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Nakamoto Inc. ($NAKA) Completes Acquisition of BTC Inc. and UTXO Management

Bitcoin Magazine Nakamoto Inc. ($NAKA) Completes Acquisition of BTC Inc. and UTXO Management Nakamoto Inc. (NASDAQ: NAKA) announced today that it has completed its acquisitions of BTC Inc. and UTXO Management GP, LLC (“UTXO”), finalizing merger agreements previously announced earlier this month. The transaction was structured entirely through the issuance of Nakamoto common stock. BTC Inc. and UTXO securityholders received 364,795,104 shares of Nakamoto stock, at a combined value of $81,632,852 based on Nakamoto’s closing price on February 19, 2026, of $0.248. In a form 8-K filing yesterday, Nakamoto disclosed that the two businesses reported a combined revenue of $80.5 million, $34.2 million in EBITDA (Earnings Before Interest, Taxes, and Amortization), and $40.1 million in net income for the 12-month period ending September 30, 2025. The deal followed the terms of Nakamoto’s call option under its Marketing Services Agreement, which was previously approved by shareholders. BTC Inc. is a global Bitcoin media company that produces Bitcoin Magazine, one of the longest-running publications covering the cryptocurrency industry. The company also organizes The Bitcoin Conference, a series of events held across the U.S., Asia, Europe, and the Middle East, which attracted over 67,000 attendees in 2025. BTC Inc. also operates Bitcoin for Corporations, a membership platform for companies using Bitcoin as a treasury asset. UTXO Management serves as an adviser to a hedge fund focused on Bitcoin and related investments. Its team allocates capital across public and private markets in the Bitcoin ecosystem. The firm’s integration into Nakamoto expands the company’s investment and advisory capabilities. Nakamoto: A portfolio of bitcoin adjacent companies David Bailey, Chairman and CEO of Nakamoto Inc., said earlier this week that the “acquisition aligns with our plan to operate a portfolio of companies across media, asset management, and advisory services. BTC Inc. and UTXO provide recurring earnings and institutional capabilities that support our growth strategy.” Brandon Green, CEO of BTC Inc., added, “Joining Nakamoto allows us to scale our media and event platforms and extend our reach to a wider audience of companies and investors in Bitcoin.” Tyler Evans, Chief Investment Officer of Nakamoto and UTXO, said the combination provides an opportunity to reinforce Bitcoin’s role in modern capital markets and to develop new investment strategies. With the acquisition complete, Nakamoto now operates a diversified portfolio of Bitcoin-native enterprises spanning media, events, asset management, and advisory services. The company intends to use the combined platform for future strategic initiatives, including additional Bitcoin accumulation and potential acquisitions. Bitcoin Magazine is published by BTC Inc, a subsidiary of Nakamoto Inc. (NASDAQ: NAKA) This post Nakamoto Inc. ($NAKA) Completes Acquisition of BTC Inc. and UTXO Management first appeared on Bitcoin Magazine and is written by Nik and Micah Zimmerman.

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The Core Issue: Cluster Mempool, Problems Are Easier In Chunks

Bitcoin Magazine The Core Issue: Cluster Mempool, Problems Are Easier In Chunks Cluster Mempool1 is a complete reworking of how the mempool handles organizing and sorting transactions, conceptualized and implemented by Suhas Daftuar and Pieter Wuille. The design aims to simplify the overall architecture, better align transaction sorting logic with miner incentives, and improve security for second layer protocols. It was merged into Bitcoin Core in PR #336292 on November 25, 2025. The mempool is a giant set of pending transactions that your node has to keep track of for a number of reasons: fee estimation, transaction replacement validation, and block construction if you’re a miner. This is a lot of different goals for a single function of your node to service. Bitcoin Core up to version 30.0 organizes the mempool in two different ways to help aid in these functions, both from the relative point of view of any given transaction: combined feerate looking forward of the transaction and its children (descendant feerate), and combined feerate looking backwards of the transaction and its parents (ancestor feerate). These are used to decide which transactions to evict from your mempool when it’s full, and which to include first when constructing a new block template. How Is My Mempool Managed? When a miner is deciding whether to include a transaction in their block, their node looks at that transaction, and any ancestors that must be confirmed first for it to be valid in a block, and look at the average feerate per byte across all of them together considering the individual fees they paid as a whole. If that group of transactions fits within the blocksize limit while outcompeting others in fees, it is included in the next block. This is done for every transaction. When your node is deciding which transactions to evict from its mempool when it is full, it looks at each transaction and any children it has, evicting the transaction and all its children if the mempool is already full with transactions (and their descendants) paying a higher feerate. Look at the above example graph of transactions, the feerates are shown as such in parentheses (ancestor feerate, descendant feerate). A miner looking at transaction E would likely include it in the next block, a small transaction paying a very high fee with a single small ancestor. However, if a node’s mempool was filling up, it would look at transaction A with two massive children paying a low relative fee, and likely evict it or not accept and keep it if it was just received. These two rankings, or orderings, are completely at odds with each other. The mempool should reliably propagate what miners will mine, and users should be confident that their local mempool accurately predicts what miners will mine. The mempool functioning in this way is important for: Mining decentralization: getting all miners the most profitable set of transactions User reliability: accurate and reliable fee estimation and transaction confirmation times Second layer security: reliable and accurate execution of second layer protocols’ on-chain enforcement transactions The current behavior of the mempool does not fully align with the reality of mining incentives, which creates blind spots that can be problematic for second layer security by creating uncertainty as to whether a transaction will make it to a miner, as well as pressure for non-public broadcasting channels to miners, potentially worsening the first problem. This is especially problematic when it comes to replacing unconfirmed transactions, either simply to incentivize miners to include a replacement sooner, or as part of a second layer protocol being enforced on-chain. Replacement per the existing behavior becomes unpredictable depending on the shape and size of the web of transactions yours is caught in. In a simple fee-bumping situation this can fail to propagate and replace a transaction, even when mining the replacement would be better for a miner. In the context of second layer protocols, the current logic allows participants to potentially get necessary ancestor transactions evicted from the mempool, or make it not possible for another participant to submit a necessary child transaction to the mempool under the current rules because of child transactions the malicious participant created, or the eviction of necessary ancestor transactions. All of these problems are the result of these inconsistent inclusion and eviction rankings and the incentive misalignments they create. Having a single global ranking would fix these issues, but globally reordering the entire mempool for every new transaction is impractical. It’s All Just A Graph Transactions that depend on each other are a graph, or a directed series of “paths.” When a transaction spends outputs created by another in the past, it is linked with that past transaction. When it additionally spends outputs created by a second past transaction, it links both of the historical transactions together. When unconfirmed, chains of transactions like this must have the earlier transactions confirmed first for the later ones to be valid. After all, you can’t spend outputs that haven’t been created yet. This is an important concept for understanding the mempool, it is explicitly ordered directionally. It’s all just a graph. Chunks Make Clusters Make Mempools In cluster mempool, the concept of a cluster is a group of unconfirmed transactions that are directly related to each other, i.e. spending outputs created by others in the cluster or vice versa. This becomes a fundamental unit of the new mempool architecture. Analyzing and ordering the entire mempool is an impractical task, but analyzing and ordering clusters is a much more manageable one. Each cluster is broken down into chunks, small sets of transactions from the cluster, which are then sorted in order of highest feerate per byte to lowest, respecting the directional dependencies. So for instance, let’s say from highest to lowest feerate the chunks in cluster (A) are: [A,D], [B,E], [C,F], [G, J], and last [I, H]. This allows pre-sorting all of these chunks and clusters, and more efficient sorting of the whole mempool in the process. Miners can now simply grab the highest feerate chunks from every cluster and put them into their template, if there is still room they can go down to the next highest feerate chunks, continuing until the block is roughly full and just needs to figure out the last few transactions it can fit. This is roughly the optimal block template construction method assuming access to all available transactions. When nodes’ mempools get full, they can simply grab the lowest feerate chunks from every cluster, and start evicting those from their mempool until it is not over the configured limit. If that was not enough, it moves on to the next lowest feerate chunks, and so on, until it is within its mempool limits. Done this way it removes strange edge cases out of alignment with mining incentives. Replacement logic is also drastically simplified. Compare cluster (A) to cluster (B) where transaction K has replaced G, I, J, and H. The only criteria that needs to be met is the new chunk [K] must have a higher chunk feerate than [G, J] and [I, H], [K] must pay more in total fees than [G, J, I, H], and K cannot go over an upper limit of how many transactions it is replacing. In a cluster paradigm all of these different uses are in alignment with each other. The New Mempool This new architecture allows us to simplify transaction group limits, removing previous limitations on how many unconfirmed ancestors a transaction in the mempool can have and replacing them with a global cluster limit of 64 transactions and 101 kvB per cluster. This limit is necessary in order to keep the computational cost of pre-sorting the clusters and their chunks low enough to be practical for nodes to perform on a constant basis. This is the real key insight of cluster mempool. By keeping the chunks and clusters relatively small, you simultaneously make the construction of an optimal block template cheap, simplify transaction replacement logic (fee-bumping) and therefore improve second layer security, and fix eviction logic, all at once. No more expensive and slow on the fly computation for template building, or unpredictable behavior in fee-bumping. By fixing the misalignment of incentives in how the mempool was managing transaction organization in different situations, the mempool functions better for everyone. Cluster mempool is a project that has been years-long in the making, and will make a material impact on ensuring profitable block templates are open to all miners, that second layer protocols have sound and predictable mempool behaviors to build on, and that Bitcoin can continue functioning as a decentralized monetary system. For those interesting in diving deeper into the nitty gritty of how cluster mempool is implemented and works under the hood, here are two Delving Bitcoin threads you can read: High Level Implementation Overview (With Design Rationale): https://delvingbitcoin.org/t/an-overview-of-the-cluster-mempool-proposal/393 How Cluster Mempool Feerate Diagrams Work: https://delvingbitcoin.org/t/mempool-incentive-compatibility/553 Get your copy of The Core Issue today! Don’t miss your chance to own The Core Issue — featuring articles written by many Core Developers explaining the projects they work on themselves! This piece is the Letter from the Editor featured in the latest Print edition of Bitcoin Magazine, The Core Issue. We’re sharing it here as an early look at the ideas explored throughout the full issue. [1] https://github.com/bitcoin/bitcoin/issues/27677 [2] https://github.com/bitcoin/bitcoin/pull/33629 This post The Core Issue: Cluster Mempool, Problems Are Easier In Chunks first appeared on Bitcoin Magazine and is written by Shinobi.

