Author: CoinDesk

Texas buys $5M worth of BlackRock's bitcoin ETF.

Texas took a step toward building a state-based crypto reserve with its recent purchase of $5 million of BlackRock's bitcoin ETF. Other states have previously put state pension funds into such ETFs on behalf of retirees, but advocates are still awaiting a state to start its own stockpile. With the national reserve plan awaiting Congressional action, when will the United States make crypto investments on a federal level? CoinDesk's Sam Ewen hosts "CoinDesk Daily."

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⁠⁠⁠⁠⁠⁠https://figuremarkets.co/coindesk⁠⁠⁠⁠⁠⁠

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Genius Group has partnered with CoinDesk for Bitcoin Treasury Month, launching the Genius x CoinDesk Quest. Participants can join the Bitcoin Academy, complete free microcourses from experts like Natalie Brunell and Saifedean Ammous, and enter to win 1,000,000 GEMs (worth 1 BTC) promoting bitcoin education and adoption.Learn more at:  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠geniusgroup.ai/coindesk-bitcoin-treasury-month/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.

Matt Cole, CEO of Strive, discusses corporate Bitcoin strategy, amplification tactics, surviving volatility, and why Bitcoin's 30%+ annual returns make it the ultimate hurdle rate for treasury companies in 2025.

Matt Cole, Chairman and CEO of Strive Bitcoin Treasury Company joins us to talk about corporate Bitcoin treasury strategies, why he's structurally bullish on 30%+ annual returns, how Strive amplifies Bitcoin exposure through preferred equity without margin requirements, the pivot from ESG pushback to Bitcoin maximalism, and why removing capital gains taxes could make Bitcoin actual money in America.

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**Notes:**

• Bitcoin expected 30%+ annual returns over 10-15 years

• Strive manages $2B AUM across 13 ETFs

• Matt's net worth in Bitcoin since 2016-2017

• 50% drawdowns expected as normal volatility

• Preferred equity structure allows riding to $1

• Strategic Bitcoin reserve strengthens USA

Timestamps:

00:00 Start

01:44 Vibes at Strive & BTC crashing

04:06 Treasury companies

07:36 What makes a "good" treasury company?

15:12 MSTR needs to catch up to Strive

20:51 Wall Street understanding

26:38 Credit rating innovation

29:59 ESG

35:33 Technical Bitcoin topics

42:15 2026

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👋Blockspace Podcast is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!

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When will Strategy buy bitcoin again?

Strategy appeared to make no bitcoin purchases last week, after a run of six consecutive weekly buys. The pause comes as MSTR trades roughly 70% below its all-time high, with its multiple to net asset value sitting just above 1, the lowest level of the current cycle. When will Strategy buy again? CoinDesk's Sam Ewen hosts "CoinDesk Daily."

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Break the cycle of exploitation.

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Break into the next generation of privacy.

Break Free.

Free to scroll without being monetized.

Free from censorship.

Freedom without fear.

We deserve more when it comes to privacy. Experience the next generation of blockchain that is private and inclusive by design.

Break free with Midnight, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠midnight.network/break-free⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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Need liquidity without selling your crypto? Take out a ⁠⁠⁠⁠⁠Figure Crypto-Backed Loan⁠⁠⁠⁠⁠, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event.

Unlock your crypto’s potential today at Figure!

⁠⁠⁠⁠⁠https://figuremarkets.co/coindesk⁠⁠⁠⁠⁠

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Genius Group has partnered with CoinDesk for Bitcoin Treasury Month, launching the Genius x CoinDesk Quest. Participants can join the Bitcoin Academy, complete free microcourses from experts like Natalie Brunell and Saifedean Ammous, and enter to win 1,000,000 GEMs (worth 1 BTC) promoting bitcoin education and adoption.Learn more at:  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠geniusgroup.ai/coindesk-bitcoin-treasury-month/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.

Bitcoin's volatility and MSTR stock with Strategy Founder and Executive Chairman Michael Saylor.

Strategy Founder & Executive Chairman Michael Saylor joins us to discuss bitcoin's sharp decline to nearly $80,000, calling the volatility "Satoshi's gift" and a necessary "feature" for performance. He argues that investors need a 4 to 10-year time horizon and defends MicroStrategy's stock and financial resilience against index exclusion rumors and market noise. Saylor stresses that the long-term fundamentals of digital capital and financial sovereignty will override near-term pain.

-

Break the cycle of exploitation.

Break down the barriers to truth.

Break into the next generation of privacy.

Break Free.

Free to scroll without being monetized.

Free from censorship.

Freedom without fear.

We deserve more when it comes to privacy. Experience the next generation of blockchain that is private and inclusive by design.

Break free with Midnight, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠midnight.network/break-free⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

-

Need liquidity without selling your crypto? Take out a ⁠⁠⁠⁠Figure Crypto-Backed Loan⁠⁠⁠⁠, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event.

