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.

Bitcoin Magazine

Strategy ($MSTR) Creates $1.44 Billion Reserve to Calm Fears of Bitcoin Sell-Off

Strategy ($MSTR) announced Monday that it has created a $1.44 billion U.S. dollar reserve to safeguard future dividend and interest payments, a move aimed at calming investor concerns that the world’s largest corporate Bitcoin holder might eventually need to sell a portion of its roughly $56 billion BTC stack if market weakness persists.

The Tysons Corner, Virginia-based firm said the reserve, funded by recent Class A common stock sales, will initially cover at least 21 months of dividend obligations. 

Over time, Strategy intends to expand the buffer to cover as much as 24 months of payments, strengthening its liquidity position as Bitcoin endures its steepest monthly decline since mid-2021.

Founder and Executive Chairman Michael Saylor said the cash reserve represents the next phase of the company’s evolution, complementing its Bitcoin holdings and reinforcing its strategy of becoming the world’s leading issuer of “Digital Credit.”

CEO Phong Le, whose comments last week sparked fears of a potential BTC sale, said the newly formed reserve sharply reduces the likelihood the company would need to liquidate any of its 650,000 BTC holdings. 

Strategy’s market value to Bitcoin (mNAV) ratio — a key metric comparing enterprise value to Bitcoin holdings — had slipped to roughly 1.2 on Monday, inching closer to a level that historically raises concern among investors.

On Friday, Le told a podcast audience that Strategy could sell Bitcoin only if mNAV dropped below 1.0, and only as a last resort.

Investors reacted sharply early Monday to a bitcoin price sell-off, sending Strategy shares down more than 6% pre-market while Bitcoin fell roughly 6%. The stock pared losses after the reserve announcement.

At the time of writing, shares of MSTR are trading at 165.84, down 6.40%.

Strategy’s Bitcoin accumulation

Formerly known as MicroStrategy, the company has evolved from a business-intelligence software firm into a full-scale digital-asset-treasury vehicle, financing its Bitcoin accumulation through repeated equity raises and low-cost perpetual preferred offerings.

Its software division does not generate sufficient free cash flow to cover dividend or interest payments, while Bitcoin itself yields no income.

After a pause in purchases, Strategy added 130 BTC for $11.7 million last week, funded through new common share issuance.

Strategy’s updated forecast 

Alongside the reserve announcement, Strategy updated its 2025 guidance, acknowledging that its October forecast — based on a $150,000 year-end Bitcoin price — is no longer realistic. 

With Bitcoin recently trading between $80,660 and $111,612, Strategy now assumes a year-end price range of $85,000 to $110,000.

Under that scenario, the company expects operating income ranging from a $7 billion loss to a $9.5 billion profit—a wide spread driven by new accounting standards requiring fair-value BTC mark-to-market treatment each quarter.

Net income is projected between a $5.5 billion loss and a $6.3 billion profit, while diluted EPS could fall anywhere from –$17 to +$19 per share.

Despite market turbulence, Wall Street brokers such as Benchmark say the firm remains structurally sound, with Bitcoin unlikely to fall anywhere near the roughly $12,700 distress threshold analysts estimate would pose genuine solvency risk.

At the time of writing, Bitcoin price fell sharply to the mid-$84,000s early Monday, sliding 8% over the past 24 hours as a wave of macro anxiety, thin liquidity and fresh crypto-native stress hit markets simultaneously. 

The world’s largest digital asset traded between a 24-hour high of $91,866 and a low of $84,722, extending a two-month drawdown that has now erased more than 30% from October’s record highs, according to Bitcoin Magazine Pro data. 

The downturn marks a swift reversal from last week’s tentative recovery. After plunging below $81,000 on Nov. 21, the Bitcoin price steadily climbed into the end of November and briefly pushed above $92,500 during Black Friday’s morning session. 

At the time of writing, the bitcoin price is $86,469.  