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Bitcoin Pops After Supreme Court Strikes Down Trump’s Tariffs

Bitcoin Magazine Bitcoin Pops After Supreme Court Strikes Down Trump’s Tariffs The Supreme Court of the United States on Friday struck down President Donald Trump’s sweeping global tariff regime, ruling 6-3 that he exceeded his authority by imposing broad import duties under a national emergency law. The decision invalidates tariffs Trump levied in early 2025 under the International Emergency Economic Powers Act, a statute enacted in 1977 and historically used to sanction foreign adversaries during crises. Trump cited persistent trade deficits and national security concerns, including fentanyl trafficking, to justify duties ranging from 10% to 50% on imports from nearly every major trading partner. Writing for the majority, Chief Justice John Roberts said the Constitution leaves little ambiguity about who controls the taxing power. “The Framers did not vest any part of the taxing power in the Executive Branch,” Roberts wrote, adding that no previous president had used the statute to impose tariffs “of this magnitude and scope.” The ruling marks the first major test of Trump’s second-term economic agenda before the high court, which includes three justices he appointed during his first term. Lower courts had already found that the administration overstepped, emphasizing that Article I of the Constitution assigns tariff authority to Congress. President Trump said he has a backup plan to pursue tariffs following the court ruling, according to various sources. Bitcoin jumps on the news In financial markets, the reaction was swift and unsettled. Bitcoin rose about 2% within minutes of the decision, briefly climbing above $68,000 before retreating toward $67,500. The move reflected a familiar pattern in digital asset markets, where headline-driven rallies have struggled to hold. The mixed response underscored the ambiguity surrounding the ruling’s economic impact. For some investors, the invalidation of tariffs removes a source of policy uncertainty that has weighed on global trade. For others, it introduces new questions about fiscal gaps, refund obligations and next steps from the White House. Reuters has reported that more than $133 billion in tariff revenue collected under the emergency authority could be subject to refunds. Trump has said his broader tariff program generated roughly $600 billion, though that figure has been disputed. If significant sums must be repaid, Treasury financing needs could shift at a delicate moment for bond markets. Earlier Friday, economic data painted a complicated picture. The Commerce Department reported that the U.S. economy grew at a 1.4% annualized rate in the final quarter of 2025. Core personal consumption expenditures, the Federal Reserve’s preferred inflation gauge, rose 3% year over year, above expectations. Annual growth for 2025 slowed to 2.2%, the weakest pace since 2020. Art Hogan, chief market strategist at B. Riley Wealth, described the data as sending a “messy message” of firmer inflation alongside cooling growth, according to CoinDesk. That backdrop has reinforced expectations that the Federal Reserve will proceed with caution on rate cuts. Is this ruling good for bitcoin? For Bitcoin traders, the tariff case has been less about trade flows than about liquidity and risk appetite. During prior episodes of trade escalation, digital assets tended to move in tandem with equities as investors reassessed growth and inflation risks. A court decision that removes tariffs could ease cost pressures over time, yet the near-term effect hinges on how Washington fills any fiscal hole. Stephen Coltman, head of macro at 21Shares, said before the ruling that a negative outcome for the administration could pressure the dollar and Treasuries while favoring stocks and bitcoin. Others, including VanEck’s Matthew Sigel, have argued that reduced tariff revenue could widen deficits, increasing the appeal of assets like bitcoin viewed as hedges against currency debasement. Online prediction markets had assigned high odds to the court striking down the tariffs, suggesting traders were prepared for the headline. For now, the court’s decision narrows presidential authority over tariffs and returns leverage to Congress. Whether lawmakers move to codify elements of Trump’s trade agenda or chart a different course remains unclear. Bitcoin is trading near $67,600. This post Bitcoin Pops After Supreme Court Strikes Down Trump’s Tariffs first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin’s 50% Slide: Quantum Scare or Capital Rotation?

Bitcoin Magazine Bitcoin’s 50% Slide: Quantum Scare or Capital Rotation? Bitcoin’s 46% decline from its October peak near $126,100 to roughly $67,000 has triggered debate over what is driving the pullback. Some market participants have pointed to quantum computing as a looming threat to the network’s cryptographic security. Others argue the explanation lies elsewhere, in shifting capital flows, tightening liquidity and changing miner economics. On a recent episode of the Unchained podcast hosted by Laura Shin, Bitcoin developer Matt Corallo rejected the idea that quantum fears are behind the downturn. If investors were pricing in imminent quantum risk to Bitcoin’s cryptography, he said, Ether would likely be outperforming rather than falling in tandem. Bitcoin is down roughly 46% from its all-time high, while Ether has fallen roughly 58% since an early-October market break. Corallo argued that this parallel weakness undercuts the claim that quantum computing is uniquely weighing on Bitcoin. He added that some holders may be looking for a scapegoat to explain weak price action. The quantum debate has gained visibility as researchers explore post-quantum cryptography and as asset managers update disclosures. Last year, BlackRock amended the registration statement for its iShares Bitcoin ETF to flag quantum computing as a potential risk to the network’s integrity. Corallo countered that market pricing does not signal urgency. He framed the current environment as one in which Bitcoin is competing for capital against other sectors, especially artificial intelligence. Bitcoin mining and AI infrastructure AI infrastructure requires large data centers, specialized chips and significant energy capacity. That capital intensity, he suggested, has drawn investor attention and funding that might otherwise have flowed into digital assets. Mining data reflects these crosscurrents. Bitcoin mining difficulty recently climbed to 144.4 trillion, a 15% increase and the largest percentage jump since 2021, when China’s mining ban disrupted the network before operations stabilized. Difficulty adjusts every 2,016 blocks, about every two weeks, to keep block production near a 10-minute average regardless of hashrate changes. The latest increase follows a 12% decline in difficulty after a drop in total computational power. In October, when bitcoin traded near $126,500, hashrate peaked around 1.1 zettahash per second. As prices slid toward $60,000 in February, hashrate fell to 826 exahash per second. It has since recovered to about 1 zettahash per second as bitcoin rebounded to the high-$60,000 range. Even with that recovery, miner economics remain tight. Hashprice, a measure of daily revenue per unit of hashrate, sits near multi-year lows around $23.9 per petahash per second. Lower revenues have pressured margins, particularly for operators with higher energy costs. Large-scale miners with access to inexpensive power have continued to expand. The United Arab Emirates, for example, is estimated to hold roughly $344 million in unrealized profit from mining operations. At the same time, several publicly listed mining firms are reallocating energy and computing resources toward AI and high-performance computing data centers. Bitfarms recently rebranded to remove explicit bitcoin references as it increases its focus on AI infrastructure. Activist investor Starboard Value has urged Riot Platforms to expand further into AI data center operations. The shift underscores Corallo’s point that bitcoin now competes directly with other capital-intensive technologies. Bitcoin is consolidating in ‘extreme fear’ Onchain data suggests the market remains in a compression phase. Analytics firm Glassnode reports that BTC has broken below its “True Market Mean,” a model that tracks the aggregate cost basis of active supply and currently sits near $79,000. The firm identifies the Realized Price, around $54,900, as a lower structural boundary. Bitcoin has traded between roughly $60,000 and $70,000 in recent sessions, within that corridor. Sentiment remains fragile. The Crypto Fear and Greed Index has registered “extreme fear” for weeks. Yet some analysts see valuation support. Bitwise’s head of European research, André Dragosch, said bitcoin appears undervalued relative to global money supply growth, gold and exchange-traded product flows. He expects consolidation rather than a rapid recovery, noting that sharp capitulations rarely produce immediate V-shaped rebounds outside crisis events. Macro data may shape the next move. Traders are watching U.S. core PCE inflation figures for signals on Federal Reserve policy. Higher inflation could support scarce assets in theory, but a hawkish response could strengthen the dollar and pressure risk markets. At the time of writing, Bitcoin is trading near $67,000. This post Bitcoin’s 50% Slide: Quantum Scare or Capital Rotation? first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Fed’s Kashkari: Crypto “Utterly Useless,” Stablecoins No Match for Venmo

