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Episode 1138 of Bitcoin And . . . is LIVE!

Topics for today:

• Strategy Crushes The Street
• Ray Dalio Battens Down The Hatches
• Visa Going All In "Crypto"
• El Salvador Could Gets Reformed

Circle P:

Sovereignty in Style
 https://theleathermint.com/
Nostr: @LeatherMint
Twitter: @TheLeatherMint
Coupon code is BitcoinAnd for 10% off.
Better leather than never.

Want to know more about the Expat Consultancy business in El Salvador?
Listen to the latest episode of Once Bitten! Podcast here: ---> https://fountain.fm/episode/Jsh9RlcFbK0JC0JeYjUS <

Today's Articles:

https://bitcoinmagazine.com/news/strategy-eps-beat-bitcoin-treasury
https://cointelegraph.com/news/ray-dalio-sells-last-bridgewater-stake-debt-collapse-prediction
https://decrypt.co/333015/visa-stablecoin-features-avalanche-stellar-support
https://atlas21.com/el-salvador-constitutional-reforms-approved-for-unlimited-presidential-re-election/
https://bitcoinnews.com/markets/anchorage-digital-10000-btc/
https://decrypt.co/333132/metaplanet-plans-3-7b-stock-raise-to-fuel-massive-bitcoin-buying-spree
https://www.theblock.co/post/365218/coinbase-2509-btc-acquisition-q2-top-10-public-bitcoin-treasury-companies-tesla


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[00:00:02] David Bennett:

It is 07:42AM   Pacific Daylight Time. It is the August   2025.   This is episode eleven thirty eight   of Bitcoin, and it may be just a slightly shorter show today. We've got some stuff to do, but we have news.   And this is where you come for the news you can use. This is the Bitcoin and podcast. I'm your host, David Bennett. If you needed to know what the hell was going on with Bitcoin or,   I don't know, adjacent   adjacently related news stories that have to do with the economic factors of Bitcoin, well, you've come to the right place.   It literally we'll just start out. Let's just dive right in because strategy,   formerly MicroStrategy,   just   shocked the crap out of Wall Street.  

I don't think anybody's ever seen this before,   but strategy released   their numbers yesterday.   Their earnings call   seems to suggest,   and I have no reason to believe that they're lying,   but strategy   has a 46671%   earnings per share beat   fueled directly by their Bitcoin Treasury   strategy   Guess it's working. Nick Ward has it for Bitcoin   magazine   strategy.   Delivered a second quarter earnings call that demonstrated   more than financial results. It   it revealed a robust   and deliberate treasury architecture designed to make Bitcoin the centerpiece   of shareholder   value creation.  

The call was dense with insight into how a public company   can re engineer its balance sheet, capital structure,   and market signaling to outperform traditional fiat based treasuries.   So here's here's the second quarter   twenty twenty five highlights.   628,791   BTC   in reserves,   which is over 10 times larger than the next corporate holder at an average cost of a mere $73,277   per BTC.   They have a 25%   Bitcoin yield year to date outpacing Bitcoin's own appreciation.   I know, I know. Don't gag.   Hey, this isn't going away. You might as well know what the hell's going on.   Earnings per share of $32.6   beating expectations   by 46671%   and up 5819%   year over year.  

The forecasted   2025   net income   of $24,000,000,000   which would be number 13 in the S and P 500,   while trading at just 4.7   x earnings,   which is the four hundred and ninety   fifth place   in the S and P 500   with a number 96   market cap rank also, I'm assuming, in in the S and P 500.   Man, that's those are some numbers dude.   I mean, you kinda can't look away.   As much as it and a lot of people really wanna hate strategy and Michael Saylor right now, I'm looking at these numbers going well   the numbers kind of don't lie. That doesn't mean   everything's all hunky dory,   clearly not. We're   having some retracement this morning. We went down to like something like 14 a 114,000,   but I can't look away at these numbers. I just can't. I'm looking at these numbers going, holy shit.  

I I've never I've never seen anything like this before.   But despite these extraordinary results,   Strategy continues to trade like a mid tier software firm. Markets still fail to fully value its transformation into the world's largest Bitcoin treasury company,   a message it is sending directly to the S and P five hundred committee   with these numbers.   Bitcoin per share   is now strategy's defining KPI   or I guess key product,   key performance indicator. And its growth tells a story that fiat accounting metrics cannot.   A 25%   increase in bps year to date means every shareholder   owns materially   more bitcoin exposure than they did just six months ago,   and it was achieved through disciplined capital issuance,   aggressive Bitcoin acquisition,   and a refined playbook that compounds exposure over time.  

