. This gives investors a verifiable reference to track Bitcoin holdings in real time.

The company aims to differentiate itself from other digital asset treasury firms. While competitors like Strategy and Metaplanet operate multiple businesses, Twenty One Capital is designed to focus solely on Bitcoin accumulation and related services.

Tether and Bitfinex remain majority shareholders and support the firm’s public listing. Cantor Fitzgerald provides expertise in investment banking and capital markets. 

CEP offered the SPAC vehicle to complete the merger and bring the company to the NYSE.

Upon its debut, Twenty One Capital will become a key player in publicly listed BTC treasuries. Its treasury, trading structure, and Bitcoin Per Share metric aim to provide a new model for investors seeking exposure to BTC.

The company plans to expand services connected to Bitcoin, including payments and infrastructure. CEO Jack Mallers has said his main goal is to increase Bitcoin per share, reinforcing shareholder value.

Shares of Twenty One Capital are expected to start trading on December 9 under the ticker XXI, one day after the merger closes. 

This post Bitcoin Treasury Twenty One Capital to Start Trading on NYSE Next Week With $4 Billion BTC Treasury first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Italy Launches Review of Crypto Safeguards Due to Rising Risks

Italy’s Economy Ministry has ordered a detailed review of current protections against crypto risks, officials said on Thursday. 

The review will focus on safeguards for both direct and indirect investments in crypto-assets by retail investors, regulators added.

The decision came during a meeting of the Committee for Macroprudential Policies. The committee includes the heads of the Bank of Italy, market watchdog Consob, insurance and pension regulators, and the Treasury’s director general, according to Reuters reporting. 

Committee members warned that risks from crypto-assets could rise. Growing connections between crypto and the wider financial system, along with inconsistent international regulations, could heighten vulnerabilities, they said.

The committee said Italy’s economic and financial conditions remain generally stable. At the same time, global uncertainty continues to pose challenges for financial stability.

The review will examine how existing rules protect investors and the financial system. Officials said they aim to identify gaps and recommend measures to strengthen safeguards, per Reuters. 

Italy has increasingly monitored digital assets in recent years. Authorities have raised concerns over investor protection, market integrity, and potential spillovers into the broader financial system. The new review signals a more cautious approach to crypto adoption in the country.

Italy’s cold-shoulder to crypto

Last year, Italy proposed a steep tax hike on crypto trades, aiming to raise the rate on digital asset gains from 26% to 42% as part of its October budget plan.

The measure was designed to boost public finances but quickly drew criticism from the crypto industry, which warned that such an aggressive increase would damage the country’s competitiveness — especially with the EU preparing to roll out its Markets in Crypto-Assets (MiCA) framework later this year.

The government backed down from its proposal after sharp criticism from Italy’s crypto industry. Under the revised budget plan, the capital-gains tax on digital asset trades is now expected to rise to 33% starting in the 2026 financial year, per reports. 

Last week, Bitizenship launched BTC Italia and The Bitcoin Dolce Visa, a Bitcoin-aligned pathway for obtaining Italy’s Investor Visa through a €250,000 startup investment.

The Milan-based venture operates as an “Innovative Startup” focused on Bitcoin Layer-2 yield generation and treasury management, giving applicants exposure to a Bitcoin-native business while staying within Italy’s regulatory framework.

The initiative comes as Italy posts strong economic performance, including record exports, a €46 billion trade surplus, stabilizing public debt, and a stock market that has doubled since 2020. With capital-market reforms on the horizon and competitive tax incentives, the country has become an increasingly attractive destination for foreign investors.

Under the program, applicants receive visa approval before committing funds. BTC Italia maintains its treasury in Bitcoin, uses non-custodial Layer-2 staking for operations, and offers redemption windows every 24 months.

This post Italy Launches Review of Crypto Safeguards Due to Rising Risks first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

2012 Video Resurfaces of Coinbase CEO Brian Armstrong Pitching What Became America’s Largest Bitcoin Exchange

A video has surfaced showing Coinbase CEO Brian Armstrong rehearsing a pitch in 2012, years before the company became the largest Bitcoin exchange in the U.S.

In the recording, Armstrong lays out a simple argument: Bitcoin is a digital currency that can move money instantly anywhere in the world. But it’s hard to use. Tools were clunky, backups were tricky, and users could easily lose their funds. 

