Bitcoin Magazine

22-Year-Old Pleads Guilty in $263 Million Bitcoin and Crypto Theft

A 22-year-old California resident has pleaded guilty to his role in a multi-state social engineering scheme that stole roughly $263 million in crypto.

Evan Tangeman of Newport Beach, California, admitted laundering $3.5 million in crypto for the criminal enterprise, the U.S. Attorney’s Office announced Monday.

Tangeman pleaded guilty to participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy before U.S. District Court Judge Colleen Kollar-Kotelly. 

Sentencing is scheduled for April 24, 2026. He is the ninth defendant to enter a guilty plea in this specific investigation.

The court also unsealed the Second Superseding Indictment, adding three more defendants. Nicholas Dellecave, also known as “Nic” or “Souja,” Mustafa Ibrahim, also known as “Krust,” and Danish Zulfiqar, also known as “Danny” or “Meech,” face charges of RICO conspiracy along with the other members of the Social Engineering Enterprise (SE Enterprise). 

Dellecave was arrested in Miami on Dec. 3, 2025. Ibrahim and Zulfiqar were recently arrested in Dubai.

According to prosecutors, the enterprise began in October 2023 and continued through at least May 2025. It originated from friendships formed on online gaming platforms. The group included individuals in California, Connecticut, New York, Florida, and abroad.

Details of the rampant crypto crime

The scheme involved database hackers, organizers, target identifiers, callers, and residential burglars who targeted hardware wallets containing cryptocurrency. Hackers used stolen databases to identify high-value targets. 

Callers impersonated crypto exchange staff or email providers to trick victims into revealing account credentials. 

Burglars physically broke into homes to steal hardware wallets.

Tangeman acted as a money launderer. He converted stolen cryptocurrency into cash using a bulk-cash converter. Tangeman then used the cash to obtain rental homes for members of the group, often listing false names on the leases. 

Some properties rented for $40,000 to $80,000 per month. He secured homes in Los Angeles and Miami.

The largest known theft occurred on Aug. 18, 2024. Tangeman’s co-conspirators, including Malone Lam and Danish Zulfiqar, deceived a victim in Washington, D.C., into transferring over 4,100 Bitcoin. At the time, the crypto was valued at $263 million. The same amount is now worth more than $368 million.

Tangeman also helped Lam obtain roughly $3 million in cash from stolen cryptocurrency to secure a rental property. 

After Lam’s arrest on Sept. 18, 2024, Tangeman accessed home security systems to screenshot FBI agents during searches. He also asked another member to retrieve and destroy digital devices from Lam’s Los Angeles residence.

Prosecutors said the enterprise spent stolen funds on a lavish lifestyle. Purchases included nightclub services up to $500,000 per night, luxury handbags, watches valued between $100,000 and $500,000, designer clothing, rental homes, private jets, security guards, and a fleet of at least 28 exotic cars ranging from $100,000 to $3.8 million.

Three additional defendants unsealed

With Tangeman’s guilty plea, prosecutors have unsealed charges against three additional defendants. The Second Superseding Indictment shows the investigation is ongoing. Authorities have not disclosed whether any of the stolen Bitcoin has been recovered or whether restitution will be sought.

The SE Enterprise relied on social engineering rather than sophisticated hacking techniques. The group’s operations originated from online friendships, but the stolen funds funded high-profile purchases and drew attention. 

Authorities said the defendants’ extravagant spending played a role in exposing their activities.

Tangeman remains free pending sentencing. 

Federal penalties for RICO conspiracy and money laundering carry significant prison terms. The Justice Department has indicated that additional charges may follow as the investigation continues.

A RICO conspiracy occurs when individuals agree to take part in a pattern of criminal activity, or racketeering, through an ‘enterprise.’ Under the Racketeer Influenced and Corrupt Organizations Act (RICO), prosecutors can connect separate crimes and individuals under a single charge.

The focus is on proving a shared criminal objective, not that every participant committed every act.

This post 22-Year-Old Pleads Guilty in $263 Million Bitcoin and Crypto Theft first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Bulls Trim Near-Term Price Targets as BTC Demand Slows

Wall Street’s biggest Bitcoin bulls are cutting near-term price targets after the latest market pullback. Their longer-term outlook remains intact. Standard Chartered, one of crypto’s most prominent backers, halved its Bitcoin forecasts in a note published Tuesday. 

The bank now sees Bitcoin reaching $100,000 by the end of 2025, down from $200,000, and $150,000 by the end of 2026. 

Its long-term target of $500,000 remains, though the timeline has been pushed to 2030 from 2028.

The downgrade reflects a shift in demand. Corporate treasury buying, once a major driver, has faded. Exchange-traded fund flows have slowed. 