This post Strategy ($MSTR) Creates $1.44 Billion Reserve to Calm Fears of Bitcoin Sell-Off first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Texas Becomes First U.S. State to Buy $5M of BlackRock’s Spot Bitcoin ETF

On November 20, Texas became the first U.S. state to buy Bitcoin for its Strategic Reserve, acquiring $5 million at roughly $87,000 per BTC, according to Lee Bratcher, President of the Texas Blockchain Council.

The purchase was made through BlackRock’s iShares Bitcoin Trust (IBIT) while the state finalizes plans for self-custody.

The move signals growing state-level interest in Bitcoin as a reserve asset. Texas had previously explored strategic Bitcoin legislation last year, wanting to create a Bitcoin reserve without using taxpayer funds. 

In June of this year, the Texas governor signed the legislation into law, creating a state Strategic Bitcoin Reserve.

Institutional investors are increasingly following suit. Harvard University’s endowment recently tripled its IBIT holdings to $442.8 million, making it the university’s largest publicly disclosed investment. 

Emory University and Abu Dhabi’s Al Warda Investments have also significantly increased Bitcoin ETF exposure.

Bitcoin’s price is currently trading near $87,500, roughly 30% below its all-time high. Lee Bratcher was the first to disclose this news. 

“Texas will eventual self-custody bitcoin,” Bratcher said, “but while that RFP process takes place, this initial allocation was made with BlackRock’s IBIT ETF.

Bratcher is the President and Founder of the Texas Blockchain Council, an industry association with over 100 member companies and hundreds of individuals promoting Texas as a hub for Bitcoin and blockchain innovation. 

He actively championed the state’s Bitcoin reserve legislation, working on the ground to guide it through the state Senate.

Texas isn’t the only state interested in buying bitcoin 

In the legislation explored last year, Texas State Representative Giovanni Capriglione filed a bill to create a Strategic Bitcoin Reserve for the state. 

The legislation proposed that the state buy and hold bitcoin as a strategic asset, store it in cold storage for at least five years, allow resident donations, and enable state agencies to accept and convert cryptocurrencies to bitcoin. 

It also mandated transparency through yearly audits and reports. Modeled after a federal proposal by President Donald Trump and Senator Lummis, the bill mirrored the growing global interest of bitcoin. 

Earlier this month, New Hampshire became the first government worldwide to approve a $100 million Bitcoin-backed municipal bond. The state’s Business Finance Authority (BFA) authorized the conduit bond, allowing private companies to borrow against over-collateralized Bitcoin held in custody, with repayment risk resting solely on the collateral. 

Borrowers must post roughly 160% of the bond’s value in Bitcoin, and automated liquidation protects bondholders if values drop. Fees and any BTC appreciation will fund the state’s Bitcoin Economic Development Fund. 

This move follows New Hampshire and Arizona’s earlier creation of a Strategic Bitcoin Reserve. 

This post Texas Becomes First U.S. State to Buy $5M of BlackRock’s Spot Bitcoin ETF first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

• Metaplanet issues $135M in preferred shares to scale its Bitcoin treasury strategy.
• Saylor defends Bitcoin treasury models despite volatility and possible index exclusions.
• Treasury firms face premium compression as adoption slows and valuations slip below reserves.

Tokyo-listed Metaplanet has approved a ¥21.25 billion ($135 million) perpetual preferred share issuance as part of its ongoing effort to scale its Bitcoin-focused corporate treasury strategy, even as sector volatility intensifies.

The move comes amid heightened scrutiny of publicly traded firms with digital asset-heavy balance sheets and follows renewed defence of such strategies by Strategy founder Michael Saylor.

Metaplanet raises capital through perpetual preferred shares

The Japanese company’s board approved the issuance of 23.61 million Class B preferred shares on November 20 through a third-party allotment to overseas institutional investors.

Net proceeds are estimated at ¥20.41 billion ($130 million) after expenses, with payments scheduled for December 29, pending shareholder approval at an extraordinary general meeting on December 22.

