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Episode 1212 of Bitcoin And . . . is LIVE! 

Topics for today: 

• BTC Inc. Get's New CEO
• Is CZ Buying His Pardon?
• Saylor Finally Buys Big
• Harvard Triples Down on BTC ETF

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Today's Articles:

 
https://bitcoinmagazine.com/press-releases/btc-inc-appoints-brandon-green-as-chief-executive-officer

https://cointelegraph.com/news/japan-fsa-crypto-financial-products-20-percent-tax-reform

https://decrypt.co/348905/binance-founder-cz-addresses-delicate-question-of-4-3b-fine-following-trump-pardon

https://cointelegraph.com/news/why-brazil-is-using-bitcoin-as-a-treasury-asset-and-what-other-nations-can-learn


https://www.coindesk.com/markets/2025/11/17/strategy-returns-to-large-bitcoin-buys-adding-usd835m-last-week

https://atlas21.com/harvard-triples-its-investment-in-blackrocks-ibit/

https://bitcoinmagazine.com/news/cboe-to-launch-continuous-bitcoin-futures

https://www.theblock.co/post/379079/bitcoin-miner-hive-reports-record-revenue-as-btc-production-jumps

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[00:00:02] David Bennett:

It is 09:47AM   Pacific Standard Time. It is the November   2025,   and this is episode twelve twelve of Bitcoin, and it's my monthiversary.   Three hundred months.   Twenty five years   with the same woman.   Not bad.   Not bad, man. Not bad at all.   The monthiversary is something that that my wife started, like, a long, long time ago, like, when we first started dating in the first three years and it kinda got irritating.   Oh, it's our monthiversary.   Oh, it's our monthiversary.   But you know what?   As I've gotten older   and have been in this relationship this long with the same woman,   it's actually kinda cool. Because when you look at it from the three hundred months   of all the crap that people can go through together,   the absolute roller coaster ride that life is throwing shit at, It's not just a roller coaster ride. Think of it as a roller coaster ride with a whole bunch of people   that just don't like you   standing   on   either side of   the tracks just,   you know, hucking half empty beers at you, rotten tomatoes,   and you just have to just keep going through it. Three hundred months, man. Congratulations   to me.  

I'm serious. Congratulations   to her.   It's that's   honestly,   if you've survived twenty five years with the same person,   congratulate yourself   because that is one hell of a feat. Now,   we got news. That's why you're here. It's all the news you can use about Bitcoin   and more that's going on around the world. And we're gonna stop in with   a fundamental   change   at BTC   Inc, which is the parent company of Bitcoin Magazine   and the Bitcoin Conference.   It's not surprising   considering   the moves that David Bailey, the,   CEO of Bitcoin or BTC Inc, has been making over the last few months.   I'm not actually surprised at all. But then we're gonna go over to Japan. We're gonna visit there.  

Then we're gonna talk a little bit about some potential issues going on   between   Changpeng Zhao,   the   finance's   former CEO, and I guess he'll probably end up being CEO again now that he's been pardoned by Trump.   The the,   that relationship is coming back up.   That relationship is definitely coming back up,   in the news and on Capitol Hill, so we've got to stop in and visit there. But then we're gonna go down south to Brazil   where everybody's getting Brazilian waxes, I guess, and everybody's partying on the street. You know, Brazil's just Brazil. But   they seem to be interested in Bitcoin, and this is probably good. And we all know that Michael Saylor is, in fact, interested in Bitcoin, so we're gonna talk about it a little bit. But you may have forgotten about Harvard   University.  

You'll understand   after today's show.   And then the CBOE   is going to launch some things   about Bitcoin. And then   at the end of it,   we have a Bitcoin miner that is still mining Bitcoin. They haven't jumped ship to AI   like all these other companies are doing.   It's   the the AI crash is probably gonna be pretty vicious, guys. I'm just I'm just saying. And all the people that jumped ship,   if they didn't keep their miners,   well, they're gonna have a hell of a lot of problems trying to get them all back   to restock their hash rate. But I'm pretty sure that hash rate hasn't actually changed all that much even with all these people announcing, we're gonna go away on. We're gonna go away on. Whatever, dude.   Do not care.  

But let's start today   talking about Bitcoin Magazine   and its parent company,   BTC   Incorporated,   who has now appointed   Brandon Green as the chief executive   officer,   say,   Sayonora   to David Bailey, and hello to Brandon Green   at the top spot of BTC Incorporated. We've had a change of the guard. This is clearly from   Bitcoin Magazine, and it's written by, well, Bitcoin Magazine as it is an announcement.   BTC Incorporated,   the leading provider of Bitcoin related news and events, today announced the appointment of Brandon Green as chief executive officer effective immediately.   In this role, Green will oversee the company's strategic and operational direction,   including leading the continued growth of Bitcoin Magazine and the Global Bitcoin Conference series.  

