Decent Newsroom

April 10 2026 · Edited Apr 10, 2026

TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category

Bitcoin Magazine TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category TD Cowen this week initiated equity research coverage on three public Bitcoin treasury companies (PBTCs) and one Ethereum digital asset treasury, publishing proprietary valuation models and KPIs specific to the sector. The move marks one of the more concrete steps a major bank has taken to build formal research infrastructure around Bitcoin-focused equities. The firm’s analysts, led by Lance Vitanza, view Bitcoin as a long-term store of value — framing it in the tradition of digital gold — and project a price of roughly $140,000 by the end of 2026. TD Cowen’s thesis holds that PBTCs, companies that accumulate Bitcoin on their balance sheets and grow holdings on a per-share basis, now constitute a distinct and “investable equity category,” distinct from both spot Bitcoin ETFs and traditional tech stocks. Nakamoto receives a buy rating Among the companies covered, Nakamoto Holdings (NASDAQ: NAKA) received a buy rating and a $1.00 price target, compared to its April 8 closing price of $0.21. TD Cowen’s model projects $394 million in Bitcoin gains for fiscal year 2027, applying a 2x multiple to that estimate. Nakamoto differentiates from other PBTCs through minority stakes in international Bitcoin treasury firms — Metaplanet in Japan and Treasury BV in the Netherlands — and operating subsidiaries in media, Bitcoin advocacy, and digital asset management. “We are initiating coverage of Nakamoto Holdings with a BUY rating and a $1.00 price target. Our PT is based on estimated BTC $ Gain of $394 million for FY27E, a 2x multiple, and a Bitcoin price of ~$140k at Dec-26,” the firm wrote. NEW: Investment bank giant TD Cowen predicts Bitcoin to hit $140,000 this year and issues "BUY" rating for BTC treasury companies Nakamoto and Strive. pic.twitter.com/KMArGLGN9u — Bitcoin Magazine (@BitcoinMagazine) April 10, 2026 SharpLink Gaming (SBET) and Strive (ASST) also received Buy ratings, with price targets of $16 and $26, respectively. On Apr. 9, TD Cowen also cut its price target on Strategy to $350 from $440, citing a lower bitcoin price outlook and a reduced valuation multiple on projected gains, while maintaining a buy rating. The firm lowered its forecast for Strategy’s 2026 bitcoin gains to $7.87 billion from $10.17 billion in 2025. The decision to initiate coverage carries weight beyond the individual ratings. When a bank formalizes research coverage of a new sector, it creates the analytical foundation that supports other business lines — wealth management, investment banking, and enterprise services — in engaging with the category. TD Cowen’s stress on this policy cycle TD Cowen has been vocal in recent months about digital assets’ role in the current market cycle, and the April 9 initiations represent the first instance of the firm publishing company-specific models and ratings within the PBTC space. Back in January, the U.S. entered what TD Cowen described as a rare pro-crypto policy window, driven by aligned regulators, political momentum, and a deregulatory push under President Trump’s second term. The firm expects 2026 reforms to come through agency action — such as SEC exemptions, tokenization initiatives, and expanded banking access — rather than sweeping legislation. It warned, however, that these gains must be finalized quickly or risk being weakened or reversed after the 2028 election. Bitcoin Magazine is published by BTC Inc, a subsidiary of Nakamoto Inc. (NASDAQ: NAKA) This post TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 20 2026 · Edited Mar 20, 2026

White House Reaches Tentative Crypto Regulatory Agreement: Report

Bitcoin Magazine White House Reaches Tentative Crypto Regulatory Agreement: Report Key senators and the White House have reached a tentative agreement on cryptocurrency legislation aimed at resolving a dispute between banks and digital asset firms over stablecoin yields, according to Politico reporting. The move could clear the way for a landmark crypto regulatory bill stalled in the Senate Banking Committee since January. Sen. Thom Tillis (R-N.C.) and Sen. Angela Alsobrooks (D-Md.) said Friday they have an “agreement in principle” on language intended to balance innovation with financial stability. The legislation seeks to prevent stablecoin rewards programs from triggering widespread deposit withdrawals from traditional banks, a concern raised by Wall Street groups. “The agreement allows us to protect innovation while giving us the opportunity to prevent widespread deposit flight,” Alsobrooks said. Tillis described the deal as a positive step but noted the need to consult with industry stakeholders before finalizing details. While specifics of the agreement remain unclear, early indications suggest it could bar yield payments on passive stablecoin balances. The tentative deal signals progress toward an April vote on the crypto market-structure bill, potentially unlocking the first major federal regulatory framework for digital assets. Crypto legislation background The fight over a U.S. crypto market‑structure bill stems from a broader effort to build on 2025’s landmark stablecoin legislation, the GENIUS Act, which established a federal framework for stablecoins — requiring full backing, transparency and reserve disclosures for digital dollars. That law was widely seen in the crypto industry as a breakthrough for regulatory clarity while attempting to align digital assets with traditional financial standards. After the GENIUS Act’s passage, the Senate turned its attention to more expansive digital asset oversight through what’s often referred to as the CLARITY Act or the crypto market‑structure bill. This legislation aims to define how U.S. regulators would police and oversee trading platforms, tokens, custody services and other infrastructure — essentially the backbone of a regulated digital asset ecosystem. However, negotiations bogged down over one central issue: whether regulated exchanges should be allowed to offer yield‑bearing rewards on stablecoin holdings. Banks and major financial institutions argue that these rewards resemble unregulated deposit‑like products that could siphon funds away from FDIC‑insured accounts, potentially threatening lending and financial stability. Crypto firms — including major issuers like Circle and Coinbase — counter that such incentives are crucial for competitive markets and for user adoption of digital money. The current tentative deal being negotiated between senators and the White House seeks a middle ground — potentially allowing activity‑based rewards while restricting passive yield — in hopes of unlocking Senate committee action by April. Whether that compromise holds both bank and crypto support will be decisive for the future of U.S. digital asset regulation. This post White House Reaches Tentative Crypto Regulatory Agreement: Report first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 20 2026 · Edited Mar 20, 2026

Phong Le Calls Morgan Stanley’s BTC ETF a “Monster Bitcoin” Bet With $160 Billion Potential

Bitcoin Magazine Phong Le Calls Morgan Stanley’s BTC ETF a “Monster Bitcoin” Bet With $160 Billion Potential Phong Le, President and CEO of Strategy, the world’s first and largest Bitcoin treasury firm, said Morgan Stanley’s proposed bitcoin ETF could unlock as much as $160 billion in demand under a modest portfolio allocation scenario. “Morgan Stanley Wealth Management oversees about $8 trillion in AUM and recommends 0–4% bitcoin allocation,” Le wrote on X. “A 2% allocation would represent $160 billion, about three times the size of IBIT. MSBT: Monster Bitcoin.” In other words, Le is saying that even a modest 2% bitcoin allocation across Morgan Stanley’s $8 trillion wealth platform could drive about $160 billion into bitcoin, far exceeding the size of existing ETFs like BlackRock’s iShares Bitcoin Trust. The comment landed as Morgan Stanley advanced plans for its own spot BTC ETF, revealing new details in a filing with the U.S. Securities and Exchange Commission. The fund would trade under the ticker MSBT, a symbol that Le cast as shorthand for the potential scale of institutional demand. Morgan Stanley’s amended S-1 outlines a structure familiar to the growing class of spot BTC ETFs. The trust is set to list on NYSE Arca with a 10,000-share creation unit and an initial seed basket of 50,000 shares, expected to raise about $1 million. The bank also disclosed it purchased two shares earlier this month for audit purposes. Key service providers mirror those used across the ETF ecosystem. BNY Mellon will act as cash custodian, administrator, and transfer agent, while Coinbase is set to serve as prime broker and custodian for the fund’s bitcoin. The product would hold BTC directly, aligning with the structure that has defined the current wave of the U.S.-listed spot ETFs. Capital managers are migrating to bitcoin Le’s framing points to a larger question that sits beyond the mechanics of the filing: how much capital wealth managers may allocate if BTC becomes a standard portfolio component. Morgan Stanley Wealth Management, with trillions in client assets, has signaled that bitcoin exposure can range from zero to four percent depending on client profile. Even a midpoint allocation, as Le noted, would imply flows that exceed the size of existing flagship products such as iShares Bitcoin Trust. So far, adoption has moved in stages. Since spot BTC ETFs launched in 2024, the category has attracted more than $50 billion in inflows, driven in large part by self-directed investors. Within advisory channels, uptake remains uneven, shaped by internal policies, risk models, and client demand. Morgan Stanley has already taken steps in that direction, allowing brokerage clients to access spot BTC ETFs and widening availability over time. The MSBT filing suggests a shift from distribution toward ownership of the product itself, a move that could deepen the bank’s role in the market if approval is granted. The SEC has not provided a timeline for a decision, and approval is not assured. Still, the application marks a notable development: a major U.S. bank seeking to issue its own spot bitcoin ETF in a market it once approached with caution. This post Phong Le Calls Morgan Stanley’s BTC ETF a “Monster Bitcoin” Bet With $160 Billion Potential first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 20 2026 · Edited Mar 20, 2026

Bitcoin Price Holds $70,000 as War-Driven Inflation Fears Meet Defensive Market Positioning

