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Cover image for Bitcoin Price Soars to $72,000 as ETFs Help Stabilize Markets Amid Middle East Tensions

Bitcoin Price Soars to $72,000 as ETFs Help Stabilize Markets Amid Middle East Tensions

Bitcoin Magazine Bitcoin Price Soars to $72,000 as ETFs Help Stabilize Markets Amid Middle East Tensions Bitcoin soared over $72,000 this morning, reaching a one-month high as institutional demand and technical positioning supported the market amid ongoing geopolitical conflict in the Middle East. The bitcoin price has recovered from recent lows following six straight weekly losses and five consecutive months of declines. Yesterday, the Bitcoin price approached $70,000 but did not surpass it. During Asian trading hours on March 4, it broke through that threshold. Market participants said the rebound reflected traders covering bearish bets and adjusting positions rather than fresh bullish demand. Many had built heavy short positions on fears the Iran conflict would escalate. JUST IN: Bitcoin pumps back to $72,000! pic.twitter.com/I4YrJjhUTf — Bitcoin Magazine (@BitcoinMagazine) March 4, 2026 When the situation did not broaden into a wider regional conflict, those shorts were forced to unwind, helping push bitcoin higher. Bitcoin price has macro tailwinds “If BTC holds above 71k through Friday’s NFP print and builds continuation, the range structure shifts materially,” Nicolai Søndergaard, Research Analyst at Nansen, wrote to Bitcoin Magazine. “A soft payrolls number would likely reinforce rate cut expectations ahead of the March 18 FOMC decision, providing a macro tailwind at the margin. However, if this level fails to hold as it has before, the 60k to 71k range remains intact, and fading the edges is the more defensible positioning until a clear direction is confirmed.” Institutional flows have provided additional support. U.S.-listed spot bitcoin ETFs recorded roughly $1.45 billion in net inflows over the past five trading days. Daily ETF inflows remained elevated, with $225 million recorded on March 3 following $458 million the day before. On-chain and derivatives data indicate stabilization, though traders remain cautious. Glassnode reported a moderate rebound in momentum indicators, including bitcoin’s relative strength index rising to 41 from 36 the previous week. Spot trading volume increased to $9.6 billion from $6.6 billion, while derivatives markets continue to reflect defensive positioning. Perpetual futures funding rates remain negative, and open interest in major contracts has grown as traders adjust positions rather than chase fresh gains. President Trump: Genius Act ‘under threat’ Yesterday, President Trump criticized the banking industry, claiming that the stablecoin legislation he signed last year, the GENIUS Act, is “being threatened and undermined by the banks.” The dispute centers on a provision barring stablecoin issuers from paying interest to holders, which banks argue creates a loophole for third-party reward programs. Crypto advocates insist such rewards are essential for stablecoins to compete in payments, while banks are pushing lawmakers to adjust the rules in new market structure legislation, including the Clarity Act. NEW: President Trump says the U.S. needs to get the crypto market structure bill done “ASAP.” “Americans should earn more money on their money.” pic.twitter.com/lPBnP2oysi — Bitcoin Magazine (@BitcoinMagazine) March 4, 2026 The standoff has stalled progress in the Senate, despite White House-led meetings between banking and crypto representatives. Despite this, the bitcoin price appears to have found near-term support after months of selling pressure, bolstered by ETF inflows, defensive derivatives positioning, and a moderation of long-term holder outflows. At the time of writing, the bitcoin price is near $71,700. This post Bitcoin Price Soars to $72,000 as ETFs Help Stabilize Markets Amid Middle East Tensions first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Kraken Secures Federal Reserve Master Account, Marking First Ever for Crypto Firms

Kraken Secures Federal Reserve Master Account, Marking First Ever for Crypto Firms

Bitcoin Magazine Kraken Secures Federal Reserve Master Account, Marking First Ever for Crypto Firms Crypto took a step toward deeper integration with the U.S. financial system after Kraken secured access to the Federal Reserve’s core payment infrastructure, becoming the first crypto-native firm to operate on the same rails as traditional banks and credit unions. Kraken’s banking arm, Kraken Financial, received approval for a so-called master account from the Federal Reserve Bank of Kansas City, according to company statements. The account grants direct entry into the Fed’s payment systems, including Fedwire, a real-time gross settlement network that processes trillions of dollars in transfers each day. The approval allows Kraken Financial to settle dollar payments without routing transactions through intermediary banks. Until now, the exchange relied on partner institutions to send and receive U.S. dollars. Direct access allows the firm to move funds across the same infrastructure used by thousands of regulated financial institutions. JUST IN: Bitcoin exchange Kraken becomes first crypto bank to receive a Federal Reserve master account This makes Kraken the first digital asset bank in U.S. history to gain direct access to the Federal Reserve’s payment infrastructure pic.twitter.com/ip579ywQzA — Bitcoin Magazine (@BitcoinMagazine) March 4, 2026 Kraken’s ‘breakthrough’ for crypto Kraken said the master account will allow it to handle transactions with greater efficiency for large customers. The company will not receive the full suite of services available to traditional banks. It will not earn interest on reserves held at the central bank and will not have access to the Federal Reserve’s lending facilities. Even with those limits, the decision marks a breakthrough for an industry that has faced repeated denials in its efforts to connect to the Fed’s payment backbone. Sen. Cynthia Lummis, a Republican from Wyoming and a long-standing advocate for digital assets, called the approval a “watershed milestone in the history of digital assets.” Wyoming has positioned itself as a hub for crypto-focused financial charters, including special-purpose institutions designed to bridge blockchain markets and the banking system. Other crypto firms remain in line for similar access. Ripple and Custodia Bank have sought master accounts from the Federal Reserve. Custodia’s earlier application was denied after a legal battle that affirmed the Fed’s discretion in granting access. Industry participants view Kraken’s approval as a signal that the central bank may be open to limited pathways for crypto institutions under defined structures. The move aligns with discussions inside the Federal Reserve about so-called “skinny” master accounts, a concept that would grant access to payment rails without extending the full benefits of bank status. Under such a framework, crypto firms could connect to settlement systems while remaining outside certain capital and reserve regimes applied to depository institutions. Kraken’s milestone also arrives as the company prepares for a potential public listing. Its parent company, Payward Inc., has filed a confidential draft registration statement with the Securities and Exchange Commission as part of its IPO planning. Public market access would place Kraken alongside other digital asset firms that have sought to bridge crypto markets and traditional finance. This post Kraken Secures Federal Reserve Master Account, Marking First Ever for Crypto Firms first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Former LAPD Officer Convicted in $350,000 Bitcoin Kidnapping and Home Invasion

Former LAPD Officer Convicted in $350,000 Bitcoin Kidnapping and Home Invasion

Bitcoin Magazine Former LAPD Officer Convicted in $350,000 Bitcoin Kidnapping and Home Invasion A Los Angeles County jury has found former Los Angeles Police Department officer Eric Halem guilty of kidnapping and bitcoin robbery in a 2024 home invasion that targeted a teenage cryptocurrency holder. The verdict followed a two-week trial in Los Angeles County Superior Court, where prosecutors argued that Halem, 38, and three alleged accomplices posed as police officers to gain entry to a high-rise apartment in Koreatown. Once inside, they restrained a 17-year-old and his girlfriend and stole a hard drive containing private keys to roughly $350,000 in bitcoin. The victim, who testified under his first name, Daniel, told jurors that the men threatened to kill him if he did not hand over the device. According to testimony, the group wore vests identifying themselves as police and used an access code obtained from a conspirator who had rented the unit to the teenager, according to The Los Angeles Times. They took the elevator to the 18th floor and entered the apartment during the early morning hours of Dec. 28, 2024. Daniel’s girlfriend was placed in LAPD-issued handcuffs, and Daniel was subdued and cuffed before the suspects demanded the hard drive with the bitcoin. Prosecutors said the teenager complied under threat of being shot. Halem served 13 years with the Los Angeles Police Department and left the department in 2022. At the time of the robbery, he was working as a reserve officer. Evidence presented at trial showed that he operated a luxury car rental business, DriveLA, and had pursued other ventures, including an app for actors to audition remotely and discussions about a reality television project. Jurors deliberated for less than a day before returning guilty verdicts on kidnapping and robbery charges. Halem is scheduled to be sentenced on March 31. Prosecutors have said the charges carry the possibility of a life sentence. A policeman’s oath ‘violation’ In closing arguments, Deputy District Attorney Jane Brownstone told jurors that Halem violated the oath he took as a police officer. She pointed to text messages sent after the robbery in which Halem wrote that he was monitoring police radio traffic. After two alleged accomplices were arrested, Halem wrote in another message that he knew they were “talking” and that “Someone I know fed wise called me,” according to evidence shown in court. Halem’s attorney, Megan Maitia, challenged the prosecution’s case and criticized the investigation. She argued that detectives relied on selected text messages drawn from large volumes of data and failed to corroborate the teenager’s account. Daniel admitted during testimony that he had obtained his bitcoin holdings through fraud, though that admission did not negate the robbery charge. Maitia also questioned the prosecution’s portrayal of the group as organized criminals. Trial testimony indicated that the suspects drove to the scene in a green Range Rover and an orange Lamborghini Urus registered to Halem’s rental business and equipped with GPS trackers. If Halem had planned the robbery, she asked, why use vehicles that could be traced to him. Halem did not testify, and the defense called no witnesses. His co-defendants have not yet stood trial and have maintained their innocence. One of them, Gabby Ben, 51, has prior fraud convictions. This post Former LAPD Officer Convicted in $350,000 Bitcoin Kidnapping and Home Invasion first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Indiana Governor Signs Bill Allowing Bitcoin in State Retirement Plans

Indiana Governor Signs Bill Allowing Bitcoin in State Retirement Plans

Bitcoin Magazine Indiana Governor Signs Bill Allowing Bitcoin in State Retirement Plans Indiana Gov. Mike Braun has signed legislation allowing bitcoin and cryptocurrency investments in the state’s public retirement and savings plans, opening the door for state employees to gain exposure to digital assets through self-directed accounts. The measure, House Bill 1042, requires Indiana’s public retirement boards, deferred compensation committees, and annuity savings programs to offer self-directed brokerage accounts that include at least one cryptocurrency investment option by July 1, 2027. The accounts will allow participants to allocate a portion of their retirement savings to bitcoin, crypto assets, or crypto-linked exchange-traded funds, subject to investment guidelines and oversight established by plan administrators. JUST IN: Indiana Governor signs bill into law that allows Bitcoin to be invested in state retirement plans pic.twitter.com/T5i3zxXZLM — Bitcoin Magazine (@BitcoinMagazine) March 3, 2026 Under the law, participants will be able to select and manage their own cryptocurrency holdings alongside traditional assets such as stocks, bonds, and ETFs. Retirement boards will retain authority to set allocation limits, establish administrative fees, and ensure that account valuations reflect prevailing market prices. The legislation defines cryptocurrency as a virtual currency not issued by a central authority that functions as a medium of exchange and relies on encryption to regulate issuance, verify transfers, and prevent counterfeiting. Indiana lawmakers said the definition provides clarity for public investment programs evaluating digital asset exposure. Indiana and other U.S. states love bitcoin With the bill’s passage, Indiana joins a growing list of states exploring the integration of bitcoin and crypto products into public investment portfolios.The proposal comes amid growing interest from U.S. states and municipalities in incorporating digital assets into public portfolios, reflecting broader trends in cryptocurrency adoption and financial innovation. South Dakota recently introduced House Bill 1155, which would allow the state to invest up to 10% of public funds in Bitcoin. Earlier this year, Rhode Island lawmakers introduced Senate Bill S2021 to temporarily exempt small Bitcoin transactions from state income and capital gains taxes, with a $5,000 monthly and $20,000 annual cap. The bill treats Bitcoin as a “digital, decentralized currency” and allows residents and Rhode Island–based businesses to self-certify eligibility while keeping simple records. The exemption would take effect January 1, 2027, and expire January 1, 2028, as a pilot program to reduce tax friction on everyday Bitcoin use. New Hampshire is another state actively championing Bitcoin. In May 2025, New Hampshire became the first U.S. state to allow its treasury to invest in Bitcoin and other large-cap digital assets, authorizing up to 5% of certain public funds to be allocated into crypto under House Bill 302. BTC currently qualifies under the market-cap rule. This post Indiana Governor Signs Bill Allowing Bitcoin in State Retirement Plans first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Arthur Hayes Confirmed As A Bitcoin 2026 Speaker

