Lygos: Bitcoin Credit, No Custodian Required

Unlock dollar liquidity without giving up your BTC. Lygos is a fully Bitcoin-native, non-custodial lending platform built on Discreet Log Contracts (DLCs).  

• Hold your keys: BTC stays on layer 1 in your control. No wrapping, no bridging, no rehypothecation

• Rates as low as 10% APR   

Click To Learn More!

The 2025 Hashies: Introducing Blockspace’s annual award show

Without further adieu, here are the winners of the 2025 Hashies. Tune in to the latest Mining Pod for the full award show (or watch here!).

Most ascendant CEO

WINNER FOR MINING: Daniel Roberts

IREN was one of the most exciting bitcoin mining stocks to watch this year, earning it a top spot alongside TeraWulf, Hut 8, and Cipher as one of the leaders in the AI-expansion race among miners. Unlike its peers, IREN is going full-bore into a neocloud model, while peers have opted for a powershell approach. For this trailblazing, we’re awarding Daniel Roberts with the most ascendant CEO.

RUNNERS UP: Tyler Page, Paul Prager, Asher Genoot

WINNER FOR CRYPTO: Shayne Coplan

One year ago, in the wake of the 2024 elections in which Polymarket traders embarrassed pollsters once again, the FBI raided Shayne Coplan’s apartment. The FBI alleged that Polymarket – which was not registered with the CFTC at the time – knowingly admitted U.S.-users onto its platform. But the raid really seemed like thinly-veiled intimidation theatre. Fast forward to 2025, and now Polymarket is registered with the CFTC for U.S. users. One of the better comeback stories in crypto, so Polymarket’s comeback-kid CEO, Shayne Coplan, takes this award.

RUNNER UP: Jeff Yan 

Best crashout

WINNER: Luke Dashjr 

It could never be any other way. Bitcoiners love to parrot the phrase, “Slay your heroes,” but that’s easier said than done when that hero is one of the most prolific and respected developers in Bitcoin history. Until this year, that is. Luke Dashjr entered 2025 crusading against ordinals/inscriptions, until, going one too many times unto the breach, he fell on his sword. For all his past contributions, Luke Dashjr’s 2025 track record will be tarnished by his pushing for a filter softfork that few want (and is technically unsound), all while libeling anyone who disagreed with him as – well, we’ll use the euphemism Epstein affiliate. For this spiral into mudslinging and substituting technical arguments for moral ones, Luke Dashjr takes this Hashy.

RUNNER UP: Mike Brock

Most rekt investment

MOST REKT CRYPTO: Celebrity Memecoins 

This could have easily been “all memecoins,” but the celebrity ones in particular had a terrible year. Beginning as it did with TRUMP and MELANIA coin (on Trump’s inauguration, nonetheless), these coins burned whitehot in January, and were quickly snuffed out. Everyone from Iggy Azalea to Kanye West either launched or promised to launch a memecoin – a sure sign of the top for crypto’s most honest – if absurd – investment thesis.

MOST REKT EQUITY: Bitcoin treasuries / DATs

This was an easy one. Bitcoin treasury companies were l'investissement de l'année entering the year. Now, their stock charts look like ICO pump-and-dumps. Turns out that selling equity, accumulating debt, and buying bitcoin isn’t really a great business model.

Binary Mining Is Over: Download The Intelligent Miner

With the launch of Luxor Energy this October, Luxor released The Intelligent Miner book, outlining how modern mining operations can move beyond binary on/off strategies and unlock 8–14% higher profitability.

→ Download for free

Strategy buys 1,229 bitcoin funded by $108.8M MSTR issuance

Strategy (NASDAQ: MSTR) acquired 1,229 bitcoin at an average price of $88,568 for $108.8 million between December 22 and December 28, funding the buy with proceeds from MSTR sales. - link

Stone Ridge reports $3B profit in 2025, 50% annualized return for founding investors

Stone Ridge Holdings Group reported $3 billion in 2025 trading profits and a 50% annualized return for founding investors since 2012, according to the company’s annual investor letter. - link

TeraWulf joint venture finalizes $1.3B secured financing for Texas AI campus 

TeraWulf’s (NASDAQ: WULF) joint venture, Flash Compute, has completed a $1.3 billion senior secured notes offering to finance a new AI data center campus in Abernathy, Texas. The 7.25% notes are 2030 and were issued at par value. Flash Compute is a subsidiary majority-owned by TeraWulf with a 49.9% stake held by Fluidstack - link 

2025 “vibe rankings” for bitcoin mining stocks

ICYMI, check out our 2025 year-en vibe rankings for public bitcoin miners. Read on, or catch the full pod with our rankings on YouTube. - link