Now as a part of this leadership transition, David Bailey,   chairman and CEO of KindlyMD   and cofounder of BTC Incorporated,   will step down as chief executive officer of BTC Inc   and continue to serve as the company's chairman of the board   supporting the advancement of BTC Inc's long term vision and strategic initiatives.   Since joining the company in 2017,   Greene has been a core member of BTC   Inc, holding a variety of leadership roles, including managing director, chief of staff, head of events, etcetera, etcetera.   During his tenure,   he has helped drive the global expansion   of the Bitcoin conference franchise   beyond The United States all the way to Amsterdam,   Hong Kong, and Abu Dhabi. Quote,   Brandon has been an integral part of BTC Inc. Story since the early days, and it's been a privilege to watch him grow into a leader capable of driving the company to its next chapter, said David Bailey.  

Quote, he is a product driven leader who places the highest value on the customer relationship and brand integrity   we have cultivated over the years. I have complete confidence   that under his leadership, BTC Inc. Will thrive, end quote.   Green himself added, quote, over the past eight years, I have had the privilege to work alongside an incredible team   dedicating to amplifying Bitcoin's story and building the global Bitcoin movement.   Now, BTC   Inc also reported   the company's preliminary,   unaudited financial and marketing results for the nine months ending 09/30/2025,   which demonstrate   significant year over year growth and continued expansion of its global media platform for the period. The company reported a revenue of $61,900,000   and e b I d, sorry, EBITDA   or   of 23,000,000,   representing approximately   a 140%   revenue growth compared to the same period in 2024.  

In addition to its financial growth,   BTC Inc reported   record audience engagement and marketing performance during this period,   like the global conference attendance increased by approximately 45%.   Digital and live stream reach generated an estimate   or an estimated 12,866,821   impressions across global streaming and social media platforms,   equivalent to 706,500,000   in advertising value.   Audience and brand engagement and related media properties   reached more than a 175,000,000   monthly impressions. It's actually some pretty impressive growth there.   Through a previously negotiated marketing services agreement,   BTC Inc has the option to acquire UTXO Management, a thesis driven high conviction hedge fund   focused on Bitcoin companies   and the market leader in Bitcoin treasury company investments through its fund,   two hundred and ten k capital.  

This agreement underscores BTC's in Inc's   expanding institutional strategy looking ahead to 2026 and beyond.   BTC Inc is positioned to accelerate the path toward hyperbitcoinization   by expanding its institutional product suite, diversifying its digital media platform,   and deepening its global reach.   Started in 2013,   BTC Inc has grown to be the leading global platform for Bitcoin education, advocacy, and community engagement.   The Bitcoin conference recently held in Las Vegas   welcomed more than 30,000   attendees and 400 speakers. Holy shit.   Including the sitting vice president of The United States.  

Beyond the events, BTC serves as a cornerstone of Bitcoin advocacy,   blah blah blah, yada yada yada. But what I really thought was interesting about this article   is this   option to acquire a company named UTXO   Management,   high conviction hedge funds. So   David Bailey, before he left as CEO,   said that he wanted to fold Bitcoin Magazine and The Bitcoin Conference and a couple of the other properties   into Nakamoto, which is we all know   is basically tanked.   And I've   made no bones about it that this is a terrible idea.   I I don't think that that I think dragging profitable businesses into something that is clearly   dying on the vine is probably not the way   to manage growth of the assets that are actually making money.  

So   the question becomes for me.   He's gonna be chairman of the board, David Bailey. He is stepping down as CEO, and Brandon Green is stepping up. And this is effective immediately, and it makes me wonder if   the other people involved in the businesses that are the Bitcoin conference, the Bitcoin magazine, and anything else that they're related to under BTC Inc   was not too happy   with that direction.   Do I know for a fact? No. I do not. I have no clue what they were thinking,   as to whether or not David Bailey's decision   was a bad one or a good one. It it doesn't matter. It's just I think it's a terrible idea   to use profitable companies   and drag them into something that is clearly   going down with the ship.  

Right? I I I think that's a very dangerous thing to do. And I have a suspicion it is only a gut feeling. I have no confirmation on this whatsoever   that this change was basically brought to David, and they were like, whoever was bringing the change, if if that's what happened, and I don't know,   that they were unhappy   with that decision.   Told them, you know what? Nakamoto is your deal. You are not dragging the rest of the profitability   of BTC Inc. Into that   freaking rat's nest. We're not gonna do it. We need you to step down as CEO. You can be chairman of the board, but Brandon over here is gonna start making the, executive decisions on this shit.   If I'm right, you will know   when Bitcoin Magazine and the Bitcoin Conference do not get folded into Nakamoto, which is now, well, Kindly, MD, I I guess it's kinda confusing as to what the hell that entity's name is. If they don't get folded into that,   then I think I will I will have been proven correct that the rest of the people on the BTC Inc's crew were like, no, Dave. Uh-uh. We're not gonna do that.  