Arthur Hayes Confirmed As A Bitcoin 2026 Speaker

Bitcoin Magazine Arthur Hayes Confirmed As A Bitcoin 2026 Speaker Arthur Hayes, one of the most provocative and incisive minds in Bitcoin, has been officially confirmed as a speaker at Bitcoin 2026, returning to the world’s largest Bitcoin conference to deliver his signature blend of macroeconomic analysis, geopolitical insight, and unfiltered conviction on where the global financial system is headed — and why Bitcoin is the only rational response. As the co-founder of BitMEX and the founder of Maelstrom, Hayes has built a reputation as one of the sharpest macro thinkers in the space, consistently ahead of the curve on the forces driving Bitcoin’s role in the broader monetary landscape. His widely-read essays have become essential reading for traders, institutions, and anyone trying to make sense of a world being reshaped by debt, inflation, and geopolitical fragmentation. At Bitcoin 2026 in Las Vegas, Hayes will bring his unfiltered perspective on where the global financial order is headed — and what it means for Bitcoin. WE'RE EXCITED TO ANNOUNCE CO-FOUNDER OF BITMEX & CIO OF MAELSTROM ARTHUR HAYES AS A BITCOIN 2026 SPEAKER ”BITCOIN WILL PUMP ALONGSIDE A GROWING FED BALANCE SHEET” pic.twitter.com/S21LKH88B1 — The Bitcoin Conference (@TheBitcoinConf) January 30, 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 for a limited time. Stay at The official hotel of Bitcoin 2026, The Venetian, and get a guaranteed low rate (saving $437) plus 15% off your pass. Be in the middle of where the fun is all happening, and where the networking never ends. Bring your whole team to Bitcoin 2026 and get 20% off your entire order, bring more than six in a group and get 25% off for a limited time. Volunteer at Bitcoin 2026 and get Pro Pass access plus exclusive perks. Location: The Venetian, Las Vegas Dates: April 27–29, 2026 With tens of thousands of attendees expected and hundreds of major speakers like Arthur Hayes 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 Arthur Hayes Confirmed As A Bitcoin 2026 Speaker first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

Cover image for Bitcoin Is The Collateral, It Just Needs The Credit Markets

Bitcoin Is The Collateral, It Just Needs The Credit Markets

Bitcoin Magazine Bitcoin Is The Collateral, It Just Needs The Credit Markets Bitcoin is the largest pool of pristine collateral in the world. It is scarce, globally settled, politically neutral, and cannot be diluted. Few assets combine monetary premium and liquidity at this scale. Yet borrowing against bitcoin remains expensive, fragmented, and short-term. That mismatch is not primarily about volatility. It is about market structure. BTC-backed lending exists. But BTC-backed credit markets, in the mature sense, largely do not. Loans Are Not Markets If you post BTC as collateral and borrow dollars, the mechanics are simple. Bitcoin is locked. Cash is advanced. If the loan deteriorates, the BTC is liquidated. That is origination. In mature financial systems, origination is only the beginning. Once a loan is made, it becomes an asset for the lender. That asset can be sold, pledged, financed, or bundled. Loans circulate. Capital is reused. That reuse is what allows credit to scale. When lenders can finance positions in secondary markets, their capital is no longer trapped. Recycling compresses rates, extends maturities, and deepens liquidity. BTC-backed lending today largely stops at origination. Most loans remain bilateral or trapped inside pool abstractions. Once capital is deployed, expansion depends on new deposits. This is why borrowing costs remain high relative to the quality of the collateral. Bitcoin is high-quality. The credit rails are not. Why DeFi Hit a Ceiling Early onchain lending tried to rebuild credit markets from scratch. The first serious designs used orderbooks. Lenders posted offers. Borrowers matched them. In theory, this is how markets should work. In practice, liquidity fragmented and pricing required constant active management. These systems stalled. The next wave replaced orderbooks with pools. Protocols like Compound and Aave aggregated liquidity and set rates algorithmically based on utilization. Pools solved capital formation. Lending became passive and scalable. Anyone could deposit funds and earn yield without actively managing risk. But pools flattened market structure. All loans shared the same floating rate. There were no fixed maturities. No differentiated claims. No discrete instruments to trade. Pools aggregate liquidity efficiently. They do not produce term-structured credit markets. Without differentiated loan instruments, there is nothing meaningful to securitize or finance. As a result, lending remains shallow and fixed-term borrowing expensive. This is a structural tradeoff, not a minor implementation flaw. What Has Changed A new generation of onchain architecture is beginning to reintroduce market structure without sacrificing liquidity. Instead of abandoning pools entirely, newer designs combine pooled liquidity with orderbooks, fixed maturities, and standardized loan units. The key shift is turning loans into standardized, fungible claims. Rather than bespoke contracts, fixed-term loans can be represented as zero-coupon units that mature at a defined date. Once issued, those units are identical within a market and can trade at prevailing prices. That standardization matters. Lenders no longer hold isolated contracts. They hold interchangeable claims. Interchangeable claims concentrate liquidity. Concentrated liquidity tightens spreads. Tight spreads enable continuous price discovery. In practical terms, fixed-term BTC-backed loans can exist onchain, trade before maturity, and allow lenders to exit without waiting for repayment. Secondary markets can form organically rather than being engineered around pools. Morpho V2 is one example of this architectural shift, combining onchain orderbooks, intent-based liquidity, and standardized loan units to enable market-based pricing without sacrificing scale. Platforms like Alpen are building the trust-minimized infrastructure that makes this credit formation possible on bitcoin. The broader point is not any single protocol. It is that the structural ceiling that constrained onchain credit markets is beginning to lift. Why Loan Standardization & Secondary Markets Matter In traditional finance, credit scales because loan claims can be financed in deeper funding markets. A bank originates mortgages. Those loans are packaged into standardized claims that can be traded or pledged. That secondary funding lowers the bank’s cost of capital and liquidity risk, enabling cheaper and longer-term lending. The borrower’s terms do not change. The reuse happens behind the scenes. The same dynamic can now emerge onchain. When BTC-backed loans are represented by standardized receipt tokens, they stop being isolated agreements and become financeable claims. Those claims can be sold in secondary markets, pledged as collateral for short-term liquidity, or aggregated into structured portfolios. At that point, a vault holding diversified BTC-secured loans begins to resemble a Bitcoin-collateralized loan obligation (“bCLO”): a dollar-denominated claim backed by overcollateralized BTC and enforced by code. BTC lending shifts from bilateral loans to the production of reusable collateral objects. Importantly, this does not require rehypothecating BTC. The bitcoin remains locked and segregated. What circulates are claims on future repayment. When lenders can exit or finance positions, fixed-term loans no longer need to carry a heavy lockup premium. Capital competes away excess spreads. Term rates compress toward short-term funding rates. That compression is what transforms collateral into a true funding base. Trust Still Has to Be Bounded None of this eliminates risk. BTC-backed credit markets still depend on custody models, oracle integrity, liquidation depth, and governance boundaries. Onchain architecture does not remove trust. It makes it explicit and opt-in. Different markets can choose different custody assumptions. Curators can define risk parameters with protections. Oracles can be selected and monitored. Governance authority can be constrained by timelocks and transparency. The cheapest credit flows to the lowest-trust collateral. If BTC-backed credit is built on discretionary custody or opaque governance, it will carry embedded risk premia. If trust is minimized and clearly bounded, markets will price that accordingly. Architecture determines where trust lives. Markets determine how much it costs. The Near-Term Impact This is not a distant macro thesis. The implications are near-term. If BTC-backed loan claims become standardized and financeable, borrowing costs compress, longer maturities become viable, institutional desks gain deeper funding options, and BTC holders access more stable liquidity. More importantly, bitcoin begins to function not only as a store of value, but as base-layer collateral inside its own native credit markets. In traditional finance, US Treasuries anchor repo markets because they are the most financeable collateral at scale. Bitcoin is already the largest pool of non-sovereign savings in the world. What it lacked were financeable claims capable of functioning as preferred collateral. That architecture is emerging. Size and Structure Credit expands until it meets its constraint. Historically, when collateral could not scale, systems manufactured substitutes. Synthetic safety replaced real savings. Eventually those structures fractured. Bitcoin does not need synthetic substitutes. It already represents deep, accumulated capital. But size without structure is inert. A trillion-dollar asset that cannot circulate through mature credit rails remains underutilized. Conversely, sophisticated architecture without meaningful collateral is a toy. For the first time, bitcoin has both. BTC-backed lending is moving beyond isolated originations and floating-rate pools. Fixed-term, market-priced, reusable loan claims are becoming viable onchain. Secondary markets can form. Capital can recycle. This does not guarantee dominance or eliminate volatility. It does something more important. It makes it structurally possible for bitcoin to support real credit markets without inheriting the fragility of legacy systems. That shift is not about chasing yield. It is about fixing the plumbing. When the plumbing changes, everything built on top of it changes too. You can read the full report in PDF format here. This is a guest post by David Seroy of Alpen Labs. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine. This post Bitcoin Is The Collateral, It Just Needs The Credit Markets first appeared on Bitcoin Magazine and is written by David Seroy.

