Episode 1170 of Bitcoin And . . . is LIVE!
https://atlas21.com/us-house-considers-retroactive-ban-on-cbdcs/
https://bitcoinmagazine.com/politics/house-speaker-mike-johnson-on-congress-crypto-were-in-this-together
https://cointelegraph.com/news/fed-third-mandate-could-devalue-dollar-and-drive-bitcoin-higher
https://www.reddit.com/r/TOR/comments/1ni5drm/the_fbi_couldnt_get_my_husband_to_decrypt_his_tor/
https://bitcoinmagazine.com/news/btc-inc-and-strategy-agree-to-five-year-strategic-partnership-renewal-extending-bitcoin-for-corporations-initiative
https://cointelegraph.com/news/metaplanet-launches-us-japan-subsidiaries-bitcoin-income
https://www.theblock.co/post/371021/quarter-of-public-bitcoin-treasury-companies-trade-below-btc-holdings
https://bitcoinnews.com/markets/hyperscale-data-100m-bitcoin-treasury/
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Today's Articles:
https://decrypt.co/339861/ofac-sanctions-iranians-over-100m-illicit-oil-sales-using-cryptohttps://atlas21.com/us-house-considers-retroactive-ban-on-cbdcs/
https://bitcoinmagazine.com/politics/house-speaker-mike-johnson-on-congress-crypto-were-in-this-together
https://cointelegraph.com/news/fed-third-mandate-could-devalue-dollar-and-drive-bitcoin-higher
https://www.reddit.com/r/TOR/comments/1ni5drm/the_fbi_couldnt_get_my_husband_to_decrypt_his_tor/
https://bitcoinmagazine.com/news/btc-inc-and-strategy-agree-to-five-year-strategic-partnership-renewal-extending-bitcoin-for-corporations-initiative
https://cointelegraph.com/news/metaplanet-launches-us-japan-subsidiaries-bitcoin-income
https://www.theblock.co/post/371021/quarter-of-public-bitcoin-treasury-companies-trade-below-btc-holdings
https://bitcoinnews.com/markets/hyperscale-data-100m-bitcoin-treasury/
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It is 10:19AM Pacific Daylight Time. It is the September 2025, and this is episode eleven seventy of Bitcoin and OFAC sanctions Iranians. Apparently, they're using crypto for oil. So this is gonna be it's gonna be an interesting day because the United States house is considering retroactive ban on CBDCs. And we the House Speaker Mike Johnson is opening his mouth and he's saying things about crypto. And then, well, we're bringing up the Feds third mandate. Apparently, there is not one, not two, but three mandates for the Fed. And as you know, here in just a little bit, we'll get news as to what the Fed is gonna do with the interest rates. You're here at Bitcoin and because it's all the news that you can use on Bitcoin and more. What the hell else is going on? Well, Bitcoin Magazine's umbrella company, BTC Incorporated and Strategy are shaking hands.
After the Nakamoto Kindly MD debacle, I'm not sure if this is good news or not. Meta Planet is expanding its reach and what else is going on here? Oh oh, yeah. We'll, get back into the treasury companies, the the Bitcoin treasury companies. Doesn't look like, doesn't look like I was wrong. It it it just doesn't. And then we'll have a glaring example of how the new Bitcoin treasury companies that are coming online, and I'm talking like like brand new, like this freaking week, are trading like shit coins. Let's get into it. With OFAC sanctioning Iranians over a $100,000,000 illicit oil sale using crypto. Oh my god. The Iranians illegally sold what was already theirs to somebody that wanted to do business with them and somehow it's illegal.
Look, I don't have to love Iran or hate Iran. Hell, I don't even have to be neutral on Iran. It's their oil. Who how the hell is this illegal? Just because it's against a US sanction, sure, it's illegal to us, but, you know, we the we gotta tone back. It's not an illegal sale is what I'm trying to say. It's their oil. If they wanna sell it to somebody that wants to buy it, then Iran gets to sell it. Yes. I understand there's sanctions, but it's not illegal. It's just outside of the scope of what the sanctions that The United States have put on Iran want. Let's get into it. Cal and Quinn is writing from decrypt. The US Treasury Department has imposed sanctions, yet more sanctions on two Iranian nationals and a slate of Hong Kong and, well, United Arab Emirates based companies accused of funneling money from illicit oil sales to Iran's Islamic Revolutionary Guard Corps Force and the Ministry of Defense and Armed Force Logistics.
The measures announced Tuesday by the Treasury's Office of Foreign Assets Control or OFAC expands Washington's campaign against Iran's so called shadow banking system, which officials say launders billions of dollars through front companies and cryptocurrency exchanges. The action named Iranians, and there's no way I can say these names, I just can't pronounce them. I'm sorry. But they are central figures in moving over $100,000,000 of cryptocurrency tied to Iranian oil sales since 2023. They've I guess they've the Shah has been at it for for quite some time, I guess. OFAC said that they use front companies in Hong Kong and The UAE to disguise these flows. Well, the network was also linked to Hezbollah affiliated financial operations and Syria's Al Qatari company, I think is how it pronounce it, previously sanctioned for aiding the Iranian revolutionary guard forces. Dozens of shell firms including Alpa Trading in Dubai and Alpa Hong Kong Limited were also blacklisted, quote, Iranian entities rely on shadow banking networks to evade sanctions and move millions through the international financial system, said undersecretary of the Treasury for Terrorism and Financial Intelligence, John k Hurley, quote, under president Trump's leadership, we will continue to disrupt these key financial streams that fund Iran's weapons program and malign activities in The Middle East and beyond, end quote. The treasury's move follows a September second round of sanctions that hit Iranian linked oil tankers and an Israeli government move to blacklist a 187 cryptocurrency wallets tied to the Iranian Republican Guard.
Washington has recently stepped up its campaign of financial pressures on Iran, which has intensified through the summer with successive sanctions aimed at cutting off Tehran's access to hard currency. By targeting shadow bankers, crypto brokers, and overseas shell companies, The US is seeking to dismantle the financial scaffolding that allows the IRGC and Modafel to finance weapons developments and regional proxy groups despite existing sanctions or rather restrictions. Angela Eng, APAC, then that's not the Israeli thing, APAC, head of policy and strategic partnerships at TRM Labs, told Decrypt that the explicit targeting of blockchain activity reflects a larger strategic shift. Quote, Iran's procurement networks no longer rely solely on front companies and bank transfers, a parallel channel for moving value quickly and discreetly across borders, particularly when banks flag or reject suspicious wires, she said.
Sanctioning wallet addresses as well as shipping assets and corporate fronts sends a message that digital rails are a growing focus of sanctions, she added. Yeah. Well, good luck with that. Ang added that the action underscores just how deeply digital assets have become embedded in Iran sanctions evasion playbook. Oh, I see it. I feel I smell, see, hear, and taste, and feel a narrative being developed here. Quote, by designating wallet addresses alongside vessels, individuals, and front companies, OFAC is making clear that cryptocurrency is no longer a peripheral tool, but a core settlement rail for procurement and finance networks, she said.
She noted that the treasury had described familiar patterns in Iran's use of crypto payment rails, including, quote, Fiat converted into stablecoins like USDT and TRX. Value moved through layers of intermediary wallets to fragment the trail and funds ultimately off ramped through exchanges with weak compliance oversight. Excuse me. Pardon me. The IRGC was first designated by The US in 2007 for supporting terrorist groups, while its parent organization, the IRGC, was blacklisted in 2017. Modafel, which oversees weapons development, was sanctioned back in 02/2019. Still not illegal.
It's just not. Look. We can be pissed, and OFAC can, like, you know, say that it's illegal, but it's it's not really illegal for who is the real point of what I'm trying to say here. Illicit oil sales is in the headline of this article. It's not illicit. It's just not. It's pissing OFAC off. It's pissing probably The UK off. It's probably pissing the European Union off, but it's not illegal. Just because the West says something is illegal does not mean that it's actually illegal for somebody who does not exist in any of those places, like Iran and Iraq and, I don't know, Saudi Arabia, even though they're supposed to be our friends, quote, unquote.
The rhetoric here is very plain. This is just this is just honestly, I don't like Iran. But this kind of attitude can quickly quickly become embedded into, well, we just are just gonna say we don't like somebody so that we can say that whatever that they're doing is illegal. Right? This is just not the way that we should be acting, honestly. I'm just that's probably gonna be very unpopular because Iran. Oh, I don't at this point, I just don't care anymore. US house considers a retroactive ban on CBDCs. Oh, retroactive.
We don't even have CBDCs. Let's see what Atlas twenty one has to say about it. The United States House of Representatives may have identified a more direct legislative path to prevent the Federal Reserve from issuing a central bank digital currency by using a crypto market structure bill that's already passed in July. Oh, that's the retroactive part. Okay. During a house rules committee hearing held on September 15, a preliminary agenda revealed a proposal to incorporate the text of the anti CBDC surveillance state act also passed in the house in July into the digital assets market clarity act.
