The Key To Scaling Bitcoin

Bitcoin, and for that matter all blockchains, do not scale. It is a fundamental limitation of blockchain based systems that they are incapable of facilitating transactional use at a truly global scale without completely sacrificing the decentralization and verifiability that make them valuable in the first place. 

This has been an existential issue that Bitcoiners have grappled with from the very beginning of Bitcoin. This is a comment from James A. Donald, a Canadian cypherpunk who was the first person to reply to Satoshi’s original post on the cryptography mailing list: 

Satoshi Nakamoto wrote:

“The bandwidth might not be as prohibitive as youthink. A typical…

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Why it’s ‘difficult to predict’ how Circle’s NYSE listing plays out

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

Stablecoin issuer Circle’s expected listing on the New York Stock Exchange tomorrow comes roughly four years after another crypto milestone: Coinbase’s public market debut. 

I wrote yesterday about how the apparently solid institutional demand for Circle doesn’t necessarily spell out what will happen once CRCL shares list. 

“It’s difficult to predict the precise impact of this listing,” said Fineqia senior associate Matteo Greco. “Back in 2021, there was widespread belief that Coinbase’s stock would soar following its Nasdaq debut. The outcome proved quite…

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JPMorgan To Offer Clients Financing Against Bitcoin & Crypto ETFs

JPMorgan Chase & Co. plans to allow its trading and wealth-management clients to use cryptocurrency-linked assets, including spot Bitcoin exchange-traded funds (ETFs), as collateral for loans, according to Bloomberg.

The bank will begin with BlackRock’s iShares Bitcoin Trust (IBIT), and additional ETFs are expected to be added over time. The policy will apply globally, spanning all client segments—from individual retail accounts to investors.  

In addition to the lending change, JPMorgan will begin factoring crypto holdings into overall net worth and liquid asset evaluations, placing them on par with stocks, vehicles, or fine art when determining loan eligibility,…

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The Backbone Of Bitcoin Commerce, 2025

The genesis story of BTCPay Server is without a doubt one of the most iconic moments in Bitcoin history. A single developer, feeling betrayed by Bitpay, a bitcoin payments processing giant and its attempt at co-opting Bitcoin, declared economic war on the company in a tweet that will never be forgotten by the Bitcoin industry; “This is lies, my trust in you is broken, I will make you obsolete.”

Nicolas Dorier went on to create one of the most widely distributed open source projects in the Bitcoin industry and perhaps the invoicing and payments industry as a whole: BTCPay Server. Much has been written about the context and motivation behind Dorier’s founding of the project —…

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To take on Hyperliquid, Omni bets on privacy

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

Hyperliquid has become the dominant venue for onchain perpetuals, leapfrogging dYdX by embracing a radical idea: full transparency. Every resting order is hash-linked to a wallet, whose P&L and liquidation level are visible to the network. This “L4” order book is more granular than TradFi’s L3 venues, which conceal trader identity, positions or leverage levels.

Hyperliquid’s radically transparent market structure has no informational asymmetry between participants — and given its stellar growth, it’s working. But is it optimal?

Jeff Yan, the founder of Hyperliquid Labs, argues…

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LATEST: JPMorgan Will Let Clients Use Bitcoin ETFs as Collateral for Loans

JPMorgan is set to allow its trading and wealth clients to use crypto ETFs as collateral for loans marking a major step into the digital asset space. The move will start with BlackRock’s iShares Bitcoin Trust which now manages over 70 billion dollars in assets.

This marks a strategic shift by the banking giant as it begins recognizing crypto-related assets in the same category as traditional ones like stocks or art. Clients will be able to borrow against these ETFs similar to how they leverage other holdings. The bank will also begin factoring crypto into wealth evaluations for loan approvals.

Despite CEO Jamie Dimon’s long-standing skepticism about Bitcoin the bank is moving quickly to capture opportunities in the fast-growing crypto space. The offering will be available to all global wealth clients from retail investors to ultra-wealthy individuals showing JPMorgan is no longer ignoring the rising demand for digital asset integration in traditional finance.

Bloomberg

Semler Scientific Acquires 185 Bitcoin, Increasing Total Holdings To 4,449 BTC

Today, Semler Scientific announced it has increased its Bitcoin holdings. The company acquired 185 Bitcoin between May 23 and June 3 for $20 million with an average purchase price of $107,974 per Bitcoin, using proceeds from its at-the-market (ATM) offering program.

“We continue to accretively grow our bitcoin arsenal using operating cash flow and proceeds from debt and equity financings,” said the chairman of Semler Scientific Eric Semler. “And we are excited to launch the Semler Scientific dashboard today on our website to provide the public with regularly updated information on our bitcoin holdings and other key metrics.”

Since launching the ATM program in April…

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Bitcoin Market: How a single user brought price discovery to Bitcoin

This is a segment from the Supply Shock newsletter. To read full editions, subscribe.

On a long enough timeline, all companies will become Bitcoin companies. Some have just been there from the very start.

PayPal, back when it was still owned by eBay, was an unknowing bedrock for the very first Bitcoin exchanges.

And considering how often the two were lumped together — a tech duo flipping the script on online payments — Bitcoin and PayPal were almost adoptive siblings. One radical, one moderate.

On This Day

“Commerce on the internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments,”…

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LATEST: Semler Now Owns 4,449 Bitcoin After $20 Million Additional Investment

Healthcare technology firm Semler Scientific has added 185 more bitcoin to its treasury spending about $20 million between May 23 and June 3 according to a recent SEC filing. The Nasdaq-listed company purchased the BTC at an average price of $107,974 per coin using funds raised through stock sales.

Semler has now sold over 3.5 million shares through an at-the-market offering generating $136.2 million in net proceeds. With this latest purchase the company holds a total of 4,449 BTC valued at approximately $467 million. The average purchase price stands at $92,158 per bitcoin suggesting unrealized gains of about $57 million.

Semler joins the growing list of companies adopting bitcoin as a treasury asset ranking 15th globally in corporate BTC holdings. It tracks its performance using a metric called BTC Yield which shows a 26.7% increase year to date. This strategic move mirrors a broader trend as companies like Trump Media GameStop and Paris Saint-Germain also embrace bitcoin for long-term value creation.

 8-K filing

Moscow Exchange Launches Bitcoin Futures For Qualified Investors

The Moscow Exchange, Russia’s largest exchange group, announced the launch of Bitcoin futures contracts on June 4th, 2025. The new derivatives will allow qualified investors in Russia to gain exposure to bitcoin prices without directly owning it.

The bitcoin futures contracts are cash-settled in Russian rubles and will be tied to the iShares Bitcoin Trust ETF (IBIT) that trades on U.S. exchanges. The IBIT ETF tracks the price of bitcoin, with each share representing 0.00068 bitcoin.

Trading for the new bitcoin futures kicked off on Wednesday, with the first contracts expiring in September 2025. Each futures contract will be denominated in U.S. dollars per bitcoin but…

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