Bitcoin Magazine Fed’s Kashkari: Crypto “Utterly Useless,” Stablecoins No Match for Venmo Federal Reserve Bank of Minneapolis President Neel Kashkari delivered another pointed criticism of crypto while defending the Federal Reserve’s independence during remarks in Fargo, North Dakota, today. Speaking at the 2026 Midwest Economic Outlook Summit, Kashkari questioned the practical value of digital assets, stating that “crypto has been around for more than a decade and it’s utterly useless,” according to Bloomberg. He contrasted crypto with artificial intelligence tools, which he said have demonstrated clear, everyday utility for consumers and businesses. Kashkari also dismissed the promise of stablecoins, arguing they offer little improvement over existing payment systems. “I can send any one of you $5 with Venmo or PayPal or Zelle,” he said during a question-and-answer session. “So what is it that this magical stablecoin can do?” While acknowledging claims that stablecoins could make cross-border transfers faster and cheaper, Kashkari argued that recipients must still convert digital tokens into local currency for everyday purchases, creating additional friction and cost. He said advocates have yet to present a compelling use case for U.S. consumers. Beyond digital assets, Kashkari addressed criticism from National Economic Council Director Kevin Hassett regarding a New York Fed study on tariffs. The Minneapolis President characterized the remarks as “another step to try to compromise the Fed’s independence.” “Over the last year, we’ve seen multiple attempts to try to compromise the Fed’s independence,” he said, referencing a December subpoena from the Department of Justice to the Board of Governors related to building expenses. The Minneapolis President emphasized that central bank independence underpins effective monetary policy. “Every advanced economy in the world has an independent central bank,” he said, arguing that policy decisions serve the public best when based on data and analysis rather than short-term political considerations. On the economy, Kashkari noted inflation has eased to between 2.5% and 3%, while unemployment has risen from roughly 3.5% to 4.3%. He said the Fed is “pretty close to neutral” after cutting interest rates multiple times over the past two years. Kashkari: Crypto is like the ‘Beanie Babies’ bubble Last November, Kashkari had a similar criticism, comparing the sector to the 1990s Beanie Babies bubble and arguing it still lacks meaningful economic use. Speaking on CNN, Kashkari said he was more confident in the utility of AI, which he sees as delivering real economic value, whereas crypto fails to demonstrate a compelling purpose. He questioned the everyday use of digital assets in the U.S., noting that the main application he hears is to bypass banking regulations like know-your-customer and anti-money-laundering rules — a use he described as “lousy” for a Federal Reserve policymaker. This post Fed’s Kashkari: Crypto “Utterly Useless,” Stablecoins No Match for Venmo first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin’s Lightning Network Surpasses $1 Billion in Monthly Volume As Adoption Grows

Bitcoin Magazine Bitcoin’s Lightning Network Surpasses $1 Billion in Monthly Volume As Adoption Grows Bitcoin’s Lightning Network, the layer-two protocol designed to facilitate faster and cheaper transactions, has surpassed $1 billion in monthly transaction volume, according to new data from River. In November 2025, the network processed an estimated $1.17 billion across 5.22 million transactions, marking a milestone in adoption despite Bitcoin’s stagnant price performance throughout the year. River’s research aggregates anonymized data from major Lightning node operators to provide a network-wide estimate. Their methodology accounts for overlapping channels and extrapolates to untracked nodes, giving a more accurate picture of the Lightning ecosystem. “This approach allows us to debunk misconceptions that Lightning adoption isn’t happening,” River said, noting contributions from entities including ACINQ, Kraken, Breez, Lightspark, LQWD, and others, covering over 50% of network capacity. Interestingly, the transaction count fell slightly compared to 2023. Researchers attribute this to the fading of micropayment experiments in gaming and messaging that had temporarily inflated activity. While these applications did not achieve sustained adoption, River said they expect future experimentation — particularly with AI-powered agentic payments — to drive new spikes in network usage. Last week, Lightning Labs released an open-source toolkit that enables AI agents to run Lightning nodes, make autonomous payments, and host paid services using the Network, addressing the need for native, machine-to-machine transactions. Bitcoin's Lightning Network exceeds $1B in monthly transaction volume. pic.twitter.com/USmosCQ1gM — River (@River) February 19, 2026 Bitcoin lightning transactions shifts toward larger transfers Despite being known as a network for micropayments, the average Lightning transaction in November 2025 was $223, up from $118 the previous year. Analysts say this reflects the dominant use case today: moving larger sums between exchanges rather than everyday small purchases. “Micropayment theory suggested high-frequency, low-value payments, but mental transaction costs for humans limit this behavior,” River explained in a social media report. “AI agents, which do not incur mental costs, could change this dynamic, potentially leading to more frequent, smaller payments in the future.” Lightning Network’s rise highlights a layer of Bitcoin adoption that price charts often miss, driven by exchange activity and a growing number of businesses accepting this form of payment. Crossing $1 billion in monthly volume marks a milestone for Bitcoin’s layer-two infrastructure and signals progress toward using BTC as a means of transaction and settlement. Looking ahead, River plans to release a comprehensive report on Bitcoin adoption next week, which will include additional metrics showing meaningful growth in usage and integration across the crypto ecosystem. This post Bitcoin’s Lightning Network Surpasses $1 Billion in Monthly Volume As Adoption Grows first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Senator Warren Urges Treasury and Fed Not to Bail Out Crypto Billionaires Saylor and CZ Amid Bitcoin Slide

Bitcoin Magazine Senator Warren Urges Treasury and Fed Not to Bail Out Crypto Billionaires Saylor and CZ Amid Bitcoin Slide U.S. Senator Elizabeth Warren, a Democrat from Massachusetts, called on the Treasury Department and the Federal Reserve to confirm that they will not use taxpayer funds to support cryptocurrency investors or firms. In a letter sent Wednesday to Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell, Warren warned that any government intervention could transfer wealth from taxpayers to wealthy crypto investors. “Your agencies must refrain from propping up Bitcoin and transferring wealth from taxpayers to crypto billionaires through direct purchases, guarantees, or liquidity facilities,” Warren wrote. She argued that a bailout would disproportionately benefit the wealthiest players in the cryptocurrency market and could directly enrich President Donald Trump through his family’s company, World Liberty Financial. Warren’s letter comes as Bitcoin has declined roughly 50% since reaching a peak in October. She said the sell-off has been worsened by cascading liquidations of leveraged positions, affecting both corporate and individual investors. The Massachusetts senator noted that World Liberty Financial recently sold about 173 wrapped Bitcoin to repay $11.75 million in USDC stablecoin debt, avoiding liquidation as Bitcoin fell below $63,000. Warren: Crypto and bitcoin retail is at risk The letter cited losses among major crypto investors. Michael Saylor’s Strategy Inc., a leading corporate holder of Bitcoin, has seen its shares fall nearly 20% since the start of the year. Binance founder Changpeng Zhao reportedly lost close to $30 billion, and Coinbase CEO Brian Armstrong reportedly lost $7 billion, Warren claimed. Warren also highlighted the risks to retail investors. In 2025, U.S. investors lost or had stolen a record $17 billion in cryptocurrency fraud, according to her letter. She urged federal financial agencies to strengthen protections for individual crypto users, citing the growing scale and complexity of digital asset markets. The letter referenced a February 6 House Financial Services Committee hearing, where Rep. Brad Sherman asked Secretary Bessent whether taxpayer money could be deployed into crypto assets. Bessent did not answer directly but stated that the Treasury was “retaining seized Bitcoin.” Warren described this response as a deflection and said it left unclear whether the government has any plans to intervene in the Bitcoin sell-off. Warren reminded the Treasury and the Fed that both agencies have broad authorities to provide financial support to banks and other entities during financial crises. She argued that these tools should not be used to stabilize Bitcoin or other digital assets, which she described as high-risk investments primarily benefiting wealthy investors. The Fed confirmed receipt of Warren’s letter and said it plans to respond. The Treasury Department did not immediately comment. Bitcoin was trading just under $67,000 Wednesday, according to Bitcoin Magazine data. This post Senator Warren Urges Treasury and Fed Not to Bail Out Crypto Billionaires Saylor and CZ Amid Bitcoin Slide first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitdeer Stock (BTDR) Crashes 18% on $300M Convertible Note Offering, Dilution Fears Mount

