Episode 1204 of Bitcoin And . . . is LIVE!
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https://bitcoinmagazine.com/business/boltz-exchange-becoming-the-leading-bridge-across-bitcoin-layers-via-holy-grail-technology
https://www.coindesk.com/markets/2025/11/05/bitcoin-at-make-or-break-level-as-china-suspends-24-tariff-on-u-s-goods
https://decrypt.co/347321/treasury-sanctions-web-north-korean-bankers-global-crypto-crime-operation
https://cointelegraph.com/news/bitcoin-price-drop-digital-asset-treasuries-impact-2025
https://www.theblock.co/post/377743/canada-stablecoin-legislation-budget
https://bitcoinmagazine.com/business/future-raises-chf-28-million
https://bitcoinmagazine.com/business/sequans-sells-970-bitcoin-to-cut-debt
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Topics for today:
- BOLTZ in View
- China Suspends Tariffs on U.S. Ag
- North Korean Bankes Run Amok
- Digital Asset Treasuries Start Causing Problems
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Today's Articles:
https://cointelegraph.com/news/metaplanet-taps-100m-bitcoin-backed-loan-btc-purchases-share-buybackhttps://bitcoinmagazine.com/business/boltz-exchange-becoming-the-leading-bridge-across-bitcoin-layers-via-holy-grail-technology
https://www.coindesk.com/markets/2025/11/05/bitcoin-at-make-or-break-level-as-china-suspends-24-tariff-on-u-s-goods
https://decrypt.co/347321/treasury-sanctions-web-north-korean-bankers-global-crypto-crime-operation
https://cointelegraph.com/news/bitcoin-price-drop-digital-asset-treasuries-impact-2025
https://www.theblock.co/post/377743/canada-stablecoin-legislation-budget
https://bitcoinmagazine.com/business/future-raises-chf-28-million
https://bitcoinmagazine.com/business/sequans-sells-970-bitcoin-to-cut-debt
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[00:00:02]
David Bennett:
It is 10:25AM Pacific Standard Time. It's the November 2025. This is episode 12 o four of Bitcoin and Meta Planet. We're gonna talk about it. They've done something. It's in the news, and that's why you're here. It's all the news that you can use and more about Bitcoin and the rest of the shit going on in the world. Bolts, we're gonna talk about Bolts. They are back in the news. As well as what do we got here? Oh, I think we got some market stuff. Oh, yeah. Yeah. Yeah. We do got some market stuff. China, The United States, and tariffs, how it's might be affecting the price of Bitcoin today.
And then North Korean bankers. North Korean bankers. I would have never you know, it's just one of those things. You you you get all the news about North Korea and what North Korea is and and that whole thing, and bankers just don't come to mind because you kinda always think that it's all the state. I mean, you know, by god, why wouldn't it be? But these bankers are doing something something a little nefarious. Of course, that that part doesn't surprise me. And then crypto treasury companies. Are they impacting, finally, what's going on with Bitcoin? We're gonna find out, and then we're gonna travel up to the Great White North. Yep. Canada. They're they're they're they're doing shit again.
Then we're gonna go across the Atlantic Ocean to Switzerland, and then we're gonna end with a company, yet another Bitcoin company, treasury company. How are they handling their Bitcoin? We'll find out. But first, Meta Planet taps $100,000,000 Bitcoin backed loan for purchasing more Bitcoin as well as a share buyback program, Amen Hosquanis or Hakshanis is the way you pronounce that, from Cointelegraph writing, Tokyo listed Bitcoin treasury company, Meta Planet, secured a $100,000,000 Bitcoin backed loan to purchase additional BTC and repurchase its own shares according to a Tuesday filing. The funds were borrowed on October 31 under a credit agreement that allows the company to secure short short term financing using its Bitcoin holdings as collateral.
The lender's identity was not disclosed, but the company said the loan carries a benchmark US dollar rate plus a spread and can be repaid at any time. Now Meta Planet said that the loan structure is conservative, noting it holds 30,823 Bitcoin worth around 3,500,000,000.0 as of the October, a position large enough to maintain a healthy collateral coverage even if Bitcoin's price declines. And it has. Yes. It unless you've been under a rock. The company detailed that proceeds from the credit line may be used for additional Bitcoin purchases, its Bitcoin income business, where holdings are used to earn options premiums, yay, and share repurchases depending upon market conditions.
The announcement came just days after Meta Planet unveiled a 170 no. Sorry. A 75,000,000,000 yen or $500,000,000 share buyback program also backed by Bitcoin collateralized financing aimed to restore investor confidence after the company's market based net net asset value fell below one. Meta Planet's m nav, the ratio between the company's value and its Bitcoin holdings, briefly dropped to point eight eight last month before rebounding above parity. The company temporarily paused new Bitcoin purchases during the dip, but said it remained committed to its goal of acquiring 210,000 BTC by 2027.
Meta Planet expects the financial impact of the $100,000,000 drawdown on its 2025 fiscal results to be minor, but pledged to disclose any material changes should they arise. I trust them. Last week, S and P Global Ratings issued a b minus speculative grade rating on Saylor's Bitcoin Treasury Company strategy. I don't know why the hell they're why the hell are you slipping this in here? That's another news story completely. Get your shit together. God. Okay. Let's move on before I lose it. Bolt's exchange becoming the leading bridge across Bitcoin layers via their holy grail technology.
We've touched on it before, but here it is again from Juan Galt out of Bitcoin Magazine. Bolts, the Bitcoin only instant swap exchange, is cornering a niche sector in the Bitcoin industry and quickly becoming a favorite of advanced Bitcoin users Its fully open source tech stack, which is usually trustless, unlocks a variety of possibilities for the industry, including a zero custody risk bridge across Bitcoin layers. Bolts Exchange was founded in 2019 by Killian and another sued anonymous cofounder as a solution to managing liquidity in the Lightning Network for an early Bitcoin DeFi project called OpenDEX.
Realizing quickly how complex Lightning liquidity management really was, the team ended up pivoting to the maintenance and polishing of Bolts, a liquidity service provider or LSP. Bolts has been self funded ever since. Bolts infrastructure supports multiple Bitcoin wallets such as BTCPay Server, Aqua Wallet, Bold Bitcoin, and Breeze, just to name a few. As a result, Bolts is becoming an increasingly popular and respected company and open source project, an infrastructure cornerstone of Bitcoin's Lightning Network today. The Bolt's lightning node is one of the largest, boasting on its website 759 channels, 1,022 peers, and almost 85 Bitcoin worth of capacity in six point I love how they say this. Six point six years since the oldest operating channel was opened, though these metrics are likely out of date.
Their Lightning Network support lists advanced Lightning node operators balance their channels, an otherwise complicated process that generally gets obfuscated away from end users of Lightning powered Bitcoin wallets. Bolts, however, is more than just an LSP. Quote, we want to be the connecting tissue between all the Bitcoin layers, Killian told Bitcoin magazine in an exclusive interview discussing the vision and progress of the Bolt's exchange so far, initially built to support Bitcoin on chain to Lightning Network swaps. Today, it supports Rootstock and the liquid network as well, the most popular ways of using Bitcoin by far. I I pausing to say, I don't agree with that, but whatever.
Continuing, to date, Bolts has only dealt in Bitcoin instead of integrating other shitcoins or assets, perfecting its craft and locking in its niche. In 2023, Bolts added support for the powerful and feature rich Liquid Network, an open source federated blockchain where federation members hold keys in a large Bitcoin multisig that collateralizes their LBTC asset in full reserve. Liquid is one of the oldest two Bitcoin projects and was created by Adam Back from Blockstream despite having faster block times, a powerful set of programming scripts for smart contracts, and excellent privacy features such as encrypted transaction amounts on chain Liquid has struggled for adoption by centralized exchanges making access to its feature set very difficult.
Bolt's integration opened a major bridge between on chain Bitcoin and the speed, programmability, and privacy of the Liquid network, making wallets like Aqua and Bull Bitcoin possible. Shy to share internal numbers, Killian told Bitcoin magazine the integration was quite the success story. It was taken on pretty well by the market. It just made sense for people. Looking back on the market at the time, on chain Bitcoin fees were very high and were causing problems across the industry. Killian noted, we had a high fee environment. The main chain was hyper expensive, so liquid swaps clicked for a lot of people, and that's how we really moved into this niche of becoming of connecting Bitcoin layers, a Bitcoin bridge for different Bitcoin layers. That's that's really how this direction for us was fortified, end quote.