The preferred shares—branded “MERCURY” (Metaplanet Convertible for Return & Yield)—carry a 4.9% fixed dividend and a conversion price of ¥1,000 per share.

Each preferred share entitles holders to annual dividends of ¥12.25 ($0.08), distributed quarterly, although the initial period ending December 31 will pay only ¥0.40 ($0.003) per share.

With the conversion price set well above Metaplanet’s November 19 closing price of ¥375 ($2.40), near-term dilution concerns remain limited.

Representative Director Simon Gerovich said the structure is designed to “minimize dilution from common share issuances while continuing to expand BTC holdings,” calling the offering a significant step in scaling Metaplanet’s Bitcoin treasury strategy.

Despite trading below the value of its Bitcoin reserves, Metaplanet has continued to build its digital asset position and recently deployed a ¥75 billion share repurchase program backed by a $500 million credit facility.

Saylor reaffirms commitment to Bitcoin treasury model

Meanwhile, Strategy founder and executive chairman Michael Saylor dismissed concerns about market turbulence during a November 14 CNBC interview.

He said Strategy “can withstand an 80%–90% drawdown and keep operating,” citing minimal leverage of just 1.15 times and long-dated debt maturities of 4.5 years.

Saylor argued that Bitcoin’s historical performance—averaging 50% annual returns over the past five years despite multiple major drawdowns—supports its role as a corporate treasury asset.

He highlighted that Strategy’s five-year performance of 71% outpaced Nvidia, asserting that no S&P 500 company has matched its returns.

However, Strategy faces potential removal from the MSCI USA and Nasdaq 100 indexes after index providers proposed excluding companies whose digital asset holdings exceed 50% of total assets.

JPMorgan estimates that MSCI exclusion alone could trigger up to $2.8 billion in passive outflows, with decisions expected by January 15.

Strategy’s stock has dropped more than 60% from its November 2024 peak but remains up over 1,300% since it began acquiring Bitcoin in August 2020.

Bitcoin treasury firms navigate premium compression

The broader Bitcoin treasury sector has entered what Coinbase Research describes as a “player-versus-player” environment.

Premiums to net asset value have compressed from 3.76 times in April to 2.8 times, while corporate Bitcoin adoption has fallen 95% since July.

Of 168 listed treasury companies, 26 now trade below the value of their digital assets.

Metaplanet was the first major firm to consistently trade below its reserves, a trend that accelerated its capital restructuring efforts.

The company plans to cap preferred share issuance at 25% of its Bitcoin net asset value, aiming to build credibility in the preferred equity market while expanding its treasury.

Strategy continues to accumulate aggressively, purchasing 8,178 Bitcoin this week at an average price of $102,171, raising its holdings to 649,870 BTC.

Saylor maintains Bitcoin will continue to outperform traditional assets, describing it as “digital capital” suited for long-term investors.

The post Metaplanet launches $135mn preferred share offering to expand Bitcoin treasury strategy appeared first on CoinJournal.

Bitcoin Magazine

Czech Central Bank Buys $1 Million in Bitcoin in Landmark Test for Digital Assets

The Czech National Bank (CNB) has bought bitcoin for the first time in its history. The $1 million purchase marks a cautious but symbolic step by a European central bank into the world of digital assets.

The Czech National Bank said the small portfolio, made outside of its international reserves, is part of an experiment to gain hands-on experience with blockchain-based assets. 

Alongside bitcoin, the portfolio includes a U.S. dollar-based stablecoin and a tokenised deposit. Governor Aleš Michl said the goal isn’t to speculate or diversify reserves, but to learn. 

“The aim was to test decentralised bitcoin from the central bank’s perspective and to evaluate its potential role in diversifying our reserves,” he said. “We’ll inform the public about our experience on an ongoing basis and present an assessment in two to three years.”

BREAKING: Czech National Bank just purchased $1 million worth of #Bitcoin and crypto for the first time in its history.