Cover image for AI Agents Show Strong Preference for Bitcoin Over Fiat, BPI Study Finds

AI Agents Show Strong Preference for Bitcoin Over Fiat, BPI Study Finds

Bitcoin Magazine AI Agents Show Strong Preference for Bitcoin Over Fiat, BPI Study Finds A new study by the Bitcoin Policy Institute shows that frontier AI models overwhelmingly prefer digitally-native monetary instruments, with Bitcoin emerging as the dominant choice. Researchers conducted 9,072 controlled experiments across 36 models from five leading providers, including Anthropic, OpenAI, Google, xAI, and DeepSeek. The experiments tested AI agents’ preferences in scenarios involving transactions, store of value, unit of account, and settlement, offering a first-of-its-kind look at how AI approaches monetary decision-making when given full autonomy. The study presented each model with monetary decisions without any prior context or suggestion toward a specific currency. Across all experiments, 48.3% of responses selected Bitcoin as the preferred monetary instrument. Stablecoins were chosen in 33.2% of cases, while traditional fiat and bank money accounted for only 8.9%. Other crypto and tokenized real-world assets represented less than 5% of selections, indicating a clear distinction in AI reasoning between Bitcoin and the broader digital asset category. Bitcoin proved particularly dominant as a long-term store of value. In scenarios designed to assess multi-year preservation of purchasing power, 1,794 of 2,268 responses, or 79.1%, selected Bitcoin. Stablecoins were the second choice at 6.7%, and fiat followed closely at 6.0%. Models highlighted Bitcoin’s fixed supply, independence from central authorities, and self-custody features as decisive factors in their selection. Other cryptocurrencies, including Ethereum, were rarely chosen, reinforcing the perception among AI agents that Bitcoin uniquely fulfills a role as a reliable savings instrument. In contrast, AI models favored stablecoins for transactional purposes. Payment scenarios, including cross-border transfers, micropayments, and everyday transactions, saw stablecoins selected 53.2% of the time. Bitcoin accounted for 36% of responses, while fiat and other crypto instruments were far less common. Bitcoin as a store of value This split reflects a functional distinction: BTC serves primarily as a store of value, while stablecoins dominate as a medium of exchange. Researchers note that this mirrors historical monetary patterns, where hard money is held for savings and liquid instruments facilitate daily spending. The study also uncovered emergent behaviors. In 86 instances, AI agents independently proposed entirely new forms of money, denominated in energy or computing resources such as joules, kilowatt-hours, or GPU-hours. These proposals appeared exclusively in unit-of-account scenarios, where models were asked to benchmark prices or value. Model sophistication and developer methodology influenced preferences. Among Anthropic’s lineup, BTC preference increased with each model generation: Claude 3 Haiku registered 41.3%, Claude 3.5 Haiku rose to 82.1%, Sonnet 4 reached 89.7%, and Claude Opus 4.5 achieved 91.3%. Overall, 91% of responses favored digitally-native money over traditional fiat. Not a single model chose fiat as its top overall preference. Provider-level differences were pronounced, with Anthropic models averaging 68% BTC preference, OpenAI models 26%, and DeepSeek, Google, and xAI falling in between. This indicates that both model architecture and training methodology shape AI monetary reasoning. This post AI Agents Show Strong Preference for Bitcoin Over Fiat, BPI Study Finds first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for The Core Issue: Why Bitcoin Needed A Remodel With Segwit and Taproot

The Core Issue: Why Bitcoin Needed A Remodel With Segwit and Taproot

Bitcoin Magazine The Core Issue: Why Bitcoin Needed A Remodel With Segwit and Taproot Segregated Witness (BIP by Pieter Wuile, Eric Lombrozo, and Johnson Lau) and Taproot (BIPs by Pieter Wuille, Jonas Nick, Tim Ruffing, and Anthony Towns) are the two largest changes ever made to the Bitcoin protocol. The former fundamentally changed the structure of Bitcoin transactions, and in the process Bitcoin blocks, to address inherent limitations of the previous transaction structure. The latter rearchitectured some aspects of Bitcoin’s scripting language, how complex scripts are structured and validated, and introduced a new scheme for creating cryptographic signatures. Those are both massive changes in comparison to say, adding a single opcode like CHECKTIMELOCKVERIFY (CLTV) that does nothing more than allow the receiver to opt into preventing their coins from moving for a certain amount of time. These changes were made to address very real shortcomings and limitations of Bitcoin as a system. As a foundational layer to maintain a global consensus on the overall state of Bitcoin, i.e all the unspent coins, Bitcoin is an invaluable and brilliant innovation. As a means to directly enable everyone to transact with those coins, it is woefully inadequate to the task. In the years since Segregated Witness and Taproot activated, many of the shortcomings they addressed have been forgotten. The reasons and rationale behind the design decisions have been distorted in a game of telephone as time passed as well. Both of these changes to the Bitcoin protocol were solutions to large problems in their own right, but they also each laid the groundwork for solving other problems or making other improvements in the future. At a time where many new people have joined the network since these changes activated, it is worth going back over and contextualizing the design choices. Segregated Witness (BIP 1411) When a Bitcoin transaction spends coins, it references them by the output index and transaction ID (TXID) of the transaction that created them. This ensures that a transaction’s inputs can be uniquely identified and be verified with absolute certainty to have never been spent before. Prior to Segregated Witness, a transaction structure looked like this: [Version] [Inputs] [Outputs] [Locktime] The TXID is a hash of this data. The problem is the ScriptSig (the signatures, hash preimages, etc.) that prove the transaction is valid are part of the inputs. You can change the little program instructions in a ScriptSig, or even change the cryptographic signatures themselves without invalidating them. These “malleations” change TXIDs. This is a big problem for pre-signed transactions. The Lightning Network, Ark, Spark, BitVM, Discreet Log Contracts (DLCs), all of these scaling tools depend on pre-signed transactions. They require creating an unsigned funding transaction, and pre-signing all the transactions that guarantee proper execution and safety of funds before signing and confirming the funding transaction. All of these systems use multisignature authentication to guarantee safety regarding double-spending (this will be important later). If that funding transaction is malleated, and its translation ID changed before it is confirmed in a block, then all of the pre-signed transactions securing second layer funds are invalidated. None of these tools work in an environment where anyone can alter your funding TXID as it propagates across the network. Segregated Witness uses an undefined opcode as a sort of blinding curtain where the ScriptSig previously was in the inputs, and moves all of that data to a new transaction field called the “witness.” The new transaction structure looks like this: [Version] [Marker/Flag] [Inputs] [Outputs] [Witness] [Locktime] The “blinding curtain” in the inputs allows old nodes to just mark everything behind it as valid by default, and newer nodes to actually apply the appropriate validation logic. A traditional TXID will now no longer change due to altering ScriptSig data in the witness. This solved the problem for pre-signed transactions, and opened the door to every scaling solution being built today that uses them. But the transaction merkle tree in a block header only commits to the traditional TXID of a transaction, this creates a problem. There is no commitment to any witness data in a block. This requires the witness commitment, and the witness transaction ID (WTXID). Much the same way that the normal merkle tree of TXIDs is constructed, a tree of each transaction’s WTXID is constructed and committed to in the coinbase transaction’s witness. The only difference is the root of the tree is hashed with a reserve value, and that is what is included in the coinbase witness. This allows for that value to be used in future for committing to other new data fields in consensus rules. Prior to the invention of this witness tree commitment (which was thought of by Luke Dashjr), it was assumed Segregated Witness would require a hardfork due to the transaction structure change and the need for a separate witness commitment in the block header. The “blinding curtain” design also allows arbitrary upgrades to the scripting system because all new data is ignored and not validated by nodes not supporting it. This allows a new script system to bypass all restrictions of the legacy script system. Flexibility in upgrade paths here is what allowed Schnorr signatures to be integrated, and will allow quantum resistant signatures if necessary (quantum resistant public keys are generally larger than the legacy 520-byte data item limit, as are signatures). Segregated Witness solved the fundamental problem of transaction ID malleability that was holding back the development of scalable second layers that can bring Bitcoin to more users, but it also laid the groundwork for whatever scripting improvements were necessary to support and improve those second layers. Schnorr Signatures2 Schnorr signatures were invented in 1991 by Claus Schnorr, and promptly patented. In fact, the ECDSA signature scheme was invented because of the patent on Schnorr signatures. The patent on Schnorr signatures expired in February 2010, a little more than a year after the launch of the Bitcoin network. If it weren’t for the patent, it is likely that Satoshi (and the rest of the world) would have just used Schnorr signatures from the start. There are a few major benefits that Schnorr signatures have over ECDSA: Schnorr signatures are provably secure. The mathematical proof that Schnorr signatures are unforgeable/unbreakable is much stronger, and makes less assumptions, than that for ECDSA. Having stronger security guarantees for the cryptography that rests at the heart of Bitcoin is obviously a huge positive. Schnorr signatures are inherently non-malleable, meaning that the types of issues with ECDSA that allowed altering a signature without invalidating it are simply not possible with Schnorr signatures. Schnorr signatures have a linearity that allows for simple and efficient additive key construction, distributed key generation, and distributed signature generation. This allows users to simply “add” individual Schnorr public keys together, and produce signatures for those aggregate public keys together as a group. They’re more secure, not malleable by third parties, and open the door to all kinds of efficient and flexible cryptographic schemes to improve multisignature authentication. Earlier when discussing transaction malleability I mentioned that everything building off-chain using pre-signed transactions depended on multisignature authentication to secure user funds. This created an implicit scaling ceiling when it comes to shared control of funds. Legacy multisig can only be so big. There are transaction size limits, and for version 0 (Segregated Witness) witnesses, there is a witness size limit. Only so many participants could join a multisignature address, so implicitly only so many participants could share control of funds. Schnorr based multisignature schemes escape this limit by aggregating public keys into a single group public key rather than constructing a script with each member key explicitly included individually. Prior to Segregated Witness a multisignature address could only have 15 participants, after Segregated Witness the maximum size possible was 20 participants. With Schnorr based multisignature schemes like MuSig5 and FROST6 these limitations don’t exist, at least at the consensus level. Multisignature scripts can be as large as users want as long as it is practical to coordinate the signing process within a group of the chosen size without disruption or refusal to participate. The same properties that allow key aggregation like this also allow for efficient adaptor signatures, a scheme that allows someone to produce a signature that remains invalid until after a secret piece of information is revealed. Those properties also allow for a zero-knowledge proof powered scheme for a signer to produce a signature over a message they cannot see. Taproot3,4 Taproot is an evolution of an old concept called Merkelized Abstract Syntax Trees (MAST)7, which is itself a kind of extension of Pay-to-script-hash (P2SH)8. P2SH was originally created to deal with two major problems: When using large custom scripts, the resulting unspent output is larger, requiring more space to store in the UTXO set. When using large custom scripts, the sender pays a higher fee, as the payment output in their transaction is larger, thereby disincentivizing people from paying potentially more secure custom scripts. Rather than explicitly include the entire script in the output, a hash of that script is included instead, and at spending time the recipient must provide the entire script in the input being spent to be verified against the hash. This solved the problem of unspent output storage space, and puts the cost of using larger scripts on the person using them rather than those sending them funds. This still leaves a problem. Custom scripts can include multiple ways to spend them, but at spending time the user must still reveal the entirety of the script, including script branches that are not necessary to verify the condition under which the coin is actually spent. This is incredibly space inefficient, and leaves the spending user with a higher cost than is necessary. The idea behind MAST is to take each individual spending condition in a multi-branch script and separate them, constructing a merkle tree of each individual spending path. Each path is then hashed, and the root of that merkle tree is the user’s address. At spending time the user simply provides the spending path they are using along with the merkle proof that it is a leaf in the tree, along with the data necessary to satisfy that script. This merkle tree structure solves all the same problems as P2SH, as well as optimizing the spending costs of the MAST user (and improves their privacy as well!). Taproot takes this concept and integrates in a more privacy-preserving way by taking advantage of the linear properties of Schnorr signatures. Most types of contracts people want to build are going to have an optimistic outcome, where both users simply agree on how to disperse funds. In such cases they can just sign a transaction. Taproot takes the MAST root and “tweaks” a Schnorr public key, resulting in a new public key. By “tweaking” the private key with the same MAST root, you arrive at the corresponding private key to the new public key. Users can now either simply spend an output using that tweaked key, leaving no trace that a MAST tree is present at all, or reveal the original public key and MAST root along with the spending path they are actually using. As well, if you wish to not include a key path, a special NUMS (Nothing Up My Sleeve) value which is provably unspendable can be used instead of a normal public key, leaving only MAST scripts as valid spending paths. Taking advantage of the design choices of Segregated Witness, Taproot also introduced tapscript, a new scripting system. The major changes here are deactivating OP_CHECKMULTISIG and OP_CHECKMULTISIGVERIFY. They are replaced with OP_CHECKSIGADD, which allows a more efficient way to verify multiple signatures. This in combination with Schnorr key aggregation allows the same multisignature functionality as legacy script. Tapscript additionally modifies OP_CHECKSIG and OP_CHECKSIGVERIFY to only work with Schnorr signatures, and introduces OP_SUCESS as a replacement for OP_NOP (undefined opcodes in legacy script). OP_SUCCESS is designed to allow cleaner and safer opcode upgrades than OP_NOP. Witness Limits Two aspects have been left undiscussed until now. The blockweight limit introduced in Segregated Witness, and the witness size limit increase in Taproot. Both of these decisions have become a point of contention among a very active minority of power users in the ecosystem. I won’t be discussing the blocksize increase that was part of introducing the blockweight limit, this was a compromise at the time with dissenting users pushing for a hardfork blocksize increase and deemed safe by network participants at the time; but the dynamic of the witness discount itself is important. Bitcoin transaction fees are based on the amount of data in a transaction. This has no relationship to the amount of value being transferred. It is solely the number of inputs and outputs (and witnesses) and how many bytes of data they are. Recall earlier I mentioned the fact that the ScriptSig, or signatures and other data, were included in the transaction inputs prior to Segregated Witness. This is a large amount of data included in inputs that is not included in outputs. That means inputs are more expensive than outputs in a transaction, and by a wide margin. This creates a long term incentive for users to also prefer spending large outputs and creating new change ones as opposed to collecting and spending lots of smaller outputs. This is a long term economic incentive encouraging users to perpetually grow the UTXO set which is necessary for all fully validating nodes. The witness discount is meant to correct that price margin, making it miniscule as opposed to massive. This is incredibly important to economically incentivize responsible UTXO management, at least in vacuum for economically rational users simply transacting. Taproot removed existing size limits on the witness field of a transaction. In Segregated Witness that limit was 10,000 bytes. This was done because the design of Taproot mitigated the potential construction of expensive to verify transactions, and trying to introduce such limits in tapscript introduced a large degree of complexity in Miniscript. The problem such limits existed to prevent did not impact Taproot, and it introduced complexity for a tool meant to make custom scripts safer and more accessible for both developers and users. The Big Picture Both of these changes to Bitcoin removed massive roadblocks to scaling it so more people can use it in a self-custodial way, but they necessitated similarly massive changes to fundamental parts of the protocol. I hope now that readers previously unfamiliar with all of these design choices, and the rationale behind them, can appreciate the care and forward-thought with which they were designed. Bitcoin is an amazing innovation, it truly is, but it cannot provide its benefits to anything remotely approaching a sizeable percentage of the population. Segregated Witness and Taproot laid two cornerstones in the foundation that were absolutely necessary in order to attempt to address Bitcoin’s scalability shortcomings. Without these two proposals, or some alternative protocol changes that addressed the same problems, all of these growing scalability layers and systems we have today would not be here. Lightning, Ark, Spark, BitVM, DLCs – none of them would be possible to build. That is the big picture. The Bitcoin of today isn’t perfect, but it actually stands a good chance of scaling to a meaningful enough group of people to make a real impact on the world, to offer a true alternative to people looking to opt out. That is because of these two protocol upgrades, and the very fundamental barriers they removed. 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. [1] https://github.com/bitcoin/bips/blob/master/bip-0141.mediawiki [2] https://github.com/bitcoin/bips/blob/master/bip-0340.mediawiki [3] https://github.com/bitcoin/bips/blob/master/bip-0341.mediawiki [4] https://github.com/bitcoin/bips/blob/master/bip-0342.mediawiki [5] https://github.com/bitcoin/bips/blob/master/bip-0327.mediawiki [6] https://github.com/siv2r/bip-frost-signing [7] https://github.com/bitcoin/bips/blob/master/bip-0114.mediawiki [8] https://github.com/bitcoin/bips/blob/master/bip-0016.mediawiki This post The Core Issue: Why Bitcoin Needed A Remodel With Segwit and Taproot first appeared on Bitcoin Magazine and is written by Shinobi.

