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Cover image for Paystand: The Payments Giants Quietly Supporting Bitcoin Circular Economies

Paystand: The Payments Giants Quietly Supporting Bitcoin Circular Economies

Bitcoin Magazine Paystand: The Payments Giants Quietly Supporting Bitcoin Circular Economies While many hyper focus on the bitcoin price and its occasional intense volatility, there is a whole cohort of Bitcoiners that are quietly building Bitcoin circular economies with deep social impact around the world, in areas where Bitcoin is a save heaven asset today, compared to the local economies and circumstances. One such company is Paystand, a B2B payments giant that has gone under the radar as a major user of Bitcoin for domestic and international corporate payments. Paystand enables companies to handle receivables, payables, expenses, cross-border payments, issue corporate spend cards, and streamlines payroll dynamics with Bitcoin-sensitive accounting software. Paystand serves mid to large corporate clients like Motorola. By using Bitcoin as a financial settlement layer via its assurety protocol, Paystand provides fast, auditable, traceable transfers, serving as an alternative to legacy systems like checks, wires, and ACH. According to its CEO, Jeremy Almond, who talked to Bitcoin Magazine on the matter, the company has processed over $20 billion in payment volume per year and connects more than one million businesses on its network. Almond, who co-founded Paystand, is a Bitcoin early adopter whose family was deeply affected by the 2008 financial crisis. In an interview with Frank Corva of Bitcoin Magazine, Almond shared some of his experiences with the Occupy Wall Street protest against the banks at the time and how all of this influenced his master’s thesis on “Why banks are too big to fail,” which in turn led him to Bitcoin. Almond has a deep background in tech entrepreneurship, while also being a surfer, which puts him in the company of other Bitcoin leaders who catch waves, like Jack Dorsey or Bitcoin Beach’s Mike Peterson. Bitcoin’s deep integration with Paystand is subtle. The company focuses on solving operational and payment related problems for large corporations, using Bitcoin’s world class volume and payments infrastructure in the background, it is not generally known as Bitcoin company, though it nevertheless is advancing Bitcoin adoption in very interesting ways. On the Bitcoin corporate front, Paystand takes a very different approach than companies like Michael Saylor’s Strategy, which walk through the front door to pitch a Bitcoin treasury allocation to executive boards, looking to influence companies from the top down. Paystand takes a very different strategy. Through its Teampay corporate spending cards, companies can earn Bitcoin rewards—denominated in satoshis—on everyday expenditures, such as a 1% cash back in sats. As Almond explained, “Our products are designed to sort of Trojan horse and orange pill large companies that might be skeptical to go all in on Bitcoin first… all of a sudden that company ends up with Bitcoin in the balance sheet, not by some big formal process, but by simply doing what they’re already doing and earning sats by their regular behavior.” Sats rewards are far more valuable than random credit card points; they last forever and are deeply liquid, trending upwards in value over time, as Bitcoin does. Corporations just have to figure out how to access them and integrate them into their balance sheet, which means the call to integrate Bitcoin comes from inside the house for Paystand clients. When the call comes, Paystand is ready to build on this earned interest by assisting clients with integration. The company helps connect Bitcoin holdings to enterprise resource planning systems like Oracle, Microsoft, and Sage, handling reconciliation and accounting under standards such as FASB rules. Almond noted, “What we’re really good at is helping these organizations connect it back to their big financial system… And that’s really one of the things we’re an expert at.” In November 2025, Paystand acquired Bitwage, a Bitcoin payroll and global payouts company founded in 2014 by Jonathan Chester and John Lindsay. Bitwage specializes in enabling businesses to pay international employees, contractors, and vendors in Bitcoin, stablecoins, or local fiat currencies, solving key accounting complexities, reducing cross-border fees and FX costs while offering flexible payout options across nearly “200 countries”, according to Bitwage. The acquisition integrates Bitwage’s expertise into Paystand’s enterprise network, expanding capabilities for global B2B transactions, including payroll and supplier payments, with full Bitcoin support. In a notable revelation during the interview, Almond disclosed that Paystand operates its own business-focused layer-2 solution tailored for enterprise needs, with upcoming announcements on additional L2 partnerships. In order to guarantee results and reliability, Paystand has also entered the Bitcoin mining industry. Almond told Bitcoin Magazine that “Today we are one of the top 25 largest miners in the world.” The expansion into mining came through their business relationships with various energy corporations, to which they provide payment services. “Increasingly, the energy industry and the Bitcoin mining industry are converging. And so we’ve been able to have distributed mining infrastructure with a number of energy partners and data centers to be able to bring more balance to the energy grid, partner with our energy partners, and then create more sustainable options that also help balance and decentralize the Bitcoin validation infrastructure,” he explained. The move reveals an interesting alignment of incentives. Paystand decided to become vertically integrated as a Bitcoin payments company, applying to supply its own hash rate, blocks, and layer two scaling solution, tailor-made for large B2B. The strategic need to guarantee transactions get confirmed by miners turned them into miners, further decentralizing the hashing power and thus the Bitcoin network. Almond added that Paystand’s expansion into mining was deeply rooted in their OG Bitcoin culture, “if we don’t have the nodes and the miners aren’t sufficiently decentralized, then again… Our view is that we are not living up to the ideals of the white paper.” Closing the Loop to Bitcoin Circular Economies Beyond its commercial operations, Paystand allocates a portion of profits to Paystand.org, a nonprofit formed in 2024, focused on supporting Bitcoin circular economies (BCEs) in the Global South. These BCEs are community-driven initiatives using Bitcoin for local transactions, remittances, and financial inclusion, and to drive positive social impact. BCEs include projects like Bitcoin Beach in El Salvador, Motiv in Peru, and My First Bitcoin for education. According to Almond, Paystand.org has donated over “a billion sats” to BCEs, equivalent to roughly one million US dollars. Donations are made as grants ranging from one thousand to eighty thousand dollars, depending on the proof of work demonstrated by the program. “We work with 30 programs all over the globe, something in the order of 20 countries,” Almond, emphasizing the scale of their non-profit work. Paystand dot org, alongside a variety of BCE leaders, echoes the difference Bitcoin is making in social impact projects, as this style of humanitarian work emphasizes development of agency and empowerment on the part of recipients, rather than constant handouts, fiat style, which ultimately creates dependency rather than resilience. Paystand demonstrated a strong presence at the recent Bitcoin Circular Economy Summit in El Salvador’s Bitcoin Beach this January 2026, where representatives shared insights on sustainable BCE models. This post Paystand: The Payments Giants Quietly Supporting Bitcoin Circular Economies first appeared on Bitcoin Magazine and is written by Juan Galt.

Cover image for The v2 Transport: Bitcoin P2P Traffic Goes Dark

The v2 Transport: Bitcoin P2P Traffic Goes Dark

Bitcoin Magazine The v2 Transport: Bitcoin P2P Traffic Goes Dark For nearly 15 years, all communication between nodes on the Bitcoin network was transmitted completely in the clear, without any encryption. That changed in 2024 with the adoption of BIP 324, which introduced the “v2” transport protocol for communication between nodes. This new protocol features opportunistic encryption, making the traffic unreadable to passive adversaries capable of monitoring messages between nodes. Since adding support for it in Bitcoin Core 26.0, and enabling it by default in 27.0, it is now used for the majority of global Bitcoin P2P traffic. Taking a step back, a Bitcoin node’s primary function is exchanging pieces of information that are fundamentally public: blocks in the blockchain, transactions in the mempool, and IP addresses of other Bitcoin nodes. Because this is not secret information, it is not immediately obvious why encrypting it along the way would be beneficial. But on closer inspection, there is plenty of metadata associated with Bitcoin traffic that is worth protecting. If a large-scale adversary can see which transaction is relayed when and by which IP address, they can infer which node was the likely originator – and thus creator – of a transaction. In addition to that, seeing the connections between nodes themselves may reveal who certain nodes belong to, allowing nodes of specific companies or miners to be targeted for attacks. And for some users running nodes in oppressive regimes, it may be undesirable to reveal they are running a Bitcoin node at all. In the P2P protocol as designed by Satoshi, nodes connect to each other, and over those connections send messages like inv (“I have new blocks/transactions for you”), getdata (“give me that block/transaction”), addr (“here is an IP address of another node”), and many others. The set of messages and features they support has changed significantly over time, including support for early SPV clients with BIP 37, compact block relay with BIP 152, support for Tor v3 addresses with BIP 155, and dozens of others. But the way those messages are encoded into bytes that are sent over the wire – what we call the transport protocol – had essentially never changed since 2009. The only exception to this was the introduction of checksums to the protocol in May 2010. BIP 324 was the first change of this nature since then. Note that despite being a rather fundamental change to what can be described as part of the “Bitcoin protocol”, it is entirely optional. It is not a consensus change, and did not need any coordination or activation mechanism. It is simply used between individual nodes that support it, but when a BIP 324 supporting node talks to another one that does not, they fall back to speaking the old (“v1”) transport protocol. This is how, without much fanfare not two years after the release of client software that enables it by default, the majority of communication between Bitcoin nodes wound up using the encrypted v2 transport protocol. The idea of encrypting Bitcoin traffic was not new. Back in 2016, Bitcoin Core developer Jonas Schnelli proposed BIP 151, which would allow upgrading connections to switch them to an encrypted mode. The proposal did not make it far, and since that approach couldn’t hide the initial handshake between two nodes from prying eyes, BIP 324 was proposed in 2019 to instead revamp the transport protocol entirely. This more modern approach instead introduced an entirely new class of connections that are encrypted from the start. Progress on it accelerated when it was picked up by Dhruv Mehta in 2021, and together with Tim Ruffing and myself, turned into a full proposal that included a few new features like a fully pseudorandom bytestream, affordances for traffic shaping, and optional extensions. We announced it on the bitcoin-dev mailing list in 2022, and after receiving several comments, implemented it over the course of 2022 and 2023. The full feature was merged in Bitcoin Core in 2023. After further testing, it was enabled by default for all connections (with supporting peers) in 2024. The fully pseudorandom bytestream feature offered by the new protocol means it exhibits no recognizable patterns in the bytes sent over the wire. For example TLS, used for communication with secure websites (“https://” URLs), encrypts the contents of websites, but not the fact that TLS is being used, or (until 2020 with Encrypted Client Hello, “ECH”) which hostname the site was being requested from. The v1 transport used before BIP 324 sent a very recognizable fixed first 16 bytes over every connection, making it easy for censoring firewalls to block any connection with that pattern. In contrast, the v2 transport has no such pattern at all; every byte is uniformly random from the perspective of a third party, and thus completely unpredictable. Any entity that intends to block Bitcoin traffic using it would need to block anything that looks random, which might be politically more difficult than just narrowly blocking Bitcoin-like traffic. The hardest part of making the entire protocol pseudorandom was the fact that during the handshake – before encryption is set up – the nodes need to exchange public keys, and public keys are not just random bytes. Only thanks to a fairly modern cryptographic technique called Elligator (2013), and specifically a variant called ElligatorSwift (2022) that allows encoding elliptic curve public keys in random-looking bytes, was it possible to avoid even this pattern. It is worth pointing out that due to the public nature of the Bitcoin network, there are significant limitations to the privacy protections that an encrypted transport layer between nodes can offer. Bitcoin nodes do not place trust in their peers, and thus do not really care who they are talking to. Bitcoin nodes do not have known public keys, which is why the encryption offered by the v2 transport is opportunistic and non-authenticated; both sides just make up a new temporary key for each connection. This means it is possible for active adversaries (e.g., your ISP) to perform a man-in-the-middle attack: talk v2 to both sides of the connection, but decrypt and re-encrypt all communication flowing between them, still allowing spying, and possibly tampering or censoring while doing so. However, the point is that this is significantly more expensive to do at scale, compared to simply inspecting unencrypted individual messages like is possible in the v1 transport. And of course, since most Bitcoin connections are arbitrarily made to random untrusted nodes, an adversary who wants to spy at scale on other nodes always has the option of just spinning up a large amount of nodes themselves, and getting a large portion of the network to connect to them. Like man-in-the-middle attacks, this is more expensive to do at scale than simply inspecting v1 packets. BIP 324 is thus best seen not as a privacy improvement in and of itself, but as part of a larger effort of raising costs for large-scale surveillance of the Bitcoin network, without relying on alternate networks like Tor or I2P, which have their own trade-offs like increased latency and denial-of-service risk that would not be acceptable for all nodes on the network. BIP 324 also offers a number of features that are as of yet unimplemented, like traffic shaping to avoid revealing information about transactions being relayed just through observing the sizes of encrypted packets. Hopefully, those will be taken advantage of further in the coming years. 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. This post The v2 Transport: Bitcoin P2P Traffic Goes Dark first appeared on Bitcoin Magazine and is written by Pieter Wuille.