Geoffrey Kendrick, Standard Chartered’s global head of digital asset research, said aggressive corporate accumulation has “run its course.”

“Future price gains will be driven by one leg only,” Kendrick wrote, referring to ETF inflows. He expects consolidation rather than broad selling.

Bernstein analysts struck a similar tone. They forecast Bitcoin at $150,000 by the end of next year and near $200,000 by late 2027, according to Bloomberg.

The firm dropped its call for a $200,000 peak this year but argues Bitcoin is no longer bound by its historical four-year cycle. Analysts say institutional participation has added durability to the market.

The revisions follow a rough stretch for prices. Bitcoin has fallen almost 30% from its October peak above $126,000. 

Spot Bitcoin ETFs posted $60 million in net outflows on Monday. BlackRock’s iShares Bitcoin Trust lost about $2.3 billion in November, its largest monthly redemption since launch.

Those outflows represent about 3% of the fund’s assets. Bernstein notes that total ETF withdrawals remain below 5% of assets under management. Retail investors still hold most ETF shares, though institutional ownership has climbed to 28%.

Bitcoin price rebound 

Despite these predictions, Bitcoin rose more than 4% today to near $94,640, pushing market capitalization to about $1.86 trillion as trading volume climbed to $46 billion and prices hit a seven-day high. 

Institutional momentum continued with Twenty One ringing the NYSE opening bell holding over 43,500 BTC, while PNC became the first major U.S. bank to offer direct spot bitcoin trading to private clients and Bank of America encouraged limited digital asset allocations.

Investors are also weighing supportive macro signals, with expectations of Federal Reserve rate cuts and comments from Cathie Wood suggesting Bitcoin’s cycle lows may already be in.

At the time of writing, Bitcoin is trading near $94,000. 

This post Bitcoin Bulls Trim Near-Term Price Targets as BTC Demand Slows first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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OCC Confirms Banks Can Act as Intermediaries in Crypto Transactions

The Office of the Comptroller of the Currency (OCC) has clarified that national banks may engage in “riskless principal” transactions involving crypto-assets.

In its new Interpretive Letter 1188, the OCC explained that such transactions allow a bank to act as a principal between two customers, buying crypto from one while simultaneously selling it to another. 

The bank does not hold the assets in inventory, effectively serving as a broker acting on behalf of clients.

This guidance follows a broader regulatory trend to ease restrictions on crypto activities within the traditional banking sector. In March, the OCC removed prior requirements for banks to seek advance approval before engaging in certain crypto operations, signaling growing acceptance of digital assets in mainstream finance.

In other words, U.S. banks can now offer crypto services in a manner similar to traditional brokerage activities. 

Last week, Bank of America announced it would allow wealth management clients to allocate 1%–4% of their portfolios to digital assets.

The guidance applied across Merrill, Bank of America Private Bank, and Merrill Edge, enabling more than 15,000 advisers—previously restricted—to recommend crypto proactively. 

Also, earlier today, PNC Bank became the first major U.S. bank to offer eligible Private Bank clients direct bitcoin trading through its own platform, powered by Coinbase’s infrastructure. The service allowed qualified clients to buy, hold, and sell bitcoin without using an external exchange. 

The launch followed a strategic partnership with Coinbase announced in July.

Full OCC letter details

In essence, the letter basically confirmed that national banks may engage in ‘riskless principal transactions’ in crypto-assets. 

Per the letter, a riskless principal transaction occurs when a bank buys an asset from one counterparty with the simultaneous agreement to sell it immediately to another, without holding the asset in inventory except in rare cases like settlement failures. 

In this role, the bank functions similarly to a broker, taking on limited settlement, market, and credit risk.

The letter made a distinction between crypto-assets that are securities and those that are not. Riskless principal transactions in crypto-assets classified as securities are already permissible under existing law, as the bank acts without recourse, meaning it does not assume customer risk.

The OCC extends this reasoning to crypto-assets that are not securities, framing the activity as part of the broader “business of banking.” 

Under U.S. law, the business of banking is not narrowly defined, allowing banks to engage in new activities that logically extend their traditional functions.

The OCC analyzed the activity using four factors: its similarity to recognized banking activities, its benefit to banks and customers, the nature of the risks involved, and whether state-chartered banks are authorized to perform it. 

Riskless principal crypto-asset transactions align with traditional brokerage and custody services, benefit customers by providing regulated access to crypto-assets, and carry risks familiar to banks, such as settlement risk. 

State regulatory frameworks do not prohibit similar activity, supporting the federal permissibility.

