The full analyst Q&A from Strategy’s (MSTR) Q3 2026 earnings call. Phong Le and Michael Saylor take questions from BTIG’s Andrew Harte, Treasury’s Khing Oei, Galaxy’s Alex Thorn, Citi’s Pete Christiansen and Scott Melker on digital credit, Stretch (STRC) returning to par, the other preferreds, Bitcoin’s financialization and tokenization.
Chapters: 00:00 Strategy’s Balance Sheet vs. the Last Bull Market 02:38 You Need a Lot of Capital to Create a Lot of Credit 04:30 When Does Strategy Turn the Equity ATM Back On? 06:06 Why STRC Took Four Months to Return to Par 08:24 What Happens to STRD, STRK and STRE? 10:44 Why the Euro-Listed STRE Is a Challenge 12:51 Is Strategy Financializing Bitcoin? 16:06 How Institutions Are Damping Bitcoin’s Volatility 19:35 Mr. Edison, Mr. Rockefeller and Financialized Bitcoin 20:34 Will Strategy Issue Tokenized MSTR for U.S. Investors? 23:16 The Promise of Tokenization Is a Free Market 26:33 The Elephant in the Room: No U.S. Token Standard
DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.
Mike Flaum, CEO of Log Scale Investments, joins Bitcoin Magazine TV to talk Strategy’s Stretch, daily dividends, Strive’s SATS, Bitcoin-backed preferreds vs. Treasury bonds for retirees, mNAV and the four-year cycle. He explains why he separates risk from volatility and why he’s bullish long term.
Chapters: 00:00 Mike Flaum on Strategy and Bitcoin Treasury Companies 00:15 What Stretch Getting Back to Par Means for Strategy 01:18 How Issuing Stretch at $100 Restarts Bitcoin Buying 02:33 Strategy Shareholders Approve Daily Dividends 03:34 Why Daily Dividends Work Like Bitcoin Perpetual Futures 04:51 Opportunistic Traders vs. Long-Term Preferred Holders 07:08 Was Strive’s SATS Oversubscription Net New Money? 09:39 Bitcoin-Backed Preferreds vs. Treasury Bonds for Retirees 11:43 Why Strategy’s Stock Hasn’t Kept Pace With Its Bitcoin 13:41 Gross, EV and Net mNAV Explained 15:04 Digital Credit, Amplification and Share Buybacks 16:47 Strategy vs. Strive’s Capital Stack 18:48 Is the Bitcoin Four-Year Cycle Dead? 20:31 Why Bitcoin Hits an All-Time High Before the Halving 22:08 JPMorgan’s Bitcoin Forecast and Bitcoin’s Long-Term Retur
DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.
The biggest crypto-related hack in history by dollar volume just hit Binance, with more than $6.3 billion in affected assets moving on-chain. About $3 billion was frozen through stablecoin operators, but $3.3 billion has not been recovered. Bitcoin Magazine TV breaks down what happened, what Binance has said, and why every day now feels like zero day for crypto security.
Chapters: 00:00 Binance Sees $6.3 Billion Move On-Chain in Record Hack 00:15 Binance Freezes $3 Billion as $3.3 Billion Stays Missing 00:45 Polymarket Hack Drains $2.7 Million From User Wallets 01:13 Why Every Day Is Zero Day for Crypto Security 02:45 What the Multi-Chain Hit Reveals About Binance Custody 03:21 TRM Labs Ties the Attack to North Korea’s TraderTraitor 04:49 How the Funds Flowed Through Stablecoins and Aave 05:52 Can Binance Cover the Losses? Solvency Questions 07:31 Why Stablecoin Freezes Aren’t Freedom Technology 09:07 Bitcoin Stays Resilient Through Hacks and Bear Markets
DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.
A Bitcoin options trader known as Crash has claimed to have turned $250,000 into roughly $3.4 million this week, sharing an account screenshot alongside a separate claim of a 150x return on a BTC put. Crash’s post described several trading…
Bitcoin mining pool Ocean has faced a transaction censorship allegation after developer Kruw accused an individual miner of excluding his transaction from block 973,817 and leaving transaction fees 7.68% below an expected template. Kruw raised the complaint in an Oct.…
Bitcoin has fallen below $77,000 during an October 30 sell-off following Binance’s estimated $6.3 billion security breach, with analysts watching support around $76,000 and the conditions for a recovery above $80,000. Binance market data placed Bitcoin at $76,944 shortly after…
Bitcoin, Ethereum, XRP and other major cryptocurrencies have suffered heavy losses as a reported $6.3 billion Binance hack rattled investors and triggered more than $1.5 billion in liquidations across the crypto market. According to CoinGlass data, roughly $1.55 billion in…
Bitcoin has matured out of the bear market. So what’s next? Tyler Evans breaks down the Fed, the bond market, JPMorgan naming Bitcoin its best-performing asset class, ETF flows flipping to strong accumulation, and why the U.S. midterms could be pivotal heading into 2027. At the end of the day, he says, Bitcoin will just do its thing.
