Share on social media:

Join me today for Episode 1118 of Bitcoin And . . .

Topics for today:

• Spain's Largest Bank Says, "Buy Bitcoin"
• GENIUS Passes Senate
• Iranian Bank, Exchange Hacked
• BTC And Divorce

#Bitcoin #BitcoinAnd 

Circle P:

Oshi
 Artisan pecan butter, date bars and chocolates
 Website: https://www.oshigood.us/products
nostr Profile: https://primal.net/p/nprofile1qqswp94gnm4epqsgjkndl4lnd8krzdj5u4mzuppdtxksdymkty63g7gdurlfc

Articles:

https://bitcoinmagazine.com/news/bbva-tells-wealthy-clients-to-invest-up-to-7-in-bitcoin
https://cointelegraph.com/news/senate-genius-stablecoin-bill-concerns-systemic-risk
https://www.reuters.com/world/middle-east/suspected-israeli-hackers-claim-destroy-data-irans-bank-sepah-2025-06-17/
https://decrypt.co/325757/pro-israel-hacker-group-drains-burns-90-million-from-iranian-bitcoin-exchange

• https://www.cnbc.com/futures-and-commodities/
• https://dashboard.clarkmoody.com/
• https://mempool.space/
• https://www.bitcoinandshow.com/
• https://fountain.fm/show/eK5XaSb3UaLRavU3lYrI

https://atlas21.com/bitmain-canaan-and-microbt-open-u-s-factories-to-dodge-trumps-tariffs/
https://www.theblock.co/post/358760/crypto-in-divorce
https://bitcoinmagazine.com/news/prenetics-becomes-first-healthcare-firm-to-launch-bitcoin-treasury-strategy-with-20m-btc-purchase
https://decrypt.co/325674/is-semler-scientific-flashing-a-warning-sign-for-bitcoin-treasury-firms
https://bitcoinnews.com/markets/vinanz-raises-3-58-million-pounds/

Find the Bitcoin And Podcast on every podcast app here
https://episodes.fm/1438789088

Find the Bitcoin And Podcast on every podcast app here:
https://episodes.fm/1438789088

Find me on nostr
npub1vwymuey3u7mf860ndrkw3r7dz30s0srg6tqmhtjzg7umtm6rn5eq2qzugd (npub)
6389be6491e7b693e9f368ece88fcd145f07c068d2c1bbae4247b9b5ef439d32 (Hex)

Twitter:
https://twitter.com/DavidB84567

StackerNews:
stacker.news/NunyaBidness

Podcasting 2.0:
fountain.fm/show/eK5XaSb3UaLRavU3lYrI

Apple Podcasts:
tinyurl.com/unm35bjh

Mastodon:
https://noauthority.social/@NunyaBidness

Support Bitcoin And . . . on Patreon:
patreon.com/BitcoinAndPodcast

Find Lightning Network Channel partners here:
https://t.me/+bj-7w_ePsANlOGEx (Nodestrich)
https://t.me/plebnet (Plebnet)

Music by:
Flutey Funk Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0 License
creativecommons.org/licenses/by/3.0/

[00:00:02] David Bennett:

It is 08:28AM   Pacific Daylight Time. It is the June   2025,   and this   is episode eleventy eighteen. So there's some numerology   involved in today's show. Not sure what the hell that is, but doesn't really matter. We've got news. It's the news you can use. This is Bitcoin, and I got   BBVA,   which is a Spanish   a Spanish bank, telling people, you should probably buy some Bitcoin. And then the genius act is passed.   Yeah.   Not sure where it goes next. It's possible it goes to the house.   I've noticed   that it is very difficult for news stories,   whether they're European based or   here in The United States,   to actually say where the thing goes   next once it's   passed.  

Right? Because if it I thought the Genius Act came out of the house and went to the senate, and now it's passed, and they're saying it's one step closer. I who knows? But there's some interesting things involved   in this particular,   in this particular   what am I trying to say? This article. It brings up some things about the treasury   that I think are pretty interesting,   and Israeli hackers seem to have destroyed   an Iranian   bank.   And I think the same hackers may have destroyed   an Iranian   Bitcoin exchange.   We'll we'll we'll get into that one.   There's a lot of interesting issues going on with,   well,   mining factories   opening up in The United States to get around the Trump tariffs.  

I am here to tell you, you're not getting around Trump tariffs.   This is exactly what the Trump tariffs were supposed to do,   was to bring manufacturing back to The United States. It's not that you're dodging anything.   It's simply that you are, well,   doing what the orange man wanted you to do in the first damn place.   Getting a divorce?   You got crypto?   I think people are wising up as far as lawyers in divorce court are concerned.   And then we've got a couple of firms here buying some Bitcoin as usual.   There's   an interesting take here about similar scientific and their   quote unquote   m Nav   and that's the   that's their how much of a premium   their stock price is versus   how much Bitcoin they hold.  

This particular article says it's bad.   I'm actually of the mind that this may be kinda good. We'll get into that one. And then finally,   we've got   well,   VINANCE   is, raising a whole bunch of money. I guess they're gonna buy Bitcoin with it. But first, the Spanish bank, BBVA,   has told its wealthy clients,   you know, because if you're you know, if you're a pleb on the street, they probably didn't tell you this one. They've told their wealthy clients to invest up to 7%   of their money into Bitcoin.   Not 1%, not two. Ladies and gentlemen, 7%,   Jenna Montgomery from Bitcoin Magazine says,   Spanish bank BBVA   is now advising   its wealthy clients   to invest up to 7% of their portfolios   in, oh god, crypto and Bitcoin, showing how traditional banks are starting to see the potential of Bitcoin.  

Quote,   with private customers,   since September of last year, we started advising on Bitcoin, said Philippe Mayer, head of digital and blockchain solutions at BBVA   Switzerland   during the Digi Assets Conference in London,   quote, the riskier profile, we allow up to 7%   of portfolios   in crypto, end quote.   The bank's private wealth division   is currently recommending clients allocate three to 7%   of their portfolio to Bitcoin and shitcoins depending on their individual appetites.   While many private banks have offered to execute bitcoin and crypto trades upon request,   it remains rare for a global financial institution to formally   advise clients to buy.  

BBVA   is currently recommending allocations   specifically   into Bitcoin, and they actually say that here in the, article, so that's interesting.   Mayer emphasized that even a modest allocation to Bitcoin can have a meaningful impact on portfolio returns.   Quote, if you look at a balanced portfolio,   if you introduce 3%,   you already boost the performance. At 3%, you are not taking a huge risk. End quote. BBVA   began executing   bitcoin purchases for its clients all the way back in 2021,   but Mayer said that this is the first time it formally   advised   allocations.  

