BITCOIN BOX SCORE

Exchange Rate: $77,129
Market Capitalization: $1.46T
Hash Rate (90 days): 920.2 EH/s
Transactions (30 days): 20,066,040
Network Fees (economy): 1 sat/vB
Bitcoin Dominance: 59.69%

What do these numbers mean?

Treasury announced it will double its long-term debt buybacks to at least $4 billion per operation. This means the government is fixing the price of its own debt, which amounts to yield-curve control in everything but name. Secretary Bessent appeared on CNBC and insisted “we can grow our way out of the $40T debt” – while buying the debt back with printed money. Inflation, meanwhile, has sat at over 4% for five years.

Markets responded instantly. As Charlie Bilello put it, “More deficits. More debt. And a desperate attempt at financial repression... Treasury is resorting to financial shenanigans to suppress yields.” Gold jumped 3%, the dollar sank, and bitcoin ripped 12% in two days to $72,000, its highest in three months, incinerating more than $1.2 billion of shorts in a single hour, the largest short liquidation in bitcoin's history.

Then President Trump, hosting bitcoin executives at the White House, was asked about the government buying bitcoin. He responded: “Certainly it’s been talked about. It's taken a lot of pressure off the dollar.”

The sellers are spent. 15 months of selling by ETFs and people who had held bitcoin for the long term has finally faded away. Standard Chartered's Geoffrey Kendrick is now positioning for bitcoin priced at $100,000 by year’s end.

The choice on the table is the one that’s always been there. Do you choose to save the fruit of your labor in an asset they can print and manipulate, or the one they can't? The bears just paid a record price for picking wrong.

NEWS

Strive's SATA preferred returns to $100 par, restarting automated bitcoin purchases

Bitcoin's rally carried Strive's SATA perpetual preferred stock back to its $100 par threshold on Thursday for the first time since June 17. At this price, bitcoin acquisition by the fund automatically resumed, with roughly 110,000 shares issued and an estimated 76 bitcoins purchased immediately. SATA is engineered to mint new shares whenever it trades at or above par and convert the proceeds directly into bitcoin, stacking on top of Strive's 20,000+ bitcoin treasury.

The flywheel switches back on

At full tilt this spring, SATA’s buying absorbed more than an entire day’s global mining supply. After two months sitting dormant, the rally just switched the machine back on.

SEC proposes “Regulation Crypto Assets,” its first comprehensive rule framework for the industry

On Tuesday the SEC proposed “Regulation Crypto Assets,” its first major rule package for the industry. It would require registration exemptions up to $75 million a year, a safe harbor for assets to exit securities classification, and preemption of state-by-state registration. Chairman Paul Atkins said the framework gives entrepreneurs “clear pathways to raise capital under the federal securities laws,” with a 60-day comment period ahead – while the CLARITY Act awaits a mid-September cloture vote in the Senate.

Regulation by enforcement is dead

For a decade the SEC’s policy was to sue first and never answer questions; now the same agency is building the on-ramps that were always inevitable.

Citigroup to launch bitcoin custody this year under its new Custody+ platform

Citi announced its new Custody+ platform will launch digital asset custody later this year, starting with bitcoin, integrating bitcoin and traditional custody in a single framework with real-time servicing and near-instant 24/7 settlement. It caps a year-long buildout that included a tokenized-deposit partnership with ICE and a Swift cross-border pilot.

The vaults open one by one

A bank with $26 trillion in assets under custody is building bitcoin into its core plumbing. The program is not a pilot, not a press release, but rather deeply integrated financial infrastructure. The same institutions that once closed bank accounts if they ever made transfers to bitcoin exchanges are now competing to safeguard access to hard digital money. The war is over, and bitcoin won.

Metaplanet acquires Nasdaq-listed Super League for 2,100 bitcoins, launching U.S. treasury platform "Superplanet"

Tokyo-listed Metaplanet, the world's third-largest corporate bitcoin holder with roughly 43,000 bitcoins, is acquiring 95.7% of Nasdaq-listed Super League Enterprise for 2,100 bitcoins (about $134 million) plus cash, renaming it "Superplanet" as its U.S. bitcoin treasury platform. The deal is expected to close in Q4.

Bitcoin is the acquisition currency now

Corporate M&A just settled in bitcoin.