For executives,   this shifts the conversation around Treasury   entirely.   The metric of success is no longer how much Fiat   sits idle or earns negative real returns, but how effectively   balance sheet capital can be converted   into the world's scarcest monetary   asset.   Hopefully, if I remember, I wanna come back to that.   Strategy's suite of preferred securities continues to set new standards for capital market engineering.   STRC, which Michael Saylor described as our iPhone moment,   is designed to open the door to wider investor base seeking yield and stability.   The long term advantage of these instrumentations   is profound.  

Dividends are fiat denominated   and fixed.   Proceeds are converted to Bitcoin immediately appreciating over time.   Even with an 80% Bitcoin drawdown,   preferred dividends remain   safe, showcasing resilience under extreme stress scenarios.   The model exploits the mismatch between fiat liabilities and Bitcoin denominated   assets,   stacking odds in favor of long term accretive growth.   It creates a structural advantage that strengthens   strategy's balance sheet   every time a preferred offering closes.   Preferred securities are not just funding tools. They can be designed to asymmetrically   benefit shareholders when tied to Bitcoin,   with liabilities locked in fiat and assets compounding in a harder currency.  

So strategy introduced MNAV based ATM thresholds, ATM being at the market, giving shareholders   unprecedented clarity on when   equity issuance will occur.   So below   2.5   x MNAV,   no issuance except for debt service or preferred dividends.   Between 2.54   x   MNAV,   you have opportunistic   sorry. Opportunistic   issuance for Bitcoin accumulation, and above four x,   active issuance to accelerate accumulation.   This guidance   turns a historically   contentious topic,   dilution,   into a predictable rules based process directly tied to Bitcoin per share growth. It signals the management will not arbitrarily issue stock aligning long term shareholder interest   with treasury expansion goals. And for executives,   this demonstrates   how transparency   transforms capital strategy into a competitive advantage,   earning market trust and reducing friction around equity programs.  

In the second quarter, strategy raised $6,800,000,000   followed by another $3,700,000,000   in July,   including   STRC's landmark IPO.   This funding pipeline converts market demand for securities into Bitcoin holdings at scale   and unconstrained   by free cash flow limitations.   The approach demonstrates that capital structure is no longer static. It can be a living system   designed to channel investor appetite into treasury performance compounding exposure to bitcoin   quarter over quarter.   For CFOs and boards, this illustrates how corporate finance can evolve from static balance sheet preservation into active   balance sheet engineering,   leveraging market mechanisms to accumulate superior assets.  

The Q2 results put traditional fiat treasuries   on notice.   Idle reserves   are   a liability when compared to engineered Bitcoin exposure.   Tailored securities can unlock entirely new pools of capital for Treasury growth.   And three,   transparent frameworks for issuance build durable investor trust.   This quarter,   strategy   didn't just report numbers.   It demonstrated a replicable model that rewrites the standard for corporate treasury management in a bitcoin native world. And companies that fail to study and adapt,   this model risks structural underperformance   in attracting capital,   retaining shareholder confidence,   and preserving long term value.  

There is actually a lot more than meets the eye in this second quarter earnings report.   Now I've I've touched on it a couple of times, but what Michael Saylor is essentially doing   is he seems to be one of the only people and I'm look. Praise where praise is due. Okay? I'm not I promise you I am not a Saylor fanboy.   But I gotta give I gotta give praise where praise is due.   He said,   why aren't we doing anything with our balance sheet? How can we leverage this thing? How can we leverage cash on hand? When all these other companies seem to just say, oh, here's our profits for the year.   Let's stack it in a savings account. We'll just keep it and maybe we'll make, you know, make some investments.  

But   that's not leveraging it. That's using the fundage directly to purchase   whatever.   Stocks in other companies,   getting into hedge funds,   that's not leveraging. That's not taking your balance sheet and say, well wait a minute,   instead of using our balance sheet to buy other assets,   how about we borrow   against our balance sheet and then use that money to buy   really good assets and in this case a single asset and that would be Bitcoin.   Only a handful of companies are doing it,   and, again, credit where credit is due. Sailor figured it out first.   He did. He was the first one to do it.  