In June of twenty twenty one, the bank launched bitcoin trading and custody services through its Swiss subsidiary for private clients quote,   with this innovative offer, BBVA   positions itself as a benchmark institution   in the adoption of block chain technology, said BBVA Switzerland   CEO, Alfonso   Gomez, at the time.   BBVA's   interest   in digital currency goes back even further.   As early as 2015,   the bank made it clear that it viewed Bitcoin and blockchain technology as more than just a passing trend.   In a statement that now seems increasingly   prescient,   BBVA   said,   institutions that understand Bitcoin and digital currencies will lead the new monetary system, end quote, highlighting   its belief that early adopters would gain a strategic advantage.  

This early support set BBVA   apart from many of its peers as a few major banks were willing to publicly engage with bitcoin at the time.   What began as interest in blockchain technology has turned into direct investment guidance,   now culminating in BBVA   formally advising wealthy clients to allocate up to 7% of their portfolios into Bitcoin,   a clear sign the bank sees it   as a long term part of its future.   So I didn't even know BBVA   had been talking about Bitcoin since 2015.   That's when I got into Bitcoin was the   summer   of twenty fifteen.  

September   in fact, early September is when I got in.   A European bank of this size is nothing to sneeze at. A European bank   of this size advising its clients   to buy Bitcoin   is also nothing to sneeze at, but what is blowing my mind here is they're giving a number   7%   up to 7%.   Now while that's still   still single digits,   that's a lot better than a lot of people are I mean, I've even seen hardcore Bitcoiners say, just take 1%, man. Just take 1%.   These guys are going up to seven. They're seven x.   Even some hardcore Bitcoiners who have been advising people to get into Bitcoin and DCA for years,   and yet they're still saying 1%.  

And here we have   a very massive and BBVA   don't you please   don't get don't   be misan   don't be misinformed. BBVA is massive.   And when they're advising their wealthy clients to 7%   Bitcoin allocation, that's that's kind of a big deal.   But we've got the genius bill passing the senate.   Aaron Wood, Cointelegraph,   the senate passes the genius stablecoin bill amid concerns over systemic risk.   The US crypto industry is celebrating,   celebrating   I say, as the Genius Act, a framework for stablecoin   regulation,   was passed in the United States Senate on June 17.   The bill passed   68 to 30 in a bipartisan   effort   roughly six weeks after Tennessee senator Bill Hagerty   introduced it into the senate.  

It will now oh, here we go. It will now head to the house of representatives where congress must reconcile it with the house's own STABLE Act,   which also seeks to regulate stablecoins.   So I guess the STABLE Act   is the houses, and I guess it goes to the senate.   The senate was the genius bill, and now it goes to the house.   I really don't like the fact that   some like, I had to scan, like, three different,   oh, God, three different articles about this passage of the Genius Act,   and I still cannot really get a handle   on exactly what happens next   because there's a lot of these things that it's one step it's just one step away from from being law, and I'm like, well, isn't that the signature of the president?  

Because right now the genius act is just   passed the senate, now it goes to the house, and then then it's gotta go to the president of The United States for his signature. That that's two steps, not not one, but   whatever. The act   holds a number of provisions   from rules   for issuers,   anti money laundering measures, and mandatory   one to one backing of stablecoins   with reserves like   US dollars and   short term treasury securities.   Lawmakers say the bill will offer clarity and stability, but economic and legal observers have noted   that the backing clause of the Genius Act   could pose a systemic risk to The United States monetary system, and I think they're getting at the treasury,   the short term treasury backing.  

Let's see what these guys say. Haggerty said,   this bill will cement US dollar dominance.   It will protect customers.   It will drive demand for US treasuries.   What have I been saying?   Drive   demand   for US treasuries. Who will demand US treasuries? Tether and probably Circle.   They're going to demand to buy those treasuries so that they can print their tether and their circle or whatever, the USDC and their USDT.   I've been saying it forever,   and I think that I'm actually right. The Genius Act's preference   for US treasuries   as a backing asset has concerned some observers. Professor Yisha Yadav   at Vanderbilt University and Brendan Malone, who formally worked in payments and clearing at the Federal Reserve Board, released a paper on June 10 detailing their position.  

The bill, according to the or to focused crypto focused lawyer, Aaron Brogan, quote, deputizes   stablecoin   issuers   as wholesale   buyers of US debt   the one to one collateral rule funnels new token revenue into Treasury bills   it's   not exactly how I'm thinking about it but we'll go with it The authors   are concerned that backing stablecoins is not scalable with the current state of the US Treasury market.   Yadav and Malone say that Circle has a circulating supply of $60,000,000,000   while around $900,000,000,000   is traded in secondary treasury markets.   This means that currently, if an issuer like Circle were to liquidate its assets,   there will likely be sufficient counterparties to which it could sell its treasuries.  

However,   this is subject to change if the stablecoin market continues to grow, which the authors note that it has.   Stablecoins   have experienced surging growth in the last five years with issuance   expanding from around 2,000,000,000 in 2019 to around 230,000,000,000   in outstanding claims by the first quarter of twenty twenty five.   End quote. Furthermore,   the treasury market has run into liquidity problems in recent years, which are the result of four factors.   One, high speed automated securities dealers are providing stiffer competition to primary lenders.   Two,   post 2008   regulations   require banks to have deeper rainy day buffers of capital.  

Three,   numbers one and two combined   mean banks confront powerful incentives to avoid   participating   in treasury markets. And four,   outstanding tradable treasury debt, which a treasury security represents, has grown from 4,800,000,000,000.0,   that's trillion with a t,   dollars in August of twenty   two thousand and eight   to 28,600,000,000,000.0   by March   2025. Holy crap. Do the division.   These factors combined mean that there are fewer counterparties available to purchase the type of large scale movements of debt that one would expect if a stablecoin firm were to experience   insolvency   and there was a run on redeeming its tokens.  

The authors noted that neither the illiquidity   of treasury markets nor the possibility of a stablecoin issuer is hypothetical.   Circle saw 2,000,000,000 in USDC   removed from circulation   in the days following the collapse of its banking partner, Silicon Valley Bank.   Treasury markets saw liquidity crunch in March of twenty twenty during the COVID-nineteen   market chaos   where investors could not find counterparties   to trade their treasuries,   causing prices to become deeply distorted.   Pausing to say, isn't that what markets do?   Set the price?  

