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.
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.
Senator Bill Hagerty says the only answer some in Congress have is a central bank digital currency, and that’s “absolutely not consistent with freedom and liberty.” In this in-studio interview, he explains how uncertainty let former SEC chair Gary Gensler attack the industry, why a light government touch helps innovation thrive, and what Congress can realistically get done before the new session in January.
Chapters: 00:00 Senator Bill Hagerty on What’s Next for the Clarity Act 01:38 Democrats, Ethics Provisions and the Stablecoin Rewards Debate 03:04 How the SEC and CFTC Are Regulating Crypto Without Congress 04:43 How the GENIUS Act Will Change Payments and Settlement 07:08 Stablecoins, Treasury Demand and U.S. Dollar Dominance 08:31 The U.S. Strategic Bitcoin Reserve and 200,000 Bitcoin 10:54 Why Americans Are Still Skeptical of Crypto 13:18 Bitcoin Mining, TVA and Tennessee’s Energy Buildout 17:14 Bitcoin Businesses in Nashville and Why CBDCs Threaten Freedom 18:36 What Congress Can Pass Before the New Session in January
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.
AI hardware is sold out, and the companies that cut their teeth in Bitcoin mining are moving in. Luxor just raised $16 million in a round led by CMT Digital to scale its cloud platform, GPU hardware business and compute trading. Ethan Vera of Luxor and Sam Hallene of CMT Digital join BMTV to explain why Bitcoin mining expertise translates so well into AI compute.
Chapters: 00:00 Luxor Raises $16M to Take Bitcoin Mining Expertise Into AI 01:17 Why CMT Digital Backed the Luxor Team 02:54 What Bitcoin Mining Teaches AI Infrastructure 03:48 Luxor Cloud: Runners, Sandboxes and Code Review 04:51 Sandboxes for AI Agents 05:43 GPU Demand: Nvidia Sold Out for the Year 07:12 Compute Derivatives and Liquidity for AI Markets 08:12 Luxor’s Full-Stack Compute Ecosystem 10:24 Why Luxor Chose Strategic Investors 12:08 Bitcoin Mining Is Still a Core Pillar
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.
“We believe the bottom is in.” That’s the call from Galaxy’s head of firmwide research, Alex Thorn. Bitcoin closed back above its 50-week moving average the week of September 20 and has kept that trend, and Galaxy notes that the four prior reclaims after 20-plus weeks below never closed more than 8.4% under the reclaim level in the following year. Here’s why the whole call comes down to the 50-week moving average.
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.
Bitcoin is holding near $80K, yet the crowd has never seemed less excited and that might be the most bullish signal of all. Michael Sullivan, software engineer and author of Bitcoin Sentiment Weekly, breaks down what language-based sentiment data says about this market. He explains why excitement, conviction and desire are washed out to levels he compares to 2015, and why that looks like the early stages of a disbelief rally.
Chapters: 00:00 Michael Sullivan on Bitcoin and Currency Decay 00:58 Bitcoin’s Pullback From $86K: Is This a Disbelief Rally? 02:10 Bitcoin Sentiment Compared to 2015 and 2022 03:50 How to Tell When the Bitcoin Market Is Overheated 05:05 Measuring Excitement, Conviction and Desire in Bitcoin 06:42 The Next Bitcoin Bull Run Narrative: Bitcoin and AI 08:12 Investor Psychology: Buying Near All-Time Highs vs. DCA 09:42 Bitcoin and Traditional Finance Growing Together 10:54 Why Short-Term Bitcoin Holders Are So Frustrated 12:52 How AI’s Deflation Strengthens the Case for Bitcoin
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 hash ribbon recovered on August 26 and has held for 61 days. Historically, Bitcoin was higher one year later in six of seven counted recoveries, about a 72% edge. Sean Hagan breaks down the signal, the misses (15 of 231, notably April 2021 at -17%), the January signal still 12% underwater, and why the 30-day hash rate at roughly 1.1 ZH, up 13% from July, says the worst of the miner stress is behind us. Grace Remington asks the right question: if miners left voluntarily, is the signal still reliable?
