Episode 1190 of Bitcoin And . . . is LIVE!
Topics for today:
Wine
nostr: https://primal.net/BenJustman
Twitter: https://x.com/BenJustman
Website: https://www.peonylanewine.com/bitcoin
https://www.theblock.co/post/374295/binance-pays-283-million-in-compensation-following-fridays-depegs-covering-user-losses
https://bitcoinnews.com/mining/galaxy-digital-turn-bitcoin-mining-to-ai/
https://www.coindesk.com/markets/2025/10/15/bitcoin-miner-stocks-continue-surge-with-blackrock-nvidia-microsoft-joining-in-usd40b-ai-data-center-bet
https://atlas21.com/tether-300-million-settlement-with-celsius-to-close-loan-lawsuit/
https://decrypt.co/344333/stablecoin-issuers-race-bank-charters-stripes-bridge-joins
https://cointelegraph.com/news/corporate-bitcoin-holdings-surge-institutional-adoption-2025
https://cointelegraph.com/news/metaplanet-enterprise-value-below-bitcoin-holdings-mnav
https://decrypt.co/344299/bitcoin-mayor-eric-adams-establishes-nyc-digital-assets-blockchain-office
Get You're Free Comfrey Owner's Manual Here:
https://www.bitcoinandshow.com/the-comfrey-owners-manual-is-here/
Topics for today:
- Binance Makes Losing Easy
- Galaxy Leaves BTC Mining Behind
- Tether Settles Suit For $300 Million
- Stripe Registers For Stablecoin Bank
Circle P:
Peony LaneWine
nostr: https://primal.net/BenJustman
Twitter: https://x.com/BenJustman
Website: https://www.peonylanewine.com/bitcoin
Today's Articles:
https://bitcoinmagazine.com/legal/new-gop-bill-wants-to-solidify-trumps-bitcoin-friendly-401k-orderhttps://www.theblock.co/post/374295/binance-pays-283-million-in-compensation-following-fridays-depegs-covering-user-losses
https://bitcoinnews.com/mining/galaxy-digital-turn-bitcoin-mining-to-ai/
https://www.coindesk.com/markets/2025/10/15/bitcoin-miner-stocks-continue-surge-with-blackrock-nvidia-microsoft-joining-in-usd40b-ai-data-center-bet
https://atlas21.com/tether-300-million-settlement-with-celsius-to-close-loan-lawsuit/
https://decrypt.co/344333/stablecoin-issuers-race-bank-charters-stripes-bridge-joins
https://cointelegraph.com/news/corporate-bitcoin-holdings-surge-institutional-adoption-2025
https://cointelegraph.com/news/metaplanet-enterprise-value-below-bitcoin-holdings-mnav
https://decrypt.co/344299/bitcoin-mayor-eric-adams-establishes-nyc-digital-assets-blockchain-office
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[00:00:02]
David Bennett:
It is 10:20AM Pacific Daylight Time. It is the October 2025, and this is episode eleven ninety of Bitcoin. And we've got the GOP, the the grand old party. They have a bill to solidify Trump's Bitcoin friendly four zero one k plan. Binance is paying through the nose for last Friday's little thingamajig. We'll get into why this is not a good idea. Galaxy Digital is in the news and a whole bunch of Bitcoin miners turning over a new leaf. And let's see what else we got on board. Oh, Tether has settled a lawsuit. That's gonna be all kinds of fun. And stablecoin issuers are racing for bank charters because stablecoins are just well, they're stablecoins, and they don't seem to be going anywhere. And I doubt seriously that they ever were gonna go away, just sort of like sort of like altcoins.
The poor will always be with you. And we've got a tally on the number of Bitcoin treasury companies that have popped up in the last three months, Meta Planet being one of them, and they are in the news as well. And then we're gonna round it out with the mega, Eric Adams in New York. He's doing stuff and reaching for things. But first, here's a great description
[00:01:36] Unknown:
of Bitcoin for you. Everyone goes, Bitcoin is a bubble. It's tulips. Okay. Tulips was was the the bubble in tulips in Amsterdam in 1630. That bubble in Amsterdam, where is the center of the global flower industry today? It is in Holland. The Netherlands has been the central the center of the global flower industry for four hundred years. That tulip bubble brought four hundred years of prosperity to Amsterdam. So to call it tulips is actually a compliment on this. And then you go, what is a bubble? Well, I'll tell you what a bubble is. A bubble is a bull market in which you don't have a position. It is a psychological way of justifying that you didn't invest in something to call it a bubble.
So you can call it a bubble and you can dismiss it. But the potential of Bitcoin to be the default cash system of the Internet and the default savings vehicle of the Internet is so extraordinary, I would argue, that the risk portfolio. And don't try and use the fact that I don't understand it as an excuse, because most people don't understand how the combustion engine works, and they still own a car. Most people don't understand hypertext transfer protocol, and they still use the Internet.
[00:03:05] David Bennett:
Yeah. I I this is this is a guy by the name of Dominic Frisbee, in case you're wondering who this is. He's a comedian and a musician. He's kind of like an all arounder, been around for years, and even this guy actually gets it. But what I find most fascinating is his ability to tell me something that I never I just never considered, that the tulip bubble left Amsterdam and the surrounding regions as a major flower producer to this day. To this day, I'd if you look at the fields of tulips and whatnot in Amsterdam, it is amazing the size of that flower industry.
It has generated millions upon millions upon millions of dollars every single year, honestly, ever since. I mean, well, million dollars today is definitely, like, a million dollars back in, like, the sixteen hundreds would be, wow, that's a lot of money. But still, ever since the tulip bubble ended, and it was only three years long, not in you know, Bitcoin's been around since 02/2009. Ever since then, it has generated capital every single year. It just goes on and on and on. And I think that was that was one of the reasons why I really wanted to bring that to you. That and the fact that this is he's not an economist.
He's he's he's not a politician. He's just he's just a guy that's a comedian, and he makes funny music, and he does, like, he's, like, short little videos. And even he understands this stuff. And we're still in the midst of this, you know, short term depression that we've got that was brought on last Friday by, well, generalized idiocy. But let's talk about, well, this $4.00 1 k thing. Out of Bitcoin Magazine, Micah Zimmerman's got this one. The new GOP bill wants to solidify Trump's Bitcoin friendly four zero one k executive order.
A new house bill aims to lock in president Trump's August executive order directing the labor department to open retirement plans to alternative assets, and that includes Bitcoin. The Retirement Investment Choice Act, expected to be introduced Tuesday by representative Troy Downing of Montana, would give executive order fourteen three thirty the force and effect of law. The one page bill. Oh, thank god. It's a one page bill and cements Trump's directive that American saving for retirement should be allowed access to crypto and other alternative assets if plan providers deem them appropriate.
Quote, alternative investments hold the transformative potential to supercharge the financial security of countless Americans saving for retirement. I applaud president Trump for his leadership to democratize finance and am proud to be leading the effort in congress to codify his executive order, Downing said. If enacted, it would permanently authorize four zero one k providers to include crypto exposed products alongside traditional funds. This could unlock billions of dollars of new flows to Bitcoin and other digital assets.
The executive order was signed in August, directed the Labor Department and Securities and Exchange Commission to expand access to alternative assets such as private equity, commodities, insurance products, and crypto. Now that's where I wanna stop. There's a couple of more historical notes about this particular executive order, but there's a word in here that if you forgot about this, you should be aware of. Private equity. To allow four zero one ks's to buy private equity. Honestly, I actually think that this is more about a potential hail Mary for the markets more than it is about allowing Americans to invest in in Bitcoin and and the wider field of cryptocurrency.
I keep looking at these all time highs of everything except things that actually matter, like Bitcoin, oil, stuff like that. But, well, gold matters and silver, kinda matters. But the S and P, the Nasdaq, the Dow, these things are just they're not coming back down. Being able to prop up the stock market that way is great. Now let's include being able to buy stock in companies that aren't necessarily in a stock exchange. You know, private equity. Prop up the rest of it. I I I can't not think about it in those terms. And the fact that Bitcoin is in there is I kinda think it's just lip service to those who sealed the gap on president Trump's election, which would be the Bitcoiners, because we did.
It was the reason he's in office is because he used that voting block to push it over the edge by telling us exactly what we wanted to hear. Just I'm it could be I could be completely wrong. I get it. I understand that. But the the second that I keep hearing about this private equity being allowed in 04/2001 k's, it honestly makes me nervous. But not as nervous as what comes next. Binance pays $283,000,000 in compensation following Friday's d pegs covering user losses. I think this number is going to go up much, much higher than this. But in the meantime, Zac Abrams tells us what's going on out of the block dot c o. Binance, the world's largest crypto exchange by volume, said it compensated users of three Binance earn assets to the turn tune of 283,000,000 after Friday's volatility caused the assets to de peg from their intended price. Binance executives apologized to users after Friday's market downturn, apparently triggered assets in three Binance earn markets for Athena stablecoin USDE.
