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BITCOIN BOX SCORE

Exchange Rate: $118,240
Market Capitalization: $2.35T
Hash Rate (90 days): 898.4 EH/s
Transactions (30 days): 12,750,248
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 59.58%

What do these numbers mean?

You might have heard of a new trend - the "Digital Asset Treasury Company" - DAT for short. Building on the success of bitcoin treasury companies, the equities market has become littered with imitators taking control of public companies and using their treasuries as a vehicle to buy altcoins such as Solana, Ethereum, and even meme coins.

What's happening is no different philosophically from the ICO (Initial Coin Offering) boom of 2018 or the NFT (Non-Fungible Token) craze of 2021. The only thing that has changed is the vehicle – insiders are now taking control of publicly traded companies, of which there are many "zombies" available, and using them as tools to acquire various altcoins. They then accumulate profits via lucrative advisory agreements, as BitMEX Research's Jonathan Bier breaks down in his latest report.

Yet, while these acquisition vehicles have helped pump certain altcoin prices back closer to 2021 highs, they are doomed to fail alongside the demand for their underlying token. Take Ethereum, for example, which has seen tremendous price action as ETH treasury companies have purchased billions of dollars worth. At the same time, Stripe, Circle, and Tether have announced plans to launch their own stablecoin-focused blockchains. Setting aside the fact that Ethereum lacks monetary properties, it is now also failing to attract other projects to build on top of it, which was the whole point of it being a "universal platform."

Important to remember:

We've seen this story before. Each cycle, altcoins find new ways to ride bitcoin's coattails, and take on new forms in an attempt to attract capital, but that doesn't change the fact that their underlying tokens are not sound money, and will not be valued over time as such.

And by the way, happy new All-Time-High to bitcoin!

NEWS

Block unveils Proto Rig and Proto Fleet to revolutionize bitcoin mining hardware

Block, Inc. announced the launch of Proto Rig, a modular bitcoin mining system, and Proto Fleet, an open-source fleet management platform. The new system is the first major hardware innovation in mining in years. The new system allows the housing, hashboards, and power conditioning electronics to remain separate and swappable. This modular design changes the upgrade cycle for bitcoin mining machines, which has historically been about 3 to 5 years, into a 10-plus-year infrastructure investment.

Fixing mining's broken economics

Proto Rig delivers 1.5 times more power per rack foot while cutting upgrade costs by 15 to 20%, allowing tool-free repairs that take seconds instead of hours. Combined with Block's free, open-source Proto Fleet software, Proto could democratize mining operations by giving smaller players access to enterprise-grade management tools without proprietary lock-ins, potentially reversing mining's trend toward centralization.

Federal debt surges past $37 trillion as Trump's spending spree breaks records

The U.S. federal deficit reached $291 billion in July 2025, the highest monthly total since the covid pandemic, with spending hitting $629 billion against just $338 billion in revenue. Despite Commerce Secretary Howard Lutnick's claims that tariffs will "pay off our deficit," the ten-month fiscal year deficit has reached $1.6 trillion, with nearly half accumulated since Trump took office in January.

Fiscal hawks nowhere to be found

Twenty-seven percent of all federal revenue now goes to debt service alone, meaning more than one in four tax dollars pays interest rather than funding any current government services. With total debt passing $37 trillion and DOGE's cuts proving minimal so far, the Trump administration is spending at pandemic levels while the Federal Reserve faces pressure to lower rates to reduce borrowing costs – setting up the economy for another round of dollar debasement.

Metaplanet launches "Metaplanet Prefs" to create bitcoin-backed yield curve in Japan

Japan's largest public bitcoin holder Metaplanet Inc. announced its "Metaplanet Prefs" program, issuing ¥555 billion in perpetual preferred shares yielding 6% to create a bitcoin-backed yield curve. The company plans to mirror different Japanese Government Bond durations using perpetual preferred equity with variable dividends, positioning itself as a fixed-income alternative backed by bitcoin rather than government debt.

Financial engineering meets bitcoin strategy

Metaplanet's approach follows Strategy's playbook of using creative capital structures to acquire more bitcoin while providing yield to investors. By creating bitcoin-backed credit instruments that approximate traditional JGB durations, Metaplanet could attract Japanese institutional investors seeking yield alternatives to negative-rate government bonds, potentially accelerating bitcoin adoption in Japan's massive pension and insurance sectors.