And if nobody wants to buy a thing, that price actually goes down? How's that an actual distortion?   The markets were signaling, we don't want this crap. But whatever. This happened again   in April of twenty twenty five   when Donald Trump made radical shifts in US trade policy with new tariffs. Quote,   treasuries   trading experienced   sorry.   Treasuries trading experienced severe illiquidity and unusual price movements. Investors could not trade smoothly,   invariably triggering concerns   about the causes of this latest breakdown,   end quote. So what does it all mean?  

Yadav and Malone   state that increasingly   illiquid treasury markets and the quickly growing stablecoin ecosystem both create risks   for each other.   In the event of a large stablecoin issuer experiencing a run on stablecoins,   illiquidity in treasury markets, and a lack of counterparties could prevent the issuer from being able to sell its securities,   and it would become insolvent.   This could also affect the credibility of treasury markets themselves.   Quote, growth of the treasury or the stablecoin industry appears to be taking place without significant regard for the capacity   of the treasury market to sustain this growth in practical terms, the author state.  

You know, I'm gonna pause here just to say that it sounds to me like they have this wishful thinking that The United States isn't going to just print treasuries.   They are.   K. Continuing.   It could also change US financial policy   and decisions on how the government funds itself.   Short term obligations make up around one quarter of Treasury debt.   Preference for ten and thirty year bonds means that policymakers   can typically plan out various initiatives   that require decades long spendings.   Under the Genius Act, stablecoin issuers should, well, preferably back their assets with short term treasuries.   If the current composition of treasury debt shifts   to favor of short term, then   quote, regulatory objectives for stablecoins may well shape how the United States government funds itself   and the cost that it has to pay to do so, end quote.  

Yadav and Malone   conclude with three policy implications.   One,   regulatory coordination   between stablecoin policymakers and the overseers of treasury markets.   Two, ensure market making practices in secondary treasury markets can manage increased demand from stablecoin issuers.   Three, maintain the country's creditworthiness.   The growing interconnection between treasuries and stablecoins,   quote, signals a policy imperative   to ensure that the advantages of each amplifies the other rather than their fragilities   undermining the whole.  

To their credit,   regulators appear to be making changes to limit these risks, but it remains unclear how effective it will be.   Before the Genius Act can potentially impose systemic risks on the American financial system, it first has to pass the house of representatives.   The bipartisan hurdle for crypto may well be over with the vote in the senate.   Last year, the house of representatives   voted and passed a crypto bill, which was sent to a democratic senate where it failed   to make it on the docket. If members are just as amenable   to pro crypto legislation as they were just last year,   the remaining issue is to reconcile the bill with the house's stablecoin transparency and accountability for a better ledger economy or STABLE Act.  

Per a report   from blockchain intelligence firm TRM Labs, quote, the two bills differ in structure and scope   both reflect a growing bipartisan understanding   of stablecoins,   end quote.   Key issues for discussion   include the structure of federal oversight, coordination, and state regulators,   and the regulatory treatment of algorithmic   stablecoins,   political concerns namely   the degree to which Trump could profit from the bill still linger and senate senator Elizabeth Warren said this bill that was written by the industry   that will supercharge the profitability of Donald Trump's crypto corruption   while it undercuts consumer protection and weakens our national defense.  

Okay, folk, honest. I think you're a little bit going into hyperbole, but, you know, she's gonna be hysterical no matter who does what.   Ranking Democratic congresswoman   on the US House Committee of Financial Services, Maxine Waters,   has also been a vocal critic of Trump's activities in the crypto world. Waters and other high ranking opponents to the industry could hold up the bill.   Democrats on the fence may also be swayed by Trump's increasing involvement with the industry,   which many in the crypto space see as delegitimizing   and the president's tanking approval ratings.  

I'm not actually seeing all this I'm not really seeing the tanking approval ratings, honestly.   Not really seeing it at all, but, hey. You know, it it it is what it is. It's hard to find   any kind of, you know, completely   neutral territory when it comes to news about orange man and all the rest of these jokers.   Still, though,   the breakdown of how the treasury market interacts with stablecoins,   I think is interesting.   I still think that they get it generally wrong. I really am going to just continue to cling on to my thesis like a baby with a security blanket and say,   The United States is going to use stablecoins to export   exponential   amounts of United States debt instrumentation in the form of treasury bills and bonds.  

The people that are going to buy them are going to be stablecoin issuers, and when they do, they're going to issue stablecoins   to reflect what's on their balance sheet. It is a de facto shadow Federal Reserve slash Treasury system   that is outside the direct general control of the United States federal government.   That's what it is.   And this this notion that, oh, well, stablecoin   these two factors could coincide that causes some major problems.   The chances of there being a run on stablecoins   at the same time that nobody wants to buy a treasury so that, you know, nobody can actually sell the treasuries,   I think is,   honestly, is kinda like counterintuitive   because if there's a run on stablecoins,   exactly in what way is it a run?  

Are people trying to sell their stablecoins   and exchange them into US dollars?   That doesn't sound like a run. That a run on stablecoins means you're trying to get your stablecoins,   which means that it's   in the best interest of the stablecoin issuer   to issue more stablecoin,   which means buying more treasuries,   which means The United States gets to print and monetize immediately   more debt instrumentation.   I I   far be it for me to argue with people with PhDs in economics and they're hanging around with Nobel laureates, you know, glad handing each other at $500,000   a plate fucking luncheons and shit, but I don't think these people understand what's actually going on.  

Yeah. It is what it is. Hey.   Maybe we should clear our minds.   Let's do it with Oshi   from oshi good dot u s. The circle p is open for business. It's where I bring plebs just like you that have goods and services for sale in Bitcoin   to plebs just like you who want to buy those goods and services   in Bitcoin.   Oshi at oshigood.us,   that's oshigood.us,   has   BTHC   nodes. They're little chocolates.   And from what I understand, they'll get you high. Each bite contains approximately   fifteen to twenty milligrams   of THC   infused with a blend of ghee butter and my proprietary,   hotl butter.  

Interior   is the hotl bar batter and covered in a hand dipped Mexican style   stone ground   70%   dark chocolate. It's so good.   They're about a third of an ounce per bite.   There's 10 bites per jar.   And here's the suggested use.   Just start with one node.   You know, if you're gonna be self sovereign, you only need really one node.   But if you wait about thirty to forty five minutes,   maybe you're only feeling a light effect of your newfound sovereignty.   So feel free to chew into another one, Taste, chill, and enjoy responsibly.   Here are the ingredients, just so you know.  