Binance issued Solana liquid staking token, BNSOL, and wrapped Beacon Liquid staking token, WBETH, to de peg from their intended prices. Athena intended to be pegged to $1 briefly fell below 66 United States pennies on Binance. Binance says compensation was for futures, margin, and loan users who held all three or any one of them as collateral and were impacted between a certain set of times. It was twenty one thirty six to twenty two sixteen UTC, if you wanna know the details. Plus, users with verified losses from internal transfers and earned redemptions. Despite the issues on Binance, the assets did not de peg as significantly on other venues. Quote, I do not think it is accurate to describe this as a USDED peg when a single venue was out of line with the deepest pools of liquidity that experienced no abnormal price devaluations whatsoever, AthenaLab CEO and cofounder Guy Young wrote on x in response to the incident. On Sunday, Binance announced that 283,000,000 in compensation has already been paid to affected users in two batches. The exchange also downplayed some social media rumors that an attack on Binance caused the de peg. Quote, the extreme market downturn occurred before the depegging, Binance post states. Quote, records show that during the market sell off, prices fell to their lowest point between twenty one twenty and twenty one twenty one UTC on 10/10/2025, while the severe depegging occurred after twenty one thirty six UTC on the same day, end quote, in a separate post.
Binance elaborated on the changes it will make to the affected markets to safeguard against future depegs, adding the asset's redemption prices to the index weights to stabilize future wobbles and installing a soft price floor in the reference index for USDE. Finally, the exchange addressed extreme price movements in tokens like IOTX and ATOM, the latter of which reportedly fell below 1 United States penny on Binance before rebounding to its current price of around $3.50. And they go on to a couple of these other shit coins. Dude, no.
This compensation oh, we're sorry that our shitty sets of tokens that do nobody any good except to get them into massive amounts of trouble, you know, like lost its value. So we're just gonna give it all back to you. All this does all this does is set a floor so that people can continuously gamble on crap. It's it this this casino is the most vile, reprehensible cesspool of garbage that I've ever seen, and it's not just Binance. It's all of these exchanges. They are the they are the main reason that Bitcoin is not where it should be. It is nothing but a distraction.
It it's almost as if it's heaven sent to governments around the world to maintain their power over currency and wealth. It's disgusting, and it needs to end. And this compensation program that continuously rolls out after all this crap shows its its true colors is just going to make it worse. I implore you to implore your friends to stop playing in this casino. Because we have another casino that we can go play in and it's called AI. And Galaxy Digital is turning their Bitcoin mining operations to an AI data center using $460,000,000 in funding.
Wow. So this is out of Bitcoin news. Alex Larry writing, Galaxy Digital, founded by Mike Novogratz of Terra Luna fame, is making a bold play to leave its Bitcoin mining days behind and switch, switching to artificial intelligence. These okay. So in case you didn't recognize this, Novogratz and Galaxy Digital is no longer going to mine Bitcoin. They're leaving the Bitcoin mining days behind because they're switching to AI. Again, another heaven sent item for governments to maintain control over currency and wealth. It's this is it's continuing.
To make the leap, they've managed to secure 460,000,000 from an unnamed entity dubbed as, quote, one of the world's largest and most respected asset managers, which should hopefully be enough to transform Galaxy's outdated Texas Bitcoin mining operation into a shiny new AI data center. The deal marks a pretty significant detour from the world of Bitcoin mining. There now seems to be a whole series of these companies retooling their infrastructure so they can focus on high end compute uses for AI processes. As per Galaxy's announcement, the $460,000,000, private placement consists of the purchase of about a 12,700,000.0 class a shares of Galaxy at $36 per share. And of those, 9 million are brand spanking new, so they printed them.
And they were issued by the company. That's that's what we that's that's how they print them. They just issue it. 3,750,000.00 are being sold off by Galaxy executives, including Novogratz himself, quote, strengthening our balance sheet is essential to scaling Galaxy's data center business efficiently while maintaining the financial flexibility to support future growth, said Novogratz, quote, having one of the world's largest and most sophisticated institutional investors make such a significant investment in our company will support our strategic vision and our ability to build leading businesses across digital assets and data centers.
The cash is expected to be injected into the business by mid October, pending the usual regulatory approvals. It'll be used to boost Galaxy's balance sheet and put even more cash into its Helios data center operation in Texas. The Helios facility, which Galaxy acquired from Argo Blockchain in 2022, was initially used for Bitcoin mining. However, its profitability has taken a nosedive, especially after the last Bitcoin halving. Now, Galaxy plans to rip out all of the old Bitcoin mining hardware and give the whole place a top to bottom renovation so it's ready to host the heavy duty compute gear that powers today's increasingly popular AI.
Once it's up and running, the Helios site is expected to deliver an impressive 133 megawatts of compute capacity as part of the first phase of its long term development plan. A full build out though, Helios could be hosting 3.5 gigawatts of capacity, making it one of the largest AI infrastructure projects in North America. The $460,000,000 investment is the latest in a string of big financing moves Galaxy has made over the past year. In August 2025, the company landed a $1,400,000,000 loan that will cover about 80% of the costs for building out the Helios facility.
That loan is key to a fifteen year partnership with CoreWeave, a company that provides AI cloud infrastructure and which has already signed up to take 800 megawatts of power from the Helios plant. Am I worried? No. I honestly think Bitcoin mining has become entirely too d, too centralized. And the only way to really decentralize it is commodification to happen. And if we get to a a situation where more and more of these Bitcoin mining companies just say, fuck it, and leave and start doing AI and because we know there's going where there is a crash on the AI horizon. It's I can see it plainly for various reasons I won't get into. I've talked about it on this show before.
The stock trade circle jerk between all the major big seven companies or the Mag seven or whatever you wanna call them. That is one red flag that I look at as to why I say that there will be some kind of crash. Does it mean AI goes away? No. Did the Internet go away in 2001 when the Internet bubble or the .com bubble burst? Clearly, it did not. However, it did cause a major major amount of pain to be injected into the world's financial markets at the time. And this is going to be even worse, but AI will come out just fine on the other side. But in the meantime, there is going to be huge pain, and Bitcoin miners are going to be up for sale.
You can heat hot tubs. You can heat greenhouses. You can heat your home. You can heat your workspace, your garage. You can do all kinds of neat shit with stuff that you're gonna have to eat. You're gonna have to heat this stuff anyway, so you might as well generate some Bitcoin along the way. And I I think that the AI the upcoming AI crash will be a boon to be able to more not only more decentralized Bitcoin mining, but to actually commodify it and put it back into the hands of the users rather than these massive structures that we find in West Texas and wherever else these mining farms are.
But they sure do generate a lot of heat, which might make you thirsty. In which case, consider getting some wine from pandelainewine.com. P0nelanewine.com, pe0nylanewine.com. That's where you're gonna find Ben Jessman who builds all his wine by hand. I think it may actually just be him, but he takes Bitcoin for his wine. Because if you're not selling it in Bitcoin, you're not in the circle p. This is the circle p we are open for business. It's where I bring plebs with goods and Bitcoin. And in this particular case, he has got Malbecs. He's got Cabernet Sauvignons. He's got Estate Pinot Noirs. He's got a Cabernet Franc. He's got all kinds of wine that he builds himself pleb to pleb just for you for your Bitcoin.
Please do mention Bitcoin and somewhere in when you buy this stuff, and and his his, website will be in the show notes so you can go to it directly. Make sure that you tell him that he heard about it here on the Bitcoin and show so that he will know that I made him a sale. That's how the Bitcoin or the Circle p works. It is the only value for value advertising model you will find in the world of Bitcoin. And honestly, I don't think anybody as dumb as me is doing this because, you know, it's not really for revenue generation for me. This is about giving the people that need a hand or that could use some help in advertising a platform.
Some of some of the guys that are in my circle p can't afford it, you know? And I wanna get them to the point where they're selling enough product out of the circle p and the Bitcoin and show that they can start affording advertising, so that they can sell more of their stuff, so that that that that ends up being the thing that they can do. That's why the circle p exists. But as far as a revenue generating model, it's kind of pathetic. I still love it though. I and I'm never gonna change it. Never ever gonna change it. Alright. So here we go to CoinDesk.
Right? So Bitcoin miner stocks continue their surge with BlackRock, Nvidia, Microsoft joining in the $40,000,000,000 AI data center bet. So again, here's this is the giant red flag. I've talked about it before, but Helene Braun is gonna tell us a little bit more about it. It's a newly formed investment group, and it's made up of BlackRock, NVIDIA, XAI, Microsoft, and others. And they will acquire Aligned Data Centers, that's the company's name, in a $40,000,000,000 deal, the company said on Wednesday, The move adds fuel to the growing land grab for infrastructure to support artificial intelligence development.
The consortium called the Artificial Intelligence Infrastructure Partnership plans to deploy $30,000,000,000 in equity capital to begin with and could invest as much as a 100,000,000,000 when debt is included. Of course, because where would we be without our debt generation instrumentation? This is the group's first transaction, and it signals how central data infrastructure has become to the next phase of AI development. Aligned designs and operates data centers for clients including hyperscalers, enterprise firms, and newer cloud providers. It controls 50 campuses across The US and Latin America with more than five gigawatts of operating and planned capacity, including properties still under development.
The acquisition comes amid a scramble to secure the compute power needed for AI workloads. Last month, Nebius Group signed a five year agreement to supply Microsoft with $17,400,000,000 worth of GPUs. Around the same time, CoreWeave, which we just talked about, reached a $6,300,000,000 deal with Nvidia to reserve its unused server space. The aligned deal is expected to close the 2026. Shares of Bitcoin mining firms, particularly those that have shifted to their business models anyway to AI infrastructure, are continuing to post gains. In early trading, Hut eight, Iron, Bitfarms, and CleanSpark were ahead in the 3% to 6% range.