This approach would add the CBDC ban to the final version of the existing crypto market structure bill before sending it to the senate for review. House Republicans have already considered a similar move ahead of the July vote on the Genius Act, the bill to regulate stablecoins. And some lawmakers wanted the stablecoin package to explicitly include a CBDC ban before the vote, delaying approval until after the August recess. All three bills were eventually passed with some bipartisan support. It remains uncertain whether the house bill, which combines market structure and a CBDC ban, could influence the legislation proposed in the senate. Senate Republicans on the banking committee have stated that their version of the market structure bill is based on the Clarity Act, but constitutes separate legislation under a different name, the Responsible Financial Innovation Act.
It reminds me of, like, alcohol commercials. Enjoy Dos Equis responsibly. Enjoy Bud Light responsibly. Enjoy a fifth of your favorite liquor responsibly. Yeah. K. Wyoming senator Cynthia Lummis, one of the leading advocates for the market structure bill said that the banking committee plans to advance the legislation by the September with president Donald Trump potentially signing it into law by, you know, 2026. Despite Republicans maintaining control of both the house and the senate, their very slim majority in each chamber may require some Democratic support to pass the legislation, including the proposed market structure bill.
Proposals from both parties have included measures to update regulatory requirements and provide clarity for the digital asset industry. So they're trying they're trying to get the CBDC band through. What what bugs me to death here is how the Federal Reserve, if they're truly an independent structure outside of the purview of the federal government, would have any ability to create such a CBDC. Would that not be treasury? Now we know the truth. Right? They're not exactly independent. But still, creation of a currency is not in the mandate of the Federal Reserve. Sure. They print the dollar, but the dollar was already in existence before the existence of the Federal Reserve. So they were basically just handed the power of the dollar.
But nothing in their mandate suggests, and we'll get to it later, suggests that they can create a currency. I mean, that's what a CBDC is. Even if it's even if it's only backed by the dollar, it's still not the dollar. It would just be backed by the dollar. Or is the Federal Reserve going to change the rails of the United States dollar and just turn it into a CBDC? That, in my mind, is the only way that they would be well within their mandate. And nobody wants this. Nobody nobody needs this, by the way. And if we get a CBDC, it's bad for everybody. It's just gonna be terrible.
So let's see what Mike Johnson has to say. Oh, he says, we're in this together. House speaker Mike Johnson on Congress plus crypto. This is our good friend Frank Korva writing for Bitcoin magazine, and he says, this evening, after an afternoon session with Bitcoin and crypto industry leaders, house speaker Mike Johnson attended an intimate Bitcoin voter pack sponsored event in downtown Washington, DC, at which he made it clear that house Republicans plan to work closely with the Bitcoin and crypto industry to craft legislation that will enable the industry to thrive in The United States. Quote, we're in this together, speaker Johnson told Bitcoin magazine at the event. Quote, it was an extraordinary group of folks to have assembled on Capitol Hill today and a great benefit to the members of congress to be able to associate with, talk with, and visit with all these leaders in the industry, he added, referring to the likes of Coinbase CEO Brian Armstrong, Andreessen Horowitz general partner, Marc Andreessen, and Riot Platform's SVP and Bitcoin voter project lead, Brian Morgenstern, on the industry side and house majority whip Tom Emmer and house financial services committee chairman French Hill on the congress side.
Speaker Johnson also noted that congress relies upon the insight and expertise of the members of the industry to be able to have policy that allows for further growth and advancement of the industry. He highlighted that the Republican Party is deeply committed to helping to advance the industry in the coming years and that today's meeting was, quote, very productive. Real wow. My Mike Senich, senior advisor at the Bitcoin voter pack, seconded speaker Johnson's comments regarding how productive today's meeting really was. Quote, we had great discussions about the SBR, the strategic Bitcoin reserve, and double taxation on Bitcoin miners who are taxed when the Bitcoin is mined and then when it's sold, Sendrick told Bitcoin magazine. He added that members of the US Treasury, such as acting secretary of domestic finance, Luc Petit, and counselor to the secretary of on digital assets, Tyler Williams, as well as White House executive director of the president's council of advisors on digital assets, Patrick Witt, were also present at these discussions. Quote, we talked about how the industry can work hand in glove with their teams, said Sinek.
Sinek also stated that those in today's meetings now understand what the priorities are for market structure. I guess they're talking about clarity here. When I asked him whether those priorities included keeping the language from the Blockchain Regulatory Certainty Act that would protect developers and providers of noncustodial technologies, he said that he could not currently comment on any specifics of what was discussed. Oh, yeah. But it was a great meeting. Okay. However, he did say that time was of the essence in getting legislation like the Clarity Act passed. Quote, we believe that the future of this industry rests with a Republican majority in Congress for us to get everything done that needs to be done, said Sinek. Quote, so not knowing where the house majority will be in a year, we have to start working with that timeline to get these accomplished.
And just as a further point with speaker Johnson, we will do everything we can to protect his house majority by electing Bitcoin and crypto champions come midterms, end quote. Now this is nothing this is nothing against Frank. Frank's Frank's a reporter. You know, he's he's at the White House. He's for Bitcoin Magazine. This is what he does. He can only report on what he sees. But I can tell you what I see is a bunch of people standing around in suits paying nothing but lip service to a group of people that got them all elected. Because I firmly believe that if it hadn't been for the Bitcoiners, they would not would not have become elected.
I'm just I'm just you can disagree with me. That's fine. But this sounds to me like a bunch of horseshit being fed to people to keep them in line and on the boat because I didn't hear anything substantial here. And this is I'm used to this out of Washington, DC. We had a very productive discussion. Oh, really? On what? Well, I can't disclose that. Oh, bullshit. See, automatically, right there, that's when I lose faith. I don't care what speaker Johnson just said. Unless he tells me exactly what was discussed, then as far as I'm concerned, there was no productive discussion. For all I know, they talked about drinking Dos Equis responsibly.
I don't care. But we should probably care about something called the Fed's third mandate. It may devalue the dollar and send crypto soaring. Yes. I know. I'm saying the word crypto, but that's that that's the headline from Martin Young out of Cointelegraph. A third mandate from the US Federal Reserve could change long term monetary policy if actioned, which could be bad news for the dollar, but good news for crypto. The Fed has long been considered to have a dual mandate, price stability and maximum employment. But President Donald Trump's pick for Fed governor, Stephen Muren, cited a third mandate earlier this month, sparking speculation on the future of central bank monetary policy.
This third mandate is a statutory requirement buried in the Fed's founding documents, which states that the central bank actually requires three objectives, maximum employment, price stability, and modern long term interest rates. The Trump administration appears ready to use this long forgotten statutory requirement as justification for more aggressive intervention in bond markets potentially through yield curve control and expanded quantitative easing. Yes. QE. That means money printing, Bloomberg reported on Tuesday. Now here is a I'm looking at a screenshot of the general policy congressional review section two a of the Feds founding documents, and it states, quote, the Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production so as to promote effectively the goals of maximum employment, stable prices, and moderate long term interest rates.
That's 12 USC twenty two five a, if you wanna go look at the nineteen thirteen Federal Reserve Act so that you can see it for yourself. Because what happened in 1913? Well, we all got screwed. But, hey, this third goal has been largely ignored for decades with most considering it a natural byproduct of a t of achieving the first two. But Trump officials are now citing it as legal cover for potential yield curve control policies where the bed sorry, the bed. The Fed buys government bonds to target some desired interest rate. Trump has long advocated for lower rates, calling Fed governor Jerome Powell too slow or too late in reducing them.
The administration wants to actively suppress long term interest rates and potential tools include increased treasury bill issuance, bond buybacks, qualitative oh, I'm sorry. Quantitative easing, or direct yield curve control. Lower long term rates would reduce government borrowing cost as national debts hit a record 37,500,000,000,000, and the administration also wants to stimulate housing markets by bringing down mortgage rates. You know what that'll do? That'll send the basis cost of a house soaring. I I don't want it I don't want it any more than you do, guys, but that's exactly what would happen. Just I'm just saying. Anyway, Christian Pusateri, founder in of encryption protocol mine network said on Wednesday that the third mandate is financial repression by another name adding that it looks a lot like yield curve control.
Quote, the price of money is coming under tighter control because the age old balance between capital and labor, between debt and GDP, has become unstable. Bitcoin stands to absorb massive capital as the preferred hedge against the global financial system, he said. Outspoken BitMEX founder, Arthur Hayes, also said it was bullish for crypto, suggesting that yield curve control could send Bitcoin to $1,000,000. Yeah. Guys, I want you to be very, very careful with statements like, oh, Bitcoin's gonna be this price on this date because of x, y, and z. The price is what the price is at the time you look at the price.
There's no prediction that is worth its salt, so please stop listening. I I like Arthur Hayes. Alright? But please stop listening to him when he's saying shit like this because it's kind of inflammatory. Let's run the numbers. The energy sector is completely in the red today as is all the the shiny metal rocks. Oil is down point 3% to $64.31. Brenton, North Sea is down a third to $68.23. Natural gas is down a third to $3.09. Gasoline is down a quarter, and Murbaughn crude is down point 4% today to 71 and 29¢ per barrel.