Then in November 2024, Bolts expanded into rootstock support, a 2015 era layer two, little known among the English speaking crowd, though very popular in Latin America, particularly in Argentina, where many of its founders are from. Still shy to share internal numbers, Killian told Bitcoin magazine that the integration with Rootstock has, quote, gone well, likely serving as one of the best ways to turn on chain Bitcoin or it rather into RBTC, an essential asset for the Rootstock ecosystem, much like LBTC is to the liquid network. Rootstock's claim to fame is bringing Bitcoin the integration of an Ethereum compatible smart contracting language on top of which most of the DeFi is built across the crypto ecosystem today. And the most interesting feature of Bolt, however, is its use of atomic swaps, an ancient holy grail of Bitcoin theory that can be traced back to the very earliest discussions in the Bitcoin talk forum.
Atomic swaps make it possible for users to trade against bolts without having to trust the bolts team or company not to steal the money, a luxury in finance across history. All centralized exchanges require such trust as do most instant swap exchanges in the market today. Bolt's integration with this sophisticated type of smart contract means that anyone can fundamentally run a local instance of Bolt's and be a reliable trade partner of the public without the need to bootstrap a brand or a reputation. But how do they work?
Atomic swaps work by leveraging the public nature of blockchains. Atomic swaps function around a shared secret. That secret is used to lock the funds during the trade between two parties. For one party to claim the funds of the other party, they must publish this secret to the blockchain, allowing the counterparty to do the same, resulting in the atomic execution of the trade. Now, this protocol solves a key issue of trust in business. Who sends the money first? Who sends the goods first? Whoever does takes a certain amount of risk as it allows the counterparty to take the goods or money and run.
Atomic swaps eliminate that risk entirely. They essentially allow for the creation of a non custodial crypto exchange. Though the implementation details and user experience vary as some blockchains do not have the right script or smart contracting tools to support atomic swaps while fiat is, so far, ruled out entirely as bank transfers are almost always reversible, undoing any atomicity. Looking into the future of bolts and the programmability of Bitcoin as money for the digital age, Killian said, quote, I I I think we will see a new breed of layer two projects launching early next year. So probably stuff that you and I have never heard about, but there are so many projects.
There's so much stuff. So this is a really interesting space to be in, and the difficulty, the quest, will be to separate the good from the bad. Alright. So that's the end of the article. I'm really glad that they're bringing bolts back in into mainstream knowledge because bolts, you know, like the story you know, the news thing said, it's been around for a while. And like a lot of projects in this space, they just they just get forgotten about because people don't actually write about them. We don't discuss them anymore, and then, you know, shit just loses popularity. So in this case, I'm I'm really glad that Bitcoin magazine is is putting bolts back into the spotlight at least for today. Now what's next? Oh, markets. Yeah. Yeah. What's going on? Bitcoin at make or break levels?
Okay. That's always the freaking case in this space. It's always about Bitcoin. It's oh, it's the Fibonacci. Oh, it's this. Oh my god. It's it's descended by 16%. That's not really what we're doing here. I want to I'm gonna skip that part of the story and get to the good stuff, which is that China has now suspended the 24% tariff on US goods. Did, did they bend the knee? I I don't know, man. Maybe Amkar Godbold from CoinDesk will tell us more about it. The latest development in US China trade relations supports the bullish case for Bitcoin. According to media reports, China said early Wednesday that it will suspend its 24% additional tariff on US goods for a year, only one year, while retaining the 10% levy.
The Ministry of Finance confirmed that it will halt retaliatory tariffs imposed on US agricultural products, including soybeans, corn, wheat, sorghum, chicken starting on Monday. The move allows a meeting, sorry, allows my ass. The move follows a meeting last week between president Trump and his Chinese counterpart Xi Jinping and Washington's decision to have its fentanyl related levies on Chinese goods. The continued easing of trade tensions could eliminate a significant source of uncertainty for the global economy, supporting increased risk taking across the economy and financial markets.
Other factors, however, are, well, of course, less supportive of Bitcoin at the moment, particularly the decision by SeaQuan's Communications to do something with their Bitcoin, which I will get to in a different story. But first, do you feel dirty? Then you gotta go to soapminer.com. That's soapminer.com, all one word, soapminer.com, and get yourself some handmade tallow soap. He's got all kinds of soap. He's got cedarwood soap. He's got pine tar tallow soap. He's got lemongrass soap. He's got soap. The man's name is SoapMiter. He mines soap, and he does it by hand. It's 100% grass fed beef tallow based soap. It's got, like, the base soap is three ingredients. It's water, lye, and beef fat or, well, tallow.
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Go to soapminer.com. Get clean. Now US treasury sanctions web of North Korean bankers tied to global crypto crime operation. Take a bite out of crime. Old Sander Lutz from decrypt.co. US Treasury Department issued sanctions on Tuesday against a slew of expat North Korean bankers who were accused of laundering stolen crypto to aid the Pariah state's weapons program. Eight such bankers, primarily based in China and Russia, were sanctioned today for their role in allegedly laundering funds destined for North Korea. A portion of those funds were traced back to crypto thefts pulled off by North Korean ransomware attackers and IT related scams, the treasury said.
These fresh sanctions also hit two implicated North Korean companies and 53 crypto wallet addresses associated with the accused money launderers. Every one of the blacklisted wallets was noted by the treasury as containing USDT, the popular stablecoin known as Tether. Quote, by generating revenue for Pyongyang's weapons development, these actors directly threaten US and global security, John Hurley, undersecretary of the treasury for terrorism and financial intelligence said on Tuesday. Quote, treasury will continue to pursue the facilitators and enablers behind these schemes to cut off the DPRK's illicit revenue streams, end quote.
Tuesday's announcement noted that key to North Korea's ability to evade sanctions is its use of internationally located financial representatives who are then able to launder funds obtained primarily through crypto heists via international markets. In less than two years, North Korean operatives have managed to steal nearly $3,000,000,000 worth of cryptocurrency globally. Earlier this year, hackers from the country allegedly stole 1,400,000,000.0 worth of ETH and related tokens during a single rapid fire heist of the crypto exchange Bybit. A key facilitator of the laundering of those funds has been underground Chinese banking networks. Yes. Of course. Of course, they are. Which often do the actual work of cleansing North Korea's stolen crypto via elaborate methods, blockchain security experts told the crypt. And last month, the Department of Justice announced a seizure of $14,000,000,000, the largest asset seizure in DOJ history from a Cambodian crypto scam operation experts said.
So, yeah, we've already we've actually already talked about that one quite a bit. But what I find interesting is that this sounds a lot like a story I told you about weeks ago where companies are being targeted by hackers in a long game type structure. These guys target these companies except they pose as people that are like, I want a job. I just got out of college. I need I need a job at your bank. And, yeah, please give me a job. And then they get the job, and all of a sudden, you've got an insider. Okay. Now that that's from the story from weeks ago. But now we've got these North Korean bankers who are not in North Korea.
They are out in the wind, but they're still operatives for North Korea, but in the banking sector, it's I don't know. I mean, it's not all that surprising. It's just that, you know, we're not we haven't really heard about a lot of this stuff before. It seems new. I'm I'm sure it's not. I'm sure this has always been a thing, But we're getting a lot of information about how this whole operative thing kinda works, not against governments, not against governmental institutions, as much as inside the private sector, you know, private companies, private banks. It's either scamming or money laundering or whatever, and it's actually kind of fascinating.
And it's probably not helping the world's markets, which we're gonna get to next. Let's run the numbers. CNBC futures and commodities, man, energy sector looking red. It's just bleeding out right now. Brent Norsey, down one and a third. West Texas Intermediate, down 1.4% to $59.70 a barrel. Natural gas not hedging today, two and a half percent to the downside. Still at $4.23. So not bad, but definitely not the hedge. Gasoline down a full point to a buck 90 a gallon, and Murbon crude taking the hit one in the third to the downside, $65.82 a barrel.
Metals going the opposite way. We're all in the green here. Palladium up 1.8. Gold is up point 72%, but still below 4,000. Hovering hovering, though, just below that crest at $3,989 and a dime. Platinum is up point 8%. Silver up one and a half. Copper up point 8% as well. Ag is fully mixed today. The biggest winner is coffee, 2.8 to the upside. Biggest loser today is chocolate getting creamed 4% to the downside all of a sudden. But here's here's the thing. We're gonna get into livestock. Let's buff it on over. Live cattle getting pummeled.