Coinbase, he said, would fix that. The platform would act as a hosted wallet, letting anyone access their money from any device without worrying about security or backups.

Armstrong compares his plan to what iTunes did for music. He emphasizes the early growth: sign-ups and transactions increasing “20 % a day,” and $65,000 in Bitcoin payments were processed in just five weeks.

The pitch is short, under three minutes, and candid. Armstrong discussed fees, competition, and the potential of Bitcoin as a global payment system. It’s a glimpse at the early vision of a company few outside crypto had heard of.

In 2012, Brian Armstrong recorded himself rehearsing his pitch for Coinbase.

Today, they're the largest Bitcoin exchange in the US pic.twitter.com/Ta4bKz0hYd

— Bitcoin Magazine (@BitcoinMagazine) December 4, 2025

Coinbase: Don’t get ‘left behind’

It’s safe to say that Armstrong’s idea was a success. More than a decade later, Coinbase is the top U.S. exchange, handling billions in Bitcoin transactions and shaping how Americans interact with digital assets. 

That scrappy 2012 rehearsal captures the first hints of a company that would grow into a crypto powerhouse.

Just yesterday, Armstrong sat beside BlackRock CEO Larry Fink and said that all major U.S. banks that ignore stablecoins risk being “left behind.” 

Speaking at the New York Times DealBook Summit, Armstrong said that several top banks are running pilot programs with Coinbase for stablecoins, crypto custody, and trading.

Armstrong acknowledged a split within traditional finance: some institutions’ lobbying arms resist crypto, while innovation teams explore it. 

“This is the classic innovator’s dilemma,” he said, noting banks must choose between embracing or fighting new technology. On concerns about capital flowing to stablecoins, Armstrong said banks are mainly focused on protecting profit margins.

Fink, once a bitcoin skeptic, said he now sees a “huge use case” for Bitcoin and worries the U.S. is falling behind in stablecoin innovation. 

Armstrong has championed crypto to the U.S. government. He has lobbied and pushed for clearer regulations for the crypto industry.

Armstrong supported legislation like the CLARITY Act to set legal clarity. He launched grassroots efforts, including Stand With Crypto. He has also spent millions on campaigns through PACs like Fair Shake. 

This post 2012 Video Resurfaces of Coinbase CEO Brian Armstrong Pitching What Became America’s Largest Bitcoin Exchange first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

CFTC Opens Door for Spot Bitcoin and Crypto Trading in U.S. Markets

The CFTC is opening the door for federally regulated spot crypto trading in the U.S. for the first time, with Bitnomial’s exchange opening up next week. 

Acting Chairman Caroline Pham announced that listed spot crypto products will trade on CFTC-registered exchanges, marking a major milestone in the effort to bring digital asset trading to the United States and under full federal oversight.

The announcement coincides with the launch of Bitnomial, Inc., a U.S.-based derivatives exchange, which will operate the first-ever leveraged retail spot crypto exchange under CFTC regulation. 

Bitnomial’s Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) will allow both retail and institutional traders to trade spot, perpetuals, futures, and options on a single platform. 

Unified portfolio margining and net settlement eliminate redundant margin requirements, boosting capital efficiency and reducing counterparty risk.

“Leveraged spot crypto trading is now available under the same regulatory framework as U.S. perpetuals, futures, and options,” said Luke Hoersten, founder and CEO of Bitnomial. “Broker intermediation and Clearinghouse net settlement provide the capital efficiency traders need. We’re bringing leveraged spot crypto trading back to the U.S. with CFTC oversight.”

BREAKING: CFTC announces spot Bitcoin and crypto can now trade on CFTC-registered exchanges

CFTC said this is to help “make America the crypto capital of the world.” pic.twitter.com/dfzuNPtrTa

— Bitcoin Magazine (@BitcoinMagazine) December 4, 2025

Pham emphasized that the new framework gives Americans a safer alternative to offshore platforms, which have often been described as the “wild west.” 

Speaking on Fox News, she highlighted the collapse of FTX as a cautionary tale, noting that many investors lost out due to a lack of regulatory protections.

 “Not only do we want Americans to come back home to trade where they have the protections they deserve, but this also encourages U.S. companies to invest, build, and hire here,” Pham told Fox Business.