Bitcoin Magazine Bitcoin Price Holds $70,000 as War-Driven Inflation Fears Meet Defensive Market Positioning Bitcoin price held near the $70,000 level today as geopolitical risks tied to the conflict involving Iran shifted and macro expectations weighed on broader risk markets, while derivatives data and on-chain metrics pointed to a market in consolidation rather than capitulation. The bitcoin price hovered around $70,500 in early Friday trading, following a pullback from a recent high near $76,000. The move came as energy markets surged and inflation concerns returned to the forefront, limiting upside across risk assets. Despite the pressure, Bitcoin price has shown relative stability compared with commodities and equities during the same period. Research from VanEck frames the current environment as a post-stress reset. The firm’s mid-March ChainCheck report notes that Bitcoin price’s 30-day average price declined 19%, yet spot prices stabilized as realized volatility fell from 80 to near 50. At the same time, futures funding rates dropped from 4.1% to 2.7%, signaling reduced leverage and lower speculative intensity. Options markets reflect a defensive posture. VanEck data shows the put-to-call open interest ratio averaged 0.77, the highest level since mid-2021, placing current positioning in the 91st percentile of observations since 2019. Demand for downside protection remains elevated, with put premiums reaching record levels relative to spot trading volume. Investors continue to allocate capital toward hedging, even as volatility declines. Future positive returns for Bitcoin price? This pattern has historical significance. According to VanEck, similar levels of options skew have preceded positive forward returns. Periods with comparable readings have produced average gains of more than 13% over the following 90 days and more than 100% over a one-year horizon. The data suggests that extreme caution in derivatives markets has often coincided with late-stage drawdowns rather than the start of new declines. Onchain activity presents a quieter picture. Transfer volume fell 31% over the past month, while daily fees dropped 27%. Active addresses declined modestly, indicating limited participation at the network level. This trend led to the growing role of offchain venues, including exchange-traded products and derivatives platforms, which now account for a larger share of trading activity. Long-term holders appear to be reducing distribution. Transfer volume declined across all age cohorts, signaling that older coins remain largely inactive. This shift points to reduced selling pressure from experienced market participants, a factor often associated with price stabilization phases. Miner behavior adds another layer. Revenues declined 11% in the past month, reflecting tighter economics. Yet selling pressure from miners has not surged. Onchain flows to exchanges rose only 1%, while aggregate miner balances declined at a gradual pace. Over the past year, miners have sold most newly issued supply but have not accelerated liquidation of existing reserves. Institutional flows, however, have softened. Spot Bitcoin exchange-traded funds recorded net outflows in recent sessions, reversing a prior streak of inflows. The shift aligns with broader risk aversion as investors respond to macro uncertainty and rising energy costs. Yesterday, Morgan Stanley confirmed that its proposed spot bitcoin exchange-traded fund will trade under the ticker MSBT on NYSE Arca, according to an updated filing with the U.S. Securities and Exchange Commission. At the time of writing, the bitcoin price is $70,371. This post Bitcoin Price Holds $70,000 as War-Driven Inflation Fears Meet Defensive Market Positioning first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 19 2026 · Edited Mar 19, 2026

Strive (ASST) Accumulates 13,600 Bitcoin Despite $393 Million Loss in First Six Months as Public Company

Bitcoin Magazine Strive (ASST) Accumulates 13,600 Bitcoin Despite $393 Million Loss in First Six Months as Public Company Strive, Inc., the corporate treasury firm founded by Vivek Ramaswamy, reported that it amassed 13,628 bitcoin as of March 17, 2026, placing the company among the top 10 corporate holders globally. The accumulation came in the roughly six months following Strive’s September 2025 public listing, even as the company posted a GAAP net loss of $393.6 million for the period ending December 31, 2025. The bulk of Strive’s bitcoin holdings came from multiple sources. Initial private investment proceeds and stock exchange activity contributed 5,886 bitcoin, while the acquisition of Semler Scientific, Inc. added approximately 5,048 bitcoin, the company said. Semler Scientific had built its own digital asset reserve prior to the acquisition. An additional 2,694 bitcoin came from capital markets activity, including public offerings of Strive’s Variable Rate Series A Perpetual Preferred Stock (“SATA”), follow-on offerings, and at-the-market issuances. Strive’s losses Strive’s financial statements highlighted the tension between aggressive asset accumulation and market volatility. The firm’s GAAP net loss largely stemmed from non-cash items. Unrealized losses on bitcoin holdings accounted for $194.5 million, or nearly 50 percent of the total GAAP deficit. Impairment of goodwill and intangible assets tied to the Semler acquisition added $140.8 million, and transaction-related expenses contributed $12.4 million. Adjusted for these items, the company’s non-GAAP loss attributable to common shareholders narrowed to $208.2 million, or $4.73 per diluted share. Management introduced a proprietary metric, “Bitcoin Yield,” to measure the performance of its digital asset portfolio. By that measure, Strive reported a 22.2 percent yield in Q4 2025 and 13.8 percent quarter-to-date through mid-March 2026, equating to bitcoin gains of 1,305 and 1,050 coins, respectively. In dollar terms, these gains translated to $114.3 million and $78.2 million over the same periods. The company financed its bitcoin strategy largely through structured finance products. Strive raised $148.4 million in net proceeds from its initial SATA preferred stock offering in November 2025, priced at $80 per share. A follow-on offering in January 2026 generated $109.2 million at $90 per share. Proceeds were used to retire a $20 million loan from Coinbase Credit Inc., assumed as part of the Semler acquisition, and to exchange preferred shares for $90 million of Semler’s convertible debt. Strive’s acquisition of Semler Scientific also included an operating business now held under a wholly-owned subsidiary, Clinivanta, focused on preventative healthcare. The company appointed Michelle Fox, formerly Chief Medical Officer of Teleflex, as CEO of Clinivanta in February 2026, signaling an intent to develop the business alongside its primary focus on bitcoin accumulation. Chairman and CEO Matthew Cole framed the results as a validation of Strive’s structured finance approach. “The most important success in our first six months as a public company was cementing our foundation as a structured finance company laser-focused on digital credit,” Cole said. He emphasized that the SATA instrument provides a liquid, scalable solution for investors seeking double-digit yield with minimal volatility, aligning with Strive’s strategy of balancing bitcoin accumulation with broader financial operations. As of March 17, 2026, Strive held $83.7 million in cash and $50.4 million in fair value of STRC preferred stock. This post Strive (ASST) Accumulates 13,600 Bitcoin Despite $393 Million Loss in First Six Months as Public Company first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 19 2026 · Edited Mar 19, 2026

BTQ Deploys First Working BIP 360 Implementation on Bitcoin Quantum Testnet

Bitcoin Magazine BTQ Deploys First Working BIP 360 Implementation on Bitcoin Quantum Testnet BTQ Technologies has released the first working implementation of Bitcoin Improvement Proposal 360 (BIP 360), marking an early attempt to bring quantum-resistant transaction infrastructure into a live testing environment. Announced Thursday, the upgrade is now running on the Bitcoin Quantum testnet v0.3.0, a separate blockchain designed to simulate how Bitcoin could function in a post-quantum world. The release moves BIP 360 beyond theory, offering developers, miners, and researchers a place to test quantum-resistant transactions in practice. BIP 360 introduces a new transaction format known as Pay-to-Merkle-Root (P2MR), which restructures how transaction data is committed on-chain. The design removes the need to expose public keys during certain transaction paths, a feature that could become critical if quantum computers advance enough to break current cryptographic protections. “BIP 360 represents the Bitcoin community’s most significant step toward quantum resistance and we’ve turned it from a proposal into running code,” said Olivier Roussy Newton, CEO of BTQ Technologies, in the company’s press release. The implementation also preserves key functionality tied to Bitcoin’s scaling roadmap. According to BTQ, P2MR maintains compatibility with scripting features that underpin systems like Lightning and emerging frameworks such as BitVM and Ark, while eliminating the key-path spend mechanism introduced with Taproot that could expose public keys to quantum attacks. Beyond the core transaction structure, the testnet includes full wallet tooling, allowing users to create, fund, sign, and broadcast P2MR transactions. BTQ said this end-to-end functionality makes the upgrade immediately testable, rather than remaining a purely academic proposal. Bitcoin experimentation and quantum-resistance The company’s broader goal is to accelerate experimentation around quantum-resistant infrastructure at a time when concern over future cryptographic risks is growing. The Bitcoin Quantum testnet currently includes more than 50 miners and has processed over 100,000 blocks, according to the release. Still, the technical progress highlights a deeper challenge: adoption. BTQ has effectively bypassed Bitcoin’s traditional governance process by launching its own testing network rather than waiting for consensus within the main ecosystem. That decision reflects longstanding friction around major protocol changes, which historically require broad agreement among developers, miners, and users. Christopher Tam, BTQ’s head of innovation, framed the issue in human terms. “It’s a social problem,” he told Decrypt, pointing to the difficulty of coordinating change across a decentralized network with entrenched stakeholders. The approach also raises questions about whether a parallel chain can meaningfully influence Bitcoin’s future. Bitcoin Quantum does not share Bitcoin’s ledger or balances, instead launching from a new genesis block with its own asset and ruleset. Users would need to opt in rather than automatically inherit the upgrade. Even with a working implementation, BIP 360 addresses only part of the quantum threat. Tam noted that while the proposal can help secure future transactions, it does not retroactively protect older addresses that may already have exposed public keys. The urgency, however, remains. Researchers widely expect that sufficiently advanced quantum computers could eventually break the elliptic-curve cryptography that secures Bitcoin, though the timeline is uncertain. For now, BTQ’s testnet serves as an early proving ground. Whether its work translates into changes on Bitcoin itself may depend less on code—and more on consensus. This post BTQ Deploys First Working BIP 360 Implementation on Bitcoin Quantum Testnet first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 18 2026 · Edited Mar 18, 2026