So   at this point,   treasuries   of all other companies, and I'm not talking about Bitcoin treasury companies, I'm talking about the treasuries of Apple, the treasuries of Microsoft,   the treasuries   of mom and pops   iced tea stand,   whatever it is. If they if the company itself has a balance sheet that is in the black and positive,   what are you gonna do with that money?   How are you gonna leverage that balance sheet?   It looks like we've got a pretty good model here because he did very, very well.   These numbers, again, nothing to sneeze at.   And I wanna come back to this that I highlighted earlier. For executives,   this shifts the conversation around treasury entirely.  

The metric of of success is no longer how much fiat sits idle or earns negative real returns,   but how effectively balance sheet capital can be converted into the world's   scarcest monetary   asset. Now that very last part,   the world's scarcest monetary asset,   this is actually I don't even have to worry about the Bitcoin part of this.   This is somebody who's like   all of the other companies as I've said   they just   like Apple has I can't even remember how much money they have on their balance sheet and it just sits there.   It's completely unleveraged.  

They're missing the boat. Now, Bitcoin should be the asset that they buy,   but I don't see Apple issuing shares   at a dividend   or premium or some kind of preferred stock option   against their balance sheet   to raise money to buy any other asset.   Not just Bitcoin, anything else. Art.   I don't know. A whole shitload of Lamborghinis. Who cares? It doesn't matter.   This is the point.   Michael's not using the cash on hand to actually buy stuff. He was,   but now he's full blown   debt instrumentation,   the issuance of brand new stock offering products   to raise   direct funds   to actually buy more physical Bitcoin, and it's worked   so far. I mean, and and, I   mean, how to say it?  

I'm always going to be skeptical. After BlockFi and FTX and and   and Celsius and and Alameda Research, after all that shit happened in 2022,   I I'm not just gonna sit here on my ass and go, go sailor.   And and and everything's gonna be fine.   I I nobody can promise that.   But I gotta tell you man, these numbers, they the numbers don't lie.   And neither do the numbers for Ray Dalio.   And yes, I talked about Ray Dalio yesterday. This is not that story. This is a different Ray Dalio story from Helen Partes,   Cointelegraph.   Ray Dalio sells   the final   tranche of his Bridgewater stake after predicting   debt collapse.  

Billionaire investor Ray Dalio   has finally said his goodbye to Bridgewater Associates, a hedge fund that he founded   fifty years ago.   Dalio sold the last remaining stake in Bridgewater and stepped off of its board   after buying Dalio shares.   Bridgewater reportedly issued brand spanking new shares to the sovereign wealth fund of Brunei   in a multibillion   dollar deal that brought in almost 20% stake in the company.   Dalio took to x on Thursday   to say that he was thrilled to be passing along Bridgewater to the next generation adding, I love seeing Bridgewater alive and well without me, even better than alive and well with me.   Dalio's latest Bridgewater sale marks the final chapter of his journey at the company he founded out of a two bedroom apartment in 1975.  

The 75 year old billionaire stepped down as Bridgewater CEO in 2017 and then quit as chairman before the 2021   and known   for successfully predicting the two thousand and eight economic crisis. Dalio has repeatedly forecasted more collapses,   predicting a global debt crisis in late twenty twenty four.   Quote, when a country is overloaded with debt, the preferred path is to lower rates and devalue the currency. So it is worth betting that this is exactly what will happen, end quote, the veteran investor said on x,   last Wednesday.  

He also predicted   that The US economy is at risk of facing an economic heart attack   if the government does not reduce the budget deficit to 3% of GDP.   While expecting more economic challenges amid deglobalization   and the and unsustainable trade imbalances   further escalated by Trump the Trump administration's tariff disruptions,   Dalio has repeatedly recommended   Bitcoin and gold as major tools to hedge against the crises.   In late July, he recommended   investors allocate up to 15   into Bitcoin or gold to optimize for the best return to risk ratio, significantly   increasing   his previous advice that was up from 2%.  

Although Dalio has gained the reputation of a market oracle after predicting the two thousand and eight crisis,   many of his other economic forecasts have attracted criticism.   In 1982,   Dalio predicted that the global economy was headed towards the depression,   which proved to be false,   causing massive losses for Bridgewater.   Dalio later admitted that he was dead wrong in both his forecast and the trading strategy that followed,   revealing that his misjudgment nearly bankrupted him.   Wow. That's not good.   As Dalio warns   that The US may be the next country to go broke,   skeptics increasingly highlight many flaws in the track record of his economic predictions such   as overgeneralization,   confirmation bias, and lack of temporal clarity.  