Under the new system, all orders—retail and institutional—will receive equal treatment. There is no preferential routing, no informational advantage, and equal access to liquidity, a structure long sought by industry participants.

For brokers and institutions, the move resolves longstanding compliance challenges related to state money transmitter rules, finally providing access to a federally regulated spot market.

The launch represents the culmination of Pham’s pro-innovation leadership at the CFTC. By recognizing that retail commodity transactions can be offered on a DCM and cleared through a DCO, the agency has created a compliant pathway for domestic leveraged spot crypto trading. 

United States as a global crypto leader

This approach aligns with broader goals to make the U.S. a global hub for digital asset markets while maintaining investor protections. The convergence of spot, perpetuals, futures, and options on a single platform also transforms capital efficiency for traders.

 Rather than maintaining fully collateralized positions across multiple venues, they can now offset risk across all product types on one exchange.

The Bitnomial platform is scheduled to go live the week of December 8, 2025. Pham called it a “historic milestone” for U.S. crypto markets and a key step in establishing the country as a leader in digital asset innovation. 

CFTC greenlights Polymarket

Earlier this week, Polymarket, the crypto-based prediction market platform, launched a U.S.-focused app today after receiving CFTC approval, ending nearly four years of restrictions on American users.

Polymarket bypassed the traditional multi-year CFTC registration by acquiring QCEX, a registered platform, for $112 million, and received a no-action letter in September to resume U.S. operations.

The platform upgraded its systems to meet CFTC requirements, including enhanced surveillance, clearing procedures, and regulatory reporting. 

It now supports direct Bitcoin deposits alongside stablecoins and has attracted potential investor interest, including a possible $2 billion investment from Intercontinental Exchange.

The CFTC was created in 1974 to regulate derivatives markets like futures, options, and swaps. Its mission is to oversee markets, prevent abuses, and protect customer funds. The agency monitors exchanges, trading platforms, and intermediaries, while its Division of Enforcement investigates violations.

This post CFTC Opens Door for Spot Bitcoin and Crypto Trading in U.S. Markets first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

VTB Pushes to Open Russia’s First Bank-Run Bitcoin Trading Desk as Kremlin Moves to Classify Mining as an Export

Russia’s second-largest lender, VTB, is positioning itself to become the first major bank in the country to let customers trade bitcoin and crypto directly. 

Andrey Yatskov, head of VTB’s brokerage arm, told Russian outlet RBC that client demand for “real” crypto — not just derivative products — is rising sharply. “As we see it, real cryptocurrency will be available for purchase via our brokerage accounts,” he said, according to DLNews reporting.

The move comes despite the fact that crypto trading remains unregulated in Russia. For now, banks can only offer crypto-linked derivatives, a permission granted earlier this year to VTB, rival Sberbank, and the Moscow Exchange. 

But momentum in Moscow has turned. After years of pushing for a full ban, the central bank has recently signaled it is ready to regulate crypto instead, reflecting mounting pressure from lawmakers, ministries, and businesses eager for a legal framework — and tax revenue.

VTB plans to test its trading platform with “super-qualified clients,” those holding over $1.3 million in assets or earning more than $649,000 a year. 

The bank expects broader permission as regulators ease restrictions, a shift the central bank’s first deputy governor called a “strategic response to sanctions regimes.”

Commercial banks now see themselves playing a central role in a future market of licensed crypto brokers and depositories. 

Yatskov said clear rules would “definitely boost” transparency and confirmed VTB intends to participate once regulations are finalized.

JUST IN: Russia's second-largest bank, VTB, set to launch #Bitcoin & crypto trading in 2026.

Russia is coming pic.twitter.com/oCHVOYCVEd

— Bitcoin Magazine (@BitcoinMagazine) December 4, 2025

Crypto is already finding new footholds in Russia, from cross-border payments to a rapidly expanding industrial mining sector. 

With the tide turning, VTB aims to launch full crypto trading services as early as 2026. Earlier this year, the Bank of Russia reportedly started allowing domestic banks to conduct limited crypto operations under tight regulatory oversight.

“We hold conservative views and think about how appropriate it is for the banking sector to include cryptocurrency in its assets,” First Deputy Chairman Vladimir Chistyukhin said at the time.