Dates,   pecan butter, which is pecans, maple, sugar, cinnamon, sea salt, black pepper. There's peanut flour, cacao powder, peppermint extract, THC,   ghee butter, cinnamon, vanilla extract, and sea salt.   That that is the best list of ingredients.   You know what's not in there? A whole shit ton of stuff you can't pronounce.   You know, like polyabsorbate   red number five or some bullshit like that. Anyway   anyway,   you can get all   all of OSHI Good   products over at o s h I g   o o d dot us.   In the order form, put in Bitcoin and.   Oshi is not really doing a a a discount, but the way Circle p works is that when you buy goods and services from a Circle p vendor like Oshi to get his b t h c nodes,   right,   then Oshi, if he knows where he made the sale from, is gonna be able to determine,   hey, It came from Bitcoin, and how much do I pay this guy? Oshi gets to make that determination. This is the value for value advertising model. You will not find it anywhere else in this ecosystem.  

I did it all by myself and my friends who are my vendors like Oshi and Leathermint and SoapMiner and on and on and on.   These guys are what make circular economies happen. Because if you're not selling your goods and services in Bitcoin, you're not   in the circle p.   On to suspected Israeli hackers claim to destroy data at Iran's   bank, SEPAH,   s e p a h. Not exactly sure how to pronounce that one. This is out of Reuters, by the way. AJ Vincennes is writing.   An anti Iranian   government hacking group with, oh my god, potential ties to Israel   and a track record of destructive cyberattacks   on Iran claimed in social media post on Tuesday   that it had destroyed data at Iran's state owned bank, SIPA.  

The group known as   or predatory   sparrow   hacked the bank because   they accused it of helping fund Iran's military,   according to one of the messages posted online, of course. The hack comes amid increasing hostilities between Israel and Iran   after Israel attacked multiple military and nuclear targets in Iran last week.   Reuters could not immediately verify   the attack on Bank of Seppa.   The bank's website was offline on Tuesday, and its London based subsidiary, Bank Seppa International PLC, did not immediately respond to an emailed request for comment.   Customers were, however, having problems accessing their account according to Israeli media,   and the the Sparrow group did not respond to multiple messages sent via social media, quote, disrupting the availability of the banks' funds   or triggering a broader collapse of trust in Iranian banks   could have major impacts there, Rob Joyce, the former   top security   official of the NSA, said in a post on x.  

In 2022,   the group claimed responsibility for a cyberattack   against Iranian steel production facilities   with those sophisticated attack caused a large fire at the facility   resulting in tangible offline damage.   Such attacks are usually beyond the capabilities of activist hackers,   security experts say, and would be more in line with the capabilities of, you know, a nation state.   So   why bring this to you? Because banks.   If your money is tied up in a bank, then   you have   third party risk.   And that third party   could could be an activist group that takes all the data offline.   So what we've heard about this from other outlets, this is Reuters, but other outlets have said that all ATMs for the Bank of SEPA in Iran are down, and nobody can get any money out of those ATMs.  

The website is offline. Or in other reports, the website was online,   but all of the account information   of all the customers of Bank of Sepa   had been erased.   All the ledgers   erased. Now, again, we don't really know. These are these are anecdotal reports that are coming in.   But the reason that I'm even bringing it to you in the first damn place is   banks   are not secure.   And it's worse and worse and worse and worse.   So,   what is not offline is anybody in Iran that has Bitcoin.   Anybody in Iran that has Bitcoin   but still has some kind of access to the Internet   and honestly, you could even you could even send a transaction via radio although you you were definitely in the nerd   component of Bitcoin at that point.  

And people will say, yeah, but I think Iran's   entire Internet is offline.   That is a bummer. There is no doubt about it. That is definitely a bummer.   But I would rather still have my Bitcoin's   ledger intact and not be able to use it   than to have the entirety   of my financial   history   flushed down the financial toilets   of history   because an activist group decided that they really just wanted to do this kind of damage. Just be aware,   this is probably going to get worse before it gets a lot better. Just   just saying.   Just saying. Okay. Now   that same group   has drained   and apparently burned   $90,000,000   from an Iranian   exchange,   specifically a crypto exchange named   Novatex Vismayevi   from Decrypt.  

A pro Israel hacking group has claimed responsibility for breaching Iran's   largest crypto exchange,   draining more than 90,000,000   digital assets while warning of further attacks   on what they described as regime linked financial infrastructure.   The attack on Novatex was first reported by blockchain investigator   Zach XBT Wednesday morning, who saw hackers exploit multiple blockchain networks using provocatively   named wallet addresses,   including   t k f u c k I r g c terrorist,   no bit text,   and then, like, you know, some other numbers. So t k,   fuck the Iranian   republican guard   terrorist,   no bit text.  

That's a van that vanity address   is kinda that's a large vanity address. So even if it is on the Tron network, and it is,   it was probably fairly difficult to spin up. Anyway, the stolen assets include   49,300,000.0   in Tron,   24,300,000.0   in EVM compatible chains,   and $2,000,000   in Bitcoin,   6,700,000.0   in in in Dogecoin according to blockchain security firm, Cybers.   The breach at Novatex appears to stem from critical failures and access controls,   allowing attackers to infiltrate internal systems and drain hot wallets across multiple blockchains.   Yet, surprisingly,   the funds stolen remain   unmoved.  

K. That doesn't wash with the headline that says it was burned, but let's find out. The funds were essentially burned permanently   and cannot be touched unless stablecoin issuers were to reissue the centralized   stablecoins,   Zac xBT reported.   Interesting.   According to Ecliptic   or Elliptic, a blockchain and analytics firm, creating vanity addresses with text strings as long as those used in this hack are computationally   infeasible,   meaning the hackers do not control the private keys for the addresses in question,   effectively burning the funds in order to make a political statement.  

Oh, wow. Okay. The hacking group, Ganeshi,   or the predatory sparrow group, claimed responsibility   for an for the attack, in a tweet on Wednesday. The Novatech   exchange is at the heart of that regime's efforts to finance terror worldwide,   as well as being the regime's favorite sanctions violation tool the group declared,   threatening to release the exchange's source code and internal data within twenty four hours.   The hack represents the latest escalation   in cyber warfare between Iran and Israel.   Novatech serves as a critical gateway   for crypto transactions in Iran where traditional banking faces severe restrictions. Quote,   Novatex identified   unauthorized   access   to parts of its infrastructure   specifically   affecting our internal communication systems in a portion of our hot wallet,   Novatex tweeted.  