Chapters: 0:00 The Hash Ribbon Explained: Counting Miner Capitulation Days Since 2011 0:26 A New Record: 223 of 365 Days in Capitulation vs. 141 in 2012 1:01 Why This Cycle Is Different: Miners Left for $100 Billion in AI Contracts 1:48 More Like the 2021 China Ban Than 2018 or 2022 2:14 The Timing Still Fits: Capitulation Peaked 56 Days After the June 30 Low 2:37 Hash Ribbon Recovered 61 Straight Days, Hash Rate Up 13% From the Low 3:20 Price Agrees: MVRV Above Its Average and Bitcoin Above the 50-Week 3:58 Is the Signal Reliable If Miners Left Voluntarily? Higher 6 of 7 Times 5:18 Could Hash Rate Come Back From AI as the Build-Out Hits Bottlenecks? 6:52 A Backward-Looking Chart With a 70%-Plus Directional Track Record
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.
For decades, gold has played an important role in how governments manage their financial reserves. Countries hold gold because it is a valuable asset that can be stored for the long term and may help diversify their reserves.
But what if Bitcoin started playing a similar role?
Bitcoin is different from gold in almost every practical way. It exists digitally, moves across a global network, and has a supply limit built into its design. Yet, some policymakers and investors believe these features could make it worth considering as a strategic asset.
The United States has already brought this idea into the policy discussion. But creating a Bitcoin reserve involves much more than simply buying some Bitcoin and keeping it in a digital wallet.
To understand why, it helps to look at how gold reserves work, what makes Bitcoin different, and what the potential benefits and risks could be.
Why Do Governments Hold Gold?
Gold has been used as money and a store of value for thousands of years. Today, central banks and governments continue to hold it as part of their financial reserves.
These reserves can serve several purposes.
First, gold provides an asset that is not directly dependent on the financial condition of a single company or government. Second, it can help diversify a country’s reserve holdings. Third, gold has an established global market, making it possible to buy or sell it in many parts of the world.
However, gold is not risk-free. Its price can rise and fall, storing and transporting it requires physical security, and selling large quantities can take time.
Governments still hold gold because they consider its potential benefits useful over the long term.
This raises an interesting question: Could Bitcoin serve a similar purpose in the future?
What Makes Bitcoin Different From Gold?
Bitcoin is often called digital gold because both assets have limited supplies and can be held without depending on a traditional bank account.
But the similarities only go so far.
Gold is a physical asset. Bitcoin is a digital asset secured by a decentralized network.
Bitcoin’s protocol sets a maximum supply of 21 million coins. Gold, on the other hand, has no fixed total supply because new deposits can be discovered and mined.
Bitcoin can also be transferred across borders without physically moving anything. However, transactions require network confirmation, and access to the coins depends on properly managing the relevant cryptographic keys.
The biggest difference is price stability.
Gold has a long history as a reserve asset, while Bitcoin is much younger and has experienced significant price swings. Bitcoin’s price can change sharply in a short period, which makes it harder for governments to predict the value of their holdings.
For example, imagine a government holds Bitcoin worth $1 billion. If Bitcoin’s market price falls by 30%, the value of that holding would drop to $700 million, assuming the amount of Bitcoin remains unchanged.
The government would still own the same number of coins, but their market value would be lower.
This is one reason Bitcoin cannot simply be treated as identical to gold.
How Could the US Build a Bitcoin Reserve?
There is more than one way a government could accumulate Bitcoin.
One option is to retain Bitcoin obtained through asset seizures and legal proceedings instead of selling it. Another is to purchase Bitcoin through an authorized government program.
These approaches may sound similar, but they raise different questions.
Retaining seized Bitcoin means managing assets already in government custody. Purchasing Bitcoin requires a separate decision about funding, legal authority, and the use of public resources.
The distinction is important in the United States, where policymakers have been discussing how government-held Bitcoin should be managed and whether a more formal reserve framework should be established.