Kremlin adviser pushes to classify crypto mining as an export in Russia’s trade accounts

In the meantime, a senior Kremlin official is saying that Russia should treat crypto mining as a formal export sector, arguing that large volumes of mined Bitcoin effectively leave the country’s economy even without crossing a physical border.

Speaking at the ‘Russia Calling!’ investment forum, Maxim Oreshkin — Deputy Chief of Staff to President Vladimir Putin — said crypto flows are “enormous” yet absent from official statistics, despite influencing the foreign-exchange market and Russia’s balance of payments.

Russia legalized industrial crypto mining in 2024, and Oreshkin described the sector as a “new and undervalued export item” that the state fails to properly measure. 

Because Russian firms increasingly settle import bills with cryptocurrency, he said, those transactions should be counted in the nation’s trade and currency calculations.

Industry executives say the scale justifies the shift. Via Numeri Group CEO Oleg Ogienko estimates Russian miners will produce “tens of thousands” of BTC this year. Sergey Bezdelov, head of the Industrial Mining Association, put output at roughly 55,000 BTC in 2023 and around 35,000 BTC in 2024 following Bitcoin’s halving.

Regulators have tightened oversight as the sector expands. Companies and sole proprietors must register with the Federal Tax Service, hosting providers are tracked in a dedicated registry, and miners face corporate tax rates as high as 25%. 

Household miners remain exempt from registration only if their power consumption stays under 6,000 kWh per month.

The push to formalize the industry comes as authorities crack down on illegal operations that siphon electricity and evade taxes — losses officials say run into the millions. But with Russia now the world’s No. 2 Bitcoin-mining nation, pressure is mounting for Moscow to integrate the fast-growing sector into its national accounts.

This post VTB Pushes to Open Russia’s First Bank-Run Bitcoin Trading Desk as Kremlin Moves to Classify Mining as an Export first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Price Dances with $94,000 as Institutional Demand Fuels a Bullish Setup

The bitcoin price is trading near $93,000, with roughly $81 billion changing hands in the past 24 hours. The price is up 3% on the day, holding just 1% below today’s high of $93,929 and about 3% above the weekly low near $90,837. 

Nearly 19.96 million BTC are in circulation, inching toward the fixed 21 million cap. The move pushed Bitcoin’s global market value to $1.86 trillion, also up 3% over the same period.

According to analysts, the Bitcoin price briefly dipped under its Metcalfe-based fair value for the first time since 2023, signaling what analysts say is a classic late-cycle reset. The move came during a sharp 36% drawdown that dragged the Bitcoin price towards $80,000 last week, erased excess leverage and flushed out speculative positions. 

According to network economist Timothy Peterson, periods when bitcoin trades below its fundamental network value have historically produced strong forward returns. Twelve-month gains have averaged 132%, with positive performance occurring 96% of the time, according to CoinDesk reporting. 

The network’s internal dynamics have also shifted. Long-term holders accumulated roughly 50,000 BTC over the past ten days, reversing months of steady distribution. 

Coins are maturing from short-term traders into long-term storage, reducing sell pressure at a moment when bitcoin is attempting to reclaim higher levels. Bitcoin recovered back above $90,000 this week and traded at highs of $93,978 on Wednesday.

Bitcoin price and macro conditions

Macro conditions are now converging with on-chain signals. The Federal Reserve just ended Quantitative Tightening, with markets pricing a December rate cut as nearly certain. 

Historically, each QT reversal has coincided with major bitcoin rallies. The pattern dates back to 2010 and includes the explosive 2013 cycle and the post-2019 surge that eventually carried the bitcoin price to $67,000.

Business-cycle indicators may also be turning. The copper-to-gold ratio, a leading gauge for U.S. manufacturing sentiment and future PMI strength, appears to be bottoming. 

Bitcoin’s recent stagnation despite expanding global liquidity suggests investors have been reacting more to weakening economic confidence than to crypto-specific factors. A recovery in risk appetite would likely benefit bitcoin after months of consolidation.

The short-term picture remains fragile. A bearish November close confirmed a monthly MACD cross, a signal that often precedes multi-month periods of slower momentum. 

Key levels near $85,000 and $84,000 continue to act as support, while analysts warn that a breakdown could open the door to a deeper test of $75,000. 