Let's jump over to Japan.   Japan's FSA plans to classify crypto as financial products,   and they eye a 20%   tax rate,   Ahmed Haqunas   from Cointelegraph.   Japan's financial services agency is preparing an overhaul of the country's crypto regulatory framework moving to classify digital assets   as   financial products   under the Financial Instruments and Exchange Act.   The plan would introduce mandatory disclosures of 105   cryptocurrencies   listed on domestic exchanges, including Bitcoin.   If enacted,   exchanges would be required to disclose detailed information about each   of the 105   tokens that they list, including whether the asset has an identifiable   issuer,   the blockchain technology underpinning it, and its volatility   profile per the report.  

They reportedly plan to bring the new crypto related law proposal to Japan's main parliamentary meeting in 2026 for approval.   The FSA is also pushing for a tax overhaul.   Japan currently taxes crypto earnings at, quote, as,   quote, miscellaneous income, meaning high earning traders can face up to rates of 55%,   which is one of the steepest systems in the world. The agency now wants   gains on the 105   approved cryptocurrencies to be taxed similarly   to stocks   at a flat   20%   capital gains rate. None of these governments can just it's like they can't avoid stealing your money. They just it's it's almost like it's an allergic reaction for them not to consider   stealing the citizens' money.  

I how   apathy got us here, and apathy keeps us here.   I don't know how to get out of it, except it sure as shit can include apathy. Anyway, another notable part of the proposal is the attempt to curb insider trading   in the local crypto market. Under the bill, individuals or entities with access to non public information such as upcoming listings,   delisting plans, or an issuer's financial distress would be prohibited   from buying or selling affected tokens.   Okay. So Japan wants to just go ahead and and make this basically give   straight up clear regulations   on a whole bunch of shit coins   and Bitcoin.  

They want a 20%   flat tax for for capital gains,   which would definitely make the people that are paying 55%   capital gains taxes pretty happy,   honestly.   So this is, this will be interesting, but   that's what Japan is doing.   Let's find out what's going on with CZ.   Binance founder CZ addresses, quote, a delicate question, end quote, of the 4,300,000,000   fine   following Trump. Pardon, Vismayev v from decrypt.c0   tells us all about it. Binance founder, Changpeng Zhao,   tackled a delicate question Sunday about whether the firm might seek a refund   of the three point or $4,300,000,000   fine, which was paid as part of Binance's 2023   settlement with US authorities   following his recent presidential pardon.  

Zhao stated   that the matter was   a delicate question   in response to a tweet from author and blockchain expert, Andy Leon,   noting that, quote, I think   any such refund   hasn't   been asked   asked for. Yeah. You think? Okay. Quote, I appreciate the pardon already, he said, adding that, quote, there is a balance in asking for more versus what is fair versus   appreciate what you got already, end quote. I don't know. That actually sounds like   a high quality way of thinking about it. Hey. I'm out of jail. I still got a shit ton of money. Let's just shut up. Anyway, the former Binance CEO said that, quote, if if we get any refund,   we will be investing that in America anyway to show our appreciation.  

This doesn't this this sounds   this sounds pretty bad.   This this is almost just transparent going,   yeah, dude. We're we're definitely,   we're definitely in on the grift. Oh, well. Hey. It it is what it is.   The conversation also raises an obvious complication about Zao's use of the word we.   CZ stepped down from Binance's executive ranks under the terms of its settlement. So while he's responding to a question about your   $4,300,000,000   billion dollars, that fine was paid by the exchange,   and he would be unable to speak on its behalf.   Under the terms of the plea agreement reached as part of the settlement, Binance did agree to forfeit 2,500,000,000.0   and to pay a criminal fine of 1,800,000,000.0,   while Zhao personally paid a fine of 50,000,000.  

Decrypt has reached out to Binance for clarification. And if they respond, we'll tell you all about it. President Donald Trump pardoned Zhao last month   with the clemency ending the legal consequences for from his guilty plea to violating US anti money laundering laws. Zhao pleaded guilty in November 2023 to charges of failing to maintain an effective anti money laundering program at Binance,   allowing funds linked to terrorism, hacking, and other crimes to flow through the exchange.   The Binance founder was sentenced to four months in prison last May and served his time at a minimum security facility in Lompoc, California.   In May, in an exclusive interview with Decrypt's sister company, Rug Radio,   Zhao dismissed reports that he had offered Binance dot US equity   in exchange for clemency.  