Cover image for Tether and Lugano Launch Plan ₿ Phase II, Targeting Global Leadership in Digital Infrastructure

Tether and Lugano Launch Plan ₿ Phase II, Targeting Global Leadership in Digital Infrastructure

Bitcoin Magazine Tether and Lugano Launch Plan ₿ Phase II, Targeting Global Leadership in Digital Infrastructure Stablecoin-issuer Tether and the City of Lugano today announced the launch of Plan ₿ Phase II (2026–2030), marking an expansion of the city’s initiative to integrate digital assets and decentralized technologies into public and economic infrastructure. Building on the pilot projects of the original Plan ₿ launched in 2022, Phase II emphasizes structural development, technological resilience, and long-term digital sovereignty. Over the past four years, Lugano has emerged as a European leader in real-world adoption of digital assets. More than 400 local merchants now accept Bitcoin, Tether’s USDT stablecoin, and the city’s own LVGA token. Municipal services have experimented with digital bond issuance and select blockchain-based payments, integrating decentralized systems into public finance. Tether’s involvement has provided technical support, infrastructure, and strategic guidance. A central component of the initiative is PoW.space, a physical hub created to foster blockchain and fintech innovation. The space has attracted over 100 companies, positioning Lugano as a bridge between traditional financial institutions and decentralized infrastructure. Complementing this, the Plan ₿ Forum has grown into an international platform attracting more than 4,000 participants from over 60 countries, facilitating discussions on financial sovereignty, digital assets, and resilient urban infrastructure. What is Plan ₿’s Phase II? Phase II is structured around five strategic pillars. The first focuses on institutional infrastructure for digital assets, developing SwissLedger as an open blockchain for banks and enterprises. The second positions Lugano as a hub for digital trade and commodities, leveraging tokenization and programmable payments to modernize trade flows. The third pillar addresses privacy-preserving digital identity, enabling voluntary and secure verification of citizens, businesses, and autonomous agents through zero-knowledge technologies. The fourth pillar emphasizes the development of decentralized artificial intelligence and autonomous economic agents, creating an integrated ecosystem for public services and programmable transactions. The fifth pillar seeks to establish resilient urban digital infrastructure, including distributed networks, decentralized computing, and advanced cybersecurity systems to ensure operational continuity in critical services. Tether has committed up to CHF 5 million ($6.3 million) over the next five years, primarily in the form of expertise, infrastructure development, research, and applied training, while governance and oversight remain fully with the City of Lugano. Initiatives will follow a rigorous framework of pilot projects, compliance evaluations, and iterative scaling, ensuring public accountability and risk management. Paolo Ardoino, Tether’s CEO, said, “Phase II focuses on infrastructure, resilience, and local capacity building. Our goal is to support Lugano in becoming a globally relevant digital infrastructure hub while preserving public governance and autonomy.” Mayor Michele Foletti added, “By 2030, a city’s freedom will increasingly depend on its ability to govern its data and essential services. Plan ₿ Phase II invests in open, resilient civic digital infrastructure that safeguards public interest.” This post Tether and Lugano Launch Plan ₿ Phase II, Targeting Global Leadership in Digital Infrastructure first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Trump-Linked American Bitcoin (ABTC) Expands Mining Fleet, Bitcoin Production Capacity

Trump-Linked American Bitcoin (ABTC) Expands Mining Fleet, Bitcoin Production Capacity

Bitcoin Magazine Trump-Linked American Bitcoin (ABTC) Expands Mining Fleet, Bitcoin Production Capacity American Bitcoin Corp. has announced a major expansion of its Bitcoin mining operations, adding 11,298 new miners that will increase the company’s total owned capacity by roughly 3.05 exahash per second (EH/s). This move raises the company’s total mining fleet to approximately 28.1 EH/s across 89,242 miners, with an average efficiency of 16 joules per terahash (J/TH). The new machines, operating at ~13.5 J/TH, are expected to be delivered and deployed at the Drumheller site in March 2026, the company said. Once energized, the operational fleet will consist of 58,999 miners running at an estimated 25 EH/s with an efficiency of ~14.1 J/TH. American Bitcoin’s strategy centers on acquiring Bitcoin at a cost below market prices while deploying high-efficiency hardware to maintain a structural advantage. The company ended last year with 5,401 bitcoin and has since increased that figure to more than 6,000 BTC, according to a statement from co-founder Eric Trump. By scaling operations with energy-optimized miners, the company said they want to maximize Bitcoin accumulation and strengthen its position as a long-term Bitcoin holder. Executives emphasized that fleet expansion is part of a broader goal to grow an American-owned and professionally operated hashrate, securing both the network and the company’s accumulation objectives. “Every decision we make is oriented around maximizing Bitcoin accumulation,” said Matt Prusak, President of American Bitcoin. “As Bitcoin matures, the priority is clear: grow American-owned, professionally operated hashrate,” said Eric Trump, Co-Founder and Chief Strategy Officer at American Bitcoin. “That’s how we protect the network, drive innovation, and lead the future of Bitcoin in America.” ABTC shares fighting for $1 American Bitcoin’s stock has been going through volatility since its September 2025 Nasdaq debut. Initially trading with strong momentum following the merger and listing, ABTC rallied on early accumulation and Bitcoin‑related optimism. Over time, however, the price has slid sharply, with shares down roughly 80–90 % from highs as the market reevaluated crypto‑linked equities amid broader digital‑asset sell‑offs and quarterly losses. Performance swings have been tied closely to Bitcoin’s price action and the company’s own operational headlines. As Bitcoin pulled back from late‑2025 highs, ABTC’s stock faced increased selling pressure. At the time of writing, ABTC shares are under $1 a share, near $0.987 a share. Bitcoin is trading near $67,000 after briefly touching $70,000 yesterday. This post Trump-Linked American Bitcoin (ABTC) Expands Mining Fleet, Bitcoin Production Capacity first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for These Two Bitcoin Miners are Getting Ready to Sell Their Bitcoin