Bitcoin price remains down sharply from its $126,000 record set in October, though volatility has eased as liquidations subside.

Institutional participation continues to grow despite turbulence. BlackRock increased internal exposure to its IBIT ETF, JPMorgan introduced a structured note tied to the product, and Strategy Inc. expanded its bitcoin holdings while setting aside a $1.4 billion reserve to reassure investors it will not be forced to sell. 

Earlier today, Charles Schwab said it also wants to offer Bitcoin trading in early 2026.

Also earlier today, BlackRock CEO Larry Fink said he was “wrong” about Bitcoin, marking a sharp reversal from his past skepticism. 

Speaking at the NYT DealBook Summit, Fink called Bitcoin “an asset of fear,” bought during times of geopolitical stress, financial insecurity, or currency debasement. He warned it remains volatile and by leverage but said it can act as meaningful portfolio insurance. 

““If you’re buying it as a hedge against all your hope, then it has a meaningful impact on a portfolio… the other big problem of Bitcoin is it is still heavily influenced by leveraged players,” Fink said.

JUST IN: BlackRock CEO Larry Fink says he was wrong to be a Bitcoin critic and changed his views

"My thought process always evolves. This is a big shift in my opinion." pic.twitter.com/4PhDuoy5Le

— Bitcoin Magazine (@BitcoinMagazine) December 3, 2025

BlackRock now offers major crypto products and is building tokenization tech, with Fink seeing a “large use case” for Bitcoin and digital assets.

Also during the summit, Brian Armstrong, the CEO of Coinbase, said that there is “no chance” of the bitcoin price going to zero.

At the time of publication, the bitcoin price is $92,923.

This post Bitcoin Price Dances with $94,000 as Institutional Demand Fuels a Bullish Setup first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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BlackRock CEO Larry Fink Says He Was Wrong About Bitcoin, Reveals a ‘Big Shift’ in His View

BlackRock CEO Larry Fink has shifted his perspective on Bitcoin — and he openly acknowledged the change.

Speaking at the NYT DealBook Summit on Wednesday, Fink stated that he now sees potential in Bitcoin. Fink was once a vocal critic who famously labeled Bitcoin “an index for money laundering,” 

Today, Fink described Bitcoin as “an asset of fear,” elaborating that investors frequently purchase it in response to concerns about financial security, geopolitical instability, or the ongoing debasement of traditional assets caused by growing deficits.

“If you bought it for a trade, it’s a very volatile asset, you’re going to have to be really good at market timing, which most people aren’t,” Fink said. “If you’re buying it as a hedge against all your hope, then it has a meaningful impact on a portfolio… the other big problem of Bitcoin is it is still heavily influenced by leveraged players.”

Fink, speaking alongside Coinbase CEO Brian Armstrong, noted that market movements — like a recent 20–25% drawdown in Bitcoin — often reflect broader events, such as trade agreements with China or potential settlements in Ukraine. 

Despite all this, Fink still suggested it can serve as meaningful portfolio insurance for those holding it as a hedge rather than for short-term trading.

Fink emphasized that his perspective has evolved through years of client interactions and discussions with policymakers, calling his change of heart a “very glaring public example” of the need to reassess strong opinions. 

Meanwhile, BlackRock, the $13.5 trillion asset manager Fink helped build, now offers several crypto products, including a major Bitcoin ETF, marking a stark contrast to his earlier skepticism.

“There is no chance” that Bitcoin goes to zero, said Mr. Armstrong, who sat beside Fink. Fink also shared an optimistic view for the asset: “I see a big, large use case for Bitcoin,” he said.

JUST IN: BlackRock CEO Larry Fink says he was wrong to be a Bitcoin critic and changed his views

"My thought process always evolves. This is a big shift in my opinion." pic.twitter.com/4PhDuoy5Le

— Bitcoin Magazine (@BitcoinMagazine) December 3, 2025

BlackRock’s bold embrace of bitcoin and crypto

Back in October, BlackRock said they were developing technology to tokenize a wide range of assets, including real estate, equities, and bonds.

Fink said at the time that global digital wallets held over $4.5 trillion across crypto, stablecoins, and tokenized assets. He noted much of this capital was outside the U.S., presenting opportunities to reach new investors. 

Fink said tokenization could allow crypto entrants to access traditional long-term products, like retirement funds. He described Bitcoin and crypto as serving a similar purpose to gold. 