Trump defended his decision in his sixty Minutes interview published earlier this month, describing Zhou as a   respected   entrepreneur   who had been the victim of weaponization   by government,   noting that he had heard it was a Biden witch hunt.   Okay.   Democrats immediately condemned the pardon.   Really? You think? With representative Maxine Waters   castigating it as an appalling but unsurprising reflection of his presidency and insisting the pardon was the payoff.   Elizabeth Warren and   Warren and Adam Schiff introduced a resolution to rebuke the pardon, and representative Ro Khanna   described it as a blatant corruption,   noting he plans to pursue legislation barring lawmakers from holding crypto.  

Okay. We'll punish everybody else.   Binance's closeness to the Trump family's crypto empire had raised eyebrows well before the pardon. In early March, the exchange handled a $2,000,000,000   investment from Abu Dhabi's MGX   that was settled in USD 1, the stablecoin minted by the Trump's World Liberty   project. In June,   senators Elizabeth Warren and Jeff Merkley   wrote to the CEOs of MGX and Binance requesting that the firms   preserve records relating to USD 1 investment, describing it as effectively cutting president Trump into a   multibillion dollar international   deal. Oh, yeah. Yeah. Effectively   cutting president Trump into a multibillion   dollar international deal. Alright. So this honestly, this just looks bad.  

There's I I can't sugarcoat it for anybody here, man.   It does like I said, this is nothing about whether or not I like Trump or don't like Trump. It doesn't really matter. I kinda don't care. When I'm just looking at the raw data, this looks like a payoff.   It just looks like a great big fat payoff.   And honestly,   four months in prison,   he had to get pardoned.   I mean, I think he he had already served that. So all this really looks like to me was that it was expunging his record, and it was going to allow him   to be able to take the reins back at Binance   because everything in that plea deal is kinda like null and void, I think, because it's a presidential pardon. It's a it's a full blown pardon.  

So I think I think   everything is   is on the table. And if CZ wants to be the CEO of Binance, then he can probably go and be the CEO of Binance   because he didn't get twenty five years. He didn't get twenty years. He didn't get fifteen, ten, five. He got four months.   Unless somebody out there knows something I don't, that four months?   Dude, just do it. So   what's going on under the hood here? Is it really just being able to take the reins of Binance again?   Something doesn't there's something about that that doesn't quite click.   I think there's something that we haven't seen yet.  

There's something underneath all of this that we don't know about.   And I've got a gut feeling   that this is a payoff.   I I wish it wasn't,   but   I I can't see it as any other thing. It's sort of like playing dirty pool. And if you get dirty playing pool, you can go over to soapminer at soapminer.com.   That's soapminer.com   and get yourself   some handmade   tallow soap. You can get cedarwood tallow soap, pine tar, goat's milk, lemongrass,   orange clove, lavender, tea tree, peppermint, rough cut, Earl Grey, redacted.   You can get body bombs too, dude. You can even   get full 100%   grass fed tallow based deodorants.  

It's kinda new for them. This man, SoapMiner, over at soapminer.com,   has got two pages   of products.   Two pages   of products.   I use all of his soap. I have not I've not tried the body butter or the balm or or the deodorant yet, but the soap, I can speak for the soap. Best soap in the business.   Go to soapminer.com.   Use the word Bitcoin and in the coupon code, get 10% off your entire purchase. And it also lets   SoapMiner know that I made a sale for him here in the circle p. It's where I bring plebs with goods and services just like you to plebs just like you who want to buy goods and services with Bitcoin.   Because if you're not selling your goods and services in Bitcoin, you're not in the circle p.  

Soapminer.com.   Get away clean with soap miner.   Now, Brazil,   why Brazil is using Bitcoin as a treasury asset and what other nations can learn?   Bradley Peek, CoinTelegraph.   To be clear,   Brazil's national treasury and central bank are not adding Bitcoin to the country's sovereign reserves.   There is also no law requiring government bodies or state owned firms to hold Bitcoin.   What is happening instead is a patchwork   of city initiatives,   listed companies and new market infrastructures   coming online.   In the following sections, we'll outline the whats and whys of any risks   that are involved.  

So   did you know   b three, short for Brazil,   Bolsa, and Balcao,   is   Brazil's main stock exchange formed in 2017 through the merger of Sao Paulo Securities Futures and Commodities Exchanges.   It is one of the largest market infrastructures   in the world and the first in Latin America   to list a spot Bitcoin exchange traded fund.   Brazil spent the past few years building regulated, familiar ways to access Bitcoin. In 2021,   b three listed Latin America's first spot Bitcoin ETF,   giving institutions an auditor friendly instrument without requiring self custody from day one.   Derivatives   then   followed. In mid twenty twenty five, b three reduced the Bitcoin futures contract size from point one BTC   to 0.01   BTC   to broaden participation and improve hedging.  

The change was formally implemented on 06/16/2025   through circular and public notice.   Product innovation   kept pace.   Asset managers launched hybrid funds that blend bitcoin and gold on B three, showing that regulators and the exchange are comfortable   hosting crypto linked products in public markets. The rule book is maturing.   Alongside those products, in November   2025,   the central bank published   detailed standards for v a s p's covering   license   licensing,   AMLCFT   governance,   security, and consumer protection   with enforcement starting in February.   For treasurers,   that reduces operational uncertainty   as they rely on ETFs, futures, and regulated intermediaries.  