Chapters: 00:00 Tyler Evans Joins Bitcoin Magazine TV 00:11 Is Bitcoin’s Pause Before the Next Move Up? 01:25 The Fed, Kevin Warsh and the Bond Market 03:20 Institutions Buy as Bitcoin Flows Into the U.S. 04:43 Bitcoin vs. the AI Trade 06:09 VanEck’s All-in-One ETF and Bitcoin’s Allocation Problem 07:55 AI Agents and Bitcoin 09:01 Making Bitcoin as Easy as Apple Pay 11:02 Strategy Shareholders Approve Daily Dividends for Stretch 12:33 A Bitcoin Treasury Company Loses Access to Its Bitcoin 13:38 Qualified Custodians and Counterparty Due Diligence 14:56 MSCI Pushes Bitcoin Treasury Companies Out of Its Indexes 15:56 How Bitcoin Treasury Models Can Evolve 16:32 Where Bitcoin Goes by the End of 2027 17:48 ETF Flows and Reclaiming the 50-Week Moving Average
This video is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Past performance is not indicative of future results. Investments in digital assets involve significant risk and may result in loss of capital. Both UTXO Management and BTC Inc., producer of BMTV, are owned by Nakamoto Inc. (NASDAQ: NAKA)
DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.
What happens to reserve assets when you’re not allowed to sell them? Doomberg argues that U.S. pressure on allies to hold their Treasuries changes the math for central banks, and that in a crisis “you sell what you can sell, not what you want to sell.” That explains gold’s short-term weakness since February 28th, but in the long run he sees it as wildly bullish for gold and Bitcoin as neutral reserve assets. He also shares why younger, hyper-online generations are more likely to choose Bitcoin.
Chapters: 00:00 Doomberg on the Fed, Kevin Warsh and the Midterm Elections 01:21 Will Trump Restart the War in Iran After the Midterms? 03:11 Houthi Refinery Strikes, $110 Brent and Prices at the Pump 05:03 What a Renewed U.S.–Iran Conflict Would Mean for Global Markets 09:21 Doomberg’s Bull Case: Peace Deals and a Post-Midterm Boom 11:00 How a Diesel Shortage Turns Into a Glut 13:27 Europe’s Energy Crisis, French Bonds and U.S. Treasuries 16:38 Will Germany Bail Out France? The Future of the EU 19:02 Gold vs. Bitcoin as Reserve Assets 24:54 Christine Lagarde’s Early Exit and ECB Politics
DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.
Galaxy’s new research note opens with a blunt call: “We believe the bottom is in.” Alex Thorn breaks down the evidence, starting with the fact that regaining the 50-week moving average after 20+ weeks below it has never been followed by a new low. He explains why Bitcoin’s resilience around $80K matters and why he thinks it’s contrarian to say long Bitcoin right now.
Chapters: 00:00 Bitcoin at $81K After the Fed: Is the Bottom In? 00:38 Galaxy’s 50-Week Moving Average Signal 02:10 Bitcoin’s Resilience Around $80K Amid AI Fears 02:54 Light Positioning: “The Crowd Is Not Here” 04:17 13F Filings: Hedge Funds Out, Sovereigns and Wealth Managers In 06:15 Tokenization Hype, the Narrative Pendulum and the Basis Trade 10:06 Strategy’s Daily Dividends, Strive and Tonight’s Earnings Call 12:27 Why the AI Build-Out Is a Debasement Machine 16:11 U.S. Debt, Fiscal Dominance and Bitcoin as Digital Gold 19:21 AI Cyber Attacks, Hardware Wallets and Multisig
DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.
France is at 120% debt to GDP, and Alexandre Laizet says the problem isn’t the debt, it’s that the proceeds are spent and not invested. The Capital B executive explains why Europe’s debt crisis and monetary debasement make the case for Bitcoin, and why France’s capital markets are suited to a Bitcoin treasury strategy.
