The Flight to Hard Money Has Begun and Bitcoin Is the Endgame.

Happy Monday Bitcoiners - it’s Bam with another weekly update!

Each week, we condense the most impactful news releases into a concise, easy-to-read update so you’re always in the know!

Notable events this week include 👇

• The US government increases its Bitcoin holdings by 64% overnight.

• Treasury Companies are trading for less than the value of their BTC.

• BTC payments come to the world’s #1 private messenger.

Let’s dive in⚡

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Latest News 📰

🙌 Adoption

• Compass Coffee in Washington, D.C. becomes the first Square merchant in the world to accept Bitcoin payments directly through its register, debuting the feature during DC Fintech Week.

• Tether donates $250,000 to OpenSats to fund free and open-source Bitcoin development, including protocol research, privacy tools, and education supporting broader freedom technologies.

• Signal is integrating Bitcoin micropayments via the Cashu protocol, enabling users to send and receive private, censorship-resistant payments within the world’s most trusted encrypted messaging app.

⚖️ Legal

• U.S. Treasury seizes 127,000+ BTC worth $14 billion from a Chinese “pig butchering” scam, bringing its total Bitcoin holdings to 324,780 BTC, the largest confiscation in history.

• Investigators suspect the Hyperliquid whale that shorted tens of millions in Bitcoin minutes before Trump’s tariff announcement may have received insider information from Trump’s World LibertyFi team.

• Sam Bankman-Fried appears in a glowing article absolving him of blame, while leaked messages show he accuses Biden’s DOJ of targeting him after his 2022 Republican donations.

📈 Markets

• Gold has officially become the first asset in history to reach a $30 trillion market cap, signaling a global rush into hard assets as monetary uncertainty deepens.

• 279 institutions reported $870.7M in Bitcoin ETF holdings in Q3 2025 13F filings, up $117M from Q2, as wealth managers and advisers increasingly add Bitcoin to client portfolios.

• Binance will distribute $300 million in compensation to users who were liquidated during the October 10 market crash, calling it a one-time relief measure to restore confidence after the record sell-off.

🏦 Treasury

• 18 of the top 105 publicly listed Bitcoin Treasury Companies are now trading below an mNAV of 1, meaning they are valued at less than their underlying Bitcoin holdings.

• Senator Cynthia Lummis says a Strategic Bitcoin Reserve is “the wisest thing we can do to shore up USD” and would allow the US to retire a meaningful percentage of its debt in 20 years.

• In Q3, the number of public companies holding Bitcoin jumped 38%, while their collective holdings rose 20%, now representing over 4.8% of all BTC in existence.

⛏️ Mining

• Power Mining Farm releases the Bitaxe Gamma Node, a 2-in-1 device that functions as both a 1.1 Th/s Bitcoin miner and a full node powered by a Raspberry Pi 5 with 2 TB of storage.

• Hashlabs builds its sixth Bitcoin mine in Finland, providing heat for the homes of over 100,000 residents.

• TeraWulf has priced a record $3.2 billion bond deal at 7.75%, marking the largest debt raise ever by a Bitcoin miner as it pivots toward AI-powered infrastructure expansion.

🗳️ Politics

• Rep. Troy Downing (R-MT) is introducing a bill to codify Trump’s executive order encouraging 401(k) providers to offer Bitcoin exposure, potentially unlocking trillions in retirement capital for crypto markets.

• The Florida Senate introduces a bill to buy and hold Bitcoin as up to 10% of the state’s treasury reserves.

• NYC Mayor Eric Adams launches the Office for Digital Assets and Blockchain to coordinate blockchain initiatives, connect government and private sectors, and position NYC as a global innovation hub.

🧠 Bitcoin Trivia 🧠

Bam’s 2 Sats 🧢

In an Era of Abundance, Bitcoin Is the Only Thing Truly Scarce

After last week’s October 10th bloodbath, Bitcoin appeared to stage a solid recovery, climbing as high as $116,000 on Monday before fading and plunging back toward the mid-$103,000 range.

The selloff hit harder than usual. Traders are beginning to question whether the bull market is over, just as gold delivers the performance of the year. While Bitcoin wavers amid tariff turmoil, gold has soared to record highs, adding the equivalent of Bitcoin’s entire market cap in a single week, and becoming the first asset in history to reach $30 trillion.

Against that backdrop, it’s no surprise some are feeling disillusioned, questioning whether Bitcoin’s price has been deliberately suppressed. Ironically, that same frustration is what gold bugs have felt for years.

The truth is, no one can predict short-term price swings. But there’s refuge in Bitcoin’s design: its supply is fixed forever at 21 million.

Compare that to gold. Roughly 67% of all the gold ever mined, about 144,000 of 216,000 total tonnes, has been pulled from the earth since 1950. Scarcity, it seems, is not gold’s strongest argument anymore.

The irony? As people sell Bitcoin, they’re trading it for U.S. dollars—the very system Bitcoin was built to outlast.

Scarcity remains the defining difference. This week, PayPal accidentally minted $300 trillion worth of its stablecoin PYUSD, fifteen times the total U.S. dollar supply. The glitch, later corrected, vividly reminded the world how effortlessly centralized money can be inflated.

By contrast, Bitcoin’s issuance is deterministic. No matter how much demand or mining activity rises, block production adjusts to stay steady at one block every ten minutes.

When people want more houses, oil, or dollars, new supply can always be created. But not with Bitcoin. Its limit was set in stone from the start.

If someone wants more, they’ll simply have to bid higher in the market. In an age defined by artificial abundance, Bitcoin stands alone as true scarcity. And that’s exactly why, over time, it wins—or rather, why we’re already winning.

Stay safe and keep on stacking!
-Bam

Weekly Live Stream 🚨

Join Rob Wallace live today with Jonathan Pollack, a lead Product Manager from Block, as they break down the week’s biggest headlines and discuss the latest in Bitcoin self-custody.