Treasury teams are trying to smooth earnings and protect purchasing power in a market where the Brazilian real can swing sharply on policy decisions and external shocks.   A small Bitcoin allocation   held through audited investments or instruments   adds a liquid non sovereign hedge alongside dollars and local notes without requiring new custody operations.   It's also about using familiar pipes.   Spot ETFs and listed futures on b three lit treasurers   size, rebalance, and hedge within the same governance and audit routines that they use for any other asset.   The smaller 0.01   BTC futures contract makes hedging more precise   and cheaper to implement on at a treasury scale.  

There's a governance blueprint   now. Meluz   showed the sequence boards,   want to see. Shareholder approval goes to clear disclosure,   then to execution,   then to additional capital to scale the position.   And that reduces career risk for other chief financial officers considering pilot allocations.   Access matters to those who can't hold crypto directly.   Orange   BTC's   b three listing gives equity exposure to a large on balance sheet   BTC position,   allowing institutions to participate through a listed vehicle while staying within the mandates.   Finally,   the regulatory   arc lowers operational uncertainty   with the central bank's   VASP   standards covering licensing,   AMLCFT,   governance, and security set to take effect in February   2026.  

Treasures can now rely on licensed intermediaries and documented controls   rather than bespoke crypto infrastructure.   So   what they're really saying throughout this entire article is that Brazil   is not to be forgotten.   We don't really talk about how big Brazil's,   basically, their the Brazilian market. We we don't really talk about how big it is. We talk a lot about how their currency is is   a a shitcoin.   We talk a lot about that, but a lot of us forgot that Brazil offered a, you know, a BTC futures product   years ago.  

They were one of the first ones.   And I hadn't talked about it since, I don't know, a couple of months after they did it. But here we are, you know, back again   looking at just how   immense   their their b three market is   and realizing that   this isn't this isn't something you sneeze at, dude. This is part of bricks.   Right? Was it Brazil,   Iran,   India?   Well, I can't well, who else is in there? South Africa's in there somewhere.   You know, it's it's like, it it it's a big deal.   And the fact that they have such a big market and that market has been participating   in Bitcoin for as long as it has   and the fact that we've forgotten about it, yeah, I don't think we should forget about it. I think we should you know, essentially, I always say that I always say this.  

If you're not watching Latin America,   you're not watching the future. If you're not watching the Continent Of Africa, you're not watching the future.   The West is basically in in the middle of, I don't know, we just seem to be floundering on everything. And meanwhile,   Latin America and the Continent Of Africa are they're just,   dude, they're just doing what needs to be done at this point. And it's gonna be a little bit embarrassing if we don't get our act together   up here at least in The United States.   Just, you know, just putting that out there. Let's let's run the numbers.  

CNBC   Futures and Commodities.   Energy futures are well, they're all in the red. It's not terrible, but still in the red. Brent, North Sea is down a fifth of a point.   West Texas Intermediate is down point 15%.   It's sitting right at $60 a barrel. Natural gas, however, not the hedge it once was, it's down 2.63%.   Still,   $4.44   per thousand cubic feet is a pretty high price for gas.   Gasoline itself is down a full point, back below $2 a gallon to a buck 99, and Mirbon crude is down a half to $65.88.   Shiny metal rocks are not having a good day. Palladium is down point 8%. Gold is down a half, still above 4,000 at 4,074   and 8 nines. Platinum is down point six. Silver moving sideways,   but in the red. Copper is down 1.05%.  

Ag is mostly green. The biggest winner today is wheat,   2.9%   to the upside.   Biggest loser today is lumber,   2.7%   to the downside. Meanwhile, live cattle getting some relief.   Point 65%   in the green. Lean hogs up a quarter. Feeder cattle up. Damn, 1.43%.   Legacy indices,   not looking all that swell.   S and P is down a half.   Nasdaq is down a half.   Dow, down a half.   S and P Mini, down point 8%.   Everybody's getting freaking wrecked.   Bitcoiners getting wrecked. Goldbug is getting wrecked. Energy guys getting wrecked.   You know, the legacy market dude is getting wrecked. Where the hell is all this money evaporating to anyway?   Sure as shit isn't coming to Bitcoin because we're at $92,760   I'm sorry to be the bearer of bad news. It is what it is.  