Gold is down point 14%, but it's still at a really high price of $37.19 and 6 dimes. Silver is down 1.7, platinum down 1.8, copper is down 1.3, and palladium taking it between the legs two and a quarter percent of the downside. All of your ag is in the red as well. Biggest loser is good lord coffee getting its knees chopped out. Dude, seven and a half points to the downside. Oh, wow. And live cattle are not doing well either. They are down 1.12%, lean hogs down point six, feeder cattle down a point and a half. The Dow is actually in the green today. It's one of the only ones. It's a half a percent to the upside while the S and P is down point one six, Nasdaq is down point four, and the S and P Mini is up a quarter of a point.
And Bitcoin had hit almost a $117,000 earlier today, but it's bottomed back out at a $116. Nope. A $116,040. That's a $2,310,000,000,000 market cap. We can purchase 31.2 ounces of our favorite shiny metal rock with our one Bitcoin of which there are 19,922,073.05 of an average fees per block are average. 0.03. BTC taking the fees on a per block basis. There's over 50 blocks chilling out carrying a 131,000 unconfirmed transactions waiting to clear at relatively cheap prices right now. 2 Satoshis per v byte gets you in at high priorities. Low priority, gonna cost you 1 sap per v byte. Oh, we lost the Zeta Hash handle.
998 exahashes per second is the all the security that we have on the Bitcoin blockchain. It's all it's a mining death spiral. It's all gonna go away. Oh my god. Hey. This is your reminder. Bitcoinandshow.com is the website for the Bitcoin and show. If you wanna go check it out, it is at bitcoinandshow.com. That's bitcoinandshow,all1word,.com. Sign up for the newsletter. I need some metrics on this website. I need I need some some people, like, hitting the pages and doing the things and switching back and forth between other pages so that my Google Analytics goes hot. Right? Yeah.
Now from, last couple of shows from reorg this, Ankh Morpock threw me 2,100 Satoshis, Didn't say anything, but, hey, I I will take it. From Kindly Get Out, I got Saints and Sats with 200, also didn't say anything. Chef Tommy gives me 800 Sats. Thank you, sir. No. Thank you, chef. I appreciate that. God's death with $2.37 says thank you, sir. No. Thank you. And that's it for the morning weather report. Welcome to part two of the news that you can use. This story is coming out of Reddit, because it was the best place that I could find from the original source that's talking about what you may have heard with this, Tor node operator, I think in Michigan.
Yeah. From, from Michigan. It's pretty bad news. I I don't like reading this kind of thing, but you gotta understand what we're up against. And for those of you who don't do not know what Tor is, it's it's just part of the Internet. It it it it allows a lots of identity masking to occur, but it's also things that gave us the wonderful world of Torrance where you could get, like, movies and, yes, I it's Tor is very much linked to piracy, digital piracy, movies, music, software, but it does a lot more than that. It it I mean, it's just a tool. You it can be used for good or evil. It depends on what your definitions of good and evil is, but one thing that I can define very well is the FBI acting in a very evil manner on this one.
So from Reddit, the FBI couldn't get my husband to decrypt his Tor nodes, so they told a judge he used his graphics driver to access the dark web and jailed him pretrial for not one, not two, but three years. He was held in jail pretrial for three years. This woman goes on to say, my husband and and doxes him. I mean, flat out gives the name Conrad Rockenhaus or house is wrongly incarcerated in the county jail. I'm posting this here because you are one of the few communities that will understand the full technical and political reality of how we ended up here. By the way, this is actually coming out of the subreddit r Tor.
Okay? R slash Tor. This is a subreddit just for Tor, so she's posting it here. She continues, my husband is a former Tor operator, and at one point, he ran some of the fastest relays and exit nodes in the world. This nightmare began when he refused to help the FBI decrypt traffic from his exit nodes. Months later, the government arrested him. Their official reason? A minor nonviolent CFAA charge from an old workplace dispute that had nothing to do with Tor. In fact, the statute of limitations was just a couple of months from expiring. It was a clear pretext to target him.
That minor charge was all they needed to get him into the system. To deny him bail, a US probation officer in Texas lied under oath telling a judge that Conrad, get this, had installed a Linux OS called Spice for those of you don't know OS stands for operating system so installed a Linux operating system called Spice to quote knock out their monitoring software and access the dark web. Here is the technical reality of their lie. The software was a standard Spice graphics driver needed for his PhD program. As many of you know, this is a basic utility for displaying graphics from a virtual machine.
It is not an operating system, has no connection to the dark web, and was technically incapable of interfering with their monitoring software. The claim is a technical absurdity equivalent to saying a mousepad can hack a server. Based on that lie alone, he was held in pretrial detention for three years. Now the retaliation has escalated in Michigan after I filed a formal complaint against, his US probation officers for harassment, they used fraudulent warrants to jail my husband yet again. During this violent arrest by US Marshals Service who smashed in our windows and nearly shot my dog, he sustained a severe head injury that caused him to have a grand mal seizure in court.
The jail's medical attention was to ask him what year it was, he said 02/2023, and they sent him back to his cell. He is being denied real medical care. And she has a list of videos of, like, the feds threatening, to sick dogs on us, the feds beating her husband in the head, feds smashing the windows. There's another one for feds threatened to shoot my dog, and then there's another video, more threats to shoot my dog. She continues and says, to make matters worse, US district judge Stephen l Murray the third has created a procedural trap that has stripped my husband of his rights to a lawyer to fight for his life, health, or innocence.
He is trapped in a constitutional and medical crisis. I'm not asking for money. I'm asking for your help to amplify this story. You understand the technical truth and why this fight is so important. We have all the evidence, the court transcript of the false testimony, the fraudulent warrants, the proof of medical neglect. It's all documented on my website, rockenhaus.com. That's r o c k e n h a u s, rockenhaus.com, if you wanna go check it out for yourself. She needs help in getting the word out, and her name is Adrienne Rockinghouse or rockin' rockin' house. Sorry. That's rockin' house.
If you have the mind, this the the URL to this subreddit, this particular post will be in the show notes. If you want to help, then you might wanna amplify it across whatever media sites that that you hit. Alright? Because this is this is just disgusting. Now do I know if it's true? No. I don't. I don't. But you know what? At this point, the federal government's reputation in law enforcement is so low that I'm surprised it's not worse than what she's describing. So if they at this point, it's up to the feds to prove that they didn't fucking do this. And I don't care.
At this point, I literally do not care one whit if every word this woman says is a lie. And I don't care if everybody spreads this lie because at this point, given the actions of federal officers as well as state officers and municipal officers, it is now on them to prove that they didn't fuck this up. I just don't care anymore. And I'm probably not gonna care about this one either. BTC Incorporated and strategy agreed to a five year strategic partnership renewal extending Bitcoin for corporations initiative. You know, I don't think I remember.
My cat is eating something off the floor. What are you doing? Stop that. Oh my god. She's gonna eat plastic and die, I guess. It'll be okay. I I promise. She's probably does this all the time, and I'd never noticed. I just happen to notice because, you know, I'm I'm easily distracted. I was unaware that that BTC Incorporated and Strategy had already had a strategic partnership. But, apparently, they wanna renew that for five more years, extending Bitcoin for corporations initiative. And this is Vivek Singh writing for Bitcoin magazine, which is a subsidiary of BTC Inc. In a significant development for corporate Bitcoin adoption, BTC Incorporated and Strategy Incorporated have announced a five year renewal of their strategic partnership for the Bitcoin for Corporations initiative.
The partnership aims to accelerate global corporate Bitcoin adoption through 2030, with BFC currently representing 38 member companies that collectively hold 69% of all corporate Bitcoin holdings. The renewed agreement strengthens BFC's positions, b f BFC's position as the primary platform for Bitcoin treasury companies, service providers, and capital allocators working to integrate Bitcoin into corporate balance sheets. The initiative's global reach now spans North And South America, Europe, as well as Asia slash Oceania. Quote, securing this five year extension to our partnership with strategy reinforces our conviction that corporate Bitcoin adoption is not slowing down and will only continue to accelerate, said George McHale, or McHale, I guess, is how you pronounce it, managing director of Bitcoin for corporations at BTC Incorporated.
He further says, quote, I'm grateful for the opportunity to continue our collaboration. Yeah. It's just suits me, dude. The partnership will continue providing executive level networking opportunities, investor relations support, and access to educational resources tailored for corporations integrating Bitcoin into their financial operations. Honestly, that's all we need to know. To me, this almost sounds like the hail Mary that buying Bitcoin for a failing company was last week. Although, it's not just last week, it's it's this week as as well, and and you'll hear about it here in a second. But something about this doesn't sit right with me. I mean, this is like a press release and it just it seems very obscure.
And I don't know. I mean, and and kind so BTC Inc is David Bailey's outfit. They own Bitcoin Magazine. They're the guys that do the big Bitcoin conference, the one that was in Miami, and then it went to, like, what, Nashville, and then last year it was or this year it was over there in Las Vegas. The big one. The one that draws, like, 20,000 people. Right? Well, David Bailey is also one of the backers of the of KindlyMD. It was like his his company Nakamoto Incorporated, merged with this this medical company, KindlyMD, and they were gonna transform it into a a big old well, a big old Bitcoin treasury company.