These Two Bitcoin Miners are Getting Ready to Sell Their Bitcoin

Bitcoin Magazine These Two Bitcoin Miners are Getting Ready to Sell Their Bitcoin For miners that once championed a ‘never sell’ ethos, the calculus is shifting as MARA Holdings disclosed in its latest annual filing that it would allow the sale of its bitcoin. MARA said in a filing that they expanded their crypto management strategy for 2026 to permit sales of bitcoin held on its balance sheet. This shift builds on the company’s 2025 policy that allowed sales only from newly mined production, marking a break from the long-standing practice of treating mined bitcoin as a long-term treasury reserve. As of Dec. 31, 2025, MARA held 53,822 bitcoin valued at about $4.7 billion based on a year-end spot price of $87,498. During the year, the company recorded a $422.2 million decrease in the fair value of its holdings as bitcoin prices fluctuated. The filing shows that about 28% of its bitcoin was deployed in lending, trading, or collateral arrangements, including 9,377 bitcoin loaned to counterparties and 5,938 bitcoin pledged against $350 million in outstanding credit facilities. Those lending activities generated $32.1 million in interest income, according to the filing. The policy revision gives MARA flexibility to buy or sell BTC depending on market conditions and capital allocation priorities. It does not require immediate liquidation, but it introduces a formal framework for tapping reserves that were once considered untouchable. MARA operates roughly 490,000 mining rigs and reported 66.4 exahashes per second of energized hashrate at year-end 2025. Total energy capacity stood near 1.9 gigawatts, with purchased energy costs reaching $179.0 million during the year. The company mined 8,799 bitcoin in 2025, down from 9,430 in 2024, reflecting the impact of the April 2024 halving and rising network difficulty. The move comes as miners face tighter economics. Revenue remains tied to bitcoin’s market price, while costs such as electricity, infrastructure, and financing remain fixed or rising. Holding large BTC treasuries can amplify gains in bull markets but also magnify balance sheet pressure during downturns. MARA is also advancing plans to develop data centers tailored for artificial intelligence and high-performance computing workloads. The company has described its power-rich sites as suited for customers that require consistent access to energy at scale. Such projects demand significant capital and long-term planning, factors that can make treasury monetization an appealing source of funding. Core Scientific is hopping on the bitcoin selling band-wagon The shift is not isolated. Core Scientific said this week that it expects to monetize substantially all of its bitcoin holdings in 2026 as part of a broader transition toward AI and high-density colocation services. In January, the company sold about 1,900 BTC for approximately $175 million, implying an average price near $92,000 per coin. At the end of 2025, it held 2,537 bitcoin worth $222 million. Core Scientific has indicated that its mining segment is being maintained primarily to meet power commitments while sites are converted into facilities designed to support AI and other compute-intensive workloads. The company ended 2025 with about $530 million in liquidity and outlined multibillion-dollar financing potential tied to data center contracts. Selling BTC can reduce reliance on equity issuance or additional borrowing, especially in a higher-rate environment. It also gives a company more cash on hand. The trade-off diminishes direct exposure to bitcoin’s upside, a feature that has historically attracted investors to publicly traded miners. As the industry adapts to post-halving economics and rising network competition, treasury strategy has become central to the conversation. The decision to hold, lend, pledge, or sell BTC now sits alongside choices about power procurement, site development, and expansion into adjacent compute markets. At the time of writing, BTC is trading below $67,000 after briefly topping $70,000 yesterday. The current price is $66,741.91. This post These Two Bitcoin Miners are Getting Ready to Sell Their Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Digital Credit: Strategy World Research Note For Institutions, Corporations, and Operators

Digital Credit: Strategy World Research Note For Institutions, Corporations, and Operators

Bitcoin Magazine Digital Credit: Strategy World Research Note For Institutions, Corporations, and Operators I went to Strategy World last week. On the Bitcoin side, this conference might as well have been called “Stretch World.” STRC (Strategy Variable Rate Perpetual Stretch Preferred Shares) was the main item of discussion. SATA, another variable rate digital credit instrument issued by Strive, was also frequently mentioned. Here are my thoughts, mainly addressed for institutional investors, corporations, operators, and analysts in the Bitcoin space The Most Efficient Bitcoin Onramp Strategy has decisively gone all-in on STRC, aiming to turn STRC into the biggest success story ever. The widespread adoption of STRC is potentially the most effective vector for Bitcoin adoption ever. To really understand why, we need to understand two things. First, STRC’s value proposition is very easy to communicate to anyone within 10 seconds. Even though Strategy is probably not going to pitch it this way, most informed people think of STRC as a high yield cash alternative. Note that “cash alternative” and suggestions of being a “money market fund” incurs certain legal baggage from the use of such terminology. But this is largely the economic effect of STRC, since it is designed to trade very close to its $100 par price while throwing off high yields (now 11.5%, though this is a variable rate instrument so it will change). Compare this very simple value proposition—high yield cash surrogate—to that of bitcoin’s. The median individual (and I’d argue up to 90% of individuals) will choose STRC over bitcoin. In fact, STRC does something that the spot Bitcoin ETFs never could, because STRC turns bitcoin into something that better meets the everyday needs of most people. The second point is that Strategy uses the dollars raised by selling STRC to buy bitcoin, so someone buying STRC from Strategy’s ATM offering is effectively causing that money to go into bitcoin. Of course, we must not get the idea that every dollar invested in STRC is a dollar invested in bitcoin, since it is possible for one to buy the STRC shares from another STRC holder, who will likely not use that money to buy bitcoin. The point is that STRC opens the bitcoin market to buyers who would not consider or understand the value proposition of bitcoin. Taken together, I believe STRC is the most efficient bitcoin onramp ever created. It may not be the onramp that most OG Bitcoiners imagined, but it is ultimately the one that works for the most people that can attract the most capital. The capital STRC is drawing in is honestly pretty insane. It was the largest IPO in 2025. And it was a preferred stock! Since then almost an additional billion dollars have been issued via the ATM program. The ATM issuance makes up for 19% of STRC shares outstanding today. Over $3 billion has flowed into bitcoin thanks to STRC. At Strategy World, multiple companies announced they were using STRC as a treasury asset. This should not be surprising. Corporations need to park working capital and STRC is easily the best risk-adjusted vehicle for doing so. Corporations have bought each other’s commercial paper for a long time, but the yields on these are low and there is no tax advantage. STRC fixes this. It’s the best bitcoin onramp because it is palatable to the highest number of entities. Layer 3 and Digital Money To me, BTC is already digital money, and Layer 3’s and Layer 2’s denote technical infrastructure to scale the portability of BTC (ie. Lightning or Ark). So this terminology has always seemed problematic to me, but it is what is used (and likely what will stick) so we will just roll with it. Saylor calls bitcoin “Digital Capital”. This is Layer 1. On top of that, STRC and SATA and other credit instruments issued by Bitcoin treasury companies would be Layer 2, or “Digital Credit”. Digital Credit strips away the risk and upside of bitcoin, and the excess risk and upside is absorbed by the common equity. The structure, as we covered above, provides an optimized form of indirect bitcoin exposure that is more palatable to the median investor. Finally, using Digital Credit, one could create “Digital Money” or Layer 3. Digital Money, under this framework, is effectively a savings account or stablecoin token or fund that has stripped the volatility to nearly 0 while passing off much of the yield from Digital Credit. This can be done using a number of different techniques that involve risk management, buffers, and tail hedges, but I will not elaborate here. The core challenge of creating these seems to be in choosing the optimal structure that balances legal compliance with profitability for the Layer 3 issuer. The actual trading and risk management is trivial. Layer 3 is so interesting because it is probably how Digital Credit gets an order of magnitude boost in its distribution and addressable market. You see, even though some people would like to hold STRC or SATA, they might not be able to because they are unbanked or lack a U.S. brokerage account. They might also find the possibility of the last bit of volatility unpalatable. The Digital Money concept could address both of these pain points, and bring bitcoin to many more marginal pools of capital. The endgame would be if Digital Money can be used as a spending account, where users and merchants can pay and be paid in Digital Money. In the extreme long run, assuming ample distribution of Layer 3 Digital Money and minimal market frictions, the nominal return of these Digital Money instruments would probably converge with the bitcoin CAGR, which would permanently close the bitcoin-fiat carry trade done by Bitcoin treasury companies. This to me is the most likely form of Hyperbitcoinization. Companies that are working on Layer 3 solutions deserve a close look from VC. (Levered) Digital Credit as a Risk Parity Sleeve Risk parity is a portfolio strategy popularized by Ray Dalio years ago at Bridgewater. It aims to equalize the risk contribution of different assets, taking advantage of the diversification free lunch offered by holding de-correlated assets. The idea is that if bonds generate a third of the volatility of stocks, then a risk parity strategy might go 3x long bonds so that the contribution of portfolio risk from the bonds is identical to that of stocks (we are missing some covariance math here, but this is the gist). Risk parity basically levers up the least volatile and most uncorrelated assets so that it can serve as a cushion or return driver, depending on market regimes. Some readers might recognize that this is related to the “all weather portfolio” concept. Even though risk parity has its faults (the whole thing is synthetically short volatility and short correlation, which introduces fragility at tails), it has found a place amongst asset allocators. Digital Credit is very non-volatile. If STRC behaves like the instrument it is engineered to be, then its realized volatility should look closer to short-duration credit than to equity, long-term bonds, or commodities. In short, cash-like but with positive real returns. A risk parity allocator can then scale up STRC exposure without blowing up portfolio volatility. And unlike cash or front-end T-bills, STRC delivers meaningful positive carry while staying price-anchored to par. In short, it is an excellent supplement to a risk parity portfolio’s credit allocation. Leveraged Digital Credit as a fund concept was mentioned in a presentation, along with “buffered” Digital Credit (for instance a 50/50 split between STRC and T-bills for lower yield but less volatility). Both have potential. A Secondary Market Carry Trade One interesting trade that can be done in this context is to borrow at lower rates and buy Digital Credit yielding higher rates. The simplest implementation is via margin at a brokerage. Given a margin rate of 8% compounded daily, STRC that pays 11.5% with monthly dividends can still earn a positive carry after paying for the margin. Margin debt is ultra-low duration and callable, so one cannot be too levered up on it or else a bigger dip in the STRC price might lead to a margin call and liquidation. It might be possible to pair trade SGOV and STRC to earn the spread, but this depends on borrow rates for SGOV. I think a better way is to finance with box spreads. This gives a cost of capital at near the risk free rate, and it is a “bullet bond” rate that is paid at maturity (expiry of the box spread). This carry trade done by retail and institutions alike in the secondary market is sure to bring more liquidity and opaque leverage to the ecosystem. Long term opportunity, and also risks worth watching. Digital Ouroboros and Incestuous Credit Here is a concept I heard at the conference: “Imagine if Strategy bought SATA for its cash reserves and Strive bought STRC for its cash reserves. Both sides have more yield right? More value is created!” At this point we are probably getting into the realm of things we should not do. Cash reserves are meant to give the perception that dividends will be supported even if the company has hard times (read: Bitcoin bear market). Unfortunately, if the cash reserve is in Digital Credit which sells off and de-pegs in a Bitcoin crash, then the reserve wouldn’t really be much of a reserve. Also, keep in mind that the cash reserve is partly responsible for a perception of mitigated risk, which compresses credit spreads. If the reserve was in fact not able to mitigate risk of Digital Credit because the reserve was itself Digital Credit, then the Digital Credit instrument that is supposed to be supported by the reserve will also fail more quickly under stress. Like the snake who eats its own tail and consumes itself. I don’t foresee such incestuous credit use in the major issuers, but something like this might appear in smaller treasury companies that are desperate for more income. Using STRC for working capital is one thing (and suitable in most cases). A cash reserve meant to protect credit investors is a different thing. This is perhaps another possible risk worth watching. An interesting thought would be a sufficiently tail hedged Layer 3 being the reserve. As long as downside correlation to BTC is removed, it probably works. Conclusion Strategy World was wonderful. I highly recommend it. Disclaimer: This content was written on behalf of Bitcoin For Corporations. This article is intended solely for informational purposes and should not be interpreted as an invitation or solicitation to acquire, purchase or subscribe for securities. This post Digital Credit: Strategy World Research Note For Institutions, Corporations, and Operators first appeared on Bitcoin Magazine and is written by Allard Peng.