And if any of you guys out there are like, fuck it, man. I'm just gonna sell. Do do you have to?   Do you really have to? I mean, that should be the the first question. If you have to, you have to. I mean, I understand it. I'm not gonna hold it against you. I'm just saying people panic and then realize, you know,   I looking back, I didn't actually have to sell it.   You know? So just I'm just saying   take a a pause.   Take a deep take a deep, deep breath   and just let, you know, let it flow.   Anyway, we're at a $1,850,000,000,000   market cap. We can only purchase 22.8   ounces of shiny metal rocks with our own Bitcoin, of which there are 19,949,929.29   of.  

Wow. That's a lot of nines.   Average fees per block are,   normal.   0.03   BTC taking the fees on a per block basis.   But a little bit more activity going on in mempools around the world today. Looks like,   mempool. Space is listing about 38, 39   blocks carrying 52,000   unconfirmed transactions waiting to clear at high priority rates of five   sets per v byte. Low priority,   four sats per v byte.   Still still zeta hash range.   Security on the Bitcoin network, almost completely unchanged.   Roastix,   1.11   zeta hashes per second is the hash rate for the Bitcoin network. You can do with that what you will.   From Alibaba's 40 thieves, Nick Dose with a 103,   Sat says, cheers. Jason High with   200 says, thanks for the news. You can use. You're welcome, dude. And, Jingo Unchained with 1,500. Dude, thank you. Cowabunga.  

Kano with 888   says, these fell out of Peter Schiff's pockets. Thought you should have them.   Nakaz 18 with two ten. Live Aloha.   And let's see here. Oh, turkey. Holy crap. Turkey with 10,000.   10,000 sats. Remember a day when that was almost,   or a little bit above $10? Not bad, turkey. Thank you. I appreciate that. Sorry. I haven't boosted in a while. I'm not driving as much as I used to. Well, I I understand.   To be discussed with 5,000 sat says, brother, you are appreciated. I'm glad to hear that. It's always makes always makes my day to hear that. Perma nerd with two ten says, just saying hi.   Hi.  

Oh, well, hi back, Perma Nerd. Pies with one twenty one says, thank you, sir. No. Thank you. And that's the weather report.   Welcome to part two of the news that you can use Michael Saylor buys Bitcoin.   And of course,   what happens, but Bitcoin loses price again. It's almost like it's almost like there are people out there that just hate him so much that they will sell their Bitcoin   just to piss him off.   It seems like a very juvenile thing to do. I'm probably getting it wrong, but it always happens this way. Monday, he announces that you know, Sunday, he puts out a tweet, says, hey. Here's an orange dot. Then Monday, he says, yes. Here's exactly how much Bitcoin we bought. And then the market goes.   But,   regardless,   strategy returns to large Bitcoin buys.  

They added $835,000,000   worth of Bitcoin   last week. James Van Stratten out of CoinDesk.   Fresh weekly buys of Bitcoin are no longer news for Michael Saylor's strategy, but large purchases   had almost been off the table for some time.   The company last week, however,   acquired an additional 8,178   BTC   for 835,600,000.0   with an average coin price of a $102,171   each.   This very sizable buy was financed mostly through the sale of the company's   latest preferred offering,   s t r e, or stream,   which brought strategies high yields   to European investors. Oh, so so it worked. The European investors bought   Steam.  

Did I say stream?   That's weird. It's Steam.   Anyway, that was funded by the high yields given to European investors. They raised about 715,000,000   earlier this month doing that.   Then the company also raised a 131,400,000.0   ver via its STRC   or stretch,   per preferred series   for a Monday morning filing.   Total holdings are now 649,870   BTC acquired   for 48,370,000,000.00   or $74,433   a coin.   Strategies Bitcoin purchases lately have   mostly been very incremental as the sharp decline of the company's stock price,   had pretty much ruled out any large common share offerings.   Trading at a $199   earlier on Monday, MSTR Enterprise   value now sits only barely above the value of the Bitcoin on its balance sheet, making common stock issuance dilutive   to existing holders.  

Bitcoin is trading at 94,500   on Monday. No. It's actually not. It's down below that. That's how fast price moves, like, in in times like this.   Just take a deep breath, dude. Put your hand put one hand on your chest,   put one hand on your belly, and breathe in through your nose and out through your mouth. Do that at least 10 times   slow, like breathe in for four,   breathe out for six, breathe in yeah. Do that. You'll be fine, man.   Besides,   it's come to my attention that most of us,   at least in the West, we don't really breathe all that properly, insofar that   we're not getting enough oxygen   so that our metabolism can actually work correctly. I've I've been reading this lately, and I'm kinda   I'm kinda stoked that maybe we can set a lot of our mental and physical issues straight simply by breathing.  

Not all of them,   but at least some of them.   For other things, you might have to turn to chemistry. But this is not the time to do that. Stop dropping pills and don't drop acid   unless you're with a loved one   and in a padded room   and not out   in a restaurant or a bar.   Just be safe out there, people. Harvard triples its investment in BlackRock's iBit. So through all of this, what does Harvard do?   Harvard   looks like it's tripling down. Atlas21.com.   Harvard University has tripled   its exposure to spot Bitcoin ETFs according to a filing submitted November 14.   According to official third quarter data, Harvard reported holding   6,813,612   shares of iBit   BlackRock spot Bitcoin ETF, and this represents a 257%   increase   from the 1,906,000   shares previously held.  