Bitcoin Magazine Bitdeer Stock (BTDR) Crashes 18% on $300M Convertible Note Offering, Dilution Fears Mount Bitdeer Technologies’ shares slid sharply today after the Singapore-based bitcoin miner and AI data center firm announced plans to raise $300 million through a private sale of convertible senior notes due 2032, a financing move that sparked investor concern over potential dilution. The company said the offering, aimed at institutional buyers, includes an option for initial purchasers to buy an additional $45 million in notes, which would bring the total raise to $345 million if exercised. The notes will be convertible into cash, Class A ordinary shares, or a combination of both at Bitdeer’s discretion. Bitdeer’s stock fell over 18% in pre-market trading, dropping below $8 for the first time since April. Shares were down roughly 15% on the day, reflecting market caution about the capital raise and the possibility that future conversions could increase the company’s share count. Convertible debt offerings often pressure equities because investors anticipate dilution if the stock price rises and noteholders convert their holdings into shares. Bitdeer said it plans to enter into capped call transactions with financial institutions to help offset dilution risk. Such hedging strategies are designed to limit the number of shares issued upon conversion, though they can introduce additional volatility around pricing. Bitdeer’s Class A share offering Alongside the note sale, Bitdeer disclosed a separate registered direct offering of Class A ordinary shares to certain holders of its existing 5.25% convertible senior notes due 2029. The company said the number of shares and the price will be determined at the time of pricing. Proceeds from the offerings will be used primarily to fund capped call transactions and to repurchase a portion of the 2029 notes in privately negotiated deals. Any remaining funds will support expansion of Bitdeer’s data center footprint, as well as growth in its high-performance computing and AI cloud business lines. The company also highlighted ongoing development of ASIC-based mining rigs as part of its longer-term strategy. Bitdeer said the direct share offering and note repurchases are contingent on completion of the new notes sale, though the notes offering itself can proceed independently. The announcement comes as Bitdeer accelerates its pivot beyond bitcoin mining toward broader infrastructure services. The company recently reported fourth-quarter revenue of $224.8 million, up 226% year over year, and posted a net profit of $70.5 million compared with a $531.9 million loss in the prior-year quarter. Bitdeer mined 1,673 bitcoin during the quarter, supported by a managed hashrate of 71 exahash per second, including 55.2 EH/s of self-mining capacity. The company also held roughly 2,000 BTC on its balance sheet at year-end, though more recent data suggests holdings have declined after liquidations earlier this year to fund expansion. This post Bitdeer Stock (BTDR) Crashes 18% on $300M Convertible Note Offering, Dilution Fears Mount first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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CME Plans 24/7 Crypto Futures Trading Starting May 29

Bitcoin Magazine CME Plans 24/7 Crypto Futures Trading Starting May 29 CME Group will begin offering 24/7 trading for its regulated cryptocurrency futures and options on May 29, pending regulatory review, expanding access to its digital asset derivatives suite as demand from institutional participants grows. The world’s largest derivatives marketplace said continuous trading will start Friday, May 29 at 4:00 p.m. Central Time on its CME Globex platform. The move is designed to give clients round-the-clock access to hedging and trading tools tied to bitcoin and other digital assets, aligning futures markets more closely with the nonstop nature of spot cryptocurrency trading. Tim McCourt, CME Group’s global head of equities, foreign exchange, and alternative products, said customer demand for risk management in the digital asset sector has reached new highs. “Client demand for risk management in the digital asset market is at an all-time high, driving a record $3 trillion in notional volume across our Cryptocurrency futures and options in 2025,” McCourt said in a statement. CME said the shift reflects the growing role of regulated derivatives in crypto market structure, particularly for professional investors seeking exposure with clearing and oversight protections. Unlike offshore venues, CME’s crypto contracts operate within the U.S. regulatory framework, offering standardized settlement and reporting. Under the new schedule, CME cryptocurrency futures and options will trade continuously with at least a two-hour weekly maintenance period over the weekend. JUST IN: CME Group to launch 24/7 crypto futures and options trading on May 29 pic.twitter.com/TUUsrHGMAg — Bitcoin Magazine (@BitcoinMagazine) February 19, 2026 The exchange said holiday and weekend trading from Friday evening through Sunday evening will carry the trade date of the following business day. Clearing, settlement, and regulatory reporting will be processed the next business day as well. The change comes as CME’s cryptocurrency complex continues to post record activity. The exchange reported year-to-date average daily volume of 407,200 contracts in 2026, representing a 46% increase from the same period last year. Average daily open interest reached 335,400 contracts, up 7% year over year. Futures trading has driven much of the growth. CME said futures average daily volume stands at 403,900 contracts year to date, up 47% compared with last year’s levels. Traditional markets are accepting crypto infrastructure The move toward a 24/7 schedule follows a broader trend in market infrastructure adapting to digital asset trading patterns. Crypto markets operate without traditional closing hours, and institutional traders have sought products that match the constant availability of underlying spot markets. CME said not all markets lend themselves to nonstop trading, but cryptocurrency products represent a category where continuous access supports risk management needs. The exchange framed the change as a way to ensure clients can manage exposure at any time, particularly during periods of heightened volatility. CME Group operates exchanges across major asset classes including interest rates, equity indexes, foreign exchange, energy, agriculture, and metals. Its platforms include CME Globex for futures and options trading, BrokerTec for fixed income, and EBS for foreign exchange. The company also runs CME Clearing, one of the world’s largest central counterparty clearing providers, which plays a role in reducing counterparty risk in derivatives markets. The May 29 launch date remains subject to regulatory review. If approved, the expanded schedule will mark a shift in how U.S.-regulated crypto derivatives are traded, bringing futures and options markets closer to the continuous rhythm of global cryptocurrency trading. This post CME Plans 24/7 Crypto Futures Trading Starting May 29 first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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The UAE Has Quietly Built Up a $453 Million Bitcoin Reserve: Arkham

Bitcoin Magazine The UAE Has Quietly Built Up a $453 Million Bitcoin Reserve: Arkham Arkham Intelligence says bitcoin mining operations linked to the UAE’s Royal Group are sitting on roughly $344 million in unrealized profit, excluding energy costs. Arkham attributed about 6,782 BTC to wallets connected with UAE royal-linked mining activity, valuing the holdings at approximately $453.6 million at the time of analysis. The firm said the implied profit reflects the difference between current bitcoin prices and estimated production costs, though it noted the figure does not account for electricity and operational expenses. Arkham’s onchain data also points to a steady pace of mining output. Over the past seven days, the UAE-linked wallets produced around 4.2 BTC per day, suggesting ongoing industrial-scale operations. The analytics firm added that the UAE appears to be retaining most of its self-mined bitcoin, with the last recorded outflow from the wallets occurring roughly four months ago. The findings underscore how the UAE has pursued a different path from many other governments with large bitcoin positions. While countries such as the United States and the United Kingdom hold significant reserves largely tied to law enforcement seizures, Arkham said the UAE’s accumulation has been driven primarily by domestic mining activity. The UAE’s mining push traces back to 2022, when Citadel Mining, an entity linked to Abu Dhabi’s royal family, established large-scale operations on Al Reem Island. That same year marked a broader regional effort to attract digital asset infrastructure, supported by capital from state-connected firms. In 2023, Marathon Digital Holdings and Abu Dhabi-based Zero Two announced a joint venture aimed at developing 250 megawatts of immersion-cooled bitcoin mining capacity in the UAE. The project was one of the largest disclosed industrial mining deployments in the region, reflecting the country’s ambitions to become a hub for crypto infrastructure. Arkham said its latest estimate revises down an earlier projection from August 2025, when the firm attributed roughly $700 million in mined bitcoin to the UAE during a period of higher prices. At that time, Arkham estimated the country had mined about 9,300 BTC and held roughly 6,300 BTC, ranking it among the top sovereign entities with verified onchain holdings. Under the updated figures, the UAE’s holdings represent about 0.03% of bitcoin’s total supply, according to Arkham. Abu Dhabi’s Bitcoin ETF exposure Abu Dhabi’s sovereign wealth funds are also getting in on the fun. This week they disclosed a major increase in their exposure to BlackRock’s iShares Bitcoin Trust (IBIT), reporting ownership of 12.7 million shares worth about $630.6 million as of Dec. 31. That marks a 46% jump from the 8.7 million shares previously reported at the end of September. Mubadala, which oversees a global portfolio across technology, healthcare, infrastructure, private equity, and public markets, manages more than $330 billion in assets. Its mandate is to generate long-term returns for the Abu Dhabi government while supporting economic diversification beyond oil. Another Abu Dhabi-based firm, Al Warda Investments, also raised its IBIT position in Q4 2025 to 8.22 million shares, up from 7.96 million in Q3, continuing a shift toward public bitcoin ETF exposure that began earlier in the year. Al Warda, part of the Abu Dhabi Investment Council under Mubadala, has traditionally focused on private investments, making its growing allocation to IBIT notable for the region. Together, Abu Dhabi investment vehicles held more than 20 million IBIT shares at the end of last year, with a combined value above $1.1 billion. Arkham did note that the United States remains the largest sovereign bitcoin holder, with approximately 328,000 BTC valued at $22 billion, largely derived from seizures tied to cases such as the Bitfinex hack and Silk Road investigations. At time of writing, Bitcoin is trading right below $66,000. This post The UAE Has Quietly Built Up a $453 Million Bitcoin Reserve: Arkham first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Voltage Introduces Revolving Credit Line for Bitcoin Settlement, With USD Repayment

Bitcoin Magazine Voltage Introduces Revolving Credit Line for Bitcoin Settlement, With USD Repayment Voltage, a provider of Bitcoin infrastructure, today launched Voltage Credit, a revolving line of credit designed to enable businesses to send payments over Bitcoin rails with instant settlement and settle entirely in U.S. dollars, according to a note shared with Bitcoin Magazine. Voltage Credit allows enterprises to draw from a credit line to send payments that clear in seconds, bypassing the delays associated with traditional settlement systems. Businesses repay the credit line in dollars from a bank account, without the need to pre‑fund accounts or hold cryptocurrency on their balance sheet, the company said. Voltage positions the product as a solution for enterprises that face settlement delays, chargeback exposure, and high costs from legacy payment systems. The company says the offering gives businesses access to instant payment finality and low fees characteristic of Bitcoin settlement infrastructure while avoiding forced cryptocurrency exposure. The launch follows Voltage’s role in facilitating a $1 million Lightning Network payment between Secure Digital Markets and Kraken, which the company has cited as evidence of institutional‑scale settlement capability. A revolving, flexible, Bitcoin credit solution Unlike conventional Bitcoin lending products, Voltage Credit functions as a true revolving credit facility. Businesses draw only the amount they need, incur interest on the outstanding balance, and restore available credit upon repayment. Voltage says the product does not require pre‑funding and can be repaid in dollars, simplifying treasury operations and accounting. Credit limits are based on a revenue‑oriented underwriting model that reflects transaction volume processed through Voltage infrastructure. The product supports value movement over both the Lightning Network and on‑chain Bitcoin transactions. Voltage describes the offering as relevant for both crypto‑native companies and traditional enterprises exploring Bitcoin payment infrastructure. For entities outside the crypto ecosystem, Lightning settlement presents lower cost and faster settlement than some legacy rails, and Voltage Credit aims to deliver those advantages without requiring management of crypto assets. For organizations within the digital asset space, traditional financing often treats Bitcoin revenue as unsupported for underwriting and crypto lending products typically require BTC as collateral, creating taxable events and exposing treasuries to market volatility. Voltage Credit carries no origination fees and applies a fixed annual percentage rate on outstanding balances. The product is available to qualified U.S. businesses, the company said. This post Voltage Introduces Revolving Credit Line for Bitcoin Settlement, With USD Repayment first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal

Bitcoin Magazine Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal Crypto lender Ledn Inc. has sold $188 million in securitized bonds backed by Bitcoin-linked loans, marking a first-of-its-kind deal in the asset-backed debt market. The transaction includes two bond tranches, according to Bloomberg, one of which received an investment-grade rating and priced at a spread of 335 basis points over the benchmark rate, according to people familiar with the matter. Jefferies Financial Group Inc. served as the sole structuring agent and bookrunner. The bonds are secured by a pool of more than 5,400 consumer loans issued by Ledn, where borrowers used their Bitcoin holdings as collateral, according to an S&P Global Ratings report. The loans carry a weighted average interest rate of 11.8%. Bitcoin’s price volatility remains a central risk. Loans tied to the cryptocurrency can fall underwater if prices decline sharply. JUST IN: Crypto lending firm Ledn sold $188 million of securitized bonds backed by Bitcoin, making it the first ever BTC deal in the market for asset-backed debt — Bloomberg — Bitcoin Magazine (@BitcoinMagazine) February 18, 2026 S&P’s Ledn bitcoin bond ratings S&P said investors may be partly protected because Ledn uses algorithmic liquidation to sell Bitcoin collateral when a default trigger is reached, applying the proceeds to repay outstanding loans. The report noted that bitcoin’s sharp decline in early February forced Ledn to liquidate a “significant share” of loans slated for the deal. S&P said all liquidations were executed below an 81.4% LTV threshold, shifting the portfolio mix toward fewer loans and more cash in the funding account, while keeping the total collateral package at $200 million. S&P’s analysis focused on borrower default behavior, recovery rates during liquidation, and concentration risk. The agency said margin-driven defaults represent the most acute stress scenario because liquidations occur when bitcoin prices are falling, potentially into thin or volatile markets where execution slippage matters most. Because Ledn underwrites loans primarily based on bitcoin collateral rather than borrower credit profiles, S&P said traditional consumer loan performance metrics are limited. At the ‘A’ stress level, the agency applied a conservative 100% default assumption, with modeled stresses for the rated notes including a 79% default rate and 68% recovery for the BBB- class A tranche. S&P highlighted structural mitigants including overcollateralization, early amortization triggers, a liquidity reserve funded at 5% of note balance, and Ledn’s automated liquidation engine, which it said has successfully liquidated 7,493 loans over seven years without principal losses. Ledn plans to require cash interest payments for renewals starting in 2027, which S&P said reduces liquidity stress over time. Bitcoin has since recovered modestly but remains about 46% below its October high, trading near $66,000 today. This post Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Trump Sons Tout a $1 Million Bitcoin Price as Goldman CEO Says He Owns BTC

Bitcoin Magazine Trump Sons Tout a $1 Million Bitcoin Price as Goldman CEO Says He Owns BTC Eric Trump and Donald Trump Jr. used a CNBC interview this week to renew their public support for Bitcoin, calling it the defining asset class for a new generation and predicting a major price expansion ahead. Speaking during a wide-ranging discussion that touched on stablecoins and broader cryptocurrency adoption during the World Liberty Forum, Eric Trump said he remains “a huge proponent of Bitcoin” and argued the asset could eventually reach $1 million. He pointed to Bitcoin’s long-term performance, touching on its recovery from lows near $16,000 two years ago and claiming it has delivered strong average annual gains over the past decade. Trump framed volatility as a natural feature of an emerging asset with significant upside, contrasting BTC with lower-yielding traditional investments such as municipal bonds or U.S. Treasuries. “I’ve never been more bullish on bitcoin in my life,” Trump said. The Trump sons also highlighted what they see as accelerating institutional acceptance. Eric Trump cited major financial firms including Fidelity, Charles Schwab, JPMorgan, BlackRock, and Goldman Sachs as examples of Wall Street’s increasing engagement with digital assets. He claimed private wealth clients are being allocated higher percentages of crypto exposure than in past years, positioning Bitcoin as an investment theme for people under 50. JUST IN: President Trump's son Eric says "I've never been more bullish on bitcoin in my life." "I do think it hits $1 million…You're going to have volatility with something that has tremendous upside" pic.twitter.com/uxToAluAGs — Bitcoin Magazine (@BitcoinMagazine) February 18, 2026 Goldman Sachs CEO owns bitcoin The comments came as traditional finance leaders signaled a cautious shift in tone. Goldman Sachs Chief Executive Officer David Solomon disclosed that he now holds a small amount of BTC, speaking at the World Liberty Forum held at Mar-a-Lago in Florida. Solomon described his holdings as “very, very limited” and said he is not a “great Bitcoin prognosticator,” casting himself as more of an observer than an advocate. His remarks reflect the growing proximity between established financial institutions and the crypto sector after years of regulatory constraints that kept firms like Goldman largely on the sidelines. Solomon has previously expressed skepticism about BTC’s practical role. In a 2024 CNBC interview, he characterized the asset as speculative and questioned its real-world use case, while acknowledging its volatility and investor interest. JUST IN: Goldman Sachs CEO David Soloman announces he owns a small amount of Bitcoin and is an observer of the asset. pic.twitter.com/PPwJd4zQ0U — Bitcoin Magazine (@BitcoinMagazine) February 18, 2026 Coinbase Chief Executive Officer Brian Armstrong also addressed Bitcoin’s recent price weakness during his appearance at the forum. Armstrong said the latest decline appears driven more by market psychology than by underlying fundamentals. He dismissed speculation that macro political factors were behind the move and argued that volatility remains part of crypto’s normal cycle. Armstrong maintained that BTC remains one of the best-performing assets of the past decade and said Coinbase does not take a short-term view of price swings. Armstrong also pointed to the policy environment in Washington, suggesting crypto legislation could advance under President Donald Trump’s administration. He described a potential “win-win-win” outcome for the industry, banks, and consumers if regulatory clarity is achieved, adding that proposed measures could reach Trump’s desk within months. Yesterday, Armstrong said the company expects a market structure bill to pass and argued that statutory clarity would provide long-term certainty beyond shifting leadership at agencies like the SEC. If legislation stalls, he said Coinbase would continue operating under existing rules while seeking clarity through regulators or the courts. “I think the bill will get done,” Armstrong said. “It’s in everyone’s interest at this point.” BTC is trading at $66,800 today, with $33 billion in 24-hour volume. The asset is down 1% over the past day as price action remains tight inside its weekly range. BTC is sitting about 2% below its 7-day high of $68,328 and essentially flat from its 7-day low of $66,834, signaling continued consolidation rather than a decisive breakout. Bitcoin’s circulating supply stands at 19,991,396 BTC, against a fixed maximum of 21 million. The total market capitalization is now roughly $1.34 trillion, down 1% from the previous day. This post Trump Sons Tout a $1 Million Bitcoin Price as Goldman CEO Says He Owns BTC first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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FutureBit launches Apollo III, U.S.-Engineered Home Bitcoin Miner

Bitcoin Magazine FutureBit launches Apollo III, U.S.-Engineered Home Bitcoin Miner FutureBit launched the Apollo III today, a new home Bitcoin mining system combining a high-performance miner and a full Bitcoin node in a single desktop device. The system is built around next-generation 3nm American-designed ASICs and a custom in-house controller, marking the first U.S.-engineered Bitcoin ASIC paired with a domestically built hardware platform in a consumer desktop form factor, according to a note shared with Bitcoin Magazine. The Apollo III continues FutureBit’s mission to decentralize hash power through low-power, individual-focused systems. Founder John Stefanopoulos highlighted the device’s role in strengthening Bitcoin decentralization, referencing the company’s 2024 milestone of mining a modern-era sovereign solo block. “In 2024, our customers mined one of the first modern- era sovereign solo blocks, sending shockwaves through the industry and proving that industrial scale wasn’t a prerequisite for meaningful participation in Bitcoin,” Stefanopoulos said. “Apollo III expands that possibility. Nearly 20 terahash of efficient, accessible hash power in the hands of individuals strengthens the decentralization that Bitcoin was built for.” Key specifications include up to 18 TH/s in Turbo Mode, up to 15 J/TH efficiency in Eco Mode, an integrated full Bitcoin node with solo mining capability, and a desktop‑class controller featuring 8 ARM cores, 8 GB RAM, and a 2 TB SSD. Designed for continuous operation in a home or office, Apollo III provides more than 10 TH/s while consuming power similar to standard household electronics. The company said the Apollo III is a personal computing solution for Bitcoin infrastructure, giving individuals the tools to run both a miner and a node without relying on industrial-scale operations. FutureBit’s Bitcoin mining at home FutureBit’s Apollo line of home Bitcoin miners, including the Apollo II with 10 TH/s and a full Linux node, makes mining at home accessible while promoting network decentralization. The company aims to restore “full Bitcoin citizenship” by combining mining power with running a full node, echoing Satoshi’s original vision. While home mining is no longer competitive for profit, it offers privacy, education, and the ability to verify balances without relying on third parties. Home miners can contribute to decentralization both geographically and in block template diversity, reducing the influence of large industrial pools and potential regulatory capture. By empowering individuals to mine and run their own nodes, FutureBit seeks to foster a more resilient, distributed, and user-controlled Bitcoin network. This post FutureBit launches Apollo III, U.S.-Engineered Home Bitcoin Miner first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Miles Suter: Cash App Now Offers Best Bitcoin Pricing, Higher Withdrawals for Users

