Bitcoin Magazine

SpaceX Moves $95M in Bitcoin Ahead of Potential Mega IPO

SpaceX moved another 1,021 bitcoin on Wednesday, worth about $94.5 million.

The transfer was split between two unlabeled addresses via Coinbase Prime custody. One address received 614 BTC, the other 407 BTC.

This marks the ninth such transfer by SpaceX this year. Recent movements total around 8,910 BTC, valued near $924 million. Analysts say the company is consolidating its holdings and upgrading from legacy bitcoin addresses. 

SpaceX’s bitcoin holdings were tagged on-chain by Arkham Intelligence. The company currently controls about 3,991 BTC, worth roughly $367 million at current prices. Holdings have fluctuated over the past several years. 

The total once peaked above $1.6 billion during the 2021 bull market. In mid-2022, SpaceX reportedly reduced its stake by about 70% after shocks from the Terra-Luna collapse, FTX bankruptcy, and market-wide turbulence.

SpaceX has made no public statement about the transactions. Tesla, another Elon Musk-run company, currently holds 11,509 BTC, worth about $1.24 billion.

SpaceX IPO? 

The bitcoin reshuffle comes as SpaceX advances plans for a massive initial public offering. Bloomberg reported the company aims to raise more than $30 billion in its IPO. The target valuation is near $1.5 trillion, potentially surpassing Saudi Aramco’s record $29 billion fundraise in 2019.

SpaceX’s IPO could take place as early as mid-to-late 2026. Sources say the timing could slip into 2027 depending on market conditions. If successful, it would be the largest listing in history by valuation.

The offering would give investors exposure not only to rockets, satellites, and Starlink internet services but also to SpaceX’s crypto holdings. Musk’s companies were among the earliest institutional bitcoin adopters. 

SpaceX has also used dogecoin to fund its DOGE-1 lunar mission, highlighting Musk’s influence in crypto markets.

Prediction market data show growing confidence in SpaceX’s valuation. Polymarket traders assign a 67% probability that the IPO will exceed a $1 trillion market cap. 

The IPO could provide capital for Starlink expansion, space-based data centers, and other ventures intersecting with AI and crypto infrastructure, according to Bloomberg.

Analysts note the on-chain reshuffle aligns with the company’s broader treasury strategy. Moving funds to modern addresses can reduce transaction costs, improve security, and consolidate management of multiple wallets.

Most of SpaceX’s remaining bitcoin is expected to be migrated as the consolidation completes.

This post SpaceX Moves $95M in Bitcoin Ahead of Potential Mega IPO first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strategy Formally Urges MSCI to Keep Digital Asset Treasury Companies on Global Indexes

Strategy, the world’s largest Bitcoin treasury company, has submitted a formal response to MSCI’s consultation on digital asset treasury companies (DATs), urging the index provider not to exclude companies whose digital asset holdings exceed 50% of total assets.

In its detailed letter to the MSCI Equity Index Committee, Strategy argued that the proposed threshold is “misguided” and would have “profoundly harmful consequences” for both investors and the broader digital asset industry.

Founded in 1989, the company operates as a corporate treasury and capital markets business with significant Bitcoin holdings, offering investors a range of equity and fixed-income securities backed by its digital assets. 

According to the company, its model is fundamentally different from a passive investment fund. Strategy actively uses its Bitcoin reserves to generate returns for shareholders, providing novel financial instruments akin to traditional bank and insurance products. 

The company emphasized that “DATs are operating companies, not investment funds,” noting that its operational flexibility allows it to adapt its business model as the technology evolves.

Strategy calls MSCI’s logic “arbitrary, and unworkable.”

Strategy criticized MSCI’s proposal for introducing a digital-asset-specific 50% threshold, calling it “discriminatory, arbitrary, and unworkable.” 

The company highlighted that many traditional businesses — including oil companies, timber operators, REITs, and media firms — also maintain concentrated holdings in single asset types but are not treated as investment funds. 

The company warned that price volatility, differing accounting standards, and asset valuation changes would create index instability, causing DATs to whipsaw in and out of MSCI’s indices.

The letter further argued that the proposal would inappropriately inject policy considerations into index construction.

“MSCI has consistently held itself out as providing indices that accurately and objectively measure market performance,” Strategy wrote.