Damn.   IBit   is now the university's largest disclosed investment. Let me read that again.   We're talking about Harvard University.   We're not talking about Bob's backyard biochemistry   building.   This is Harvard.   IBit is now the university's   largest   disclosed investment surpassing giants such as Microsoft, Amazon, and the Spider Gold Trust. As of September 30,   the shares were worth $442,800,000,   although that value later fell to around 364,400,000.0   because of Bitcoin's price decline.   But despite the large amount,   the disclosed holdings represents only a very small percentage of Harvard's total endowment, which stands at roughly $57,000,000,000.  

The Bitcoin stuff is about point 6%   of total assets.   Eric Balchunas,   ETF analyst at Bloomberg, commented on x, saying, quote,   it's super rare and difficult to get an endowment to bite on an ETF,   especially   somebody like Harvard or Yale.   It's   as good a validation as an ETF can get, end quote.   BlackRock's iBit is currently   the leading spot Bitcoin ETF   by assets under management despite having seen $532,000,000   in net outflows   just last week according to so so value data.   Harvard is not alone in this strategy. Emory University,   a private university based in Georgia, has also increased   its holdings in Bitcoin ETFs, and I told you all about that one   last week. So Harvard   tripled   Triple. Now, today, they might be looking at it going,   man, maybe we should have waited.  

Woulda, shoulda, woulda, shoulda, coulda, but somebody like,   Harvard, their investment people,   they're I I guarantee you, they're not freaking out. They probably already had this.   They're these are people that they're not trying to time the very bottom. They're also not trying to time the very top.   These are professional investment managers, so they probably aren't even blinking at this point.   But let's go over to the CBOE.   They're going to launch continuous Bitcoin   futures on December 15,   so be prepared for that one. Bitcoin Magazine's   Micah Zimmerman is writing.  

CBOE   announced it will begin offering Bitcoin continuous futures on its CBOE futures exchange   starting December 15, pending regulatory approval, that is. They talk about Ethereum, but I don't care. These new futures are designed to give traders long term exposure to Bitcoin   without some of the operational headaches of traditional futures.   Each contract has a ten year expiration   and a daily cash adjustment, which means positions are automatically updated every day   to reflect the underlying asset's price.   In effect,   this creates   a perpetual   exposure.  

Traders no longer have to manually roll contracts every few months, which has been a major friction point for investors   using conventional futures.   Quote,   as perpetual futures have historically been traded offshore,   Cboe is excited to help expand access to these products within a US regulated transparent   and intermediary   friendly environment, said Rob Hawking,   global head of derivatives at CBOE.   And he added   that the product is designed to help investors manage risk efficiently,   gain leveraged exposure, and execute tactical trades   in digital assets, the new contracts will use real time price data from Keiko,   a digital asset market data provider, to track Bitcoin and Shitcoin number one.  

Each day,   a funding amount adjusts open positions to keep the futures price   closely aligned with the spot market.   This ensures that the contract accurately reflects the value of the underlying   asset, which is important for anyone using these contracts to hedge or speculate.   Ann Clare Maurice, managing director of derived data at Keiko,   noted that these US regulated continuous   futures   remove much of the operational friction that institutional investors face when managing offshore perpetual contracts.   Quote,   they allow investors to gain long term crypto exposure efficiently   while still benefiting from the oversight and transparency   of regulated markets, she said.  

The contracts will be cash settled and centrally cleared through CBOE   Clear US, a CFTC   regulated clearinghouse.   This reduces counterparty risk, making it safer for traders compared with unregulated   or offshore derivatives.   Margin requirements will follow CFTC rules, and there may be opportunities   to offset margin requirements with other CFE listed futures such as financially settled Bitcoin   and financially   settled Shitcoin number one contracts.   In short,   CBOE's   continuous futures bring the convenience of perpetual style crypto exposure to a regulated   US market.  

Traders can now hold positions in Bitcoin   long term   without the need for constant contract rollovers   while benefiting from transparency,   centralized clearing, and regulatory   oversight.   So I'm not a pro trader. I certainly don't know anything about well, that much about how futures actually work. But the obvious question that that I think people should ask is,   if you're gonna buy a ten year contract,   how do you trade   that? Can can you trade that? I I know the answer has to be yes. Otherwise, this wouldn't be a product.   So   all this really does is remove the the problem of having to roll over and buy new contracts   and and worry about expiry dates. And there's a like they said, there's a lot of friction.  