This post BlackRock CEO Larry Fink Says He Was Wrong About Bitcoin, Reveals a ‘Big Shift’ in His View first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin And Crypto Prediction Platform Polymarket Rolls Out US App Today After CFTC Approval

Polymarket, the crypto-based prediction market platform, has officially launched a U.S.-focused app following approval from the Commodity Futures Trading Commission (CFTC). 

The move lifts nearly four years of restrictions preventing American users from participating in its blockchain-powered prediction markets.

Initially available in the App Store under the sports category, the app allows U.S. users to place bets on sports events, with plans to expand into other markets including proposition bets and election wagers. 

The app is opening access gradually, inviting users from a previously established waitlist, though not all applicants have received invitations yet.

Polymarket bypassed the traditional, multi-year CFTC registration process by acquiring QCEX, an already-registered platform, for $112 million in July. 

The company received a no-action letter from the CFTC in September, allowing it to resume operations legally in the U.S. after its 2022 settlement over unregistered event contracts.

Polymarket’s CFTC approval

In November, Polymarket secured an Amended Order of Designation from the U.S. Commodity Futures Trading Commission (CFTC), allowing it to operate as an intermediated trading platform under the full set of federal rules for U.S. exchanges. 

The approval enabled the platform to onboard brokerages and customers directly, allowing users to trade through futures commission merchants (FCMs) and access traditional custody, reporting, and market infrastructure.

To comply with the CFTC’s requirements, Polymarket upgraded its systems, introducing enhanced market surveillance, supervision policies, clearing procedures, and Part 16 regulatory reporting. 

The platform remains fully subject to the Commodity Exchange Act and other CFTC regulations, including self-regulatory obligations.

The platform had been barred from operating in the U.S. in 2022 after offering unregistered derivatives contracts. Its return followed the acquisition of QCEX, a regulated contract market and clearinghouse, for $112 million, which enabled the company to bypass a lengthy registration process.

 Earlier this year, the platform also introduced support for direct bitcoin deposits, allowing users to fund accounts with BTC alongside stablecoins like USDC and USDT.

The platform has attracted significant investor interest. In November, reports indicated that Intercontinental Exchange (ICE), owner of the New York Stock Exchange, is considering a $2 billion investment that could value Polymarket between $8 billion and $10 billion. 

Earlier funding discussions reportedly placed the company’s valuation at $12–15 billion. Investors also include 1789 Capital, backed by Donald Trump Jr.

Polymarket’s competitors, such as Kalshi, are also expanding, with Kalshi recently Kalshi raising $1 billion at a $11 billion valuation, doubling value in under two months

This post Bitcoin And Crypto Prediction Platform Polymarket Rolls Out US App Today After CFTC Approval first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

UK Passes Bill Formally Recognizing Crypto as a New Category of Property

The United Kingdom has officially written crypto into its legal framework as a distinct form of property.

On Tuesday, the Property (Digital Assets etc.) Act 2025 received Royal Assent from King Charles III, completing its passage through Parliament and creating a third, legally recognized category of property specifically for digital assets. The act passed both houses without amendment.

The new classification places assets such as bitcoin, stablecoins and NFTs into a bucket separate from traditional “things in possession,” like physical objects, or “things in action,” like contractual rights. Policymakers say the reform was needed to modernize property law for the digital era.

“A third category of property now exists, and it finally gives legal protection to the sats you hold,” said Susie Ward, CEO of Bitcoin Policy UK. Her group’s Chief Policy Officer, Freddie New, called the act potentially “the biggest change in English property law since the Middle Ages.”

The reform stems from a 2023 recommendation by the Law Commission, which argued that digital assets did not fit neatly into existing legal categories. The bill was introduced in the House of Lords in September 2024 before moving swiftly through Parliament.

While U.K. courts had already been treating crypto as property in rulings over the past several years, the approach relied on case-by-case judgments. 

BREAKING: UK passes law officially recognising crypto as property. pic.twitter.com/d7HvkUyFEG

— Bitcoin Magazine (@BitcoinMagazine) December 3, 2025

Crypto’s ‘clearer legal’ footing

Trade association CryptoUK said codifying the principle in statute offers much clearer legal pathways in matters involving theft, fraud, insolvency and estate planning.