JUST IN: Strategy officially asks MSCI to revoke its proposal to exclude #Bitcoin treasury companies like $MSTR from its indexes. pic.twitter.com/3k1RlJDZjX

— Bitcoin Magazine (@BitcoinMagazine) December 10, 2025

Excluding DATs based on the type of assets they hold, rather than the underlying business model, could compromise MSCI’s neutrality and mislead investors about how these companies operate. 

Strategy noted that its investors buy exposure to the company’s management and innovation capabilities, not merely to Bitcoin itself, citing historical trading patterns in which the company’s stock often outperformed the underlying value of its digital holdings.

Strategy: Digital assets are popular in government policy

The company also framed the debate in the context of U.S. economic policy. Strategy noted that the federal government, under President Trump, has made digital assets central to national economic endeavors, including the establishment of a Strategic Bitcoin Reserve and promoting access to digital assets in retirement accounts. 

Excluding DATs from MSCI indices would, the letter argued, conflict with these policies and chill innovation in a nascent sector. 

Analysts cited in the letter estimate that Strategy alone could face up to $2.8 billion in stock outflows if MSCI implements the exclusion, with broader implications for the emerging digital asset economy.

Strategy positioned itself within a historical context, comparing the rise of digital asset treasuries to earlier industrial leaders. 

The letter highlighted examples like Standard Oil, AT&T, Intel, and NVIDIA, noting that these companies made concentrated investments in emerging technologies that were initially viewed as risky but ultimately became foundational to economic growth. 

Similarly, the letter argued, digital asset treasuries are building critical infrastructure for a new financial system.

Don’t succumb to ‘short-sightedness’

The letter concluded by urging MSCI to reject the 50% threshold, citing the risk of stifling innovation, damaging index integrity, and undermining federal strategy. Strategy recommended that MSCI allow the market to continue evolving and conduct more thorough consultation before considering any policy that would differentiate DATs from other operating companies. 

The company invoked MSCI’s precedent in reorganizing the Communication Services sector after nearly two decades of industry evolution, suggesting a measured, deliberative approach.

“History shows that when foundational technologies have emerged, institutions that prospered allowed markets to test them rather than throttling them in advance,” Strategy wrote. “MSCI can either succumb to short-sightedness or allow its indices to reflect, neutrally and faithfully, the next era of financial technology.”

Elsewhere, companies like Strive and Bitcoin For Corporations also challenged MSCI’s decision.

This post Strategy Formally Urges MSCI to Keep Digital Asset Treasury Companies on Global Indexes first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

American Bitcoin Adds 416 BTC, Holdings Near 4,800; ProCap Hits 5,000 Bitcoin Club

American Bitcoin Corp. (Nasdaq: ABTC) continued to expand its BTC treasury, adding roughly 416 BTC over the past week and lifting total holdings to about 4,783 BTC as of Dec. 8, according to a company update released Wednesday. 

The latest additions bring American Bitcoin’s reserve to one of the largest among U.S.-listed companies focused on BTC accumulation. The holdings were built through a mix of in-house mining and strategic market purchases, the company said. 

The total also includes BTC held in custody or pledged as collateral for miner purchases under a supply agreement with hardware manufacturer Bitmain.

American Bitcoin, which listed on Nasdaq earlier this year, also reported an increase in its proprietary “Satoshis Per Share” metric, or SPS. 

As of Dec. 8, SPS stood at 507, up more than 17% in just over a month. The measure reflects the amount of BTC attributable to each outstanding common share and is intended to give equity investors clearer visibility into their indirect exposure to BTC through the company’s stock.

Eric Trump, American Bitcoin’s co-founder and chief strategy officer, said the pace of accumulation reflects the company’s operating model and cost structure. 

In comments included with the update, Trump said the firm has built “one of the largest and fastest growing bitcoin accumulators” within three months of listing, supported by margins designed to favor long-term value creation rather than short-term price moves.

JUST IN: Eric Trump and Donald Trump Jr. backed American Bitcoin, acquires an additional 416 BTC.

They now hold 4,784 Bitcoin pic.twitter.com/Uo5aKLAfri

— Bitcoin Magazine (@BitcoinMagazine) December 10, 2025

Shares of ABTC were modestly higher in early Wednesday trading, though the stock remains well below recent highs following a sharp selloff earlier this month. 