And there was a couple of other things that Dalio did here. That's the end of the article, but there there's a list here. It's got a couple of other things on it.   Aside from the nineteen eighty two depression forecast that he was wrong about, he was clearly wrong about a 2015   recession warning   when Dalio compared The US economy to 1937,   and no recession occurred, and then markets actually hit record highs.   Then the repeated debt crisis alerts   from 2012 through 2024,   despite consistent warnings, the global financial system has remained   surprisingly resilient even through COVID. Yeah. That's what happens when you print a shitload of money.  

I I think Dalio is actually right, and it seems to me that he's positioning himself to I don't know. I I don't know how much Bitcoin he owns, but it looks to me like he's trying to reduce   his exposure to generalized   global markets.   We'll have to see.   We'll have to see if he's right. If he's got enough cash, maybe he can put it into a Leathermint wallet. That's right. Leathermint.   He's in the Circle p. He's the Circle p vendor of the day. He builds wallets. He builds belts. He builds all kinds of stuff, and he has some of the most gorgeous   100%   genuine leather goods that I've ever seen in my entire life.  

And he's even   tooled a book cover for the Bitcoin standard.   It is a very very nice looking hardcover   made out of leather. It's it's absolutely gorgeous. But really,   where this dude shines   is the wallets and the belts. But specifically for me, what I'm looking at,   I'm looking at I'm actually   he makes more than wallets.   I'm going to look at this yardage book cover. Do you golf?   Do you need something to put your little, you know, your little scorecard in? Get the yardage book cover. Cordovan leather.   A refined essential for the golfer who values precision and presence. Handcrafted   from rare shell cordovan.  

Its surface gleams with natural luster,   aging with grace over time. It's durable, elegant, and unmistakably   noble. It built to outlast seasons   and trends alike. And I gotta tell you, man.   I'm looking at this at the cover of this thing. It's like this   it's cross between really dark brown and lighter tobacco   that's kinda swirled together. It's   freaking gorgeous. And, of course, you can always   buy it in Bitcoin. Because if you're not selling your goods and services of Bitcoin, you're not in the circle p. The circle p is where I bring plebs with goods and services for sale to you, other plebs that might want to buy goods and services from fellow plebs so that we can support each other in this new Bitcoin circular economy.   Go to the leathermint.com.  

That is the leathermint.com.   Pick yourself up a yardage book cover or if you don't play golf look at his belts look at his watch bands look at his wallets   all of these things   are beautiful   and the best part again and I cannot I cannot stress this enough,   is the stitching. Because it doesn't matter how good the material a wallet is made out of.   If the stitching sucks and it falls apart, all you have is flaps of leather   and that's not going to do you any good.   By the way,   you can turn the yardage book cover into a signing device. He will put a Sats chip from CoinKite directly inside   and you can just tap and pay   right at the clubhouse   when you're buying your beer, after you smoked your best friends on the course all day long and you can sit back, look at them and say, you shoulda bought Bitcoin.  

Just saying.   Visa   has added yet more stablecoin features.   They're unveiling   Avalanche   and Stellar support.   I am so sorry to bring you shitcoinery,   but we've got to start tracking what the major   credit card companies and other legacy financial institutions are doing. Where are they going? What are they looking at?   Matt DeSalvo   seriously suggests   that Visa's looking straight into the mouth of shit coinery. He's writing it for decrypt.   Visa said on Thursday that it will expand   its stablecoin settlement capabilities,   adding support for   one, two, three additional digital tokens   and two new blockchain networks.  

The payments giant said that its infrastructure   now supports   PayPal's   Pi USD.   Paxos issued USDG   and Circle's   EURC.   So that would be Circle's   European   Union version of their   shitty ass stablecoin.   Visa also said that clients using Visa stablecoin services can accept tokens via Avalanche   and Stellar as well.   Previously,   Visa stablecoin services were limited to blockchains, Ethereum, and Solana.   Avalanche is a crypto network behind AVAX, the 20   largest digital asset by market cap. I kinda don't give a shit. It's just another shit chain. Quote, we believe   that when stablecoins are trusted,   scalable,   and interoperable,   they can fundamentally transform how money moves around the world. Visa's global head of growth products and strategic partnerships at Visa,   Rubel,   Birdwalker.  