And as I told you yesterday, that that's not doing so well. So all of a sudden, we have this announcement that strategy and Bitcoin Inc or BTC Incorporated are partnering to extend something that I didn't even know existed. I don't know, man. I don't know. It it it it sounds a little bit like a hail mary. We'll we'll have to see. But in the meantime, Meta Planet expands Bitcoin strategy with a new US and a new Japan unit. So their Meta Planet's expanding and not expanding their Bitcoin balance sheet. They're expanding the actual company themselves.
So, Ahmed, please tell us what the hell is going on at a Cointelegraph. Meta Planet, the Japanese hospitality and real estate group turned Bitcoin treasury company, is ramping up its crypto strategy with the launch of not one, but two new subsidiaries. One is in The United States, and the other one is in Japan. In a Wednesday post on x, the Tokyo based firm announced the establishment of Meta Planet Income Corporation, a wholly owned United States subsidiary based in Miami, Florida with an initial capital of $15,000,000 according to the disclosure.
The unit will focus on Bitcoin income generation and derivatives trading, creating a structural separation between Meta Planet's core BTC holdings and revenue generating operations. The subsidiary will be managed in part by Meta Planet CEO Simon Gurevich alongside Dylan LeClaire and Darren Winiya. But the company also said that the move is expected to have minimal impact on its consolidated financial results for the fiscal year ending December 31. Back home in Japan, Meta Planet also unveiled Bitcoin Japan Incorporated to strengthen its domestic Bitcoin related operations.
That entity based in Tokyo's Rapungan Hills hold on. Rapungani. Yes. Tokyo's Rapungani Hills will oversee media events and the management of bitcoin.jp, the website or the web address recently acquired by Meta Planet. The new Tokyo entity will also manage Bitcoin Magazine Japan and the Bitcoin Japan Conference. Expanding Meta Planet's reach in domestic crypto media and community engagement, directors Gurevich and Yosh I can't pronounce it. Will lead the initiative. I'm sorry that I cannot pronounce some of these names. Dude, I don't get the $600,000 a year paycheck from freaking CNN to go learn these names. I'm I'm I'm just I'm just a podcaster, man. The twin announcement comes as part of the company's Bitcoin in, Bitcoin income business, which launched in the 2024.
The news also came shortly after the company revealed plans to raise 204,100,000,000.0 yen, which is about a $1,400,000,000, through an international share offering to expand its BTC holdings. With over 20,136 BTC now on its balance sheet, Meta Planet ranks as the sixth largest Bitcoin treasury holder globally, trailing only giants like MicroStrategy according to bitcointreasuries.net. The top three public Bitcoin treasury holders are all US based companies led by strategy, and they give a whole bunch of numbers which we don't really need to know. Here's what I find interesting.
The the Japanese subsidiary, let me get back down to it, the one that's in Roppongi Hills, will oversee media events and the management of bitcoin.jp, but they will also manage Bitcoin Magazine Japan. So there's the link between BTC Incorporated, Strategy Incorporated, Bitcoin Magazine through Meta Planet. So maybe maybe that BTC announcement wasn't a Hail Mary at all. Maybe this is some kind of focused, like, series of press releases that starts welding together BTC Incorporated, Strategy Incorporated, Meta Planet in Japan and BTC Incorporated subsidiary Bitcoin Magazine.
Because, again, remember the Tokyo based meta planet is going to oversee media and events. And the Bitcoin Magazine Japan and the Bitcoin Japan conference. This may not be a terrible idea. I mean, you've you've got a couple of really big heavy hitters over in The United States. The biggest of one would be strategy. A huge Bitcoin balance sheet. And they can throw a lot of weight around with a lot with with that much Bitcoin. They really can. But then you got Bitcoin Magazine or rather the umbrella company, BTC Incorporated, and it looks to me like there is some coming together of several entities that seem to reinforce each other. Bitcoin Magazine and BTC Incorporated certainly reinforces the Tokyo subsidiary of Meta Planet because its media and events, think conference, the Bitcoin Japanese or the Bitcoin Japan conference, and Bitcoin Magazine Japan.
This okay. I'm I'm gonna hold off on on saying that this is this link between strategy and BTC Incorporated is a hail Mary. This shit may actually end up being quite big. So, again, we we need to lay off of our all of our assumptions and just see what happens. And hopefully, it won't happen like this. James Hunt, writing for the block says, one in every four public Bitcoin treasury firms are now trading below their BTC holdings value. I guess a bunch of k thirty three forms came in. Oh, no. That's it's k thirty three is the the, I guess, the analytics firm reporting the the the whatever. The Bitcoin treasury boom is losing steam with one in four public treasury companies now trading at below at market caps below the value of the Bitcoin that they hold according to k thirty three, Issuing new shares with a market to net asset value of below one is dilutive, curbing the capacity of some corporate buyers to raise more capital to keep adding to their treasuries.
Quote, when firms trade below NAV, issuing shares becomes a dilutive process because it because it gives away more ownership via undervalued shares than the value it receives in return, k thirty three head of research, Vettel Lund, explained in a new report. I gotta pause there because I wholeheartedly disagree. Even if even if my shares if I do calculations and find out what my share, you know, value is relative to the nav of the company, the native asset value, even if it's above and you print shares of that, you're still diluting me. I don't have to be losing money on my shares to be diluted out of my fucking position.
That's ridiculous. I wholeheartedly disagree with that statement. I do not reflect that belief at all. Continuing, the sharpest collapse has come from NACA, you know, the Kindly MD and Nakamoto Holdings merger vehicle. Well, it shed 96% of its market value from peak and has seen its m Nav multiple collapse from 75 to just 0.7. Tetherback twenty one, similar scientific, and the smarter web company, oh, are also among those with an m nav currently less than one according to Bitcoin treasury data. More broadly, the mean m nav multiple across listed treasury firm sits at 2.8 down from 3.76 in April, but the distribution is skewed.
Smaller firms are increasingly below water. That's exactly what I told y'all would happen. Though the largest players still carry meaningful premiums, Lund noted. Michael Saylor's strategy, the sector's heavyweight and pioneer of the Bitcoin treasury playbook, has seen its premium fall to 1.26. That's the lowest since March 2024. It leaves strategy with diminished scope to tap equity markets for new Bitcoin buys reflected in its lower weekly acquisitions as of late. Quote, this reduces strategy's ability to purchase BTC substantially and points towards a materially lower buy side demand from one of the most important supply absorbers over the past year, one said.
The slowdown is already visible in overall flows. Bitcoin treasury companies have bought an average of 1,428 BTC per day in September so far and the lowest pace since May. And as a sign that the treasury firm tantrum in equity markets is bleeding into spot demand, the analyst highlighted, adding that the fading premiums are rational. Now that I do agree with. Quote, treasury firms acting as pure play accumulation vehicles should not trade at a premium to their balance sheet due to higher cost burdens stemming from advisory fees, insider incentives, and complex capital structures.
Exceptions exist when the firm may experience operational gains in other business vehicles or verticals from a strong BTC balance sheet. See, this is what I want. I want these companies to have a product and or a service and have Bitcoin on their balance sheet. That seems healthy. So far, I I I've just I've kept expecting strategy to come out with something that they can sell because they sure as shit ain't doing software no more, but no. All they're doing is buying Bitcoin, and I find that to be not a great place to be in. But, hey, I'm not the billionaire that Sailor is, so what do I know? Right? Well, the broader picture is that that with public treasury holdings now surpassing 1,000,000 BTC, the market may be reverting to more organic demand impulses from ETFs and retail investors rather than relying on corporate treasuries to set the marginal bid Lund suggested.
So there you go. There you go, man. It's it's all right there for you. I told you the smaller companies were gonna be the hardest hit, and the biggest companies are gonna probably be the ones to weather the storm, and it doesn't matter. Right now, at least right now, that MicroStrategy's MNAV is at 1.26. It it doesn't really matter. They're still probably going to survive. But these little companies, and especially the ones that are coming in today, are gonna have some freaking problems. And last up on the list for today, Hyperscale Data, it's the name of the company, launches a $100,000,000 Bitcoin treasury strategy.
Oh, yay. This is Alex Larry out of Bitcoin News, and I'm not gonna read much of this. Hyperscale Data, which trades under the New York Stock Exchange as GPUS, has announced a new plan that combines two of today's hottest trends artificial intelligence and Bitcoin. The company is launching a $100,000,000 Bitcoin treasury strategy while expanding its Michigan AI data center becoming a pure play AI and digital asset business. Hyperscale data's stock more than doubled in pre market trading and increased by as much as 101% on Monday morning before falling back down and then they give this chart of hyperscale hyperscale is trading at almost exactly where they were September and September 12.
On September 15, they went from something like 35¢ per share. Yes. You read that right. It's a penny stock. 35 United States pennies per share and hit almost 60¢ per share. Before, twenty four hours later, when it fell back down to 37.6 pennies per share. This chart looks exactly like any other shit coin chart that I've ever seen. And that's what I'm trying to get at. I don't think we are in I don't think we're in a place where new companies that are looking for a hail Mary pass are going to be able to do that. The defense already knows that play, and the defense is playing pretty hard against that play.
