BITCOIN BOX SCORE

Exchange Rate: $110,360
Market Capitalization: $2.20T
Hash Rate (90 days): 914.5 EH/s
Transactions (30 days): 13,905,623
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 58.64%

What do these numbers mean?

Obsessing over short-term price action is a luxury bitcoin holders can no longer afford. While pundits debate why bitcoin hasn't "mooned" fast enough at $109,000, the fundamentals are strong.

For the first time ever, average network hashrate exceeded one zettahash per second (ZH/s) for 7 days.

Volatility is down, and liquidity is up, signs of an asset that has matured past its earliest stages of speculation and monetization.

Meanwhile, fiat debt markets are buckling, from Japan's rising bond yields to France potentially seeking a sovereign bailout from the IMF.

Although we are not fans of predictive price models for bitcoin, the Power Law model has more relevance than most others. In Power Law terms, bitcoin is precisely where it should be, tracking a mathematically predictable adoption curve that mirrors other transformative technologies that rely on network effects. As Marty Bent reminds us, "the trend is your friend," and bitcoin's trend remains unmistakably upward.

Central banks are quietly reducing their exposure to the dollar and increasing their gold reserves. Compared to gold, bitcoin is scarcer, more divisible, easier to verify, and easier to move around the planet – and its limited supply remains fixed and unchangeable by the hegemon of the day.

It is a matter of time (and education) before central bankers recognize the opportunity bitcoin presents.

NEWS

U.S. Bancorp restarts bitcoin custody service

U.S. Bancorp relaunched its bitcoin custody service after a three-year hiatus, partnering with NYDIG to serve institutional investment managers and bitcoin ETF issuers. The Minneapolis-based bank announced the service in 2021 but suspended operations after SEC accounting rules made bitcoin custody too capital-intensive for traditional banks.

Traditional banking meets bitcoin infrastructure

U.S. Bank's return to bitcoin custody demonstrates how the federal government’s pro-bitcoin policies are letting traditional financial institutions compete with native bitcoin service providers. As more banks recognize bitcoin's superiority over legacy payment networks, we may finally witness the long-awaited convergence of traditional banking and the Bitcoin Network.

Bitcoin network hashrate hits record as U.S. miners reach $7.4 billion market cap

The bitcoin network hashrate reached a high, averaging 949 exahashes per second in August, a 50 EH/s increase from July, according to JPMorgan research. The combined market cap of 13 tracked U.S.-listed bitcoin miners surged 23% month-over-month to a record $7.4 billion, with TeraWulf leading gains at 83% following its colocation deal with Fluidstack.

Network security hardens amid mining industrialization

Record hashrate demonstrates bitcoin's growing security and the mining industry's rapid professionalization. While individual mining profitability declined to $55,100 per EH/s due to increased competition, the expansion of U.S. mining operations reinforces America's strategic position in bitcoin infrastructure and energy utilization.

Strategy qualifies for S&P 500 inclusion as bitcoin accounting transforms corporate earnings

Strategy (formerly MicroStrategy) reported $10 billion in net income for Q2 2025, qualifying for S&P 500 inclusion after new fair-value accounting standards allowed the company to recognize unrealized gains on its 597,325 bitcoin holdings. The S&P committee announces inclusion decisions on Friday, with changes taking effect September 19th.

From impairment drag to profit engine

Strategy's qualification demonstrates how bitcoin's role in corporate accounting has fundamentally shifted from a quarterly liability to a performance driver. Where bitcoin volatility once created impairment headaches, the same price movements now directly boost reported profitability, potentially making Strategy the first bitcoin treasury company to join America's premier stock index.

Private businesses quietly accumulate 84,000 bitcoins in 2025 as mainstream adoption accelerates beyond headlines

A report from bitcoin financial services firm River reveals that private businesses have accumulated 84,000 bitcoins in 2025, with companies allocating an average of 22% of profits. The data shows real estate firms leading adoption at nearly 15% of profits reinvested, while hospitality, finance, and software sectors allocate between 8-10%.

Corporate bitcoin goes mainstream without the spectacle

River's data indicates that bitcoin adoption has moved far beyond the approach of companies like Strategy, with 75% of adopting businesses having fewer than 50 employees and viewing bitcoin as prudent treasury diversification.

Figma CEO Dylan Field's comment that "we're not trying to be Michael Saylor here" captures this measured approach, where profitable companies are integrating bitcoin into balanced cash management strategies without the publicity campaigns that characterized earlier corporate adoption waves.

BITCOIN ADOPTION CONTINUES

American Bitcoin, backed by Eric and Donald Trump Jr., completed its successful Nasdaq debut up 16% after merging with Gryphon Digital Mining, holding 2,443 bitcoins worth $273 million.

El Salvador will host Bitcoin Histórico, the world's first government-sponsored bitcoin conference in San Salvador's historic center, featuring speakers like Ricardo Salinas and Jack Mallers.

Bitcoin-Safe launched as an open-source multisig wallet requiring hardware wallets for mainnet operations, backed by a one-year OpenSats grant to enhance bitcoin storage security for families and institutions.

The University of Hong Kong Business School will accept bitcoin for tuition fees and donations, making it the first major Asian university to embrace bitcoin payments.

Bitplanet became South Korea's first institutional bitcoin treasury company with a $40 million debt-free allocation.

HOW BITCOIN WORKS

Learn one key idea about bitcoin each week. This week:

Bitcoin treasury companies are the next endowments

Most analysts dismiss bitcoin treasury companies as clever arbitrage plays – leveraged bets on digital gold wrapped in corporate paper. But Zac Townsend, CEO of Meanwhile, argues this misses the bigger picture.

Traditional institutions like pension funds, life insurers, and university endowments power capitalism because they're built on permanent capital. They don't panic-sell at market bottoms or mark-to-market daily. Their decades-long liabilities enable them to fund bridges, infrastructure, and venture capital across the entire time horizon of human ambition.

Bitcoin is beginning to demand similar institutional architecture. As its market capitalization grows, it needs more than just holders – it needs builders who allocate bitcoin with prudence, strategy, and duration.

Just as the dollar has treasury curves, corporate bonds, and syndicated loans, bitcoin will develop its own capital markets. And just as the dollar has institutional allocators, bitcoin requires a new class of endowment-like institutions that won't merely hold b but become underwriters, lenders, insurers, and long-term stewards of bitcoin-denominated wealth.

The era of speculative bitcoin balance sheets is ending. Companies that simply buy and hold will fade as yield-seeking bitcoin flows toward more productive uses. The winners will be firms that originate loans, fund businesses, underwrite risks, and build yield curves in the bitcoin economy.

In ten years, bitcoin treasury companies won't be judged on how much bitcoin they hold, but on what they've built with it. The most powerful institutions in history were built on long-term capital stewardship. The same will be true in bitcoin.

COIN CHECK

How many sats, or satoshis, are in one bitcoin?

A. 10 million sats
B. 50 million sats
C. 100 million sats
D. 1 billion sats

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

C. 100 million satoshis

A satoshi, or “sat,” is the smallest unit of bitcoin. One bitcoin equals 100,000,000 sats. This design makes it possible to use bitcoin for both everyday purchases and massive transfers.

People often fall into unit bias: the instinct that “owning a whole” is more valuable than owning a fraction. But each sat is real bitcoin. Every sat carries the full weight of bitcoin’s integrity. And when the day finally comes when 1 sat = 1 USD (called “sat-dollar parity”), viewing sats as small will seem unthinkable. Stacking sats now is like picking up gold dust before it’s recognized as treasure.

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