It is it's this stuff, this this where was it? Yeah. Nebe has signed a five year agreement to supply Microsoft with $17,400,000,000 worth of GPUs. And then you got CoreWeave reaching this deal with Nvidia. Except when you start looking at this, what ends up being a a giant circle jerk, it it's it's like this isn't exactly true the way the way that this particular one works. But like, CoreWeave, you know, they're gonna get like $6,300,000,000 or or they're gonna give Nvidia, you know, $6,300,000,000 for unused server space. But Nvidia is gonna give CoreWeave $6,300,000,000 in something else. And it's the same $6,300,000,000, but now it can be listed twice.
So we can make the industry look $6,300,000,000 more than it is along with all the other circle jerk deals that are going on because they all mirror one another. It's all, oh, we worked out this x billion dollar deal with company y. And then it turns out that y is going back and funding that that same company with the same amount of money. And they're just gonna give them something different. This is it is incestuous, and it's going to get a lot of people in a lot of trouble. Again, be very careful out there. Meanwhile, Tether has finally forged a $300,000,000 settlement with Celsius to close the loan lawsuit that's been ongoing for a while. Atlas twenty one has it.
Stablecoin issuer, Tether, has reached a $299,500,000 out of court settlement with the bankruptcy administration of Celsius Network bringing an end to a legal dispute stemming from the collapse of the crypto lending platform back in 2022. The Blockchain Recovery Investment Consortium, which is a joint venture between asset managers VanEck and GXD Labs, an affiliate of Atlas Grove Partners, announced the transaction on October 14. The settlement now ends a years long dispute over Bitcoin collateral transfers and liquidations that occur prior to Celsius's bankruptcy in July 2022.
BRIC was established in early twenty twenty three to maximize recovery of claims from failed digital asset platforms. And in January 2024, following Celsius's exit from bankruptcy protection, BRIC was appointed as the asset recovery manager and litigation administrator by Celsius Debtors and the committee of ordinary creditors. So Tether's gonna pay through the nose, although they can totally afford it to the tune of $300,000,000 to make this whole thing go away. And by the way, Roger Ver is now free from the clutches of the United States government.
He has closed a $50,000,000 settlement himself so that he can be left alone. Is he my favorite person? No. But honestly, dude, leave leave the guy alone. Alright. So he's gotta pay $50,000,000 to do it, but that deal has also closed. Roger Ver is free. And you can you can be free too if you want to pay $50,000,000 to the US government. Let's run the numbers. CNBC features and commodities. Brent Norsee oil is down 50 oh, sorry. Point 53% to $62 a barrel. West Texas Intermediate is down point four to $58.46. Natural gas down a point. Gasoline, however, is in the green. It's up almost half a point to a buck 83 a gallon.
Merban crude is down a third to $63.80 a barrel. Metals are mostly in the green today. Palladium is down point six four, but gold is up another point to another all time high, $4,208.20 an ounce. Platinum is up point one six. Silver is up almost two full points, breaking over $51 to see 61¢ on the other side. Copper is down point eight four. Ag is fully mixed today. Biggest winner is lumber, one and a half percent to the upside. Biggest loser is coffee, two and a quarter to the downside. Live cattle down scant. Lean hogs up almost a half point. Feeder cattle are down a third.
The S and P is up barely 0.05%. Nasdaq is up a quarter. The Dow is down point 12%, and the S and P Mini is down almost a full quarter of a point. A 111,080 as Bitcoin treads troubled waters. $2,210,000,000,000 of market cap means we can only get 26.2 ounces of shiny metal rocks with our one Bitcoin, of which there are 19,934,841.79 of an average fees per block or low. 0.02 BTC taking in fees on a per block basis. There's about 20 blocks carrying 43,000 unconfirmed transactions waiting to clear at high priorities of four sets per v byte. Low priority is gonna get you in at one and hash rate rises again.
1.08 zeta hashes per second. Even as all these mining companies are quote unquote flipping over to AI. So you can do with that what you will. From Faith Energy, yesterday's episode of Bitcoin and I've got God's death with $2.37 sat says, thank you, sir. No. Thank you. Yodel with 500 says, great ways. Vincenzo says, in my opinion, a seizure of BTC is out of line no matter what the reason. Literally, everyone has committed some sort of crime, which means they will come after you eventually no matter what you did. Don't support this shit because the next person will be you even if you quote, haven't done anything wrong. You know, Vincenzo is right.
Yeah. I can agree with that. You know, I was saying something about pig butchering yesterday and that I didn't really care, but I probably should because Vincenzo is actually correct. I may not have done anything wrong yet, but something that I did ten years ago could be considered wrong ten years from now, and they come they come for me. Vincenzo, thank you for the, for the, thought. Sorry. Having a little bit of brain farts here. Thank you for the correction. I appreciate it. Pies 121 sats has some emojis I can't read. And I think is that gonna do it? Yep. That that's it. That's the weather report. Welcome to part two of the news that you can use. Stablecoin issuers race for US bank charters as Stripe's bridge joins the queue. Vince De Aquino from Decrypt.
Bridge, the stablecoin infrastructure arm of Stripe, has submitted an application to the office of the comptroller of the currency to organize a national trust bank as competition in the sector continues at a steady pace. Once approved, the charter would allow Bridge, quote, to operate under a unified federal framework consistent with the Genius Act, cofounder Zach Abrams stated on x. The proposed Bridge National Trust Bank would enable Stripe to issue, redeem, and custody stablecoins within within a federally regulated framework instead of going through state level money transmitter licenses.
Such a regulatory infrastructure would enable Bridge to tokenize trillions of dollars, Abrams added. Stripe acquired Bridge in October through a $1,100,000,000 deal as part of a broader plan to integrate blockchain based payments into its global merchant network. The move follows passage of the Genius Act, which created a new charter category for, quote, permitted payment stablecoin issuers. Under the Genius Act, stablecoin issuers are required to maintain 100% reserves in cash or, you guessed it, treasuries publish monthly disclosures and prioritize redemption rights for token holders.
Through the genius framework, the OCC, the office of the comptroller of the currency, can directly supervise non bank issuers such as bridge, a shift long sought by fintech firms, and the rush for federal bank charters is already underway. In July, Circle filed for a national trust license to oversee USDC reserves. Shortly after that, Ripple joined the queue with its own OCC charter bid, seeking dual federal and state oversight. Paxos then followed a month later, positioning itself for a national rather than purely state level licensing. And earlier this month, Coinbase announced that it had also applied for a national trust company charter.
If granted, Bridge's license would make it one of the first stablecoin focused national trust banks in The US. Observers see the filing as a test of Washington's new approach to digital asset regulation. Bridges OCC charter bid follows a major inflection point for the stablecoin sector, showing how The United States is finally moving toward federal recognition of digital dollar infrastructure, a representative for decentralized exchange aggregator, Astros, told Decrypt, quote, a federally chartered stablecoin bank under the Genius Act, will set a precedent for interoperability between on chain liquidity and off chain oversight, they added.
Asked about state licensed models such as those for other stablecoin issuers like Circle and Paxos, Paxos, Astro stated that Bridge's move could be seen as a compliment, not a displacement. What matters is how efforts to build a layered system where regulated institutions and decentralized protocols can safely coexist could be consolidated, they said. Decentralized finance platforms could benefit from more clarity at the federal level without sacrificing user autonomy or innovation, Astros stated. So a whole bank, a whole national trust bank.
Yeah. This is what the shitcoiner started. So it is you know, the stablecoins, like shitcoins, are just not going to go away. They're just not. And with people like Binance backfilling in people's terrible decision making processes, It's not gonna end anytime soon. In fact, it's never going away. And this is how you perpetuate dumb ideas is to make them, well, not hurt so much when people make terrible choices. I raised my kids, me and my wife, both. The the amount of times that we said the following to our children, make good choices is innumerable.
It's like I mean, it's like we raise them on that. It's like you have to make good choices. And I would always follow-up saying, you will always know whether something you are about to do is good or bad. You will know it. You will know if it's wrong or right. You will know if it's evil or good. You will know if it's stupid or not. I hope they listen to me. That that's all I can say. Now moving on to bad choices. Terrible choices. In fact, 48 terrible choices. 48 new Bitcoin treasury companies popped up in just three months, according to Bitwise.
Cointelegraph's Stephen Cotti has it. The number of public companies holding Bitcoin rose 38% between July and September in a sign that, quote, large players are doubling down, not backing away from Bitcoin according to an analyst. Crypto asset manager, Bitwise, found in its q three corporate Bitcoin adoption report, citing data from bitcoin treasuries.net, that a 172 companies now hold Bitcoin with 48 new ones entering the digital asset treasury space during the quarter. Bitwise CEO, Hunter Horsley, said in an ex post on Tuesday that the figures are absolutely remarkable and show that people want to own Bitcoin and and and companies do too, end quote.
Bitwise's report also found that the value of the total holdings among all the companies has risen to a $117,000,000,000, and that is up over 28% quarter over quarter. The total number of coins held has also crossed over 1,000,000, representing 4.87% of the total supply. Speaking to Cointelegraph, Rachel Lucas, an analyst at Australian cryptocurrency exchange, BTC Markets, said that the growing accumulation suggests larger players are doubling down. The largest Bitcoin treasury company by far is strategy, and then we go into Mara. Is there anything else about this? As more corporations and even sovereign step in, we expect this momentum to continue especially as regulatory clarity improves and the infrastructure supporting institutional crypto adoption matures, Lucas added.