3.18% to the downside. Lean hogs, however, are up a point, but feeder cattle, 2.8% in the red. Ranchers are not happy for various reasons. There's actually, I'm I'm gonna spell it out. There are two main actually, there's three main reasons why ranchers are not happy. One, meat prices are too high. They don't like that. And I know that sounds counterintuitive, but they don't. Two, they were enjoying record cattle prices, and they do enjoy that. That nobody wouldn't. I mean, I like oil. I like it when oil is really high. That's just me. I've got vested interest in oil. Of course, I want it high.
But third, and this goes back into the, you know, to the meat prices thing, Trump decided to just say, we're just gonna buy cheap meat from Argentina. So how does that work with ranchers not really liking meat prices so high? They wouldn't be so high if it was possible for ranchers to easily get their meat to market, and it is not, which is one of the problems that cause high meat prices as well as high cattle prices, and it did not freaking help that we're just going to solve the issue by buying another country's meat instead of servicing our own American born and bred ranchers.
Ranchers don't want you paying that much for meat. They want to just be able to sell you more of it. That's how they that's how they'll make up for low cattle prices. But they can't. They have to go through USDA certified slaughterhouse. That's the only way they get their meat into Walmart. That's the only way you'll see it in a Safeway or an H E B. Otherwise, no. And and the bottleneck on kill dates is has been crushing ranchers for the last seven years. They it's like it's like some of the ranchers I've talked to said that their kill dates, when they how long they have to wait to schedule a date for their slaughter of of their animals to occur is a year, a year and a half, sometimes two years out.
It's ridiculous because we only got four meatpackers in The United States, and all of them, either wholly or as a subsidiary, are owned by foreign entities. So don't please don't think that ranchers want high meat prices. They enjoy high cattle prices, but if meat prices came down and they were able to actually sell the meat that they have to sell to the people, they'd be fine. But, you know, it is what it is. I'm just saying, midterms are not looking good. Midterms are not looking good right now, dude. I mean, Mondami won the mayor race in New York City.
There's been a couple of, like, off year governor elections, went to the Democrats. If if this is any indication of what's coming up midterms, then Trump needs to do something about his base because his base was rural people like farmers and ranchers. That that was a major section of his base, and he's pissing pissing them both off. And if he continues to piss them off come midterms, I I don't know. I I I honestly don't really wanna live with a bunch of mom dommies running around telling me what I can and cannot do. So let's just let's pray for grace.
S and P is up point 7%. Nasdaq up just over a point. The Dow is up two thirds of a point, and the S and P Mini is up, wow, one and one fifth point. So there's some recovery going on there probably because of the China tariff news. We got a slight recovery in Bitcoin after dipping below a 100,000. We are back up to a 104,280. That is a $2,080,000,000,000 market cap, and we can now get 26.2 ounces of shiny metal rocks with our one Bitcoin of which there are 19,944,632 and 1 half of average fees per block are high, 0.04 BTC, taking in fees on a per block basis.
Right now, the mempool looks pretty thin and, like, a little bit over 20 blocks carrying 42,000 unconfirmed transactions waiting to clear high priority rates and low both at three Satoshis per v byte. Still in Zeta Hash territory, row of sticks, 1.11 Zeta Hash's per second is the amount of security for you and your Bitcoin from yesterday's taxing human value, yesterday's episode of Bitcoin. And I got progressively worse with a row of ducks. Twenty two twenty two says, remember, remember the November 5. What a time to be alive. Thank you, mister b.
No. Thank you, progressively worse, for reminding me. Yes. November remember remember the November 5. Is that whole guy foxed? God's death February says, thank you, sir. No. Thank you. Nakaz eighteen with 2 10 says, live Aloha. I appreciate that. Oak Grove with +1 243 says, homo sapien sapien are a cattle to be kept and a crop to be harvested. Yeah. I know. It's really sad that that's the way it is, but that is the way it is. Alright. That's the weather report. Welcome to part two of the news that you can use crypto treasury companies accelerating market drop according to a professor, Stephen Kati, Cointelegraph.
Conversations about Bitcoin's price drop should include the impact of crypto treasury companies, which have contributed to the decline, argues Omid Malekan, a blockchain author and adjunct professor at Columbia Business School. What the hell is a blockchain author? It hurts my head. Quote, any analysis of why crypto prices continue to fall needs to be needs to include digital asset treasuries, Melikan said in the next post. In aggregate, they turned out to be a mass extraction and exit event, a reason for prices to go down. He added that there are just few very few companies that have actually tried to create sustainable value, but he can count them on one hand.
Yeah. That, I definitely agree with. Analysts have blamed trade tensions between US and China along with other macroeconomic factors for the crypto market's decline, which has seen Bitcoin fluctuate between 99,600 and $13,005.60 over the last seven days. Meanwhile oh, well, sorry. Not not that one. I I I made a mistake. Many crypto buying companies were able to raise millions from investors looking for exposure to crypto, and Melikin claimed that some of the people launching crypto treasury companies saw the model as a get rich quick scheme. Dude, I I've I've been saying that forever.
Maybe I could go teach economics at this business school of Columbia. That'd be awesome. A quote, launching any kind of public entity is expensive. Money required for the shell pipes back runs into the millions as do the fees paid to all the bankers and lawyers involved. The money spent on those fees, well, had come from somewhere, he said. Crypto treasury companies have been acquiring a substantial supply of tokens across the top cryptocurrencies utilizing leverage through share sales, convertible notes, and debt offerings to do so, which has sparked concerns that leverage firms could exacerbate a market downturn by the forced selling of assets.
Others have looked to entice investors by generating yield on their holdings to measure such as staking. While some have flagged plans to deploy part of their holdings into crypto protocols for lending and liquidity provision purposes. Quote, the biggest damage DATs did to aggregate the aggregate crypto market cap was by providing a mass exit event for supposedly, quote, locked tokens, Millikan claimed. Quote, I'm still amazed so many other investors didn't cry foul over this. Pausing to say, if it's in the shitcoin world, they're used to it. Probably not worth their breath.
Anyway, he added that raising too much money and minting too many tokens even if they are locked or for ecosystem growth is the gangrene of crypto. The number of crypto treasuries has exploded this year with an October report from asset manager Bitwise tracking 48 new instances of companies adding Bitcoin to their balance sheets now totaling 207 companies overall, collectively holding over 1,000,000 tokens worth over $101,000,000,000. Well, he's right. I mean, this is what I've been I've been talking I literally have been talking about this for for a long time. The big five, you know, maybe maybe the big seven.
Digital asset companies, especially well, only the ones that are around, you know, Bitcoin because everything else is a scam. Those guys, especially what I was telling yesterday, strategy is actually making revenue again. Thank God. You know, some of these other guys, though, these smaller ones, it's he's right. They're looking at it in a very different light. It's just a fad. And they're just they're just hitching their dying company's ass to the little red wagon that could and does. It's just you know, it's it's sick, but there's nothing anybody can do about it. But it's he's right, and we're gonna see that one right now when we talk about Sequence.
Sequence is one of these digital asset treasury companies centered around Bitcoin. What have they done? What did you do? Like a little child got that face on there, you know, little face on, like, you know, they've done something wrong. Well, here yeah. Because sequence sold 970 Bitcoin to slash its debt as Bitcoin price slumps to 101,000. They panicked. It's a whole company. They got in on the whole thing. Price started going down, and they panic sold. That's what happened. Knew it was gonna happen, but now we actually can look at the anatomy of what that is. Micah Zimmermann Bitcoin Magazine, Sequence Communication SA, sold 970 Bitcoin to redeem 50% of its July convertible debt.
The move reduced total debt from 189,000,000 to 94 and a half million. The company's Bitcoin Treasury now stands at a mere 2,264 Bitcoin worth about 240,000,000. This lowers sequence debt to net asset value ratio from 55 to 39%. The sale frees up capital and boosts flexibility for the company's ADS buyback program. Sequence is the first publicly traded or listed Bitcoin treasury company to offload a significant portion of its Bitcoin holdings. The transaction does not change the company's long term Bitcoin strategy according to the company itself.