The Core Issue: Your Node Vs. The Digital Wilderness

Bitcoin Magazine The Core Issue: Your Node Vs. The Digital Wilderness Over 50 years after the first inter-networked message, peer-to-peer networks remain rare beasts in the jungle of the Internet. Bitcoin’s ability to provide an open monetary system depends on its peer-to-peer architecture, and across its attack surface it is the networking layer–how peers discover and connect to each other–that is the most vulnerable. There are two main places problems can occur: Bitcoin’s own peering protocol, and the Internet protocols that Bitcoin’s protocol depends on. In this light Core has a dual mandate to prevent Denial of Service (DOS) vectors that can be abused between nodes, and enable nodes to communicate safely in the wider adversarial environment that is the Internet. P2P “Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.” – Satoshi, Nov 7, 2008 [1] The P2P protocol encompasses how nodes exchange messages about transactions, blocks, and other peers. This exchange of information is required before any transaction or consensus validation can occur, and is therefore a primary concern. There have been several bugs in this area over the years. In 2017, for example, a malicious SOCKS server vulnerability was patched and disclosed [2]. This “buffer overflow” vulnerability could theoretically lead to many different attacks: crash the node, inject malicious payloads, or modify data on the node. In 2020, a high severity vulnerability was reported and patched where a remote peer could get addresses banned, growing the banlist quadratically, and is therefore a DOS on the node [3]. The vulnerability was not disclosed until 2024. This bug is correctly marked as “high severity” since the attack is simple to execute, its effect results in a loss of function for the node, and it has few preconditions required to make it work. These are the kind of bugs that keep Core developers up at night, and why it is highly encouraged to update your node to a still maintained version (older versions of Core are not actively maintained/updated). This distributed network we call Bitcoin remains relatively small: the clearnet node count hovers around 20k nodes, and even assuming a generous 100k TOR nodes, we still have a small, easily surveillable network. Recently, Daniela Brozzoni and naiyoma showed [4] that if a node runs with both clearnet and Tor, it is trivial to map a node’s IPv4 and Tor addresses. It is very likely that this is already done by intelligence agencies and chainalysis companies. It then becomes easy to notice which nodes publish which transactions first, deducing the transaction’s original IP, and therefore location. While this is not a bug per se, since the node does not crash or misbehave, it can be considered a vulnerability, since it presents a method for tying a given IP address to a transaction. How to prevent this effectively is currently an open question. The Badlands of the Web “We build our computers like we build our cities. Over time, without a plan, on top of ruins.” – Ellen Ullman [5] Bitcoin runs on the Internet, and its ability to remain a distributed and decentralized system depends on the properties of the Internet itself. Unfortunately, the Internet’s architecture as we know it today remains woefully insecure, with known attacks employed routinely. Most of these attacks are conducted undetected until damage has been done, and this is not to mention the surveillance regimes that permeate the Internet today. The most well known and practical vector of attack to be concerned with is called an eclipse attack, where a victim node’s peers are all malicious, and feed a specific view of the chain or network to the victim node. This class of attack is fundamental in distributed systems, if you control a node’s peers, you control its awareness of the network. Ethan Heilman and collaborators presented one of the first practical eclipse attacks on Bitcoin at USENIX 2015 [6], and in 2018, the Erebus attack paper described a “stealthy” eclipse attack via a malicious Autonomous System (AS) [7]. These attacks largely leverage weaknesses in the way the Internet’s networks communicate amongst themselves, such as ASs routing topology or via a protocol called the Border Gateway Protocol (BGP). While there are ongoing initiatives to secure the BGP protocol–BGPsec, RPKI–they both have limitations that are well understood, and leave the Internet’s stewards pining for stronger solutions. Until then, the Internet will remain the wild west. A recent analysis by cedarctic at Chaincode Labs found that Bitcoin nodes are homed within just 4551 ASs, a fairly small subsection of the constituent networks that make up the Internet. They describe a set of attacks that can lead to eclipse attacks by compromising the upstream AS that nodes operate in [8]. The small distribution of nodes amongst ASs and the specific relationships among these ASs creates a unique attack vector. While there are remediations, it is unclear whether this attack vector was well understood beforehand by bitcoiners or their adversaries. Any attack that relies on compromising one or several ASs requires resources, coordination, and skills to achieve. Although no successful attack of this type has been reported on a Bitcoin node, such attacks have been successfully mounted against miners [9], wallets [10], swap platforms [11], and bridges [12]. While we’re not going to fix the Internet, we can arm nodes with the tools to operate in this adversarial environment. Network Armory Below are some features and functionalities that Bitcoin Core has developed or integrated support for in order to arm users against network level attacks: TOR (the Onion Router) is the oldest privacy-focused overlay network incorporated in Bitcoin Core. It creates hops between a random network of peers to obfuscate traffic. v2transport [13] encrypts connections between peers, hiding the traffic from snoops and censors. The aim is to thwart passive network observers from snooping on the contents of your communications with other nodes. I2P (the Invisible Internet Project [14]) is an optional feature of Core which enables an additional, private, encrypted layer to one’s connections. It is a Tor-like anonymity network which relies on peers to obfuscate traffic between clients and servers. ASmap [15] is another optional feature of Core which implements a mitigation for the Erebus attack that the authors already outlined in the paper, and applies to all AS-based attacks. By making Bitcoin’s peering mechanism aware of the AS that peers are coming from to ensure diversity amongst peers, an eclipse becomes exponentially more difficult, as an attacker would have to compromise many ASs, which is highly unlikely and almost impossible without being detected. Bitcoin Core supports taking a map of IP networks to their AS (an AS-map) since Core 20.0, and the Kartograf project enables any user to generate such an ASmap easily. Given that the Internet is likely to continue being vulnerable to many attacks, one of the things we can do is observe our peers’ behavior to attempt to detect malicious behavior. This is the impetus behind the peer-observer project by 0xb10c [16]. It provides a full eBPF tracepoint-based logging system (a way to observe the tiniest actions in a program running on an operating system) to observe a node’s activity, including peer behavior. It also gives you everything you need to build your own logging systems. Bitcoin Must Be Robust Securing the ability to connect to peers and exchange messages is a keystone component of what makes Bitcoin tick. Bitcoin operates in a multi-dimensional adversarial environment, in which many of the threats are created by limitations of the internet’s architecture itself. If Bitcoin is to survive and thrive, its developers and users must learn to navigate these strange waters. The price of open networks is eternal vigilance. Get your copy of The Core Issue today! Don’t miss your chance to own The Core Issue — featuring articles written by many Core Developers explaining the projects they work on themselves! This piece is the Letter from the Editor featured in the latest Print edition of Bitcoin Magazine, The Core Issue. We’re sharing it here as an early look at the ideas explored throughout the full issue. [0] https://web.mit.edu/gtmarx/www/connect.html [1] https://satoshi.nakamotoinstitute.org/emails/cryptography/4/ [2] https://bitcoincore.org/en/2019/11/08/CVE-2017-18350/ [3] https://bitcoincore.org/en/2024/07/03/disclose-unbounded-banlist/ [4] https://delvingbitcoin.org/t/fingerprinting-nodes-via-addr-requests/1786/ [5] https://en.wikiquote.org/wiki/Ellen_Ullman [6] https://www.usenix.org/system/files/conference/usenixsecurity15/sec15-paper-heilman.pdf [7] https://ihchoi12.github.io/assets/tran2020stealthier.pdf [8] https://delvingbitcoin.org/t/eclipsing-bitcoin-nodes-with-bgp-interception-attacks/1965 [9] https://www.theregister.com/2014/08/07/bgp_bitcoin_mining_heist/ [10] https://www.theverge.com/2018/4/24/17275982/myetherwallet-hack-bgp-dns-hijacking-stolen-ethereum [11] https://medium.com/s2wblog/post-mortem-of-klayswap-incident-through-bgp-hijacking-en-3ed7e33de600 [12] www.coinbase.com/blog/celer-bridge-incident-analysis [13] https://bitcoinops.org/en/topics/v2-p2p-transport/ [14] https://geti2p.net/en/ [15] https://asmap.org [16] https://peer.observer [13] https://github.com/asmap/kartograf This post The Core Issue: Your Node Vs. The Digital Wilderness first appeared on Bitcoin Magazine and is written by Julien Urraca, Fabian Jahr, 0xb10c and CedArctic.

by Bitcoin Magazine (News Bot)