Cover image for JPMorgan: Bitcoin is Now a More Attractive Investment Than Gold Long Term

JPMorgan: Bitcoin is Now a More Attractive Investment Than Gold Long Term

Bitcoin Magazine JPMorgan: Bitcoin is Now a More Attractive Investment Than Gold Long Term Bitcoin’s long-term investment case relative to gold has strengthened, according to JPMorgan, even as the cryptocurrency suffers one of the sharpest market pullbacks in its history. In a new note, JPMorgan analysts reportedly said Bitcoin’s risk-adjusted profile versus gold has improved after gold’s strong outperformance over the past year and a notable rise in volatility for the traditional safe-haven asset. The divergence between the two assets has been stark. Since October 2025, gold has climbed roughly a third, while BTC has fallen nearly 50% from its peak above $126,000. The downturn marks four consecutive months of declines — a stretch not seen since before the pandemic. Gold rose more than 60% in 2025, driven by central bank buying and renewed safe-haven demand, while BTC struggled to maintain momentum and underperformed many risk assets. Still, JPMorgan global markets strategist Nikolaos Panigirtzoglou argued that gold’s rally has come with a key shift: rising volatility. That has narrowed the perceived risk gap between the metal and BTC. The bank highlighted that Bitcoin’s volatility relative to gold has fallen to a record low, with the bitcoin-to-gold volatility ratio drifting toward 1.5. Panigirtzoglou suggested that, on a volatility-adjusted basis, Bitcoin’s market capitalization would need to rise dramatically — theoretically implying a price near $266,000 — to match private sector investment levels in gold. While he acknowledged such targets are unrealistic in the near term, the comparison underscores what JPMorgan views as significant upside potential over the long run once negative sentiment fades. Bitcoin is currently crashing The note comes as Bitcoin’s price crashed sharply Thursday, dipping to $65,000 in volatile trading — marking what appears to be the largest absolute dollar drawdown on record. From its October highs, BTC has retraced roughly $62,000, eclipsing prior nominal declines seen in 2018 and 2022, according to Bitcoin Magazine Pro data. JPMorgan also pointed out that BTC is now trading well below its estimated production cost of $87,000 — historically seen as a soft floor. Analysts noted that sustained prices under production cost could force inefficient miners out, eventually lowering the network’s marginal cost base. Despite the downturn, JPMorgan said liquidation activity has remained modest compared with past crashes, though U.S.-listed spot Bitcoin ETFs continue to see persistent outflows. U.S. spot BTC ETFs saw more than $3 billion exit last month, following around $2 billion in December and $7 billion in November, the report added. At the time of writing, BTC is trading near $66,000. This post JPMorgan: Bitcoin is Now a More Attractive Investment Than Gold Long Term first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Strategy ($MSTR) Falls 15% as Investors Brace for Earnings Call

Strategy ($MSTR) Falls 15% as Investors Brace for Earnings Call

Bitcoin Magazine Strategy ($MSTR) Falls 15% as Investors Brace for Earnings Call Shares of Strategy dropped sharply Thursday, tumbling more than 15 % in heavy trading as markets reacted to deepening weakness in Bitcoin and ahead of the company’s quarterly earnings report scheduled after the market close. Analysts are pricing in a sizable post-earnings move for Strategy, with options markets implying a potential swing of roughly ±8.3% to 8.7% following the report. The company’s Q4 2025 earnings call is set for later today at 5 p.m. ET, with a livestream available on Bitcoin Magazine’s YouTube channel. It’s been a rough week for Strategy, tumbling from the $150 range to sub $110 per share. The decline marked one of the largest single‑day moves for Bitcoin‑linked equity in recent months and reflected intensifying concerns among institutional and retail investors. The slide came as Bitcoin’s price plunged toward new year-long lows, extending a broader crypto downturn that has erased significant gains since late 2024. JUST IN: Michael Saylor's Strategy currently has an unrealised loss of over $4,500,000,000 on its Bitcoin investments. pic.twitter.com/yrT2NV0gBm — Bitcoin Magazine (@BitcoinMagazine) February 5, 2026 Strategy’s dip corresponds with Bitcoin’s price crash The Bitcoin sell‑off has imposed marked unrealized losses on Strategy’s balance sheet, where crypto holdings account for the vast majority of the company’s assets. At the time of writing, Bitcoin is trading near $66,000. Investors and traders have been vocal on the internet this week about heightened uncertainty surrounding Strategy’s earnings call, given that the company’s financial results will directly reflect Bitcoin’s price volatility under fair value accounting rules. Market watchers noted that the fair‑value marking of the company’s holdings could translate swings in BTC prices into sizeable swings in reported earnings for the quarter ending December 31, 2025. The tension in MSTR’s trading comes after a series of negative moves in BTC and related assets. Bitcoin Magazine reported earlier this week that company shares had already sunk over 20 % in just five trading days as Bitcoin’s price headed toward $72,000 and broader crypto markets showed sustained weakness. Now, bitcoin is fighting for the $65,000 level. Despite price dips, Chairman Michael Saylor has made it clear that Strategy won’t be selling its Bitcoin — and in fact is doubling down on purchases even as the market dips, signaling his intent to keep accumulating more. In his messaging, he’s basically said he’s comfortable with holding and adding even on weakness, not cashing out when prices fall. From Strategy’s website. This post Strategy ($MSTR) Falls 15% as Investors Brace for Earnings Call first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Summer of Bitcoin 2026 Opens Applications for University Students Worldwide

Summer of Bitcoin 2026 Opens Applications for University Students Worldwide

Bitcoin Magazine Summer of Bitcoin 2026 Opens Applications for University Students Worldwide Summer of Bitcoin (SoB), a global, remote program designed to train university students as contributors to Bitcoin open-source projects, has opened applications for its 2026 cohort. The program provides mentorship, real-world development experience, and a stipend paid in Bitcoin. Applications will remain open until February 15, 2026. Summer of Bitcoin offers students a structured environment to contribute directly to Bitcoin and related open-source projects. Participants work with experienced mentors and project maintainers, develop technical and collaboration skills, and create verifiable proof of work in public repositories. Selected students receive a stipend of approximately $6,600, paid in BTC, with the exact amount depending on their location, the program shared with Bitcoin Magazine. “Bitcoin’s long-term resilience depends on the health of its open-source contributor pipeline,” said Adi Shankara, Program Lead at Summer of Bitcoin. “Summer of Bitcoin 2026 is designed to accelerate real open-source adoption by turning high-potential students into capable, durable contributors.” The 2026 program emphasizes the ability to validate, reason, and ship software, reflecting changes in AI-assisted software development. Shankara said candidates will be assessed on programming skills, security thinking, and understanding of Bitcoin’s technical foundations, along with responsible use of AI tools. Bitcoin Developer or Designer Track Applicants can choose between two tracks. The Developer Track is for students who want to contribute code to Bitcoin projects, including protocol-adjacent tooling and infrastructure. The Designer Track is for students focused on improving usability, product experience, and interface design for Bitcoin applications. Candidate selection prioritizes verifiable proof of work, such as meaningful open-source contributions, technical workshops, or shipped tools with users. Summer of Bitcoin alumni have pursued roles across the Bitcoin industry and open-source ecosystem. About 35% of graduates now work in the industry, either at Bitcoin companies or as open-source contributors funded through grants, totaling roughly 69 alumni. Many alumni return as mentors, guiding new students on projects including Alby, bcoin, Galoy, libsecp256k1, Bitcoin Core, Zeus, Bitcoin Design, Fedimint, and Floresta. Alumni also engage in education and advocacy, supporting student and developer networks such as Vinteum in Brazil and Bitshala in India. The program provides students a credible entry point into Bitcoin, producing graduates who carry technical knowledge and experience into their careers while often promoting Bitcoin within their universities and communities. This post Summer of Bitcoin 2026 Opens Applications for University Students Worldwide first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Senator Lummis to Work With Treasury on Bitcoin Tax Guidance, Hints At Potential Exemption