On Dec. 2, ABTC shares fell roughly 50% in a session after pre-merger private placement shares became freely tradable, increasing supply and pressure on the stock.

Anthony Pompliano’s ProCap Financial buys more Bitcoin 

American Bitcoin’s expansion comes as other newly listed firms also grow their BTC reserves. ProCap Financial (Nasdaq: BRR), led by Anthony Pompliano, said this week it increased its holdings to 5,000 bitcoin, adding 49 BTC following the completion of its SPAC merger. 

ProCap said the purchase was structured to realize a tax loss that could offset future gains, a strategy the firm framed as shareholder-friendly capital allocation.

Pompliano described the move as part of a broader plan to maximize long-term BTC accumulation while maintaining balance-sheet flexibility. ProCap reported holding more than $175 million in cash, which it said provides capacity for additional purchases and operations.

Despite recent buying activity, shares of both companies remain under pressure. BRR stock has fallen more than 60% over the past several days. 

According to data from bitcointreasuries.net, ProCap and American Bitcoin now rank among the top publicly traded companies holding BTC, placing 21st and 22nd, respectively. 

This post American Bitcoin Adds 416 BTC, Holdings Near 4,800; ProCap Hits 5,000 Bitcoin Club first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Pardoning the Samourai Developers Would Restore Legal Clarity and Protect Non-Custodial Code

The Samourai Wallet matter raises a fundamental question about how the United States treats non-custodial software and the developers who create it. Keonne Rodriguez and William Lonergan Hill did not operate a financial service or handle customer assets. They wrote and maintained software that allowed users to construct collaborative Bitcoin transactions in a privacy-preserving way. Throughout the tool’s entire lifecycle, users controlled their own keys, initiated their own transactions, and never relied on Samourai or its developers to transmit or safeguard value. The distinction between a custodial service and a non-custodial tool is not a technicality; it is the core boundary that the Bank Secrecy Act, FinCEN guidance, and decades of regulatory practice use to distinguish software authors from regulated financial intermediaries.

This point was reinforced by FinCEN itself. In an internal analysis, the agency concluded that Samourai’s architecture did not constitute money transmission because no third party took possession or control of user funds. That conclusion was never disclosed to the defense while the prosecution advanced a theory that required the opposite: that building software which users employ for privacy is functionally equivalent to operating a financial institution. When that analysis finally surfaced, it confirmed what has long been understood across the industry and within the regulatory community—that non-custodial tools fall outside the BSA’s money-transmitter framework because there is no transfer of value by a third party. The case ultimately treated the developers as if they were responsible for the independent actions of users, even though they had no role in executing, intermediating, or approving any transaction. Some individuals did misuse the tool, as happens with any privacy or security technology, but the law has never equated misuse with liability for the creators. We do not treat the authors of encryption libraries, VPN protocols, or email clients as participants in unlawful activity simply because bad actors rely on those tools. Collapsing the distinction between developing a tool and operating a service would introduce an untenable level of risk for anyone building privacy-enhancing or security-critical software.

There is also an important speech component. Courts have consistently recognized that code is expressive, and publishing open-source software is an act of communication. When publication is treated as evidence of “operation,” the legal boundary between authorship and conduct becomes blurred in a way that threatens a wide range of legitimate technologies. Any precedent suggesting that developers are responsible for unforeseeable downstream use would have immediate consequences for cryptography, cybersecurity research, and open-source work more broadly.

Rodriguez and Hill ultimately accepted plea agreements in the face of substantial sentencing exposure, even though government records undermined the central regulatory theory of the case. Their convictions now rest on a framework that is at odds with established guidance and with the direction in which federal policy has since moved. A pardon would bring the legal outcome back into alignment with the underlying facts: this was software development, not money transmission, and the individuals involved should not bear criminal liability for writing code that users executed independently.

This case has already had a measurable chilling effect on developers working on privacy and security tools in the United States. Leaving the convictions in place would discourage responsible innovation and push critical work to jurisdictions that do not share our commitment to open research and transparent development. A pardon would correct a clear misapplication of federal law, protect the integrity of long-standing distinctions in financial regulation, and reaffirm that publishing non-custodial software is not—and should not become—a criminal act.