At the same time, Lucas thinks it's a clear signal that institutional adoption is deepening because they're not just chasing short term gains, they're making a long term decision on digital assets as part of their treasury strategy. And this participation helps legitimize crypto as a mainstream asset class and lays the foundation for broader financial innovation from Bitcoin backed loans to, oh my god, new derivatives markets. End quote. Good lord. Despite the steadily increasing accumulation, the price of Bitcoin has been volatile. As of late, Lucas said that the corporations typically buy Bitcoin over the counter, which is a quieter form of accumulation that avoids slippage and volatility, but it also means they don't immediately impact the spot market price. However, she also said that while institutions are buying, other forces can sometimes be at play and cause sharp corrections such as the long term holders taking profits, increased derivatives activity, and macroeconomic shocks like The recent US China trade tensions.
It's all it's it it's all crap. What's not said is out of the 48 new Bitcoin treasury companies that have popped up over the last three months, how many of those have a reliable revenue model that does not include or depend on debt instrumentation? What do I mean? Printing shares to sell to people simply because you own Bitcoin. That is not a revenue model. It's just not. Nothing is said of these 48 companies. Do they do they have a service that they sell? How long have they been in business? Do they have a product that they sell? Do they have more than one? If so, how many?
What do they cost? What industry are they in? Where did they begin? We know nothing other than 48 new Bitcoin treasuries have popped up. It's it's all ludicrous. I was I was hoping that we would be able to save the ludicrous nature of this market until sometime in late freaking November, but we just may be here early because all of this is stupid. I'm sorry, but it is. So let's move on. Because we're gonna talk about a specific treasury company. Meta Planet is now valued below their BTC holdings. Here we go. Hold on. Helen Parks, Cointelegraph.
[00:43:44] Unknown:
Meta Planet
[00:43:45] David Bennett:
saw its enterprise value fall below the value of its Bitcoin holdings and entered uncharted territory as one of the world's biggest public holders of the asset. Meta Planet's market to Bitcoin nav or m nav, a ratio between the company's value and its Bitcoin holdings, dropped below one on Tuesday reaching 0.99 for the first time on record according to official data. Let's see. I wanna see what let's see. I'm gonna just pop that up for a second. Yeah. Sorry. I'm looking at a link. But in that sentence, they have a link to where they got the data from or at least so I think. I wanna come back to that here in a minute. Meta Planet's MNAV dropped below one after the company halted Bitcoin buying for the past two weeks with its most recent BTC acquisition announced on September 30.
Unlike traditional net asset value, which is called NAV, MNV is a ratio of enterprise value to Bitcoin NAV designed to help investors gauge how the market values the company relative to its underlying BTC holdings according to a a MNAV page on bitcoin treasuries dot net. In MNAV, enterprise value is defined as the market capitalization of all class a and class b shares, total debt, and the notional value of perpetual preferred shares minus the company's cash balance. When MNAV falls below one, the company trades at a discount to the value of its Bitcoin holdings, potentially reflecting market concerns about debt, its operating model, or some other risks. It's not a substitute for audited financials, but a high level indicator of how much of the company's valuation is driven by its BTC treasury versus other factors according to bitcointreasury.net's MNAV page.
Meta Planet's m Nav fell to point nine nine as the company held 30,823 Bitcoin, which is worth 3,500,000,000.0 on its balance sheet, following its most recent acquisition of 5,268 Bitcoin on September 30. The m Nav drop came about a year after the Japanese hotel company made its first Bitcoin purchase, 07/22/2024, which triggered an immediate surge in its shares. The initial Bitcoin acquisition pushed Meta Planet's MNAF to an all time high of 22.59 by July '20 or by July 24, a level that has not been ever seen since. Wow. That's a long way to fall from 23 was it? Yeah. Let's see.
22.59 has now dropped to point nine nine. Do the math. Market observers have expressed mixed reactions to Meta Planet's enterprise value falling below its Bitcoin holdings. Quote, Meta Planet trading below its Bitcoin nav doesn't signal failure. It reveals a market that still misunderstands Bitcoin treasury models. Melanin, Capital CEO, Jad Comer, told CoinTelegraph, quote, it's the same kind of misunderstanding that led investors to short Tesla in the early years. They saw a car company instead of an energy revolution. The same will happen here once markets grasp the reflexive power of Bitcoin treasuries.
These discounts will flip into the persistent premiums, Comer said. Yeah. Well, good luck. Smart Karma's equity analyst, Mark Chadwick, said that Meta Planet's MNAV Dynamics highlight an ongoing cooling on the Bitcoin treasury trend. Quote, I still see this crypto treasury stock decline as a popping of a bubble, Chadwick said, adding that long term Bitcoin bulls may see Meta Planet's discount as an opportunity to buy. Buy what? Meta Planet shares or Bitcoin? Because there's a huge difference. Cointelegraph contracted or contacted Meta Planet for comment, didn't receive any. Meta Planet is not the only Bitcoin treasury company experiencing recent stock decline.
Strategy has seen a common a stock drop about 30% since July. Honestly, I think this this treasury stuff needs to cool down. It need we need to stop talking about it. It doesn't help anything. In fact, there's a whole lot of people saying a whole lot of things both on Noster and Twitter and then in, like, you know, news stories like this that doesn't really need to actually be said. It's just mostly noise. Right? So what do you do? You just buy Bitcoin. You just hold Bitcoin. Stop going to the casino. No matter what flavor of casino you're walking into, be it Las Vegas or the stock market or getting into Bitcoin treasury companies, it's all BS.
Alright. So let's see. I'm looking at Meta Planet right now. There it's a metaplanet.jp/analytics. And I'm trying to see if they have just a solid number on their MNAV right now. Oh, it's dropped to point nine eight. 0.98. So we just got done telling you about 0.99. Now we've dropped another hundredth of a point. And I don't you know, what what what will it do? I don't know. I just see I just see a lot of leverage out there. And every time I see leverage, I I don't like it. I don't think leverage is good. It doesn't matter what flavor the leverage is. I just don't like it. I just wanna hold the asset. I don't wanna bet on what the asset's gonna do.
I do that by actually buying the asset and holding the asset because it's so easy to hold Bitcoin. It's not like I'm buying oil futures, and I'm I'm not gonna be taking, you know, direct delivery on thousands of barrels of oil. I mean, that's just not done. You don't take delivery on stuff like that. I can take delivery on Bitcoin, but I would rather just buy it and hold it. It's just it's so easy to do. Last up for the day, Bitcoin mayor Eric Adams establishes New York City digital assets and blockchain office, Logan Hitchcock, decrypt.co.
New York City mayor Eric Adams established the office of digital assets and blockchain technology on Tuesday, adding to his pro crypto record as he rounds out his term in office. The cryptocentric office will operate within the office of the mayor and be led by a director appointed by mayor Adams who will ultimately report to the city's chief technology officer. Quote, our first in the nation office of digital assets and blockchain will help make us the global capital of digital assets. This new mayoral office is going to help us stay ahead of the curve, grow our economy, and attract world class talent, Adams posted on x.
Narrator says it didn't. That's because New York City's got a whole other raft of problems, one of which is New York State's bit license. But, hey, here's the hope in there, Adams. Effective immediately via the signal signing of mayoral executive order 57, the office is designed to support the growth of digital assets and blockchain within New York City while encouraging investment in the city by the crypto industry. Quote, while we've been planning to launch this office for months, we wanted to make sure we got this right and interviewed extensively to fill the role of executive director prior to this announcement, says press secretary Kyla Mamalak.
Quote, once we found a candidate who could execute our vision for this office, we went through our review process and made the announcement at the appropriate time. To lead the office, mayor Adams selected former digital assets and blockchain policy adviser Moises Rendon. Rendon had been serving in the New York City Office of Innovation and Technology since 2024. Under his leadership, the office will first create a commission. Of course, let's sit around the table and discuss it for ten years. Anyway, they're first going to create a commission of digital asset leaders to help guide the office's work. Quote, mayor Adams' creation of this new office proves that the future is now for digital assets and blockchain in New York City. I am honored to lead the nation's first municipal office dedicated to successfully and responsibly deploying these technologies, Rendon said in a statement.
The digital assets office creation follows Adam's launch of a digital asset advisory in May, similarly designed to bring investment and talent from crypto companies to New York City as the mayor sought to make the city, quote, the crypto capital of the world. At the time, he indicated that the city was exploring using blockchain technology for birth and death records, among other things. And then Adams famously accepted his first few paychecks from his mayoral duties in Bitcoin and some other shit coin in 2022, earning him the moniker of Bitcoin mayor in the process.
Since then, both assets have risen substantially in price, leading to Adams poking skeptics with quips like, who's laughing now? In May, Adams called for the end of New York's bit license, thank god, a regulatory license framed or famed for its strict compliance regulations. Yeah. You spelled impossible wrong, but okay. Mayor Adams will leave office January 1 as he is no longer seeking reelection, having dropped out of the race in late September. Predictors on Myriad currently give Zoran Mamdani around an 88% chance of winning the November election and assuming the office in January. And that matches the odds of poly PolyMarkets NYC mayoral election market, which gives Andrew Cuomo the next best chance of winning it at around 10%.
Oh, dude. Poor poor poor Cuomo. That's just that's just sad. Alright. So what are the chances that that commission stays intact after mayor Adams leaves office. And this is a general question across the entire industry in every state, in every city, and at the federal level, at the highest level, the president of The United States. If the SBR is not codified into law and the midterm elections are lost, we have a great chance of having the SBR erased out from under us. Not that they've really done anything but steal more Bitcoin to to fill their coffers with. They need to actually purchase Bitcoin somehow to make that effective. But that aside, the loss major losses in the midterm elections causes SBR problems.