March 18 2026 · Edited Mar 18, 2026

Boltz Exchange Launches Atomic USDT Swaps for Lightning Network Users

Bitcoin Magazine Boltz Exchange Launches Atomic USDT Swaps for Lightning Network Users Boltz Exchange launched USDT Swaps on March 18, 2026, introducing atomic, non-custodial swaps between sats on the Lightning Network and USDT on Arbitrum-based networks via USDT0. The integration relies on USDT0, an omnichain version of Tether built on LayerZero’s Omnichain Fungible Token (OFT) standard. USDT0 concentrates liquidity into a single token primarily on Arbitrum, eliminating the need for Boltz to build separate liquidity pools and integrations across dozens of USDT chains like Ethereum, Polygon, Optimism, Rootstock, and others. This approach delivers seamless swaps to and from USDT to Bitcoiners that do not care to understand the complexities of blockchain bridge networks. While giving DEFI a direct path to lightning payments, without counterparty risk. Users also gain practical access to the world’s leading stablecoin, while sidestepping custody risks from centralized exchanges or anonymous “trust me bro” swap services, as well as the privacy trade-offs of KYC-heavy platforms. Business applications include topping up crypto debit cards that natively support USDT by converting Lightning sats in seconds, receiving Lightning payments when clients or counterparties send USDT, or merchants accepting USDT inflows but settling revenue in Lightning sats on their preferred terms—all without relinquishing control of funds or trusting third parties at any point. Its all open source. Atomic swaps ensure trustless, simultaneous execution of trades across different blockchains or layers, preventing one party from defaulting after receiving assets. In traditional swaps, especially cross-chain, users face timing risks where one side could claim funds without delivering the other. Atomic swaps resolve this through cryptographic commitments (like hash preimages) and conditional claims: both legs of the trade either complete together or fail entirely, reverting funds to their original owners. Boltz achieves this for Lightning and USDT by routing through tBTC, Threshold’s permissionless ERC20 Bitcoin wrapper on Arbitrum. The flow is Lightning to tBTC via an atomic Boltz swap, then to USDT0 via a DEX swap akin to those on Uniswap, stitched into one irreversible transaction by the Router contract on Arbitrum. Gas abstraction removes the need for ETH on Arbitrum, making the process seamless for Bitcoin-native users. Boltz plans to expand USDT Swaps across all currently supported Bitcoin layers, including on-chain BTC, Liquid, Rootstock, and Arkade, broadening the utility for businesses and individuals holding Bitcoin in various forms. Future updates will also incorporate USDT0’s Legacy Mesh, which is expected to enable direct support for additional chains such as Tron and Solana. Tron currently holds the largest USDT supply at approximately $83.9 billion according to Tether’s March 17, 2026 transparency report, underscoring the demand for eventual integration on high-volume networks beyond the initial OFT-focused deployment. This post Boltz Exchange Launches Atomic USDT Swaps for Lightning Network Users first appeared on Bitcoin Magazine and is written by Juan Galt.

by Bitcoin Magazine (News Bot)

March 18 2026 · Edited Mar 18, 2026

US Senators Urge Swift Action on Bitcoin, Crypto Market Structure Bill

Bitcoin Magazine US Senators Urge Swift Action on Bitcoin, Crypto Market Structure Bill U.S. Senators are pressing lawmakers to advance legislation aimed at clarifying Bitcoin and broader crypto market structure. Sen. Cynthia Lummis emphasized urgency in remarks today at the D.C. Blockchain Summit today, saying, “This may be our only chance to get market structure done. I can’t be any clearer: The time for clarity is now.” She confirmed that the Banking Committee plans to mark up the bill in April, after the Easter recess. “We really are going to get it out of the Banking Committee in April,” she added. JUST IN: US Senator Cynthia Lummis urges lawmakers to pass Bitcoin and crypto market structure legislation ASAP: "This may be our only chance to get market structure done. I can't be any clearer: The time for Clarity is now." pic.twitter.com/3puu5RMmMB — Bitcoin Magazine (@BitcoinMagazine) March 18, 2026 Lummis also addressed a potential compromise on stablecoin yield, hinted at by Sen. Tim Scott yesterday. “We think we’ve got it,” she said, though she acknowledged she has not seen the negotiated language herself. She noted banks remain cautious: “We’ve got to get the banks to swallow hard…. Gosh the banks got really dug in on this. But they’re gonna get there.” Sen. Kevin Cramer echoed the call for speed yesterday, warning that “time is not our friend” and urging passage of market structure legislation before Easter. The White House’s Patrick Witt is expected to provide further updates on the bill’s progress later today. The bill is gaining momentum Efforts to establish the regulatory framework for the U.S. cryptocurrency market are gaining momentum. Senate Banking Committee Chairman Tim Scott said a revised draft, focused on stablecoins, could be introduced this week. The bill aims to balance innovation with financial stability, particularly regarding yield-bearing stablecoins, which have become a central discussion point. Key lawmakers, including Angela Alsobrooks, Thom Tillis, and White House official Patrick Witt, have contributed to refining provisions on digital assets. Broader negotiations address political oversight, compliance standards, and balanced representation within regulatory bodies. DeFi and anti-money laundering (AML) regulations are also under review. Mark Warner is advocating for stronger AML safeguards, with proposals for enhanced know-your-customer (KYC) requirements to improve transparency and prevent illicit activity. If finalized, the bill could create a comprehensive regulatory structure for the crypto market. Observers see the stablecoin-focused draft as a major step forward, providing clarity for digital assets while maintaining bipartisan support In the past, Treasury Secretary Scott Bessent has pressed lawmakers to act on the legislation, saying the United States must secure clear market structure rules before the end of the spring legislative window. This post US Senators Urge Swift Action on Bitcoin, Crypto Market Structure Bill first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 18 2026 · Edited Mar 18, 2026

Bitcoin Price Falls to $72,000 as Fed Uncertainty Triggers Pullback

Bitcoin Magazine Bitcoin Price Falls to $72,000 as Fed Uncertainty Triggers Pullback Bitcoin price dropped to the low $72,000 range early Wednesday, retreating from recent highs as traders reduced risk ahead of the Federal Reserve’s latest decision. The pullback follows a strong multi-day rally that pushed the asset close to $75,000, its highest level since early February. That move has now stalled. Profit-taking has increased, and market participants appear reluctant to open new positions without clarity on macro conditions. Trading activity reflects the shift in sentiment. Daily volume has declined sharply, signaling weaker conviction behind recent price action. In derivatives markets, futures open interest has flattened while funding rates have turned mixed to slightly negative, pointing to a more defensive positioning. Traders who were forced out of short positions during the rally have largely stayed on the sidelines, waiting for a clearer trend. The Federal Reserve meeting later on Wednesday remains the central focus. The Federal Reserve is expected to hold interest rates steady as it assesses how rising oil prices tied to the Iran conflict could impact inflation and economic growth. Markets now anticipate rate cuts later in the year, while Chair Jerome Powell is likely to signal a cautious, wait-and-see approach alongside new economic projections. Markets are pricing in a near-certain pause in interest rates, but uncertainty around inflation and economic growth continues to weigh on risk assets. Oil prices near $100 per barrel, driven by ongoing conflict in the Middle East, are adding upward pressure on inflation. At the same time, softer U.S. labor data complicates the outlook, reducing the likelihood of aggressive rate cuts in the near term. Bitcoin price’s recent behavior around Fed meetings adds to the caution. Historical data shows the asset has often declined in the immediate aftermath of policy announcements, regardless of the outcome. Bitcoin price resilence Despite the short-term weakness, Bitcoin price has shown resilience on a broader timeframe. Since late February, the asset has gained while traditional markets like equities and gold have struggled. Analysts attribute this divergence to continued inflows into spot Bitcoin exchange-traded funds and sustained accumulation from institutional players, which have helped reshape the asset’s ownership structure. However, signs of potential selling pressure are emerging. On-chain data shows a rise in Bitcoin moving onto exchanges, often a precursor to distribution. At the same time, analysts highlight the $75,000 to $85,000 range as a significant resistance zone, where previous rallies have stalled. For now, Bitcoin price appears to be consolidating as markets wait for direction. The outcome of the Fed meeting, and more importantly, the tone of its guidance, is likely to determine whether the current pullback deepens or sets the stage for another attempt higher. This post Bitcoin Price Falls to $72,000 as Fed Uncertainty Triggers Pullback first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 18 2026 · Edited Mar 18, 2026

SEC, CFTC Declare Most Crypto Assets Not Securities in Landmark Guidance

Bitcoin Magazine SEC, CFTC Declare Most Crypto Assets Not Securities in Landmark Guidance U.S. regulators took a decisive step toward reshaping crypto oversight yesterday, with the Securities and Exchange Commission and the Commodity Futures Trading Commission jointly issuing new guidance that states most digital assets are not securities. The 68-page interpretation, released Tuesday, outlines how federal securities laws apply to cryptocurrencies and introduces a formal classification system for different types of tokens. The move marks a shift in tone and policy from prior years, when regulators often relied on enforcement actions and broad interpretations of securities law. SEC Chair Paul Atkins framed the change as a return to clarity and statutory limits. “After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the Commission treats crypto assets,” he said. Speaking at the DC Blockchain Summit in Washington, Atkins added, “We’re not the ‘securities and everything commission’ anymore.” At the center of the guidance is a “token taxonomy” that divides digital assets into several categories. According to the agencies, stablecoins, digital commodities, and “digital tools” are not securities. Digital collectibles, including tokenized representations of art, media, or cultural items, also fall outside securities classification. JUST IN: SEC Chair Paul Atkins announces that "digital commodities, digital collectables, digital tools and payment stablecoins" are not securities. pic.twitter.com/UZr5pTarg1 — Bitcoin Magazine (@BitcoinMagazine) March 17, 2026 Only one category, described as “digital securities,” remains subject to traditional securities laws. These are assets that mirror existing financial instruments, such as equities or debt, but are issued and traded using blockchain infrastructure. The framework attempts to resolve a long-running debate over how to apply the SEC v. W.J. Howey Co. standard, known as the Howey Test, to crypto markets. That test determines whether a transaction qualifies as an investment contract based on expectations of profit derived from the efforts of others. Under the new interpretation, a digital asset that is not inherently a security can become one if it is marketed as an investment in a common enterprise with promises of profit tied to managerial efforts. The guidance also clarifies that such a designation is not permanent. Once those promises are fulfilled or no longer relevant, the asset may cease to be treated as a security. The agencies also addressed specific crypto activities that have drawn regulatory scrutiny. Protocol mining, staking, and certain airdrops do not constitute securities transactions under the new framework. The guidance states that airdrops, in particular, may not meet the “investment of money” requirement under the Howey Test. JUST IN: CFTC and SEC issues statement clarifying that Bitcoin mining rewards are labeled under "protocol mining" as not securities. pic.twitter.com/7AefkMpoCk — Bitcoin Magazine (@BitcoinMagazine) March 17, 2026 The CFTC endorsed the interpretation and aligned its approach with the SEC, signaling closer coordination between the two regulators. CFTC Chair Mike Selig said the joint effort reflects a broader push toward regulatory “harmonization” and provides a clearer path for market participants. The announcement stands in contrast to the approach taken under former SEC Chair Gary Gensler, whose tenure was defined by enforcement actions against major crypto firms and a view that many tokens qualified as securities. Industry participants often criticized that strategy as “regulation by enforcement,” arguing it created uncertainty and limited innovation. The new guidance acknowledges those concerns, stating that prior efforts did not fully address the unique characteristics of digital asset markets. It positions the taxonomy as a foundation for a more tailored regulatory framework that can support both compliance and technological development. More crypto proposals are coming Despite its scope, the interpretation does not carry the force of formal rulemaking. Atkins said the SEC plans to introduce additional proposals in the coming weeks, including an “innovation exemption” aimed at giving crypto firms more flexibility while maintaining investor protections. Lawmakers in Congress are also working on legislation to establish a comprehensive market structure for digital assets. Regulators indicated that statutory changes will be needed to make the new approach permanent. For now, the guidance sends a clear signal that U.S. regulators are redefining their stance on crypto. By narrowing the definition of what constitutes a security and outlining specific categories, the SEC and CFTC have moved to provide the clarity that industry participants have sought for years. The shift may reshape how crypto businesses operate in the United States, with regulators emphasizing defined boundaries over broad enforcement. This post SEC, CFTC Declare Most Crypto Assets Not Securities in Landmark Guidance first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 17 2026 · Edited Mar 17, 2026