The exchange said it suspended platform access for a security audit and said most users funds remain safe in cold wallets.   Most, but not all.   Novatex noted that it's working with the Iranian cyber police, also known as FATA,   and other agencies to recover the assets.   Well, if it's if that vanity address that I gave you is is in fact absolutely true and it's a burn address,   then there's yeah. You're gonna have a you're gonna have major problems anyway.   I was unaware that Iran even had   a crypto exchange, and it looks like it's been taken offline   maybe permanently. I don't know, man. But, again, as with banks,   do not trust, especially your Bitcoin,   to an exchange. This is a very good reason to get your Bitcoin off of exchanges. Meanwhile,   let's run the numbers.  

Futures and commodities. West Texas Intermediate is down a quarter of a point, but still   way high.   $74.70   per barrel. Brent Norsey is down to third to $76.16.   Natural gas is up three full points, probably because a major attack on natural gas facilities in Iran was conducted sometime yesterday.   $3.96,   damn near $4   per thousand cubic feet. Again, we haven't seen prices this high on natural gas in months.   Gasoline is up point 8% to $2.30.   Gold is   crab walking, but in the green,   $3,407   and 5 dimes. Silver is down a half. Platinum is up four points.   Copper is up one point. Palladium is crab walking in the red.  

Ag is,   fully mixed today. Biggest loser seems to be chocolate. Four points to the downside. Biggest winner   gonna be wheat, which is four   points and change to the upside. I got live cattle.   It's up two tenths of a point. Lean hogs are down two tenths of a point, and feeder cattle are up two tenths of a point.   The Dow is up a quarter.   The S and P is up a third, as is the Nasdaq, and the S and P Mini is up point 86%.   What's Bitcoin doing?   A $104,200   because nobody can get their shit straight. Oh, well.   That is a $2,070,000,000,000   market cap. You can get 30.6   ounces of shiny metal rocks with your one Bitcoin of which there are 19,880,397.71   of.  

And average fees per block are kind of high, same as yesterday, 0.05,   taking in fees on a per block basis. There's one block,   only one block. Oh my god. And it's carrying a measly 2,000 unconfirmed transactions,   waiting to clear at high priority rates of 1 satoshi per vbyte. Low priority is gonna be 1 satoshi per vbyte. We've had a fairly precipitous drop in hash rate on the mining   for Bitcoin. We are now at   890.7   exahashes per second, but fear not, that's   way more hash power   than honestly we've   had in a long, long, long time. It's not the   980   exahashes   that we, you know, that we've seen in the past.  

But, like, just a couple of years ago, we were at 400.   So we're twice the security now. So anybody who's telling you, oh my god, Biden's gonna die and everybody's bitcoin's gonna be taken is just don't know what they don't know what they're talking about.   Okay. So apparently,   x did not like my post   of yesterday's   show   yeeted off the timeline.   They don't say why,   other than that there was something offensive about it or possibly derogatory.   And I I'm still trying to figure out why they put a warning label on my tweet   for this particular show.  

I I literally don't know why, but from yeeted off the timeline, yesterday's episode of Bitcoin and I got TK   giving me 10,000   sats. Brother, thank you. He says, fatty zap for loads of episodes consumed.   Being someone who hosts spaces daily, finding relevant content that isn't hype or fluff is tough.   Turkey, speak to us. Pies, I know you're listening. Yodel, stay strong. Psyduck,   say the thing.   Bitcoin for president with 5,000 says, love the show. Please keep the show going because it is a fantastic resource   for a great information diet. Oh, thank you, Bitcoin, for president. I appreciate that. Owen,   nineteen seventy one sat says back on fountain after a hiatus due to technical issues.  

JB fifty five just zapped me nineteen seventy one sat,   so I'm passing them along to Bitcoin and   thank you. No. Thank you. Progressively worse with a thousand says thank you, no. Thank you. And Psyduck saying his thing with 719   sats.   Psyduck.   Jay with $5.55 says, you'd think that people would be over the moon with so many companies buying Bitcoin.   Bitcoin in every pocket and bitcoin in every treasury is how you build the potential energy that can eventually power a bitcoin economy.   You know how many people are going to disagree with that?   Loads.  

Why?   I don't know.   From my standpoint, I gotta go back to first principles.   Can I stop Van Eck from buying Bitcoin?   The answer is no.   So therefore,   I'm not going to worry about it. The one thing that I would worry about is if that answer was yes.   Bitcoin   is for everybody, including the people that you don't like. If you were able to make sure that somebody you didn't like wasn't able to purchase Bitcoin, then somebody who doesn't like you   is going to have the same power.   And that's not good. Yodel with 511 says, Batman is back. Hey, Jay. Turkey with 500 says,   nothing.  

God's depth, two thirty seven. Thank you, sir. No. Thank you. Perma nerd with 210. That was a fun ride. I'll see you on the other slide.   And Pies with a 100. Thank you, sir. No. Thank you. That's the weather report.   Welcome to part two of the news that you can use. Bitmain, Canaan, and MicroBT   open United States factories to dodge Trump's tariffs. Like I said at the beginning of the show, you ain't dodging shit.   You're doing exactly what Trump wants you to do, bring manufacturing back to The United States.   Will it work?  

Well, I guess in this case, it did. According to Reuters,   three Chinese   giants dominating global ASIC device production, Bitmain, Canaan, and MicroBT,   have launched a strategic shift towards The United States   driven by steep tariffs enforced by the Trump   administration.   The move is a direct response to American protectionist   policies.   Trump   introduced 30% tariffs on Chinese tech products,   heavily impacting a sector where China controls over 90% of global mining hardware production.   Bitmain led the way,   starting   device assembly on US soil last December,   just one week   after Trump's election victory.  

Holy shit.   Canaan quickly followed, launching a pilot production line in The US to bypass the heavy import taxes.   Leo   Wang, Canaan's VP of business development,   called the American project   exploratory,   highlighting the unpredictability   of current trade policies.   MicroBT,   the world's largest player, announced it was actively rolling out a US based localization   strategy.   Guan Yang, chief technology officer at Conflux Network, noted that, quote,   The US China trade war is triggering   structural, not superficial,   changes in Bitcoin's supply chain.   For American firms,   this shift represents a strategic pivot towards politically acceptable hardware sources.  

