Weekly Newsletter

The IMF deal forced El Salvador to drop the legal requirement for businesses to accept Bitcoin as payment. Most coverage treated that as a retreat.

Authorising a Bitcoin sale is the tell.

Galaxy just cut passage odds to 50%. TD Cowen calls it "far from assured." Everyone is watching swing-vote Democrats and the law enforcement meetings over Section 604.

The BIS doesn't just argue that stablecoins are bad money. It argues that the fix is tokenised central bank reserves on a "unified ledger" — one venue, anchored by central banks, housing your digital money alongside theirs.

USDe is not a stablecoin in any ordinary sense. It holds its dollar peg by pairing crypto holdings with short futures positions and pocketing the gap between them — a derivatives strategy that works beautifully when funding rates behave,…

BNY already held the dollars backing USDC — it was the reserve custodian. Now it's also the window where institutional clients convert those dollars into USDC and back again. The full loop runs inside one bank.

A bill banning the Federal Reserve from issuing a digital dollar — until 2030 at least — is sitting on Trump's desk right now. He cancelled the signing ceremony and called the legislation a "yawn."

OranjeBTC funded its latest 74 BTC purchase through convertible bonds — including fresh debt from Itaú, one of Brazil's biggest banks. The company has now built a $231 million Bitcoin position almost entirely on borrowed money.

Hyperliquid Strategies Inc landing in the Russell 3000 means every passive fund tracking that index now holds HYPE exposure whether it chose to or not. That's not organic institutional demand — it's mandatory buying baked into index…