Disclaimer – This is a guest contribution by Zack Shapiro, originally published by the Bitcoin Policy Institute (BPI). The views and opinions expressed are solely those of the author and do not necessarily reflect the views of BTC Inc or Bitcoin Magazine.

This post Pardoning the Samourai Developers Would Restore Legal Clarity and Protect Non-Custodial Code first appeared on Bitcoin Magazine and is written by Zack Shapiro.

Bitcoin Magazine

Strive Lines Up $500 Million Stock Offering to Buy More Bitcoin

Strive, a publicly traded bitcoin treasury and asset-management firm, said it has arranged a $500 million at-the-market offering to help fund more bitcoin purchases.

The company plans to sell Variable Rate Series A Perpetual Preferred Stock, known as SATA. The offering allows Strive to issue shares into the market at prevailing prices rather than through a single sale. The structure gives the firm flexibility to raise capital as demand allows.

SATA carries a 12% dividend and an effective yield near 13%. The preferred stock is modeled on Strategy’s STRC perpetual preferred equity, which has been used as a funding tool for bitcoin accumulation. 

SATA currently trades around $91, below its $100 par value.

Strive said proceeds may be used for a range of purposes. These include buying bitcoin, purchasing income-generating assets, supporting working capital, repurchasing common shares, or pursuing acquisitions. 

JUST IN: Vivek Ramaswamy's Strive to raise $500 million to buy more #Bitcoin

Nothing stops this train pic.twitter.com/I2ZStdFYBX

— Bitcoin Magazine (@BitcoinMagazine) December 10, 2025

The company did not specify how much of the raise would be allocated to bitcoin purchases.

The 14th-largest corporate bitcoin holder

Strive currently holds about 7,525 bitcoin, valued at roughly $695 million at recent market prices. That positions the firm as the 14th-largest publicly traded corporate holder of bitcoin. 

The company has leaned into a bitcoin-focused treasury strategy following a public reverse merger earlier this year.

The company was co-founded in 2022 by entrepreneur and political figure Vivek Ramaswamy. Since launching its first exchange-traded fund in August 2022, Strive Asset Management has grown to oversee more than $2 billion in assets, according to company disclosures. 

The firm markets itself as an alternative asset manager with a focus on aligning capital with long-term investment themes.

In September, Strive agreed to acquire Semler Scientific, a transaction that increased the combined entity’s bitcoin exposure. The move placed the company among a growing group of public companies that use equity markets to build large bitcoin positions, a strategy popularized by Michael Saylor’s Strategy.

Shares of its common stock, ASST, trade near $1 today.

Strive calls out MSCI on bitcoin beliefs 

The company has also taken an active role in market structure debates tied to bitcoin treasury firms. Earlier this month, Strive called on index provider MSCI to avoid excluding companies with large digital asset holdings from major equity benchmarks. 

MSCI is reportedly consulting investors on whether firms with balance sheets dominated by crypto assets should remain eligible for inclusion.

The company argued that such exclusions would limit investor choice and reshape capital flows across passive funds. The review could have broad implications for companies that hold bitcoin as a core treasury asset.

This post Strive Lines Up $500 Million Stock Offering to Buy More Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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.

Bitcoin Magazine

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.

Bitcoin Magazine

El Salvador’s AuthenticDoc Goes Live: Bitcoin-Powered Signatures Eye $60B DocuSign

AuthenticDoc, a decentralized digital signature platform developed in El Salvador, launched on November 13, 2025, at the Adopting Bitcoin conference in San Salvador. The tool uses the Nostr protocol for its open-source, decentralized architecture, incorporating Bitcoin-compatible cryptography to enable tamper-proof document verification and user-controlled private keys.

Co-founder Fabian, of the Salvadoran firm illuminodes, announced the release during the conference. “The digital signature landscape is ripe for innovation, and AuthenticDoc is leading the charge,” Fabian said. “We’ve harnessed the power of decentralized open protocol technology to deliver unparalleled security and control, effectively eliminating single points of failure that plague traditional solutions. Our platform provides a robust, tamper-proof cryptographic verification and authentication solution that businesses can trust, all while making it accessible and affordable.”