Bitcoin Magazine Miles Suter: Cash App Now Offers Best Bitcoin Pricing, Higher Withdrawals for Users Cash App, the popular digital wallet and payments app, announced a series of changes to its Bitcoin offering, including a massive increase in withdrawal limits, lower fees, new funding rails, and lots more in an exclusive interview with Miles Suter, Product Lead at Block Inc. “Our mission is to make living on bitcoin simple and practical,” Suter told Bitcoin Magazine. The company, which today serves over 58 million active users, recently announced a deep set of upgrades to the app, further integrating Bitcoin into the user experience while improving quality of life for Bitcoiners on the app, and unlocking further functionality. The most awaited and noteworthy update is likely the expansion of the withdrawal limits, which were raised to 10,000 a day from 2,000 and 25,000 a week from 5,000 for eligible customers. This update was rolled out by default to the vast majority of users, who should have access to it now. Suter also mentioned that those who do not see the withdrawal limit expansion can reach out to him or support for further review of eligibility. However, a lot more changed under the hood. Fees and clearing prices also improved with “no spreads” on pricing, according to Suter, one of many user experience updates that may lead the charge across the industry in terms of interface design. Spreads are gaps in the price of an asset like Bitcoin, depending on whether you are buying or selling. Usually, they are the result of order books that match buyers and sellers on a list sorted by exchange rate. A small spread between the most anyone is willing to pay for some bitcoin and the least anyone is willing to accept for theirs, is normal in most exchanges. But it can also be confusing and appear like inconsistent pricing. Many exchanges hide a small commission in this spread, as they look for low-friction profits. Cash App appears to be eliminating this from the user experience, in turn giving users a single price point for both sides of the market. This pricing update, alongside the 0% fees, might make Cash App the most cost-effective way to buy and sell Bitcoin within the United States. Suter goes as far as to say Cash App now has the “best price in the world” for purchases over 2,000 dollars. source: https://cash.app/bitcoin Funding Rails and Stablecoins Funding rails also got an expansion in this update. Historically, Cash App was built to work with debit cards, a strategy that likely unlocked fast retail adoption but came with various funding limits. Suter was excited to share that new funding rails have been added to Cash App, including ACH, which unlocks deposits as high as 10,000, and also integrated wires for large purchases. As such, this is more than a quality of life upgrade for Bitcoiners inside Cash App, it is a historic milestone for the company, which has been servicing retail and small to medium merchants since 2013. When asked about Cash App’s relationships with banks, an area of the Bitcoin industry that many companies and users still struggle with, even during the friendly Trump administration, Suter said that users should have no issue sending and withdrawing from Cash App to U.S. banks. Suter explained that banks are very conservative and hyper-focused on preventing fraud, an understandable business choice for them, but one that highlights “the brittle nature of our current system, where everything is permissioned,” and a clear example of “why we believe having zero intermediaries in Bitcoin is very important.” Putting a finer point on the topic of funding rails, Suter also expressed interest in stablecoin integration, though no timelines were given on the release date of this particular feature. He was also very clear about how stablecoins would be integrated into the app and that users would not be exposed to a myriad of choices in terms of blockchains or ticker name denominations. Instead, all values would be presented as dollars, and all major stablecoin blockchains would be supported in the background. This implies that fees paid in blockchain’s native token will not be shown to users, removing a long-standing pain point that the broader industry has failed to address. Included in this stablecoin integration discussion was the mention of dollars on top of Bitcoin’s Lightning Network, though no details were discussed. 2026 Road Map Looking ahead for the year as we enter 2026 at full speed, Suter expressed a clear vision to further integrate Bitcoin into Cash App, making it available in seamless ways to its large userbase, “we want Bitcoin to be a foundational currency within Cash App. So you can live your life on Bitcoin.” In order to achieve that, Cash App is laying the groundwork to make not just accepting Bitcoin but paying with Bitcoin completely automated. That means any store using Square payment terminals should be able to accept bitcoin via Lightning payments, using the same QR codes and payment flow as with fiat. While any Cash App user should be able to pay lightning invoices by scanning QR codes, even if they don’t have bitcoin on their account. That’s right, automated conversion of USD to BTC, and BTC to USD at checkout, so that everyone can pay how they want and receive the currency they choose. In Suter’s words, “we want all customers and users to be able to receive and send bitcoin without needing to know about it or hold it.” This approach solves a few friction points that have held back the payments use case of Bitcoin since its inception. On the one hand, if users are not holding bitcoin when they spend, there’s no tax event, Cash App does the conversion on behalf of the merchant, so the sender has no bitcoin sale tax event. Suter did not go into details but mentioned this particular issue as an important piece of the puzzle, saying that “Block Inc will pay the lightning invoice on your behalf. No tax liability, no price fluctuation”. On the other hand, merchants who choose to accept bitcoin as payment are likely to get it more often, as anyone using Cash App will effectively have it to pay with. If a merchant, for example, decides to only accept Bitcoin as payment, all Cash App users will be able to purchase from them, even if they don’t have Bitcoin on their account. Merchants may also give discounts on purchases with Bitcoin, something customers will be able to benefit from by using Cash App without having to hold any Bitcoin. This whole design may introduce millions of Americans to Bitcoin who otherwise are not really familiar with it, “there’s moms out there who have never used bitcoin,” Suter noted, “I want to make it so every Cash App user has a lightning URL that matches their Cash App username”. On the active Bitcoiner side of the market, Suter commented briefly on the growing market for Bitcoin-backed loans, saying that the company is actively “exploring” and “engaging customers online” on the use case, and “customers want it”. The company is exploring various ways of offering Bitcoin collateralized loans, including perhaps a line of credit, though details remain scarce. Suter highlighted this use case as an important financial tool for Bitcoiners to “live on bitcoin”, thus aligning with the company’s vision. While no more was said on the topic, Suter did casually add that an announcement was coming for Bitcoin Vegas in May. This post Miles Suter: Cash App Now Offers Best Bitcoin Pricing, Higher Withdrawals for Users first appeared on Bitcoin Magazine and is written by Juan Galt.

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Bitcoin Price Holds Near $67,000 as Market Forces Push in Opposing Directions

Bitcoin Magazine Bitcoin Price Holds Near $67,000 as Market Forces Push in Opposing Directions The Bitcoin price remains in a narrow but pivotal trading range near $67,000–$68,000, with the market wrestling between sustained consolidation, escalating downside risk, and thematic narratives from technical and fundamentals that frame the near term. Current live data tracking from Bitcoin Magazine Pro shows the Bitcoin price trading below $68,000, with slight declines over the last 24 hours reflecting a lack of dominant drivers in either direction. “Macro news has been closely correlated with crypto’s risk profile the last 12 months,” said Paul Howard, senior director at market maker Wincent, according to Bloomberg. Howard said Bitcoin may enter a consolidation phase as it looks for new catalysts to shape market sentiment. He noted that a U.S. Supreme Court decision on tariffs expected Friday could have a bigger impact than the Fed’s meeting minutes or upcoming inflation data. The asset has held between roughly $65,100 and $72,000 following a Feb. 5 selloff that pushed prices to their lowest point since October 2024. While volatility has eased from the sharp decline earlier this month, the market has yet to show a decisive breakout in either direction. Bitcoin price analysis Bitcoin’s price action has been semi-muted over the last week, with a bounce from a bitcoin price of $60,000 failing to break resistance at $71,800 and instead dipping to support near $65,650 before closing around $67,000. Bears remain in control as buyers have shown little follow-through, and a daily close below $65,650 could open the door to $63,000 and potentially the key Fibonacci level near $57,800. On the upside, bulls would need to reclaim $71,800 to target $74,500 and higher resistance around $79,000. For now, the bias stays bearish, with the bitcoin price likely ranging between the low $60,000s and the mid-$70,000s unless support levels fail. But some big institutions are continuing to buy into bitcoin exposure. Abu Dhabi’s Mubadala Investment Company increased its stake in BlackRock’s iShares Bitcoin Trust (IBIT) to 12.7 million shares worth about $630 million as of Dec. 31, up 46% from the prior quarter. Al Warda Investments also raised its IBIT holdings to 8.22 million shares, continuing its move into regulated bitcoin ETF exposure. Together, the two Abu Dhabi funds held more than 20 million IBIT shares valued at over $1.1 billion at year-end 2025. Strategy bought another 2,486 BTC for $168.4 million last week, bringing its total holdings to 717,131 BTC accumulated at an average price of $76,027. With the bitcoin price trading near $68,000, the company is sitting on an unrealized loss of roughly $5.7 billion but continues to frame its aggressive accumulation as a long-term treasury strategy. This post Bitcoin Price Holds Near $67,000 as Market Forces Push in Opposing Directions first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Milo Tops $100 Million in Crypto Mortgages, Record $12 Million Home Loan