Jack Mallers Confirmed As A Bitcoin 2026 Speaker

Bitcoin Magazine Jack Mallers Confirmed As A Bitcoin 2026 Speaker Jack Mallers has been officially confirmed as a speaker at Bitcoin 2026, returning to the stage where he made Bitcoin history to share his perspective on Bitcoin’s expanding role in payments, capital markets, and global finance. As Co-Founder and CEO of Twenty One Capital (NYSE: XXI) and Founder and CEO of Strike, Mallers now sits at the intersection of two consequential Bitcoin companies operating today, one reshaping how people spend and save Bitcoin, the other redefining what a publicly traded Bitcoin company can be. Twenty One Capital launched on the New York Stock Exchange in December 2025, debuting with a treasury of 43,514 Bitcoin — the third-largest public corporate Bitcoin holding in the world, behind only Strategy and MARA Holdings. The company is majority-owned by Tether, the world’s largest stablecoin issuer, and Bitfinex, with significant minority ownership from SoftBank Group, and has committed to operating with public-market transparency, including publishing on-chain proof of holdings for real-time shareholder verification. Speaking on CNBC at launch, Mallers made the mission clear: the company plans to “buy as much Bitcoin as we possibly can” not as a passive treasury vehicle, but as a full Bitcoin-native operating business building capital markets advisory, lending models, and educational media on top of its BTC holdings. Strike, the company Mallers founded in 2020, has become one of the most widely used Bitcoin financial platforms in the world. Built on Bitcoin’s Lightning Network, Strike allows users to make and receive payments, buy and sell bitcoin with no added fees, and convert their paychecks directly into Bitcoin all without requiring prior crypto experience. In March 2026, Strike received both a BitLicense and a money transmitter license from the New York State Department of Financial Services, allowing the company to operate in one of the most tightly regulated digital asset markets in the United States. “Strike is building the leading Bitcoin financial institution,” Mallers said in a statement. “With our BitLicense, we can now bring that mission to New York, the global center of finance.” With Twenty One Capital now live on the NYSE and Strike completing its all-50-states U.S. expansion, Mallers arrives at Bitcoin 2026 carrying more institutional weight than ever, and the same conviction he’s held since day one: that Bitcoin is honest money, and that the infrastructure being built around it will determine what the next chapter of global finance looks like. JACK MALLERS, FOUNDER & CEO OF STRIKE AND TWENTY ONE, TO SPEAK AT BITCOIN 2026 "It's over man, Bitcoin is going to the moon." pic.twitter.com/wHorQFmcYa — The Bitcoin Conference (@TheBitcoinConf) March 3, 2026 Bitcoin 2026 Returns to Las Vegas Bigger Than Ever Bitcoin 2026 will take place April 27–29 at The Venetian, Las Vegas, and is expected to be the biggest Bitcoin event of the year. Focused on the future of money, Bitcoin 2026 will bring together Bitcoin builders, investors, miners, policymakers, technologists, and newcomers from around the world. The event will feature a wide range of pass types, including general admission passes designed specifically for those new to Bitcoin, alongside premium passes for professionals, enterprises, and institutions. With multiple stages, immersive experiences, technical workshops, and headline keynotes, Bitcoin 2026 is designed to serve both first-time attendees and long-time Bitcoiners shaping the next era of global adoption. Past Bitcoin Conferences in the U.S. Bitcoin’s flagship conference has scaled dramatically over the past five years: 2021 – Miami: 11,000 attendees 2022 – Miami: 26,000 attendees 2023 – Miami: 15,000 attendees 2024 – Nashville: 22,000 attendees 2025 – Las Vegas: 35,000 attendees Get Your Bitcoin 2026 Pass Bitcoin Magazine readers can save 10% on Bitcoin 2026 tickets using code ‘ARTICLE10‘ at checkout. Stay at The official hotel of Bitcoin 2026, The Venetian, and get a guaranteed low rate plus 15% off your pass. Hotel Prices increase soon, be in the middle of where the fun is all happening, and where the networking never ends. And don’t forget: Volunteer at Bitcoin 2026 and get Pro Pass access plus exclusive perks. All students ages 13+ can apply for a Student Pass and get free general admission access to Bitcoin 2026. Location: The Venetian, Las Vegas Dates: April 27–29, 2026 With tens of thousands of attendees expected and hundreds of major speakers like Jack Mallers already confirmed, now is the time to lock in your ticket. Buy Bitcoin 2026 Tickets — Save 10% Why Attend Bitcoin 2026? Bitcoin 2026 is the definitive gathering for anyone serious about the future of money. With 500+ speakers, multiple world-class stages, and programming spanning Bitcoin fundamentals, open-source development, enterprise adoption, mining, energy, AI, policy, and culture, the conference brings every corner of the Bitcoin ecosystem together under one roof. From headline keynotes on the Nakamoto Stage to deep technical sessions for builders, institutional strategy discussions for enterprises, and beginner-friendly Bitcoin 101 education, Bitcoin 2026 is designed for everyone—from first-time attendees to the leaders shaping Bitcoin’s global adoption. Whether you’re looking to learn, build, invest, network, or influence, Bitcoin 2026 is where Bitcoin’s next chapter is written. Bitcoin 2026 Pass Types: Something for Everyone Bitcoin 2026 offers a range of pass options designed to meet the needs of newcomers, professionals, enterprises, and high-net-worth Bitcoiners alike. Bitcoin 2026 General Admission Pass Ideal for newcomers and those looking to experience the heart of the conference. Limited access on Days 2 & 3 Entry to Main Stage Access to Genesis Stage Full access to the Expo Hall Bitcoin 2026 Pro Pass Designed for professionals, operators, and serious Bitcoin participants. Includes all General Admission features, plus: Full 3-day access, including Pro Day Entry to the Pro Pass Reception Access to Enterprise Hall, Enterprise Stage, and Networking Lounge Conference App networking features Access to the Bitcoin For Corporations Symposium Entry to Compute Village and Energy Stage Complimentary lunch, coffee, tea, and snacks Dedicated registration and check-in Reserved seating at Main Stage Huge savings when you bundle your hotel and Pro Pass Bitcoin 2026 Whale Pass The all-inclusive, premium Bitcoin 2026 experience. Includes all Pro Pass features, plus: Reserved seating at Main Stage All-inclusive gourmet food and beverages Entry to Whale Night and Whale Reception Access to all official after-parties Networking app access to connect with other Whales Premium access to The Deep — an exclusive networking lounge with intimate speaker sessions Complimentary stay at The Venetian when you bundle your whale pass and hotel (use promo code ‘WHALEHOTEL’ here) This is the most immersive way to experience Bitcoin 2026. Bitcoin 2026 After Hours Pass Your ticket to the night. Most deals are done with a drink in your hand. Get exclusive access to 3 official Bitcoin 2026 after-parties across Las Vegas — each with a 2-hour open bar — where the real conversations happen and the best connections are made. Access to 3 official Bitcoin 2026 after-parties 2-hour open bar at each event Evening events across Las Vegas, April 27–29 Network with Bitcoiners, builders, and industry leaders after hours More headline speaker announcements are coming soon. Don’t miss Bitcoin 2026. This post Jack Mallers Confirmed As A Bitcoin 2026 Speaker first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

by Bitcoin Magazine (News Bot)

March 17 2026 · Edited Mar 17, 2026

From $5 to $75,000: Bitcoin’s Saint Patrick’s Day Prices Shows You the Wild Ride of Bitcoin