Built by Bitcoiners, the start-up addresses vulnerabilities in centralized platforms like DocuSign, which holds about 70% of the $10 billion digital signature market. According to their press release, the sector is projected to grow to $60 billion by 2030 at a 40% compound annual growth rate, fueled by regulations such as the EU’s eIDAS and the U.S. ESIGN Act, alongside remote work trends and AI-driven authenticity challenges.

The platform’s core features include trustless identity verification, private key management for users, and ISO-standard compliance for enterprise use. It eliminates reliance on centralized storage by using Nostr’s event-based system, where documents and signatures are cryptographically signed and distributed across a network of relays, ensuring robust data storage and distribution.

Diego, head of technology at illuminodes, emphasized the shift from legacy systems. “Our decentralized architecture empowers users with private key control and trustless identity verification, moving beyond the vulnerabilities of centralized systems,” Adding that, “this is not just an incremental improvement; it’s a paradigm shift in how digital signatures are secured and managed.”

AuthenticDoc is free for basic use, with paid tiers based on volume for enterprises, undercutting competitors’ license-based models. The platform supports global expansion from its El Salvador headquarters, leveraging local talent and regulatory support to target markets in Latin America, North America, and Europe.

This post El Salvador’s AuthenticDoc Goes Live: Bitcoin-Powered Signatures Eye $60B DocuSign first appeared on Bitcoin Magazine and is written by Juan Galt.

Bitcoin Magazine

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.

Bitcoin Magazine

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.

Bitcoin Magazine

On the value of holding the History of Bitcoin in your hands

In Bitcoin culture, there is still a noticeable gap between the importance of the subject and the forms in which it is presented. Much of what exists is entirely digital, quick to disappear, or shaped by a purely functional aesthetic. Even projects that engage with Bitcoin’s history or its artistic dimension often end up looking more like documentation or marketing than something with cultural presence.

When I first saw History of Bitcoin in person at the Bitcoin Conference 2025 in Amsterdam, that contrast became quite clear. The physical object had a calm, deliberate quality that stood out in an environment dominated by screens and fast exchanges. It didn’t feel like something designed to be glanced at and set aside. It felt like something that expects to be revisited.

What stayed with me was not the rarity of the materials, but the intention behind the choices. In fields like design, architecture, and art publishing, substantial coffee-table books have long played a role in giving subjects a physical anchor. Major art publishers use this format because it creates a stable place for a topic to live. A well-made book slows the pace. It encourages repeated viewing and allows ideas to settle. That kind of physical presence is still unusual in the Bitcoin world.

Many Bitcoin-related books appear as softcovers. I understand why, but they often feel interchangeable and easy to overlook. They rarely give the impression that something is meant to be kept. My point isn’t that books should be luxurious. It’s that form and material can signal whether a subject is being treated with care.

Smashtoshi, History of Bitcoin (First Edition)

Seen from that angle, the First Edition of History of Bitcoin is a considered object. It comes in a case made from five-thousand-year-old fossilised black oak. The material is unusual, but the effect is straightforward: it gives the book a steady, quiet setting. Inside, the volume is bound in bull leather with a finely made silver emblem by Asprey Studio. None of this feels like decoration. It feels like someone thinking carefully about how an object should look if it is meant to last.

The team behind the project described these choices in a way that adds another layer to this. For them, ancient materials weren’t chosen for rarity, but to reflect a belief that Bitcoin itself is built to endure for a very very long time. Placing a young technology inside something that has already lasted thousands of years creates a deliberate contrast. They also spoke of the First Edition as a kind of time capsule, an object made to outlive us and to offer future readers a way to encounter Bitcoin’s beginnings in a physical form. 

The project continues this restrained approach. The physical book and the digital archive are designed to stand alongside each other. The archive provides access and the book provides presence. Together they make the material both reachable and grounded.

Grant Yun, GPU Power Shift

The 128 artworks in the book were created by different artists specifically for this project. Each one revisits a moment in Bitcoin’s history without trying to define a final interpretation. They open space for reflection. They invite conversation. That is one of the strengths of a good coffee-table book: it creates room for looking again.

The companion volume, the range of guest articles on the website, and even the small fragment of the original Bitcoin code included with each collector’s edition follow the same idea. They offer multiple entry points into the history rather than insisting on a single narrative.