No. I'm sorry. Birwadkar,   it's it's weird last name, said in a statement.   Stablecoins,   well they describe stablecoins, we don't need it.   Banks,   major companies   including Meta, Amazon,   reportedly   and even US states are all interested in issuing their very own stablecoins, which are supposed to accelerate payments using   blockchain technology.   And earlier this month,   President Trump signed the Genius Act into law, making the first comprehensive federal framework for the issuance and regulation of stablecoins   in The United States.   In 2021,   Visa announced that it had support for USD coin on Ethereum. And since then,   the company has introduced a number of other crypto related ventures. In April, it partnered with Bridge, a unit of payment services provider Stripe,   to offer stablecoin linked debit cards in Latin American countries.  

So in one in in one way,   Visa   Visa knows what's going on. They're look they're they're gonna hitch themselves to Latin America, which   you should.   Right? That's part of part of my my global focus is Latin America.   The fact that they're looking at at expanding their shit chain offerings   is is disturbing but   what did you expect?   This is what's going to happen it's not gonna get any better meanwhile we're gonna   run   your   numbers.   CNBC,   Futures and Commodities,   stocks are just getting pounded. Lots of stuff are is getting pounded today, man. But   part of it is the fact that we had a really weak jobs report.  

Jobs numbers came in today at, like, 73,000,   and   and the Bureau of Labor Statistics was, I guess I guess all the analysts   were expecting   much, much, much higher.   And it's taken the the energy industry   down with it. Oil is down 2.8% to $67.32 a barrel.   Brent, North Sea oil is down 2.82%   to $69.66.   Natural gas   crawling sideways, but into the red at $3.10   per thousand cubic feet. Gasoline is down   just over three full points to $2.10   a gallon.   Shiny metal rocks are having a good day.   Gold is up one and a half percent to $33.98   and 5 dimes.  

Silver is up point seven. Platinum is up 1.15.   Copper is up one and a third. Palladium is up just over one full percent.   Ag is mostly in the red today. Biggest winner is gonna be soybeans.   Half a percent to the upside, biggest loser is chocolate, 2.6%   to the downside.   I got live cattle at down a quarter,   lean hogs are down a half, and feeder cattle are down point 17%.   And here comes the bad news,   at least for legacy markets. Dow is down 1.4%.   That's 637   points to the downside,   very much so in the red.   S and P is down 1.72.   Nasdaq is down almost two full points.  

And the S and P Mini is down 2.16%.   And Bitcoin took a hit too, man. A $115,120   is where we stand right now. That's a 2,290,000,000,000   market cap, and we can only purchase 34.3   ounces of shiny metal rocks with our one Bitcoin of which there are 19,900,135.2   of. An average fees per block are low,   0.03   on average   in fees on a per block basis.   Mempools   are actually   healthy   today.   The high priority is gonna get you in at 9 satoshis per vbyte and low priority is going to cost you 6.   There are almost 50,000   unconfirmed transactions   sitting in like 45   blocks.  

I haven't seen   mempools   this full   in,   like, months, honestly. So there is all manner   all manner of activity that is going on   today. Now, from   unholy matrimony, which was yesterday's episode of Bitcoin, and I got Psyduck   with 737   sets says   Psyduck.   Turkey   with 500 says nothing.   God's death with two thirty seven says thank you sir, no thank you. Perma Nerd with two ten says, or   you can use both   to kill the shit out of somebody. And I can't remember what it was that I said yesterday that he was referring to, but sure. Okay. Just don't get caught. Pies with a 100 says thank you, sir. No thank you. And that's the weather report.   Welcome to part two of the news that you can use.  

Let's go down into Latin America, down south to El Salvador,   where constitutional   reforms have been approved for unlimited   presidential   reelection.   That's probably not good.   But according to the Associated   Press, El Salvador's parliament   has indeed approved constitutional   amendments   enabling   unlimited presidential   reelections,   paving the way for president Nayib Bukele to remain in power   with no time restrictions.   Okay.   The   decision   passed with 57 votes in favor and only three against   by Bukele's   Nuevas Ideas party and its allies. It marks a turning point in the political history of the Central American country.   The package of five reform   hold on. The package of five reforms   reshapes El Salvador's institutional framework.  