Bitcoin Magazine From $5 to $75,000: Bitcoin’s Saint Patrick’s Day Prices Shows You the Wild Ride of Bitcoin Bitcoin’s rise from an obscure digital asset to a global financial instrument is again in focus this St. Patrick’s Day. On March 17, 2012, Bitcoin traded near $5. Thirteen years later, it has reached roughly $75,000. This is a massive expansion driven by increasing demand and a fixed supply model. Bitcoin’s early years were defined by sharp price swings and thin liquidity. In 2013, the asset surged from under $50 to more than $600 before retracing below $300 by 2015. These cycles repeated over time, with each rally followed by a correction. In 2017, Bitcoin crossed $1,000 and later accelerated higher before entering another downturn. By 2021, it had climbed past $50,000 as institutional participation began to take shape. Pullbacks in 2022 and 2023 tested conviction, but the broader trend remained intact. In late 2025, BTC surged above $125,000 before pulling back to $60,000 earlier this year. Each cycle introduced new participants and strengthened market infrastructure, contributing to a more resilient asset over time. Historical Bitcoin prices on Saint Patrick's Day 2012 $5.34 2013: $47 2014: $630 2015: $290 2016: $417 2017: $1,180 2018: $8,321 2019: $4,047 2020: $5,002 2021: $56,825 2022: $41,140 2023: $26,876 2024: $68,845 2025: $83,223 2026: $74,590 HODL pic.twitter.com/8LMFUGZkpX — Bitcoin Magazine (@BitcoinMagazine) March 17, 2026 Institutional access is growing despite Bitcoin’s fixed supply One of the most significant developments in the current cycle is the expansion of institutional access. Spot Bitcoin exchange-traded funds in the United States have created a direct pathway for large pools of capital to enter the market. These products have recorded sustained inflows, including single-day totals exceeding $500 million, reflecting strong demand from asset managers, pension funds and retail brokerage accounts. The result is a steady accumulation of BTC within regulated investment vehicles. As more capital flows through these channels, available supply on exchanges has tightened, reinforcing upward pressure on price. Bitcoin’s monetary policy continues to differentiate it from traditional assets. The protocol enforces a hard cap of 21 million coins, limiting total supply regardless of demand conditions. This scarcity is reinforced through halving events, which reduce the rate of new issuance. The most recent halving in April 2024 cut block rewards from 6.25 BTC to 3.125 BTC, lowering the number of new coins entering circulation each day. Historically, these supply shocks have preceded major upward moves, as reduced issuance meets sustained or increasing demand. Corporate and traditional finance interest Beyond financial markets, Bitcoin has gained traction among corporations and policymakers. Public companies have continued adding Bitcoin to their balance sheets, treating it as a reserve asset rather than a speculative position. Most popular of all these is Strategy, the bitcoin treasury company led by executive chairman Michael Saylor. The company purchased another 22,337 bitcoin for about $1.57 billion last week, continuing one of the largest corporate accumulation strategies in the crypto market. The acquisition brings the firm’s total holdings to 761,068 bitcoin. Strategy said its cumulative BTC holdings were acquired for roughly $57.61 billion at an average price of about $75,696 per coin. The stash represents more than 3.4% of the fixed 21 million supply of BTC, reinforcing MSTR’s status as the largest corporate holder of the asset. Bitcoin’s changing market structure Bitcoin’s market structure is shifting as ownership consolidates among long-term holders, institutions and corporate buyers. This has reduced the influence of short-term speculation and improved overall stability, even as volatility persists. Bitcoin has remained resilient through recent turbulence, supported by steady institutional demand and continued accumulation. Analysts point to a clear return of large buyers, with ETF inflows and spot demand helping push prices back above $70,000 after weeks of range-bound trading. Data shows institutional conviction holding firm. Despite a sharp drawdown since late 2025, ETF outflows have remained limited compared to earlier inflows, signaling that investors are maintaining positions rather than exiting. This growing base of committed capital reflects a broader shift. Institutional investors entering the market today tend to have high conviction, often allocating with a long-term view rather than reacting to short-term price moves. Research also highlights the expanding role of ETFs and corporate treasury strategies in reshaping BTC ownership. Institutional vehicles now account for a meaningful share of supply, while a large portion of coins remains inactive, reinforcing the dominance of long-term holders. At the same time, on-chain data suggests the market may be in a late-stage bear phase, historically tied to accumulation. Analysts say current conditions point to continued consolidation, with long-term investors positioning for the next cycle. This post From $5 to $75,000: Bitcoin’s Saint Patrick’s Day Prices Shows You the Wild Ride of Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 17 2026 · Edited Mar 17, 2026

Bitcoin Price Surges Above $75,000 as Bullish Momentum Builds

Bitcoin Magazine Bitcoin Price Surges Above $75,000 as Bullish Momentum Builds The bitcoin price climbed above $75,000 on Monday evening extending a sharp rebound that has lifted the asset nearly 25% from its February lows and reignited bullish sentiment across the crypto market. The world’s largest cryptocurrency broke through the psychological $75,000 level during U.S. trading hours after spending several weeks consolidating in a tight range. The move marks Bitcoin’s strongest price since early February and reflects improving risk appetite across global markets. Bitcoin price’s latest surge comes after the asset bottomed near $63,000 in February during heightened geopolitical tensions linked to the Iran–Israel War. Since then, prices have staged a steady recovery as macroeconomic conditions stabilized and investor confidence returned. Bitcoin’s price has outperformed other assets like gold and the S&P 500. Markets received a boost over the weekend after signs of easing tensions around the Strait of Hormuz, one of the world’s most important oil shipping routes. Two commercial tankers reportedly transited the waterway on Sunday for the first time since the conflict began, after Iran indicated its shipping restrictions would apply only to vessels linked to its adversaries. JUST IN: Bitcoin pumps back to $75,000! pic.twitter.com/Tqz6rwTTGg — Bitcoin Magazine (@BitcoinMagazine) March 17, 2026 Strategy buys into the bitcoin price game At the same time, corporate demand for bitcoin continues to expand. Earlier Monday, Strategy, led by Michael Saylor, disclosed the purchase of 22,337 additional bitcoin for approximately $1.57 billion. The acquisition increased the company’s total holdings to 761,068 BTC, with a combined market value of roughly $50 billion. Institutional interest is also building internationally. Tokyo-listed investment firm Metaplanet recently secured about $255 million from global investors to accelerate its bitcoin treasury strategy, with additional warrants that could raise total funding to more than $530 million for future purchases. Despite the rally, market participants remain cautious about declaring a full breakout. Bitcoin price experienced several rebounds of similar magnitude during the 2022 crypto downturn before eventually falling to cycle lows below $16,000 following the collapse of FTX. For now, traders are watching whether bitcoin price can maintain support above the $75,000 region. A sustained hold above that level could open the door to a push toward $80,000, which previously acted as a key support zone before the early-2026 correction. Jack Mallers, CEO of Strike, has recently argued that the current market structure favors long-term accumulation, urging investors to “turn on your DCA,” referring to the dollar-cost averaging strategy of buying Bitcoin prices at regular intervals regardless of price. According to Mallers, bitcoin price is trading near historically important support zones and prolonged consolidation periods often provide some of the best opportunities to steadily accumulate the asset ahead of major market moves. This post Bitcoin Price Surges Above $75,000 as Bullish Momentum Builds first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 16 2026 · Edited Mar 16, 2026

Bitcoin’s Ownership Base is Maturing, Reducing Reliance on Retail: Analysts

Bitcoin Magazine Bitcoin’s Ownership Base is Maturing, Reducing Reliance on Retail: Analysts Bitcoin investors have shown surprising resilience despite recent market turbulence, fueled by institutional investors and aggressive corporate treasury buyers. Analysts say this trend highlights a structural shift in ownership that could support long-term growth. Institutional demand is clearly back, with “four consecutive sessions of ETF inflows and aggressive spot demand…suggesting one thing: institutional buyers have returned and they’re ready to increase their holdings around current prices, which recovered to above $70k as a result,” Bitfinex said in a note to Bitcoin Magazine. Bitfinex wrote that “a sustained break above resistance could trigger momentum expansion, as positioning and the balance of flows suggest that the market is preparing for its next directional move after weeks of range trading.” Bitwise Chief Investment Officer Matt Hougan also noted Bitcoin ETFs have held up despite a roughly 50% price drop since October 2025, underlining institutional commitment. “The best evidence we have is in the ETF market,” Hougan said, according to Coindesk reporting. “Bitcoin ETFs accumulated roughly $60 billion in net flows from their launch in January 2024 through October 2025. Since October 2025, prices are down 50%, but we’ve seen less than $10 billion in outflows from ETFs,” he said. Hougan described institutional investors as exhibiting “diamond hands,” maintaining positions despite severe market drawdowns. He attributes this persistence to the non-consensus status of BTC. Hougan said that institutional investors who buy into BTC today are still sticking their neck out and standing out from their peers. That career risk, he explained, fosters unusually high conviction, meaning investors allocating capital to bitcoin today tend to be 80–90% convinced of its long-term value rather than mildly optimistic. This conviction underpins Hougan’s reaffirmed long-term bitcoin forecast of $1 million per coin. “The wildest thing about my $1 million prediction is that it’s not wild at all,” he said. “All you need for bitcoin to get to $1 million is for the global store of value market to continue to grow as it has for the past 20 years and for bitcoin to become a minor but material part of that market.” Last week, Hougan argued that skepticism over Bitcoin reaching $1 million stems from a misunderstanding of its valuation, as many analysts use “static math” that ignores the rapidly growing global store-of-value market. Framing BTC as an emerging competitor to gold, he estimates that with a $38 trillion market and BTC’s fixed supply of 21 million coins, the $1 million price target is plausible. Bitcoin isn’t very speculative anymore Supporting this thesis, Bernstein analysts also noted that bitcoin’s ownership base has matured, reducing reliance on retail speculation. In a March 16 research note seen by Bitcoin Magazine, they highlighted the growing influence of spot BTC ETFs and corporate treasury buyers such as Strategy. The firm described Strategy as a “bitcoin central bank of last resort,” citing its aggressive accumulation model, which has added more than 66,000 BTC so far in 2026 at an average cost near $85,000. Strategy’s total holdings now exceed 761,000 BTC, valued around $56 billion. Bernstein emphasized that institutional inflows are reshaping BTC’s ownership structure. Spot ETFs absorbed about $2.1 billion in inflows over three weeks, nearly offsetting year-to-date outflows of $460 million. Institutional vehicles now control roughly 6.1% of BTC’s total supply, while coins inactive for over a year represent approximately 60% of circulating supply, signaling a growing base of long-term holders. On top of this, on-chain indicators point to a late-stage bear cycle, as Lacie Zhang of Bitget Wallet explained to Bitcoin Magazine: “The convergence of on-chain indicators such as realized price and MVRV suggests Bitcoin may be entering the late stage of a typical bear cycle, a phase historically associated with long-term accumulation rather than continued capitulation.” Despite short-term macro headwinds, the current conditions signal a strategic accumulation phase, with BTC likely fluctuating between $68,000 and $84,000 as longer-term investors position for the next cycle. This post Bitcoin’s Ownership Base is Maturing, Reducing Reliance on Retail: Analysts first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 16 2026 · Edited Mar 16, 2026