My First Bitcoin, the nonprofit receiving the proceeds from the First Edition auction at Bitcoin MENA, teaches young people around the world. Connecting the book to this project links historical reflection with future education in a simple and meaningful way.

All of this suggests to me that presentation is not a secondary detail. It is part of the cultural work needed to give a subject depth. A carefully made book is not a decorative object. It is a way of turning something that might otherwise feel temporary into something that can endure.

That is, ultimately, why History of Bitcoin feels meaningful to me. It gives this history a form that can be kept close, something you can put down, return to, and live alongside. It doesn’t try to conclude anything. It simply gives Bitcoin a place to settle.

Hackatao, The World’s Most Famous Whitepaper

This post On the value of holding the History of Bitcoin in your hands first appeared on Bitcoin Magazine and is written by Steven Reiss.

Bitcoin Magazine

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.

Bitcoin Magazine

‘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.

Bitcoin Magazine

Is Bitcoin Miner Capitulation A Golden Opportunity?

Bitcoin miner hash rate has experienced a significant decline since mid-October, falling sharply despite years of near-uninterrupted growth. This pullback reflects genuine bitcoin miner capitulation driven by deteriorating profitability in the face of Bitcoin’s recent price weakness. However, could this bitcoin miner shift actually provide a golden opportunity?

Bitcoin Miner Profitability

The Bitcoin network’s total computational hash rate has entered a notable downtrend since October 18th, reversing what has otherwise been a consistent multi-year climb. The hash ribbons indicator, which compares the 30-day moving average of hash rate against the 60-day moving average, has turned red, indicating miner capitulation. When the longer-term moving average crosses above the shorter-term one, it signals that miners are withdrawing computational power from the network, typically because profit margins have become too thin to justify continued operations at previous levels.

The Puell Multiple, which measures daily USD earnings for miners relative to their 365 day moving average, recently collapsed to approximately 0.67. This means miners are earning only two-thirds of their yearly average revenue. The metric reveals a concerning trend, as Bitcoin has matured and the network has grown, mining economics have become increasingly compressed.

Bitcoin Miner Revenue Under Pressure

A deeper issue lies in the composition of miner revenue. Bitcoin miners derive income from two sources: block subsidies and transaction fees. The current block subsidy stands at 3.125 BTC per block, representing the lion’s share of miner revenue. However, transaction fees, which could theoretically offset declining subsidies over time, have entered a long-term downtrend throughout this cycle. When measured in USD terms, miner fee revenue is now practically negligible compared to the block subsidy.

This creates an uncomfortable math problem. The block subsidy decreases by 50% every four years at the halving. For miner revenue to remain constant, Bitcoin’s price must reliably double every four years. This requirement becomes increasingly unrealistic as Bitcoin matures and approaches tens or hundreds of trillions in market capitalization. Within 20-30 years, the halvings would require Bitcoin prices of tens of millions of dollars per unit merely to maintain current revenue levels for miners.

Structural Hurdles for Bitcoin Miners

When block subsidies eventually decline toward zero over the coming decades, transaction fees must theoretically fill that gap. Yet the current cycle demonstrates that fee revenue is moving in the opposite direction and declining as users migrate to more efficient layer-two solutions like the Lightning Network and as on-chain transaction volume stagnates.

Layer-two scaling solutions are good for Bitcoin’s utility and lower users’ costs. Similarly, fewer on-chain transactions reducing congestion and fees is positive for accessibility. But these developments and improvements that make Bitcoin more practical as a payments layer simultaneously reduce the revenue available to secure the base layer long-term.

Conclusion: Bitcoin Miner Capitulation as Opportunity

Bitcoin miners are undoubtedly capitulating, driven by declining price action and deteriorating profit margins. For tactical traders and accumulation-minded investors, this represents a favorable window to scale into positions, particularly once the hash ribbons reversal signal emerges. History suggests such periods rarely persist without eventually producing sharp Bitcoin rallies.

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For deeper data, charts, and professional insights into bitcoin price trends, visit BitcoinMagazinePro.com. Subscribe to Bitcoin Magazine Pro on YouTube for more expert market insights and analysis!

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

This post Is Bitcoin Miner Capitulation A Golden Opportunity? first appeared on Bitcoin Magazine and is written by Matt Crosby.

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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.

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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.

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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. 

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