“This gives digital assets a much clearer legal footing — especially for things like proving ownership, recovering stolen assets, and handling them in insolvency or estate cases,” CryptoUK said in a statement on X.

Lawmakers also framed the legislation as a boost to consumer and investor protection.

“By recognizing digital assets in law, the U.K. is giving consumers clear ownership rights, stronger protections, and the ability to recover assets lost through theft or fraud,” Gurinder Singh Josan, co-chair of the Crypto and Digital Assets All Party Parliamentary Group, told CoinDesk. 

The Royal Assent was formally announced in the House of Lords around 2:30 p.m. Tuesday, marking the moment the bill became law.

UK’s bitcoin ETN ban lift 

Earlier this year, the U.K. lifted its four-year ban on retail access to bitcoin and crypto ETNs, allowing firms to offer the products on FCA-approved exchanges. 

After the ban, BlackRock then launched its fully backed iShares Bitcoin ETP (IB1T) on the London Stock Exchange.

Meanwhile, the UK government is reportedly weighing a ban on crypto donations to political parties as it drafts its upcoming Elections Bill, according to people familiar with internal discussions and POLITICO reporting. 

The move would directly affect Nigel Farage’s Reform UK, which became the first British party to accept digital asset donations and has already received several. 

This post UK Passes Bill Formally Recognizing Crypto as a New Category of Property first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Equities Jump as Strategy ($MSTR) Leads Sector Rebound

Bitcoin-linked stocks surged on Tuesday as the broader crypto market staged a sharp recovery and Bitcoin reclaimed the $91,000 level. 

Strategy was the standout mover, rising faster than both Bitcoin itself and most major tech names at times. MSTR shares climbed 8.66% at times to $186.26, lifted by heavy trading volume that exceeded 4.4 million shares.

MSTR is currently trading at $182.74.

The move slightly outpaced Bitcoin’s rebound to $91,000 and signaled renewed appetite for high-beta exposure to the digital asset through equities. 

Other crypto-adjacent stocks also advanced, including the iShares Bitcoin Trust ETF, which gained more than 7%, and smaller firms such as Smarter Web Company and Metaplanet Inc., which posted mid–single-digit gains. 

Capital B saw the largest percentage move of the group, trading more than 10% higher at times today.

The surge in Bitcoin equities came as institutional demand accelerated across the market. Trading desks reported strong flows into Bitcoin ETFs, a trend that has intensified as major Wall Street firms open the door to regulated crypto products.

Strategy won’t sell its Bitcoin 

Strategy’s rally also followed new comments from CEO Phong Le, who spoke with Bloomberg about the company’s balance sheet strategy and long-term commitment to Bitcoin.

Le reiterated that Strategy has no plans to sell Bitcoin except as a last resort and said the company remains firmly committed to paying dividends on its preferred shares. 

He argued that maintaining the dividend helps prevent uncertainty from spreading through the company’s capital structure, adding that the goal is to pay it “in perpetuity,” even though the board retains the ability to pause payments.

Le addressed concerns about leverage, pushing back on the idea that the company is overextended. He said Strategy’s leverage ratio stands at roughly 12%, or 27% when preferred shares are included — far below levels seen in typical U.S. corporations. 

The company recently raised $1.44 billion in equity in just over a week, enough to cover nearly two years of dividend obligations. 

Le said Strategy also now holds multiple years of dividend capacity in its Bitcoin reserves, reducing the risk that it would need to liquidate holdings during market stress.

The company is building a cash reserve designed to cover two to three years of dividend payments, a buffer Le expects to maintain for at least the next five to ten years. 

He again rejected the view that Strategy should be treated like a closed-end fund or ETF, arguing that the firm is a fully operational Bitcoin-focused company with employees, products and revenue, not a passive investment vehicle. 

He said the company has begun educating MSCI and other index providers on the distinction as they review whether digital-asset treasury companies should remain in major indices.

Strategy might start lending Bitcoin

Le also said MicroStrategy is evaluating opportunities to participate in Bitcoin lending once large U.S. banks fully enter the space. 

Discussions are already taking place with institutions preparing to offer custody and lending services. He emphasized that traditional banks bring the kind of scale and balance-sheet strength MicroStrategy wants in potential partners.