Unlock your crypto’s potential today at Figure!

⁠⁠⁠⁠https://figuremarkets.co/coindesk⁠⁠⁠⁠

-

Genius Group has partnered with CoinDesk for Bitcoin Treasury Month, launching the Genius x CoinDesk Quest. Participants can join the Bitcoin Academy, complete free microcourses from experts like Natalie Brunell and Saifedean Ammous, and enter to win 1,000,000 GEMs (worth 1 BTC) promoting bitcoin education and adoption.Learn more at:  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠geniusgroup.ai/coindesk-bitcoin-treasury-month/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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This episode was hosted by Jennifer Sanasie.

Finding true value in the downturn with Galaxy Head of Credit Trading Beimnet Abebe.

In today's Markets Outlook, CoinDesk's Andy Baehr is joined by Galaxy Head of Credit Trading Beimnet Abebe to diagnose the major causes of the recent crypto market downturn, including massive profit taking by whales, technical breakdowns, and investor fatigue from recent frenzies. Plus, they discuss where true value lies in the current market and what future liquidity improvements might mean for risk management.

-

Break the cycle of exploitation.

Break down the barriers to truth.

Break into the next generation of privacy.

Break Free.

Free to scroll without being monetized.

Free from censorship.

Freedom without fear.

We deserve more when it comes to privacy. Experience the next generation of blockchain that is private and inclusive by design.

Break free with Midnight, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠midnight.network/break-free⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

-

Need liquidity without selling your crypto? Take out a ⁠⁠⁠⁠Figure Crypto-Backed Loan⁠⁠⁠⁠, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event.

Unlock your crypto’s potential today at Figure!

⁠⁠⁠⁠https://figuremarkets.co/coindesk⁠⁠⁠⁠

-

Genius Group has partnered with CoinDesk for Bitcoin Treasury Month, launching the Genius x CoinDesk Quest. Participants can join the Bitcoin Academy, complete free microcourses from experts like Natalie Brunell and Saifedean Ammous, and enter to win 1,000,000 GEMs (worth 1 BTC) promoting bitcoin education and adoption.Learn more at:  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠geniusgroup.ai/coindesk-bitcoin-treasury-month/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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This episode was hosted by Andy Baehr.

Upstream Data CEO and Founder Steve Barbour joins the pod to talk about the state of bitcoin mining and why he’s not sold on the hybrid AI-bitcoin miner trade.

Subscribe to the Blockspace newsletter for market-making news as it hits the wire!

Welcome back to The Mining Pod! Today, Steve Barbour, CEO of Upstream Data, joins us for a bitcoin mining palate cleanser! We cover the current state of mining economics, his take on some of the new ASIC models coming to market, oil and gas markets, the infrastructural / operational differences between AI/HPC data centers and mining farms, and why he believes Bitcoin mining is entering a new phase of maturity with sustainable business models.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

**Notes:**

• Mining difficulty at all-time highs

• Energy partnerships crucial for profitability

• Home mining still viable for enthusiasts

• Public miners face market pressure

• Equipment costs down significantly

• Operational efficiency key to survival

Timestamps:

00:00 Start

04:11 Miner sentiment check

07:37 How much more downside?

11:28 ASIC market

14:18 Bitdeer & AISC sales

19:43 Proto ASIC design

23:18 Oil field mining

27:51 Renewables

30:00 Miner retrofit

35:58 NatGas Generators

39:53 Oil prices

41:26 Bits vs atoms

43:44 Lawsuit

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Elon Musk's DOGE department comes to an end.

Dogecoin is on the rise despite the demise of Elon Musk's D.O.G.E. department. The optimism is driven by Grayscale’s forthcoming introduction of a DOGE coin ETF. Can DOGE maintain its momentum amid an overall market downturn? CoinDesk's Sam Ewen hosts "CoinDesk Daily."

-

Break the cycle of exploitation.

Break down the barriers to truth.

Break into the next generation of privacy.

Break Free.

Free to scroll without being monetized.

Free from censorship.

Freedom without fear.

We deserve more when it comes to privacy. Experience the next generation of blockchain that is private and inclusive by design.

Break free with Midnight, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠midnight.network/break-free⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

-

Need liquidity without selling your crypto? Take out a ⁠⁠⁠⁠Figure Crypto-Backed Loan⁠⁠⁠⁠, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event.

Unlock your crypto’s potential today at Figure!

⁠⁠⁠⁠https://figuremarkets.co/coindesk⁠⁠⁠⁠

-

Genius Group has partnered with CoinDesk for Bitcoin Treasury Month, launching the Genius x CoinDesk Quest. Participants can join the Bitcoin Academy, complete free microcourses from experts like Natalie Brunell and Saifedean Ammous, and enter to win 1,000,000 GEMs (worth 1 BTC) promoting bitcoin education and adoption.Learn more at:  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠geniusgroup.ai/coindesk-bitcoin-treasury-month/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.