Europe is coming pic.twitter.com/0PPPqPhcQO

— Bitcoin Magazine (@BitcoinMagazine) November 13, 2025

This echoes a move by Taiwan, whose central bank said they will study adding Bitcoin to national reserves and draft supportive regulations, starting with a pilot using seized BTC.

Bitcoin as a cautious step, not a policy shift

The Czech National Bank stressed this is not a change to its reserve management strategy. The experiment sits entirely outside the bank’s foreign reserves and won’t affect its ability to intervene in currency markets or conduct monetary policy.

“The koruna is our legal tender. The Czech National Bank will continue to keep inflation low and the koruna strong,” Michl said. “But new ways of paying and investing will emerge rapidly in the years ahead. As a central bank, we want to test this path.”

The test portfolio will allow the Czech National Bank to explore the operational side of holding digital assets — from custody and key management to accounting, auditing, and anti–money laundering procedures.

It will also simulate potential crisis scenarios and evaluate the security of multi-level approval processes. These are details that can’t be fully understood through theory or simulation alone, the bank said.

Testing the future of money

The project reflects a broader curiosity among countries and central banks about how blockchain might reshape finance. Most research so far has focused on central bank digital currencies (CBDCs). The CNB’s initiative, however, looks at public and private digital assets — including bitcoin — as real, investable instruments.

“The purpose is to gain practical experience with technologies that may fundamentally affect the operation of the financial and payment system in the future,” the CNB said in its statement.

In effect, the Czech central bank is running a small, real-world experiment: what does it mean for a traditional financial institution to own, store, and account for assets that live on open blockchains?

The portfolio’s composition — bitcoin, a dollar stablecoin, and a tokenised deposit — lets the bank compare three distinct categories of digital assets. 

Bitcoin represents the decentralised side; stablecoins are private-sector digital cash; and tokenised deposits hint at the future of regulated finance, the bank said. 

This post Czech Central Bank Buys $1 Million in Bitcoin in Landmark Test for Digital Assets first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Kazakhstan Plans $1 Billion National Bitcoin and Crypto Reserve Fund

Kazakhstan is preparing to establish a national cryptocurrency reserve fund worth between $500 million and $1 billion, a landmark step that could make the Central Asian nation one of the first to integrate digital assets into its sovereign wealth strategy.

The fund will be seeded with assets seized or repatriated from abroad, along with proceeds from state-backed bitcoin mining operations. 

Central bank governor Timur Suleimenov said in London this week that the fund will invest “very carefully” through regulated instruments such as exchange-traded funds (ETFs) and shares of companies involved in digital finance, rather than holding cryptocurrencies like bitcoin directly.

The initiative, slated for launch by early 2026, represents Kazakhstan’s most concrete move yet to institutionalize its crypto strategy after years of experimenting with mining and tightening control over private operators. 

Officials said the program will be managed under the Astana International Financial Centre (AIFC) — the country’s fintech hub — and may eventually include foreign investment partners.

JUST IN: Kazakhstan to launch $1 billion crypto reserve fund using seized assets by 2026: Bloomberg pic.twitter.com/Mg9ylWTtst

— Bitcoin Magazine (@BitcoinMagazine) November 7, 2025

Kazakhstan’s plan to turn seized assets into strategic capital

Plans for a state-run crypto fund first surfaced in 2024, when the country’s Agency for Financial Monitoring proposed consolidating confiscated wallets and mined tokens into a national reserve. 

The goal, according to officials, was to “repurpose illicitly obtained digital assets” to strengthen Kazakhstan’s economic sovereignty.

By transforming seized or idle crypto holdings into a structured investment pool, Kazakhstan aims to turn what was once a compliance challenge into a source of growth and diversification. 

The model echoes similar efforts in the U.S. and Europe, where seized crypto has increasingly been managed through regulated channels.

The U.S.’s crypto reserve, created under a March 2025 executive order, serves as a strategic stockpile of government-owned digital assets — mainly Bitcoin — acquired through forfeiture proceedings. 