That difference matters because a policy proposal, an approved law, and an operational reserve are three separate stages. A proposal does not automatically mean that new Bitcoin purchases have been authorized or that a reserve is fully established.
What Could Be the Benefits of a US Bitcoin Reserve?
Supporters of a Bitcoin reserve point to several possible benefits.
1. Diversification of government assets
Governments generally try to avoid depending too heavily on one type of asset.
A Bitcoin reserve could provide another form of exposure alongside traditional holdings such as gold and foreign currencies. If Bitcoin becomes more widely accepted over time, supporters believe it could offer long-term diversification benefits.
However, diversification does not guarantee better returns. Bitcoin could fall in value at the same time that other financial markets experience stress.
2. Exposure to a limited-supply asset
Bitcoin’s supply limit is one of its most widely discussed features.
Unlike currencies that can be issued according to monetary policy, Bitcoin’s issuance follows rules built into its protocol. Its supply schedule is designed to approach a maximum of 21 million coins.
Supporters argue that this makes Bitcoin worth considering as a long-term asset.
But limited supply alone does not guarantee rising prices. Demand still matters. An asset can remain scarce while losing value if fewer people want to own it.
3. Participation in a developing financial system
Digital assets and blockchain technology are becoming part of broader discussions about payments, financial infrastructure, and investment.
Holding Bitcoin could give a government direct experience with digital-asset custody and the practical challenges of managing a decentralized asset.
That experience might help policymakers better understand both the opportunities and the risks associated with the technology.
Still, a government does not need to hold Bitcoin to study blockchain technology or develop digital-asset regulations.
What Are the Risks?
A Bitcoin reserve would also create challenges that governments would need to consider carefully.
1. Price volatility
Bitcoin can experience large price changes over short periods.
If a government holds a substantial amount of Bitcoin, a market downturn could reduce the reported value of its holdings. This could create political pressure, especially if taxpayers believe public resources are being exposed to unnecessary risk.
The long-term outcome would remain uncertain, even if Bitcoin had performed well over an earlier period.
2. Security and custody
Gold can be protected in secure physical facilities. Bitcoin requires a different kind of protection.
Access to Bitcoin depends on private keys. If those keys are lost, stolen, or improperly controlled, the assets could become inaccessible or be transferred without authorization.
A government reserve would therefore require strong security procedures, careful access controls, backup arrangements, and clear rules about who can authorize transactions.
The fact that Bitcoin operates on a decentralized network does not automatically make every wallet or storage system secure.
3. Legal and political questions
A national reserve would raise questions about who has the authority to acquire Bitcoin, how the holdings should be managed, and whether the government should ever sell them.
There would also be questions about transparency. Should the public receive regular reports on the amount held, the cost of acquisition, and changes in market value?
These decisions matter because a reserve is not just a collection of digital coins. It is a government policy that may affect public finances and future administrations.
4. The opportunity cost
Money used to purchase Bitcoin cannot be used for another purpose at the same time.
If a government spends public funds on Bitcoin, it must consider what else those funds could have supported. Even if Bitcoin rises in value, the decision should be evaluated against the alternatives available when the money was committed.
This is a basic principle of public finance: every major financial decision involves trade-offs.
Could a US Bitcoin Reserve Affect the Crypto Market?
A formal US Bitcoin reserve could influence how investors think about Bitcoin, but the actual effect would depend on the details.
For example, if the government retains Bitcoin it already owns, the immediate effect on market demand could be different from a policy that authorizes regular purchases.
If a government buys additional Bitcoin, those purchases could create new demand. If it simply holds existing coins rather than selling them, the market may instead focus on the amount of Bitcoin that remains available for trading.
Announcements could also affect expectations before any action takes place. Investors might interpret a reserve policy as a sign that Bitcoin is gaining recognition as a strategic asset.
However, expectations are not the same as actual buying activity.
Bitcoin’s price is influenced by many factors, including investor demand, interest rates, global liquidity, institutional investment, regulation, and market sentiment. A government reserve would be only one part of that picture.