The Paris based IoT, Internet of Things, semiconductor provider will continue to pursue its Bitcoin treasury initiative while exploring capital market opportunities. These include potential preferred share issuance, of course, and yield generation on portions of its remaining Bitcoin. Unless you're going to loan out that Bitcoin for an interest rate, then there is no yield. I'm just making sure everybody knows that the question to always ask when you see the word yield is, where does that yield come from? It's a simple question, and it must always be asked. I'm just just saying.
Still, sequence stock traded near $6.25, down 13% after the announcement. Year to date shares are down 82%. Oh, they did not do well on this trade. The company maintains a current ratio of 1.83. I guess that's the m n f. And reported 8,100,000.0 in second quarter revenue with a net loss of $9,100,000. The debt reduction removes covenant constraints and provides additional strategic flexibility for its Bitcoin treasury management. This move was slightly expected as analysts flagged the transfer last week after a wallet linked to sequence moved Bitcoin to a Coinbase address. Back in July, the company announced that it had moved into Bitcoin through a treasury initiative backed by a $384,000,000 private placement.
The funding included a $195,000,000 in equity securities and a 189,000,000 in convertible secured notes. Sequence planned to use this capital to build a Bitcoin position alongside its core IoT operations. So there you go. They panic sold. And and I I I brought I know I brought you news about Sequence, like, probably, you know, a couple of months ago, if not further out than that. And here we are, just a few months later, the Bitcoin price starts to dip. They know that they've got debt out there. They're gonna have to repay it. And what do they do? They dip into their Bitcoin treasury. It's no different than, you know, than a single person that doesn't know how to hold.
And I expect more of this to to occur. It's sad and I wish it wasn't going to occur, but it is. And when you add up all these little podunk companies together, that's quite a Bitcoin stash. It's nowhere close to, you know, strategy or even meta planet for that matter. But it it can do some damage, and it probably will. Hold through it. What do you do? What do I do, Dave? Buy Bitcoin? Hold your Bitcoin. Even if you're in Canada, which has unveiled upcoming stablecoin legislation in their federal budget, Danny Park from the block, Canada's 2025 federal budget unveiled plans to establish new regulations for Fiat pegged stablecoins.
The budget document states that upcoming legislation will require stablecoin issuers to hold and manage adequate reserves, establish redemption policies, implement risk management frameworks, and safeguard personal information. Quote, the legislation will also include national security safeguards to support the integrity of the framework so that fiat backed stablecoins are safe and secure for consumers and businesses to use, the document said. Pausing to remind you this is not about you as a consumer or protecting businesses, It's about surveillance and control.
Just please don't let these people lie to you because they at this point, they don't even know that they're lying. They they don't even see it as they don't even even if they did, they don't see it as wrong. They they see it as a public good to just flat lie to you about everything. But the Bank of Canada is set to keep $10,000,000 from its consolidated revenue fund remittances over the two years starting in 2026 through 2027 to administer the new legislation. After that, annual administrative costs are estimated at $5,000,000 and will be covered by fees on the stablecoin issuers regulated under the legislation, otherwise known as a shakedown.
Meanwhile, the Canadian government is also preparing amendments to the Retail Payment Activities Act to activate the regulation over payment service providers that utilize stablecoins. That legislation on stablecoins aims to promote safe innovation of digital assets and is expected to benefit Canadians by ensuring appropriate policies for stablecoin management, the budget document noted. Bloomberg reported last week that officials at the Department of Finance Canada and other agencies have held intensive talks over recent weeks with industry stakeholders and regulators over stablecoin regulation.
The discussions reportedly focused on classifying stablecoins and on avoiding capital flight to US dollar backed tokens. Oh, that's gonna happen. I'm sorry. You're too late. Tether won. Just just you don't have to like them or hate hate them, and I'm talking about Tether. They won. They were they were first, and they moved fast, and they haven't stopped moving. I I I would not I would not put any trust in Canadian backed stablecoins. Although, Tether will probably come out with a Canadian dollar backed stablecoin at one point or another. Although, it won't matter because the dollar milkshake theory basically requires that all fiat currencies are going to collapse into the dollar, and Tether, as a company, is going to help make that happen right hand in hand like their dance partners with the United States Treasury and the Federal Reserve.
You watch. I called it. I know I'm right. Anyway, the announcement from Canada comes after The US passed its Genius Stablecoin Act in July, which set key rules for dollar backed cryptocurrencies that have received strong support from Donald Trump. So they're just they're late. Canada, you're you're late. You're too late. You had your chance. You blew it. It's okay. You may end up being the fifty first state anyway. Who knows? Switzerland's future raises, 28,000,000 CHF, and I never can remember what Switzerland currency is actually named. However, it's like USD, CHF.
28,000,000 of them is going to be used to build Europe's premier Bitcoin treasury. Nice. Bitcoin magazine, Micah Zimmerman, writing us out for the end of the show. The international Bitcoin ecosystem just got another major player. Future, which is also known as Future Holdings AG, a self described, wait for it, Bitcoin treasury company, has raised 28,000,000 CHF in a new funding round backed by some of Bitcoin's best known institutional investors. 28,000,000 CHF is $34,000,000 US right around. Zurich based firm says it wants to become Europe's leading Bitcoin treasury platform, a kind of institutional bridge connecting Bitcoin with global cap markets.
The round was anchored by Folger Ventures, Nakamoto, oh god, and and Tobam, t o b a m, three firms deeply tied to both traditional finance and Bitcoin investing. Gotta pause here. Nakamoto, not not the partner you want. Nakamoto is I don't know why it is that Nakamoto is, like, one of the first company to fall as fast and hard as it did, but so be it. I wouldn't touch Nakamoto with a 10 foot pole with a dead cat on the end of it. It's that bad. Anyway, the company's leadership includes chairman Richard Byworth, managing partner at Siz Capital and former CEO of Diginex, and CEO Sebastian Hess, a fintech entrepreneur who previously worked with Rocket Internet and Bitcoin mining venture Block Green, which was backed by Peter Thiel and Coinbase.
Other cofounders include Mark Seiz, CEO of Seiz Capital, Julian Lininger, CEO of Swiss Bitcoin Amp Relay, and Adam Back, the inventor of HashCash and CEO of Blockstream, a name synonymous with Bitcoin's early technical foundations. Quote, this round brings together leading venture investors who share our conviction in Bitcoin and in the strength of the team that we've built at Future. Their commitment reflects confidence in our execution and our vision to build Europe's premier Bitcoin treasury company, a trusted institutional gateway that connects Bitcoin with global capital through financial discipline, technology, and transparent governance.
Oh, Nelly. That's like the holy fucking grail of suit speak right there, says absolutely nothing. I mean, words words like confidence and our execution, commitment, technology, financial discipline, transparent governance. It all means exactly the sum all of nothing. It's just nothing. It's just I hate suit speak in ways that I can't even facilitate words to put across this microphone with. Grown men and women sitting at a table drafting drivel like this makes me just sad about the state of humanity at this point. If you're gonna sit down and write something, then actually take the time to say something.
For the love of God, please. Continuing, Byworth added that Switzerland's macro backdrop with a 10% base rate and negative yielding government bonds. Oh, it gives the company a strategic edge. Quote, the caliber of investors in this round and the strong interest we've seen in a challenging environment highlight the demand for a Swiss Bitcoin treasury company. What? How? Whatever. Futures model is built around a Bitcoin heavy balance sheet that forms the foundation of its business. The firm's integrated approach combines four key verticals.
One, Bitcoin treasury operations. Two, institutional research and analytics. Three, infrastructure and custody solutions. And finally, advisory services, including the upcoming future Bitcoin forum twenty twenty six in Switzerland. Quote, Switzerland is a long tradition of financial innovation and trust, said vice chairman Mark Siz. Quote, it's time for the country to continue on that path and lead in Bitcoin by building institutional infrastructure that meets the highest global standards is just more suit speak. Really? Tradition of financial innovation.
Continue the path and lead in Bitcoin. How do you fucking lead in Bitcoin? What the hell does in building institutional infrastructure actually mean? There's I just these I don't know why I let it bother me so much, but it does. And I really think it goes back to what I said earlier. If you're gonna sit down and take the time that you'll never get back in your life to write drivel like this that actually says nothing, what are you doing with your life? I don't care if you're rich and you've got 12 yachts. That's not the fucking point. We're aren't we here to make meaning in everything that we do?