Wow. That's an interesting way to put it. Politically acceptable   hardware sources.   Yang added,   the near monopoly of the three Chinese mining giants, which according to Frost and Sullivan accounted for 95.4%   of the global hash rate sold in 2023,   has raised national security concerns in The US. Quote, while over 30%   of global Bitcoin mining occurs in North America,   more than 90%   of mining hardware   originates from China representing a major imbalance   of geographic demand and supply.   So is it working?   Well,   you know, when I see things, you know, that say   actively rolling out a United States based   localization   strategy,   there's a couple of other   telltale signs that   maybe   they're not really building   as big of facilities   in The United States as we think.  

Maybe they're just,   oh, I don't know,   like assembly facilities and that all the actual stuff is basically still made in in in China. And somehow, maybe they're even smuggling the the, you know, like, chips and and boards and stuff in and assembling them here and somehow get around the tariffs. It depends on how the tariffs are structured.   But   localization   strategy does not sound to me like it's actually building,   you know, an assembly line   factory in The United States, but I'll keep my eye on it for you and report back later. But meanwhile,   are you on good terms with your wife   or your husband?  

Are you a Bitcoiner?   You might wanna listen up to this one. Crypto in divorce,   a lawyer outlines common red flags that a spouse may be hiding   assets as disputes   grow.   I was not aware that are are divorces growing? Maybe James Hunt   from theblock.c0   will tell us. From Bitcoin to meme coins,   digital assets are no longer fringe bets. They're showing up in everyday portfolios, mobile wallets, even grocery store ATM transactions, and now   divorce settlements. Settlements. Settlements.   As cryptocurrency adoption grows, family lawyers are increasingly grappling with how to uncover,   value,   and divide holdings in contentious splits.  

What was once a niche asset class is now one of the most complex   and potentially   largest elements of the marital estate.   Modern prenups and postnups   increasingly include clauses that define crypto as separate or marital property,   outline valuation methods, and specify division terms in the event of a divorce, Christopher r Castellano,   a principal at Joseph Greenwald and Locke,   told the block. However,   some of the most common red flags that suggest   a spouse may be concealing funds   include   unexplained   cash withdrawals,   a sudden interest in   technology,   or reference to crypto apps, exchanges, and wallets without   additional information according to Castigliano.  

Asked whether he had seen an uptick in people hiding wealth via crypto in divorce cases, he said attempts at full scale consolation or rather concealing   of wealth are uncommon, but   surreptitious   use of marital money for crypto   or concealing   of crypto gains is becoming more prevalent.   Because a divorce involves several categories of assets,   having them identified   at the same time with values that you are confident in and time to coincide with a strong crypto market is the biggest challenge.   Castigliano   explained, quote, ultimately,   you can't rely on the value of crypto due to its volatility.  

The court will typically consider the value assigned by the parties   as to a particular asset   or at the trial date.   That makes sense. The pseudonymous nature of many crypto participants   presents yet another challenge, particularly when combined with the use of non KYC   peer to peer platforms rather than centralized exchanges, for example.   However,   courts can still issue discovery orders requiring full financial disclosures in response to a failure to produce documents, Castellano   said,   noting this applies even when someone has operated suit anonymously   or via non KYC platforms. Quote, the difficulty   is less in asking for the court to issue relief   and more in identifying the asset to begin with,   which would likely require expert analysis and tracing   to identify the particular asset.  

If significant crypto transactions are involved, it makes sense to hire a forensic accountant with on chain expertise, he added.   While the treatment of digital asset holdings in divorce proceedings remains a nascent field and case law is still developing around it, Castigliano   said courts that will treat crypto like any other marital asset,   subject to inequitable division based on factors such as contribution,   dissipation,   and economic circumstances.   Crypto and DeFi transactions can be complex to track and interpret   even for the most experienced users, and Castigliano   noted that legal professionals and courts' technical understanding is expanding as more information and resources become available. But   as with any new legal development,   they will often rely on expert testimony.  

And there's no different when and that's no different when dealing with complex crypto structures. Ultimately,   transparency   is key as crypto becomes more common in marital estates.   Quote,   failure to properly disclose crypto can lead to serious legal consequences,   and parties should consider involving tech savvy professionals early on in the process. Yes. Let's just go ahead and burn our marriage to the ground before it even begins by completely not trusting each other. That's what this whole thing is telling me. Anyway, having practiced family law since 2013,   Castigliano   advises Maryland and DC clients on issues ranging from high net worth divorces,   custody disputes,   and pre and post nuptial agreements   using risk reward analysis to find the most beneficial case outcomes.  

Just be aware.   This is going to become more prevalent.   And the nature of something like Bitcoin let's just stick with Bitcoin because it's the only thing that makes sense anyway.   And   combined with   the pseudo anonymous nature of identity that we are now seeing,   And we have you know, it's not like it's new,   but when you get these two things in a mix,   you know, people are always, you know, telling me, like, well, the guy had, like, another family.   Well,   that's a lot more difficult.   The guy having, like, another four kids and another wife in a completely different town   and somehow is able to be at both places   with both families,   to me, that always seemed like that's bullshit. Nobody can do that. But apparently, people do. But I'll tell you what's a hell of a lot easier,   to have a completely different identity   online   than you do in real life.  

In fact, that shit's been going on for decades.   But now we're at this this juncture.   Like, the wife or the husband never would have given shit one about a digital online identity   unless it was the cause of the divorce in the first place. But if the divorce was going to happen   and somehow one of the parties found out that the other party involved in the divorce had an a digital online identity,   Who gives a shit? Nobody it's not worth anything. It's not worth any money. They can't go on on the market and sell your identity and take half of it. So nobody gave a shit, but now   now that's a different deal.  

It's not just the Bitcoin holdings.   It's going to be the Bitcoin holdings   as it pertains to a completely separate identity   that you have,   which also pertains to a completely different financial   identity   that you have.   This guy is saying that we're gonna be able to find that all out.   I disagree wholeheartedly.   If you do it correctly, you'll be able to hide all manner of wealth from anybody that you want to hide it from.   If you're dumb about it, you're going to basically reveal the fact that you've got Bitcoin to your spouse. And if that's a problem,   then you probably shouldn't have ever been married to this person in the first fucking place.  

Right?   But there's always the like like, let's say this. Let's say you get married to the woman of your dreams or the man of your dreams and things go along swimmingly. You have four kids.   You got 12 dogs. You got a house out in the country for the dogs to roam on. Everything's brilliant. Your life is wonderful. And then one of y'all gets into a bad car wreck   that damages   some brain tissue.   This happens. I'm I'm not blowing smoke up your ass.   Doesn't die   but when they're completely recovered   they're not the same person   they're not the same person that you married   not the same person that you're in love with that you had kids with It's a different person.  