If you wanna roll your   or it your futures over into new contracts,   the perpetual just makes it much longer term.   I remember there was a time in Texas where I could get a I think I think it was I could pay for   a four year driver's license or I could pay a little bit extra and not have to have it,   what do they call that, re upped,   for six years.   And I was like, oh, hell, yeah. I don't wanna have to come back here every four years and, you know, do all this crap again.   So I opted for the six.   And it was, I mean, it was awesome.   It just sort of made my driver's license a little bit more   perpetual.  

I hope that helps in the explanation.   And finally up, the block has this one from RT Watson.   Bitcoin miner, Hive,   reports a record revenue   as the production of Bitcoin   jumps.   Hive Digital Technologies said on Monday   that it posted   record revenues   as the Bitcoin miner's production of Bitcoin increased significantly   during its most recent quarter.   The company said in an earning statement that it registered $87,300,000   in revenue during the second quarter   of its 2025   fiscal year, representing a 285%   increase year over year. Hive also reported an adjusted EBITDA   of 31,500,000.0.  

The Bitcoin miner said production also rose 77%   quarter over quarter   despite an increase in network difficulty   to 217   BTC,   currently worth,   about $67,500,000.   Production was also up 100%   year over year as Hive produced 340   during the very same period   the year before.   Bitcoin is trading at roughly 94,000   on Monday, down about 10% during the past week.   Quote, despite Bitcoin hash price being up only about 25%   year over year,   our revenue soared 285%   year over year due to our aggressive   hash rate expansion   and relentless focus on efficiency, Hive   executive chairman Frank Holmes said in a statement.  

According to some market watchers, Bitcoin miners have recently entered a new era. While shares in Bitcoin miners once traded in near lockstep with the price of BTC   with many miners   pivoting towards artificial intelligence infrastructure,   their stocks have been increasingly driven by the AI theme, JPMorgan   analysts said last month. Quote,   we are accelerating our AI data center initiatives across Canada and Europe,   laying the groundwork for the tier three plus facilities capable of supporting hyperscale   GPU deployments,   Hive president and CEO,   Aidan Killick, said in a statement, quote,   Buzz   HPC   is becoming   a powerful growth engine, end quote.  

Buzz HPC is Hive's high performance compute subsidiary.   Hive shares rose about 6% to $3.52   as of 10:46AM   according to the block's price page.   The company's stock is up over 20%   so far this year. Dude, then that would make Hive one of the only companies that is escaping the freaking carnage that's going on out there, not just in Bitcoin.   I mean, if you if you wanna look at the shit coin field,   be my guest. Go right ahead.   You think this is bad for Bitcoin? You should see the I mean, I looked at it on Friday. I looked at coin market cap and I arranged it. I just arranged the the,   the sorting feature   to go from the highest amount of percentage losses on a seven day and ten day period, or was it seven day and fifteen day? I can't remember. But at least on seven days   to the lowest amount of loss. So it took when when you when you did it that way,   Bitcoin came in number sixty sixth.  

Actually, I think it was sixty seventh   on the list   of worst performers.   That means 66   shit coins   were tanking   way way way way worse, and this is why I will leave you   with this today.   Stop   shit coining.   You've got to stop   shit coining.   This is one of the problems this entire industry has is all of the shit coins   And that washes over into Bitcoin's performance simply because   nobody   well, the great guts and feathers of investors   cannot separate in their mind   Bitcoin from the rest of the of this stuff.   They somehow or another, we've never made it clear that Bitcoin is different,   that Bitcoin started it, that Bitcoin is the only way to really go. We're still working on it, but we haven't quite got there yet, which is why 66   shitcoins   are looking we're looking at, like, 95%   losses near the top.  

You know? And then it's, like, 94,   93%   loss, you know, 87%   loss. And it just goes on and on and on and on until you finally finally get to Bitcoin   way down there in the list at 67%.   And then I know that somebody's listening to me going, yeah, but I know some shit coins that are in the green. They're the next Bitcoin. No. They're not.   They will have their turn   at the guillotine.   They will have their turn   under   the axeman's   hatchet.   They will have their turn   being hunted to death in the wild   like some poor wounded animal   because all of them take their turn on this. All shit coins are is a distraction.  

Stop allowing yourself to be distracted   by   nothing.   That's what's so bad about it. There's actually nothing there.   And I'm seeing news stories again this week about freaking Zcash.   Dude,   another shitcoin   is probably the least shittiest of the shitcoins or at least one of them, but it's a shitcoin.   It should not it's it it it has problems.   Of course, Bitcoin has its own problems, but Zcash,   the fact that I'm seeing a marketing   push,   the likes of which I haven't seen since 2017   on a shit coin,   tells me everything I need to know about Zcash.   It's something has changed in that ecosystem,   and it's not for good. Alright? So just y'all be aware.  

Be careful out there. Understand that we've been here before.   And one of these days, we will be here again.   So just be careful out there, 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 a great day.