This post OCC Confirms Banks Can Act as Intermediaries in Crypto Transactions first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Jack Mallers’ Twenty One Capital Vows to Buy ‘As Much Bitcoin as Possible’

Twenty One Capital, the Bitcoin-native company co-founded by Jack Mallers, officially began trading on the New York Stock Exchange today under the ticker XXI, following a business combination with Cantor Equity Partners.

The firm debuted with a BTC treasury of 43,514 BTC, valued at roughly $3.9 billion, immediately making it the world’s third-largest publicly traded Bitcoin holder.

Speaking live on CNBC, Mallers said the company plans to “buy as much Bitcoin as [they] possibly can”. He emphasized that the firm is not simply a treasury holder but intends to build businesses around BTC, including capital markets advisory, lending models, and educational media. 

JUST IN: Public company Twenty One Capital CEO Jack Mallers says: We're going to buy "as much Bitcoin as we possibly can" pic.twitter.com/7jdRAiOZjr

— Bitcoin Magazine (@BitcoinMagazine) December 9, 2025

Mallers described Bitcoin as “honest money” and said Twenty One aims to give it “the place it deserves in global markets.”

The NYSE launch is backed by major institutional players, including Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, reflecting a growing wave of institutional adoption of BTC.

Twenty One’s PIPE financing included $486.5 million in senior convertible notes and roughly $365 million in common equity commitments.

Analysts note the launch signals a new model for public Bitcoin companies. Mitchell Askew, head of Blockware Intelligence, said the firm’s institutional connections could position Twenty One as “a major player not only in Bitcoin, but in the grand arc of financial history.”

Twenty One plans to pair its treasury with operating businesses that generate recurring revenue while supporting BTC adoption. 

Shareholders will have access to on-chain verification of holdings, ensuring transparency. Mallers highlighted that the firm’s value comes not only from its BTC holdings but also from the cash flows and infrastructure it builds around the asset.

Shares of XXI opened with volatility, trading down over 23% at $10.97 following the debut, reflecting typical market reactions to new listings. Since opening, shares have stabilized to 

With this launch, Twenty One Capital aims to establish itself as both a leading institutional BTC holder and a financial ecosystem around the cryptocurrency, offering investors direct exposure to BTC alongside innovative business models built on the asset.

Bitcoin as money, not just an asset

At Bitcoin Amsterdam, Jack Mallers reaffirmed his belief that BTC’s ultimate purpose is to function as money, not just as an asset. 

He criticized traditional financial narratives, saying, “People have convoluted the concept of money to benefit them… The dollar is money? No, how about f*** you?” 

For Mallers, money is what you save to later exchange for goods and services, and BTC fulfills that role regardless of whether merchants directly accept it. 

“What I used as money was Bitcoin because I exchanged the work I’m doing for those around me for Bitcoin and later exchange it for the things I want,” he explained.

Mallers also addressed external pressures from powerful figures and media outlets to temper his message. He recalled being advised, “Don’t say that on CNBC,” but emphasized, “Sorry, good thing I’m me and you’re you… you say whatever you want.” 

He framed his stance as a matter of integrity and honesty, saying, “I was born to love others, to contribute to something bigger than myself.”

This post Jack Mallers’ Twenty One Capital Vows to Buy ‘As Much Bitcoin as Possible’ first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Price Skyrockets to $94,000 as Banks Start to Embrace Bitcoin  

The bitcoin price is currently pumping and hit highs of $94,640 today, climbing over 4% in the last 24 hours. Bitcoin’s 24-hour trading volume reached $46 billion. It stands at its seven-day high.

The total circulating supply of Bitcoin is 19,959,806 BTC, with a maximum supply of 21 million. Today’s market capitalization is roughly $1.86 trillion, reflecting the 4% daily gain.

The broader bitcoin space is experiencing some momentum. The Bitcoin MENA conference in Abu Dhabi just wrapped up, full of bank leaders and industry thought leaders sharing their thoughts on Bitcoin’s future. 

Earlier today, Jack Mallers’ Bitcoin company, Strike, and Twenty One rang the opening bell at the New York Stock Exchange. The company holds over 43,500 BTC — around $4 billion — making it the world’s third-largest publicly listed Bitcoin holder. 

Majority-owned by Tether Investments and Bitfinex, with SoftBank as a significant minority investor, the company blends a Bitcoin treasury strategy with operational Bitcoin-focused financial services under CEO Jack Mallers.

Investors are also paying close attention to macroeconomic signals. Ark Invest CEO Cathie Wood said that the Bitcoin price’s four-year cycle may shift. She suggested the market may have already seen its lows.

Neuberger CIO Shannon Saccocia also noted that expected Federal Reserve rate cuts and gains in AI-driven productivity could lift equities and other risk assets. Stocks often perform well when the economy avoids recession and the Fed is easing.

