Strategy now holds ~4% of all bitcoin ever mined and carries ~0% net leverage. $5.1B USD reserve. $1.59B cash. $136M $STRC buyback.

David Sacks: "If you look at where the most inflation has occurred, it's always in those sectors of the economy that the government's most involved." Healthcare. College. Housing. Meanwhile, prices fell in tech.

"You could be talking about tens of millions of dollars in tax benefits for the city, the county, school systems." Hopkinsville Electric's GM on how data center revenue flows beyond just the utility to the entire community.

Jim Cramer said he was selling his Bitcoin a few weeks ago. The inverse Cramer indicator remains undefeated.

Former U.S. Treasury Secretary Hank Paulson on the US-China relationship. "This is what I would call a period of mutually assured economic disruption, which results in a kind of stability. Not from the fact that each side trusts each other. Quite the opposite. But because the costs of escalation are so high."

Coinbase CEO Brian Armstrong at the White House crypto summit: "He made a commitment to make America the crypto capital of the world. Within weeks of taking office, delivered on that promise."

Trump at the White House crypto summit: "We're ensuring that America remains the undisputed leader not only in Bitcoin and crypto, but also technologies like prediction markets, artificial intelligence, and much more."

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Redirecting...

It’s beautiful.

We have a member going through brain surgery today. It’s our 4th brain surgery in the community in the last two months. Please keep those in surgery and recovering in your thoughts and prayers. 🧡

"Shut the book on the idea that the train's going off a cliff and no one's driving it. There's someone at the controls now." -@JOHN ARNOLD We discuss: ⚡ The $40T debt endgame ⚡ A new Fed-Treasury accord ⚡ The managed dollar reset

Strategy now holds 840,447 BTC and just added another $150M to its USD reserve while buying back $132M of $STRC. USD duration extended to 2.8 years.

Consumer confidence is cratering across every generation. Gen X and Boomers are sitting at ~78-80 on the Consumer Confidence Index, down ~40% from 2021 highs and the lowest readings in 5+ years. Only Gen Z and Millennials are still above 100, and even they're well below where they were a few years ago.

Every problem in this chart traces back to one decision in 1971. h/t Sam Wouters

Bitcoin has officially decoupled from global M2.

The White House is preparing to bring open-source AI models under its prerelease safety testing framework. Once open models reach frontier capabilities, they'd face a potential 30-day government testing period before public release. The catch: officials know that excluding open models creates a government-approved advantage for closed labs like OpenAI and Anthropic. But including them could slow US open-model development and hand China an edge. The framework is technically voluntary for now, but the competitive pressure to get a government seal of approval could make it mandatory in practice.

Bitcoin Mechanic says the rejection of BIP110 on Saturday "shattered a long-standing belief that Bitcoin's anti-fragility and hard-monetary properties would continue thanks to its decentralized network of nodes." He argues that mining pools acted as "a small cartel of centralized pool operators clearly acting on behalf of industry players who operated behind closed doors" to kill BIP110, while supporters "operated in public" using "neutral metrics that everyone had access to." His core concern is that "Proof of Work is completely pointless if the criteria for what constitutes validity is decided by the ones doing the work." He says he's now running a stalled Knots node at block 931,633 and is open to a hard fork with a new proof-of-work algorithm, stating "the only defense the network would have would be to hard-fork to a new Proof-of-Work algorithm." He closes by saying he has "no desire to attempt to call this new chain Bitcoin" and that captured Bitcoin "becomes a tool for the sickest of purposes."

Senator Rand Paul confirms after Fort Knox visit: "Yes, the gold is there all (approximately) 147 million ounces. It is impressive."

The Bitcoin Policy Institute just published an open letter asking AI labs to give open-source bitcoin and digital asset defenders access to their strongest cybersecurity models. The problem: "Open-source defenders today occupy the least privileged position in the AI security landscape." Bitcoin secures over a trillion dollars in value, but the developers maintaining wallets, cryptographic libraries, and node software are getting blocked by guardrails when they try to use frontier AI for legitimate security work. The letter warns that "nation-state adversaries, criminal syndicates, and sophisticated hackers will not wait for permission to deploy AI against critical open-source infrastructure." Defenders are stuck using weaker open-weight alternatives while attackers face no such constraints. BPI is asking for early access to the best cyber models, compute budgets for real security reviews, and secure environments for sensitive code analysis. The coalition is massive: Coinbase, Block, Strategy, MARA, Blockstream, Chaincode, Brink, Ten31, Unchained, Trezor, Casa, Strike, River, OpenSats, and dozens more. "Frontier AI could become one of the most powerful defensive technologies ever developed, but only if defenders get fair access."

Defenders Need the Frontier

An open letter to frontier AI labs: the defenders of open-source financial infrastructure need the frontier too, before attackers do.

Saudi crude exports dropped 460K barrels/day in July to 4.19M bpd. Houthi threats are now targeting Yanbu, the backup port Saudi built specifically to bypass Strait of Hormuz chokepoint risk. Tankers are going dark on transponders. Global energy supply chains remain incredibly fragile.