Google takes 8% stake in bitcoin miner TeraWulf through $3.7 billion AI hosting deal

Bitcoin mining company TeraWulf announced a transformative 10-year AI hosting agreement worth $3.7 billion with Fluidstack's AI cloud platform, with Google backstopping $1.8 billion in lease obligations in exchange for approximately 41 million shares representing an 8% stake. The deal will deploy over 200 megawatts of computing power at TeraWulf's Lake Mariner data center in Western New York, with potential extension options bringing total revenue to $8.7 billion.

Big Tech embraces bitcoin mining infrastructure

Google's direct equity investment in a bitcoin mining company signals how AI and bitcoin mining are converging around shared infrastructure needs. TeraWulf's dual-use facilities can pivot between bitcoin mining and AI compute depending on market conditions, creating optionality that pure-play data centers lack.

BITCOIN ADOPTION CONTINUES

Tether's Wallet Development Kit integrates with Spark to enable production-ready bitcoin Lightning wallets through a single API.

Indonesia considers using renewable energy for bitcoin mining to build national reserves, with Bitcoin Indonesia presenting the proposal to the Vice President's office.

Jeff Bezos's Blue Origin partners with Shift4 Payments to accept bitcoin for space tourism tickets, joining the growing intersection of aerospace and bitcoin.

El Salvador announces plans for the world's first bitcoin bank through its Bitcoin Office, building on its legal tender adoption and $730 million bitcoin reserves.

Spar rolls out nationwide bitcoin payments across 300 Swiss supermarkets via Binance Pay and DFX.swiss, becoming Switzerland's first retail chain to accept bitcoin nationwide.

Norway's sovereign wealth fund grows its indirect bitcoin exposure to 7,161 bitcoins ($863 million) through investments in Strategy, Block, Coinbase, and other bitcoin treasury companies, representing $138 per Norwegian citizen.

HOW BITCOIN WORKS

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

What is the Lightning Network?

As Shinobi brilliantly explains in his recent article "The Lightning Network Is Like the Ship Of Theseus," Lightning is fundamentally "a network of payment channels, where people lock bitcoin into a multisignature address, and update the state of balance distributions off-chain."

The Lightning Network is bitcoin's scaling solution – a network of payment channels that allows instant, low-cost bitcoin transactions without waiting for blockchain confirmations.

Think of it like opening a tab at your local coffee shop. Instead of paying for each coffee individually, you deposit money upfront and settle the total bill later. Lightning works similarly: two parties lock bitcoin into a shared account (called a payment channel) and update their balances off-chain through pre-signed transactions.

Here's how it works: when you and a merchant want to transact frequently, you both deposit bitcoin into a multisignature address – essentially a shared wallet that requires both parties to agree before moving funds. You can then send payments back and forth instantly by updating the balance distribution between you, without broadcasting every transaction to the bitcoin network.

The magic happens when these individual channels connect into a network. If you have a channel with Alice, and Alice has a channel with Bob, you can pay Bob through Alice – even though you don't have a direct channel with him. The Lightning Network automatically finds the best route for your payment across these interconnected channels.

Lightning preserves bitcoin's core properties while dramatically improving its usability. Transactions are nearly instant, fees are fractions of a penny, and payments remain private since they don't appear on the public blockchain. This makes bitcoin practical for everyday purchases like coffee or online content, not just large transfers.

The Lightning Network is growing rapidly. According to recent data, Lightning handles over $286 million in monthly transaction volume, with major exchanges like Coinbase and Binance now supporting Lightning deposits and withdrawals. Companies like Steak 'n Shake are accepting Lightning payments because they're faster and cheaper than credit cards.

What makes Lightning powerful is that it's still bitcoin – the same money, just moving through different plumbing. Every Lightning transaction can be settled on the main bitcoin blockchain if needed, ensuring the same security guarantees. Lightning doesn't require new tokens or separate cryptocurrencies; it's simply a more efficient way to use bitcoin.

COIN CHECK

What pseudonym did the creator of bitcoin use when posting on the BitcoinTalk forum?

A. Hal Finney
B. Nick Szabo
C. satoshi
D. Dorian Nakamoto

Check your answer at the end of the page.

FROM THE MEME POOL

Follow us on X for more fresh content

ANSWER

Correct answer: C) satoshi (lowercase). The creator used "satoshi" as their username on BitcoinTalk, while "Satoshi Nakamoto" was the full pseudonym used in the whitepaper.

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