JUST IN: Bitcoin pumps to $94,000! pic.twitter.com/ek3C26RhSu

— Bitcoin Magazine (@BitcoinMagazine) December 9, 2025

Bitcoin price rally

Bitcoin price’s recent rally comes amid growing adoption and institutional interest. Large players are integrating Bitcoin into payments and financial products.

For example, earlier today, PNC Bank became the first major U.S. bank to offer direct spot bitcoin trading to eligible Private Bank clients through its digital platform, using Coinbase’s Crypto-as-a-Service infrastructure. 

The service allows qualified clients to buy, hold, and sell bitcoin without relying on external cryptocurrency exchanges. 

Coinbase provides the trading, custody, and settlement infrastructure, while PNC retains the direct client relationship and regulatory oversight.

The launch follows a strategic partnership announced in July and reflects a growing trend among U.S. banks to integrate bitcoin into wealth management services.

Also last week, the Bank of America urged its wealth management clients to allocate 1% to 4% of their portfolios to digital assets, signaling a major shift in its approach to Bitcoin exposure. The move allowed over 15,000 advisers across Merrill, Bank of America Private Bank, and Merrill Edge to proactively recommend crypto to clients.

At the time of writing, the bitcoin price is $94, 061.

This post Bitcoin Price Skyrockets to $94,000 as Banks Start to Embrace Bitcoin   first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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‘We are going to buy all of it’: Michael Saylor talks Bitcoin Strategy at Bitcoin MENA Conference

Michael Saylor, executive chairman of Strategy, delivered a sweeping keynote at the Bitcoin MENA conference earlier today, framing Bitcoin not just as an investable asset, but as the foundation of a new era in digital capital and credit.

Speaking to an audience of sovereign wealth funds, banks, conference attendees, and investors, Saylor outlined how his company is leveraging Bitcoin to create the world’s first digital Treasury and build a global system of Bitcoin-backed credit.

“Bitcoin is digital capital,” Saylor said, opening his talk.

He contrasted Bitcoin with traditional forms of capital such as gold, real estate, and equities, emphasizing its potential as a foundational store of value in the digital economy. 

“We are going to buy all of it,” he declared, highlighting Strategy’s ongoing acquisition program, which now totals 660,624 Bitcoin, including 10,600 acquired last week.

The purchases, he explained, range from $500 million to $1 billion weekly, underscoring the company’s aggressive accumulation strategy.

Banks are meeting with Saylor to discuss Bitcoin 

Saylor stressed the importance of recent institutional and regulatory shifts. He said that over the past year, major U.S. banks including Bank of America, Wells Fargo, JP Morgan, and Citi have moved from cautious observers to active participants, offering custody solutions and credit facilities tied to Bitcoin. 

“All of the large banks in the United States have gone from not banking Bitcoin 12 months ago to issuing credit against Bitcoin or Bitcoin derivatives,” he noted. 

JUST IN: Michael Saylor says he got approached by all the major banks recently to launch #Bitcoin products and services.

Banks are here pic.twitter.com/AcHQRCaP7y

— Bitcoin Magazine (@BitcoinMagazine) December 9, 2025

He also highlighted bipartisan U.S. government support for Bitcoin, citing figures from the Treasury, SEC, and CFTC.

Bitcoin as a yield-generating credit

Central to Saylor’s thesis is the conversion of Bitcoin’s volatile digital capital into predictable, yield-generating credit. 

Strategy has launched a series of Bitcoin-backed credit instruments designed to provide steady cash flows while preserving exposure to the asset’s long-term appreciation. 

“If you have a short time horizon, you buy the credit,” he said. “If you trust Bitcoin and have a long horizon, you buy the equity.”

Saylor described how these instruments work. Using over-collateralization, Strategy transforms Bitcoin holdings into digital credit with lower volatility and reliable yields. 

The firm has introduced products like STRK, a preferred stock paying an 8% dividend backed by Bitcoin, and STRF, a perpetual bond yielding 10% that funds long-term investment in digital assets. 

“We convert 120 months or 240 months of duration into one month,” Saylor explained, emphasizing the ability to deliver near-immediate cash flows from long-term capital.

He also outlined Strategy’s approach to amplifying equity performance. By issuing credit instruments and reinvesting proceeds in Bitcoin, the company effectively enhances its Bitcoin holdings per share over time.

“Every seven years, we double our Bitcoin per share,” he said. 

The result, Saylor claims, is a corporate structure that aligns long-term Bitcoin growth with investor returns while creating unprecedented liquidity in credit markets.

Saylor framed these innovations in historical context. Just as gold served as the foundation for centuries of credit instruments—from mortgages to sovereign debt—Bitcoin, he argued, will form the backbone of a digital credit system. 