The presidential   term is extended from five years   to six   and the electoral runoff is now abolished.   Oh, God damn it. Wow.   The political opposition   has condemned these reforms   as the end of democracy in the country. Deputy Marcela   Villatoro   from the nationalist Republican Alliance Party   voiced strong concerns, quote, you don't realize what indefinite reelection brings.   It brings an accumulation   of power and weakens democracy.   There's corruption and clientelism   because   nepotism grows and halts democracy   and political participation,   end quote.  

Government lawmaker,   Anna Figueroa   proposed shortening Bukele's current term by two years,   making it end on 06/01/2027   instead of 2029   to synchronize   presidential and congressional elections.   She justified the changes   by arguing   that eliminating the runoff will save about $50,000,000   per election.   El Salvador's stance remains   under international scrutiny   according to the, of course, International Monetary Fund,   following a 1,400,000,000   loan agreement signed in December. El Salvador has halted its Bitcoin purchases.   I'm not exactly sure if they've actually halted their Bitcoin purchases,   but, that's not that's not my concern right now.  

This is concerning.   I I I have kinda always liked Bukele,   but this is this is a dictator move, man. It's a dick move. Right? It's a dictator move.   It just is. And I can like them all I want, but this shit? No, man. There ain't nothing about this as good.   It's just not.   And, I'm saying that coming from a position where I was kind of really concerned. Well, what happens if Bukele,   you know, because   before this occurred,   he this was his final term.   He was elected that one time. He had a five year stint.   And then now he's been elected again, and nobody was sure that that was even constitutional as far as El Salvador was concerned. But, you know, he's president, so there there you go. I I guess enough people said okay. It's it's fine. So he's in his second term and that was supposed to be his last and now it's not going to be. But   I was concerned   that   whoever   took over   as president of El Salvador, if it was the same party, Nueva's ideas,   then Bitcoin the Bitcoin holdings would probably   probably be safe.  

Now,   who knows? Who knows what the hell is gonna happen? If he really has halted his daily purchase of Bitcoin,   then what the hell is going on with the IMF? This is a question that's never been answered for me. Why does he need   any kind of involvement of the IMF? I've asked the question before.   I've never been able to figure it out. Nobody I know understands   why he needs $1,400,000,000   when he's taken that country and turned it completely around.   Tourism   is   through the roof.   No. Nobody used to go to nobody in their right mind anyway would go vacation in El Salvador   ten years ago.  

No I mean, that's that's not hyperbolic.   You wouldn't touch that country with a 10 foot pole, man. El Salvador was one of the most dangerous places on the face of the planet. Not anymore.   Not anymore, man.   Bukele turned that whole place around, so why does it need $1,400,000,000?   How can you just you've already bootstrapped your country from the the murder capital of the world   to a place where people wanna go.   What are you trying to accelerate?   This is the kind of human attitude I've never understood.   Why does everything have to be so blindingly fast that we end up with Kentucky Fried Chicken, Taco Bell, and McDonald's everywhere and calling it fucking progress? It's not progress, man. It's that's just   that's   I don't know. I don't want to get on a soapbox about it. But speaking of El Salvador,   I want to mention my good friend   Daniel.  

If you don't know who I'm talking about, he's the host of the Once Bitten podcast.   It's a Bitcoin podcast.   And generally,   you don't talk about other people's podcast, but I've been on Once Bitten twice.   And if you're not listening to that show, you're kind of missing out. He doesn't do news. He does full blown interviews. Right? He doesn't do a daily show. He does like a weekly show. Sometimes he drops like two shows two shows in a week. But   one of the things that I love about Daniel is he's able to kind of like crawl around and ask   the questions that kind of need to be asked and he's got a an infectious enthusiasm   about the interviews that he does and I just absolutely love being on his show.  

I will be dropping a link   to his latest   episode,   El Salvador Property And Expat   Consultancy.   So, he's talking to a couple   that   consults   businesses   and expat businesses. And   expat means, you know, you're an expatriate.   You've moved away from your your country of origin.   And in this case, you've either moved or spending   enough time in El Salvador that you might as well, you know, be considered a local now.   There are real issues involved with changing your tax jurisdiction.   And none of us like taxes,   but they do exist. And if you don't do this right,   all kinds of bad crap can happen.  

So,   Lexi and Kimbura,   I don't know if that's exactly how you pronounce it. They've got this consultancy business   and they're being interviewed   by   Daniel on Once Bitten.   If you were thinking about maybe   picking up stakes and moving somewhere else whether it's El Salvador or something else, I guarantee you   that this episode has something for you. I will be dropping the link to this particular episode into the show notes. But again, it's Once Bitten,   a Bitcoin podcast.   One of my favorite people, one of my favorite podcasts to be on. I love being invited on that show.   Please please please go listen, go like, go subscribe,   drop him a five star review on Apple Podcasts, and while you're at it, do one for me too.  