It would also be a mistake to assume that other countries would automatically follow the United States. Governments have different financial priorities, regulatory systems, and levels of comfort with volatile assets.
Does Bitcoin Need Governments to Succeed?
This is perhaps the most interesting question in the entire debate.
Bitcoin was designed to operate without requiring a central authority to approve transactions or manage its supply. Its network can continue operating whether or not governments choose to hold it.
A national reserve would therefore not be necessary for Bitcoin to function.
Government participation could, however, influence how financial institutions, businesses, and investors view the asset. It could also bring more attention to the questions of regulation, custody, and long-term financial use.
At the same time, government involvement could create new political risks. Future administrations might change their approach, revise reserve policies, or decide that holding Bitcoin no longer fits their priorities.
Bitcoin’s future would still depend on whether people and institutions choose to use, hold, and value it.
Final Thoughts
Holding Bitcoin like gold is an interesting idea, but the two assets are not interchangeable.
Gold has a long history as a reserve asset, while Bitcoin offers a digital form of scarcity and can be transferred through a global network. Those features may make Bitcoin attractive to some policymakers, but its volatility, custody requirements, and uncertain long-term value create real challenges.
For the United States, the question goes beyond whether Bitcoin belongs in a government wallet. It involves deciding how the asset would be acquired, who would control it, what rules would govern its use, and how the public would be informed about the risks.
The most useful way to follow the debate is to separate announcements from legislation and legislation from implementation.
A Bitcoin reserve could become an important development in the relationship between governments and digital assets. But whether it proves to be a sound long-term strategy will depend on the policy behind it, the risks governments are willing to accept, and how the reserve is managed over time.
Bitcoin fell to $79K this weekend, and this week both the Fed and the Bank of Japan decide on rates. Duke Waldrop, Head of Asia Markets at UTXO Management, joins Grace Remington and Sean Hagan to explain why a yen repricing hits Bitcoin first: macro funds with yen-denominated liabilities become forced sellers, and Bitcoin’s 24/7 liquidity is where they find the exit. He also breaks down why Metaplanet is trading below the value of its own Bitcoin, why possible removal from MSCI indexes on November 30 doesn’t change the thesis, and why the bet is on the Tokyo team’s execution.
Chapters: 0:00 Bitcoin at $79K, Fed and Bank of Japan Decisions, and Metaplanet Below NAV 0:29 How Asian Investors Are Learning the Treasury Playbook 1:16 The Yen Carry Trade and Why Bitcoin Sees the Liquidity Shock First 2:12 Who Sells First If the Bank of Japan Surprises: Overleveraged Macro Funds 2:58 Metaplanet’s Nasdaq Route Through Super League and the Second Liquidity Pool 3:46 Why Metaplanet Trades Below Its Bitcoin: Bitcoin Per Share Is the Metric 4:30 Asia Is “Way Behind” on Bitcoin Preferreds 5:32 MSCI Removal on November 30: Why It Changes Nothing Fundamental 6:57 Balance Sheet Caps, Delisting and Moon Inc. 8:45 Thailand, Astra’s Cash-Flow Model, Capital Group’s 11% and “The Moon, a Million”
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.
Seven of the largest banks in the world are now running on Coinbase infrastructure, and Brett Tejpaul, Co-CEO of Coinbase Institutional, says they’re having a “Kodak moment.” He joins Grace Remington and Sean Hagan to explain why the driver has shifted from Bitcoin ETFs to stablecoin payments now that money can move from a Citi account to USDC, across the blockchain in a second, and into a corporate account on the other side. He also gives a candid read on Bitcoin: the macro setup is great, the performance has been disappointing, and institutions aren’t yet treating it as anything but a tech trade.