“If we have digital gold, it’s very logical that the world’s going to run on digital gold-backed credit,” he said, noting the potential for Bitcoin to underpin global financial systems.

Throughout his keynote, Saylor emphasized both scale and vision. He described a tour of the Middle East, meeting investors across Dubai, Bahrain, Kuwait, and Abu Dhabi, presenting a unified vision of digital capital and credit. 

“The opportunity for Treasury companies is to accumulate pools of capital and issue credit that meets regulatory requirements, integrates into the banking system, and absorbs currency risk,” he said.

At the time of writing, Bitcoin is ripping past $94,000. 

This post ‘We are going to buy all of it’: Michael Saylor talks Bitcoin Strategy at Bitcoin MENA Conference first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Binance Founder CZ Says the 4-Year Bitcoin Cycle Is Over — Predicts a Potential Bitcoin Supercycle

At the Bitcoin MENA conference, Binance founder Changpeng Zhao (CZ) offered an pretty expansive view of Bitcoin’s evolving role in global finance.  

While he touched on personal experiences, from his legal challenges in the United States to his pardon from President Donald Trump, his remarks consistently returned to the trajectory and potential of Bitcoin.

Speaking alongside BTC Inc CEO Brandon Green, CZ described the current adoption cycle as distinct from previous waves. While earlier cycles were dominated by retail investors, this cycle reflects significant institutional engagement. 

Bitcoin’s institutional adoption 

From Bitcoin ETFs to corporate strategic reserves, Wall Street and large financial institutions are participating in the crypto ecosystem. 

“We have seen more institutions come in than probably previous cycles,” CZ said. This bridging between grassroots movements and institutional finance, he argued, positions Bitcoin for broader integration into the global financial system.

The conversation highlighted the inherent unpredictability of Bitcoin’s adoption path. CZ sees potential for growth through integration with traditional payment infrastructure. 

Tools like crypto cards, where users pay in cryptocurrency but merchants receive fiat, allow demand to grow on the user side and lay the groundwork for more widespread adoption. 

Stablecoins, he noted, will also play a key role in facilitating transactions without undermining Bitcoin’s investment appeal.

CZ’s take on Bitcoin’s 4-year cycle 

CZ also offered perspective on how macroeconomic conditions and policy shifts can influence Bitcoin’s trajectory. 

While the four-year cycle has long guided expectations for bull and bear markets, he suggested that external forces, including government monetary policies, may now have equal or greater influence. 

CZ even said that bitcoin and crypto may be entering a “super cycle”

JUST IN: Binance founder CZ says the 4-year #Bitcoin cycle might be dead, and we may see a supercycle pic.twitter.com/rl4Ie6JoQQ

— Bitcoin Magazine (@BitcoinMagazine) December 9, 2025

He pointed to potential U.S. rate cuts and quantitative easing as factors that could drive liquidity into crypto markets, suggesting the next cycle could diverge from historical patterns.

Institutionalization of Bitcoin, however, does not replace the grassroots origins of the network. CZ emphasized that retail holders remain the majority and that the international nature of Bitcoin is integral to its identity.

He described the institutional participation as complementary, not transformative, to the global movement that has propelled Bitcoin from a niche technology to a widely recognized asset class.

CZ’s personal journey

Throughout the discussion, CZ reflected on his personal journey, from ‘growing up on a farm in China’ to serving jail time, all while being intertwined closely with Bitcoin’s evolution. 

He shared his experiences facing U.S. regulatory scrutiny, including potential imprisonment, and his eventual pardon by President Trump. The pardon drew criticism from Democrats like Sen. Elizabeth Warren, who called it corruption, while the Trump administration framed it as correcting an “overreach” by the Biden administration against crypto.

Even as he stepped back from day-to-day operations at Binance, CZ has remained engaged in advancing the industry. He has focused on advising governments on how to regulate crypto. 

Beyond regulation, CZ has turned attention to education and innovation. He founded Giggle Academy, a free, gamified, digital education platform that now reaches approximately 90,000 children, emphasizing accessibility and positive societal impact. 

CZ’s reflections on legacy and impact returned repeatedly to Bitcoin. While he admires other industry figures, like Michael Saylor, for their single-minded focus on Bitcoin, CZ sees his own role as complementary: attempting to foster innovation across multiple chains while championing Bitcoin’s primacy. 

“Bitcoin itself is great. It is the global reserve currency in crypto, probably soon in the world,” he said. 