Senator Lummis to Work With Treasury on Bitcoin Tax Guidance, Hints At Potential Exemption

Bitcoin Magazine Senator Lummis to Work With Treasury on Bitcoin Tax Guidance, Hints At Potential Exemption Senator Cynthia Lummis (R-Wyo.) signaled that she would be open to meet with Treasury Secretary Scott Bessent’s office to explore potential clarity on Bitcoin taxation, including a de minimis exemption for small transactions and guidance on calculating capital gains. Lummis was one of the lawmakers who pressed Bessent today on digital assets and clear U.S. regulation. Bessent was speaking to the Senate Banking, Housing and Urban Affairs Committee about the Financial Stability Oversight Council’s annual report — essentially a high‑profile Senate hearing on U.S. financial stability where he is being questioned on economic policy and oversight issues. The hearings have been semi-heated at times, with Senator Mark Warner chiming in, saying that “I feel like I’m in crypto hell.” Senator Lummis’ crypto-focused questioning Lummis began her time in the session by asking whether China is leveraging digital assets and blockchain to challenge American financial leadership. Bessent said it is unclear, noting that while there are rumors of Chinese digital assets potentially backed by gold or other mechanisms, the U.S. Treasury has not observed such instruments. He acknowledged China’s active exploration of digital asset frameworks, particularly through Hong Kong’s financial sandbox and the Hong Kong Monetary Authority. The conversation quickly turned to U.S. regulation. Lummis emphasized the need for clear rules of the road, particularly legislation governing stablecoins and market structure. “It’s impossible to proceed without it,” Bessent said. He expressed support for the proposed Clarity Act, which seeks to provide regulatory clarity for digital assets, urging industry participants who oppose regulation to consider relocating to countries with looser oversight. “We have to get this Clarity Act across the finish line,” Bessent said. “Any market participants who don’t support it should move to El Salvador.” Both officials highlighted the benefits of embedding the digital asset industry within the U.S. economy. Bessent stressed that the goal is a balance between fostering innovation and maintaining “safe, sound, and smart practices” under U.S. government oversight. He noted ongoing efforts to engage community and small banks in the digital asset ecosystem, acknowledging concerns that new legislation could trigger deposit outflows. “Deposit volatility is very undesirable because it is the stability of those deposits that allows them to lend into their communities,” Bessent said. Will there be a Bitcoin tax exemption? Lummis also raised questions about digital asset taxation, particularly the treatment of small transactions — known as de minimis — and the calculation of capital gains for users with mixed portfolios of Bitcoin purchased at different prices over time. Bessent acknowledged the complexity of the issue and offered to have the Treasury’s Office of Tax Policy work with Lummis’ team to provide guidance. Nothing definitive was said on a bitcoin tax exemption, but the idea was floated between the two lawmakers. Yesterday, Treasury Secretary Scott Bessent told lawmakers that the U.S. government has no authority to bail out bitcoin or direct banks to hold crypto. During testimony before the House Financial Services Committee, Bessent emphasized that taxpayer funds cannot be deployed into BTC and that the government’s only exposure comes from law enforcement seizures. He noted that retained bitcoin has appreciated significantly, citing $500 million in seized BTC growing to over $15 billion, but stressed this does not involve active investment. Bessent also confirmed that the U.S. will stop selling seized bitcoin, adding it to the Strategic Bitcoin Reserve in line with Executive Order 14233. This post Senator Lummis to Work With Treasury on Bitcoin Tax Guidance, Hints At Potential Exemption first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Bitcoin Falls Over $59,000 in Largest Drawdown Ever, Down Nearly 47% From All-Time High

Bitcoin Falls Over $59,000 in Largest Drawdown Ever, Down Nearly 47% From All-Time High

Bitcoin Magazine Bitcoin Falls Over $59,000 in Largest Drawdown Ever, Down Nearly 47% From All-Time High Bitcoin’s price crashed sharply on Thursday, sliding through critical support and dipping near $66,000 in volatile trading — marking what appears to be the largest absolute dollar drawdown on record for the world’s largest cryptocurrency. The latest plunge comes during a broader global risk-off sell-off, with equities, commodities and digital assets all under pressure. Major U.S. and Asian stock indices weakened on economic growth concerns and inflation data, reinforcing flight-to-safety flows that have cascaded through leveraged risk assets. Bitcoin’s October 2025 peak — above $126,000 on major exchanges — now sits roughly $59,000 above today’s lows, a drop unprecedented in raw dollar terms. While previous drawdowns have been steeper on a percentage basis, the sheer scale of this retreat in nominal USD terms eclipses the declines seen in 2018, 2022 and other major corrections, according to Bitcoin Magazine Pro data. By comparison, historic price cycles saw drops from roughly $20,000 to $3,000 in 2018 or from $69,000 to $15,000 in 2022 — both sizeable percentage falls but involving smaller absolute dollar moves than the current contraction. Analysts now describe the decline as the largest dollar value drawdown in Bitcoin’s history. Bitcoin price’s broader crypto market drivers Broader markets faced a sharp sell-off this week, with risk assets across the board under pressure. U.S. equities tumbled, led by the Nasdaq, which felt the brunt of disappointing earnings forecasts and cooling sentiment in the tech sector. Speculative commodities, including silver, plunged double digits, reflecting widespread deleveraging. Bitcoin’s slide below key technical support levels intensified forced liquidations and panic selling, contributing to a broader crypto downturn. The total cryptocurrency market lost over $500 billion in value over the past week, with nearly all major tokens posting significant declines. Adding to the momentum, U.S.-listed spot Bitcoin ETFs have recorded sustained net outflows, reversing the influx of institutional capital that buoyed markets in 2025. Public firms with significant Bitcoin exposure, including major holders like Strategy, have seen equity valuations collapse alongside BTC, raising questions about balance sheet stress and future liquidity. Yesterday, Treasury Secretary Scott Bessent told the House Financial Services Committee that the U.S. government has no authority to “bail out” bitcoin or direct banks to buy BTC. Rep. Brad Sherman pressed him on whether regulators could intervene like they did during the 2008 financial crisis, but Bessent rejected the idea outright. He said that the government’s only bitcoin price exposure comes from law enforcement seizures, not taxpayer-funded investments. This post Bitcoin Falls Over $59,000 in Largest Drawdown Ever, Down Nearly 47% From All-Time High first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Virginia Advances Bill in Committee to Establish State Bitcoin Fund

Virginia Advances Bill in Committee to Establish State Bitcoin Fund

Bitcoin Magazine Virginia Advances Bill in Committee to Establish State Bitcoin Fund Virginia lawmakers are moving forward with a proposal that would place the Commonwealth among a growing number of states exploring direct exposure to bitcoin and other digital assets through public reserves. Senate Bill 557, patroned by Senator Reeves, would establish the Commonwealth Strategic Cryptocurrency Reserve Fund, a special nonreverting fund housed in the state treasury and administered by the Virginia State Treasurer. The measure advanced this week after passing the Senate General Laws and Technology Committee in a 13–2 vote. Under the legislation, Virginia would be authorized to invest state-held funds directly into bitcoin or other qualifying cryptocurrencies, creating what supporters describe as a strategic reserve designed to modernize treasury management and position the state for the future of bitcoin and digital finance. The bill lays out a detailed framework for how the bitcoin reserve would operate. All funds appropriated for the purpose, along with any bitcoin or cryptocurrency purchased or received, would be credited into the reserve. Notably, the proposal also accounts for assets that may be generated through blockchain events such as forks or distributed through airdrops, ensuring the state retains ownership of any derivative digital holdings. Unlike many state accounts, the reserve would be nonreverting, meaning funds would remain in the reserve at the end of each fiscal year rather than returning to the general fund. SB557 includes guardrails intended to limit speculative exposure. Any cryptocurrency purchased using reserve funds must have maintained an average market capitalization of at least $500 billion over the previous 24 months, a threshold that effectively limits eligibility primarily to bitcoin. The Treasurer would be required to manage investments under a “prudent person” standard, balancing diversification and risk minimization. The bill also permits the use of derivatives if the Treasurer determines they serve the best interest of the fund. To address security concerns, the legislation authorizes the Treasurer to contract with third-party entities, including qualified custodians that employ secure technologies such as cold storage, as well as regulated liquidity providers to facilitate purchases and asset management. The Treasurer may also commission independent audits through certified public accountants. In addition, SB557 would establish a five-member Strategic Cryptocurrency Reserve Advisory Committee, including members with expertise in digital asset investments, to provide guidance on valuation methods and investment policy. The bill mandates transparency through biennial reporting. By December 31 of each even-numbered year, the Treasurer would publish and submit a report detailing the amount and estimated value of bitcoin and other cryptocurrencies held, changes over time, and management actions taken. U.S. States embracing bitcoin 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 Virginia Advances Bill in Committee to Establish State Bitcoin Fund first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Bitcoin Price Crashes 9% to $69,000 As Markets Spiral Into Full Risk-Off Mode