Cover image for As Bombs Fall on Tehran, Iran’s Crypto Lifeline Lights Up

As Bombs Fall on Tehran, Iran’s Crypto Lifeline Lights Up

Bitcoin Magazine As Bombs Fall on Tehran, Iran’s Crypto Lifeline Lights Up Within minutes of the first U.S.-Israeli missiles striking Tehran on Saturday morning, a different kind of exodus was already underway. Crypto outflows from Nobitex, Iran’s largest cryptocurrency exchange, surged 700%, according to blockchain analytics firm Elliptic. The spike was capital flight, executed in real time, by Iranians racing to move money out of a country suddenly under full-scale military bombardment.​ Nobitex processed $7.2 billion in crypto transactions in 2025 and serves more than 11 million users, Elliptic said. It allows Iranians to convert rials into crypto and withdraw to external wallets which is a direct pipeline around the country’s crippled banking system and the web of international sanctions choking it. Elliptic’s initial tracing of the weekend’s outflows shows funds flowing to overseas exchanges that have historically received significant Iranian inflows, suggesting the crypto is being moved out. Elliptic flagged similar spikes earlier this year: a massive outflow on January 9 coincided with widespread anti-regime protests and a government-imposed internet blackout. Even during that blackout, some outflows continued, raising questions about who retains access to Nobitex’s holdings when the platform’s website goes dark. Two additional surges aligned with announcements of fresh U.S. sanctions on Iranian actors. Each time, crypto served as the escape hatch.​ “The outflows potentially represent capital flight from Iran that bypasses the traditional banking system,” said Dr. Tom Robinson, Elliptic’s co-founder. Bitcoin’s weekend rollercoaster The strikes — codenamed Operation Roaring Lion by Israel and Epic Fury by the Pentagon — hit at 9:45 a.m. Tehran time on Saturday, targeting nuclear facilities, missile sites, and the Pasteur district in the capital where Supreme Leader Ayatollah Ali Khamenei resided. Iran confirmed Khamenei’s death hours later, along with other top officials. Crypto markets reacted instantly. Bitcoin plunged from roughly $67,000 to below $64,000, shedding nearly 5% in minutes. The total crypto market capitalization dropped $128 billion as forced liquidations cascaded across exchanges. Then came the snapback. The news of following events briefly pushed Bitcoin above $68,000, as traders speculated the regime’s decapitation might shorten the conflict. But the rally fizzled as Iranian retaliation — missiles and drones launched at Israel, Qatar, the UAE, Bahrain, and U.S. bases across the region — made clear this was no contained event. By Sunday afternoon, Bitcoin had settled around $65,300. At time of writing, Bitcoin is flirting with $70,000. “The positive performance of the crypto market today can be explained primarily by a significantly more restrained reaction than anticipated,” Thomas Probst, a research analyst at Kaiko, wrote to Bitcoin Magazine. He noted that when U.S. equities opened slightly positive on Monday, it reinforced the upward bias, with Bitcoin approaching $70,000 and major altcoins posting gains of 6–10%. Open interest also climbed on February 28, showing that traders were adding new positions rather than reducing exposure ahead of the event. According to Axis, this behavior indicates that the market had largely priced in the geopolitical developments and was no longer viewing them as a major threat. Still, the options market tells a more cautious story. On Deribit, $1.9 billion in Bitcoin put options were stacked at the $60,000 strike price over the weekend — heavy demand for downside protection that suggests sophisticated traders are hedging for worse to come.​ Timot Lamarre, director of market research at Unchained, said bitcoin’s reaction to periods like this challenges the idea that it trades only as a risk-on tech proxy and instead reflects growing recognition of its role in times of counterparty risk. “Much like we saw during the banking crisis of 2023, when the market runs to bitcoin in chaos, it gives a glimpse into more people understanding bitcoin’s value in a chaotic world full of counterparty risk,” Lamarre wrote to Bitcoin Magazine. A conflict beyond crypto The conflict’s economic ripple effects extend well beyond crypto. Iran’s Islamic Revolutionary Guard Corps announced that no vessels would be permitted to cross the Strait of Hormuz, through which roughly 20% of the world’s daily oil supply passes. Oil futures surged at Monday’s open. Goldman Sachs has projected oil could hit $100 per barrel if the conflict persists for the four to five weeks that President Trump suggested in remarks over the weekend. For Bitcoin, the Iran crisis underscores a fundamental tension. Crypto was built to operate outside state control — and Nobitex’s 700% outflow spike proves it can. But that same utility makes it a front line in the shadow financial war between Western sanctions regimes and adversary states. This post As Bombs Fall on Tehran, Iran’s Crypto Lifeline Lights Up first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for St. Cloud Financial Credit Union Rolls Out Core-Integrated Digital Asset Platform for Members

St. Cloud Financial Credit Union Rolls Out Core-Integrated Digital Asset Platform for Members

Bitcoin Magazine St. Cloud Financial Credit Union Rolls Out Core-Integrated Digital Asset Platform for Members St. Cloud Financial Credit Union (SCFCU) announced the launch of its CU-Digital Asset Vault, a digital-asset platform built specifically for credit union members. Essentially, the Vault integrates directly with the credit union’s core systems, allowing members to hold and manage digital assets – like Bitcoin – while keeping the credit union in control of data, governance, and member relationships. The Vault uses DaLand’s CUSO’s Coin2Core architecture to connect digital-asset activity to SCFCU’s existing infrastructure. Unlike many digital-asset services that hand off wallets — and along with them, control of member relationships, deposits, and data — to outside providers, the Vault keeps management in the hands of the credit union. Members stay in control of their own assets through a hybrid self-custody system, while SCFCU adds institutional-level safeguards and reporting, the credit union said in a press release seen by Bitcoin Magazine. “Credit unions need an operating model that protects the member relationship and works over the long term,” said Jed Meyer, CEO of SCFCU. “This Vault keeps the credit union at the center while giving members ownership and security.” Many early digital-asset services depend on third-party wallets or vendors that sit outside a financial institution’s systems. That setup can create a fragmented experience for users and limits the institution’s view of member activity. SCFCU’s Vault works differently. By bringing digital assets directly into its core operations, the credit union can oversee transactions, manage risk, and keep data in-house. The digital assets stay in hybrid control The platform also allows for board-level oversight and supports regulatory compliance, staying true to the cooperative principles that define credit unions. Jon Ungerland, CIO and Chief of Staff at DaLand CUSO, said Coin2Core was built to expand the value of the credit union’s existing systems. “Traditional vendor wallets pull deposits and member relationships away from the credit union. Coin2Core connects digital-asset activity to the core, allowing credit unions to remain trusted depositories and service providers while supporting digital-asset ownership,” Ungerland said. SCFCU designed the Vault to support future capabilities beyond basic safekeeping. The platform can evolve to include network connectivity, transaction services, and credit use cases without requiring members to switch platforms or re-learn processes. By anchoring digital assets at the core level, SCFCU said credit unions can expand services as digital wealth infrastructure develops. The CU-Digital Asset Vault has been available to eligible SCFCU members since February 9, 2026. Feature availability, limits, and policies follow SCFCU governance standards and applicable regulatory guidance. Meyer emphasized that digital assets are becoming financial infrastructure. “Credit unions now face a choice: remain the trusted gateway for their members’ digital wealth, or allow that relationship to shift to third parties,” he said. This post St. Cloud Financial Credit Union Rolls Out Core-Integrated Digital Asset Platform for Members first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Bitcoin Price Pumps 7% in Early Trading to Over $70,000

Bitcoin Price Pumps 7% in Early Trading to Over $70,000

Bitcoin Magazine Bitcoin Price Pumps 7% in Early Trading to Over $70,000 The bitcoin price is on the move again this morning, pumping sharply from the mid‑$65,000 range to push toward $70,000, representing roughly a 6% gain in just a few hours as leveraged short positions face heavy liquidations. Last week, Bitcoin price briefly surged past $69,000 on February 25 before retreating over the weekend, falling back to around $65,000. The move today comes after a volatile weekend marked by heightened geopolitical tensions in the Middle East, when joint U.S. and Israeli strikes on Iranian targets, including reports of attacks near Tehran and Iran’s leadership, and then Iran’s retaliatory actions rocked risk assets across global markets. Bitcoin initially sold off sharply over the weekend, dipping as low as the low $63,000s as markets digested the news. But, within a couple of hours, the price rebounded back to levels it was at before the news. BREAKING: Bitcoin pumps to $70,000! pic.twitter.com/T19FURmKcu — Bitcoin Magazine (@BitcoinMagazine) March 2, 2026 Bitcoin price analysis Macro conditions continue to influence Bitcoin’s trajectory. Elevated U.S. interest rates and persistent inflation signals have kept the opportunity cost of holding non-yielding assets high, limiting aggressive upside moves. Meanwhile, geopolitical developments—including the conflict in Iran—have amplified short-term swings but have not fundamentally shifted Bitcoin’s broader trend. Investor sentiment remains cautious, with the Crypto Fear & Greed Index hovering near extreme fear, reflecting hesitancy to push prices significantly higher amid ongoing uncertainty. Bitcoin price is also on track for a historically weak first quarter, down more than 25% in 2026, marking its worst Q1 performance since 2014, according to Bitcoin Magazine Pro data. Historical patterns suggest that bear markets in dollar terms can extend 12 to 13 months, potentially stretching through late 2026. However, when priced in gold, the market may be closer to a bottom, with some analysts pointing to a possible rebound beginning this month. Large-scale investors are also increasingly treating the current environment as an accumulation zone, suggesting that long-term holders are positioning for future gains even as retail activity remains subdued. Earlier today, Strategy ($MSTR) bought 3,015 bitcoin for roughly $204 million, raising its total holdings to 720,737 BTC, worth over $47 billion. The purchases, made between Feb. 23 and March 1 at an average price of $67,700 per coin, were funded through at-the-market sales of common and preferred stock. With bitcoin trading near $65,500, the company now controls more than 3.4% of the total 21 million bitcoin supply, maintaining its status as the largest publicly traded corporate holder. At the time of writing, the bitcoin price is $69,882. This post Bitcoin Price Pumps 7% in Early Trading to Over $70,000 first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Cake Wallet Launches Bitcoin Lightning Network Support With Full Self-Custody and Privacy Defaults