MICHAEL SAYLOR JUST HAD A MEETING WITH CZ AT BITCOIN MENA

₿ULLISH pic.twitter.com/si6FuJAIJD

— Bitcoin MENA Conference (@bitcoinmenaconf) December 9, 2025

In closing, CZ reiterated that his goal remains clear: driving adoption and awareness of crypto worldwide. Whether through institutional engagement, policy advising, or fostering innovation, he positions himself as a conduit between the grassroots and the broader financial ecosystem.

At the time of writing, Bitcoin is skyrocketing towards $93,000.

This post Binance Founder CZ Says the 4-Year Bitcoin Cycle Is Over — Predicts a Potential Bitcoin Supercycle first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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PNC Becomes First Major U.S. Bank to Offer Direct Bitcoin Trading to Clients via Coinbase

PNC Bank has launched direct spot bitcoin trading for eligible PNC Private Bank clients, becoming the first major U.S. bank to offer native bitcoin access directly through its own digital banking platform.

The new service allows qualified private banking clients to buy, hold, and sell bitcoin without using an external cryptocurrency exchange. 

The offering is powered by Coinbase’s Crypto-as-a-Service (CaaS) infrastructure, which provides trading, custody, and settlement capabilities embedded directly within PNC’s Private Bank Online platform via its Portfolio View interface.

The launch follows a strategic partnership between the bank and Coinbase announced in July and marks one of the clearest steps yet by a major U.S. bank toward integrating spot bitcoin trading into core wealth management services. 

JUST IN: $400 billion PNC Private Bank partners with Coinbase to launch #Bitcoin trading.

The first major U.S. banks to market with such an offering pic.twitter.com/K5XtBHphr6

— Bitcoin Magazine (@BitcoinMagazine) December 9, 2025

Bitcoin allocation to wealthy PNC clients

Last week, Bank of America began allowing its 15,000 wealth management advisers to recommend a 1%–4% allocation to crypto for clients, signaling a broader Wall Street shift toward mainstream Bitcoin exposure. 

The guidance, effective next year, focuses on regulated bitcoin ETFs from Bitwise, Fidelity, Grayscale, and BlackRock, with the bank emphasizing a measured approach and clear expectations around volatility.

Similarly, PNC Private Bank serves high- and ultra-high-net-worth individuals and family offices across more than 100 offices nationwide.

“As client interest in digital assets continues to grow, our responsibility is to offer secure and well-designed options that fit within the broader context of their financial lives,” said Chairman and CEO William Demchak. 

He added that the collaboration enables clients to access bitcoin trading “in a controlled and familiar environment” consistent with the bank’s regulatory and risk standards.

Under the arrangement, Coinbase provides the institutional-grade infrastructure that powers execution and custody, while the bank retains the direct client relationship. 

Coinbase Institutional co-CEO Brett Tejpaul said the partnership demonstrates how traditional financial institutions and crypto-native companies can work together to expand access to digital assets safely and compliantly, according to Bloomberg reporting.

Tejpaul likened Coinbase’s role to that of cloud providers such as Amazon Web Services, supplying the underlying technology while banks focus on client services.

The service is currently limited to PNC’s private bank clients, whose bitcoin purchases can be funded through their existing PNC investment management and checking accounts. 

PNC executives said the rollout represents an early phase of a broader digital asset strategy.

PNC has previously offered clients indirect exposure to bitcoin and ether through ETFs, but this marks the bank’s first move into direct spot trading.  According to PNC, the bank plans to expand access to additional client segments, including institutional investors such as nonprofits, endowments, and foundations, in future phases.

This post PNC Becomes First Major U.S. Bank to Offer Direct Bitcoin Trading to Clients via Coinbase first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Is a Relief, Not a Theory: Pakistan’s Case for Crypto Adoption

At the Bitcoin MENA conference, Bilal Bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority, delivered a message that framed bitcoin not as a speculative asset, but as a practical solution to structural economic problems facing millions of people in Pakistan.

One of Bin Saqib’s most striking takeaways was how grounded his argument in lived reality. In Pakistan, bitcoin is less about ideology and more about necessity. 

Bitcoin as a financial relief

As Bin Saqib put it, for many Pakistanis “bitcoin is not theory, it’s a relief,” a response to problems traditional financial systems have failed to solve for decades.

He pointed first to savings. Pakistan’s currency has lost more than half its value over the past five years, eroding purchasing power for ordinary citizens. In that environment, Bin Saqib argued, people are not looking for explanations of monetary theory. They are looking for protection.

Bitcoin, he said, provides a way to store value outside inflation driven by political decisions, money printing and currency mismanagement. “You don’t need a lecture,” he noted. “You need a hedge.”

Access was the second pillar of his case. Despite Pakistan being home to roughly 240 million people, more than 100 million remain unbanked. 

JUST IN: Minister of State Bilal Bin Saqib says, “#Bitcoin gives people a way to store value outside politics, printing and inflation.”