Bitcoin Price Crashes 9% to $69,000 As Markets Spiral Into Full Risk-Off Mode

Bitcoin Magazine Bitcoin Price Crashes 9% to $69,000 As Markets Spiral Into Full Risk-Off Mode The bitcoin price slid to $69,000 in Asian trading Thursday as a deepening selloff in global markets spilled into crypto markets. The world’s largest cryptocurrency fell as much as 9% over the past 24 hours, touching lows at $69,031 before trimming losses. Bitcoin price has now wiped out all gains since its previous $69,000 all-time high in 2021. BTC is now down nearly 30% over the past 12 months and about 45% below its October peak, according to Bitcoin Magazine Pro data. The move came alongside sharp declines in Asian equities. MSCI’s Asia technology index fell for a fifth time in six sessions, while South Korea’s Kospi dropped about 4% as major AI-linked names faced renewed pressure. Investors have grown uneasy about the durability of the artificial intelligence investment boom that lifted tech stocks through 2025, with concerns building around stretched valuations, slowing earnings momentum, and the possibility that corporate AI spending may crest sooner than expected. JUST IN: Bitcoin falls to $70,000 HODL pic.twitter.com/4kvb822Ihd — Bitcoin Magazine (@BitcoinMagazine) February 5, 2026 Bitcoin price sell-off The risk-off tone spread into other markets, with silver plunging as much as 17% and gold falling more than 3%, signaling broad deleveraging across speculative and commodity-linked trades. Bitcoin price’s decline also reflected fading institutional demand. U.S.-listed spot bitcoin ETFs recorded net outflows of roughly $545 million on Wednesday, marking a second consecutive day of withdrawals. BlackRock’s IBIT led the selling with about $373 million in net outflows. CryptoQuant research highlighted the reversal in ETF-driven demand. At this point in 2025, spot ETFs had purchased about 46,000 bitcoin on a net basis. In early 2026, they have instead become net sellers, reducing holdings by roughly 10,600 BTC year-to-date, creating a demand gap of about 56,000 BTC versus last year. The decline leaves the bitcoin price down about 20% year-to-date and roughly 45% from its October peak near $126,000. Market veterans have warned that the pattern of consecutive lower highs and lower lows resembles sustained distribution rather than isolated retail panic. Strategy’s ($MSTR) losses and bitcoin mining difficulty Attention now turns to Strategy, the largest corporate holder of bitcoin, ahead of its fourth-quarter earnings report Thursday. The company holds about 713,502 BTC, and investors are watching for any changes in its balance-sheet posture. Strategy shares have collapsed more than 70% from their 2025 high, recently trading near $120, levels last seen in September 2024. The decline has weighed on public pension funds with exposure to the stock, with reported paper losses in the hundreds of millions. Despite price dips, Chairman Michael Saylor has made it clear that Strategy won’t be selling its Bitcoin — and in fact is doubling down on purchases even as the market dips, signaling his intent to keep accumulating more. Earlier this week, Strategy said it purchased 855 bitcoin for about $75.3 million, paying a bitcoin price of $87,974 per BTC, according to a Monday filing. JUST IN: Michael Saylor's Strategy currently has an unrealised loss of over $4,500,000,000 on its Bitcoin investments. pic.twitter.com/yrT2NV0gBm — Bitcoin Magazine (@BitcoinMagazine) February 5, 2026 Stress has also emerged in the mining sector. Bitcoin’s price near $71,000 sits below estimates of all-in production costs near $87,000, compressing margins. CryptoQuant data shows network hashrate has fallen about 12% from October highs, while daily mining revenue briefly dropped to $28 million. A difficulty adjustment expected on Feb. 8 could cut mining difficulty by roughly 14%, offering relief to operators still online. U.S. government can’t ‘bail out’ bitcoin Yesterday, Treasury Secretary Scott Bessent told the House Financial Services Committee that the U.S. government has no authority to “bail out” bitcoin or direct banks to buy BTC. Rep. Brad Sherman pressed him on whether regulators could intervene like they did during the 2008 financial crisis, but Bessent rejected the idea outright. He said that the government’s only bitcoin price exposure comes from law enforcement seizures, not taxpayer-funded investments. Per BM Pro data, Bitcoin price fell 9% over the past 24 hours to $69,402 on $101 billion in trading volume, pulling its market cap down to $1.39 trillion as it trades near its seven-day low with 19.98 million BTC in circulation. This post Bitcoin Price Crashes 9% to $69,000 As Markets Spiral Into Full Risk-Off Mode first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for SDM Executes First Ever $1 Million Lightning Network Payment to Kraken in Institutional Pilot

SDM Executes First Ever $1 Million Lightning Network Payment to Kraken in Institutional Pilot

Bitcoin Magazine SDM Executes First Ever $1 Million Lightning Network Payment to Kraken in Institutional Pilot Secure Digital Markets (SDM) has completed a $1 million Bitcoin transaction over the Lightning Network in a pilot settlement with cryptocurrency exchange Kraken, marking what the firms say is the largest publicly reported Lightning payment to date. The transaction, executed on Jan. 28 and valued at $1 million at the time, settled nearly instantly and with minimal fees. It was facilitated using enterprise Lightning infrastructure from Voltage, a Bitcoin payments and infrastructure provider focused on institutional clients. Lightning is a second-layer network built on Bitcoin that enables faster and cheaper payments by moving transactions off the base blockchain. While it has been widely used for small consumer payments, its suitability for large institutional settlements has remained an open question. The SDM-to-Kraken pilot was designed to test whether the network can support high-value transfers between regulated counterparties. “Moving $1 million to Kraken over the Lightning Network marks a definitive shift in the architecture of global settlement,” said Mostafa Al-Mashita, co-founder and director of sales and trading at SDM in a note to Bitcoin Magazine. “We have moved past the era of questioning Bitcoin’s institutional capacity.” Lightning transactions without delays Traditional Bitcoin transactions can take minutes or longer to confirm and are subject to fluctuating fees, factors that complicate treasury operations and inter-institution settlements. SDM said the pilot demonstrated that Lightning could support use cases such as internal treasury movements, large-value settlements, and transfers between trading venues without the delays associated with on-chain settlement. Kraken, one of the longest-operating crypto exchanges, has supported Lightning for retail payments for several years. The firm said the transaction reflects growing demand from institutional clients for faster settlement options. “Milestones like this demonstrate what’s possible when innovation meets real-world demand,” said Calvin Leyon, head of on-chain at Kraken. “By dramatically reducing settlement times, the Lightning Network unlocks Bitcoin’s potential at global scale.” The transaction relied on Voltage’s managed Lightning infrastructure, which provides liquidity management, node uptime, and operational guarantees designed to meet institutional requirements. Voltage said the pilot highlights how Lightning has matured beyond experimental use cases. “A $1 million Lightning transfer highlights the maturity of the network and its ability to meet enterprise requirements,” said Graham Krizek, founder and CEO of Voltage. SDM operates an institutional trading and lending desk offering execution through graphical interfaces, APIs, and request-for-quote systems. The firm said integrating Lightning infrastructure allows it to explore faster settlement options for clients without relying solely on traditional payment rails. This post SDM Executes First Ever $1 Million Lightning Network Payment to Kraken in Institutional Pilot first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Alleged Bitcoin Ransom Deepens Mystery in Nancy Guthrie Disappearance

Alleged Bitcoin Ransom Deepens Mystery in Nancy Guthrie Disappearance

Bitcoin Magazine Alleged Bitcoin Ransom Deepens Mystery in Nancy Guthrie Disappearance The disappearance of 84-year-old Nancy Guthrie, mother of Today show co-host Savannah Guthrie, has taken a dramatic turn after what appears to be a bitcoin ransom demand surfaced amid a widespread and intensifying investigation into her possible kidnapping. Late Tuesday, entertainment news site TMZ reported it had received an alleged ransom note demanding a specific, substantial payment in Bitcoin — reportedly in the millions — in exchange for Guthrie’s safe return. The note included a deadline for payment and a threat of harm if the demand was not met, and was sent with a Bitcoin wallet address that TMZ verified as a real on-chain account. The alleged ransom note also referenced specific details about Nancy Guthrie’s clothing and damage to her Tucson-area home. Pima County Sheriff Chris Nanos confirmed law enforcement is aware of reports about possible ransom notes circulating in the investigation, but emphasized that the authenticity of these notes has not been verified. Authorities stressed that they are taking all tips and leads seriously and are coordinating with the FBI on the case. The Nancy Guthrie kidnapping investigation Nancy Guthrie was reported missing on February 1, after failing to show up at church in her Catalina Foothills neighborhood. Authorities believe she was taken from her home sometime late Saturday night or early Sunday morning. Evidence collected at the scene has raised serious concerns: signs of forced entry, a blood trail outside the home, and personal effects left behind suggest foul play rather than a voluntary disappearance. Sheriff Nanos, while declining to disclose the number of possible suspects or further details about the investigation, has said that the absence of life-sustaining medication and Guthrie’s limited mobility make her safe return a priority. The FBI is assisting local authorities, and investigators are interviewing friends, neighbors, and family members as part of a broad search effort. Guthrie’s daughter, Savannah, has taken an immediate leave from Today show duties and canceled scheduled appearances, including travel for the 2026 Winter Olympics broadcast, to focus on her family’s search. Despite the viral nature of the ransom demand, law enforcement sources have been cautious: no official confirmation has been made that the ransom note came from the actual kidnappers. Some investigators and analysts have noted that opportunistic hoaxes can occur in high-profile cases, and that media outlets receiving such notes should treat them skeptically until corroborated by police. This post Alleged Bitcoin Ransom Deepens Mystery in Nancy Guthrie Disappearance first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Bhutan Continues Consistent BTC Selling as Bitcoin Price Tanks to $72,000