Chapters: 00:00 Capital B: Europe’s First Bitcoin Treasury Company 00:33 Why Europe Needs Bitcoin and France’s Capital Markets 02:35 France’s Debt, Moody’s Rating and Spent vs. Invested 04:49 Capital B’s Goal to Become Europe’s Most Capitalized Company 06:39 Strategy’s Dividends and Digital Credit in Europe 10:13 Perpetual Credit and Regulation in France and Europe 12:05 MSCI’s New Rules for Bitcoin Treasury Companies 14:07 How Capital B Grew Its Bitcoin Through the Bear Market 17:32 Why Credit Investors Are Looking at Bitcoin-Backed Credit 19:54 French Debt Pressure, Tax Advantages and Bitcoin Adoption
DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.
MSCI’s November 11 announcement could remove Strategy from global equity indexes. The decision puts a source of demand for MSTR shares under scrutiny as the company continues using share sales to finance Bitcoin purchases. Strategy’s next index test arrives on…
Bitcoin price dropped roughly 2% to around $78,420 as the market reacted to Binance’s $6.3 billion security breach.
Crypto liquidations reached $1.54 billion over 24 hours, with long positions accounting for approximately $1.3 billion.
Binance said about $3 billion in affected assets had been frozen and pledged to cover losses through its SAFU fund and company resources.
US spot Bitcoin ETFs attracted fresh inflows, while $80,188 emerged as an immediate resistance level for BTC.
Bitcoin Price Slides as Leveraged Positions Unwind
Bitcoin price remained below $80,000 on October 30 as traders responded to the Binance breach and a wave of forced position closures.
At the attached report’s market snapshot, BTC traded near $78,420, down roughly 2% over 24 hours. The cryptocurrency had briefly slipped below $77,000 before recovering some ground.
CoinGlass figures cited in the report showed approximately 239,000 traders liquidated during that period. Total liquidations reached $1.54 billion, including around $1.3 billion in long positions.
The imbalance shows that traders betting on higher prices absorbed most of the damage. Forced closures of leveraged bullish positions can intensify a decline, adding selling pressure as the market moves lower.
The largest individual liquidation reported was an $11.09 million BTC/USDT position on Binance.
Binance Outlines Breach and Recovery Efforts
In its security incident update, Binance estimated the breach’s impact at approximately $6.3 billion. The exchange said coordination with blockchain partners had helped freeze roughly $3 billion on-chain.
Its preliminary investigation pointed to a compromised DevOps engineer’s laptop. According to Binance, the attacker may have used that access to enter a service container and submit unauthorized withdrawal transactions.
The company said it had found no evidence of leaked wallet private keys. Those findings remain preliminary, with a detailed technical account expected after investigators establish what happened.
Binance also pledged to cover losses using its SAFU emergency fund and company funds. It said an updated proof-of-reserves report would follow remediation.
The recovery effort remains a central issue for traders assessing the fallout. Frozen assets reduce the amount potentially lost, but they do not by themselves establish when funds will be recovered or how the remaining shortfall will be covered.
According to the attached report, the Federal Reserve held its benchmark interest rate at 3.75%–4% on October 28, while two officials supported a quarter-point increase. Bitcoin subsequently fell below $80,000 before the Binance incident added another source of uncertainty.
The rate backdrop and exchange breach presented separate pressures. One concerned monetary policy and investor appetite for risk; the other raised questions about exchange security and the recovery of affected assets.
Their timing helps explain the cautious market environment, although it does not establish how much of Bitcoin’s decline came from either development.
Bitcoin ETF Inflows Offer a Mixed Signal
Institutional fund flows were more resilient than the broader market.
SoSoValue data cited in the attached report showed US spot Bitcoin ETFs recording $17.07 million in net inflows on October 29. That extended their positive streak to four trading sessions.
The previous three sessions had attracted approximately $423.66 million combined, following about $773.5 million in outflows on October 22 and 23.
The return of inflows suggested continued demand through ETF products. However, those purchases
TL;DR: Bitcoin slipped below $80,000 in early October 29 trading as markets digested the Federal Reserve’s decision to leave rates unchanged and the accompanying hawkish dissent. The immediate market risk is a feedback loop between falling prices and leveraged positions being closed.