Pakistan is coming pic.twitter.com/5YJSyKfibT

— Bitcoin Magazine (@BitcoinMagazine) December 9, 2025

For this population, traditional finance has simply never arrived. Bitcoin, according to Bin Saqib, offers a financial identity without the need for permission, paperwork or intermediaries that may never open the door. 

That permissionless access, he argued, is especially powerful for young people encountering true financial ownership for the first time.

The third pillar was cross-border earnings. Pakistan has one of the largest freelance workforces in the world, yet freelancers often struggle to receive international payments quickly, cheaply and transparently. 

Bitcoin and blockchain-based payment rails enable Pakistani workers to get paid globally without friction, delays or excessive fees. For many, this has meant a direct connection to the global economy for the first time.

Bin Saqib tied these grassroots use cases to a broader national strategy. Pakistan, he said, is not trying to “chase the future” but to build a new one. With roughly 70% of the population under the age of 30, the country cannot rely on outdated economic models. 

Digital assets, and bitcoin in particular, are being viewed as infrastructure rather than speculation—new financial rails for the Global South.

He outlined his mandate since being appointed seven months ago: to transform one of the world’s largest unregulated crypto markets into a compliant, investment-friendly ecosystem. 

Pakistan has already moved to establish a virtual asset regulatory framework, issue provisional licenses for exchanges, and develop regulatory sandboxes for mining, tokenization and fintech.

The goal, Bin Saqib said, is to bring activity onshore rather than push it underground, protecting users without suffocating builders.

Bin Saqib’s discussion of energy 

Energy played a central role in the discussion. Pakistan paradoxically suffers from both power shortages and massive excess capacity, paying for electricity that goes unused. 

Bin Saqib described bitcoin mining and artificial intelligence as tools to convert that “wasted economic oxygen” into productive output. 

Every unused megawatt, he argued, could be turned into bitcoin mining or AI compute, effectively transforming stranded energy into digital exports.

In that framework, bitcoin mining becomes less about consumption and more about industrial renewal. 

Rather than exporting only commodities or labor, Pakistan could export compute—what Bin Saqib called one of the most valuable resources of the 21st century. He framed this not as a narrow energy policy, but as part of a broader industrial rebirth.

Looking ahead, Bin Saqib predicted that the next wave of bitcoin adoption will not be led by Wall Street, but by emerging markets where economic pain is real and the upside is massive. 

This post Bitcoin Is a Relief, Not a Theory: Pakistan’s Case for Crypto Adoption first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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CFTC Launches Pilot Program Allowing Bitcoin To Be Used as Collateral In Derivatives Markets

The Commodity Futures Trading Commission announced the launch of a U.S. digital assets pilot program that will allow bitcoin, ethereum and the stablecoin USDC to be used as collateral in regulated derivatives markets, marking another major policy shift in how U.S. regulators approach tokenized assets.

The move includes new guidance for tokenized collateral, a limited no-action framework for futures commission merchants (FCMs), and the withdrawal of legacy restrictions that the agency said are no longer relevant following passage of the GENIUS Act.

Acting CFTC Chair Caroline Pham said the program is designed to expand the use of digital assets in regulated markets while maintaining oversight and customer protections.

“Americans deserve safe U.S. markets as an alternative to offshore platforms,” Pham said in a statement. “Today, I am launching a U.S. digital assets pilot program for tokenized collateral that establishes clear guardrails to protect customer assets and provides enhanced CFTC monitoring and reporting.”

Bitcoin and other crypto as a pilot

Under the pilot, FCMs will be temporarily allowed to accept a narrow set of digital assets like Bitcoin as customer margin, according to a CFTC announcement. 

During the first three months of participation, firms will be required to submit weekly reports to the CFTC detailing the total amount of digital assets held in customer accounts, broken out by asset and account class. 

Companies must also notify regulators of any material incident involving the use of digital collateral.

The agency said the reporting requirement is intended to give staff real-time insight into operational risks while allowing firms controlled access to tokenized collateral.

Last week, the CFTC allowed federally regulated spot crypto trading in the U.S. for the first time, with Bitnomial set to launch its exchange next week under CFTC oversight. 

Pham said CFTC-registered venues will list spot crypto products, enabling retail and institutional traders to access spot, futures, options, and perpetuals on a single regulated platform.

Alongside the pilot program, the CFTC’s Market Participants Division, Division of Market Oversight and Division of Clearing and Risk issued formal guidance on how tokenized assets should be evaluated within existing regulatory frameworks.

The guidance emphasizes that CFTC rules are “technology neutral” and that tokenized assets should be assessed individually under existing policies rather than treated as a separate asset class.

