Presented by

Happy Monday! Price updates, capital flows, headlines, tweets and more!

If you’re enjoying the read, hit that reply button for us and tell us what you liked 📩 

Earnings Calls This Week

Capital Inflows

Bitcoin led the way last week with $867M in inflows, pushing U.S. ETF cumulative totals to a record $62.9B — link

Fractal: Scale Bitcoin + Boost Miner Revenue.

Earn more with your same resources. How? Fractal is a Bitcoin-native innovation scaling solution with full Bitcoin compatibility.

• Same hardware, zero extra energy: Reduce up to 50% of your pool fee

• Same address type & wallets, zero transfer: Receive FB rewards directly in your existing BTC wallet and address.

Mine smarter on Fractal: https://fractalbitcoin.io/mining

Nakamoto merges with KindlyMD to launch public Bitcoin treasury

The David Bailey-led Bitcoin-native firm raised $710M in PIPE and debt financing in what is now the largest crypto-related capital raise on record — link

Crypto regulation bill fails in the Senate

The GENIUS Act fell short of advancing after nine Senate Democrats withdrew support, citing national security and AML concerns — link

Meta revives stablecoin ambitions, per Fortune

Meta is in early talks to use stablecoins for creator payouts on Instagram, just three years after shuttering its Diem project — link

bitcoin++ enlivened OP_RETURN debate

Bitcoin developers gathered in Austin, Texas last week for Bitcoin++. The main dramatists of the OP_RETURN debate sparred on stage and on TFTC’s livestream. By the way, definitely check out TFTC’s newsletter here.

Senator Warren pushes to block Big Tech stablecoins

The top Democrat on the Senate Banking Committee wants legislation to prevent Meta and others from issuing digital dollars — link

Trump-backed miner American Bitcoin to go public via merger

The mining firm, linked to Donald Trump Jr. and Eric Trump, will merge with Gryphon Digital and list under ticker ABTC — link

Predictable Payouts, Modern Mining

Miners powered by Luxor Pool secure their cash flow with fixed hashprice contracts. With these tools, you’re mining smarter, not harder. Start mining with confidence.*

*Paid advertisement partner

Tweet of the Week

The stablecoin bill isn’t doing so hot, per Galaxy Digital’s head of firmwide research Alex Thorn. Click to read the entire tweet thread on why it’s falling apart in Capitol Hill👇️ 

Blockspace Podcasts

What started as a technical proposal has exploded into community division, with accusations of "destroying Bitcoin" flying around. The hosts break down what OP_RETURN is, why some devs want to increase its size limit, and why others view it as enabling "spam" on the blockchain. At its core, this fight reveals deeper tensions about who controls Bitcoin's future and what the network should be used for.

Welcome to The Gwart Show! Today, Noah Goldberg of Theia Research, joins us to dive deep into the world of liquid token markets. Noah breaks down why the "token premium" is unsustainable, how his firm evaluates fundamental value in DeFi applications, and why the market structure creates perverse incentives.

Charlie and Colin reveal five lesser-known facts about Bitcoin: Satoshi's original client included a poker program, there's an off-by-one error in Bitcoin's difficulty adjustment, the 21 million cap isn't mentioned in the whitepaper, three major inflation bugs threatened Bitcoin, and "Bitcoin Pizza Guy" Laszlo Hanyecz was a pioneering contributor to its development and mining technology.

Bitcoin’s back above $100k and hashrate is rebounding above 900 EH/s with it. In this week's news roundup, Kelly Greer from Crucible Capital joins to explain trends in the GPU financing and hosting markets – and what ASIC market cycles can tell us about where they might be going. We also cover Alpha's IPO valuation, the Digital Energy Council's push against tariffs on ASIC miners, and how Bitfarms is joining other miners in halting hash expansion to focus on HPC and AI infrastructure builds.