Bitcoin slipped below $80,000 in early October 29 trading as markets digested the Federal Reserve’s decision to leave rates unchanged and the accompanying hawkish dissent. Contemporary market coverage also linked the move to weakness in technology shares and broader concerns about risk appetite. Prices in cryptocurrency markets change continuously, so the $80,000 level is a description of the reported session, not a live quotation for readers opening this article later. The Fed’s official statement confirms a 3.75%–4.00% policy range and two votes in favor of raising it.
The event and the market response
The transmission mechanism runs through conventional markets rather than a new Bitcoin code change. Higher-for-longer interest-rate expectations can support cash and short-term instruments while making leveraged positions more expensive to carry. Technology shares and crypto assets may both react to those conditions, particularly when investors are reassessing exposure after earnings releases. But correlation varies, and a single trading session cannot prove a permanent relationship. The relevant distinction is between news that alters market conditions and news that changes Bitcoin’s supply schedule or security.
Why the development matters to the crypto market
The immediate market risk is a feedback loop between falling prices and leveraged positions being closed. If sellers push through levels where traders have concentrated stops or collateral thresholds, selling can briefly accelerate. Conversely, an absence of forced liquidations can limit follow-through. That distinction matters more than arguing that a price ending in four zeros has special economic meaning. Traders looking for confirmation should examine whether the move persists across spot venues and whether derivatives activity is driving the direction.
Price-sensitive crypto coverage benefits from keeping three clocks separate: the moment a public announcement was made, the window in which markets reacted and the longer period over which a thesis might be tested. A policy decision or company earnings report can reset expectations immediately, but its enduring effect depends on follow-up data and positioning. Market participants should be wary of treating one narrative as the sole cause of volatile moves. A disciplined reading makes clear what was observed, what was officially disclosed and what remains interpretation.
The connection between digital assets and traditional finance is now too substantial for investors to ignore. Dollar financing rates, the appetite for technology shares, brokerage activity and institutional allocation decisions can all influence crypto demand. None of those relationships is fixed, however: correlation changes as investors rotate between risk and cash. Using a single session to support a dramatic long-term prediction is tempting but unreliable. Readers are better served by a sober distinction between published facts, market observations and forecasts that depend on uncertain assumptions.
What the headline does not establish
An apparently round level such as $80,000 can affect positioning and attention, but does not guarantee support or resistance. Price moves also reflect derivatives funding, forced liquidations, spot exchange liquidity and the timing of orders. Claims about precise liquidation figures should be timestamped and sourced, because aggregation methods differ across providers. The practical lesson is to resist converting one macro headline into a deterministic trading signal. Bitcoin’s long-term adoption case and its vulnerability to short-term liquidity shocks can both be true.
What to watch next
The next signals are Fed communication, equity-market moves, ETF demand and whether Bitcoin stabilizes after the initial reaction. Because the price is time-sensitive, readers should check current market data before using this reported level in any decision.
TL;DR: Robinhood reported third-quarter 2026 results on October 27, with total net revenue of about $1.42 billion, up 12% from the comparable period a year earlier. Market participants can learn something from the gap between token narratives and exchange revenue.
Robinhood reported third-quarter 2026 results on October 27, with total net revenue of about $1.42 billion, up 12% from the comparable period a year earlier. Within that record quarter, cryptocurrency transaction revenue fell 55% year over year to $120 million. The company said crypto notional volumes declined 38% to $50 billion across its app and Bitstamp business. Those figures matter because they reveal the difference between the performance of one retail brokerage and the broader idea that digital assets are enjoying continuous commercial growth.
The event and the market response
Robinhood’s other business lines moved in different directions. Options and equities transaction revenue increased, and event contracts contributed $173 million of revenue, more than six times the year-earlier level. The company reported 28.7 million funded customers and 5.2 million Gold subscribers, while platform assets reached about $396 billion. The numbers show a diversifying financial platform in which crypto is an important service but not the only driver of growth. They also remind readers that brokerage revenue depends on activity and pricing, not just the absolute price of the underlying assets.
Why the development matters to the crypto market
Market participants can learn something from the gap between token narratives and exchange revenue. Even if infrastructure projects announce new institutional integrations, retail trading commissions may contract when speculative turnover slows. Robinhood’s results provide a concrete measure of that pressure. They also suggest traders and investors increasingly have other ways to express macro views on the same application. The story is less about a particular token and more about the changing economics of a brokerage exposed to multiple kinds of market activity.