Bhutan Continues Consistent BTC Selling as Bitcoin Price Tanks to $72,000

Bitcoin Magazine Bhutan Continues Consistent BTC Selling as Bitcoin Price Tanks to $72,000 Bhutan has transferred $22.4 million worth of Bitcoin from its wallets over the past week, continuing a pattern of periodic BTC sales observed over the past several years. According to blockchain analytics firm Arkham, one of the transfers, executed five days ago, was sent directly to addresses labeled as belonging to market maker QCP Capital. Data from Arkham indicates that Bhutan is selling Bitcoin in increments of roughly $50 million, with a particularly heavy selling period recorded in mid-to-late September 2025. Bhutan has been mining Bitcoin since 2019, producing over $765 million in BTC profits while incurring estimated energy costs of around $120 million. Bhutan mined the majority of its Bitcoin before the 2024 halving, tapering production afterward as mining costs roughly doubled. The country’s peak mining year was 2023, when it produced around 8,200 BTC, bringing total holdings at the time to over 13,000 BTC. Annual production estimates include approximately 2,500 BTC in 2021, 1,800 BTC in 2022, 8,200 BTC in 2023, and 3,000 BTC in 2024, Arkham said. Bitcoin is cratering to one-year lows All this is happening as Bitcoin has fallen roughly 40% from its October peak, reigniting concerns about a repeat of its historical four-year cycle downturns. K33 Research Head Vetle Lunde acknowledged unsettling similarities to past deep sell-offs, such as those in 2018 and 2022 in a recent investor note, but stresses that the current market environment differs structurally. Increased institutional adoption, inflows into regulated products, and an easing rate backdrop provide stronger tailwinds than in prior cycles, while the market has not experienced the forced deleveraging events that exacerbated the 2022 credit unwind. Lunde noted that cycle psychology can be self-reinforcing, with long-term holders trimming positions and hesitant new capital contributing to selling pressure, creating patterns reminiscent of past downturns. Yet, certain indicators hint at a potential market bottom: February 2 saw high spot trading volume above $8 billion, and derivatives markets experienced extreme negative open interest and funding rates, conditions that historically precede reversals. Despite these signals, Lunde said that evidence remains inconclusive, as similar extremes have occurred during false starts. Critical support is identified around $74,000, with further downside possible toward $69,000 or the 200-week moving average near $58,000 if broken. At the time of writing, bitcoin is trading near $72,000. This post Bhutan Continues Consistent BTC Selling as Bitcoin Price Tanks to $72,000 first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Strategy ($MSTR) Shares Sink Over 20% in 5 Days as Bitcoin Crashes to $72,000

Strategy ($MSTR) Shares Sink Over 20% in 5 Days as Bitcoin Crashes to $72,000

Bitcoin Magazine Strategy ($MSTR) Shares Sink Over 20% in 5 Days as Bitcoin Crashes to $72,000 Shares of Strategy ($MSTR) plunged again today as Bitcoin’s sell‑off deepened, reinforcing the tight correlation between the world’s largest corporate Bitcoin holder and the digital asset’s price action. Bitcoin cratered toward $72,000, extending losses to levels not seen since late 2024, while MSTR shares tumbled roughly 9% on the session, dipping to intraday lows near $121.19. At current levels the stock is down roughly 15% year‑to‑date and a staggering 72% from its November 2024 peak. The drop in Bitcoin — now hovering near $72,000, far below the multi‑year highs seen in 2025 — has rippled across the broader crypto complex. With sentiment souring and tactical traders eyeing technical support levels near the mid‑$60,000 range, risk assets have taken on a pronounced downbeat tone. Commentary from market strategists has ranged from cautionary to outright bearish, with calls for deeper retracements if demand fails to stabilize. Analyst slashes $MSTR price target by 60% In a notable update this week, Canaccord Genuity analyst Joseph Vafi, long viewed as one of MSTR’s most vocal supporters, dramatically slashed his price target from $474 to $185 — a 61% reduction — while maintaining a Buy rating on the stock. According to Vafi’s revised outlook, the new target still implies “significant upside” from current levels if volatility subsides and Bitcoin finds a tradable bottom. Vafi’s retained bullish stance — despite the sharp target cut — highlights a nuanced view among some Wall Street strategists: even amid brutal downside, the stock’s deep discount to theoretical Bitcoin net‑asset value could eventually reprice upward. Strategy continues bitcoin purchasing Earlier this week, Strategy said it purchased 855 bitcoin for about $75.3 million, paying an average price of $87,974 per BTC, according to a Monday filing. The acquisition came just days before bitcoin fell below $75,000 over the weekend on some rapid selling, briefly pushing Strategy’s treasury close to $1 billion in unrealized losses. Now, the price of bitcoin is below those levels at $72,000. The company now holds 713,502 BTC, acquired for roughly $54.26 billion at an average cost of $76,052 per coin. Last week’s purchase was fully funded through the sale of common stock, following Strategy’s ongoing capital-raising approach to finance bitcoin buys. The purchase of 855 bitcoin was significantly smaller compared to prior company purchases. All eyes remain on MSTR’s upcoming fourth‑quarter 2025 earnings release, scheduled for later this week, a report that could provide more color on its capital‑raising cadence, BTC purchase strategy, and the evolving balance between leverage and asset coverage. At the time of writing, bitcoin’s price dropped to lows near $72,000 today, its lowest level in over a year. The bitcoin price has now retraced more than 40% from its all‑time highs reached in late 2025. This post Strategy ($MSTR) Shares Sink Over 20% in 5 Days as Bitcoin Crashes to $72,000 first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Rutherford Chang Retrospective: Hundreds and Thousands at UCCA Beijing