That that that seems to me to be a another holy grail of humanity. We make meaning. And when we waste our precious minutes on this planet, not making meaning, but making suit speak, it's like it's almost like slapping God in the face. It is an ultimate insult to the power that brought you here. I just it's a call to everybody out there at this point. Call out suitspeak when you hear it, and tell other people that what you just said means absolutely fucking nothing. Unless they actually did make meaning, that's okay. I I that I that I want. But this kind of crap, it's it's just it's endemic at this point that if you're wearing a suit, the chances are good you're sitting at one point in your career at a table writing crap just like this. And if you're ever fooled into believing that it makes meaning, be prepared to enter the gates of hell.
Seriously. Seriously. I don't mean to be so damn negative, but I think we should really try to elevate ourselves at this point and really do. Think, when I write this on this page, what does it mean? Am I imparting a specific kind of knowledge or instruction? Or am I just leveraging ChatGPT to say, hey, use a bunch of catchwords so that we sound like we're really cool and we know what we're talking about and then actually release that shit as a press release? You know? Ask yourself those questions. 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.
It is 10:25AM Pacific Standard Time. It's the November 2025. This is episode 12 o four of Bitcoin and Meta Planet. We're gonna talk about it. They've done something. It's in the news, and that's why you're here. It's all the news that you can use and more about Bitcoin and the rest of the shit going on in the world. Bolts, we're gonna talk about Bolts. They are back in the news. As well as what do we got here? Oh, I think we got some market stuff. Oh, yeah. Yeah. Yeah. We do got some market stuff. China, The United States, and tariffs, how it's might be affecting the price of Bitcoin today.
And then North Korean bankers. North Korean bankers. I would have never you know, it's just one of those things. You you you get all the news about North Korea and what North Korea is and and that whole thing, and bankers just don't come to mind because you kinda always think that it's all the state. I mean, you know, by god, why wouldn't it be? But these bankers are doing something something a little nefarious. Of course, that that part doesn't surprise me. And then crypto treasury companies. Are they impacting, finally, what's going on with Bitcoin? We're gonna find out, and then we're gonna travel up to the Great White North. Yep. Canada. They're they're they're they're doing shit again.
Then we're gonna go across the Atlantic Ocean to Switzerland, and then we're gonna end with a company, yet another Bitcoin company, treasury company. How are they handling their Bitcoin? We'll find out. But first, Meta Planet taps $100,000,000 Bitcoin backed loan for purchasing more Bitcoin as well as a share buyback program, Amen Hosquanis or Hakshanis is the way you pronounce that, from Cointelegraph writing, Tokyo listed Bitcoin treasury company, Meta Planet, secured a $100,000,000 Bitcoin backed loan to purchase additional BTC and repurchase its own shares according to a Tuesday filing. The funds were borrowed on October 31 under a credit agreement that allows the company to secure short short term financing using its Bitcoin holdings as collateral.
The lender's identity was not disclosed, but the company said the loan carries a benchmark US dollar rate plus a spread and can be repaid at any time. Now Meta Planet said that the loan structure is conservative, noting it holds 30,823 Bitcoin worth around 3,500,000,000.0 as of the October, a position large enough to maintain a healthy collateral coverage even if Bitcoin's price declines. And it has. Yes. It unless you've been under a rock. The company detailed that proceeds from the credit line may be used for additional Bitcoin purchases, its Bitcoin income business, where holdings are used to earn options premiums, yay, and share repurchases depending upon market conditions.
The announcement came just days after Meta Planet unveiled a 170 no. Sorry. A 75,000,000,000 yen or $500,000,000 share buyback program also backed by Bitcoin collateralized financing aimed to restore investor confidence after the company's market based net net asset value fell below one. Meta Planet's m nav, the ratio between the company's value and its Bitcoin holdings, briefly dropped to point eight eight last month before rebounding above parity. The company temporarily paused new Bitcoin purchases during the dip, but said it remained committed to its goal of acquiring 210,000 BTC by 2027.
Meta Planet expects the financial impact of the $100,000,000 drawdown on its 2025 fiscal results to be minor, but pledged to disclose any material changes should they arise. I trust them. Last week, S and P Global Ratings issued a b minus speculative grade rating on Saylor's Bitcoin Treasury Company strategy. I don't know why the hell they're why the hell are you slipping this in here? That's another news story completely. Get your shit together. God. Okay. Let's move on before I lose it. Bolt's exchange becoming the leading bridge across Bitcoin layers via their holy grail technology.
We've touched on it before, but here it is again from Juan Galt out of Bitcoin Magazine. Bolts, the Bitcoin only instant swap exchange, is cornering a niche sector in the Bitcoin industry and quickly becoming a favorite of advanced Bitcoin users Its fully open source tech stack, which is usually trustless, unlocks a variety of possibilities for the industry, including a zero custody risk bridge across Bitcoin layers. Bolts Exchange was founded in 2019 by Killian and another sued anonymous cofounder as a solution to managing liquidity in the Lightning Network for an early Bitcoin DeFi project called OpenDEX.
Realizing quickly how complex Lightning liquidity management really was, the team ended up pivoting to the maintenance and polishing of Bolts, a liquidity service provider or LSP. Bolts has been self funded ever since. Bolts infrastructure supports multiple Bitcoin wallets such as BTCPay Server, Aqua Wallet, Bold Bitcoin, and Breeze, just to name a few. As a result, Bolts is becoming an increasingly popular and respected company and open source project, an infrastructure cornerstone of Bitcoin's Lightning Network today. The Bolt's lightning node is one of the largest, boasting on its website 759 channels, 1,022 peers, and almost 85 Bitcoin worth of capacity in six point I love how they say this. Six point six years since the oldest operating channel was opened, though these metrics are likely out of date.
Their Lightning Network support lists advanced Lightning node operators balance their channels, an otherwise complicated process that generally gets obfuscated away from end users of Lightning powered Bitcoin wallets. Bolts, however, is more than just an LSP. Quote, we want to be the connecting tissue between all the Bitcoin layers, Killian told Bitcoin magazine in an exclusive interview discussing the vision and progress of the Bolt's exchange so far, initially built to support Bitcoin on chain to Lightning Network swaps. Today, it supports Rootstock and the liquid network as well, the most popular ways of using Bitcoin by far. I I pausing to say, I don't agree with that, but whatever.
Continuing, to date, Bolts has only dealt in Bitcoin instead of integrating other shitcoins or assets, perfecting its craft and locking in its niche. In 2023, Bolts added support for the powerful and feature rich Liquid Network, an open source federated blockchain where federation members hold keys in a large Bitcoin multisig that collateralizes their LBTC asset in full reserve. Liquid is one of the oldest two Bitcoin projects and was created by Adam Back from Blockstream despite having faster block times, a powerful set of programming scripts for smart contracts, and excellent privacy features such as encrypted transaction amounts on chain Liquid has struggled for adoption by centralized exchanges making access to its feature set very difficult.
Bolt's integration opened a major bridge between on chain Bitcoin and the speed, programmability, and privacy of the Liquid network, making wallets like Aqua and Bull Bitcoin possible. Shy to share internal numbers, Killian told Bitcoin magazine the integration was quite the success story. It was taken on pretty well by the market. It just made sense for people. Looking back on the market at the time, on chain Bitcoin fees were very high and were causing problems across the industry. Killian noted, we had a high fee environment. The main chain was hyper expensive, so liquid swaps clicked for a lot of people, and that's how we really moved into this niche of becoming of connecting Bitcoin layers, a Bitcoin bridge for different Bitcoin layers. That's that's really how this direction for us was fortified, end quote.
Then in November 2024, Bolts expanded into rootstock support, a 2015 era layer two, little known among the English speaking crowd, though very popular in Latin America, particularly in Argentina, where many of its founders are from. Still shy to share internal numbers, Killian told Bitcoin magazine that the integration with Rootstock has, quote, gone well, likely serving as one of the best ways to turn on chain Bitcoin or it rather into RBTC, an essential asset for the Rootstock ecosystem, much like LBTC is to the liquid network. Rootstock's claim to fame is bringing Bitcoin the integration of an Ethereum compatible smart contracting language on top of which most of the DeFi is built across the crypto ecosystem today. And the most interesting feature of Bolt, however, is its use of atomic swaps, an ancient holy grail of Bitcoin theory that can be traced back to the very earliest discussions in the Bitcoin talk forum.
Atomic swaps make it possible for users to trade against bolts without having to trust the bolts team or company not to steal the money, a luxury in finance across history. All centralized exchanges require such trust as do most instant swap exchanges in the market today. Bolt's integration with this sophisticated type of smart contract means that anyone can fundamentally run a local instance of Bolt's and be a reliable trade partner of the public without the need to bootstrap a brand or a reputation. But how do they work?
