A Test Of Financial Privacy And Developer Freedoms

This piece is featured in the print edition of Bitcoin Magazine, The Freedom Issue. We’re sharing it here as a sample of the ideas explored throughout the full issue.

On November 3, 2025, the freedom for developers to build financial privacy software is on trial.

Samourai Wallet was a Bitcoin privacy wallet developed by Keonne Rodriguez and William Lonergan Hill. It included specialized privacy tools that mixed the coins of wallet users in ways that required no third-party custody. The service’s servers helped coordinate “mixing” — methods to conceal the origin of coins and offer users some degree of forward privacy.

Rodriguez and Hill were arrested on April 24,…

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Bitcoin Price Roars Above $94,000 As Fed Cuts Rates

Bitcoin price surged above $94,000 today following a 25-basis-point rate cut by the Federal Reserve.

The Fed lowered its benchmark interest rate to 3.50%–3.75% to support maximum employment and contain somewhat elevated inflation amid moderate economic growth and slowing job gains.

This is the Fed’s third rate cut this year and the first since October. Most officials backed the move, while three dissented — one favoring a larger cut, two preferring no change.

Fed forecasts for 2026 and 2027 remain modest, with expectations for small rate reductions, 4.4% unemployment, and 2.4% PCE inflation.

The rate decision pushed the Bitcoin price higher, although markets had largely priced…

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ETFs flash a bid, HumidiFi tokenizes

This is a segment from the 0xResearch newsletter. To read full editions, subscribe.

Markets leaned cautiously risk-on, with crypto outperforming a mixed backdrop in traditional assets. ETF flows had their biggest one-day surge since October as CPI, Treasury auctions and a dense FOMC week could reset risk appetite. In addition, we discuss the new WET token, the native token of the HumidiFi prop AMM.

Indices

Markets leaned risk-on, with crypto leading and traditional assets mixed. BTC posted a modest gain (+2.3%), outperforming equities where the S&P 500 (-0.3%) and Nasdaq 100 (-0.2%) softened, while Gold held nearly flat (+0.3%). The standout laggard was the Perp Index,…

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SpaceX Moves $95M In Bitcoin Ahead Of Massive IPO

SpaceX moved another 1,021 bitcoin on Wednesday, worth about $94.5 million.

The transfer was split between two unlabeled addresses via Coinbase Prime custody. One address received 614 BTC, the other 407 BTC.

This marks the ninth such transfer by SpaceX this year. Recent movements total around 8,910 BTC, valued near $924 million. Analysts say the company is consolidating its holdings and upgrading from legacy bitcoin addresses. 

SpaceX’s bitcoin holdings were tagged on-chain by Arkham Intelligence. The company currently controls about 3,991 BTC, worth roughly $367 million at current prices. Holdings have fluctuated over the past several years. 

The total once peaked…

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Strategy Urges MSCI To Keep DATs In Global Indexes

Strategy, the world’s largest Bitcoin treasury company, has submitted a formal response to MSCI’s consultation on digital asset treasury companies (DATs), urging the index provider not to exclude companies whose digital asset holdings exceed 50% of total assets.

In its detailed letter to the MSCI Equity Index Committee, Strategy argued that the proposed threshold is “misguided” and would have “profoundly harmful consequences” for both investors and the broader digital asset industry.

Founded in 1989, the company operates as a corporate treasury and capital markets business with significant Bitcoin holdings, offering investors a range of equity and fixed-income…

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American Bitcoin, ProCap Financial Make Big Bitcoin Buys

American Bitcoin Corp. (Nasdaq: ABTC) continued to expand its BTC treasury, adding roughly 416 BTC over the past week and lifting total holdings to about 4,783 BTC as of Dec. 8, according to a company update released Wednesday. 

The latest additions bring American Bitcoin’s reserve to one of the largest among U.S.-listed companies focused on BTC accumulation. The holdings were built through a mix of in-house mining and strategic market purchases, the company said. 

The total also includes BTC held in custody or pledged as collateral for miner purchases under a supply agreement with hardware manufacturer Bitmain.

American Bitcoin, which listed on Nasdaq earlier this year, also…

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Pardoning The Samourai Developers Would Restore Legal Clarity And Protect Non-Custodial Code

The Samourai Wallet matter raises a fundamental question about how the United States treats non-custodial software and the developers who create it. Keonne Rodriguez and William Lonergan Hill did not operate a financial service or handle customer assets. They wrote and maintained software that allowed users to construct collaborative Bitcoin transactions in a privacy-preserving way. Throughout the tool’s entire lifecycle, users controlled their own keys, initiated their own transactions, and never relied on Samourai or its developers to transmit or safeguard value. The distinction between a custodial service and a non-custodial tool is not a technicality; it is the core boundary that…

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Trump Meme Coin Down 87% As ‘Billionaires Club’ Game Attempts A Revival

After an 87% collapse, the Trump meme coin (CRYPTO: TRUMP) is being bundled into a new mobile game that promoters hope can reverse its slide.

Game Trailer Teases Trump-Themed Empire Building

A trailer for the upcoming mobile title “Trump Billionaires Club” showcases a Trump-like voice urging players to build empires and compete for prizes. 

The game, set in a 3D version of New York, allows users to spend Trump memecoins to advance through business challenges and climb a leaderboard.

The effort follows months of declining activity. 

The token, which once reached an $8.8 billion market cap near Trump’s 2025 inauguration, now sits below $1.2 billion, shedding about $7.6 billion in value,…

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Strive Raises $500 Million To Buy More Bitcoin

Strive, a publicly traded bitcoin treasury and asset-management firm, said it has arranged a $500 million at-the-market offering to help fund more bitcoin purchases.

The company plans to sell Variable Rate Series A Perpetual Preferred Stock, known as SATA. The offering allows Strive to issue shares into the market at prevailing prices rather than through a single sale. The structure gives the firm flexibility to raise capital as demand allows.

SATA carries a 12% dividend and an effective yield near 13%. The preferred stock is modeled on Strategy’s STRC perpetual preferred equity, which has been used as a funding tool for bitcoin accumulation. 

SATA currently trades around…

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Bitcoin Braces For Fed Decision: These Are The Two Most Likely Scenarios

Bitcoin (CRYPTO: BTC) is trading in a narrow range between $90,000 and $93,000 as traders brace for today’s FOMC decision and Jerome Powell’s press conference — a period that historically sparks sharp volatility.

What Happened: Crypto chart analyst Ali Martinez noted that while markets are pricing in a 97% chance of a 25-bps rate cut, Bitcoin’s behavior around FOMC events in 2025 has been decisively negative.

Out of seven meetings this year, Bitcoin corrected after six of them, with drawdowns ranging from –6% to –29%. The only exception was a brief 15% rally in May.

Despite pre-meeting optimism often lifting prices into the announcement, post-FOMC action has consistently leaned…

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