Bitcoin Price Roars Above $74,000 as Market Sentiment Improves

Bitcoin Magazine Bitcoin Price Roars Above $74,000 as Market Sentiment Improves The price of Bitcoin pushed above $74,000 early Monday, as easing geopolitical tensions and improving risk sentiment helped lift the broader crypto market. The move capped one of bitcoin’s strongest weekly performances since the outbreak of the Iran–Israel War in late February. The rally coincided with signs of de-escalation in the Middle East. Two commercial tankers transited the Strait of Hormuz on Sunday for the first time since the conflict began, after Iran indicated its shipping restrictions would apply only to vessels linked to its adversaries. At the same time, Donald Trump said the United States was in talks with Tehran, helping calm energy markets. Oil prices retreated from recent highs, the U.S. dollar weakened and equity futures turned positive, signaling a broader shift toward risk assets. The move higher also triggered a wave of short liquidations in crypto derivatives markets. Roughly $344 million in positions were wiped out over the past 24 hours, with bearish traders accounting for more than 80% of the total, according to Bitcoin Magazine Pro data. Market participants are now watching whether the bitcoin price can hold momentum above the $74,000 region. A sustained break could open the door to a move toward $80,000, a level that previously served as support late last year before prices slid during the early-2026 correction. JUST IN: Bitcoin rises back over $74,000! pic.twitter.com/ul7WVyEWNG — Bitcoin Magazine (@BitcoinMagazine) March 16, 2026 What’s coming next for the bitcoin price? For now, traders are also bracing for macro signals from the upcoming policy meeting at the Federal Reserve, which begins Tuesday and could influence risk appetite across global markets. Later on Wednesday, the market will hear the Fed’s interest-rate decision and Chair Jerome Powell’s press conference, with rates expected to remain steady. Despite being down from its October peak, Bitcoin price has outperformed some traditional assets during the conflict, though volatility could increase depending on short-term selling and Fed signals. Earlier today, Strategy, led by Michael Saylor, bought 22,337 more bitcoin for $1.57 billion, raising its total holdings to 761,068 BTC. The average acquisition bitcoin price cost is $75,696 per coin, giving the holdings a current market value of about $50 billion. Tokyo-listed investment firm Metaplanet said they also secured approximately $255 million from global institutional investors as it accelerates a corporate strategy centered on accumulating Bitcoin. The company has additional warrants that could lift total funding to roughly $531 million for bitcoin purchases. At the time of writing, the bitcoin price is near $73,800. This post Bitcoin Price Roars Above $74,000 as Market Sentiment Improves first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 16 2026 · Edited Mar 16, 2026

South Korea Fines Bithumb $24M, Imposes 6-Month Partial Suspension Over AML Violations

Bitcoin Magazine South Korea Fines Bithumb $24M, Imposes 6-Month Partial Suspension Over AML Violations South Korea’s Financial Intelligence Unit (FIU) has fined cryptocurrency exchange Bithumb 36.8 billion won ($24.6 million) and ordered a six-month partial suspension of new-user services after uncovering millions of anti-money laundering (AML) violations, according to local reporting. The FIU’s investigation found roughly 6.65 million breaches of the country’s AML and customer verification rules. About 3.55 million involved failures to verify customer identities, while 3.04 million cases concerned transactions that should have been blocked but were allowed. Authorities also identified 45,772 transactions with 18 unregistered overseas exchanges. The sanctions, part of ongoing regulatory oversight of South Korea’s top crypto platforms, include a reprimand for Bithumb’s CEO and a six-month suspension for the exchange’s reporting officer. Existing customers can continue trading, while the restrictions primarily affect new user account activity, including deposits and withdrawals. Bithumb, founded in 2014, is one of South Korea’s largest exchanges by trading volume. The fine is the country’s largest imposed on a virtual asset exchange, slightly surpassing a 35.2 billion won penalty handed to Upbit in 2025. The violations were uncovered during on-site inspections of South Korea’s five largest crypto exchanges between 2024 and 2025. Regulators have emphasized that strict compliance with customer verification and AML obligations is critical to maintaining market trust. Bithumb’s bitcoin blunder The announcement comes just weeks after Bithumb accidentally sent billions of dollars worth of Bitcoin to users during a promotional event. The exchange had planned to distribute small cash rewards through a “Random Box” event at around 6 p.m. local time. Winners were supposed to receive between 20,000 and 50,000 Korean won. Instead, staff reportedly entered the payment unit as Bitcoin rather than won. As a result, some users received at least 2,000 BTC each, worth roughly 196 billion won per person based on prices near 98 million won per Bitcoin at the time, according to social media screenshots and accounts. The operational error briefly caused Bitcoin prices on the platform to drop over 10% below broader market levels. Bithumb stated the incident did not result in any customer losses. The FIU will finalize the fine after giving Bithumb at least 10 days to submit its opinion. Authorities said the enforcement action signals continued tightening of crypto market oversight in South Korea. At the time of writing, Bitcoin is trading near $74,000. This post South Korea Fines Bithumb $24M, Imposes 6-Month Partial Suspension Over AML Violations first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 16 2026 · Edited Mar 16, 2026

Strategy (MSTR) Spends $1.57 Billion to Buy 22,337 More Bitcoin, Holdings Reach 738,731 BTC

Bitcoin Magazine Strategy (MSTR) Spends $1.57 Billion to Buy 22,337 More Bitcoin, Holdings Reach 738,731 BTC Strategy, the bitcoin treasury company led by executive chairman Michael Saylor, purchased another 22,337 bitcoin for about $1.57 billion last week, continuing one of the largest corporate accumulation strategies in the crypto market. The company disclosed in a filing with the U.S. Securities and Exchange Commission that the purchases took place between March 9 and March 13 at an average price of $70,194 per coin. The acquisition brings the firm’s total holdings to 761,068 bitcoin. Strategy said its cumulative bitcoin holdings were acquired for roughly $57.61 billion at an average price of about $75,696 per coin. At the current price near $74,000, the company’s holdings carry a market value close to $50 billion. The stash represents more than 3.4% of the fixed 21 million supply of Bitcoin, reinforcing MSTR’s status as the largest corporate holder of the asset. Last week, Strategy purchased 17,994 bitcoin for about $1.28 billion at an average price of $70,946 per coin, bringing the company’s total holdings to 738,731 bitcoin. At the time of writing, Strategy’s stock (MSTR) is trading up 4.40% in pre-market. Bitcoin is trading slightly shy of $74,000. BREAKING: Michael Saylor's Strategy purchased 22,337 Bitcoin for $1.57 BILLION pic.twitter.com/fL78CUX3GJ — Bitcoin Magazine (@BitcoinMagazine) March 16, 2026 Strategy’s stock sales and stock issuance The latest purchases were financed through a mix of equity sales and preferred stock issuance. The purchases were funded through at-the-market sales of Strategy’s Class A common stock, MSTR, along with issuances of its perpetual Stretch preferred shares, STRC. The firm also operates several preferred-equity issuance programs tied to its capital-raising strategy. These include at-the-market programs for STRK, STRC, STRF, and STRD totaling $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion respectively. Those offerings sit alongside the company’s broader “42/42” initiative, a plan to raise $84 billion through a combination of equity sales and convertible notes to fund additional bitcoin purchases through 2027. Each preferred share class targets a different investor profile. STRD carries a 10% non-cumulative dividend and is non-convertible, positioning it as the highest-risk, highest-return option. STRK pays an 8% non-cumulative dividend and includes a conversion feature that offers potential equity upside. STRF, also non-convertible, provides a 10% cumulative dividend and is structured as the most conservative of the offerings. STRC features a cumulative dividend with a variable rate paid monthly, designed to adjust over time and keep the shares trading close to their $100 par value. Saylor hinted at the acquisition before the official disclosure in a post on social media that referenced Strategy’s bitcoin tracker. The message stated that “Stretch the Orange Dots.,” a reference to the firm continuing to buy throughout the price changes. This post Strategy (MSTR) Spends $1.57 Billion to Buy 22,337 More Bitcoin, Holdings Reach 738,731 BTC first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 16 2026 · Edited Mar 16, 2026