Atomic swaps work by leveraging the public nature of blockchains. Atomic swaps function around a shared secret. That secret is used to lock the funds during the trade between two parties. For one party to claim the funds of the other party, they must publish this secret to the blockchain, allowing the counterparty to do the same, resulting in the atomic execution of the trade. Now, this protocol solves a key issue of trust in business. Who sends the money first? Who sends the goods first? Whoever does takes a certain amount of risk as it allows the counterparty to take the goods or money and run.
Atomic swaps eliminate that risk entirely. They essentially allow for the creation of a non custodial crypto exchange. Though the implementation details and user experience vary as some blockchains do not have the right script or smart contracting tools to support atomic swaps while fiat is, so far, ruled out entirely as bank transfers are almost always reversible, undoing any atomicity. Looking into the future of bolts and the programmability of Bitcoin as money for the digital age, Killian said, quote, I I I think we will see a new breed of layer two projects launching early next year. So probably stuff that you and I have never heard about, but there are so many projects.
There's so much stuff. So this is a really interesting space to be in, and the difficulty, the quest, will be to separate the good from the bad. Alright. So that's the end of the article. I'm really glad that they're bringing bolts back in into mainstream knowledge because bolts, you know, like the story you know, the news thing said, it's been around for a while. And like a lot of projects in this space, they just they just get forgotten about because people don't actually write about them. We don't discuss them anymore, and then, you know, shit just loses popularity. So in this case, I'm I'm really glad that Bitcoin magazine is is putting bolts back into the spotlight at least for today. Now what's next? Oh, markets. Yeah. Yeah. What's going on? Bitcoin at make or break levels?
Okay. That's always the freaking case in this space. It's always about Bitcoin. It's oh, it's the Fibonacci. Oh, it's this. Oh my god. It's it's descended by 16%. That's not really what we're doing here. I want to I'm gonna skip that part of the story and get to the good stuff, which is that China has now suspended the 24% tariff on US goods. Did, did they bend the knee? I I don't know, man. Maybe Amkar Godbold from CoinDesk will tell us more about it. The latest development in US China trade relations supports the bullish case for Bitcoin. According to media reports, China said early Wednesday that it will suspend its 24% additional tariff on US goods for a year, only one year, while retaining the 10% levy.
The Ministry of Finance confirmed that it will halt retaliatory tariffs imposed on US agricultural products, including soybeans, corn, wheat, sorghum, chicken starting on Monday. The move allows a meeting, sorry, allows my ass. The move follows a meeting last week between president Trump and his Chinese counterpart Xi Jinping and Washington's decision to have its fentanyl related levies on Chinese goods. The continued easing of trade tensions could eliminate a significant source of uncertainty for the global economy, supporting increased risk taking across the economy and financial markets.
Other factors, however, are, well, of course, less supportive of Bitcoin at the moment, particularly the decision by SeaQuan's Communications to do something with their Bitcoin, which I will get to in a different story. But first, do you feel dirty? Then you gotta go to soapminer.com. That's soapminer.com, all one word, soapminer.com, and get yourself some handmade tallow soap. He's got all kinds of soap. He's got cedarwood soap. He's got pine tar tallow soap. He's got lemongrass soap. He's got soap. The man's name is SoapMiter. He mines soap, and he does it by hand. It's 100% grass fed beef tallow based soap. It's got, like, the base soap is three ingredients. It's water, lye, and beef fat or, well, tallow.
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Go to soapminer.com. Get clean. Now US treasury sanctions web of North Korean bankers tied to global crypto crime operation. Take a bite out of crime. Old Sander Lutz from decrypt.co. US Treasury Department issued sanctions on Tuesday against a slew of expat North Korean bankers who were accused of laundering stolen crypto to aid the Pariah state's weapons program. Eight such bankers, primarily based in China and Russia, were sanctioned today for their role in allegedly laundering funds destined for North Korea. A portion of those funds were traced back to crypto thefts pulled off by North Korean ransomware attackers and IT related scams, the treasury said.
These fresh sanctions also hit two implicated North Korean companies and 53 crypto wallet addresses associated with the accused money launderers. Every one of the blacklisted wallets was noted by the treasury as containing USDT, the popular stablecoin known as Tether. Quote, by generating revenue for Pyongyang's weapons development, these actors directly threaten US and global security, John Hurley, undersecretary of the treasury for terrorism and financial intelligence said on Tuesday. Quote, treasury will continue to pursue the facilitators and enablers behind these schemes to cut off the DPRK's illicit revenue streams, end quote.
Tuesday's announcement noted that key to North Korea's ability to evade sanctions is its use of internationally located financial representatives who are then able to launder funds obtained primarily through crypto heists via international markets. In less than two years, North Korean operatives have managed to steal nearly $3,000,000,000 worth of cryptocurrency globally. Earlier this year, hackers from the country allegedly stole 1,400,000,000.0 worth of ETH and related tokens during a single rapid fire heist of the crypto exchange Bybit. A key facilitator of the laundering of those funds has been underground Chinese banking networks. Yes. Of course. Of course, they are. Which often do the actual work of cleansing North Korea's stolen crypto via elaborate methods, blockchain security experts told the crypt. And last month, the Department of Justice announced a seizure of $14,000,000,000, the largest asset seizure in DOJ history from a Cambodian crypto scam operation experts said.
So, yeah, we've already we've actually already talked about that one quite a bit. But what I find interesting is that this sounds a lot like a story I told you about weeks ago where companies are being targeted by hackers in a long game type structure. These guys target these companies except they pose as people that are like, I want a job. I just got out of college. I need I need a job at your bank. And, yeah, please give me a job. And then they get the job, and all of a sudden, you've got an insider. Okay. Now that that's from the story from weeks ago. But now we've got these North Korean bankers who are not in North Korea.
They are out in the wind, but they're still operatives for North Korea, but in the banking sector, it's I don't know. I mean, it's not all that surprising. It's just that, you know, we're not we haven't really heard about a lot of this stuff before. It seems new. I'm I'm sure it's not. I'm sure this has always been a thing, But we're getting a lot of information about how this whole operative thing kinda works, not against governments, not against governmental institutions, as much as inside the private sector, you know, private companies, private banks. It's either scamming or money laundering or whatever, and it's actually kind of fascinating.
And it's probably not helping the world's markets, which we're gonna get to next. Let's run the numbers. CNBC futures and commodities, man, energy sector looking red. It's just bleeding out right now. Brent Norsey, down one and a third. West Texas Intermediate, down 1.4% to $59.70 a barrel. Natural gas not hedging today, two and a half percent to the downside. Still at $4.23. So not bad, but definitely not the hedge. Gasoline down a full point to a buck 90 a gallon, and Murbon crude taking the hit one in the third to the downside, $65.82 a barrel.
Metals going the opposite way. We're all in the green here. Palladium up 1.8. Gold is up point 72%, but still below 4,000. Hovering hovering, though, just below that crest at $3,989 and a dime. Platinum is up point 8%. Silver up one and a half. Copper up point 8% as well. Ag is fully mixed today. The biggest winner is coffee, 2.8 to the upside. Biggest loser today is chocolate getting creamed 4% to the downside all of a sudden. But here's here's the thing. We're gonna get into livestock. Let's buff it on over. Live cattle getting pummeled.
3.18% to the downside. Lean hogs, however, are up a point, but feeder cattle, 2.8% in the red. Ranchers are not happy for various reasons. There's actually, I'm I'm gonna spell it out. There are two main actually, there's three main reasons why ranchers are not happy. One, meat prices are too high. They don't like that. And I know that sounds counterintuitive, but they don't. Two, they were enjoying record cattle prices, and they do enjoy that. That nobody wouldn't. I mean, I like oil. I like it when oil is really high. That's just me. I've got vested interest in oil. Of course, I want it high.
But third, and this goes back into the, you know, to the meat prices thing, Trump decided to just say, we're just gonna buy cheap meat from Argentina. So how does that work with ranchers not really liking meat prices so high? They wouldn't be so high if it was possible for ranchers to easily get their meat to market, and it is not, which is one of the problems that cause high meat prices as well as high cattle prices, and it did not freaking help that we're just going to solve the issue by buying another country's meat instead of servicing our own American born and bred ranchers.