Chapters: 0:00 Seven of the World’s Largest Banks Are Using Coinbase Infrastructure 1:19 From ETFs to Payments: Citi, USDC and Instant Bank-to-Blockchain Transfers 2:44 $400 Million an Hour in Stablecoins and the Banks’ “Kodak Moment” 4:38 Stablecoins Are a “Speck of Dust”: Payment Providers First, Then Banks 6:10 Agentic Commerce Arriving at the Same Time as the Big Players 6:49 Is Bitcoin Still a Leveraged Tech Trade? “Disappointing” Performance, Great Setup 8:44 Connecting U.S. Funds to Deribit’s 85% Options Market Share 11:06 The Second Wave: Net-New Entrants and Coinbase’s “Amazon to AWS” Pivot 12:57 Activating the Whole U.S. Through Coinbase Infrastructure 13:56 Quantum, 90% ETF Custody Share and “Safe Forever”
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.
Real estate is the largest asset class in the world at $300–500 trillion, and Leon Wankum says Bitcoin won’t just overtake it, it will outgrow it. The real estate operator and author of Digital Real Estate joins Spencer Nichols on the Bitcoin Magazine Podcast to explain why real estate only became money after 1971, why 80–90% of its value is monetary premium rather than utility, and why that premium is migrating to Bitcoin the way information migrated to the internet. He lays out his $1,000 trillion base case, a price path to $1 million by the late 2030s, and why it’s now financially smarter to rent and buy Bitcoin.
Host: Spencer Nichols — Bitcoin Magazine Leon Wankum — Author of Digital Real Estate
Chapters: 0:00 Why $1,000 Trillion Is the Base Case for Bitcoin 1:44 From Rome to Nixon: How Real Estate Became Money After 1971 3:53 Leverage, Cash Flow and Why Most Real Estate Deals Don’t Work Right Now 6:24 Real Estate Is a $300–500 Trillion Market and Bitcoin Will Outgrow It 9:11 Collateral Doesn’t Need Cash Flow: Bitcoin’s 50% CAGR vs. Real Estate’s 4–6% 12:22 Why Bitcoin’s Four-Year Cycles and Volatility Are a Feature for Collateral 15:46 Rent and Buy Bitcoin: How the Monetary Premium Migrates Out of Real Estate 20:30 The Digital Real Estate Playbook: Sell, Accumulate, Refinance, Dual Collateral 25:34 Bitcoin Treasury Preferreds at 15% vs. Rental Property and the Future of Interest Rates 30:33 Bitcoin to $1 Million by the Late 2030s
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.
Circle is taking its cross-chain balance service beyond USDC. The company announced on October 23 that Gateway now supports its wrapped Bitcoin token, cirBTC, and euro stablecoin EURC, giving developers a common interface for moving three different assets.
TL;DR: Gateway now supports cirBTC and EURC alongside USDC, with separate balances and different network routes. Its advertised speed applies after deposits have finalized.
The Euro And Bitcoin Routes Differ
The expansion has a narrower footprint for bitcoin than for euros. Circle’s asset-support documentation lists cirBTC on Arc and Ethereum. EURC is supported on Arc, Avalanche, Base, Ethereum, Solana and World Chain. Availability of a token elsewhere does not automatically make that network a Gateway route.
Each asset retains its own balance. Depositing EURC creates access to EURC across its supported networks; it does not fund a cirBTC withdrawal or convert euros into dollars. Applications still need a separate exchange operation when the underlying asset changes.
That distinction matters for the kinds of businesses the service could help. A payments firm serving euro customers on several networks could, in principle, reduce the amount of EURC it parks in separate places. The design simplifies where a balance can be used while leaving currency exposure and conversion decisions with the business.
The Speed Claim Starts After Finality
Circle advertises cross-chain access in less than 500 milliseconds once a balance has been established. That condition excludes the time needed for a fresh deposit to reach finality on its source network. A customer moving funds into Gateway for the first time therefore faces a different timing calculation from an application spending an existing balance.
The Gateway documentation describes deposits held in noncustodial GatewayWallet escrow contracts. An authorized request then allows the same asset to be minted on a supported destination chain. Circle also provides a withdrawal path that does not depend on its API, although that route carries a seven-day delay. Control of funds and immediate access to funds are separate considerations.