Rather than purchasing new cryptocurrencies with taxpayer funds, the initiative focuses on managing these existing holdings to support national interests and strengthen America’s leadership in the digital asset space. 

A push beyond oil

For decades, Kazakhstan’s economy has relied heavily on oil exports, leaving it vulnerable to commodity cycles. President Kassym-Jomart Tokayev has championed economic reforms to reduce that dependence and push the nation toward technology, innovation, and digital finance.

The crypto reserve fund aligns with that vision. By focusing on ETFs and blockchain-linked equities, the central bank hopes to gain exposure to bitcoin’s upside while avoiding the custodial and volatility risks of holding tokens outright.

The fund also dovetails with broader ambitions to turn Kazakhstan into Central Asia’s leading fintech center. The government’s flagship “Alatau CryptoCity” project — envisioned as a testing ground for blockchain startups and crypto-based payments — will complement the reserve fund.

This post Kazakhstan Plans $1 Billion National Bitcoin and Crypto Reserve Fund first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Robinhood Considers Adding Bitcoin as a Reserve Treasury as Crypto Revenue Surges

Robinhood (NASDAQ: HOOD) executives say the company is still debating whether to add Bitcoin (BTC) to its corporate treasury, even as crypto-related revenues soar.

Speaking on Robinhood’s third-quarter 2025 earnings call Wednesday, CEO Vlad Tenev said Robinhood has spent “a lot of time” evaluating the potential move. He emphasized that adding Bitcoin to the balance sheet would both signal alignment with the crypto community and tie up capital.

“If you put it [Bitcoin] on your balance sheet, it has the positives in that you’re aligned with the community, but it does take up capital,” Tenev said. 

“Are we making that decision for them? Is it the best use of our capital?” Tenev later said. “I think the short answer is we’re still thinking about it.”

Treasurer Shiv Verma echoed that sentiment, noting that while Robinhood regularly debates the idea, the firm hasn’t reached a conclusion. 

“We spend a lot of time thinking about this [and] have this debate constantly,” Verma said. “We’ll keep actively looking at it.”

JUST IN: Public company Robinhood is considering adding #Bitcoin to its corporate treasury pic.twitter.com/5JYxAr92Nc

— Bitcoin Magazine (@BitcoinMagazine) November 6, 2025

The discussion comes as Robinhood’s crypto revenues surged 339% year-over-year, reaching $268 million in Q3. Cryptocurrency trading accounted for about 20% of the company’s total income during the quarter, driven by what CFO Jason Warnick called a “nice step-up in crypto volumes.”

Tenev also outlined Robinhood’s broader digital asset ambitions, including plans to expand its tokenized stock program. “Where it really starts to get interesting is phase two and phase three,” he said, referring to potential secondary trading on Bitstamp and eventual integration with DeFi platforms.

Bitcoin as a corporate reserve strategy 

Bitcoin is emerging as a reserve asset strategy among public and private companies seeking protection from currency debasement and inflation. 

Following the playbook popularized by Strategy, Japan-based Metaplanet has become one of the most aggressive adopters in Asia, using debt financing to accumulate Bitcoin as a core treasury holding.

Metaplanet recently tapped a $100 million loan to expand its Bitcoin reserves, framing the move as a long-term monetary hedge rather than a speculative bet. 

The company now holds thousands of BTC on its balance sheet and describes its approach as “a corporate response to a weakening yen and global monetary instability.”

Earlier this week, Strategy announced the purchase of 397 bitcoin for approximately $45.6 million at an average price of $114,771 per Bitcoin. The announcement comes as Bitcoin’s price has been volatile, briefly dipping below $100,000.

This post Robinhood Considers Adding Bitcoin as a Reserve Treasury as Crypto Revenue Surges first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Trump Doubles Down on Crypto Leadership, Defends CZ Pardon on 60 Minutes

President Donald Trump made headlines Sunday in a wide-ranging interview on 60 Minutes, emphasizing that maintaining U.S. dominance in the crypto space is a top priority for him. 