Bitcoin Magazine Milo Tops $100 Million in Crypto Mortgages, Record $12 Million Home Loan Milo, a Miami-based financial technology firm focused on crypto-backed lending, announced it has originated more than $100 million in crypto mortgages, marking a milestone in the use of digital assets as collateral for home financing and purchasing. The company said the total includes its largest single transaction to date, a $12 million crypto mortgage, as demand grows among institutional and high net worth borrowers seeking alternatives to traditional mortgage structures. Milo’s crypto mortgage product allows clients to pledge Bitcoin to secure financing for home purchases without selling their holdings. The company said it offers up to 100% financing with loan amounts up to $25 million, removing the need for cash down payments and avoiding taxable events that can come with liquidating crypto assets. Chief Executive Officer Josip Rupena said the milestone reflects broader adoption of crypto-based financing. “Crossing $100 million in originations demonstrates the maturity and stability of our lending infrastructure,” Rupena said. “We’ve moved beyond proving the concept. Now we’re proving the execution.” Milo said its mortgage portfolio has not experienced any margin calls, and that its interest rates average around 7%. The firm attributed its underwriting approach to AI-driven servicing and real-time collateral monitoring, which it said allows for faster risk assessment compared with traditional lenders. Milo’s self-custody mortgages The company also highlighted a self-custody mortgage option, which lets borrowers maintain control of their Bitcoin while still qualifying for financing. In its standard crypto mortgage structure, Milo said client collateral is held through custodians Coinbase and BitGo. Adam Back, CEO of Blockstream, said crypto-backed mortgages could expand real-world financial use cases for Bitcoin holders. “While Bitcoin continues to appreciate, buyers are able to build equity in real estate and don’t have to sell their long term conviction,” Back said. Beyond mortgages, Milo said its crypto loan business also expanded sharply, with its loan book quadrupling in 2025. The firm offers crypto-backed loans starting at 8.25% interest, which it said clients have used for purchases including additional Bitcoin, land acquisitions, home renovations, and business investments. Back in 2022, Milo began developing what it now calls the first U.S. bitcoin mortgage, allowing buyers to use their BTC holdings as collateral to purchase property without selling for a down payment. The company said the 30-year product can finance 100% of a home purchase, with CEO Josip Rupena and Miami Mayor Francis Suarez framing it as a way for bitcoin holders to qualify for mortgages while keeping exposure to BTC’s upside. Milo operates as a licensed lender and said it is SOC 2 audited, positioning its products within regulatory oversight as crypto lending continues to develop in the U.S. financial market. This post Milo Tops $100 Million in Crypto Mortgages, Record $12 Million Home Loan first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Coinbase CEO Brian Armstrong Addresses “Paper Bitcoin” Claims, Claims Bitcoin ETFs Are Fully Backed

Bitcoin Magazine Coinbase CEO Brian Armstrong Addresses “Paper Bitcoin” Claims, Claims Bitcoin ETFs Are Fully Backed Executives at Coinbase used a recent company ‘AMA’ call to address growing scrutiny around Bitcoin exchange-traded funds, defending the firm’s dominant role as a custodian and pushing back against claims that spot Bitcoin ETFs are backed by “paper Bitcoin” rather than real assets. Responding to a question from Bloomberg’s James Seyffart, Coinbase CEO Brian Armstrong said the company holds a commanding share of the U.S.-listed Bitcoin ETF custody market, estimating Coinbase’s share at more than 80%. He framed that concentration as a competitive advantage rather than a risk. “We do have pretty dominant market share in terms of custody for the ETFs. I see that as a strength. We’re the trusted counterparty on the institutional side. I think we’re far ahead there, and it’s a great business for us,” Armstrong said on the call. He acknowledged concerns about concentration risk but noted that large ETFs often diversify custodians as assets scale, which has allowed competitors to gain limited market share over time. Armstrong said Coinbase remains the dominant custodian for U.S. bitcoin ETFs, with roughly “80% plus market share,” while noting that larger funds often diversify custodians as they scale, a shift he called “healthy and good.” Armstrong touched on the security of Coinbase’s custody infrastructure, pointing to cold storage systems that are regularly penetration tested and audited. He said Coinbase has secured patents related to its custody technology and employs cryptographers to harden defenses against attacks. Large financial institutions and government clients also conduct their own audits, he added. When Seyffart asked about sentiment circulating on social media that Bitcoin ETFs are not fully backed by real Bitcoin. Armstrong said he does not understand where those concerns originate, reiterating that spot Bitcoin ETFs are required to be fully backed by the underlying asset. Coinbase CFO Alesia Haas offered more detail, explaining that critics are often calling for public “proof of reserves,” such as disclosure of on-chain wallet addresses tied to ETF holdings. Haas said Coinbase does not disclose client wallet addresses for security and confidentiality reasons, but stressed that ETF issuers and custody clients can independently verify their assets on-chain. Haas said the custody business is ‘separately audited,’ noting that Coinbase produces SOC 1 and SOC 2 reports that demonstrate controls are in place and operating effectively. Those audits reconcile holdings back to the blockchain and confirm that assets are segregated by clients, including ETF issuers. Haas said every custody client can see its assets on-chain and knows the addresses associated with its holdings. “We would never disclose addresses that we hold on behalf of clients,” she said, adding that Coinbase could explore tools that allow clients to disclose proof of reserves themselves if they choose. Coinbase executives touch on the Clarity Act Later on in the call, Armstrong and Haas addressed regulatory developments around Coinbase’s stance on proposed U.S. crypto market structure legislation often referred to as the CLARITY Act. Armstrong pushed back on claims that Coinbase withdrew support for the bill, saying the company objected to the specific draft that it viewed as unworkable. Coinbase has spent more than $100 million over several years advocating for regulatory clarity, Armstrong said, arguing that earlier drafts made concessions to traditional financial trade groups that could stifle crypto innovation. He said negotiations are ongoing and that lawmakers, regulators, and industry participants remain engaged. Armstrong said the company expects a market structure bill to pass and argued that statutory clarity would provide long-term certainty beyond shifting leadership at agencies like the SEC. If legislation stalls, he said Coinbase would continue operating under existing rules while seeking clarity through regulators or the courts. “I think the bill will get done,” Armstrong said. “It’s in everyone’s interest at this point.” This post Coinbase CEO Brian Armstrong Addresses “Paper Bitcoin” Claims, Claims Bitcoin ETFs Are Fully Backed first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Abu Dhabi’s Mubadala Boosts Bitcoin ETF Holdings to $630 Million

Bitcoin Magazine Abu Dhabi’s Mubadala Boosts Bitcoin ETF Holdings to $630 Million Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, disclosed a significant increase in its position in BlackRock’s iShares Bitcoin Trust (IBIT), reporting ownership of 12.7 million shares valued at approximately $630.6 million as of December 31. This represents a 46% rise from the 8.7 million IBIT shares previously reported as of September 30. Mubadala manages a broad global portfolio spanning technology, healthcare, infrastructure, private equity and public markets, with assets under management exceeding USD 330 billion. The fund’s strategy aims to generate sustainable returns for the Government of Abu Dhabi and support economic diversification beyond oil. Also in Q4 2025, Abu Dhabi-based Al Warda Investments increased its holdings in IBIT to 8.22 million shares in Q4 2025, up from 7.96 million in Q3, continuing a strategy shift that began earlier in the year. The firm, part of the Abu Dhabi Investment Council under Mubadala, has historically favored private investments, making this public BTC ETF allocation notable for the region. In other words, Abu Dhabi investment vehicles together held over 20 million shares of BlackRock’s IBIT at the close of last year, with a combined value exceeding $1.1 billion. JUST IN: Abu Dhabi sovereign wealth fund Mubadala reported owning $630.6 million of BlackRock's spot #Bitcoin ETF pic.twitter.com/4oE7xZhZdc — Bitcoin Magazine (@BitcoinMagazine) February 17, 2026 Massive investment firms are buying Bitcoin exposure via IBIT On top of this, Jane Street reportedly boosted its IBIT holdings by 7,105,206 shares in Q4 2025, bringing its total stake to 20,315,780 shares valued at $790 million. Alongside Jane Street, BlackRock and Morgan Stanley also increased their IBIT positions by more than 2.37 million shares. Last week, Goldman Sachs disclosed roughly $2.36 billion in total crypto exposure, including a $1.1 billion position in IBIT, signaling a shift from its earlier skepticism toward bitcoin. SEC filings also showed smaller holdings in Fidelity’s BTC fund, bitcoin-related companies, and options positions tied to IBIT, alongside exposure to Ethereum, XRP, and Solana. In November of last year, Texas became the first U.S. state to purchase Bitcoin for its Strategic Reserve, acquiring $5 million IBIT shares worth approximately $87,000 per BTC. The purchase was made while the state finalizes plans for self-custody of the asset. Texas had previously explored legislation to establish a strategic Bitcoin reserve without using taxpayer funds. Harvard adjusted its crypto holdings in Q4 2025, cutting its Bitcoin position by 21% to 5.35 million IBIT shares ($265.8 million) while establishing a new $86.8 million stake in BlackRock’s iShares Ethereum Trust. This post Abu Dhabi’s Mubadala Boosts Bitcoin ETF Holdings to $630 Million first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Satoshi’s Exercise for the Reader