The new assets also work with Circle’s Nanopayments system, which groups off-chain payments for settlement in batches. Support has an additional boundary here: nanopayments involving assets other than USDC are limited to Ethereum Virtual Machine networks. EURC’s Gateway availability on Solana should not be read as EURC Nanopayments support there.
Circle says it is waiving Gateway fees for cirBTC and EURC on Arc at launch. Developers still need to assess the full transaction path, including deposits, withdrawals and settlement. Eliminating a gas charge for each individual payment does not eliminate the cost of every batch or every interaction with a smart contract.
For prospective users, the useful test is concrete: whether the required asset, destination network and payment method all appear in the supported combination. A unified interface makes those decisions easier to implement, but the route matrix still determines what an application can deliver.
Written by the News Desk and edited by Samuel Rae.
Tesla and SpaceX have formed a special committee to explore a merger that would create the largest equity in the world by market cap. In this clip, Sean Hagan breaks down why the deal is a “no brainer” on first principles: a combined company earns a higher index weighting and captures more passive flows than either firm alone. He connects it to the MSCI decision on Strategy and why passive flows matter for Bitcoin treasury companies. The hosts also ask whether the merger is a workaround for SpaceX’s S&P 500 inclusion.
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.
Bitcoin is moving from the fringe to the boardroom, and Allen Helm sees it firsthand. The co-founder of Bitcoin for Corporations says a resounding sentiment inside the banks he talks to is that Bitcoin is no longer a speculative asset. He explains how institutions are structuring digital credit and securities around Bitcoin, and why record ETF inflows from BlackRock matter.
Chapters: 00:00 Inside Bitcoin for Corporations 01:36 Why Institutions Aren’t Repeating 2017 02:33 Why Institutions and Retail See Bitcoin Differently 03:57 Bitcoiners’ Biggest Misconceptions About Institutions 06:48 BlackRock’s Record Inflows and Who’s Buying Bitcoin ETFs 08:37 J.P. Morgan’s Report and Bitcoin as a Non-Speculative Asset 09:55 SpaceX, Tesla, and What Counts as a Bitcoin Treasury Company 12:28 Strategy, Strive, Metaplanet, and Treasury Consolidation 15:03 Will Bitcoin Treasury Companies Move to US Markets? 17:48 “Capital Does What Capital Wants” and Unifying Global 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.
J.P. Morgan just named Bitcoin the best-performing asset in its long-term outlook. In its 2027 Long-Term Capital Market Assumptions, J.P. Morgan Asset Management projects Bitcoin outperforming large-cap stocks, gold, and bonds over the next decade. Grace Remington and Sean Hagan break down the 10% base case and 16% bull case, and what they could mean for Bitcoin’s price by 2036.
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.
Are Bitcoin treasury companies being overlooked? JAN3 CEO Samson Mow says a lot of them, especially Strategy (MSTR), are massively undervalued right now. He explains why treasury companies act as Bitcoin’s buyer of last resort, buying no matter what and creating a self-reinforcing cycle that should push the price higher over time. Mow also shares why the best time to launch a Bitcoin treasury company or Bitcoin bond is when the price is low, and how sovereigns looking to Bitcoin are adding to a worldwide race for a finite asset
Chapters: 00:00 Samson Mow on Whether Bitcoin’s Four-Year Cycle Is Dead 01:46 What Could Trigger Bitcoin’s Next Major Rally 03:01 Why AI Companies Will Adopt Bitcoin Strategies 03:56 Bitcoin Bonds and Timing a Nation-State Launch 05:11 Treasury Companies Accumulating and Strategy’s Undervaluation 06:21 SpaceX IPO Liquidity and Competing With the AI Trade 07:36 Why Nation-State Bitcoin Adoption Has Slowed 09:22 How Aqua Wallet Users Discover Bitcoin Through Stablecoins 11:33 Agentic Commerce: Save in Bitcoin, Spend in Stablecoins 14:27 Is Quantum Computing a Real Threat to Bitcoin?
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.
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