Bitcoin's volatility and MSTR stock with Strategy Co-Founder and Executive Chairman Michael Saylor.

Strategy Co-Founder & Executive Chairman Michael Saylor joins us to discuss bitcoin's sharp decline to nearly $80,000, calling the volatility "Satoshi's gift" and a necessary "feature" for performance. He argues that investors need a 4 to 10-year time horizon and defends MicroStrategy's stock and financial resilience against index exclusion rumors and market noise. Saylor stresses that the long-term fundamentals of digital capital and financial sovereignty will override near-term pain.

-

Break the cycle of exploitation.

Break down the barriers to truth.

Break into the next generation of privacy.

Break Free.

Free to scroll without being monetized.

Free from censorship.

Freedom without fear.

We deserve more when it comes to privacy. Experience the next generation of blockchain that is private and inclusive by design.

Break free with Midnight, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠midnight.network/break-free⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

-

Need liquidity without selling your crypto? Take out a ⁠⁠⁠⁠Figure Crypto-Backed Loan⁠⁠⁠⁠, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event.

Unlock your crypto’s potential today at Figure!

⁠⁠⁠⁠https://figuremarkets.co/coindesk⁠⁠⁠⁠

-

Genius Group has partnered with CoinDesk for Bitcoin Treasury Month, launching the Genius x CoinDesk Quest. Participants can join the Bitcoin Academy, complete free microcourses from experts like Natalie Brunell and Saifedean Ammous, and enter to win 1,000,000 GEMs (worth 1 BTC) promoting bitcoin education and adoption.Learn more at:  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠geniusgroup.ai/coindesk-bitcoin-treasury-month/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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This episode was hosted by Jennifer Sanasie.

Bitcoin's down 30%, ETF holders are underwater, and treasury companies are struggling. Colin and Charlie break down the anatomy of the November 2025 crash and what it means for miners, leverage plays, and your portfolio.

Colin and Charlie break down the brutal November 2025 Bitcoin selloff. With BTC trading at $87K, the average ETF holder is now underwater, hash prices are at all-time lows, and treasury companies like MicroStrategy and Nokia are facing serious headwinds. We discuss whether this is just typical Bitcoin volatility or something more concerning, analyze the dangers of leverage in crypto, and examine what happens when treasury companies can no longer access capital markets. 

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

**Notes:**

• Bitcoin trading at $86-87K (red for the year)

• Average BTC ETF holder now underwater

• Hash price at all-time low for miners

• MicroStrategy convertible notes taking haircuts

• 30% drawdown within historic BTC range

• Treasury companies face capital access issues

Timestamps:

00:00 Start

00:34 Number Go Down WTF!

04:15 Bitcoin is volatile, strap in!

09:02 But why go down?

16:50 NAKA

20:20 Treasury company bubble

21:50 Metaplanet

25:09 Leverage will break you

28:32 Hashprice

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👋Blockspace Podcast is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!

Enjoy the show? Check out our website and newsletter by clicking here.

Questions or want to sponsor? hello@blockspace.media

Unpacking the crypto market drawdown with Hyperion Decimus Co-Founder Chris Sullivan.

In today's Markets Outlook, Hyperion Decimus Co-Founder Chris Sullivan joins CoinDesk's Andy Baehr to discuss the current crypto market drawdown, explaining why this period of "seller exhaustion" is the best time to accumulate hard assets. Plus, they dive into how trend-following strategies and derivatives skew prove the asset class is maturing and setting the stage for a vicious V-shaped recovery.

-

Break the cycle of exploitation.

Break down the barriers to truth.

Break into the next generation of privacy.

Break Free.

Free to scroll without being monetized.

Free from censorship.

Freedom without fear.

We deserve more when it comes to privacy. Experience the next generation of blockchain that is private and inclusive by design.

Break free with Midnight, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠midnight.network/break-free⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

-

Need liquidity without selling your crypto? Take out a ⁠⁠⁠Figure Crypto-Backed Loan⁠⁠⁠, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event.

Unlock your crypto’s potential today at Figure!

⁠⁠⁠https://figuremarkets.co/coindesk⁠⁠⁠

-

Genius Group has partnered with CoinDesk for Bitcoin Treasury Month, launching the Genius x CoinDesk Quest. Participants can join the Bitcoin Academy, complete free microcourses from experts like Natalie Brunell and Saifedean Ammous, and enter to win 1,000,000 GEMs (worth 1 BTC) promoting bitcoin education and adoption.Learn more at:  ⁠⁠⁠⁠⁠⁠⁠⁠⁠geniusgroup.ai/coindesk-bitcoin-treasury-month/⁠⁠⁠⁠⁠⁠⁠⁠⁠

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This episode was hosted by Andy Baehr.