“I only care about one thing: will we be number one in crypto,” Trump told Norah O’Donnell, highlighting what he described as the importance of the sector due to global competition.

President Trump framed crypto as a high-stakes, winner-takes-all industry, likening it to artificial intelligence in terms of national importance. 

“In crypto, it’s a kind of industry where basically you’re going to have number one and you’re not going to have a number two. And right now we’re number one by a long shot,” he said. 

President Trump also pointed to China’s booming crypto initiatives, noting, “China is getting into it very big,” and insisted that U.S. leadership is crucial to prevent other nations from dominating the market.

The President credited his sons with being more engaged in the industry than he is, while highlighting that their business pursuits demonstrate the sector’s growth and potential. 

Trump also suggested that his previous campaigns, which openly supported crypto, helped secure what he called the “crypto vote,” framing his advocacy as a continuation of his broader efforts to bolster American technological leadership.

BREAKING: President Trump says, “I only care about one thing: will we be number one in crypto”

“China is getting into it very big” pic.twitter.com/LuMHAQLlnf

— Bitcoin Magazine (@BitcoinMagazine) November 3, 2025

Trump’s pardon of CZ 

The whole conversation around crypto also touched on Trump’s semi-controversial pardon of Binance founder Changpeng Zhao, known as CZ. 

U.S. prosecutors accused Binance of allowing illicit transactions with sanctioned entities and failing to implement proper anti-money-laundering controls. CZ pleaded guilty, stepped down as CEO, and paid a personal fine of $50 million.

On October 23, President Donald Trump granted a full pardon to Zhao following months of lobbying by Zhao and allies, who argued his prosecution was politically motivated, and comes amid his efforts to explore partnerships with Trump family crypto ventures. 

White House press secretary Karoline Leavitt framed the move as ending the “Biden Administration’s war on crypto.” The decision cleared Zhao’s record and could reshape U.S. policy toward cryptocurrency.

Trump defended the pardon in his 60 Minutes interview, framing it as a corrective action against what he described as political bias from the Biden administration. 

“I know nothing about the guy, other than I hear he was a victim of weaponization by government… It’s a corrupt government,” Trump said, emphasizing that his decision was guided by his belief in protecting U.S. crypto leadership rather than personal connections or political gain.

This post Trump Doubles Down on Crypto Leadership, Defends CZ Pardon on 60 Minutes first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Steak ’n Shake Launches First-Ever Strategic Bitcoin Reserve

Steak ’n Shake is making history as the first major restaurant to establish a Strategic Bitcoin Reserve. 

All payments received in Bitcoin will now be added to their Strategic Bitcoin Reserve (SBR), marking a fun and major step into bitcoin adoption for the fast-food chain.

As part of the initiative, the company will donate 210 sats from every Bitcoin Meal sold to the Open Sats Initiative, Inc. over the next 12 months. 

Customers who purchase and register their Bitcoin Steakburger through the Fold App will also receive $5 in free Bitcoin, with instructions provided on their receipts.

The move comes on the heels of a strong quarter, with same-store sales up 15% — outpacing all competitors — highlighting the growing impact of cryptocurrency engagement on the restaurant’s bottom line.

JUST IN: Fast food giant Steak 'n Shake announces its created a Strategic #Bitcoin Reserve

They're also donating to open source bitcoin development pic.twitter.com/Mod3XDfMX8

— Bitcoin Magazine (@BitcoinMagazine) October 31, 2025

Steak ‘n Shake partners with Fold

Earlier today, the company and Fold Holdings launched a limited-time promotion at more than 1,200 Steak ’n Shake locations, letting customers earn $5 in bitcoin with their Bitcoin Meal or Bitcoin Steakburger.

Diners simply upload their receipt to bitcoinmealdeal.com, redeem a code through the Fold app, and instantly receive their reward. 

The promotion marks the first U.S. restaurant menu item tied to bitcoin rewards, with the Bitcoin logo even stamped on the burger bun as a nod to mainstream adoption. 