I do not think Hyperscale is going to do anything at all. I certainly don't think that they're going to buy a $100,000,000 worth of Bitcoin. At 37.6 pennies per share, and the fact that they are like a low end player for artificial intelligence, I just don't see it. I think I think the new entrants into Bitcoin treasuries are gonna be put on hold for quite some time, which goes directly in the face of what strategy and BTC Incorporated are trying to do with their extended five year strategic partnership to get more companies to put Bitcoin on their balance sheet. So there is I think that this is a nice healthy tension between people that want to, you know, save their companies by saying bitcoin and AI and the reality on the street which is, yeah, I've got 68 companies to choose from dude, I don't need your stock.
So I could be wrong. I don't think I am, but I gotta take my daughter to the doctor, so I will see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
It is 10:19AM Pacific Daylight Time. It is the September 2025, and this is episode eleven seventy of Bitcoin and OFAC sanctions Iranians. Apparently, they're using crypto for oil. So this is gonna be it's gonna be an interesting day because the United States house is considering retroactive ban on CBDCs. And we the House Speaker Mike Johnson is opening his mouth and he's saying things about crypto. And then, well, we're bringing up the Feds third mandate. Apparently, there is not one, not two, but three mandates for the Fed. And as you know, here in just a little bit, we'll get news as to what the Fed is gonna do with the interest rates. You're here at Bitcoin and because it's all the news that you can use on Bitcoin and more. What the hell else is going on? Well, Bitcoin Magazine's umbrella company, BTC Incorporated and Strategy are shaking hands.
After the Nakamoto Kindly MD debacle, I'm not sure if this is good news or not. Meta Planet is expanding its reach and what else is going on here? Oh oh, yeah. We'll, get back into the treasury companies, the the Bitcoin treasury companies. Doesn't look like, doesn't look like I was wrong. It it it just doesn't. And then we'll have a glaring example of how the new Bitcoin treasury companies that are coming online, and I'm talking like like brand new, like this freaking week, are trading like shit coins. Let's get into it. With OFAC sanctioning Iranians over a $100,000,000 illicit oil sale using crypto. Oh my god. The Iranians illegally sold what was already theirs to somebody that wanted to do business with them and somehow it's illegal.
Look, I don't have to love Iran or hate Iran. Hell, I don't even have to be neutral on Iran. It's their oil. Who how the hell is this illegal? Just because it's against a US sanction, sure, it's illegal to us, but, you know, we the we gotta tone back. It's not an illegal sale is what I'm trying to say. It's their oil. If they wanna sell it to somebody that wants to buy it, then Iran gets to sell it. Yes. I understand there's sanctions, but it's not illegal. It's just outside of the scope of what the sanctions that The United States have put on Iran want. Let's get into it. Cal and Quinn is writing from decrypt. The US Treasury Department has imposed sanctions, yet more sanctions on two Iranian nationals and a slate of Hong Kong and, well, United Arab Emirates based companies accused of funneling money from illicit oil sales to Iran's Islamic Revolutionary Guard Corps Force and the Ministry of Defense and Armed Force Logistics.
The measures announced Tuesday by the Treasury's Office of Foreign Assets Control or OFAC expands Washington's campaign against Iran's so called shadow banking system, which officials say launders billions of dollars through front companies and cryptocurrency exchanges. The action named Iranians, and there's no way I can say these names, I just can't pronounce them. I'm sorry. But they are central figures in moving over $100,000,000 of cryptocurrency tied to Iranian oil sales since 2023. They've I guess they've the Shah has been at it for for quite some time, I guess. OFAC said that they use front companies in Hong Kong and The UAE to disguise these flows. Well, the network was also linked to Hezbollah affiliated financial operations and Syria's Al Qatari company, I think is how it pronounce it, previously sanctioned for aiding the Iranian revolutionary guard forces. Dozens of shell firms including Alpa Trading in Dubai and Alpa Hong Kong Limited were also blacklisted, quote, Iranian entities rely on shadow banking networks to evade sanctions and move millions through the international financial system, said undersecretary of the Treasury for Terrorism and Financial Intelligence, John k Hurley, quote, under president Trump's leadership, we will continue to disrupt these key financial streams that fund Iran's weapons program and malign activities in The Middle East and beyond, end quote. The treasury's move follows a September second round of sanctions that hit Iranian linked oil tankers and an Israeli government move to blacklist a 187 cryptocurrency wallets tied to the Iranian Republican Guard.
Washington has recently stepped up its campaign of financial pressures on Iran, which has intensified through the summer with successive sanctions aimed at cutting off Tehran's access to hard currency. By targeting shadow bankers, crypto brokers, and overseas shell companies, The US is seeking to dismantle the financial scaffolding that allows the IRGC and Modafel to finance weapons developments and regional proxy groups despite existing sanctions or rather restrictions. Angela Eng, APAC, then that's not the Israeli thing, APAC, head of policy and strategic partnerships at TRM Labs, told Decrypt that the explicit targeting of blockchain activity reflects a larger strategic shift. Quote, Iran's procurement networks no longer rely solely on front companies and bank transfers, a parallel channel for moving value quickly and discreetly across borders, particularly when banks flag or reject suspicious wires, she said.
Sanctioning wallet addresses as well as shipping assets and corporate fronts sends a message that digital rails are a growing focus of sanctions, she added. Yeah. Well, good luck with that. Ang added that the action underscores just how deeply digital assets have become embedded in Iran sanctions evasion playbook. Oh, I see it. I feel I smell, see, hear, and taste, and feel a narrative being developed here. Quote, by designating wallet addresses alongside vessels, individuals, and front companies, OFAC is making clear that cryptocurrency is no longer a peripheral tool, but a core settlement rail for procurement and finance networks, she said.
She noted that the treasury had described familiar patterns in Iran's use of crypto payment rails, including, quote, Fiat converted into stablecoins like USDT and TRX. Value moved through layers of intermediary wallets to fragment the trail and funds ultimately off ramped through exchanges with weak compliance oversight. Excuse me. Pardon me. The IRGC was first designated by The US in 2007 for supporting terrorist groups, while its parent organization, the IRGC, was blacklisted in 2017. Modafel, which oversees weapons development, was sanctioned back in 02/2019. Still not illegal.
It's just not. Look. We can be pissed, and OFAC can, like, you know, say that it's illegal, but it's it's not really illegal for who is the real point of what I'm trying to say here. Illicit oil sales is in the headline of this article. It's not illicit. It's just not. It's pissing OFAC off. It's pissing probably The UK off. It's probably pissing the European Union off, but it's not illegal. Just because the West says something is illegal does not mean that it's actually illegal for somebody who does not exist in any of those places, like Iran and Iraq and, I don't know, Saudi Arabia, even though they're supposed to be our friends, quote, unquote.
The rhetoric here is very plain. This is just this is just honestly, I don't like Iran. But this kind of attitude can quickly quickly become embedded into, well, we just are just gonna say we don't like somebody so that we can say that whatever that they're doing is illegal. Right? This is just not the way that we should be acting, honestly. I'm just that's probably gonna be very unpopular because Iran. Oh, I don't at this point, I just don't care anymore. US house considers a retroactive ban on CBDCs. Oh, retroactive.
We don't even have CBDCs. Let's see what Atlas twenty one has to say about it. The United States House of Representatives may have identified a more direct legislative path to prevent the Federal Reserve from issuing a central bank digital currency by using a crypto market structure bill that's already passed in July. Oh, that's the retroactive part. Okay. During a house rules committee hearing held on September 15, a preliminary agenda revealed a proposal to incorporate the text of the anti CBDC surveillance state act also passed in the house in July into the digital assets market clarity act.
This approach would add the CBDC ban to the final version of the existing crypto market structure bill before sending it to the senate for review. House Republicans have already considered a similar move ahead of the July vote on the Genius Act, the bill to regulate stablecoins. And some lawmakers wanted the stablecoin package to explicitly include a CBDC ban before the vote, delaying approval until after the August recess. All three bills were eventually passed with some bipartisan support. It remains uncertain whether the house bill, which combines market structure and a CBDC ban, could influence the legislation proposed in the senate. Senate Republicans on the banking committee have stated that their version of the market structure bill is based on the Clarity Act, but constitutes separate legislation under a different name, the Responsible Financial Innovation Act.
It reminds me of, like, alcohol commercials. Enjoy Dos Equis responsibly. Enjoy Bud Light responsibly. Enjoy a fifth of your favorite liquor responsibly. Yeah. K. Wyoming senator Cynthia Lummis, one of the leading advocates for the market structure bill said that the banking committee plans to advance the legislation by the September with president Donald Trump potentially signing it into law by, you know, 2026. Despite Republicans maintaining control of both the house and the senate, their very slim majority in each chamber may require some Democratic support to pass the legislation, including the proposed market structure bill.