BITCOIN ADOPTION CONTINUES

Nasdaq-listed Chinese insurtech Zhibao Technology pivoted its treasury to bitcoin with 2,380 bitcoins (about $155 million) raised through a private placement funded entirely in bitcoin.

BitGo became the first global bitcoin company licensed under South Korea’s virtual asset regime, opening institutional custody in one of the world's most active trading markets.

U.S. spot bitcoin ETFs took in $517 million in a single day, their largest inflow in three and a half months, led by BlackRock’s IBIT.

Harvard’s endowment left its $101.4 million stake in BlackRock's bitcoin ETF untouched in Q2, ending two straight quarters of selling.

Norway's $2 trillion sovereign wealth fund reached a record 11,549 bitcoin worth of indirect exposure, up 60.5% year-over-year, through its equity stakes in bitcoin treasury companies.

Trading giant Jane Street disclosed nearly $1 billion in spot bitcoin ETF holdings, led by BlackRock's IBIT, accumulated through the bear market per its latest 13F filing.

Coinbase CEO Brian Armstrong said bitcoin will “likely” reach $300,000–$400,000 by 2030, driven by institutional allocations still in their infancy.

HOW BITCOIN WORKS

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

A T. rex walks into an auction

Last month, a 38-foot Tyrannosaurus rex named Gus sold at Sotheby's for $50.1 million, making it the most expensive fossil ever auctioned. Fossils have joined art, watches, and wine as trophy assets: stores of value for people trying to find a place to stuff their cash. It's a reasonable instinct. But run Gus through the tests that money must pass, and you learn why bitcoin exists.

Scarcity. Gus is rare – but only insofar as $50 million can’t summon more shovels to dig up more bones. Commercial crews account for over half of all T. rex finds, and there are sure to be more in the ground. Diamonds were “rare” until lab-grown stones crashed natural prices to their lowest levels this century. Gold mines dig faster when prices spike. Every scarcity in history has been elastic. Bitcoin’s isn't – and understading this will put you in a tiny minority of people who actually understand why bitcoin (and only bitcoin) is so revolutionary. It is a closed system where only 21 million units may every exist. This number is enforced by every node on the network. When demand surges, the difficulty adjustment ensures that new bitcoins are mined exactly on schedule, never faster or slower.

Portability. Gus moves by flatbed truck and insurance convoy. Bitcoin moves across an ocean in minutes, at the cost of a few bucks.

Divisibility. You can't sell a tenth of a T. Rex skull. On the contrary, every bitcoin splits into 100 million sats, so it serves a billionaire's treasury and a worker’s savings equally well.

Durability. Bones crumble and demand climate control. Identical copies of bitcoin's ledger lives on thousands of computers, at various longitudes and latitudes all over the planet, and even on satellites in orbit. To destroy bitcoin you would have to pretty much destroy Earth and its surroundings (which would also destroy all the gold that gold bugs think is more durable).

Verifiability. Museums argue over which bones are real and which are cast. Anyone can verify a bitcoin, fully and instantly, with free software.

Fungibility. Every fossil is unique – charming for a collectible, fatal for money. Bitcoins are fungible (interchangeable). When you have a bitcoin, it doesn’t matter which bitcoin you have.

In a sense, collectibles store value by accident; that’s almost tautalogical. Bitcoin is the first asset specifically engineered to pass every test at once – and Satoshi’s discovery of digital scarcity can’t be re-run, which is why every “crypto” copy of it since has traded like a lab diamond. A T. Rex is a wonderful thing to look at. Bitcoin is a wonderful thing with which to run a tech-forward economy.

COIN CHECK

This week's ~$1.1 billion wipeout was the largest single-day short liquidation in bitcoin's history. What was the previous record, set in May 2021?

A. $212 million
B. $757 million
C. $999 million
D. $2.4 billion

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

Answer: B. The previous single-day record was roughly $757 million in May 2021, with a runner-up of $694 million in November 2025. This week's squeeze broke that record, but it was also bitcoin's first billion-dollar short liquidation day ever, with more than $1.2 billion vaporized in a single hour and the largest individual position, $48.8 million, liquidated on Hyperliquid. Betting against the scarcest asset on Earth while its largest creditor prints money to buy its own debt has indeed proven to be an expensive hobby.

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