If the presidential election is lost by the Republicans to the Democrats two years after that, you can kiss the SBR goodbye. That filters down to every level all the way down to where we start looking at stuff like mayor Adams and his construction of this commission, right, and this office and all these people, when Mamdani gets in because he is going to win that election, the chances that that remains intact are nil. Nothing. Nada. It's not gonna matter. It's gonna be either eviscerated or just flat forgotten about. Alright? So just just understand that just because mayor Adams does this as his, I don't know, parting shot, I guess, does not mean it's going to have any effect whatsoever.
Kinda begs the question as to why he would do it in the first place. Is he planning something else so that he can look back and point at this and say, don't you remember what I did for bitcoin or quote unquote crypto? Alright? Remember that as I'm running for whatever it is that he may be running for because honestly, that is the only thing that gives me a high quality answer to the reason why, you know, mayor Adams would have done this. Because it's not gonna matter once mom Donnie gets in there. I think this is just for him to go do something else that's probably going to require voters. I'm just saying. Alright. So that's the end of it for today.
Thank you for tuning in to the Bitcoin and podcast here. All the news you can use is yours and more with your host, me, David Bennett, and 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
[00:57:31] Unknown:
a great day.
It is 10:20AM Pacific Daylight Time. It is the October 2025, and this is episode eleven ninety of Bitcoin. And we've got the GOP, the the grand old party. They have a bill to solidify Trump's Bitcoin friendly four zero one k plan. Binance is paying through the nose for last Friday's little thingamajig. We'll get into why this is not a good idea. Galaxy Digital is in the news and a whole bunch of Bitcoin miners turning over a new leaf. And let's see what else we got on board. Oh, Tether has settled a lawsuit. That's gonna be all kinds of fun. And stablecoin issuers are racing for bank charters because stablecoins are just well, they're stablecoins, and they don't seem to be going anywhere. And I doubt seriously that they ever were gonna go away, just sort of like sort of like altcoins.
The poor will always be with you. And we've got a tally on the number of Bitcoin treasury companies that have popped up in the last three months, Meta Planet being one of them, and they are in the news as well. And then we're gonna round it out with the mega, Eric Adams in New York. He's doing stuff and reaching for things. But first, here's a great description
[00:01:36] Unknown:
of Bitcoin for you. Everyone goes, Bitcoin is a bubble. It's tulips. Okay. Tulips was was the the bubble in tulips in Amsterdam in 1630. That bubble in Amsterdam, where is the center of the global flower industry today? It is in Holland. The Netherlands has been the central the center of the global flower industry for four hundred years. That tulip bubble brought four hundred years of prosperity to Amsterdam. So to call it tulips is actually a compliment on this. And then you go, what is a bubble? Well, I'll tell you what a bubble is. A bubble is a bull market in which you don't have a position. It is a psychological way of justifying that you didn't invest in something to call it a bubble.
So you can call it a bubble and you can dismiss it. But the potential of Bitcoin to be the default cash system of the Internet and the default savings vehicle of the Internet is so extraordinary, I would argue, that the risk portfolio. And don't try and use the fact that I don't understand it as an excuse, because most people don't understand how the combustion engine works, and they still own a car. Most people don't understand hypertext transfer protocol, and they still use the Internet.
[00:03:05] David Bennett:
Yeah. I I this is this is a guy by the name of Dominic Frisbee, in case you're wondering who this is. He's a comedian and a musician. He's kind of like an all arounder, been around for years, and even this guy actually gets it. But what I find most fascinating is his ability to tell me something that I never I just never considered, that the tulip bubble left Amsterdam and the surrounding regions as a major flower producer to this day. To this day, I'd if you look at the fields of tulips and whatnot in Amsterdam, it is amazing the size of that flower industry.
It has generated millions upon millions upon millions of dollars every single year, honestly, ever since. I mean, well, million dollars today is definitely, like, a million dollars back in, like, the sixteen hundreds would be, wow, that's a lot of money. But still, ever since the tulip bubble ended, and it was only three years long, not in you know, Bitcoin's been around since 02/2009. Ever since then, it has generated capital every single year. It just goes on and on and on. And I think that was that was one of the reasons why I really wanted to bring that to you. That and the fact that this is he's not an economist.
He's he's he's not a politician. He's just he's just a guy that's a comedian, and he makes funny music, and he does, like, he's, like, short little videos. And even he understands this stuff. And we're still in the midst of this, you know, short term depression that we've got that was brought on last Friday by, well, generalized idiocy. But let's talk about, well, this $4.00 1 k thing. Out of Bitcoin Magazine, Micah Zimmerman's got this one. The new GOP bill wants to solidify Trump's Bitcoin friendly four zero one k executive order.
A new house bill aims to lock in president Trump's August executive order directing the labor department to open retirement plans to alternative assets, and that includes Bitcoin. The Retirement Investment Choice Act, expected to be introduced Tuesday by representative Troy Downing of Montana, would give executive order fourteen three thirty the force and effect of law. The one page bill. Oh, thank god. It's a one page bill and cements Trump's directive that American saving for retirement should be allowed access to crypto and other alternative assets if plan providers deem them appropriate.
Quote, alternative investments hold the transformative potential to supercharge the financial security of countless Americans saving for retirement. I applaud president Trump for his leadership to democratize finance and am proud to be leading the effort in congress to codify his executive order, Downing said. If enacted, it would permanently authorize four zero one k providers to include crypto exposed products alongside traditional funds. This could unlock billions of dollars of new flows to Bitcoin and other digital assets.
The executive order was signed in August, directed the Labor Department and Securities and Exchange Commission to expand access to alternative assets such as private equity, commodities, insurance products, and crypto. Now that's where I wanna stop. There's a couple of more historical notes about this particular executive order, but there's a word in here that if you forgot about this, you should be aware of. Private equity. To allow four zero one ks's to buy private equity. Honestly, I actually think that this is more about a potential hail Mary for the markets more than it is about allowing Americans to invest in in Bitcoin and and the wider field of cryptocurrency.
I keep looking at these all time highs of everything except things that actually matter, like Bitcoin, oil, stuff like that. But, well, gold matters and silver, kinda matters. But the S and P, the Nasdaq, the Dow, these things are just they're not coming back down. Being able to prop up the stock market that way is great. Now let's include being able to buy stock in companies that aren't necessarily in a stock exchange. You know, private equity. Prop up the rest of it. I I I can't not think about it in those terms. And the fact that Bitcoin is in there is I kinda think it's just lip service to those who sealed the gap on president Trump's election, which would be the Bitcoiners, because we did.
It was the reason he's in office is because he used that voting block to push it over the edge by telling us exactly what we wanted to hear. Just I'm it could be I could be completely wrong. I get it. I understand that. But the the second that I keep hearing about this private equity being allowed in 04/2001 k's, it honestly makes me nervous. But not as nervous as what comes next. Binance pays $283,000,000 in compensation following Friday's d pegs covering user losses. I think this number is going to go up much, much higher than this. But in the meantime, Zac Abrams tells us what's going on out of the block dot c o. Binance, the world's largest crypto exchange by volume, said it compensated users of three Binance earn assets to the turn tune of 283,000,000 after Friday's volatility caused the assets to de peg from their intended price. Binance executives apologized to users after Friday's market downturn, apparently triggered assets in three Binance earn markets for Athena stablecoin USDE.
Binance issued Solana liquid staking token, BNSOL, and wrapped Beacon Liquid staking token, WBETH, to de peg from their intended prices. Athena intended to be pegged to $1 briefly fell below 66 United States pennies on Binance. Binance says compensation was for futures, margin, and loan users who held all three or any one of them as collateral and were impacted between a certain set of times. It was twenty one thirty six to twenty two sixteen UTC, if you wanna know the details. Plus, users with verified losses from internal transfers and earned redemptions. Despite the issues on Binance, the assets did not de peg as significantly on other venues. Quote, I do not think it is accurate to describe this as a USDED peg when a single venue was out of line with the deepest pools of liquidity that experienced no abnormal price devaluations whatsoever, AthenaLab CEO and cofounder Guy Young wrote on x in response to the incident. On Sunday, Binance announced that 283,000,000 in compensation has already been paid to affected users in two batches. The exchange also downplayed some social media rumors that an attack on Binance caused the de peg. Quote, the extreme market downturn occurred before the depegging, Binance post states. Quote, records show that during the market sell off, prices fell to their lowest point between twenty one twenty and twenty one twenty one UTC on 10/10/2025, while the severe depegging occurred after twenty one thirty six UTC on the same day, end quote, in a separate post.
Binance elaborated on the changes it will make to the affected markets to safeguard against future depegs, adding the asset's redemption prices to the index weights to stabilize future wobbles and installing a soft price floor in the reference index for USDE. Finally, the exchange addressed extreme price movements in tokens like IOTX and ATOM, the latter of which reportedly fell below 1 United States penny on Binance before rebounding to its current price of around $3.50. And they go on to a couple of these other shit coins. Dude, no.
This compensation oh, we're sorry that our shitty sets of tokens that do nobody any good except to get them into massive amounts of trouble, you know, like lost its value. So we're just gonna give it all back to you. All this does all this does is set a floor so that people can continuously gamble on crap. It's it this this casino is the most vile, reprehensible cesspool of garbage that I've ever seen, and it's not just Binance. It's all of these exchanges. They are the they are the main reason that Bitcoin is not where it should be. It is nothing but a distraction.