Ranchers don't want you paying that much for meat. They want to just be able to sell you more of it. That's how they that's how they'll make up for low cattle prices. But they can't. They have to go through USDA certified slaughterhouse. That's the only way they get their meat into Walmart. That's the only way you'll see it in a Safeway or an H E B. Otherwise, no. And and the bottleneck on kill dates is has been crushing ranchers for the last seven years. They it's like it's like some of the ranchers I've talked to said that their kill dates, when they how long they have to wait to schedule a date for their slaughter of of their animals to occur is a year, a year and a half, sometimes two years out.
It's ridiculous because we only got four meatpackers in The United States, and all of them, either wholly or as a subsidiary, are owned by foreign entities. So don't please don't think that ranchers want high meat prices. They enjoy high cattle prices, but if meat prices came down and they were able to actually sell the meat that they have to sell to the people, they'd be fine. But, you know, it is what it is. I'm just saying, midterms are not looking good. Midterms are not looking good right now, dude. I mean, Mondami won the mayor race in New York City.
There's been a couple of, like, off year governor elections, went to the Democrats. If if this is any indication of what's coming up midterms, then Trump needs to do something about his base because his base was rural people like farmers and ranchers. That that was a major section of his base, and he's pissing pissing them both off. And if he continues to piss them off come midterms, I I don't know. I I I honestly don't really wanna live with a bunch of mom dommies running around telling me what I can and cannot do. So let's just let's pray for grace.
S and P is up point 7%. Nasdaq up just over a point. The Dow is up two thirds of a point, and the S and P Mini is up, wow, one and one fifth point. So there's some recovery going on there probably because of the China tariff news. We got a slight recovery in Bitcoin after dipping below a 100,000. We are back up to a 104,280. That is a $2,080,000,000,000 market cap, and we can now get 26.2 ounces of shiny metal rocks with our one Bitcoin of which there are 19,944,632 and 1 half of average fees per block are high, 0.04 BTC, taking in fees on a per block basis.
Right now, the mempool looks pretty thin and, like, a little bit over 20 blocks carrying 42,000 unconfirmed transactions waiting to clear high priority rates and low both at three Satoshis per v byte. Still in Zeta Hash territory, row of sticks, 1.11 Zeta Hash's per second is the amount of security for you and your Bitcoin from yesterday's taxing human value, yesterday's episode of Bitcoin. And I got progressively worse with a row of ducks. Twenty two twenty two says, remember, remember the November 5. What a time to be alive. Thank you, mister b.
No. Thank you, progressively worse, for reminding me. Yes. November remember remember the November 5. Is that whole guy foxed? God's death February says, thank you, sir. No. Thank you. Nakaz eighteen with 2 10 says, live Aloha. I appreciate that. Oak Grove with +1 243 says, homo sapien sapien are a cattle to be kept and a crop to be harvested. Yeah. I know. It's really sad that that's the way it is, but that is the way it is. Alright. That's the weather report. Welcome to part two of the news that you can use crypto treasury companies accelerating market drop according to a professor, Stephen Kati, Cointelegraph.
Conversations about Bitcoin's price drop should include the impact of crypto treasury companies, which have contributed to the decline, argues Omid Malekan, a blockchain author and adjunct professor at Columbia Business School. What the hell is a blockchain author? It hurts my head. Quote, any analysis of why crypto prices continue to fall needs to be needs to include digital asset treasuries, Melikan said in the next post. In aggregate, they turned out to be a mass extraction and exit event, a reason for prices to go down. He added that there are just few very few companies that have actually tried to create sustainable value, but he can count them on one hand.
Yeah. That, I definitely agree with. Analysts have blamed trade tensions between US and China along with other macroeconomic factors for the crypto market's decline, which has seen Bitcoin fluctuate between 99,600 and $13,005.60 over the last seven days. Meanwhile oh, well, sorry. Not not that one. I I I made a mistake. Many crypto buying companies were able to raise millions from investors looking for exposure to crypto, and Melikin claimed that some of the people launching crypto treasury companies saw the model as a get rich quick scheme. Dude, I I've I've been saying that forever.
Maybe I could go teach economics at this business school of Columbia. That'd be awesome. A quote, launching any kind of public entity is expensive. Money required for the shell pipes back runs into the millions as do the fees paid to all the bankers and lawyers involved. The money spent on those fees, well, had come from somewhere, he said. Crypto treasury companies have been acquiring a substantial supply of tokens across the top cryptocurrencies utilizing leverage through share sales, convertible notes, and debt offerings to do so, which has sparked concerns that leverage firms could exacerbate a market downturn by the forced selling of assets.
Others have looked to entice investors by generating yield on their holdings to measure such as staking. While some have flagged plans to deploy part of their holdings into crypto protocols for lending and liquidity provision purposes. Quote, the biggest damage DATs did to aggregate the aggregate crypto market cap was by providing a mass exit event for supposedly, quote, locked tokens, Millikan claimed. Quote, I'm still amazed so many other investors didn't cry foul over this. Pausing to say, if it's in the shitcoin world, they're used to it. Probably not worth their breath.
Anyway, he added that raising too much money and minting too many tokens even if they are locked or for ecosystem growth is the gangrene of crypto. The number of crypto treasuries has exploded this year with an October report from asset manager Bitwise tracking 48 new instances of companies adding Bitcoin to their balance sheets now totaling 207 companies overall, collectively holding over 1,000,000 tokens worth over $101,000,000,000. Well, he's right. I mean, this is what I've been I've been talking I literally have been talking about this for for a long time. The big five, you know, maybe maybe the big seven.
Digital asset companies, especially well, only the ones that are around, you know, Bitcoin because everything else is a scam. Those guys, especially what I was telling yesterday, strategy is actually making revenue again. Thank God. You know, some of these other guys, though, these smaller ones, it's he's right. They're looking at it in a very different light. It's just a fad. And they're just they're just hitching their dying company's ass to the little red wagon that could and does. It's just you know, it's it's sick, but there's nothing anybody can do about it. But it's he's right, and we're gonna see that one right now when we talk about Sequence.
Sequence is one of these digital asset treasury companies centered around Bitcoin. What have they done? What did you do? Like a little child got that face on there, you know, little face on, like, you know, they've done something wrong. Well, here yeah. Because sequence sold 970 Bitcoin to slash its debt as Bitcoin price slumps to 101,000. They panicked. It's a whole company. They got in on the whole thing. Price started going down, and they panic sold. That's what happened. Knew it was gonna happen, but now we actually can look at the anatomy of what that is. Micah Zimmermann Bitcoin Magazine, Sequence Communication SA, sold 970 Bitcoin to redeem 50% of its July convertible debt.
The move reduced total debt from 189,000,000 to 94 and a half million. The company's Bitcoin Treasury now stands at a mere 2,264 Bitcoin worth about 240,000,000. This lowers sequence debt to net asset value ratio from 55 to 39%. The sale frees up capital and boosts flexibility for the company's ADS buyback program. Sequence is the first publicly traded or listed Bitcoin treasury company to offload a significant portion of its Bitcoin holdings. The transaction does not change the company's long term Bitcoin strategy according to the company itself.
The Paris based IoT, Internet of Things, semiconductor provider will continue to pursue its Bitcoin treasury initiative while exploring capital market opportunities. These include potential preferred share issuance, of course, and yield generation on portions of its remaining Bitcoin. Unless you're going to loan out that Bitcoin for an interest rate, then there is no yield. I'm just making sure everybody knows that the question to always ask when you see the word yield is, where does that yield come from? It's a simple question, and it must always be asked. I'm just just saying.
Still, sequence stock traded near $6.25, down 13% after the announcement. Year to date shares are down 82%. Oh, they did not do well on this trade. The company maintains a current ratio of 1.83. I guess that's the m n f. And reported 8,100,000.0 in second quarter revenue with a net loss of $9,100,000. The debt reduction removes covenant constraints and provides additional strategic flexibility for its Bitcoin treasury management. This move was slightly expected as analysts flagged the transfer last week after a wallet linked to sequence moved Bitcoin to a Coinbase address. Back in July, the company announced that it had moved into Bitcoin through a treasury initiative backed by a $384,000,000 private placement.