Proposals from both parties have included measures to update regulatory requirements and provide clarity for the digital asset industry. So they're trying they're trying to get the CBDC band through. What what bugs me to death here is how the Federal Reserve, if they're truly an independent structure outside of the purview of the federal government, would have any ability to create such a CBDC. Would that not be treasury? Now we know the truth. Right? They're not exactly independent. But still, creation of a currency is not in the mandate of the Federal Reserve. Sure. They print the dollar, but the dollar was already in existence before the existence of the Federal Reserve. So they were basically just handed the power of the dollar.
But nothing in their mandate suggests, and we'll get to it later, suggests that they can create a currency. I mean, that's what a CBDC is. Even if it's even if it's only backed by the dollar, it's still not the dollar. It would just be backed by the dollar. Or is the Federal Reserve going to change the rails of the United States dollar and just turn it into a CBDC? That, in my mind, is the only way that they would be well within their mandate. And nobody wants this. Nobody nobody needs this, by the way. And if we get a CBDC, it's bad for everybody. It's just gonna be terrible.
So let's see what Mike Johnson has to say. Oh, he says, we're in this together. House speaker Mike Johnson on Congress plus crypto. This is our good friend Frank Korva writing for Bitcoin magazine, and he says, this evening, after an afternoon session with Bitcoin and crypto industry leaders, house speaker Mike Johnson attended an intimate Bitcoin voter pack sponsored event in downtown Washington, DC, at which he made it clear that house Republicans plan to work closely with the Bitcoin and crypto industry to craft legislation that will enable the industry to thrive in The United States. Quote, we're in this together, speaker Johnson told Bitcoin magazine at the event. Quote, it was an extraordinary group of folks to have assembled on Capitol Hill today and a great benefit to the members of congress to be able to associate with, talk with, and visit with all these leaders in the industry, he added, referring to the likes of Coinbase CEO Brian Armstrong, Andreessen Horowitz general partner, Marc Andreessen, and Riot Platform's SVP and Bitcoin voter project lead, Brian Morgenstern, on the industry side and house majority whip Tom Emmer and house financial services committee chairman French Hill on the congress side.
Speaker Johnson also noted that congress relies upon the insight and expertise of the members of the industry to be able to have policy that allows for further growth and advancement of the industry. He highlighted that the Republican Party is deeply committed to helping to advance the industry in the coming years and that today's meeting was, quote, very productive. Real wow. My Mike Senich, senior advisor at the Bitcoin voter pack, seconded speaker Johnson's comments regarding how productive today's meeting really was. Quote, we had great discussions about the SBR, the strategic Bitcoin reserve, and double taxation on Bitcoin miners who are taxed when the Bitcoin is mined and then when it's sold, Sendrick told Bitcoin magazine. He added that members of the US Treasury, such as acting secretary of domestic finance, Luc Petit, and counselor to the secretary of on digital assets, Tyler Williams, as well as White House executive director of the president's council of advisors on digital assets, Patrick Witt, were also present at these discussions. Quote, we talked about how the industry can work hand in glove with their teams, said Sinek.
Sinek also stated that those in today's meetings now understand what the priorities are for market structure. I guess they're talking about clarity here. When I asked him whether those priorities included keeping the language from the Blockchain Regulatory Certainty Act that would protect developers and providers of noncustodial technologies, he said that he could not currently comment on any specifics of what was discussed. Oh, yeah. But it was a great meeting. Okay. However, he did say that time was of the essence in getting legislation like the Clarity Act passed. Quote, we believe that the future of this industry rests with a Republican majority in Congress for us to get everything done that needs to be done, said Sinek. Quote, so not knowing where the house majority will be in a year, we have to start working with that timeline to get these accomplished.
And just as a further point with speaker Johnson, we will do everything we can to protect his house majority by electing Bitcoin and crypto champions come midterms, end quote. Now this is nothing this is nothing against Frank. Frank's Frank's a reporter. You know, he's he's at the White House. He's for Bitcoin Magazine. This is what he does. He can only report on what he sees. But I can tell you what I see is a bunch of people standing around in suits paying nothing but lip service to a group of people that got them all elected. Because I firmly believe that if it hadn't been for the Bitcoiners, they would not would not have become elected.
I'm just I'm just you can disagree with me. That's fine. But this sounds to me like a bunch of horseshit being fed to people to keep them in line and on the boat because I didn't hear anything substantial here. And this is I'm used to this out of Washington, DC. We had a very productive discussion. Oh, really? On what? Well, I can't disclose that. Oh, bullshit. See, automatically, right there, that's when I lose faith. I don't care what speaker Johnson just said. Unless he tells me exactly what was discussed, then as far as I'm concerned, there was no productive discussion. For all I know, they talked about drinking Dos Equis responsibly.
I don't care. But we should probably care about something called the Fed's third mandate. It may devalue the dollar and send crypto soaring. Yes. I know. I'm saying the word crypto, but that's that that's the headline from Martin Young out of Cointelegraph. A third mandate from the US Federal Reserve could change long term monetary policy if actioned, which could be bad news for the dollar, but good news for crypto. The Fed has long been considered to have a dual mandate, price stability and maximum employment. But President Donald Trump's pick for Fed governor, Stephen Muren, cited a third mandate earlier this month, sparking speculation on the future of central bank monetary policy.
This third mandate is a statutory requirement buried in the Fed's founding documents, which states that the central bank actually requires three objectives, maximum employment, price stability, and modern long term interest rates. The Trump administration appears ready to use this long forgotten statutory requirement as justification for more aggressive intervention in bond markets potentially through yield curve control and expanded quantitative easing. Yes. QE. That means money printing, Bloomberg reported on Tuesday. Now here is a I'm looking at a screenshot of the general policy congressional review section two a of the Feds founding documents, and it states, quote, the Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production so as to promote effectively the goals of maximum employment, stable prices, and moderate long term interest rates.
That's 12 USC twenty two five a, if you wanna go look at the nineteen thirteen Federal Reserve Act so that you can see it for yourself. Because what happened in 1913? Well, we all got screwed. But, hey, this third goal has been largely ignored for decades with most considering it a natural byproduct of a t of achieving the first two. But Trump officials are now citing it as legal cover for potential yield curve control policies where the bed sorry, the bed. The Fed buys government bonds to target some desired interest rate. Trump has long advocated for lower rates, calling Fed governor Jerome Powell too slow or too late in reducing them.
The administration wants to actively suppress long term interest rates and potential tools include increased treasury bill issuance, bond buybacks, qualitative oh, I'm sorry. Quantitative easing, or direct yield curve control. Lower long term rates would reduce government borrowing cost as national debts hit a record 37,500,000,000,000, and the administration also wants to stimulate housing markets by bringing down mortgage rates. You know what that'll do? That'll send the basis cost of a house soaring. I I don't want it I don't want it any more than you do, guys, but that's exactly what would happen. Just I'm just saying. Anyway, Christian Pusateri, founder in of encryption protocol mine network said on Wednesday that the third mandate is financial repression by another name adding that it looks a lot like yield curve control.
Quote, the price of money is coming under tighter control because the age old balance between capital and labor, between debt and GDP, has become unstable. Bitcoin stands to absorb massive capital as the preferred hedge against the global financial system, he said. Outspoken BitMEX founder, Arthur Hayes, also said it was bullish for crypto, suggesting that yield curve control could send Bitcoin to $1,000,000. Yeah. Guys, I want you to be very, very careful with statements like, oh, Bitcoin's gonna be this price on this date because of x, y, and z. The price is what the price is at the time you look at the price.
There's no prediction that is worth its salt, so please stop listening. I I like Arthur Hayes. Alright? But please stop listening to him when he's saying shit like this because it's kind of inflammatory. Let's run the numbers. The energy sector is completely in the red today as is all the the shiny metal rocks. Oil is down point 3% to $64.31. Brenton, North Sea is down a third to $68.23. Natural gas is down a third to $3.09. Gasoline is down a quarter, and Murbaughn crude is down point 4% today to 71 and 29¢ per barrel.
Gold is down point 14%, but it's still at a really high price of $37.19 and 6 dimes. Silver is down 1.7, platinum down 1.8, copper is down 1.3, and palladium taking it between the legs two and a quarter percent of the downside. All of your ag is in the red as well. Biggest loser is good lord coffee getting its knees chopped out. Dude, seven and a half points to the downside. Oh, wow. And live cattle are not doing well either. They are down 1.12%, lean hogs down point six, feeder cattle down a point and a half. The Dow is actually in the green today. It's one of the only ones. It's a half a percent to the upside while the S and P is down point one six, Nasdaq is down point four, and the S and P Mini is up a quarter of a point.
And Bitcoin had hit almost a $117,000 earlier today, but it's bottomed back out at a $116. Nope. A $116,040. That's a $2,310,000,000,000 market cap. We can purchase 31.2 ounces of our favorite shiny metal rock with our one Bitcoin of which there are 19,922,073.05 of an average fees per block are average. 0.03. BTC taking the fees on a per block basis. There's over 50 blocks chilling out carrying a 131,000 unconfirmed transactions waiting to clear at relatively cheap prices right now. 2 Satoshis per v byte gets you in at high priorities. Low priority, gonna cost you 1 sap per v byte. Oh, we lost the Zeta Hash handle.
