The 3 Bitcoin Treasury Company Models According To Michael Saylor

As Bitcoin becomes a strategic asset class in public markets, a new class of corporate entity is emerging: the Bitcoin treasury company. These are firms that accumulate Bitcoin on their balance sheet as a core part of their capital strategy, leveraging it to unlock asymmetric upside, financial durability, and institutional credibility.

But not all Bitcoin treasury companies are the same. In fact, Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), recently outlined a clear taxonomy for understanding the landscape: a three-tiered hierarchy that separates dabblers from dominators.

Each tier comes with distinct incentives, risks, and expected outcomes. For…

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Attack on Binance? Crypto meltdowns are starting to rhyme

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

Today’s subject is an unsolved mystery of crypto market microstructure. We only have so many facts, and we’ll likely never know all the details.

To get up to speed with the fundamentals of what happened over the weekend, I recommend the Empire livestream from Sunday with Doug Colkitt, as well as Doug’s helpful X thread on Auto-Deleveraging.

For those wanting the quick and dirty headline summary, here goes. 

For some silly reason, Binance was using spot prices to value three tokens accepted as collateral for margin positions — liquid staking derivatives wBETH and BNSOL, alongside…

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Kenya Signs Virtual Asset Bill, Ushering New Bitcoin Era

Kenya has officially entered a new era for digital assets. President William Ruto signed the Virtual Asset Service Providers Act, 2025, giving the country its first comprehensive crypto regulation framework.

The new law licenses and regulates crypto exchanges, wallet providers, brokers, and payment processors operating in or from Kenya. It also brings the fast-growing sector under the oversight of two main regulators — the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA).

Under the Act, the CBK will supervise payment processors and stablecoin issuers, while the CMA will oversee trading platforms, investment advisers, and asset managers. Both agencies will…

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LATEST: NYC Launches First-Ever Digital Assets Office to Boost Crypto Future

New York City has taken a bold step in embracing the crypto revolution by launching the nation’s first municipal Office of Digital Assets and Blockchain. The new office will coordinate citywide crypto policies, support blockchain innovation, and connect public agencies with industry leaders to promote the responsible use of digital currencies.

Mayor Eric Adams signed the executive order on October 14, creating the office as part of a broader strategy to integrate blockchain into public infrastructure and expand financial access. Moises Rendon, a respected technology policy expert, has been appointed executive director and will lead efforts to ensure regulatory compliance, raise public awareness, and improve services for underbanked communities.

The initiative strengthens New York’s position as a national crypto hub, reflecting a growing U.S. trend toward digital asset adoption. With other states like Wyoming and California advancing crypto-friendly policies, NYC’s move signals strong local government support for blockchain innovation and America’s leadership in the global digital economy.

Source

LATEST: US Republicans To Introduce Bill Legalizing Bitcoin Investments In 401(K) Retirement Plans

A Republican lawmaker is taking a major step to boost cryptocurrency adoption in retirement plans. Rep. Troy Downing (R-MT) plans to introduce the Retirement Investment Choice Act, a bill that would turn President Trump’s August executive order on 401(k)s and alternative assets into federal law. The move aims to ensure Americans can invest part of their retirement savings in digital assets like Bitcoin and Ethereum.

The bill would give Trump’s directive “the force and effect of law,” potentially paving the way for billions of dollars from the $25 trillion retirement industry to flow into crypto markets. Downing praised the effort, calling alternative assets a “transformative” way to strengthen Americans’ financial futures and applauding Trump for “democratizing finance.”

Currently, only Bitcoin and Ethereum ETFs are available on Wall Street, but more crypto-linked products are expected soon. If passed, the legislation could accelerate mainstream adoption and mark a turning point for crypto in U.S. retirement portfolios.

Bitcoin Reserves Held By US Could Swell To $36 Billion As DOJ Files Largest Ever Forfeiture Linked To Cambodian ‘Pig Butchering’ Scams

The Justice Department filed its largest-ever forfeiture suit on Tuesday to seize more than $14 billion in Bitcoin (CRYPTO: BTC) tied to a global “pig butchering scam.”

DOJ Files To Seize Illegal BTC Proceeds

The indictment charged Cambodian-based business tycoon Chen Zhi of running a transnational criminal network that carried out large cryptocurrency investment scams across the U.S. and other countries. Zhi was yet to be caught as of this writing.

The DOJ alleged that Zhi ran scam compounds across Cambodia, where individuals held against their will defrauded victims through “pig butchering” schemes.

The scheme involves scammers contacting victims through dating apps and social media….

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Bitcoin Settles At $113,000 A Week After Hitting New Highs

Bitcoin price is holding near $113,000 today, about a week after reaching a new all-time high above $126,000, as the market stabilizes from one of its most violent corrections in years. 

The bitcoin price to record levels last week was fueled by renewed institutional demand, falling real yields, and growing adoption of the “debasement trade” — investors seeking protection against monetary expansion.

The recovery comes after a bruising weekend that saw over $19 billion in leveraged positions wiped out and more than 1.6 million traders forced to liquidate positions as cascading margin calls swept across exchanges.

Bitcoin slipped from 24-hour highs near $116,000 to…

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GOP Bill To Codify Trump’s Bitcoin 401(k) Executive Order

A new House bill aims to lock in President Donald Trump’s August executive order directing the Labor Department to open retirement plans to alternative assets — including bitcoin.

The Retirement Investment Choice Act, expected to be introduced Tuesday by Rep. Troy Downing (R-Mont.), would give Executive Order 14330 “the force and effect of law.” 

The one-page bill cements Trump’s directive that Americans saving for retirement should be allowed access to crypto and other alternative assets if plan providers deem them appropriate.

“Alternative investments hold the transformative potential to supercharge the financial security of countless Americans saving for…

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Tether Pays $300 Million To Settle $4.5B Celsius Claim

Stablecoin issuer Tether has agreed to pay $299.5 million to the Celsius Network bankruptcy estate, settling years of litigation tied to the crypto lender’s 2022 collapse. 

The payment is far below the nearly $4.5 billion Celsius originally sought in bitcoin.

The Blockchain Recovery Investment Consortium (BRIC) — a partnership between VanEck and GXD Labs — announced the settlement Tuesday, saying it settles “all issues” between Tether and the Celsius estate. 

“We are pleased to have resolved Celsius’s adversary proceeding and related claims against Tether,” said David Proman, managing partner at GXD Labs.

Tether and the Celsius collapse

The settlement…

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LATEST: Bernstein Predicts USDC Supply To Triple By 2027, Capturing One-third Of Global Stablecoin Market

Crypto analysts at Bernstein predict Circle’s USDC will become the biggest winner under America’s new stablecoin regulations, with its supply expected to nearly triple within two years. USDC’s market share is projected to climb to 33% by 2027 from 29% today, boosted by growing demand for regulated, dollar-backed tokens and strong integrations with major crypto exchanges like Coinbase, Binance, and OKX.

Backed by full reserves, daily disclosures, and independent audits, USDC is seen as the most compliant stablecoin. The recently passed GENIUS Act, which limits foreign issuers and classifies stablecoins as digital cash, further strengthens Circle’s edge. Bernstein expects the stablecoin market to soar to $670 billion by 2027, with USDC capturing about $220 billion of that total.

Circle’s revenue is forecast to grow 47% annually, powered by a 71% surge in USDC supply and expanding use in cross-border payments and financial services. Analysts see digital dollars becoming core to global payments, with USDC leading the charge.