Rutherford Chang Retrospective: Hundreds and Thousands at UCCA Beijing

Bitcoin Magazine Rutherford Chang Retrospective: Hundreds and Thousands at UCCA Beijing When people describe Rutherford Chang’s work, you hear words like: obsessive, conceptual, minimalist. These descriptions aren’t wrong, they point to something real in his practice. But they also miss what makes his approach distinctive. Chang worked with objects that industrial culture designed to be identical: records pressed in millions of copies, portraits drawn according to strict house style, coins minted for perfect interchange. His interest lay in the precise moment when the promise of sameness begins to fail, when time and human handling leave marks that transform supposedly identical objects into singular things. The retrospective Rutherford Chang: Hundreds and Thousands opened January 17, 2026 at UCCA Center for Contemporary Art in Beijing, one of China’s leading institutions for contemporary art. This exhibition is significant for several reasons. It represents Chang’s first institutional retrospective and his most comprehensive solo presentation to date. It is also a posthumous one. Chang died in 2025 at the age of 45, leaving behind a body of work built almost entirely around the practice of collecting and arranging mass-produced objects until their individual histories became visible and legible. Beijing provides a fitting location for this retrospective, though not for the obvious reasons alone. Yes, Chang moved frequently between New York and China throughout his career, and yes, he showed work in Beijing early on. But the city itself offers something more specific: a context shaped by rapid cycles of construction and replacement, by the constant acceleration of change and circulation. In such an environment, Chang’s patient attention to what gets left behind, to the residues and traces that accumulate on objects even as they move through systems designed to keep them uniform, takes on particular resonance. The exhibition is co-curated by Philip Tinari, director of UCCA, and Aki Sasamoto, a fellow artist – both longtime friends of Chang who understand his working methods from the inside. Their collaboration keeps the exhibition close to the work as practice, with process and method in the foreground. To understand Chang’s approach, we need to look carefully at the exhibition’s title. Hundreds and Thousands sounds like simple measurement, like a gesture toward quantification. Chang typically worked at scale. He collected not dozens but hundreds or thousands of examples. But what the title really describes is a method and a particular way of working that emerges when you engage with mass-produced objects at sufficient volume. Chang discovered that quantity, at a certain point, stops behaving in predictable ways. At a certain scale, repetition starts to reveal detail. Put hundreds of nearly identical objects next to each other and you start to see time. You start to see touch. You see accidents. You see storage. You see neglect. You also see care. The marks of individual handling become visible. What you’re looking at, ultimately, is a record of lived life pressed into objects that industrial culture designed to keep stable and interchangeable. We Buy White Albums One of Chang’s best-known projects demonstrates this method with particular clarity. We Buy White Albums operates from a constraint simple enough to state in a single sentence, though its implications unfold over years: Chang established a record store that stocked only first pressings of the Beatles’ The Beatles (1968), commonly known as “The White Album”. The store had one rule that inverted normal commercial logic: It sold nothing, it only bought. This premise is deliberately narrow, and it remains narrow throughout the project’s duration, which turns out to be part of what allows it to scale so effectively over time. During exhibitions where Chang was present, the work functioned in real time: people could show up with their own copy of the White Album and sell it to the archive while the exhibition was on view. The act of buying became a moment of direct exchange between the work and its audience, and the archive grew through these individual transactions instead of curatorial selection or market acquisition. Each copy arrived already marked by years of handling. These marks, the accumulated evidence of circulation, carried the work forward. To understand why this project works as it does, we need to look more carefully at the White Album itself as an object. Richard Hamilton designed the cover as an almost completely blank white surface. Minimalism at its most reductive form. And yet early pressings carry a stamped serial number, a small detail that complicates the apparent simplicity. This serial number performs a curious double function: it frames each copy as one among many (your copy is number 0234561 out of millions), while simultaneously gesturing toward something like limited edition status through the very act of numbering. Here we find the contradiction built directly into the object itself: mass-produced minimalism making a paradoxical claim to uniqueness. The serial number tells you this is just one copy out of millions, while the blank white cover invites you to make it yours. Chang understood what this contradiction sets in motion once these objects enter circulation and begin moving through time. The clean white surface that Hamilton designed with such care doesn’t stay clean for long. Everyday life rewrites it. Water damage spreads across the cardboard in irregular patterns. Corners get torn or bent through careless handling or too-tight shelving. Owners write their names on the cover, add notes about when and where they bought the album, sometimes include dedications or detailed lists of favorite tracks. Price stickers from second-hand shops accumulate in layers, creating unintended collages of commercial history. In some cases, mold sets in during storage in damp basements or attics, creating organic patterns that can look almost intentional, or lets say, almost artistic. Through all of this, the album stops being a uniform industrial product and becomes something singular, that’s marked by its particular history. The decision to collect these albums in any condition and not searching only for pristine, museum-quality copies, represents a choice with significant consequences for how the work means. It means treating damage and wear as information and not as degradation to be corrected or restored. This shift in how we value objects is crucial to understanding the project. A pristine copy might tell you something about careful preservation, about someone who valued the object enough to keep it protected from the world. But a tattered copy, covered in stains and marks, tells a different and probably richer story. In Chang’s hands, these marks remain visible and begin to matter in new ways. He returns again and again, across different projects, to this precise point where objects designed for perfect interchange start to fray at the edges, where they begin to carry their own record of circulation that makes them individually readable. The work doesn’t stop with physical collection, however. Chang took the project a step further by recording multiple copies of the album and layering them into a single audio piece. One hundred versions of the White Album play simultaneously, drifting gradually out of sync as small differences in quality and accumulated wear compound into a shifting chorus of sound. The result doesn’t register as a remix or a mashup in any conventional sense. It feels closer to the archive itself made audible, a way of hearing how uniformity fails when you stack enough iterations on top of each other. What comes to the surface is not purity or fidelity to an original, but time itself, materialized in the form of friction and noise. The piece functions as what we might call material memory, with surprisingly little interest in fan culture, or the mythology that typically surrounds The Beatles. The Class of 2008 Chang applied this same basic methodological approach to a very different kind of mass-produced object: printed news media. The Class of 2008 presents itself as a straightforward catalogue. It’s an alphabetical listing of every hedcut portrait published in The Wall Street Journal during the year 2008. Before we can understand what Chang does with this material, though, we need to understand what hedcuts are and why they matter. Hedcuts are the distinctive stippled, engraving-style portraits that the Journal uses for certain figures in its reporting. The technique is borrowed deliberately from nineteenth-century engraving, and it carries with it specific associations: authority, permanence, trustworthiness, the visual register of something meant to hold up under scrutiny and stand the test of time. The structure of the catalogue is deceptively simple: alphabetical order, with repetition kept visible in the record. If someone appeared multiple times in 2008, this is clearly indicated in the book, and those appearances are explicitly not reduced to a single representative entry. This decision about how to organize the material matters, because it allows patterns of repetition and recurrence to emerge through the reader’s encounter with the work. And the timing of the project sharpens its implications considerably. 2008 was, of course as we all know, the year when financial authority came under extraordinary strain, when economic structures that had seemed most stable revealed themselves to be fragile or even illusory. And yet throughout this period, the visual language of legitimacy in the Journal continued without interruption, day after day rendering certain faces in this particular register of authority and trust. Chang’s catalogue simply records this continuity without adding editorial commentary or explicit critique. The alphabetical organization flattens any narrative arc that the year’s events might suggest. There’s no chronological story being told about crisis and response, no hierarchy of importance imposed through the order of presentation. Instead, repetition itself does the interpretive work. As you page through the book, you notice who appears once and who appears again and again and again. You start to see patterns in who gets rendered in this authoritative visual register and who remains outside it. The hedcut becomes not just a neutral technique of illustration but a question about legitimacy and representation: who gets marked as worth this particular kind of attention, who gets enrolled in this visual vocabulary of permanence and authority, and who remains invisible to this institutional gaze? Game Boy Tetris If Chang’s collecting projects make time visible through the gradual accumulation of marks on physical objects, Game Boy Tetris approaches the question of time and repetition through a different medium: labor itself, as the repetitive effort of trying and failing and trying again. The work documents Chang’s repeated attempts to achieve the highest possible score in the original Game Boy version of Tetris, filming the process over an extended period until the accumulation of attempts becomes the substance and meaning of the work. At one point during this extended engagement, he surpassed Steve Wozniak’s score on the leaderboard. A detail he noted with evident satisfaction –– a reminder of how seriously he took questions of record-keeping and documented proof of achievement. The same simple rule-based system holds your attention through long stretches of concentration punctuated by failure and the decision to restart. The desire for completion, for reaching some definitive endpoint, keeps pulling you back into the loop even as the reasons for continuing become harder to articulate. Progress remains measurable throughout — you can track improvement across attempts, watch skills developing and patterns emerging — even as the larger meaning or purpose of this progress starts to slip away, even as the question of why this particular score matters becomes increasingly difficult to answer with any conviction. Chang wasn’t observing obsessive cultures or completionist practices from a safe critical distance, making work about collecting or repetition without genuinely participating in those structures himself. Instead, he built systems and constraints that could absorb years of his own attention and effort while still continuing to demand more. Over time, through this sustained and genuine engagement with repetitive structures, Chang himself starts to resemble the thing he’s ostensibly studying. He becomes, in a real sense, a kind of repetitive system himself as lived practice. CENTS Chang’s final major project takes his long-standing interest in units, standards, and systems of record-keeping and extends it into what has become an ongoing and in some ways autonomous condition. He completed the physical collection and documentation of ten thousand copper cents in 2023, at a moment when the one-cent coin was still in regular circulation throughout the United States. In 2024 the digital records of these ten thousand individual coins were inscribed onto Bitcoin, allowing the work to continue circulating and accumulating meaning beyond Chang’s direct control or intervention. Then, in a development that gives the entire project an another historical dimension, the U.S. Mint stopped producing the circulating one-cent coin on November 12, 2025. What this means is that in hindsight, with the perspective that historical distance provides, the penny itself has begun to read as a historical object, something that belongs to a particular moment of currency and exchange that is now passing into the past. The project starts, like most of Chang’s work, from a condition that many people vaguely know about but rarely think through with any care or precision. Chang limited his collection specifically to cents minted before 1982, the year when the U.S. Mint changed the composition of the penny to reduce costs. Before 1982, pennies were made primarily of copper; after that date, they became copper-plated zinc. This seemingly minor detail has real consequences: pennies from the earlier period can, under certain market conditions, exceed their face value when considered purely as raw material. The copper content might be worth more than one cent. This creates an odd situation where the State continues to define each coin as being worth exactly one cent (and makes melting them for their metal content illegal), while the material reality of the object suggests a different value entirely. Chang doesn’t treat this as a paradox to resolve or a problem to solve. He treats it as a given, as one of the structural conditions that makes the work possible and interesting. The process he developed is methodical and systematic. He removed ten thousand copper cents from circulation, pulling them out of the flow of exchange and use, and documented each one individually through detailed photography (obverse and reverse, better known as heads and tails). The coins were then smelted together into a single copper block weighing sixty-eight pounds. At this moment, individual units disappear entirely into undifferentiated mass. The penny’s ordinary role in exchange, its function as a discrete unit of value that can circulate and combine with other units, comes to a definitive end. But the block itself continues to exist in multiple forms. It was rendered as a detailed 3D digital model and inscribed as a single massive inscription filling the entirety of Bitcoin block #839969. This digital version was then sold at Christie’s in 2024, entering yet another system of value and circulation, moving from material object to digital record to collectible artwork in the contemporary art market. The documentation, meanwhile, moves in the opposite direction from this consolidation. While the physical coins condense into a single unified object and lose their existence as separable, countable units, each individual cent remains readable as a distinct record. The photographic images stay separate and individuated, each one assigned to a fixed and permanent position in the set through inscription onto individual satoshis. What disappears completely at the level of material form — you can no longer hold these particular ten thousand pennies in your hand, can no longer sort through them or arrange them or put them back into circulation — remains perfectly intact at the level of the record. You can still look at the photograph of each specific coin, still examine the particular wear patterns and surface marks and small imperfections that distinguished it from the nine thousand nine hundred and ninety-nine others. This structure allows CENTS to hold in tension several different and potentially conflicting ideas about where value is located and how it gets established and maintained. There’s value as defined by governmental authority: the State declares that this coin is worth one cent, and that declaration carries legal force. There’s value registered in material composition: the copper content might actually be worth more than one cent when calculated according to commodity prices. And there’s value produced through preservation and documentation: the decision to photograph each coin individually, to maintain the archive’s legibility over time, to treat these mass-produced objects as worthy of sustained attention. These different registers of value remain distinct within the work, not collapsing into a single unified meaning or resolving into some synthesis. When we place CENTS alongside We Buy White Albums and think about them as part of a consistent practice, the underlying logic becomes clear. Objects that were designed and manufactured for perfect interchange, for being functionally identical and mutually substitutable, become readable as singular and individual once their circulation is interrupted and held still, once their particular histories are made visible through careful documentation and systematic archiving. It’s worth noting here — because it matters for understanding how the work continues to function after Chang’s death — that CENTS was initiated through collaboration with Sovrn Art, an independent, artist-first platform that provided the initial framework and support for the project’s development. After the full inscription of the work onto Bitcoin was completed, a council formed independently of Chang himself, without his organization or oversight. This council is made up of collectors who chose, for their own reasons, to take responsibility for the work’s continuation and interpretation. The council members come from different generations and different professional fields, bringing various forms of expertise and perspective to their engagement with the archive. Their work has focused consistently on keeping the distinctions within the archive visible and legible — through close reading of the documentation, through careful cataloguing of variations and patterns, through writing that approaches the material from multiple angles and asks different kinds of questions. Their involvement has centered particularly on the problem of how to keep this archive readable and meaningful over time, how to maintain the precision and care of the record as it continues to circulate through systems and contexts that Chang himself could not have anticipated. Archive as Practice It is easy to call Rutherford obsessive. The sustained attention over years, the commitment to completeness and thoroughness, the willingness to spend enormous amounts of time and effort on projects built around deliberately narrow constraints. The word isn’t inaccurate. And yet it still manages to miss something important about the dimension of what Chang was actually doing with his time and attention. He treated mass culture and industrial production with a kind of patience that’s rare in contemporary art. He made rarity and singularity visible inside precisely those things we’ve learned to overlook or dismiss as generic and interchangeable. He listened carefully to what we might call the noise inside familiar symbols and objects — the small variations and accumulated marks that circulation and handling inscribe on surfaces that were designed specifically to resist such marking and remain stable over time. This attention to what accumulates in the gaps and margins of systems designed for uniformity helps explain why Hundreds and Thousands works so effectively as a title for this retrospective. On one level, it simply names the scale at which Chang characteristically worked: collecting not dozens but hundreds, not hundreds but thousands of examples. But it also names something more fundamental. A discipline, a particular kind of methodical practice that requires looking long enough and carefully enough that difference begins to appear within what first presents itself as sameness. The practice keeps returning, with remarkable consistency across different projects and materials, to what circulation leaves behind: the marks and traces that accumulate even on objects designed to remain stable and unchanged. Chang’s work can be read, in many ways, as a sustained practice of custody and care. He kept objects, pulled them out of circulation or gathered them from its margins. He indexed and organized them into systems that made their individual histories newly visible and legible. And then, crucially, he returned them to circulation in altered form: as archives open to examination, as exhibitions that invited direct encounter, as permanent records inscribed on Bitcoin. Through this process, he built situations and structures in which circulation itself becomes visible as a process. In which value turns concrete and measurable. The archive is consistently where this transformation takes place in his work — the site and the method through which individual objects become readable as parts of larger systems and patterns. The retrospective gathers Chang’s method into a single frame and brings together projects from different moments in his career to demonstrate the underlying consistency of his approach across various materials and contexts. What remains is the structure he built, the archives he assembled with such care, the questions he persistently refused to resolve or close down prematurely. The promise of sameness keeps failing. Difference keeps appearing in the gaps and variations. The marks stay visible for anyone willing to look closely enough, and patiently enough, to actually see them. This is a guest post by Steven Reiss. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine. This post Rutherford Chang Retrospective: Hundreds and Thousands at UCCA Beijing first appeared on Bitcoin Magazine and is written by Steven Reiss.