Anchorage   Digital Bank acquires 10,000 BTC.   It's worth $1,190,000,000   at that purchase price. Holy shit. Bitcoin news.   Alex Larry is writing Anchorage Digital,   a US federally chartered digital asset bank, has acquired 10,141   Bitcoin   worth around 100 and sorry. 100.   $1,190,000,000   in just nine hours.   And it's a big deal showing institutions are getting serious about Bitcoin. Well, I think we kinda knew that there, Alex.   The transactions were first spotted by blockchain intelligence firm, Arkham.   And although Anchorage   hasn't officially confirmed buying it, all signs point to this being a hefty purchase by the digital asset bank.  

The Bitcoin was moved into an address labeled Anchorage Digital from multiple sources, so the bank likely used over the counter trading   to avoid big price swings. This is a common practice for large institutions when buying or selling   large amounts of Bitcoin.   Institutions   usually don't use public exchanges   for big buys to avoid price movements and to get a better deal. And the Bitcoin is now likely,   and hopefully, in cold wallets with multi signature protection   offline, which is standard practice for regulated custodians like Anchorage.   It's a big moment for mainstream Bitcoin adoption because experts think it means   large financial players are starting to believe Bitcoin is here to stay.  

The acquisition makes the scarce digital asset more credible   as an investment option for big financial institutions. Well, yeah, that I think we can just go ahead and skip the rest of this stuff   simply because   the news here   is that   in the midst of   MicroStrategy   having like 46 whatever it was 56000%   increase in whatever year over year metric and you got Anchorage Digital buying 10,000 BTC,   we're still seeing sell pressure.   And it's very, very bizarre because all the numbers, like all the numbers from around the world,   these all look good for Bitcoin.  

And yet, here we are   with price depression   as we start August.   I mean, it's not hair on fire kind of stuff and I don't think anybody should like, you know,   make stupid mistakes like sell all your Bitcoin because you're scared.   But, I still have to ask the question like it's sort of like WTF moment for me, man. Anyway, let's move on because Meta Planet   plans   a $3,700,000,000   dollar stock rise to fuel a massive Bitcoin buying spree.   Again,   this news dropped today,   August 1.   And it's from Decrypt dot CEO, Vismayev is writing   it. Meta Planet announced on Friday that it has filed to raise $3,700,000,000   through a massive stock offering to fund one of Asia's   largest corporate Bitcoin accumulation strategies.  

The Tokyo listed investment firm filed a shelf registration   effective from 08/09/2025   until 08/08/2027,   allowing it to issue securities in portions   when market conditions   align. I guess that means a high price for Meta Planet stock   versus a lower price for Bitcoin spot. I   who knows? But the proposed raise   represents approximately   75%   of Meta Planet's current market cap   of $4,900,000,000   Wow. You wanna talk about going all in?   Take 75%   of your market cap, borrow against it, and buy Bitcoin.   Holy crap.   Quote, the company intends to actively pursue equity financing as part of its Bitcoin strategy,   Meta Planet said in the filing, quote, we believe that introducing Bitcoin backed preferred shares represents a pioneering effort to fill the gap,   end quote.  

This capital raising effort   supports Meta Planet's previously announced goal of accumulating 210,000   BTC by the 2027,   a target that would require   the company to increase its current holdings more than 12 fold.   The company currently holds 17,132   BTC   worth over 100   I did it again, 100.   $1,970,000,000   at a price of a $114,396   following its most recent purchase   of 780   BTC,   and that was just a few days ago on July 28.   The proposal involves establishing two new classes of perpetual preferred shares,   class a and class b,   each with potential issuance   values of $1,900,000,000   each.  

These shares would offer dividend payouts of up to 6% annually,   taking priority over common shareholders   with all proceeds earmarked specifically   for Bitcoin acquisitions. However,   the company cautioned that, quote, no specific plan for the issuance of the preferred shares is currently in progress,   and it is uncertain   whether such issuance will take place.   So are you gonna do it or not, dude?   The proposal also requires increasing   authorized   shares from 1,600,000,000.0   to 2,723,000,000.000,   which shareholders will vote on at an extraordinary   general   general meeting scheduled for September 1.  

