JUST IN: SEC approves in-kind redemption for bitcoin, ether ETFs. Article below👇

Twenty One to add another 5,800 BTC from Tether, boosts holdings to 43,500 BTC Twenty One Capital could soon be the world's 3rd largest BTC treasury company. This firm will receive approximately 5,800 BTC from Tether, bringing its total holdings to more than 43,500 BTC.

I've updated the 2018 piece "Visions of Bitcoin" from @nic__carter & @hasufl with new narratives as I see them. TL;DR: There are multiple narratives about what Bitcoin "is" -- let's try to assign a % distribution to them and make a chart. Explain more below 👉/🧵

J.P. Morgan shifts miner outlook: favors pure-play BTC miners over HPC hybrids. ✅ Upgrades MARA (target: $22) ✅ Names CLSK top pick ✅ Downgrades IREN & RIOT after big runs "Upside for AI deals isn’t priced in—but isn’t certain either" says forecast.

📈 Strategy’s $2.5B STRC IPO Is 2025’s Largest So Far Strategy (MSTR) says its $2.5B STRC IPO is the biggest of 2025 - 5× upsized and $750M ahead of the runner up.

🚨 MARA closed a $950M zero-coupon convertible note raise due 2032. After capped calls & 2026 note buybacks, ~$885M remains (aimed at buying more bitcoin & general use). Conversion kicks in at $20.26/share (17.4% premium) & is capped at ~$24.14 to reduce dilution.

I talked with @joshua_j_lim about treasury companies, specifically how they are structured from the start, deal mechanics, whos getting into the things etc. Josh is one of the best sources because he’s helping to facilitate a lot of these deals. Really fascinating, have a listen

NEW @gwartygwart: Inside Crypto Treasury Deals With @joshua_j_lim • Treasury vehicles see 45-60 day liquidity windows • MSTR model being widely replicated • 3-5 month timeline for SPAC conversions, Treasury plays faster

Trump's Big Beautiful Bill, OpenAI's Stargate, Asymmetric Shuts Down w/ @theminingpod • Hashprice stable at $60/hash/day • Antalpha CEO now chair of Cango • OpenAI and Oracle plan 4.5GW data center • $4.39B crypto ETF inflows weekly

Today's @blockspacepod is the IQ curve meme of news. → explaining @saylor's pentagon of preferred stock options → the wild and crazy Bitcoin Puppets race car drama if you're incapable of clicking off Elon's personal shitposting site here is a TL;DR 👉🧵