Cover image for U.S. Treasury: US Government Cannot Deploy Taxpayer Funds to ‘Bail Out’ Bitcoin

U.S. Treasury: US Government Cannot Deploy Taxpayer Funds to ‘Bail Out’ Bitcoin

Bitcoin Magazine U.S. Treasury: US Government Cannot Deploy Taxpayer Funds to ‘Bail Out’ Bitcoin As Treasury Secretary Scott Bessent testified before the House Financial Services Committee Wednesday morning, Rep. Brad Sherman pressed Bessent over whether the U.S. government could ever step in to “bail out” bitcoin. Bessent was presenting over the Financial Stability Oversight Council’s annual report on emerging economic risks and much of the comments and questions from the Council reference the Trump administration growing scrutiny over its economic agenda. During a tense exchange, Sherman referenced the 2008 financial crisis and argued that bailouts have historically protected powerful institutions when markets collapse. He asked whether Treasury or federal financial regulators could take similar action for bitcoin, including directing banks to buy BTC or changing banking rules to encourage crypto holdings. Bessent rejected the premise outright. “I am Secretary of the Treasury. I do not have the authority to do that,” he said, adding that neither the Treasury nor his role as chair of the Economic Stability Oversight Council provides power to order banks to invest in BTC or to allocate public funds into crypto assets. JUST IN: Treasury Secretary Scott Bessent defends the US having a Strategic Bitcoin Reserve: "That is an asset of the US government. The asset seizure, that $1 billion of bitcoin was seized, $500 million was retained. And that $500 million has become over $15 billion." pic.twitter.com/cHegIcv0pb — Bitcoin Magazine (@BitcoinMagazine) February 4, 2026 Sherman attempted to clarify whether taxpayer money under Treasury management could ever be deployed into BTC, but Bessent emphasized that the government’s current BTC exposure comes only through law enforcement seizures, not investment decisions. “We are retaining seized bitcoin,” Bessent said. “That is an asset of the U.S.,” he later said. Bessent then elaborated on that point, noting that retained bitcoin from past seizures has appreciated significantly over time. He cited an example in which roughly $500 million in retained BTC later grew into more than $15 billion in value, underscoring bitcoin’s potential upside even as policymakers remain skeptical of direct government involvement. The exchange ended when the chair cut Sherman off after his allotted time expired. Bessent: U.S. will stop selling bitcoin Earlier this year, Bessent said the U.S. government’s stance is to stop selling seized BTC and instead add it to the Strategic Bitcoin Reserve. Speaking at the World Economic Forum in Davos, he framed the move as part of a broader push to bring digital-asset innovation back to the U.S. The comments came amid questions over BTC seizures tied to cases involving Tornado Cash and Samourai Wallet developers. While declining to discuss active litigation, Bessent stressed that seized BTC will be retained by the federal government once legal damages are resolved. Any selling of BTC would contradict Executive Order 14233, which requires forfeited bitcoin to be held in the U.S. Strategic Bitcoin Reserve rather than liquidated. This post U.S. Treasury: US Government Cannot Deploy Taxpayer Funds to ‘Bail Out’ Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for UBS to Build Digital-Asset Infrastructure, Eyes Bitcoin Services for Individuals

UBS to Build Digital-Asset Infrastructure, Eyes Bitcoin Services for Individuals

Bitcoin Magazine UBS to Build Digital-Asset Infrastructure, Eyes Bitcoin Services for Individuals UBS Group AG is exploring ways to offer bitcoin and crypto access to individual clients, CEO Sergio Ermotti said during the bank’s earnings call on Wednesday. Ermotti said the Zurich-based lender is building the core infrastructure needed for digital-asset services while evaluating targeted products, ranging from crypto access for wealthy clients to tokenized deposit solutions for corporate customers. “We are building out the core infrastructure and exploring targeted offerings from crypto access for individual clients to tokenized deposit solutions for corporates,” Ermotti said. The UBS chief stressed the bank does not plan to be a first mover in blockchain-based technology. Instead, UBS is pursuing what Ermotti described as a “fast follower” strategy in tokenized assets, with expansion expected to unfold over the next three to five years alongside its traditional banking business. It was reported last month that UBS is in the process of selecting partners for a crypto offering aimed at some of its high-net-worth clients, marking a shift for a bank that has historically taken a cautious stance on virtual tokens. Like many global lenders, UBS has so far focused its digital-asset work on blockchain infrastructure for tokenized funds and payments. Banks have generally moved slowly into areas like crypto trading, in part due to stricter capital requirements under the Basel III framework. Other European banks like UBS exploring bitcoin Other banks are also starting to embrace bitcoin and crypto offerings. DZ Bank recently secured MiCAR approval and will roll out its “meinKrypto” platform across cooperative banks, allowing customers to trade and custody Bitcoin and other digital assets directly within existing banking apps, while also joining a consortium developing a regulated euro stablecoin. Also, the Sparkassen-Finanzgruppe plans to launch Bitcoin and crypto trading for private customers by the summer of 2026, with technical support from DekaBank, marking a reversal from its earlier skepticism toward digital assets and crypto. Also earlier this week, ING Deutschland, one of Germany’s largest retail banks, said they will began offering retail clients access to cryptocurrency-linked exchange-traded notes (ETNs) and products, allowing customers to gain exposure to bitcoin and other crypto directly through their existing securities accounts. According to information published on ING’s website, the products are physically backed exchange-traded instruments issued by established asset managers including the likes of 21Shares, Bitwise, and VanEck. This post UBS to Build Digital-Asset Infrastructure, Eyes Bitcoin Services for Individuals first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Bitcoin Price Plunges 40% From All-Time Highs to One-Year Lows