Meta Planet's approach follows that of strategy. Yeah. Yeah. Yeah. We know. We know. Despite current market conditions,   QCP   Capital shared in its latest report   that ongoing accumulation   efforts by companies like Strategy demonstrate long term conviction.   However, the firm cautioned that price action   failing to respond to positive headlines   represents   textbook   late cycle behavior.   So that's sort they're sort of answering what I was saying. We've got all these numbers that are pointed in the right direction around the world, macro, globally,   you name it.  

You've got every company in the world trying to buy as much Bitcoin as they possibly can   and yet the price action fails to respond.   And they're saying   that or QCP Capital is saying that this is a textbook   late cycle behavior.   Late cycle being we're at the end of the bull market. Do I believe it? I don't know. I'm not a technical analyst. I don't do that kind of thing. I don't make price predictions on this show because I don't think they're worth anything. 1 Bitcoin equals 1 Bitcoin. That's my price prediction.   You wanna stack sats about it? Then you probably should.  

Now, last up for today, Coinbase   discloses   2,509   Bitcoin acquisition in the second quarter   to reenter the top 10 public Bitcoin treasury companies   and puts them right ahead of Tesla, according to James Hunt,   out of the block. Coinbase's   long Bitcoin   CEO Brian Armstrong declared on x   following the crypto exchanges   second quarter earnings report late Thursday disclosing that it had bought an additional 2,500   BTC during the quarter at a cost of approximately $222,000,000.   That takes the firm's total Bitcoin holdings   to 11,776   BTC.  

Oh, seventeen seventy six. I like that. As of June 30, bought for a total cost of $740,000,000.   Quote, our holdings   increased by 2,509   BTC   and we keep buying more, Armstrong said.   Coinbase's   latest declared addition   takes it back to the top 10 public Bitcoin Treasury companies, leapfrogging   Elon Musk's Tesla,   whose holdings remain at 11,509,   according   to Bitcoin treasuries anyway. Strategy, Mara, Tetherback twenty one, Atomback and Cantor Fitzgerald backed, Bitcoin   Standard Treasury Company, Riot Platforms, Trump Media and Technology Group, Meta Planet, Galaxy Digital and CleanSpark.   Make up the remainder of the top 10.  

With 628,791   BTC,   50,000,   43,000,   30,000,   19,000,   18,000, 17,000,   12,000,   and another 12,000 Bitcoin   respectively.   Coinbase   previously sat on 9,276   BTC at the end quarter one, ranking it in thirteenth place before Thursday's disclosure.   Coinbase also unveiled plans on Thursday to become an everything exchange   for The United States,   aiming to offer tokenized stocks,   prediction markets, and early stage token sales on chain. The move would bring Coinbase into competition with platforms like Kalshi and Polymarket   in the prediction market space, as well as challenge Robinhood, Kraken, and Gemini   on tokenized equities.  

According to VP of Product Max Brandsberg,   the goal is to let users trade all asset types in a unified on chain experience   with the expanded offerings expected to launch in the coming months.   That announcement   came alongside Coinbase's   earnings report for the second quarter,   which confirmed a $3.00 $7,000,000   loss.   And that was linked to its major data breach earlier this year, where offshore customer service representatives   were reportedly bribed to leak sensitive user data. Meanwhile,   spot trading volumes and revenue dropped significantly from the first quarter as expected   with crypto spot volumes down 30% quarter over quarter to 237,000,000,000,   total revenues declining 26%,   and transaction revenue dropping 39%.  

Still,   net income   surged to $1,430,000,000   up sharply from 66,000,000   in the previous quarter.   Pause.   So their net income   quarter over quarter surged   from 66,000,000   to 1,400,000,000.0   in a quarter.   I don't know, man. I smell something fishy. But   they're saying here that that's thanks to the strength of Coinbase's broader business lines   including its role in exchange traded fund custody and its Ethereum layer two network base.   Oh, God. I don't even wanna talk about base.   Coinbase shares closed flat on Thursday   at $377.76.  

76   keeps coming up with these guys   according to the blocks coin price   page. However, it subsequently slumped 11.5%   after hours   and is currently   changing hands for a pissant   measly ass 33 or $334.92   in pre market trading on Friday   per trading view. So there you go.   That's all the news that you can use. I hope you enjoyed the show. Like I said, it is a little bit, shorter today, but, you know, there's   that it is it is what it is, and I'll 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.