Bitcoin’s own rebound was decisive. The asset traded near $91,100 late Tuesday, rising 8% in 24 hours as volume approached $78 billion, one of the strongest sessions in weeks. 

The move lifted Bitcoin above its seven-day high and kept it comfortably above last week’s low near $84,000. 

The bounce came just as several major financial institutions made their most aggressive moves yet into Bitcoin investment products.

Bank of America announced that its 15,000 wealth advisers will be permitted to recommend crypto exposure for the first time. Beginning January 5, the bank will support allocations of 1% to 4% through a select group of Bitcoin ETFs, ending years of internal restrictions. 

In a separate reversal, Vanguard opened its platform to Bitcoin ETFs and crypto-linked mutual funds for the first time. 

The decision gives more than 50 million brokerage clients access to regulated Bitcoin exposure, marking a major shift for a firm that previously dismissed Bitcoin as too speculative for long-term investors.

This post Bitcoin Equities Jump as Strategy ($MSTR) Leads Sector Rebound first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

American Bitcoin Stock ($ABTC) Collapses Over 50% as Crypto Volatility Continues Slamming Trump-Linked Ventures

American Bitcoin’s stock unraveled in real time Tuesday. 

The mining and Bitcoin-treasury company co-founded by Eric Trump saw its stock plunge more than 50% in the first hour of trading, triggering multiple halts and wiping out months of speculative gains. 

The company, listed on Nasdaq under the ticker ABTC, had already been reeling from Bitcoin’s steep pullback over the past month. 

But the speed of Tuesday’s sell-off stunned even veteran crypto-equity watchers. Shares collapsed to an intraday low of $1.75, a 51% drop, before stabilizing slightly. By time of writing, the stock is still down more than 35%.

No single headline set off the avalanche. But market conditions were brittle. A day earlier, nearly $1 billion in leveraged crypto positions were liquidated. Bitcoin had crashed to the mid-$85,000s. 

A miner tied to a political brand

Eric Trump and Donald Trump Jr. helped launch American Bitcoin earlier this year. Eric serves as co-founder and chief strategy officer. Donald Trump Jr. is listed as an investor. 

Their involvement gave the company immediate name recognition, but also tied ABTC’s identity to one of the most politically charged families in America.

The firm was spun out of Hut 8 and went public in September through a reverse-merger with Gryphon Digital Mining. 

The market liked the story at first. Shares spiked to $9.31 in the early days. Some traders treated it like another Trump-themed momentum play. 

But that momentum hasn’t lasted. Since that September peak, the stock is now down more than 78%.

SEC filings show most insiders, including the Trump sons, are barred from selling shares until at least March 2026. That ruled out insider-dumping speculation.

Bitcoin rebounds — but American Bitcoin doesn’t

What made Tuesday’s collapse even more striking was that it happened as Bitcoin surged. After the Monday washout, BTC roared back above $91,000 by midday Tuesday. Most crypto-exposed stocks bounced. American Bitcoin wasn’t one of them.

Heavy volume — more than 55 million shares, compared with a 3 million daily average — signaled a stampede for the exits. 

ABTC’s business is deeply tied to the price of Bitcoin. The company says it holds more than 3,000 BTC accumulated through mining and market purchases.

In its third-quarter report, American Bitcoin posted $64.2 million in revenue and $3.5 million in net income. These are fairly healthy numbers — better than many miners.

Trump-linked crypto ventures take a hit

The sell-off has extended beyond ABTC. WLFI, the token tied to World Liberty Financial, fell more than 30% from its recent high, according to Bloomberg.

ALT5 Sigma, which holds WLFI in its treasury, dropped over 80%. Trump Media & Technology Group, the operator of Truth Social, also fell sharply after its $2 billion Bitcoin and crypto holdings lost roughly 25% of value.

Donald Trump’s stake in Trump Media has declined by an estimated $800 million since September. Other Trump-related crypto ventures, including miners, tokens, and meme coins, also faced heavy losses.

Eric Trump has called all bitcoin volatility a “buying opportunity,” saying investors who embrace dips could benefit. 

This post American Bitcoin Stock ($ABTC) Collapses Over 50% as Crypto Volatility Continues Slamming Trump-Linked Ventures first appeared on Bitcoin Magazine and is written by Micah Zimmerman.