It it's almost as if it's heaven sent to governments around the world to maintain their power over currency and wealth. It's disgusting, and it needs to end. And this compensation program that continuously rolls out after all this crap shows its its true colors is just going to make it worse. I implore you to implore your friends to stop playing in this casino. Because we have another casino that we can go play in and it's called AI. And Galaxy Digital is turning their Bitcoin mining operations to an AI data center using $460,000,000 in funding.
Wow. So this is out of Bitcoin news. Alex Larry writing, Galaxy Digital, founded by Mike Novogratz of Terra Luna fame, is making a bold play to leave its Bitcoin mining days behind and switch, switching to artificial intelligence. These okay. So in case you didn't recognize this, Novogratz and Galaxy Digital is no longer going to mine Bitcoin. They're leaving the Bitcoin mining days behind because they're switching to AI. Again, another heaven sent item for governments to maintain control over currency and wealth. It's this is it's continuing.
To make the leap, they've managed to secure 460,000,000 from an unnamed entity dubbed as, quote, one of the world's largest and most respected asset managers, which should hopefully be enough to transform Galaxy's outdated Texas Bitcoin mining operation into a shiny new AI data center. The deal marks a pretty significant detour from the world of Bitcoin mining. There now seems to be a whole series of these companies retooling their infrastructure so they can focus on high end compute uses for AI processes. As per Galaxy's announcement, the $460,000,000, private placement consists of the purchase of about a 12,700,000.0 class a shares of Galaxy at $36 per share. And of those, 9 million are brand spanking new, so they printed them.
And they were issued by the company. That's that's what we that's that's how they print them. They just issue it. 3,750,000.00 are being sold off by Galaxy executives, including Novogratz himself, quote, strengthening our balance sheet is essential to scaling Galaxy's data center business efficiently while maintaining the financial flexibility to support future growth, said Novogratz, quote, having one of the world's largest and most sophisticated institutional investors make such a significant investment in our company will support our strategic vision and our ability to build leading businesses across digital assets and data centers.
The cash is expected to be injected into the business by mid October, pending the usual regulatory approvals. It'll be used to boost Galaxy's balance sheet and put even more cash into its Helios data center operation in Texas. The Helios facility, which Galaxy acquired from Argo Blockchain in 2022, was initially used for Bitcoin mining. However, its profitability has taken a nosedive, especially after the last Bitcoin halving. Now, Galaxy plans to rip out all of the old Bitcoin mining hardware and give the whole place a top to bottom renovation so it's ready to host the heavy duty compute gear that powers today's increasingly popular AI.
Once it's up and running, the Helios site is expected to deliver an impressive 133 megawatts of compute capacity as part of the first phase of its long term development plan. A full build out though, Helios could be hosting 3.5 gigawatts of capacity, making it one of the largest AI infrastructure projects in North America. The $460,000,000 investment is the latest in a string of big financing moves Galaxy has made over the past year. In August 2025, the company landed a $1,400,000,000 loan that will cover about 80% of the costs for building out the Helios facility.
That loan is key to a fifteen year partnership with CoreWeave, a company that provides AI cloud infrastructure and which has already signed up to take 800 megawatts of power from the Helios plant. Am I worried? No. I honestly think Bitcoin mining has become entirely too d, too centralized. And the only way to really decentralize it is commodification to happen. And if we get to a a situation where more and more of these Bitcoin mining companies just say, fuck it, and leave and start doing AI and because we know there's going where there is a crash on the AI horizon. It's I can see it plainly for various reasons I won't get into. I've talked about it on this show before.
The stock trade circle jerk between all the major big seven companies or the Mag seven or whatever you wanna call them. That is one red flag that I look at as to why I say that there will be some kind of crash. Does it mean AI goes away? No. Did the Internet go away in 2001 when the Internet bubble or the .com bubble burst? Clearly, it did not. However, it did cause a major major amount of pain to be injected into the world's financial markets at the time. And this is going to be even worse, but AI will come out just fine on the other side. But in the meantime, there is going to be huge pain, and Bitcoin miners are going to be up for sale.
You can heat hot tubs. You can heat greenhouses. You can heat your home. You can heat your workspace, your garage. You can do all kinds of neat shit with stuff that you're gonna have to eat. You're gonna have to heat this stuff anyway, so you might as well generate some Bitcoin along the way. And I I think that the AI the upcoming AI crash will be a boon to be able to more not only more decentralized Bitcoin mining, but to actually commodify it and put it back into the hands of the users rather than these massive structures that we find in West Texas and wherever else these mining farms are.
But they sure do generate a lot of heat, which might make you thirsty. In which case, consider getting some wine from pandelainewine.com. P0nelanewine.com, pe0nylanewine.com. That's where you're gonna find Ben Jessman who builds all his wine by hand. I think it may actually just be him, but he takes Bitcoin for his wine. Because if you're not selling it in Bitcoin, you're not in the circle p. This is the circle p we are open for business. It's where I bring plebs with goods and Bitcoin. And in this particular case, he has got Malbecs. He's got Cabernet Sauvignons. He's got Estate Pinot Noirs. He's got a Cabernet Franc. He's got all kinds of wine that he builds himself pleb to pleb just for you for your Bitcoin.
Please do mention Bitcoin and somewhere in when you buy this stuff, and and his his, website will be in the show notes so you can go to it directly. Make sure that you tell him that he heard about it here on the Bitcoin and show so that he will know that I made him a sale. That's how the Bitcoin or the Circle p works. It is the only value for value advertising model you will find in the world of Bitcoin. And honestly, I don't think anybody as dumb as me is doing this because, you know, it's not really for revenue generation for me. This is about giving the people that need a hand or that could use some help in advertising a platform.
Some of some of the guys that are in my circle p can't afford it, you know? And I wanna get them to the point where they're selling enough product out of the circle p and the Bitcoin and show that they can start affording advertising, so that they can sell more of their stuff, so that that that that ends up being the thing that they can do. That's why the circle p exists. But as far as a revenue generating model, it's kind of pathetic. I still love it though. I and I'm never gonna change it. Never ever gonna change it. Alright. So here we go to CoinDesk.
Right? So Bitcoin miner stocks continue their surge with BlackRock, Nvidia, Microsoft joining in the $40,000,000,000 AI data center bet. So again, here's this is the giant red flag. I've talked about it before, but Helene Braun is gonna tell us a little bit more about it. It's a newly formed investment group, and it's made up of BlackRock, NVIDIA, XAI, Microsoft, and others. And they will acquire Aligned Data Centers, that's the company's name, in a $40,000,000,000 deal, the company said on Wednesday, The move adds fuel to the growing land grab for infrastructure to support artificial intelligence development.
The consortium called the Artificial Intelligence Infrastructure Partnership plans to deploy $30,000,000,000 in equity capital to begin with and could invest as much as a 100,000,000,000 when debt is included. Of course, because where would we be without our debt generation instrumentation? This is the group's first transaction, and it signals how central data infrastructure has become to the next phase of AI development. Aligned designs and operates data centers for clients including hyperscalers, enterprise firms, and newer cloud providers. It controls 50 campuses across The US and Latin America with more than five gigawatts of operating and planned capacity, including properties still under development.
The acquisition comes amid a scramble to secure the compute power needed for AI workloads. Last month, Nebius Group signed a five year agreement to supply Microsoft with $17,400,000,000 worth of GPUs. Around the same time, CoreWeave, which we just talked about, reached a $6,300,000,000 deal with Nvidia to reserve its unused server space. The aligned deal is expected to close the 2026. Shares of Bitcoin mining firms, particularly those that have shifted to their business models anyway to AI infrastructure, are continuing to post gains. In early trading, Hut eight, Iron, Bitfarms, and CleanSpark were ahead in the 3% to 6% range.
It is it's this stuff, this this where was it? Yeah. Nebe has signed a five year agreement to supply Microsoft with $17,400,000,000 worth of GPUs. And then you got CoreWeave reaching this deal with Nvidia. Except when you start looking at this, what ends up being a a giant circle jerk, it it's it's like this isn't exactly true the way the way that this particular one works. But like, CoreWeave, you know, they're gonna get like $6,300,000,000 or or they're gonna give Nvidia, you know, $6,300,000,000 for unused server space. But Nvidia is gonna give CoreWeave $6,300,000,000 in something else. And it's the same $6,300,000,000, but now it can be listed twice.
So we can make the industry look $6,300,000,000 more than it is along with all the other circle jerk deals that are going on because they all mirror one another. It's all, oh, we worked out this x billion dollar deal with company y. And then it turns out that y is going back and funding that that same company with the same amount of money. And they're just gonna give them something different. This is it is incestuous, and it's going to get a lot of people in a lot of trouble. Again, be very careful out there. Meanwhile, Tether has finally forged a $300,000,000 settlement with Celsius to close the loan lawsuit that's been ongoing for a while. Atlas twenty one has it.
Stablecoin issuer, Tether, has reached a $299,500,000 out of court settlement with the bankruptcy administration of Celsius Network bringing an end to a legal dispute stemming from the collapse of the crypto lending platform back in 2022. The Blockchain Recovery Investment Consortium, which is a joint venture between asset managers VanEck and GXD Labs, an affiliate of Atlas Grove Partners, announced the transaction on October 14. The settlement now ends a years long dispute over Bitcoin collateral transfers and liquidations that occur prior to Celsius's bankruptcy in July 2022.