Bitcoin Price Plunges 40% From All-Time Highs to One-Year Lows

Bitcoin Magazine Bitcoin Price Plunges 40% From All-Time Highs to One-Year Lows Bitcoin’s price dropped below $75,000 today, its lowest level in nearly a year, as global crypto markets endured a sustained wave of selling triggered by broader financial stresses and shifting investor appetite. The bitcoin price has now retraced more than 40% from its all‑time highs reached in late 2025. According to Bitcoin Magazine Pro data, the one-year low for the bitcoin price is $74,747. Bitcoin is dancing near that number. Recent trading data showed Bitcoin price slipping through key technical support levels, driving forced liquidations across derivatives markets and intensifying downside price pressure. Over roughly the past 24 hours, around $2.56 billion in Bitcoin positions were liquidated, according to market data. This follows weeks of risk‑off sentiment across global asset classes. The downturn in cryptocurrencies has coincided with stress in other markets like precious metals, tech sell-offs, and losses in equities. Institutional players report losses as policy signals remain dubious The market slide has had tangible impacts on key industry participants. Galaxy Digital, a major crypto investment firm led by Michael Novogratz, reported a $482 million loss for the fourth quarter of 2025, earlier today. The firm attributed this to the decline in digital asset prices and a sharp drop in trading volumes, which fell more than 40% from the prior quarter. Galaxy’s stock traded lower following the earnings release, reflecting investor concern about the broader bitcoin price and crypto downturn. Also, Bitcoin price currently trades below $76,000, which is roughly the average price at which Strategy acquired a portion of its BTC holdings and well below the cost of many of its accumulated coins. Since Strategy owns hundreds of thousands of bitcoins at higher average purchase prices, the current market value is less than what was paid for much of its inventory, leaving a significant portion of its holdings “underwater.” Market participants have also pointed to U.S. monetary policy developments as a significant driver of the sell‑off. The recent nomination of Kevin Warsh as chair of the U.S. Federal Reserve by President Donald Trump has prompted forecasts of tighter monetary conditions. A strengthening U.S. dollar in response to monetary policy shifts has also weighed on Bitcoin. A firmer dollar typically makes non‑yielding assets like Bitcoin less attractive, reducing inflows from investors seeking currency‑neutral hedges. Analysts noted that the dollar’s recent performance provided technical headwinds that amplified the crypto market’s decline. The Trump administration has continued to engage with industry leaders on digital asset policy, including efforts to advance regulatory clarity through legislation such as the Digital Asset Market Clarity Act. This dialogue has really slowed down over the last couple of months, it has not yet translated into stabilizing price action amid current conditions. Bitcoin price in genuine ‘crypto winter’ Despite this, Bitwise CIO Matt Hougan said in a recent memo that the crypto market has been in a genuine “crypto winter” since early 2025, rather than experiencing a short-lived correction. Hougan highlighted that bearish sentiment remains strong, as evidenced by the Crypto Fear and Greed Index, which shows near all-time fear levels despite positive developments like the appointment of a bitcoin-friendly Fed chair. Hougan noted that institutional flows helped mask the severity of the downturn. U.S. spot bitcoin ETFs and digital asset treasury vehicles purchased over 744,000 BTC during this period—roughly $75 billion in demand — cushioning bitcoin price’s drawdown, which he estimated could have reached nearly 60% without this support. He compared the current environment to previous downturns in 2018 and 2022, where markets remained depressed despite incremental positive news. Looking ahead, Hougan suggested that crypto winters often end not with exuberance but with exhaustion. In his words, “It’s always darkest before the dawn.” Bitcoin price is currently at $74,800, with a 24-hour trading volume of 55 B. BTC is -5% in the last 24 hours. It is currently -5% from its 7-day all-time high of $78,994. This post Bitcoin Price Plunges 40% From All-Time Highs to One-Year Lows first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Strategy ($MSTR) Plummets 8% As Bitcoin Hits One‑Year Lows

Strategy ($MSTR) Plummets 8% As Bitcoin Hits One‑Year Lows

Bitcoin Magazine Strategy ($MSTR) Plummets 8% As Bitcoin Hits One‑Year Lows Shares of Strategy plunged today, dipping more than 8% in trading as Bitcoin traded at new one-year lows and crypto risk assets came under renewed pressure. The decline pushed MSTR’s share price to levels not seen since late 2024, deepening a multi‑month downtrend that has left the stock among the worst performers on the Nasdaq this year. Bitcoin’s slump — dipping below key technical thresholds over the weekend and early week — has reverberated through markets, hitting crypto‑linked equities especially hard. Shares of major crypto platforms, like Robinhood and Circle also lost ground, highlighting the increasing correlation between Bitcoin prices and related stocks. With over 713,000 Bitcoins on its balance sheet, purchased at an average cost near $76,000 per coin, Strategy is grappling with unrealized losses after Bitcoin’s recent slide below that level. Despite price dips, Chairman Michael Saylor has made it clear that Strategy won’t be selling its Bitcoin — and in fact is doubling down on purchases even as the market dips, signaling his intent to keep accumulating more. In his messaging, he’s basically said he’s comfortable with holding and adding even on weakness, not cashing out when prices fall. Strategy bought more bitcoin last week Earlier this week, Strategy said it purchased 855 bitcoin for about $75.3 million, paying an average price of $87,974 per BTC, according to a Monday filing. The acquisition came just days before bitcoin fell below $75,000 over the weekend on some rapid selling, briefly pushing Strategy’s treasury close to $1 billion in unrealized losses. Now, the price of bitcoin is below those levels near $74,000. The company now holds 713,502 BTC, acquired for roughly $54.26 billion at an average cost of $76,052 per coin. Last week’s purchase was fully funded through the sale of common stock, following Strategy’s ongoing capital-raising approach to finance bitcoin buys. The purchase of 855 bitcoin was significantly smaller compared to prior company purchases. At the time of writing, bitcoin’s price dropped below $74,000 today, its lowest level in a year. The bitcoin price has now retraced more than 40% from its all‑time highs reached in late 2025. Prior to today, the one-year low for the bitcoin price was $74,747. Strategy shares started the day at $139.66, but are currently trading at $128.87. The shares 52-week high was around $450 per share. This post Strategy ($MSTR) Plummets 8% As Bitcoin Hits One‑Year Lows first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Bitcoin-Treasury The Smarter Web Company Listed on London Stock Exchange

Bitcoin-Treasury The Smarter Web Company Listed on London Stock Exchange

Bitcoin Magazine Bitcoin-Treasury The Smarter Web Company Listed on London Stock Exchange The Smarter Web Company began trading on the Main Market of the London Stock Exchange today, marking a major milestone for the UK-based firm as it continues to position itself as Britain’s largest publicly listed bitcoin holder. The company’s shares debuted under the ticker SWC at 43p. The uplisting follows the company’s initial public offering on the Aquis Exchange in April 2025, where it went on to become the UK’s best-performing equity that year. Founded in 2009 by chief executive Andrew Webley, The Smarter Web Company began as a web design agency focused on building bespoke, mobile-friendly websites for small and medium-sized businesses. In 2025, the firm pivoted toward a bitcoin treasury strategy, deploying capital into bitcoin as what it describes as “digital capital” on its balance sheet. Today, The Smarter Web Company holds 2,674 bitcoin, making it the largest UK public company by bitcoin holdings and the 29th largest globally among public firms. According to The Smarter Web Company, roughly £221 million of investor capital has been used to acquire bitcoin at an average price of just over $111,000 per coin. Bitcoin was trading near $77,000 on Tuesday, down significantly from its peak above $120,000 last year. Speaking at the London Stock Exchange opening ceremony, Webley said the Main Market listing represents the next stage in building a long-term British public company aligned with Bitcoin. “Moving to the Main Market of the London Stock Exchange marks the next significant milestone in that journey,” Webley said. “I am committed to building a British success story that contributes to the UK economy and demonstrates how bitcoin can be used as digital capital.” Webley also reiterated his ambition for the company to enter the FTSE 250, potentially as early as the third quarterly rebalance of 2026, with longer-term aspirations to eventually reach the FTSE 100. The United Kingdom’s version of Strategy The Smarter Web Company’s strategy has drawn comparisons to U.S.-based firm Strategy, which pioneered the corporate bitcoin treasury model. While a growing number of companies have since adopted similar approaches, Webley has argued that volatility is an inherent feature of the strategy rather than a flaw. Despite its recent decline from a peak market capitalization of over £1 billion, Webley recently said the company plans to continue accumulating bitcoin regardless of price. The firm spent about £220 million accumulating their bitcoin, while its shares have plunged about 95%. Webley argues the strategy is long-term, noting the company has increased its bitcoin holdings per share despite the downturn and plans to seek more institutional funding with a move to the London Stock Exchange’s main market. This post Bitcoin-Treasury The Smarter Web Company Listed on London Stock Exchange first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Tether Launches Open-Source Bitcoin Mining Operating System

Tether Launches Open-Source Bitcoin Mining Operating System

Bitcoin Magazine Tether Launches Open-Source Bitcoin Mining Operating System Tether has open-sourced a new operating system for bitcoin mining, unveiling MiningOS (MOS) as part of a broader push to reduce the industry’s reliance on proprietary, vendor-controlled software. The stablecoin issuer announced Monday that MOS, a modular and scalable operating system designed to manage, monitor, and automate bitcoin mining operations, is now available as open-source software under the Apache 2.0 license. The system was officially unveiled at the 2026 Plan ₿ Forum in San Salvador. According to Tether, MOS is built to coordinate the complex mix of hardware, power systems, containers, and physical infrastructure that underpin modern bitcoin mining. Rather than relying on fragmented software stacks, the operating system treats every component of a mining site as a controllable “worker” within a single operational layer, providing operators with unified visibility across hashrate, energy usage, device health, and site-level infrastructure. The company said MOS uses a self-hosted, peer-to-peer architecture based on Holepunch protocols, allowing miners to manage operations without relying on centralized services or third-party platforms. The system is designed to scale from small home installations running on lightweight hardware to industrial-grade deployments managing hundreds of thousands of machines across multiple locations. “Mining OS is built to make Bitcoin mining infrastructure more open, modular, and accessible,” said Tether CEO Paolo Ardoino. “Whether it’s a small operator running a handful of machines or a full-scale industrial site, the same operating system can scale without reliance on centralized, third-party software.” Tether’s Mining SDK announcement Alongside MOS, Tether also announced the Mining SDK, the framework on which the operating system is built. The Mining SDK is expected to be finalized and released in collaboration with the open-source community in the coming months. The toolkit is designed to allow developers to build mining software and internal tools without recreating device integrations or operational primitives from scratch, offering ready-made workers, APIs, and UI components. Tether said the goal of open-sourcing its mining stack is to lower barriers to entry for new miners and remove the “black box” nature of many existing mining setups, where hardware and monitoring tools are tightly coupled to proprietary platforms. The release places Tether alongside other crypto firms pushing open-source mining infrastructure, including Jack Dorsey’s Block, which has previously backed efforts to decentralize mining tooling and hardware access. MOS marks another step in Tether’s expansion beyond its core stablecoin business. The company has increasingly positioned itself across mining, payments, and infrastructure, reporting more than $10 billion in net profit in 2025, driven largely by interest income on its reserves. This post Tether Launches Open-Source Bitcoin Mining Operating System first appeared on Bitcoin Magazine and is written by Micah Zimmerman.