998 exahashes per second is the all the security that we have on the Bitcoin blockchain. It's all it's a mining death spiral. It's all gonna go away. Oh my god. Hey. This is your reminder. Bitcoinandshow.com is the website for the Bitcoin and show. If you wanna go check it out, it is at bitcoinandshow.com. That's bitcoinandshow,all1word,.com. Sign up for the newsletter. I need some metrics on this website. I need I need some some people, like, hitting the pages and doing the things and switching back and forth between other pages so that my Google Analytics goes hot. Right? Yeah.
Now from, last couple of shows from reorg this, Ankh Morpock threw me 2,100 Satoshis, Didn't say anything, but, hey, I I will take it. From Kindly Get Out, I got Saints and Sats with 200, also didn't say anything. Chef Tommy gives me 800 Sats. Thank you, sir. No. Thank you, chef. I appreciate that. God's death with $2.37 says thank you, sir. No. Thank you. And that's it for the morning weather report. Welcome to part two of the news that you can use. This story is coming out of Reddit, because it was the best place that I could find from the original source that's talking about what you may have heard with this, Tor node operator, I think in Michigan.
Yeah. From, from Michigan. It's pretty bad news. I I don't like reading this kind of thing, but you gotta understand what we're up against. And for those of you who don't do not know what Tor is, it's it's just part of the Internet. It it it it allows a lots of identity masking to occur, but it's also things that gave us the wonderful world of Torrance where you could get, like, movies and, yes, I it's Tor is very much linked to piracy, digital piracy, movies, music, software, but it does a lot more than that. It it I mean, it's just a tool. You it can be used for good or evil. It depends on what your definitions of good and evil is, but one thing that I can define very well is the FBI acting in a very evil manner on this one.
So from Reddit, the FBI couldn't get my husband to decrypt his Tor nodes, so they told a judge he used his graphics driver to access the dark web and jailed him pretrial for not one, not two, but three years. He was held in jail pretrial for three years. This woman goes on to say, my husband and and doxes him. I mean, flat out gives the name Conrad Rockenhaus or house is wrongly incarcerated in the county jail. I'm posting this here because you are one of the few communities that will understand the full technical and political reality of how we ended up here. By the way, this is actually coming out of the subreddit r Tor.
Okay? R slash Tor. This is a subreddit just for Tor, so she's posting it here. She continues, my husband is a former Tor operator, and at one point, he ran some of the fastest relays and exit nodes in the world. This nightmare began when he refused to help the FBI decrypt traffic from his exit nodes. Months later, the government arrested him. Their official reason? A minor nonviolent CFAA charge from an old workplace dispute that had nothing to do with Tor. In fact, the statute of limitations was just a couple of months from expiring. It was a clear pretext to target him.
That minor charge was all they needed to get him into the system. To deny him bail, a US probation officer in Texas lied under oath telling a judge that Conrad, get this, had installed a Linux OS called Spice for those of you don't know OS stands for operating system so installed a Linux operating system called Spice to quote knock out their monitoring software and access the dark web. Here is the technical reality of their lie. The software was a standard Spice graphics driver needed for his PhD program. As many of you know, this is a basic utility for displaying graphics from a virtual machine.
It is not an operating system, has no connection to the dark web, and was technically incapable of interfering with their monitoring software. The claim is a technical absurdity equivalent to saying a mousepad can hack a server. Based on that lie alone, he was held in pretrial detention for three years. Now the retaliation has escalated in Michigan after I filed a formal complaint against, his US probation officers for harassment, they used fraudulent warrants to jail my husband yet again. During this violent arrest by US Marshals Service who smashed in our windows and nearly shot my dog, he sustained a severe head injury that caused him to have a grand mal seizure in court.
The jail's medical attention was to ask him what year it was, he said 02/2023, and they sent him back to his cell. He is being denied real medical care. And she has a list of videos of, like, the feds threatening, to sick dogs on us, the feds beating her husband in the head, feds smashing the windows. There's another one for feds threatened to shoot my dog, and then there's another video, more threats to shoot my dog. She continues and says, to make matters worse, US district judge Stephen l Murray the third has created a procedural trap that has stripped my husband of his rights to a lawyer to fight for his life, health, or innocence.
He is trapped in a constitutional and medical crisis. I'm not asking for money. I'm asking for your help to amplify this story. You understand the technical truth and why this fight is so important. We have all the evidence, the court transcript of the false testimony, the fraudulent warrants, the proof of medical neglect. It's all documented on my website, rockenhaus.com. That's r o c k e n h a u s, rockenhaus.com, if you wanna go check it out for yourself. She needs help in getting the word out, and her name is Adrienne Rockinghouse or rockin' rockin' house. Sorry. That's rockin' house.
If you have the mind, this the the URL to this subreddit, this particular post will be in the show notes. If you want to help, then you might wanna amplify it across whatever media sites that that you hit. Alright? Because this is this is just disgusting. Now do I know if it's true? No. I don't. I don't. But you know what? At this point, the federal government's reputation in law enforcement is so low that I'm surprised it's not worse than what she's describing. So if they at this point, it's up to the feds to prove that they didn't fucking do this. And I don't care.
At this point, I literally do not care one whit if every word this woman says is a lie. And I don't care if everybody spreads this lie because at this point, given the actions of federal officers as well as state officers and municipal officers, it is now on them to prove that they didn't fuck this up. I just don't care anymore. And I'm probably not gonna care about this one either. BTC Incorporated and strategy agreed to a five year strategic partnership renewal extending Bitcoin for corporations initiative. You know, I don't think I remember.
My cat is eating something off the floor. What are you doing? Stop that. Oh my god. She's gonna eat plastic and die, I guess. It'll be okay. I I promise. She's probably does this all the time, and I'd never noticed. I just happen to notice because, you know, I'm I'm easily distracted. I was unaware that that BTC Incorporated and Strategy had already had a strategic partnership. But, apparently, they wanna renew that for five more years, extending Bitcoin for corporations initiative. And this is Vivek Singh writing for Bitcoin magazine, which is a subsidiary of BTC Inc. In a significant development for corporate Bitcoin adoption, BTC Incorporated and Strategy Incorporated have announced a five year renewal of their strategic partnership for the Bitcoin for Corporations initiative.
The partnership aims to accelerate global corporate Bitcoin adoption through 2030, with BFC currently representing 38 member companies that collectively hold 69% of all corporate Bitcoin holdings. The renewed agreement strengthens BFC's positions, b f BFC's position as the primary platform for Bitcoin treasury companies, service providers, and capital allocators working to integrate Bitcoin into corporate balance sheets. The initiative's global reach now spans North And South America, Europe, as well as Asia slash Oceania. Quote, securing this five year extension to our partnership with strategy reinforces our conviction that corporate Bitcoin adoption is not slowing down and will only continue to accelerate, said George McHale, or McHale, I guess, is how you pronounce it, managing director of Bitcoin for corporations at BTC Incorporated.
He further says, quote, I'm grateful for the opportunity to continue our collaboration. Yeah. It's just suits me, dude. The partnership will continue providing executive level networking opportunities, investor relations support, and access to educational resources tailored for corporations integrating Bitcoin into their financial operations. Honestly, that's all we need to know. To me, this almost sounds like the hail Mary that buying Bitcoin for a failing company was last week. Although, it's not just last week, it's it's this week as as well, and and you'll hear about it here in a second. But something about this doesn't sit right with me. I mean, this is like a press release and it just it seems very obscure.
And I don't know. I mean, and and kind so BTC Inc is David Bailey's outfit. They own Bitcoin Magazine. They're the guys that do the big Bitcoin conference, the one that was in Miami, and then it went to, like, what, Nashville, and then last year it was or this year it was over there in Las Vegas. The big one. The one that draws, like, 20,000 people. Right? Well, David Bailey is also one of the backers of the of KindlyMD. It was like his his company Nakamoto Incorporated, merged with this this medical company, KindlyMD, and they were gonna transform it into a a big old well, a big old Bitcoin treasury company.
And as I told you yesterday, that that's not doing so well. So all of a sudden, we have this announcement that strategy and Bitcoin Inc or BTC Incorporated are partnering to extend something that I didn't even know existed. I don't know, man. I don't know. It it it it sounds a little bit like a hail mary. We'll we'll have to see. But in the meantime, Meta Planet expands Bitcoin strategy with a new US and a new Japan unit. So their Meta Planet's expanding and not expanding their Bitcoin balance sheet. They're expanding the actual company themselves.
So, Ahmed, please tell us what the hell is going on at a Cointelegraph. Meta Planet, the Japanese hospitality and real estate group turned Bitcoin treasury company, is ramping up its crypto strategy with the launch of not one, but two new subsidiaries. One is in The United States, and the other one is in Japan. In a Wednesday post on x, the Tokyo based firm announced the establishment of Meta Planet Income Corporation, a wholly owned United States subsidiary based in Miami, Florida with an initial capital of $15,000,000 according to the disclosure.