This can sometimes happen. In fact, you don't even have to be a different person coming out of something like a head trauma.   You could just have slightly different ideas   about   certain things   that over the next few years   cause a divorce.   Right?   So   how do we navigate all this? And the answer is, I don't know.   It really it it's really going to depend. Like, let's say you get married to the woman of your dreams, she gets in a car wreck, and all of a sudden, she's out drinking till all hours of the night and having multiple affairs, and you say, fuck this. I'm going   to   Argentina.  

Well, hold on there, pal. When you first got in this marriage, you everybody knew that you had Bitcoin, including your wife, who is now causing a massive issue.   And in many states in The United States, it doesn't matter if she's in if she's at fault, she's going to get money.   And that money is going to include part of your stack, if not a full half.   So should you have hidden that at the very beginning? I   dude, this is this is a hard thing.   And it's going to be another potential wedge   in the already frail   relationships that we have in between marriages in The United States. It's not good, and all of us should be very, very   careful   about how we continue to present ourselves   going forward, whether it's in marriage,   you're just dating,   you got a friend,   whatever.  

It's up to you,   but don't be stupid.   Just saying.   Now onto Prenetics,   p r e, Netix.   Prenetics   becomes the first health care firm   to launch a Bitcoin treasury strategy with $20,000,000   Bitcoin purchase.   I just told you yesterday about h one hundred. They're a health tech company.   They've got a Bitcoin treasury.   So I'm not exactly sure that Bitcoin magazine's   Jenna Montgomery   is really having the best   headline here, but whatever. PreeNet   Global Limited.   A health sciences company announced today that it purchased   $20,000,000   worth of Bitcoin as part of a newly approved corporate treasury strategy.  

The company acquired a 187   and a half Bitcoin with an average price of a $106,712,   so they're below water, and stated that its board had approved allocating   the majority of its $117,000,000   balance sheet to   Bitcoin.   It follows the company's strategic transfer of ownership of ACT   Genomics,   which increased its pro form a cash   to approximately $66,000,000   in total liquid assets, including   Bitcoin and short term holdings to around a 117,000,000.   According to the press release,   quote,   with our strengthened balance sheet of $117,000,000   in cash,   bitcoin, and short term assets   we now have the financial foundation to pioneer   innovative   treasury management approaches   including our historic Bitcoin treasury strategy. So they've been into Bitcoin   apparently for a while. They're just expanding it.  

For there are people and, you know, and I've talked about this before and you you've heard heard them before who are really, really, really freaking nervous   about this Bitcoin treasury strategy.   But let's look at it from just a slightly different point of view.   What are you supposed to do with your treasury as a company?   You're supposed to invest   it. Did anybody say that   the fact that, I don't know, let's say Ford Motor Company, back when Ford still probably had some kind of money laying around, that they were buying, I I don't know,   Heinz Corporation stock. Did anybody say we're really concerned   that we're gonna run out of ketchup   because all these companies are buying Heinz? And what what happens to our catches   ketchup supply   if all these companies sell out immediately because they need cash and it's going to destroy the Heinz corporation, and therefore, there ain't no ketchup from a hot dog?  

This is bullshit.   This entire thing is bullshit. And yet and yet and yet,   Andrei Bogansky   from Decrypt has this headline,   is similar scientific flashing a warning sign for Bitcoin treasury   firms. Oh my god. Please help us out. We're all gonna die.   Nasdaq listed health care technology firm, similar scientific,   was valued at a razor   thin premium compared to its Bitcoin holdings on Tuesday,   according to the company's website.   The firm's   m nav or multiple   to net asset value   was recently   1.07.   That means the company's   $498,500,000   enterprise value   according to   or accounting for similar market cap, debt, and cash balance   was slightly above that of its 4,449   Bitcoin worth $466,000,000   Matthew Siegel, head of digital assets research at VanEck,   told Decrypt that Semler is now in a position   where many bitcoin treasury companies may find themselves in the coming quarters,   trading close to NAV or net average value or net or sorry, net asset value and facing pressure to demonstrate   capital discipline.  

Bitcoin treasury companies like similar seek to maximize shareholder value by growing the amount of Bitcoin they own per share.   When a company's mnav   falls below the number one,   it can no longer grow its Bitcoin per share by selling stock and using the proceeds to buy more Bitcoin.   When Simler unveiled its latest bitcoin purchase this month, the company said in a regulatory filing that it had recently acquired 185   bitcoin for $20,000,000   Simler also signaled that it could sell   $364,000,000   worth of common stock through an at the market program.   In a recent interview with Decrypt, Ben Workman, chief investment officer at financial services firm, Swan Bitcoin, explained that a discount can spook investors in a Bitcoin treasury firm if   if they start to suspect that the firm can no longer raise funds   in a way that benefits shareholders. Quote,   the company has several strategic levers it can pull to stabilize value, Sigel said.  

If management prioritizes shareholders,   I believe the risk reward at current levels is favorable.   On X, Sigel said Bitcoin Treasury firms can adopt safeguards including   pausing ATM issuance if the stock trades below point nine five   times   its net asset value   for more for ten or more trading days and prioritizing   share buybacks   when BTC   appreciates among other options.   In recent months,   m Nav has become a popular metric   for operating or for comparing Bitcoin treasury firms as everyone from cannabis cultivators to asset managers   have seized on upon the trend.  

But   Simler is not relatively   a new face, purchasing its first Bitcoin   last May.   In April, Simler said that it had reached a tentative $30,000,000   sentiment with the Department of Justice to resolve allegations of federal   anti fraud law violations pertaining to its QuantaFlo   product marketing.   On Tuesday, Rosen law firm, a global investor rights law firm, said that it would begin investigating   potential securities claims on behalf of the shareholders.   Similar stock price closed down 6.5%   on Tuesday, dropping   to $28.38   according to Yahoo Finance, and the company has the tenth largest Bitcoin Treasury by dollar value,   just behind video game retailer, GameStop,   according to Bitcoin Treasuries.  

Sigel noted   that legacy business issues   which have worsened   may be weighing on similar's MNAV along with a small market cap, low liquidity, and limited convertible bond issuance.   Some analysts have warned that if Bitcoin's price falls below a certain level, it could force companies to sell their Bitcoin, reversing buying pressure   this year.   Again,   that's the end of the article.   It's it's not that it's fear, uncertainty, and doubt that's being sown here. I mean, there's there's real there's real concerns.   But   I'm always going with the tenant. Can you stop similar scientific from buying Bitcoin?  