Bitcoin Magazine Satoshi’s Exercise for the Reader The Bitcoin whitepaper is clear about Bitcoin’s core feature: it is permissionless. Anyone in the world can pay anyone by joining the peer-to-peer network and broadcasting a transaction. Proof of Work consensus even empowers anybody to become a block producer, and means that the only way to reverse a payment is to overpower everyone else through hashpower. But Proof of Work only defines how to choose a winner amongst competing chains; it does not help a node discover it. A 51% attack – or a 100% attack – is much easier if an attacker can prevent nodes from hearing about competing chains. The job of discovery belongs to the peer-to-peer module, which juggles many contradictory tasks: Find honest peers in a network where nodes constantly join and leave, but without authentication or reputation. Always be on the lookout for blocks and transactions, but don’t be surprised if most data is garbage. Be robust enough to survive extreme adversarial conditions, but lightweight enough to run on a Raspberry Pi. The implementation details for a permissionless peer-to-peer network were left out of the whitepaper, but constitute the bulk of the complexity in Bitcoin node software today. Filters are for Spam The whitepaper acknowledges public transaction relay as the cornerstone of Bitcoin’s censorship resistance, but only says a few words about how it should operate: “New transactions are broadcast to all nodes. Each node collects new transactions into a block. Each node works on finding a difficult proof-of-work for its block.”1 Many find it amusing that Satoshi suggested every node would mine. Due to the centralizing pressure of mining variability, the vast majority of nodes on today’s network do not work on finding a proof-of-work. Perhaps that is an acceptable or even successful result of economic incentives; we traded a portion of decentralization for increased hashpower and thus security. However, Bitcoin’s censorship resistance will collapse if we also give up decentralized transaction relay. Our desire for a wide pool of transaction relaying nodes must contend with the practicality of everyday computers exposing themselves to a permissionless network and processing data from anonymous peers. This threat model is unique and requires highly defensive programming. In block download, a block’s proof-of-work elegantly serves as both Denial of Service (DoS) prevention and an unambiguous way to assess the utility of data. In contrast, unconfirmed transaction data is virtually free to create and might just be spam. For example, we cannot know whether the transaction meets its spending conditions until we have loaded the UTXO, which may require fetching from disk. It costs attackers absolutely nothing to trigger this relatively high latency activity: they can craft large transactions using inputs that do not belong to them or do not exist at all. Validation steps such as signature verification and mempool dependency management can be computationally expensive. Famously, transactions with a large number of legacy (pre-segwit) signatures can take minutes to validate on some hardware2, so most nodes filter out large transactions. Resource usage is not only local to the node either: accepted transactions are typically gossiped to other peers, using bandwidth proportional to the number of nodes on the network. Nodes protect themselves by limiting the memory used for unconfirmed transactions and validation queues, throttling transaction processing per peer, and enforcing policy rules in addition to consensus. Yet these limits can also create censorship vectors when not designed carefully. The simple logic of not downloading a transaction that has already been rejected before, limiting the size of the transaction queue for a single peer, or dropping requests after failed download attempts can lead to nodes blinding themselves to a transaction. These bugs become accidental censorship vectors when exploited by the right attacker. In this vein, while it is entirely logical to not keep unconfirmed transactions that are double-spends of each other (only one version can be valid), rejection of a double-spend means that an earlier broadcast precludes a later one from being mined. A double-spend could be an intentional attempt to fake a payment or, when a UTXO is owned by multiple parties, a pinning attack that exploits mempool policy to delay or prevent second layer settlement transactions from being mined. How should nodes choose? This question brings us to the second element of transaction relay: incentive compatibility3. While fees are not relevant to consensus beyond limiting what a miner can claim as a block reward, they play a huge role in node policy as a utility metric. Assuming miners are driven by economic incentives, nodes can approximate which transactions are most attractive to mine and discard the least attractive ones. When transactions spend the same UTXO, the node can keep the more profitable one. While nodes do not collect fees, they can consider zero fee transactions as spam: they are likely to use up network resources but never be mined, yet cost virtually nothing to create. These two design goals — DoS resistance and incentive compatibility — are in constant tension. While it is attractive to replace a transaction with a higher feerate-version, allowing repeated replacements with tiny fee bumps could waste the network’s bandwidth. Accounting for dependencies between unconfirmed transactions can create more profitable blocks (and enable CPFP), but can be expensive for complex topologies. Historically, nodes relied on heuristics and dependency limits, which caused user friction and opened new pinning vectors. Mempools that track clusters can assess incentive compatibility more accurately but still must limit mempool dependencies. These types of restrictions create pinning vectors for transactions involving multiple parties that don’t trust each other: an attacker can prevent their co-transactor from employing CPFP by monopolizing the limit. It is easy to trivialize these issues: pinning attacks are a niche type of censorship that only apply to shared transactions and typically only result in temporary transaction delays. Is it worth the effort to help non-mining nodes squeeze a few extra satoshis of fees? A Deal with the Mevil Shared transactions are the backbone of UTXO-mixing privacy solutions and second layer protocols. Much of Bitcoin development is focused on creating scalable, private, feature-rich applications in a second layer that falls back to settling on-chain. A common pattern is to temporarily delay withdrawals or settlement, allowing parties to respond to misbehavior within a time window. But many designs – including ones that are used to motivate consensus changes – gloss over fee-bumping in these scenarios. A time window to prevent misbehavior is also a window of opportunity for attackers. These two conditions – shared transactions and confirmation deadlines to prevent misbehavior – create the perfect storm that upgrades the severity of pinning attacks from temporary transaction delays (meh) to potential theft (oh no!). Pinning has been the subject of years of research and development effort resulting in the Topologically Restricted Until Confirmation (TRUC) transaction format4, Pay to Anchor (P2A) output type5, Ephemeral Dust policy6, Cluster Mempool7, limited relay of packages8, and various improvements to transaction relay reliability. These features are designed to provide stronger guarantees for propagating higher fee replacements of shared transactions. Still, proper fee management involves overhead in the form of larger transactions, more complex wallet logic, and handling unlikely edge cases. An easy shortcut is to strike a deal with a miner: in exchange for a fee, the miner guarantees that their transactions will be mined promptly. This solution may prove more reliable than using the peer-to-peer network, which can have high latency and poor propagation due to heterogenous mempool policies. Adoption of direct-to-miner submission can grow quickly when there is commercial interest. Exchanges represent a large proportion of transaction volume and probably prefer predictable timing over optimizing fees. Popular applications may be plagued with pinning attacks or want to use nonstandard transactions that common node policies prohibit. Companies and custodians concerned about quantum short-range attacks may create a private channel with a miner. As private Miner Extractable Value (MEVil)9 becomes necessary to stay competitive, the network can snowball toward a model of centralized blockspace brokers. These services can become chokepoints for attackers and government mandates and undermine the premise that becoming a miner is permissionless. If the transaction relay network becomes irrelevant for node operation, then participating in it may also feel unnecessary. In this hypothetical future, will we chuckle at the idea of every node on the network relaying unconfirmed transactions, the way we think it’s funny that Satoshi envisioned every node to be a miner? The irony is that mining centralization does not begin with overt collusion or regulatory capture. It begins with a few rational shortcuts: more efficient agreements, custom relay paths, or performance optimizations that are beneficial to their participants. Nobody can stop these agreements from taking place. But we can try to reduce the competitive edge that private services have over the public network: iron out mempool pinning vectors before considering proposals for consensus changes that increase the potential for Mevil; make the public transaction relay network an efficient marketplace to bid (and update bids) for block space. The peer-to-peer network is where many of Bitcoin’s core ideologies come to life. It is also an engineering challenge with painful tradeoffs between efficient node operation, censorship resistance, incentive alignment, and protocol complexity. It will only get harder as Bitcoin grows. How it should choose to reconcile these competing design goals is left as an exercise to the reader. Get your copy of The Core Issue today! Don’t miss your chance to own The Core Issue — featuring articles written by many Core Developers explaining the projects they work on themselves! This piece is the Letter from the Editor featured in the latest Print edition of Bitcoin Magazine, The Core Issue. We’re sharing it here as an early look at the ideas explored throughout the full issue. [1] https://bitcoin.org/bitcoin.pdf [2] https://delvingbitcoin.org/t/great-consensus-cleanup-revival/710 [3] https://delvingbitcoin.org/t/mempool-incentive-compatibility/553 [4] https://github.com/bitcoin/bips/blob/master/bip-0431.mediawiki [5] https://github.com/bitcoin/bitcoin/pull/30352 [6] https://bitcoinops.org/en/topics/ephemeral-anchors/ [7] https://delvingbitcoin.org/t/an-overview-of-the-cluster-mempool-proposal/393?u=glozow [8] https://bitcoinops.org/en/topics/package-relay/ [9] https://bluematt.bitcoin.ninja/2024/04/16/stop-calling-it-mev/ This post Satoshi’s Exercise for the Reader first appeared on Bitcoin Magazine and is written by Gloria Zhao.

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