Price-sensitive crypto coverage benefits from keeping three clocks separate: the moment a public announcement was made, the window in which markets reacted and the longer period over which a thesis might be tested. A policy decision or company earnings report can reset expectations immediately, but its enduring effect depends on follow-up data and positioning. Market participants should be wary of treating one narrative as the sole cause of volatile moves. A disciplined reading makes clear what was observed, what was officially disclosed and what remains interpretation.
The connection between digital assets and traditional finance is now too substantial for investors to ignore. Dollar financing rates, the appetite for technology shares, brokerage activity and institutional allocation decisions can all influence crypto demand. None of those relationships is fixed, however: correlation changes as investors rotate between risk and cash. Using a single session to support a dramatic long-term prediction is tempting but unreliable. Readers are better served by a sober distinction between published facts, market observations and forecasts that depend on uncertain assumptions.
What the headline does not establish
A one-quarter performance snapshot should not be mistaken for a definitive verdict on cryptocurrency adoption. Lower notional volume can reflect reduced market volatility, user preferences or changes in trading conditions. Robinhood’s reported Bitstamp and app activity also carry different customer mixes. The quarter does not reveal every possible onchain use case, nor should strong prediction-market performance automatically be attributed to crypto trading. Investors should compare the company’s segment figures over several periods and consider cost, customer assets and the sustainability of newer businesses.
What to watch next
The next earnings report should show whether crypto volume recovers and whether event contracts continue to contribute strongly. Analysts should also monitor trading activity and customer asset trends rather than projecting a long-term outcome from one quarter alone.
TL;DR: Bitwise Asset Management has raised its long-range Bitcoin price projection to $1.6 million by 2036 in its 2027 capital-market assumptions. The headline will attract attention because it implies a dramatic rise from current levels, but the market should distinguish an investment thesis from a catalyst.
Bitwise Asset Management has raised its long-range Bitcoin price projection to $1.6 million by 2036 in its 2027 capital-market assumptions. The firm models annualized growth of 34.3% over the coming decade, based on institutional allocations, demand for scarce assets and constrained new issuance. It says this is an increase from a previous $1.3 million target. A forecast is not a traded price, and those numbers reflect the manager’s own scenario rather than an independently established future outcome. Investors should read the projection alongside the assumptions that could make it wrong.
The event and the market response
Among the inputs Bitwise highlights is the scale of institutional portfolios, which the firm places around $147 trillion. It argues that a potential allocation of 1% to 5% could imply between $1.5 trillion and $7 trillion of additional demand over time. Those figures are hypothetical allocations, not capital already committed to Bitcoin. The supply argument is more mechanical, reflecting the issuance schedule of the network, but price still depends on buyers and sellers at each moment. Supply scarcity alone cannot determine a future dollar valuation.
Why the development matters to the crypto market
The headline will attract attention because it implies a dramatic rise from current levels, but the market should distinguish an investment thesis from a catalyst. Bitwise has an interest in institutional Bitcoin adoption and its report is intended for long-horizon capital planning. Near-term traders still face macroeconomic news, ETF flows and leverage-driven price moves that may bear little resemblance to a ten-year projection. The proper use of a model this ambitious is to test sensitivities, not to treat the endpoint as a guaranteed destination.
The connection between digital assets and traditional finance is now too substantial for investors to ignore. Dollar financing rates, the appetite for technology shares, brokerage activity and institutional allocation decisions can all influence crypto demand. None of those relationships is fixed, however: correlation changes as investors rotate between risk and cash. Using a single session to support a dramatic long-term prediction is tempting but unreliable. Readers are better served by a sober distinction between published facts, market observations and forecasts that depend on uncertain assumptions.
What the headline does not establish
The manager also argues that Bitcoin’s characteristic four-year swings may moderate as ownership becomes more institutional. It points to a drawdown in 2026 that it portrays as shallower than previous historical cycles. That observation is compatible with maturation, but it does not establish that leverage, liquidity shocks or regulation can no longer produce violent corrections. Bitwise itself expects volatility to continue. An investor considering the model should ask what happens if adoption grows more slowly, institutions reduce positions, or other stores of value remain more attractive.
What to watch next
Readers can evaluate the forecast as new institutional ownership data, ETF flows and corporate treasury disclosures emerge. A useful check is whether the evidence matches the modeled adoption path rather than whether Bitcoin briefly moves closer to the final price target.
Standard Asset Company has announced an anticipated $1.5 billion strategy combining a Coinbase-managed Bitcoin reserve with UAE real estate investments, with a Dubai royal family member among its backers. Standard Asset Company’s announcement, published by Gulf News on Oct. 27,…
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