BRIC was established in early twenty twenty three to maximize recovery of claims from failed digital asset platforms. And in January 2024, following Celsius's exit from bankruptcy protection, BRIC was appointed as the asset recovery manager and litigation administrator by Celsius Debtors and the committee of ordinary creditors. So Tether's gonna pay through the nose, although they can totally afford it to the tune of $300,000,000 to make this whole thing go away. And by the way, Roger Ver is now free from the clutches of the United States government.
He has closed a $50,000,000 settlement himself so that he can be left alone. Is he my favorite person? No. But honestly, dude, leave leave the guy alone. Alright. So he's gotta pay $50,000,000 to do it, but that deal has also closed. Roger Ver is free. And you can you can be free too if you want to pay $50,000,000 to the US government. Let's run the numbers. CNBC features and commodities. Brent Norsee oil is down 50 oh, sorry. Point 53% to $62 a barrel. West Texas Intermediate is down point four to $58.46. Natural gas down a point. Gasoline, however, is in the green. It's up almost half a point to a buck 83 a gallon.
Merban crude is down a third to $63.80 a barrel. Metals are mostly in the green today. Palladium is down point six four, but gold is up another point to another all time high, $4,208.20 an ounce. Platinum is up point one six. Silver is up almost two full points, breaking over $51 to see 61¢ on the other side. Copper is down point eight four. Ag is fully mixed today. Biggest winner is lumber, one and a half percent to the upside. Biggest loser is coffee, two and a quarter to the downside. Live cattle down scant. Lean hogs up almost a half point. Feeder cattle are down a third.
The S and P is up barely 0.05%. Nasdaq is up a quarter. The Dow is down point 12%, and the S and P Mini is down almost a full quarter of a point. A 111,080 as Bitcoin treads troubled waters. $2,210,000,000,000 of market cap means we can only get 26.2 ounces of shiny metal rocks with our one Bitcoin, of which there are 19,934,841.79 of an average fees per block or low. 0.02 BTC taking in fees on a per block basis. There's about 20 blocks carrying 43,000 unconfirmed transactions waiting to clear at high priorities of four sets per v byte. Low priority is gonna get you in at one and hash rate rises again.
1.08 zeta hashes per second. Even as all these mining companies are quote unquote flipping over to AI. So you can do with that what you will. From Faith Energy, yesterday's episode of Bitcoin and I've got God's death with $2.37 sat says, thank you, sir. No. Thank you. Yodel with 500 says, great ways. Vincenzo says, in my opinion, a seizure of BTC is out of line no matter what the reason. Literally, everyone has committed some sort of crime, which means they will come after you eventually no matter what you did. Don't support this shit because the next person will be you even if you quote, haven't done anything wrong. You know, Vincenzo is right.
Yeah. I can agree with that. You know, I was saying something about pig butchering yesterday and that I didn't really care, but I probably should because Vincenzo is actually correct. I may not have done anything wrong yet, but something that I did ten years ago could be considered wrong ten years from now, and they come they come for me. Vincenzo, thank you for the, for the, thought. Sorry. Having a little bit of brain farts here. Thank you for the correction. I appreciate it. Pies 121 sats has some emojis I can't read. And I think is that gonna do it? Yep. That that's it. That's the weather report. Welcome to part two of the news that you can use. Stablecoin issuers race for US bank charters as Stripe's bridge joins the queue. Vince De Aquino from Decrypt.
Bridge, the stablecoin infrastructure arm of Stripe, has submitted an application to the office of the comptroller of the currency to organize a national trust bank as competition in the sector continues at a steady pace. Once approved, the charter would allow Bridge, quote, to operate under a unified federal framework consistent with the Genius Act, cofounder Zach Abrams stated on x. The proposed Bridge National Trust Bank would enable Stripe to issue, redeem, and custody stablecoins within within a federally regulated framework instead of going through state level money transmitter licenses.
Such a regulatory infrastructure would enable Bridge to tokenize trillions of dollars, Abrams added. Stripe acquired Bridge in October through a $1,100,000,000 deal as part of a broader plan to integrate blockchain based payments into its global merchant network. The move follows passage of the Genius Act, which created a new charter category for, quote, permitted payment stablecoin issuers. Under the Genius Act, stablecoin issuers are required to maintain 100% reserves in cash or, you guessed it, treasuries publish monthly disclosures and prioritize redemption rights for token holders.
Through the genius framework, the OCC, the office of the comptroller of the currency, can directly supervise non bank issuers such as bridge, a shift long sought by fintech firms, and the rush for federal bank charters is already underway. In July, Circle filed for a national trust license to oversee USDC reserves. Shortly after that, Ripple joined the queue with its own OCC charter bid, seeking dual federal and state oversight. Paxos then followed a month later, positioning itself for a national rather than purely state level licensing. And earlier this month, Coinbase announced that it had also applied for a national trust company charter.
If granted, Bridge's license would make it one of the first stablecoin focused national trust banks in The US. Observers see the filing as a test of Washington's new approach to digital asset regulation. Bridges OCC charter bid follows a major inflection point for the stablecoin sector, showing how The United States is finally moving toward federal recognition of digital dollar infrastructure, a representative for decentralized exchange aggregator, Astros, told Decrypt, quote, a federally chartered stablecoin bank under the Genius Act, will set a precedent for interoperability between on chain liquidity and off chain oversight, they added.
Asked about state licensed models such as those for other stablecoin issuers like Circle and Paxos, Paxos, Astro stated that Bridge's move could be seen as a compliment, not a displacement. What matters is how efforts to build a layered system where regulated institutions and decentralized protocols can safely coexist could be consolidated, they said. Decentralized finance platforms could benefit from more clarity at the federal level without sacrificing user autonomy or innovation, Astros stated. So a whole bank, a whole national trust bank.
Yeah. This is what the shitcoiner started. So it is you know, the stablecoins, like shitcoins, are just not going to go away. They're just not. And with people like Binance backfilling in people's terrible decision making processes, It's not gonna end anytime soon. In fact, it's never going away. And this is how you perpetuate dumb ideas is to make them, well, not hurt so much when people make terrible choices. I raised my kids, me and my wife, both. The the amount of times that we said the following to our children, make good choices is innumerable.
It's like I mean, it's like we raise them on that. It's like you have to make good choices. And I would always follow-up saying, you will always know whether something you are about to do is good or bad. You will know it. You will know if it's wrong or right. You will know if it's evil or good. You will know if it's stupid or not. I hope they listen to me. That that's all I can say. Now moving on to bad choices. Terrible choices. In fact, 48 terrible choices. 48 new Bitcoin treasury companies popped up in just three months, according to Bitwise.
Cointelegraph's Stephen Cotti has it. The number of public companies holding Bitcoin rose 38% between July and September in a sign that, quote, large players are doubling down, not backing away from Bitcoin according to an analyst. Crypto asset manager, Bitwise, found in its q three corporate Bitcoin adoption report, citing data from bitcoin treasuries.net, that a 172 companies now hold Bitcoin with 48 new ones entering the digital asset treasury space during the quarter. Bitwise CEO, Hunter Horsley, said in an ex post on Tuesday that the figures are absolutely remarkable and show that people want to own Bitcoin and and and companies do too, end quote.
Bitwise's report also found that the value of the total holdings among all the companies has risen to a $117,000,000,000, and that is up over 28% quarter over quarter. The total number of coins held has also crossed over 1,000,000, representing 4.87% of the total supply. Speaking to Cointelegraph, Rachel Lucas, an analyst at Australian cryptocurrency exchange, BTC Markets, said that the growing accumulation suggests larger players are doubling down. The largest Bitcoin treasury company by far is strategy, and then we go into Mara. Is there anything else about this? As more corporations and even sovereign step in, we expect this momentum to continue especially as regulatory clarity improves and the infrastructure supporting institutional crypto adoption matures, Lucas added.
At the same time, Lucas thinks it's a clear signal that institutional adoption is deepening because they're not just chasing short term gains, they're making a long term decision on digital assets as part of their treasury strategy. And this participation helps legitimize crypto as a mainstream asset class and lays the foundation for broader financial innovation from Bitcoin backed loans to, oh my god, new derivatives markets. End quote. Good lord. Despite the steadily increasing accumulation, the price of Bitcoin has been volatile. As of late, Lucas said that the corporations typically buy Bitcoin over the counter, which is a quieter form of accumulation that avoids slippage and volatility, but it also means they don't immediately impact the spot market price. However, she also said that while institutions are buying, other forces can sometimes be at play and cause sharp corrections such as the long term holders taking profits, increased derivatives activity, and macroeconomic shocks like The recent US China trade tensions.
It's all it's it it's all crap. What's not said is out of the 48 new Bitcoin treasury companies that have popped up over the last three months, how many of those have a reliable revenue model that does not include or depend on debt instrumentation? What do I mean? Printing shares to sell to people simply because you own Bitcoin. That is not a revenue model. It's just not. Nothing is said of these 48 companies. Do they do they have a service that they sell? How long have they been in business? Do they have a product that they sell? Do they have more than one? If so, how many?
What do they cost? What industry are they in? Where did they begin? We know nothing other than 48 new Bitcoin treasuries have popped up. It's it's all ludicrous. I was I was hoping that we would be able to save the ludicrous nature of this market until sometime in late freaking November, but we just may be here early because all of this is stupid. I'm sorry, but it is. So let's move on. Because we're gonna talk about a specific treasury company. Meta Planet is now valued below their BTC holdings. Here we go. Hold on. Helen Parks, Cointelegraph.