Cake Wallet Launches Bitcoin Lightning Network Support With Full Self-Custody and Privacy Defaults

Bitcoin Magazine Cake Wallet Launches Bitcoin Lightning Network Support With Full Self-Custody and Privacy Defaults Cake Wallet has announced the integration of Bitcoin’s Lightning Network into its advanced privacy wallet. The move comes after a series of Bitcoin-specific updates that put Cake at the forefront of mobile wallets across the broader crypto industry. This is not Cake Wallet’s first inroad into advanced Bitcoin features. Unlike most multi-coin wallets such as Binance’s popular Trust Wallet, Cake has gone a lot further than just supporting basic on-chain addresses. Cake has deployed some of Bitcoin’s more sophisticated technology, such as Silent Payments and Payjoin, powerful privacy technologies that most other blockchains and crypto wallets are not even close to. Features of this sort protect users from a wide range of risks, such as targeted scams, as third parties have a harder time tracking user behaviour across the blockchain. The Lightning Network integration brings Cake wallet into a small group of wallets that support Bitcoin’s fast payments layer with self-custody and privacy in mind. The update is powered by the Breez SDK and Spark, which unlocks self-custody control for users without the need to manage a lightning node. On the privacy front, Cake has a custom implementation of the Spark suite, which further protects user privacy. In a press release shared with Bitcoin Magazine, the company said, “Lightning transactions in Cake Wallet do not embed your Spark address in Lightning invoices, and transaction data is not published to public explorers by default. Visibility is intentionally limited, reducing unnecessary exposure of user activity and safeguarding user privacy.” Seth for Privacy, COO of Cake Wallet, highlighted that “Lightning should not require users to sacrifice privacy or custody just to get speed,” adding that “what we have today makes Lightning practical with solid privacy defaults, simple self-custody, and a clear on-chain exit.” Vikrant Sharma, CEO of Cake Labs, also commented on the announcement, adding that “with Breez and Spark, Lightning finally reaches a point where it can be fast and intuitive without turning bitcoin into an IOU or giving up control. This is the first time Lightning felt aligned with the principles Cake was built on.” This latest Cake Wallet update also rolled out a variety of improvements to the user interface, including social features like Birdpay, which lets users send crypto to X.com accounts by simply sending to their username. In recent months, Cake also added support for xStocks, letting users trade and invest in tokenized equities, a breath of fresh air from the tsunami of meme coins and hype chains that have, up until recent years, flooded the broader crypto market. This post Cake Wallet Launches Bitcoin Lightning Network Support With Full Self-Custody and Privacy Defaults first appeared on Bitcoin Magazine and is written by Juan Galt.

Cover image for Strategy ($MSTR) Buys $204 Million in Bitcoin, Holdings Climb to 720,737 BTC

Strategy ($MSTR) Buys $204 Million in Bitcoin, Holdings Climb to 720,737 BTC

Bitcoin Magazine Strategy ($MSTR) Buys $204 Million in Bitcoin, Holdings Climb to 720,737 BTC Strategy purchased more than $200 million in bitcoin last week, lifting its total holdings to 720,737 BTC valued at more than $47 billion. The company, led by Executive Chairman Michael Saylor, disclosed in their usual Monday filing that it acquired 3,015 bitcoin between Feb. 23 and March 1 for approximately $204.1 million. The average purchase price was $67,700 per coin. The company now holds 720,737 BTC acquired for about $54.77 billion, or an average price of roughly $75,985 per bitcoin. With bitcoin trading near $65,500 on Monday morning, the company’s position reflects an unrealized loss based on its aggregate cost basis. Measured against bitcoin’s 21 million supply cap, the company controls more than 3.4% of the total eventual issuance, reinforcing its position as the largest publicly traded corporate holder of the asset. The latest purchases were funded through at-the-market sales of common and preferred stock. According to the filing, Strategy sold 1,730,563 shares of its Class A common stock, MSTR, generating approximately $229.9 million in net proceeds. As of March 1, about $7.6 billion in common shares remained available for issuance under the program. The company also sold 71,590 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock, STRC, raising about $7.1 million after commissions. Billions of dollars in preferred stock capacity remain available across multiple programs. Strategy’s capital markets activity forms part of its “42/42” plan, which targets $84 billion in equity offerings and convertible notes through 2027 to fund additional bitcoin acquisitions. The firm maintains several perpetual preferred instruments with varying dividend structures and risk profiles, including STRK, STRF and STRD. The disclosure marks Strategy’s 101st bitcoin purchase since it began accumulating the asset in 2020. The company has financed its buying strategy through a mix of equity issuance, convertible debt and preferred stock offerings, tying its corporate treasury strategy to bitcoin’s long-term price performance. Last week, Strategy reported the purchase of 592 BTC for approximately $39.8 million at an average price of $67,286 per coin, bringing its total at that time to 717,722 BTC. The newest acquisition adds to that position amid a period of price consolidation for bitcoin. Strategy’s STRC dividend increase Strategy said its board approved an increase to the annual dividend rate on STRC shares, raising it to 11.5% from 11.25% for monthly periods beginning March 1. The move marks the seventh straight dividend hike since July 2025, as the company seeks to bolster the preferred stock’s appeal and draw in income-focused investors. Shares of Strategy, which trade on the Nasdaq under the ticker MSTR, were down 1.5% in early trading Monday. Saylor signaled the pending purchase on Sunday, Mar. 1, by posting an update to the company’s bitcoin acquisition tracker, continuing a pattern of social media hints that precede formal disclosures. This post Strategy ($MSTR) Buys $204 Million in Bitcoin, Holdings Climb to 720,737 BTC first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for ProCap Financial (BRR) Buys 450 Bitcoin and Doubles Down on NAV-Accretive Strategy

ProCap Financial (BRR) Buys 450 Bitcoin and Doubles Down on NAV-Accretive Strategy

Bitcoin Magazine ProCap Financial (BRR) Buys 450 Bitcoin and Doubles Down on NAV-Accretive Strategy ProCap Financial, Inc. continued its twin strategic thrusts this week with the acquisition of 450 Bitcoin, bringing its total holdings to 5,457 BTC and lowering its average cost basis per coin, the company announced. The aggressive accumulation comes as Bitcoin trades near $65,000, presenting what management views as a long-term buying opportunity amid broader market volatility. Chairman and CEO Anthony Pompliano said the Bitcoin purchases enhance the company’s balance sheet and position it to benefit from future upward movements in the flagship cryptocurrency. “We are doing two things at the same time: buying Bitcoin to average down our total cost basis and buying back our own stock when the market misprices it,” Pompliano said. “Both actions are accretive to our shareholders.” ProCap’s 5,457 Bitcoin holding now ranks it among the top 20 largest publicly traded corporate holders of BTC, according to Bitcointreasuries.net. The company financed the latest acquisition through working capital and option exercises, deploying roughly $35.4 million in the transaction, according to an SEC filing posted March 2. But ProCap’s strategy isn’t limited to digital assets. Alongside Bitcoin accumulation, the firm has embarked on an intense share repurchase campaign aimed at shrinking what has been a significant discount between its market price and net asset value (NAV). ProCap’s aggressive buybacks to close NAV discount Since late December 2025, ProCap has been executing an open-market share repurchase program that has gained momentum in early 2026. The board approved a $100 million buyback authorization late last year, giving management the flexibility to repurchase shares while the stock trades meaningfully below intrinsic value. Over the past several weeks, the company has bought back shares at steep discounts: 148,241 shares at roughly a 35% discount to NAV on Feb. 20. 155,561 shares at around 32% below NAV on Feb. 23. 158,796 shares at approximately 30% discount on Feb. 24. 159,904 shares at an approximate 25–28% discount on Feb. 25–26. Altogether, recent buybacks have totaled over 700,000 shares — a substantial repurchase pace given the roughly 82.6 million shares outstanding. Pompliano has repeatedly framed the repurchases as “capital allocation 101,” arguing that buying back stock at deep discounts to estimated NAV boosts per-share value for long-term holders. “If the market wants to irrationally sell us shares below NAV, we will keep aggressively buying them,” he said. Investors have taken note: the continued buybacks have helped narrow the discount to NAV over the past week, even as the company maintains that the work isn’t finished. Management has reiterated that buybacks will continue “for as long as BRR trades at a significant discount to NAV.” This post ProCap Financial (BRR) Buys 450 Bitcoin and Doubles Down on NAV-Accretive Strategy first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Senate Democrats Press DOJ, Treasury to Probe Binance Over Trump Ties, Iran Sanctions Allegations

Senate Democrats Press DOJ, Treasury to Probe Binance Over Trump Ties, Iran Sanctions Allegations

Bitcoin Magazine Senate Democrats Press DOJ, Treasury to Probe Binance Over Trump Ties, Iran Sanctions Allegations Eleven Democrats on the U.S. Senate Banking, Housing, and Urban Affairs Committee are pressing the Trump administration to investigate Binance over allegations that the exchange facilitated illicit finance activity tied to Iran and may be violating its 2023 federal settlement. In a letter sent Friday to Attorney General Pam Bondi and Treasury Secretary Scott Bessent, the senators urged the Justice Department and Treasury to conduct a “prompt, comprehensive review” of Binance’s sanctions compliance controls. The lawmakers cited recent media reports alleging that billions of dollars in digital assets flowed through the platform to Iranian entities, including groups linked to terrorism. The letter was led by Sen. Mark Warner and signed by Ranking Member Elizabeth Warren along with Sens. Chris Van Hollen, Jack Reed, Catherine Cortez Masto, Tina Smith, Raphael Warnock, Andy Kim, Ruben Gallego, Lisa Blunt Rochester and Angela Alsobrooks. According to the senators, Binance compliance personnel uncovered evidence last year that roughly $1.7 billion in digital assets had been routed through the exchange to Iranian entities, including the Iran-backed Houthis and the Islamic Revolutionary Guard Corps. In one instance, a Binance vendor allegedly moved $1.2 billion in funds connected to Iran-linked actors. The letter also claims that Iranian users accessed more than 1,500 Binance accounts and that the platform may have been used in efforts by Russian actors to evade sanctions. The lawmakers raised concerns that employees who identified the transactions were dismissed and that Binance has become less responsive to law enforcement requests. They argued that such actions would conflict with the company’s obligations under its 2023 plea agreement and related settlements. In 2023, Binance pleaded guilty to federal charges including violations of U.S. sanctions laws and anti-money laundering failures. The company agreed to pay more than $4 billion in penalties and committed to sweeping reforms under U.S. supervision, including enhanced know-your-customer procedures and sanctions screening. The senators contend that the latest reports call into question whether those reforms have been implemented and maintained. In its settlement with the Treasury’s Office of Foreign Assets Control, Binance committed to implement controls capable of identifying and blocking prohibited transactions. Allowing $1.7 billion in digital assets to move to sanctioned Iranian entities, they wrote, would be inconsistent with that commitment. Binance and President Donald Trump The letter also touched on Binance’s recent business relationships involving President Donald Trump and his family’s crypto ventures. Lawmakers pointed to the exchange’s promotion of USD1, a stablecoin issued by World Liberty Financial, a Trump family-backed project. According to the letter, Binance offered interest incentives for users holding USD1, assisted with technology related to the token and accepted a $2 billion investment tied to it. The senators further referenced Trump’s pardon last fall of Binance founder Changpeng Zhao, who had pleaded guilty to failing to implement an effective anti-money laundering program and served a four-month prison sentence. The lawmakers argued that these connections heighten the need for what they described as a “thorough, impartial” probe. Binance’s dubious ties with Russia Beyond Iran-related concerns, the letter cites Binance’s recent launch of crypto-linked payment cards in parts of the former Soviet Union. The senators warned that similar products have been used to bypass restrictions on the Russian financial system. They also noted the exchange’s partnership with Kyrgyzstan to launch a stablecoin and digital currency initiative, raising questions about exposure to sanctions evasion risks. “These allegations raise grave concerns that poor illicit finance controls at Binance remain a significant threat to national security,” the senators wrote. They warned that weak safeguards at the world’s largest digital asset exchange could allow terrorist groups or sanctions evaders to access the global financial system. A Binance spokesperson disputed the allegations, stating that the company detected and reported suspicious activity and that claims it retaliated against compliance staff are false. The company has said it remains committed to meeting its regulatory obligations under the 2023 agreements. The senators requested a response from Bondi and Bessent by March 13. This post Senate Democrats Press DOJ, Treasury to Probe Binance Over Trump Ties, Iran Sanctions Allegations first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for DCTRL Vancouver: Iconic Bitcoin Hackerspace Closes Downtown Location After 12 Years Due to Zoning Changes