The funding included a $195,000,000 in equity securities and a 189,000,000 in convertible secured notes. Sequence planned to use this capital to build a Bitcoin position alongside its core IoT operations. So there you go. They panic sold. And and I I I brought I know I brought you news about Sequence, like, probably, you know, a couple of months ago, if not further out than that. And here we are, just a few months later, the Bitcoin price starts to dip. They know that they've got debt out there. They're gonna have to repay it. And what do they do? They dip into their Bitcoin treasury. It's no different than, you know, than a single person that doesn't know how to hold.
And I expect more of this to to occur. It's sad and I wish it wasn't going to occur, but it is. And when you add up all these little podunk companies together, that's quite a Bitcoin stash. It's nowhere close to, you know, strategy or even meta planet for that matter. But it it can do some damage, and it probably will. Hold through it. What do you do? What do I do, Dave? Buy Bitcoin? Hold your Bitcoin. Even if you're in Canada, which has unveiled upcoming stablecoin legislation in their federal budget, Danny Park from the block, Canada's 2025 federal budget unveiled plans to establish new regulations for Fiat pegged stablecoins.
The budget document states that upcoming legislation will require stablecoin issuers to hold and manage adequate reserves, establish redemption policies, implement risk management frameworks, and safeguard personal information. Quote, the legislation will also include national security safeguards to support the integrity of the framework so that fiat backed stablecoins are safe and secure for consumers and businesses to use, the document said. Pausing to remind you this is not about you as a consumer or protecting businesses, It's about surveillance and control.
Just please don't let these people lie to you because they at this point, they don't even know that they're lying. They they don't even see it as they don't even even if they did, they don't see it as wrong. They they see it as a public good to just flat lie to you about everything. But the Bank of Canada is set to keep $10,000,000 from its consolidated revenue fund remittances over the two years starting in 2026 through 2027 to administer the new legislation. After that, annual administrative costs are estimated at $5,000,000 and will be covered by fees on the stablecoin issuers regulated under the legislation, otherwise known as a shakedown.
Meanwhile, the Canadian government is also preparing amendments to the Retail Payment Activities Act to activate the regulation over payment service providers that utilize stablecoins. That legislation on stablecoins aims to promote safe innovation of digital assets and is expected to benefit Canadians by ensuring appropriate policies for stablecoin management, the budget document noted. Bloomberg reported last week that officials at the Department of Finance Canada and other agencies have held intensive talks over recent weeks with industry stakeholders and regulators over stablecoin regulation.
The discussions reportedly focused on classifying stablecoins and on avoiding capital flight to US dollar backed tokens. Oh, that's gonna happen. I'm sorry. You're too late. Tether won. Just just you don't have to like them or hate hate them, and I'm talking about Tether. They won. They were they were first, and they moved fast, and they haven't stopped moving. I I I would not I would not put any trust in Canadian backed stablecoins. Although, Tether will probably come out with a Canadian dollar backed stablecoin at one point or another. Although, it won't matter because the dollar milkshake theory basically requires that all fiat currencies are going to collapse into the dollar, and Tether, as a company, is going to help make that happen right hand in hand like their dance partners with the United States Treasury and the Federal Reserve.
You watch. I called it. I know I'm right. Anyway, the announcement from Canada comes after The US passed its Genius Stablecoin Act in July, which set key rules for dollar backed cryptocurrencies that have received strong support from Donald Trump. So they're just they're late. Canada, you're you're late. You're too late. You had your chance. You blew it. It's okay. You may end up being the fifty first state anyway. Who knows? Switzerland's future raises, 28,000,000 CHF, and I never can remember what Switzerland currency is actually named. However, it's like USD, CHF.
28,000,000 of them is going to be used to build Europe's premier Bitcoin treasury. Nice. Bitcoin magazine, Micah Zimmerman, writing us out for the end of the show. The international Bitcoin ecosystem just got another major player. Future, which is also known as Future Holdings AG, a self described, wait for it, Bitcoin treasury company, has raised 28,000,000 CHF in a new funding round backed by some of Bitcoin's best known institutional investors. 28,000,000 CHF is $34,000,000 US right around. Zurich based firm says it wants to become Europe's leading Bitcoin treasury platform, a kind of institutional bridge connecting Bitcoin with global cap markets.
The round was anchored by Folger Ventures, Nakamoto, oh god, and and Tobam, t o b a m, three firms deeply tied to both traditional finance and Bitcoin investing. Gotta pause here. Nakamoto, not not the partner you want. Nakamoto is I don't know why it is that Nakamoto is, like, one of the first company to fall as fast and hard as it did, but so be it. I wouldn't touch Nakamoto with a 10 foot pole with a dead cat on the end of it. It's that bad. Anyway, the company's leadership includes chairman Richard Byworth, managing partner at Siz Capital and former CEO of Diginex, and CEO Sebastian Hess, a fintech entrepreneur who previously worked with Rocket Internet and Bitcoin mining venture Block Green, which was backed by Peter Thiel and Coinbase.
Other cofounders include Mark Seiz, CEO of Seiz Capital, Julian Lininger, CEO of Swiss Bitcoin Amp Relay, and Adam Back, the inventor of HashCash and CEO of Blockstream, a name synonymous with Bitcoin's early technical foundations. Quote, this round brings together leading venture investors who share our conviction in Bitcoin and in the strength of the team that we've built at Future. Their commitment reflects confidence in our execution and our vision to build Europe's premier Bitcoin treasury company, a trusted institutional gateway that connects Bitcoin with global capital through financial discipline, technology, and transparent governance.
Oh, Nelly. That's like the holy fucking grail of suit speak right there, says absolutely nothing. I mean, words words like confidence and our execution, commitment, technology, financial discipline, transparent governance. It all means exactly the sum all of nothing. It's just nothing. It's just I hate suit speak in ways that I can't even facilitate words to put across this microphone with. Grown men and women sitting at a table drafting drivel like this makes me just sad about the state of humanity at this point. If you're gonna sit down and write something, then actually take the time to say something.
For the love of God, please. Continuing, Byworth added that Switzerland's macro backdrop with a 10% base rate and negative yielding government bonds. Oh, it gives the company a strategic edge. Quote, the caliber of investors in this round and the strong interest we've seen in a challenging environment highlight the demand for a Swiss Bitcoin treasury company. What? How? Whatever. Futures model is built around a Bitcoin heavy balance sheet that forms the foundation of its business. The firm's integrated approach combines four key verticals.
One, Bitcoin treasury operations. Two, institutional research and analytics. Three, infrastructure and custody solutions. And finally, advisory services, including the upcoming future Bitcoin forum twenty twenty six in Switzerland. Quote, Switzerland is a long tradition of financial innovation and trust, said vice chairman Mark Siz. Quote, it's time for the country to continue on that path and lead in Bitcoin by building institutional infrastructure that meets the highest global standards is just more suit speak. Really? Tradition of financial innovation.
Continue the path and lead in Bitcoin. How do you fucking lead in Bitcoin? What the hell does in building institutional infrastructure actually mean? There's I just these I don't know why I let it bother me so much, but it does. And I really think it goes back to what I said earlier. If you're gonna sit down and take the time that you'll never get back in your life to write drivel like this that actually says nothing, what are you doing with your life? I don't care if you're rich and you've got 12 yachts. That's not the fucking point. We're aren't we here to make meaning in everything that we do?
That that that seems to me to be a another holy grail of humanity. We make meaning. And when we waste our precious minutes on this planet, not making meaning, but making suit speak, it's like it's almost like slapping God in the face. It is an ultimate insult to the power that brought you here. I just it's a call to everybody out there at this point. Call out suitspeak when you hear it, and tell other people that what you just said means absolutely fucking nothing. Unless they actually did make meaning, that's okay. I I that I that I want. But this kind of crap, it's it's just it's endemic at this point that if you're wearing a suit, the chances are good you're sitting at one point in your career at a table writing crap just like this. And if you're ever fooled into believing that it makes meaning, be prepared to enter the gates of hell.
Seriously. Seriously. I don't mean to be so damn negative, but I think we should really try to elevate ourselves at this point and really do. Think, when I write this on this page, what does it mean? Am I imparting a specific kind of knowledge or instruction? Or am I just leveraging ChatGPT to say, hey, use a bunch of catchwords so that we sound like we're really cool and we know what we're talking about and then actually release that shit as a press release? You know? Ask yourself those questions. 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.
Opening: Episode setup and headlines preview
Rootstock and Liquid integrations; why atomic swaps matter
resurfacing forgotten Bitcoin projects
Commodities and markets rundown; ranchers and meat prices
Suit-speak critique and closing reflections