[00:43:44] Unknown:
Meta Planet
[00:43:45] David Bennett:
saw its enterprise value fall below the value of its Bitcoin holdings and entered uncharted territory as one of the world's biggest public holders of the asset. Meta Planet's market to Bitcoin nav or m nav, a ratio between the company's value and its Bitcoin holdings, dropped below one on Tuesday reaching 0.99 for the first time on record according to official data. Let's see. I wanna see what let's see. I'm gonna just pop that up for a second. Yeah. Sorry. I'm looking at a link. But in that sentence, they have a link to where they got the data from or at least so I think. I wanna come back to that here in a minute. Meta Planet's MNAV dropped below one after the company halted Bitcoin buying for the past two weeks with its most recent BTC acquisition announced on September 30.
Unlike traditional net asset value, which is called NAV, MNV is a ratio of enterprise value to Bitcoin NAV designed to help investors gauge how the market values the company relative to its underlying BTC holdings according to a a MNAV page on bitcoin treasuries dot net. In MNAV, enterprise value is defined as the market capitalization of all class a and class b shares, total debt, and the notional value of perpetual preferred shares minus the company's cash balance. When MNAV falls below one, the company trades at a discount to the value of its Bitcoin holdings, potentially reflecting market concerns about debt, its operating model, or some other risks. It's not a substitute for audited financials, but a high level indicator of how much of the company's valuation is driven by its BTC treasury versus other factors according to bitcointreasury.net's MNAV page.
Meta Planet's m Nav fell to point nine nine as the company held 30,823 Bitcoin, which is worth 3,500,000,000.0 on its balance sheet, following its most recent acquisition of 5,268 Bitcoin on September 30. The m Nav drop came about a year after the Japanese hotel company made its first Bitcoin purchase, 07/22/2024, which triggered an immediate surge in its shares. The initial Bitcoin acquisition pushed Meta Planet's MNAF to an all time high of 22.59 by July '20 or by July 24, a level that has not been ever seen since. Wow. That's a long way to fall from 23 was it? Yeah. Let's see.
22.59 has now dropped to point nine nine. Do the math. Market observers have expressed mixed reactions to Meta Planet's enterprise value falling below its Bitcoin holdings. Quote, Meta Planet trading below its Bitcoin nav doesn't signal failure. It reveals a market that still misunderstands Bitcoin treasury models. Melanin, Capital CEO, Jad Comer, told CoinTelegraph, quote, it's the same kind of misunderstanding that led investors to short Tesla in the early years. They saw a car company instead of an energy revolution. The same will happen here once markets grasp the reflexive power of Bitcoin treasuries.
These discounts will flip into the persistent premiums, Comer said. Yeah. Well, good luck. Smart Karma's equity analyst, Mark Chadwick, said that Meta Planet's MNAV Dynamics highlight an ongoing cooling on the Bitcoin treasury trend. Quote, I still see this crypto treasury stock decline as a popping of a bubble, Chadwick said, adding that long term Bitcoin bulls may see Meta Planet's discount as an opportunity to buy. Buy what? Meta Planet shares or Bitcoin? Because there's a huge difference. Cointelegraph contracted or contacted Meta Planet for comment, didn't receive any. Meta Planet is not the only Bitcoin treasury company experiencing recent stock decline.
Strategy has seen a common a stock drop about 30% since July. Honestly, I think this this treasury stuff needs to cool down. It need we need to stop talking about it. It doesn't help anything. In fact, there's a whole lot of people saying a whole lot of things both on Noster and Twitter and then in, like, you know, news stories like this that doesn't really need to actually be said. It's just mostly noise. Right? So what do you do? You just buy Bitcoin. You just hold Bitcoin. Stop going to the casino. No matter what flavor of casino you're walking into, be it Las Vegas or the stock market or getting into Bitcoin treasury companies, it's all BS.
Alright. So let's see. I'm looking at Meta Planet right now. There it's a metaplanet.jp/analytics. And I'm trying to see if they have just a solid number on their MNAV right now. Oh, it's dropped to point nine eight. 0.98. So we just got done telling you about 0.99. Now we've dropped another hundredth of a point. And I don't you know, what what what will it do? I don't know. I just see I just see a lot of leverage out there. And every time I see leverage, I I don't like it. I don't think leverage is good. It doesn't matter what flavor the leverage is. I just don't like it. I just wanna hold the asset. I don't wanna bet on what the asset's gonna do.
I do that by actually buying the asset and holding the asset because it's so easy to hold Bitcoin. It's not like I'm buying oil futures, and I'm I'm not gonna be taking, you know, direct delivery on thousands of barrels of oil. I mean, that's just not done. You don't take delivery on stuff like that. I can take delivery on Bitcoin, but I would rather just buy it and hold it. It's just it's so easy to do. Last up for the day, Bitcoin mayor Eric Adams establishes New York City digital assets and blockchain office, Logan Hitchcock, decrypt.co.
New York City mayor Eric Adams established the office of digital assets and blockchain technology on Tuesday, adding to his pro crypto record as he rounds out his term in office. The cryptocentric office will operate within the office of the mayor and be led by a director appointed by mayor Adams who will ultimately report to the city's chief technology officer. Quote, our first in the nation office of digital assets and blockchain will help make us the global capital of digital assets. This new mayoral office is going to help us stay ahead of the curve, grow our economy, and attract world class talent, Adams posted on x.
Narrator says it didn't. That's because New York City's got a whole other raft of problems, one of which is New York State's bit license. But, hey, here's the hope in there, Adams. Effective immediately via the signal signing of mayoral executive order 57, the office is designed to support the growth of digital assets and blockchain within New York City while encouraging investment in the city by the crypto industry. Quote, while we've been planning to launch this office for months, we wanted to make sure we got this right and interviewed extensively to fill the role of executive director prior to this announcement, says press secretary Kyla Mamalak.
Quote, once we found a candidate who could execute our vision for this office, we went through our review process and made the announcement at the appropriate time. To lead the office, mayor Adams selected former digital assets and blockchain policy adviser Moises Rendon. Rendon had been serving in the New York City Office of Innovation and Technology since 2024. Under his leadership, the office will first create a commission. Of course, let's sit around the table and discuss it for ten years. Anyway, they're first going to create a commission of digital asset leaders to help guide the office's work. Quote, mayor Adams' creation of this new office proves that the future is now for digital assets and blockchain in New York City. I am honored to lead the nation's first municipal office dedicated to successfully and responsibly deploying these technologies, Rendon said in a statement.
The digital assets office creation follows Adam's launch of a digital asset advisory in May, similarly designed to bring investment and talent from crypto companies to New York City as the mayor sought to make the city, quote, the crypto capital of the world. At the time, he indicated that the city was exploring using blockchain technology for birth and death records, among other things. And then Adams famously accepted his first few paychecks from his mayoral duties in Bitcoin and some other shit coin in 2022, earning him the moniker of Bitcoin mayor in the process.
Since then, both assets have risen substantially in price, leading to Adams poking skeptics with quips like, who's laughing now? In May, Adams called for the end of New York's bit license, thank god, a regulatory license framed or famed for its strict compliance regulations. Yeah. You spelled impossible wrong, but okay. Mayor Adams will leave office January 1 as he is no longer seeking reelection, having dropped out of the race in late September. Predictors on Myriad currently give Zoran Mamdani around an 88% chance of winning the November election and assuming the office in January. And that matches the odds of poly PolyMarkets NYC mayoral election market, which gives Andrew Cuomo the next best chance of winning it at around 10%.
Oh, dude. Poor poor poor Cuomo. That's just that's just sad. Alright. So what are the chances that that commission stays intact after mayor Adams leaves office. And this is a general question across the entire industry in every state, in every city, and at the federal level, at the highest level, the president of The United States. If the SBR is not codified into law and the midterm elections are lost, we have a great chance of having the SBR erased out from under us. Not that they've really done anything but steal more Bitcoin to to fill their coffers with. They need to actually purchase Bitcoin somehow to make that effective. But that aside, the loss major losses in the midterm elections causes SBR problems.
If the presidential election is lost by the Republicans to the Democrats two years after that, you can kiss the SBR goodbye. That filters down to every level all the way down to where we start looking at stuff like mayor Adams and his construction of this commission, right, and this office and all these people, when Mamdani gets in because he is going to win that election, the chances that that remains intact are nil. Nothing. Nada. It's not gonna matter. It's gonna be either eviscerated or just flat forgotten about. Alright? So just just understand that just because mayor Adams does this as his, I don't know, parting shot, I guess, does not mean it's going to have any effect whatsoever.
Kinda begs the question as to why he would do it in the first place. Is he planning something else so that he can look back and point at this and say, don't you remember what I did for bitcoin or quote unquote crypto? Alright? Remember that as I'm running for whatever it is that he may be running for because honestly, that is the only thing that gives me a high quality answer to the reason why, you know, mayor Adams would have done this. Because it's not gonna matter once mom Donnie gets in there. I think this is just for him to go do something else that's probably going to require voters. I'm just saying. Alright. So that's the end of it for today.
Thank you for tuning in to the Bitcoin and podcast here. All the news you can use is yours and more with your host, me, David Bennett, and 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
[00:57:31] Unknown:
a great day.
Opening, episode setup, and today’s headlines
Dominic Frisbee’s take: bubbles, tulips, and Bitcoin’s potential
Market numbers: energy, metals, ag, equities, and Bitcoin metrics
Outlook: policy durability, elections, and closing remarks