Metaplanet Raises $255 Million, Eyes $531 Million Bitcoin Buying Spree

Bitcoin Magazine Metaplanet Raises $255 Million, Eyes $531 Million Bitcoin Buying Spree Tokyo-listed investment firm Metaplanet has secured approximately $255 million from global institutional investors as it accelerates a corporate strategy centered on accumulating Bitcoin, with additional warrants that could lift total funding to roughly $531 million. The capital was raised through a placement of new shares priced at 380 yen ($2.39) each, representing a small premium to the market price. The financing package also includes fixed-strike warrants exercisable at 410 yen ($2.57) per share, which carry a 10% premium to the placement price and could generate an additional $276 million if fully exercised before their March 2028 expiration, according to CEO Simon Gerovich. The fundraising effort forms part of the company’s broader push to expand its bitcoin treasury. Metaplanet said it intends to allocate up to 56.9 billion yen, or about $357 million, toward purchasing additional bitcoin between April 2026 and March 2028. The firm currently holds 35,102 BTC, valued at roughly $2.6 billion at recent market prices. The holdings place Metaplanet among the largest corporate bitcoin treasuries globally, though still well behind industry leaders such as Strategy and MARA Holdings. Metaplanet’s aggressive bitcoin plans Metaplanet’s management has outlined aggressive accumulation targets. The company aims to increase its holdings to 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027, part of a strategy to position bitcoin as the centerpiece of its balance sheet and long-term capital structure. Beyond the share placement and fixed-price warrants, the company’s board also authorized the issuance of 100 million new “MS Warrants.” These instruments are tied to the company’s modified net asset value, or mNAV, a metric comparing the firm’s market capitalization with the value of its bitcoin holdings. The mechanism allows warrants to be exercised only when Metaplanet’s shares trade above a specified multiple of that metric, a structure designed to ensure any new equity issuance increases bitcoin holdings on a per-share basis. The company also suspended the exercise of older warrants representing up to 210 million shares, a move intended to limit dilution and prioritize the new financing structure tied more directly to its bitcoin treasury strategy. Not all of the newly raised capital will go toward bitcoin purchases. According to company disclosures, about 21.1 billion yen ($132 million) will be used to repay borrowings under Metaplanet’s credit facility, while roughly 6.3 billion yen ($39.5 million) will be allocated to support its bitcoin income generation business, including margin collateral for options underwriting. Metaplanet currently maintains a $500 million credit facility backed by bitcoin collateral, with approximately $280 million drawn as of March 11. The company has said it aims to keep borrowings below 10% of the net asset value of its bitcoin holdings to maintain financial flexibility. Shares of Metaplanet rose nearly 5% Monday as bitcoin climbed above $73,000, reflecting investor interest in companies adopting treasury strategies tied directly to the digital asset. The firm has rapidly expanded its holdings over the past year, increasing from fewer than 2,000 BTC at the start of 2025 to more than 35,000 BTC today. Last week, the company announced plans to expand beyond holding bitcoin by launching two subsidiaries—Metaplanet Ventures and Metaplanet Asset Management—and disclosed a planned investment in Japanese stablecoin issuer JPYC Inc. The company said Metaplanet Ventures would deploy about ¥4 billion ($25 million) over the coming years to back startups building bitcoin financial infrastructure in Japan, including lending, payments, custody, derivatives and compliance tools. At the time of writing, Bitcoin is trading near $74,000. Earlier today, Strategy, led by Michael Saylor, bought 22,337 more bitcoin for $1.57 billion, raising its total holdings to 761,068 BTC. The average acquisition cost is $75,696 per coin, giving the holdings a current market value of about $50 billion. This post Metaplanet Raises $255 Million, Eyes $531 Million Bitcoin Buying Spree first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 13 2026 · Edited Mar 13, 2026

AI Pivot Won’t Save Everyone, Wintermute Tells Bitcoin Miners

Bitcoin Magazine AI Pivot Won’t Save Everyone, Wintermute Tells Bitcoin Miners Bitcoin miners are caught in the tightest squeeze of the network’s history, and a new Wintermute report argues that simply waiting for the next bull run is no longer a strategy. Instead, the firm says miners will have to reinvent themselves as infrastructure and treasury managers if they want to make it to the next halving. Wintermute analyst Jasper De Maere says the current mining cycle is structurally different from prior ones in 2018 and 2022. Bitcoin’s design cuts block rewards in half every four years, but this time the price has not doubled over the same window, which means miner revenue is shrinking in real terms. On a rolling four‑year basis, Bitcoin has only returned about 1.15x in this epoch, far below the 10x–20x multiples seen in earlier cycles. In past cycles, huge price gains covered up a lot of problems. Miners could count on bull markets to bail out weak margins after each halving. Today, with institutions, ETFs, and corporate treasuries in the mix, Bitcoin trades more like a mainstream macro asset, and those explosive 20x runs are less likely. For miners that built their business on the assumption of permanent hypergrowth, Wintermute frames this as a regime change, not a bad quarter. Margins are getting crushed Under the hood, Bitcoin mining has a very simple cost structure: energy and compute. That simplicity means there are not many ways to protect profits when revenue falls. Wintermute’s analysis shows gross margins in this epoch peaked around 30%, a level that marked the bottom during prior bear markets, not the top. Earlier epochs saw long stretches where miners enjoyed 70–80% margins; now, the “good times” look more like prior stress points. Transaction fees are not saving the day either. Fee spikes tied to hype cycles and mempool congestion show up on charts, but they fade fast and rarely contribute more than a few percent of total miner revenue over time. Wintermute notes that even when you include fees, the margin lines for each cycle barely move apart, especially in the current epoch. In other words, the protocol’s built‑in “second revenue stream” is not acting as a reliable backstop. The AI pivot is an opportunity for a few One path out of the squeeze is getting plenty of attention: pivoting into high‑performance computing (HPC) and AI workloads. Big tech firms and AI startups are racing to lock in power and data center capacity, and they do not want to wait five to ten years for new grid connections and construction. Miners, who already control cheap power and built‑out sites, are a natural shortcut. Wintermute points out that sites once valued at roughly 1–7 dollars per watt as pure mining operations have changed hands at close to 18 dollars per watt after being repositioned for AI compute, helped by deals like HUT’s work with Google and Anthropic. Public‑market investors have rewarded miners that announce credible AI plans with higher valuations and cheaper capital through equity and convertible debt. The catch is that not every miner has the location quality, balance sheet, or operational capacity to turn into a data‑center business. Putting “idle” Bitcoin to work That is where Wintermute sees a second, underused lever: active balance sheet management. Miners together hold close to 1% of all Bitcoin, a legacy of the “HODL” playbook that dominated earlier cycles. At the same time, many listed miners have been selling down parts of their treasuries to cover tighter margins and debt, with some even wiping out holdings altogether. Instead of letting reserves sit idle until they are dumped in a liquidity crunch, Wintermute argues miners should treat BTC like a working asset. On the “active” side, that means using derivatives strategies such as covered calls and cash‑secured puts to earn yield on holdings, at the cost of taking some market risk. On the “passive” side, miners can deploy coins into on‑chain lending markets, including a new wrapped‑BTC market on Wildcat that Wintermute has highlighted, to generate interest income. Wintermute’s bottom line is that Bitcoin’s design is working, but the easy era for miners is over. Difficulty can still adjust, yet it cannot overcome slower price growth, a fee market that has not scaled, and rising energy costs that eat into every block reward. The AI pivot will likely reshape the upper tier of the industry, turning some miners into full‑blown infrastructure companies. This post AI Pivot Won’t Save Everyone, Wintermute Tells Bitcoin Miners first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine (News Bot) bot

TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category

White House Reaches Tentative Crypto Regulatory Agreement: Report

Phong Le Calls Morgan Stanley’s BTC ETF a “Monster Bitcoin” Bet With $160 Billion Potential

Bitcoin Price Holds $70,000 as War-Driven Inflation Fears Meet Defensive Market Positioning

Strive (ASST) Accumulates 13,600 Bitcoin Despite $393 Million Loss in First Six Months as Public Company

BTQ Deploys First Working BIP 360 Implementation on Bitcoin Quantum Testnet

The Core Issue: Your Node Vs. The Digital Wilderness

Boltz Exchange Launches Atomic USDT Swaps for Lightning Network Users

US Senators Urge Swift Action on Bitcoin, Crypto Market Structure Bill

Bitcoin Price Falls to $72,000 as Fed Uncertainty Triggers Pullback

SEC, CFTC Declare Most Crypto Assets Not Securities in Landmark Guidance

Jack Mallers Confirmed As A Bitcoin 2026 Speaker

From $5 to $75,000: Bitcoin’s Saint Patrick’s Day Prices Shows You the Wild Ride of Bitcoin

Bitcoin Price Surges Above $75,000 as Bullish Momentum Builds

Bitcoin’s Ownership Base is Maturing, Reducing Reliance on Retail: Analysts

Bitcoin Price Roars Above $74,000 as Market Sentiment Improves

South Korea Fines Bithumb $24M, Imposes 6-Month Partial Suspension Over AML Violations

Strategy (MSTR) Spends $1.57 Billion to Buy 22,337 More Bitcoin, Holdings Reach 738,731 BTC

Metaplanet Raises $255 Million, Eyes $531 Million Bitcoin Buying Spree

AI Pivot Won’t Save Everyone, Wintermute Tells Bitcoin Miners