The framework applies to tokenized real-world assets such as U.S. Treasuries and money market funds. It outlines standards for legal enforceability and things like custody and control.

The agency also issued a no-action position for FCMs that accept non-securities digital assets as margin, including payment stablecoins. 

The relief allows firms to incorporate qualifying digital assets into customer accounts while clarifying how capital and segregation rules apply under the new regime.

Crypto industry applause

The CFTC formally withdrew Staff Advisory No. 20-34, which previously restricted how virtual currencies could be held in customer accounts. The advisory had been in place since 2020 and had limited the operational use of digital assets as collateral.

The agency said developments in digital markets and the enactment of the GENIUS Act made the advisory obsolete.

Crypto and fintech firms quickly welcomed the decision, saying the changes offer long-awaited regulatory certainty.

Coinbase Chief Legal Officer Paul Grewal said the move confirms the industry’s belief that stablecoins and digital assets can reduce risk and improve efficiency in financial markets, according to a CFTC announcement. 

Circle President Heath Tarbert also chimed in and said the changes would reduce settlement risk and friction in derivatives trading by enabling near real-time margin settlement.

Crypto.com CEO Kris Marszalek said the announcement would allow tokenized collateral to be used in U.S. markets for the first time at scale, adding that it would support 24/7 trading in regulated derivatives products.

This post CFTC Launches Pilot Program Allowing Bitcoin To Be Used as Collateral In Derivatives Markets first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strategy’s Michael Saylor Met With Middle East Sovereign Wealth Funds to Pitch Bitcoin-Backed Credit

Strategy Executive Chairman Michael Saylor said today that he has met with “every sovereign wealth fund in the Middle East,” as he continues to promote Bitcoin-backed financial structures to some of the world’s largest pools of capital.

“I’ve been meeting with sovereign wealth funds, banks, fund managers, regulators—about 50 to 100 investors across every jurisdiction,” Saylor said.  

Saylor said his message was simple: Bitcoin is digital capital, or digital gold, and digital credit builds on it by stripping out volatility to generate yield—offering cash flow now instead of waiting decades for capital to appreciate.

Speaking at the Bitcoin MENA conference, the Strategy founder outlined a framework designed to convert digital capital into credit, arguing that Bitcoin can underpin yield-generating products that outperform traditional fixed income while reducing volatility. 

“There is a strategy that exists to convert capital into credit,” Saylor said, describing instruments that could deliver returns well above government bonds or bank deposits.

BREAKING: STRATEGY BUYS ANOTHER 10,624 #BITCOIN FOR $962.7 MILLION pic.twitter.com/Iral5Yj4Y7

— Bitcoin Magazine (@BitcoinMagazine) December 8, 2025

Saylor framed the approach as a multi-layered allocation strategy, ranging from direct exposure to Bitcoin, to Bitcoin-backed credit, and ultimately equity in treasury-focused companies. 

He argued that investors uncomfortable with Bitcoin’s price swings could still achieve “two to four times” the yield of traditional credit markets through digital credit products, while more risk-tolerant investors could seek amplified exposure through equity.

Saylor: Banks can custody Bitcoin

Beyond investment products, Saylor emphasized the role banks could play by custodying Bitcoin and extending credit on top of it. 

He said integrating digital capital into regulated banking systems could attract trillions of dollars in global capital, particularly as many major banks still do not support Bitcoin custody or lending.

Saylor also pointed to low-yield environments in Japan and Europe as prime targets for adoption. 

“I think this is something the Japanese market will really, really like,” he said, referencing demand for assets that “have a stable price and pay yield that is far higher than they’re used to seeing.”

He argued that dissatisfaction with near-zero bank yields is already pushing investors into corporate bonds and private credit, creating an opening for Bitcoin-backed alternatives.

The long-term opportunity lies in creating regulated digital bank accounts powered by Bitcoin-backed credit, which he believes could reposition early adopters as global financial hubs. 

He suggested that jurisdictions willing to embrace the model could become the “Switzerland of the 21st century” by attracting vast amounts of international capital.

Earlier today, Strategy announced it purchased 10,624 bitcoin for about $963 million, raising its total holdings to 660,624 BTC, worth roughly $60.5 billion at current prices near $91,500. 

The purchase, funded primarily through equity sales, marks the company’s largest weekly bitcoin acquisition since July and signals renewed access to capital. 

Saylor has pointed to the firm’s BTC Yield metric of 24.7% in 2025 and defended Strategy as an operating company, not a fund, amid MSCI index concerns. 

This post Strategy’s Michael Saylor Met With Middle East Sovereign Wealth Funds to Pitch Bitcoin-Backed Credit first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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.

Bitcoin Magazine

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.