The unit will focus on Bitcoin income generation and derivatives trading, creating a structural separation between Meta Planet's core BTC holdings and revenue generating operations. The subsidiary will be managed in part by Meta Planet CEO Simon Gurevich alongside Dylan LeClaire and Darren Winiya. But the company also said that the move is expected to have minimal impact on its consolidated financial results for the fiscal year ending December 31. Back home in Japan, Meta Planet also unveiled Bitcoin Japan Incorporated to strengthen its domestic Bitcoin related operations.
That entity based in Tokyo's Rapungan Hills hold on. Rapungani. Yes. Tokyo's Rapungani Hills will oversee media events and the management of bitcoin.jp, the website or the web address recently acquired by Meta Planet. The new Tokyo entity will also manage Bitcoin Magazine Japan and the Bitcoin Japan Conference. Expanding Meta Planet's reach in domestic crypto media and community engagement, directors Gurevich and Yosh I can't pronounce it. Will lead the initiative. I'm sorry that I cannot pronounce some of these names. Dude, I don't get the $600,000 a year paycheck from freaking CNN to go learn these names. I'm I'm I'm just I'm just a podcaster, man. The twin announcement comes as part of the company's Bitcoin in, Bitcoin income business, which launched in the 2024.
The news also came shortly after the company revealed plans to raise 204,100,000,000.0 yen, which is about a $1,400,000,000, through an international share offering to expand its BTC holdings. With over 20,136 BTC now on its balance sheet, Meta Planet ranks as the sixth largest Bitcoin treasury holder globally, trailing only giants like MicroStrategy according to bitcointreasuries.net. The top three public Bitcoin treasury holders are all US based companies led by strategy, and they give a whole bunch of numbers which we don't really need to know. Here's what I find interesting.
The the Japanese subsidiary, let me get back down to it, the one that's in Roppongi Hills, will oversee media events and the management of bitcoin.jp, but they will also manage Bitcoin Magazine Japan. So there's the link between BTC Incorporated, Strategy Incorporated, Bitcoin Magazine through Meta Planet. So maybe maybe that BTC announcement wasn't a Hail Mary at all. Maybe this is some kind of focused, like, series of press releases that starts welding together BTC Incorporated, Strategy Incorporated, Meta Planet in Japan and BTC Incorporated subsidiary Bitcoin Magazine.
Because, again, remember the Tokyo based meta planet is going to oversee media and events. And the Bitcoin Magazine Japan and the Bitcoin Japan conference. This may not be a terrible idea. I mean, you've you've got a couple of really big heavy hitters over in The United States. The biggest of one would be strategy. A huge Bitcoin balance sheet. And they can throw a lot of weight around with a lot with with that much Bitcoin. They really can. But then you got Bitcoin Magazine or rather the umbrella company, BTC Incorporated, and it looks to me like there is some coming together of several entities that seem to reinforce each other. Bitcoin Magazine and BTC Incorporated certainly reinforces the Tokyo subsidiary of Meta Planet because its media and events, think conference, the Bitcoin Japanese or the Bitcoin Japan conference, and Bitcoin Magazine Japan.
This okay. I'm I'm gonna hold off on on saying that this is this link between strategy and BTC Incorporated is a hail Mary. This shit may actually end up being quite big. So, again, we we need to lay off of our all of our assumptions and just see what happens. And hopefully, it won't happen like this. James Hunt, writing for the block says, one in every four public Bitcoin treasury firms are now trading below their BTC holdings value. I guess a bunch of k thirty three forms came in. Oh, no. That's it's k thirty three is the the, I guess, the analytics firm reporting the the the whatever. The Bitcoin treasury boom is losing steam with one in four public treasury companies now trading at below at market caps below the value of the Bitcoin that they hold according to k thirty three, Issuing new shares with a market to net asset value of below one is dilutive, curbing the capacity of some corporate buyers to raise more capital to keep adding to their treasuries.
Quote, when firms trade below NAV, issuing shares becomes a dilutive process because it because it gives away more ownership via undervalued shares than the value it receives in return, k thirty three head of research, Vettel Lund, explained in a new report. I gotta pause there because I wholeheartedly disagree. Even if even if my shares if I do calculations and find out what my share, you know, value is relative to the nav of the company, the native asset value, even if it's above and you print shares of that, you're still diluting me. I don't have to be losing money on my shares to be diluted out of my fucking position.
That's ridiculous. I wholeheartedly disagree with that statement. I do not reflect that belief at all. Continuing, the sharpest collapse has come from NACA, you know, the Kindly MD and Nakamoto Holdings merger vehicle. Well, it shed 96% of its market value from peak and has seen its m Nav multiple collapse from 75 to just 0.7. Tetherback twenty one, similar scientific, and the smarter web company, oh, are also among those with an m nav currently less than one according to Bitcoin treasury data. More broadly, the mean m nav multiple across listed treasury firm sits at 2.8 down from 3.76 in April, but the distribution is skewed.
Smaller firms are increasingly below water. That's exactly what I told y'all would happen. Though the largest players still carry meaningful premiums, Lund noted. Michael Saylor's strategy, the sector's heavyweight and pioneer of the Bitcoin treasury playbook, has seen its premium fall to 1.26. That's the lowest since March 2024. It leaves strategy with diminished scope to tap equity markets for new Bitcoin buys reflected in its lower weekly acquisitions as of late. Quote, this reduces strategy's ability to purchase BTC substantially and points towards a materially lower buy side demand from one of the most important supply absorbers over the past year, one said.
The slowdown is already visible in overall flows. Bitcoin treasury companies have bought an average of 1,428 BTC per day in September so far and the lowest pace since May. And as a sign that the treasury firm tantrum in equity markets is bleeding into spot demand, the analyst highlighted, adding that the fading premiums are rational. Now that I do agree with. Quote, treasury firms acting as pure play accumulation vehicles should not trade at a premium to their balance sheet due to higher cost burdens stemming from advisory fees, insider incentives, and complex capital structures.
Exceptions exist when the firm may experience operational gains in other business vehicles or verticals from a strong BTC balance sheet. See, this is what I want. I want these companies to have a product and or a service and have Bitcoin on their balance sheet. That seems healthy. So far, I I I've just I've kept expecting strategy to come out with something that they can sell because they sure as shit ain't doing software no more, but no. All they're doing is buying Bitcoin, and I find that to be not a great place to be in. But, hey, I'm not the billionaire that Sailor is, so what do I know? Right? Well, the broader picture is that that with public treasury holdings now surpassing 1,000,000 BTC, the market may be reverting to more organic demand impulses from ETFs and retail investors rather than relying on corporate treasuries to set the marginal bid Lund suggested.
So there you go. There you go, man. It's it's all right there for you. I told you the smaller companies were gonna be the hardest hit, and the biggest companies are gonna probably be the ones to weather the storm, and it doesn't matter. Right now, at least right now, that MicroStrategy's MNAV is at 1.26. It it doesn't really matter. They're still probably going to survive. But these little companies, and especially the ones that are coming in today, are gonna have some freaking problems. And last up on the list for today, Hyperscale Data, it's the name of the company, launches a $100,000,000 Bitcoin treasury strategy.
Oh, yay. This is Alex Larry out of Bitcoin News, and I'm not gonna read much of this. Hyperscale Data, which trades under the New York Stock Exchange as GPUS, has announced a new plan that combines two of today's hottest trends artificial intelligence and Bitcoin. The company is launching a $100,000,000 Bitcoin treasury strategy while expanding its Michigan AI data center becoming a pure play AI and digital asset business. Hyperscale data's stock more than doubled in pre market trading and increased by as much as 101% on Monday morning before falling back down and then they give this chart of hyperscale hyperscale is trading at almost exactly where they were September and September 12.
On September 15, they went from something like 35¢ per share. Yes. You read that right. It's a penny stock. 35 United States pennies per share and hit almost 60¢ per share. Before, twenty four hours later, when it fell back down to 37.6 pennies per share. This chart looks exactly like any other shit coin chart that I've ever seen. And that's what I'm trying to get at. I don't think we are in I don't think we're in a place where new companies that are looking for a hail Mary pass are going to be able to do that. The defense already knows that play, and the defense is playing pretty hard against that play.
I do not think Hyperscale is going to do anything at all. I certainly don't think that they're going to buy a $100,000,000 worth of Bitcoin. At 37.6 pennies per share, and the fact that they are like a low end player for artificial intelligence, I just don't see it. I think I think the new entrants into Bitcoin treasuries are gonna be put on hold for quite some time, which goes directly in the face of what strategy and BTC Incorporated are trying to do with their extended five year strategic partnership to get more companies to put Bitcoin on their balance sheet. So there is I think that this is a nice healthy tension between people that want to, you know, save their companies by saying bitcoin and AI and the reality on the street which is, yeah, I've got 68 companies to choose from dude, I don't need your stock.
So I could be wrong. I don't think I am, but I gotta take my daughter to the doctor, so I will see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Opening: Fed decision day, CBDC buzz, and show rundown
What can the Fed create? CBDC authority vs. mandate debate
Market check: energy, metals, ag, equities, and Bitcoin metrics
Wrap-up and sign-off