If the answer is no, and it better be, then   we've gotta move on to greener pastures and worry about something else   or not worry about shit at all. Just   stack sats. I I don't know what else to tell you.   But   right now,   strategy is trading at twice   MNAV, like, 2.01   or something like that. So the valuation of the company is twice   that of its Bitcoin holdings   and debt and and all the rest of its stuff. But mostly, it's driven by its Bitcoin holdings.   I don't like that.   Okay. So, well, Dave, what do you like?   Honestly,   I kinda like the m Nav closer to one.  

Why not value the company the way for what its value actually is?   You know this   m Nav yield or this m Nav metric where it's like see our m Nav is going up so therefore   each share shareholder has more Bitcoin per share but you don't   As a shareholder,   own any Bitcoin of strategy if that's the stock that you own. Same thing with similar scientific.   If you own shares of similar scientific, you don't own any Bitcoin.   You have no claim   on the Bitcoin.   You sell your stock of similar, all you're going to get is cash   in US dollar amounts or Japanese yen or whatever the hell your fiat of the day tends to be.  

That said,   I do think it's more I think it's better   to have an MNAV that is not multiples   of your asset balance sheet.   I don't think that that's good. I just don't. I think we need to come back down to reality here.   Like like I've I've told you this story before.   Back in the eighties when when my dad was starting to tell me about how what stocks were and how they worked and   why people had them at all and why we should give a shit.   He was talking about buying stocks that had no more than a price to earnings ratio of some somewhere between four and eight.   Go find me a stock that has that p to e right now.  

You can't.   You can't. You're talking about fifties,   seventies,   hundreds   on p to e.   So I buy a I buy a share of stock for for a $100.   Its earnings   is a dollar.   That is a price to earnings of a 100 to one. You don't my my dad would have blushed if I had come to him even considering buying such a thing.   So I think, honestly,   I don't think well, I I I would be looking for mNAV's of 1.2.   I think that's a good number. It's not so high that it freaks me out, but it's not so low   that it gets to the point where we start dealing with that. Well,   if their mnav dips below point nine five, they could start selling their Bitcoin.  

I'm not even sure that that's true. We'd really have to actually talk to somebody like Saylor to say,   you know, I don't wanna ask the question, at what point do you sell your Bitcoin?   At what MNAV   do you have to start selling Bitcoin,   if at all? And if you don't,   then how do you fix your m Nav,   or is fixing your m Nav even a deal?   And I know Saylor's gonna say, yeah. It's kind of important because it it's a metric   that he's using to entice new investors. And if it is   the metric is flashing a bad signal, even though it's new, we're starting to learn all about it,   that could cause him problems.  

But he might look at me and say, I don't need to sell my Bitcoin.   Here's how I'll fix it. And I would give you an example of what he would say, but I don't know. I've never talked to Saylor, and I'm probably not going to. So we have to conjecture on that one.   At the end of the day, let me give you some suit speak there,   I   think having   a not so high m Nav   is actually better   for the overall health   of these Bitcoin treasury companies   than it is to have it too damn high. And I'm looking at strategies saying your m n ave is too damn high. Bring it all back down there, brother.   And I don't know why I say 1.2.  

It's not like I'm an economist. You know? I'm certainly not a Bitcoin economist that knows all everything there is to know about m n ave. But gut   feeling, 1.2.   Let's move on to Bitcoin news.   Vinas raises   £3,580,000   sterling as retail investors back Bitcoin strategy.   So we've got another one. Bitcoin focused company, Vinas Limited, has raised a shit ton of money. Well, £3,580,000   sterling,   more than triple   its original target of £1,000,000   sterling as it looks to boost its Bitcoin holdings   and expand across   North America.  

The fundraising announced   through the London Stock Exchange shows growing interest in Bitcoin for private and retail investors, particularly   in The UK,   where they are limited,   regulated, and exchange listed options for Bitcoin exposure, or there are very limited regulated and exchange listed options for Bitcoin exposure.   Vinas is listed on the LSE under the ticker symbol b t c dot l.   Okay.   Instead,   the funds will be used to buy Bitcoin and support its ongoing Bitcoin mining operations in The US and Canada.   The company is also planning to rebrand to become   the London Bitcoin Company   or LBC.  

I actually like that name. The London Bitcoin Company.   For some reason, I'm getting   what, East India Trading Company vibes. I don't know why I say that, but London Bitcoin Company,   good name. It's a good name.   Not not so much with East India Trading Company. We won't get into that one. Quote, this raise reflects growing interest in our LSE listed Bitcoin strategy   and helps accelerate our goal of becoming a leading UK main board listed Bitcoin company, end quote.   The majority of the funds, which is about £3,000,000,   came from retail investors through the wrap platform, a structured offering that allows public participation   in company fundraising.  

This is one of the largest raises   on the LSE's   wrap platform   by a small cap company.   A further £550,000   sterling was raised from institutional   subscribers.   Venanz is a has a growing network of Bitcoin mining facilities across Indiana, Iowa, Nebraska, and Texas   In The United States and Labrador up in Canada,   they are hosted by third party facilities and supported   by around 700 mining machines. So it's a very small operation.   With bitcoin prices up over 75%   since April 2024,   the company is acting fast to build up its bitcoin reserves.   So we got another one, and I had never heard of Venzan   Mining, but   I don't   know. London Bitcoin Company sounds awesome.  

I don't know why,   but Lund LBC,   I like I I like the name. Anyway, so that is it for the end of the show, man. I hope I brought you some news that you can use. I hope it's something that calms you down.   I I really think we need to,   take a deep breath about everybody losing their ever loving mind and becoming hysterical about Bitcoin treasury companies.   A,   because there's absolutely fuck all we can do about it. And b,   what are they supposed to do with their treasuries?   Buy art?   I mean,   how is it that you would not be a that the the   the detractors of this strategy   would not how would you be able to not have to say the same thing about anything else these companies are buying?  

I'm very concerned about how much money is going into the New York Stock Exchange   in these, you know, 250   different stocks by all these companies that are trying to lever up their   their damn,   their their damn reserves.   Why wouldn't you leverage the money that you've made in your company? Isn't that what you're supposed to do?   I just I think it's overblown.   I think we should exercise some caution as to how much we let m Navs rise.   Again,   I'm looking at 1.2.   I don't know why.   But when we get to strategy territory and we get above two,   maybe we should look at that and go, I don't know. Maybe we should buy something else. Maybe we should actually oh, I don't know.  

Stack sats about it, 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.