The campaign coincides with the 17th anniversary of the Bitcoin white paper and builds on Steak ’n Shake’s earlier adoption of Lightning Network payments. 

Fold, which holds roughly 1,500 BTC, continues expanding its bitcoin rewards ecosystem.

Bitcoin improving payment speed

At the Bitcoin 2025 Conference, Steak ‘n Shake executive Dan Edwards highlighted the company’s global adoption of Bitcoin payments via the Lightning Network. 

He noted that Bitcoin transactions immediately exceeded expectations, with one in every 500 global Bitcoin transactions occurring at Steak ‘n Shake on launch day

Edwards said that accepting Bitcoin reduced processing fees by 50%, benefiting both the company and customers. 

He stressed that the initiative was a genuine payment upgrade, not a marketing stunt, and reported that customer behavior had shifted positively since implementation. 

Steak ‘n Shake reported that customer behavior has already shifted. “We’ve seen a sustained spike since adding Bitcoin,” Edwards noted. 

Edwards also teased the company’s future plans, calling for more technical talent. “We’re not done. We’re investing in cyber chefs, autonomous drives, AI tech — and we need engineers to help us build it.” 

This post Steak ’n Shake Launches First-Ever Strategic Bitcoin Reserve first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Germany Proposes National Bitcoin Reserve, Views Bitcoin as ‘State-Free’ Money

Germany’s Alternative for Germany (AfD) party has introduced a proposal to create a national Bitcoin reserve. 

The initiative marks a potential turning point for Europe’s largest economy, which only a year ago was criticized for liquidating billions in seized Bitcoin holdings.

The motion, which needs to be approved, would make Germany the first major European nation to integrate Bitcoin directly into its national reserves, signaling a growing shift in Europe toward viewing Bitcoin not as a speculative asset, but as a sovereign reserve instrument. 

AfD’s vision for a Bitcoin as “state-free money”

The AfD’s motion, submitted last week, calls on the federal government to begin accumulating Bitcoin as part of its long-term reserve strategy. 

The proposal argues that the EU’s MiCA framework was designed for centrally issued tokens and should not apply to Bitcoin, which has no issuer or central authority. 

It urges the government to avoid regulatory burdens on non-custodial wallet providers and Lightning node operators, maintain Germany’s tax exemption on Bitcoin held for more than a year, and ensure that private mining or Lightning activity is not classified as commercial. 

The AfD frames Bitcoin as “state-free money” that protects individual freedom in contrast to the planned digital euro, which it warns could enable surveillance and control.

JUST IN: Germany’s second-largest party, AfD, introduced a motion to build a #Bitcoin reserve. pic.twitter.com/TeM4yUoIVe

— Bitcoin Magazine (@BitcoinMagazine) October 29, 2025

In the proposal’s Section I, point 5, the AfD criticizes the German government for failing to recognize Bitcoin’s strategic potential, specifically noting that Berlin has not considered holding Bitcoin as part of its national reserves. 

Later in the explanatory section, the document expands on this idea, describing Bitcoin as “Outside Money” and suggesting that, in times of global monetary and geopolitical instability, it could serve as a “potential, easily transferable asset within state currency reserves.”

The motion marks the first formal attempt in Germany’s legislature to position Bitcoin as a strategic national asset.

Germany: From seller to ‘hodler’

The proposal comes less than a year after the German government completed one of the largest state-level Bitcoin selloffs in history.

Between June and July 2024, German authorities sold nearly 50,000 BTC — originally seized from the operators of the piracy site Movie2k.to — worth about $3 billion at the time. 

The selloff triggered a market correction of roughly 18% and drew heavy criticism from the Bitcoin community, which argued that Germany squandered a chance to hold a scarce, appreciating asset.

By mid-July 2024, blockchain data confirmed that wallets linked to the German government were empty, after sending the final tranches of Bitcoin to exchanges and market makers.