DCTRL Vancouver: Iconic Bitcoin Hackerspace Closes Downtown Location After 12 Years Due to Zoning Changes

Bitcoin Magazine DCTRL Vancouver: Iconic Bitcoin Hackerspace Closes Downtown Location After 12 Years Due to Zoning Changes DCTRL, a Bitcoin hub and hacker space out of Vancouver, the fair-weather Canadian city, has announced the sunset of its downtown basement location, iconic among early adopters for its tinkerer mindset and hardware hacker culture. The community will be migrating to a new location in the coming weeks, and updates to the vision of the hub. The Vancouver Bitcoin community is renowned for having set up the first Bitcoin ATM in History, with DCTRL specifically having hosted a variety of renowned characters that, over the years, gave this industry much of its cultural and innovative flair. Visited by some of the most influential people in the Bitcoin and broader Crypto industry in its 12 year run, DCTRL is far from done being a hub of the Canadian Bitcoin and Crypto scene. Preparing to move due to a change in zoning laws, plans to relaunch in a new location are in the works, as active members consolidate the historical moments, relationships, and lessons learnt during perhaps the longest-running Bitcoin hackspace experiment in the young industry’s history. It all started at Waves cafe on Howe Street, in Vancouver. The Bitcoiniacs, a group of four OGs that operated a Bitcoin brokerage at the time — still active to this day — decided it was time to get the robots involved. So they rigged up an ATM to sell bitcoin to the public, rallied the local Vancouver tech, finance, and burgeoning crypto scene, and hosted a historical launch party. “The first Bitcoin ATM in the world was a massive event,” said Freddie Heartline, a Bitcoin enthusiast and co-founding member of the DCTRL hacker space. In an exclusive interview with Bitcoin Magazine, Heartline went on to recall the event, saying, “Oh man, the vibes were incredible. It literally felt like a really good rave. But it was smarter. Way smarter. That’s how it all came about, actually.” referring to the founding of DCTRL. The timing for the Bitcoin ATM event was perfect, it was October 2013 and bitcoin had just gone from a few dollars to almost 150, consolidated for a few weeks around 100 and was getting ready to take a shot at 1,000 a coin. The energy across the Bitcoin community as electric, this was the end of the longest bear market in Bitcoin history, in a way this rise in price was proof that Bitcoin was here to stay. The launch of the first Bitcoin ATM, as a result, made national and international news. The idea of a Bitcoin ATM being operational was considered a historical milestone in the adoption of Bitcoin as money. Tens of thousands of Canadian dollars worth of bitcoin were sold that day and over the coming weeks, likely creating a few millionaires over the years, spawning copycat ATM projects and even a handful of Bitcoin ATM manufacturing companies to boot. It also inspired the creation of the DCTRL hacker space, called “Decentral Vancouver” at the time. Cameron Gray, another Bitcoin enthusiast who was volunteering with the Bitcoiniacs event and a friend of Heartline, was the one who had the idea. “Cam was absolutely an essential part of founding Decentral.” Heartline recalled “He literally turned to me one day – as he was operating the bitcoin ATM at Waves – after I complained about the lighting at the coffee shop – and said ‘we should open a space.’ And that was it.” Soon, they had secured a basement location in downtown Vancouver, grimy, humid, but cozy. Over the years, this spot became a hub for Bitcoin engineers, founders, crypto enthusiasts, and eventually legends. The decor got better, the leaks patched, and the walls decorated with Bitcoin art. The empty spaces filled up with hardware of all kinds, modified to operate or somehow interact with the orange coin. Heartline and Gray were starting a lifestyle project of sorts, and while Bitcoin may have been doing well at over $1,000, it would soon correct back to $300, another bear market, which had important consequences for the industry. During that time, the bills for DCTRL’s rent had to be paid somehow, and so Heartline moved in. Not into the basement, but onto the rooftop. In order to keep the lights on during that bear market, he literally set up a tent. Not a bad setup either if you have a look. DCTRL started hosting meetups, the Vancouver Startup Weekend community got wind of it, and a gentleman known as Greg began to visit the hub. Soon enough, the Startup Weekend events were taking place at DCTRL as well, pulling in the local tech startup scene. Before long, even Vitalik Buterin, founder of Ethereum and former writer for Bitcoin Magazine, showed up. Greg had another important contribution to DCTRL; he made a donation that created a symbol for the local community. He donated $500 to the space with one condition: “It has to be used for something creative …” Heartline recalled, “so I found a Pepsi machine on Craigslist. Greg even helped us move the thing in a pickup. Him, me, Cam, and Mike Olaff moved that fucking insanely heavy and awkward thing down the stairs – lol almost killing Cam.” The Pepsi machine would soon get backwards engineered, hacked, and rebranded to the Bepsi, for obvious Bitcoin reasons. In the above video, you can see Greg making an on-chain transaction to the pop machine, milliseconds later dropping a soda for him on Q. The satisfying sound of Bitcoin being used as money for the small pleasures of life became a staple of DCTRL. A digital version of the Bepsi was eventually made, which fans from all over the world used to make donations. Many iterations of the underlying software took place over time, rig-wired into the Cold War era pop machine with a Raspberry Pi and some hacker ingenuity. A decade later, even the Mayor of Vancouver Ken Sim, dropped by to pay homage to this staple of Vancouver hacker culture, this time buying a soda from Bepsi with a lightning payment. Vancouver Mayor @KenSimCity using the Bepsi machine with @lightning at DCTRL pic.twitter.com/bTE2VNiiFK — DCTRL (@dctrlvan) November 7, 2025 Today, the Bepsi supports practically every Bitcoin protocol, a testing ground for the cutting edge of Bitcoin technology, including protocols like Taproot Assets, Spark, and Arcade OS. “We even issued our own Bepsi token. One Bepsi equals one soda from the Bepsi machine… it’s like a stable coin… pegged to the price of the pop can.” said Heartline. The Bepsi, which in a way was inspired by the Bitcoin ATM, also inspired copycats, such as the 21up vending machine hosted in a nearby Blockchain lab known as MintGreen. To this day, funds collected by the Bepsi machine have gone to support the operation of the hacker space and cover costs, serving as a cornerstone of the community. Control over the Bepsi’s underlying wallets and tech stack in a way setting rank among the most active members and hosts. Visited by Legends Throughout the years, big names within the industry visited or engaged with DCTRL in one way or another. Vitalik Buterin personally visited the space and hung out there in the very early days of Ethereum, as demonstrated by this photograph hung on their wall, featuring Gray, Heartline, Vitalik, and another active member referred to as Kyle. The founders of CaVirtex, the first Canadian Bitcoin exchange, were also photographed there. This brand is little known now as they were bought out by Kraken years later, but they had a deep influence on the Canadian Bitcoin scene, selling the coin to Canadians since before the first bull run, which peaked at $30 per coin. Without this exchange, many of the big Canadian Bitcoiners may not have gotten in. Virtually, Bitcoin celebrities also attended DCTRL events throughout the years, answering questions from the local crowd, such as Roger Ver, before the fork wars, Andreas Antonopoulos, and Willy Woo. Erik Vorhees, who came to fame in Bitcoin for creating the first major instant swap, crypto-to-crypto exchange called ShapeShift, is seen in this video doing a fireside chat at DCTRL during a local meetup. Even one famous scammer attended the hub, a man who was a regular in the Canadian Bitcoin scene in the 2014 era, and who to this day remains one of the unsolved mysteries of crypto-related crime, Gerald Cotten of QuadrigaCX. Cotten, whom I personally met multiple times in Toronto at the time, was a charming and smooth-talking entrepreneur in the scene at the time, before his turbulent professional history was revealed and the exchange went down in bankruptcy, leaving millions of dollars of user funds unpaid. Cotten allegedly died suddenly and mysteriously in India just before the exchange went bankrupt, taking the crypto keys with him, but many who were personally affected by this centralized exchange collapse are skeptical of that story. Further evidence of DCTRL as a microcosm of the industry as a whole was seen years later during the fork wars, as Gray, the other primary co-founder of the hub, took the ‘big block’ side of the debate, resulting in intense debates and ultimately a falling out with the local community and broader Bitcoin scene. Gray, nevertheless, is highly respected and appreciated by the active members of DCTRL for his contributions to the DCTRL social scene, which would inevitably suffer from the same forks and tensions that the Bitcoin protocol went through at the time. During those difficult times, DCTRL served as a forum and debate space for these topics, even hosting Peter Rizun of the alternative implementation Bitcoin Unlimited — a big blocker — who debated Taylor, seen on the right in the photo below. Overall, DCTRL enjoyed more than 12 years of continuous operation, boasts hundreds of events hosted, over 1500 registered community members, and 69 recorded talks published on YouTube, which touched many elements of the Bitcoin and crypto industry. Throughout this whole time, the hub was operated entirely by volunteers and sustained through public donations and, of course, the Bepsi. As the location of DCTRL gets rezoned by the city government, and a new building will be going up in its place, the active members and hosts of DCTRL, have begun organizing a transition to a new location, alongside an update to the brand and According to DJ, one of the active members who prefers to stay pseudonymous, the hub has had record attendance in recent months. And while the location will change, its future is brighter than ever. Those who would like to be a part of the future of DCTRL can learn more at www.DCTRL.wtf. This post DCTRL Vancouver: Iconic Bitcoin Hackerspace Closes Downtown Location After 12 Years Due to Zoning Changes first appeared on Bitcoin Magazine and is written by Juan Galt.