A European race for Bitcoin sovereignty

Germany’s move follows closely on the heels of France, where the center-right Union of the Right and Centre (UDR) party, led by lawmaker Éric Ciotti, introduced an ambitious bill to create a “National Bitcoin Strategic Reserve.”

The French proposal targets 2% of Bitcoin’s supply — approximately 420,000 BTC — over a seven-to-eight-year period. It would fund accumulation through surplus energy-powered Bitcoin mining, reallocation of savings programs, and even partial tax payments in Bitcoin.

While both France’s and Germany’s initiatives face significant political hurdles, the timing underscores a recognition in Europe that Bitcoin could serve as a tool for financial sovereignty.

If the momentum continues, Europe could soon find itself not debating whether to hold Bitcoin — but who will hold it first.

This post Germany Proposes National Bitcoin Reserve, Views Bitcoin as ‘State-Free’ Money first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

France Proposes National Bitcoin Reserve, Wants to Buy 2% of Bitcoin Supply

A pro-crypto bill will be tabled today in the French Parliament by the center-right Union of the Right and Centre (UDR) party, led by lawmaker Éric Ciotti, marking the first time such a comprehensive legislative proposal on cryptocurrency has been introduced in France. 

The initiative calls for a national Bitcoin Strategic Reserve and aims to position the cryptocurrency as a form of “digital gold” to strengthen financial sovereignty.

The proposed legislation, which is far from approved, would see France aim to acquire up to 2% of Bitcoin’s total supply — roughly 420,000 BTC — over the next seven to eight years, according to the legislation and according to journalist Gregory Raymond.

To manage the reserve, the bill envisions the creation of a Public Administrative Establishment (EPA), similar in structure to France’s gold and foreign-currency holdings.

Funding for the Bitcoin reserve would come from multiple sources. Surplus nuclear and hydroelectric energy would power public Bitcoin mining operations, with adapted taxation for miners to encourage domestic participation.

BREAKING: French politician Éric Ciotti introduced a bill to adapt “the new monetary order by embracing Bitcoin and crypto.” pic.twitter.com/fS7ILfhPq3

— Bitcoin Magazine (@BitcoinMagazine) October 28, 2025

Back in July, French lawmakers submitted a proposal to convert surplus electricity into economic value through Bitcoin mining. The bill outlined a five-year experimental program allowing energy producers to use excess power — particularly from nuclear and renewable sources — for mining. 

The July initiative aimed to tackle France’s recurring issue of energy overproduction, as producers were often forced to sell surplus electricity at a loss due to limited storage. The proposal described this as an “unacceptable economic and energy loss.” 

This new bill would also allow France to retain crypto seized during legal proceedings, and a quarter of funds collected via popular savings schemes, such as the Livret A and LDDS, would be allocated to daily Bitcoin purchases — approximately 15 million euros per day, or 55,000 BTC per year. 

Pending constitutional approval, citizens could also pay certain taxes in Bitcoin.

France explores stablecoins for payments

The bill also emphasizes the use of euro-denominated stablecoins for everyday payments, recognizing them as a credible alternative to traditional payment networks. 

Transactions under €200 would be exempt from taxation and social contributions, and payment of taxes in euro stablecoins would be allowed. 

The proposal explicitly opposes a European Central Bank-controlled digital euro, arguing that a centralized CBDC could threaten financial freedoms and personal privacy.

To support industry development, the legislation proposes adapting electricity taxation for mining through a progressive excise duty and flexible tariffs for data centers. It also encourages institutional adoption of Bitcoin and other crypto-assets via Exchange Traded Notes (ETNs) and calls for revisions to European prudential rules, which currently impose high risk-weightings on certain crypto-assets, limiting the use of crypto as collateral for “Lombard” loans.

Despite its ambitious scope, the bill faces steep political hurdles. The UDR holds only 16 of 577 seats in the National Assembly, making adoption unlikely without broader support.

This post France Proposes National Bitcoin Reserve, Wants to Buy 2% of Bitcoin Supply first appeared on Bitcoin Magazine and is written by Micah Zimmerman.