Bitcoin Magazine

Bitcoin Price Crashes to $106,000 As Bulls Eye Strong November

Bitcoin price has extended its losses, dipping to lows of $105,200 today, following a volatile start to November and ending a remarkable seven-year “Uptober” streak. 

After closing October with a 4% decline — the first negative October since 2018 — Bitcoin price faces increased selling pressure amid tighter financial conditions, cautious institutional flows, and macroeconomic headwinds.

The recent correction follows an early-October flash crash that dragged Bitcoin down to $104,000, wiping out much of its Q3 momentum. Despite a partial recovery, BTC remains roughly 14% below its recent peak near $125,000.

At the time of writing, the Bitcoin price is at $106,234.

Bitcoin price analysis

Technical charts reveal that Bitcoin recently tested three support lows before sweeping liquidity beneath them. 

On the daily timeframe, BTC held a key low within a demand area, which historically has been a strong support level. This zone previously trapped impatient sellers before a bounce, suggesting that BTC may once again find short-term support here. 

Zooming into the 15-minute chart, a clean demand zone is forming where Bitcoin could react before making its next directional move, potentially targeting liquidity above current highs. Traders familiar with such setups note that markets often prepare for moves that leave panicking participants behind.

JUST IN: #Bitcoin dips to $105,545

HODL! pic.twitter.com/WVYBnd4EL2

— Bitcoin Magazine (@BitcoinMagazine) November 3, 2025

On-chain data offers further insight into Bitcoin’s current position. The Short-Term Holder (STH) Realized Price, which represents the average cost basis for recent buyers, sits around $113,000. 

Historically, this level has acted as a dynamic support zone, providing a foundation for accumulation and future upward moves. 

Holding above this line signals that short-term participants are at breakeven or slight profit, bolstering market confidence.

The STH Market Value to Realized Value (MVRV) Ratio also highlights potential upside. Multiplying the current STH Realized Price by historical MVRV thresholds projects resistance levels between $160,000 and $200,000, aligning with past cycle patterns.

Long-Term Holder (LTH) MVRV metrics reinforce this outlook, suggesting diminishing returns but potential peaks around $163,000–$165,000. 

Rolling MVRV frameworks, including two-year and 100-day analyses, indicate that BTC is still in an accumulation-friendly range, capturing optimal points for entering the market ahead of the next bullish phase.

Bitcoin at $200,000 soon?

Earlier today, Fundstrat’s Tom Lee remained bullish on Bitcoin, predicting it could still surge to $150,000–$200,000 by the end of 2025 despite recent market turbulence.

He noted that the mid-October liquidation event — the largest in crypto history, even bigger than FTX — occurred just weeks ago.

Earlier today, Strategy announced they reinforced its aggressive Bitcoin accumulation approach, purchasing 397 BTC for about $45.6 million at an average price of $114,771 per BTC.

According to a November 3, 2025 SEC Form 8-K filing, Strategy now holds a total of 641,205 BTC, with an aggregate purchase cost of $47.49 billion and an average price of $74,057 per BTC, including fees and expenses.

This post Bitcoin Price Crashes to $106,000 As Bulls Eye Strong November first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Trump’s Crypto Czar David Sacks Calls Crypto the “Industry of the Future”

President Trump’s Crypto and AI Czar, David Sacks, is making a bold case for America to reclaim leadership in digital innovation — calling crypto “the industry of the future.”

Speaking alongside a16z co-founders Marc Andreessen and Ben Horowitz, as well as entrepreneur Erik Torenberg, Sacks emphasized that the U.S. needs clear regulatory standards to keep crypto innovation onshore. 

He criticized the Biden administration’s “regulation by enforcement” approach, arguing that under SEC Chair Gary Gensler, crypto entrepreneurs were prosecuted instead of given clear rules to follow.

“All the entrepreneurs I’ve talked to over the years say the same thing — just tell us what the rules are,” Sacks said. “During the Biden years, you had an SEC chairman who took an approach, which I guess has been called regulation through enforcement, which basically means you just get prosecuted. ”

JUST IN: President Trump's Crypto Czar says that crypto is the "industry of the future." pic.twitter.com/flFkgxSwsC

— Bitcoin Magazine (@BitcoinMagazine) November 3, 2025

United States as the crypto capital of the planet

Sacks said President Trump’s campaign pledge to make the U.S. “the crypto capital of the planet” and to fire Gensler resonated strongly with voters.

“He’s talked about how surprised he was at the big ovation he got at that,” Sacks noted, underscoring the growing political weight of crypto policy.

Under the Trump administration, Sacks said the goal will be to establish regulatory clarity that protects consumers while fostering innovation and competitiveness.

“Providing certainty means entrepreneurs can build here in America,” he added.

Last night on 60 Minutes, President Trump reinforced his support for crypto in the United States, saying “I only care about one thing: will we be number one in crypto.” 

The discussion also touched on AI competition with China, the need for a federal crypto framework, and the role of abundant energy in powering future technologies. 

Sacks positioned both crypto and AI as twin pillars of America’s technological leadership — sectors that, in his view, will define the next decade of global economic growth.

Last December, President Trump appointed David Sacks as the White House AI and Crypto Czar to shape policy in both sectors.

In his part-time role, Sacks was tasked to promote a pro-innovation, deregulatory approach to AI and develop a clear legal framework for the cryptocurrency industry. 

Sacks was instrumental in crafting the U.S. Strategic Bitcoin Reserve. He pushed and clarified that the new federal Bitcoin reserve to be funded using BTC already owned by the U.S. government through asset forfeitures — meaning no taxpayer cost. 

Sacks said the government will hold, not sell, these assets, describing the reserve as a “digital Fort Knox.”

He added that the policy aims to prevent past mistakes where premature Bitcoin sales cost taxpayers over $17 billion in unrealized gains.

This post Trump’s Crypto Czar David Sacks Calls Crypto the “Industry of the Future” first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Btrust Names Bitcoin Core Contributor Abubakar Nur Khalil as New CEO

Bitcoin development nonprofit Btrust has named Nigerian Bitcoin Core contributor Abubakar Nur Khalil as its new chief executive officer, the organization announced today. 

Khalil had previously served as interim CEO while sitting on the board as a non-voting member. Khalil will step down from his board position and report directly to the organization’s directors in the full-time role. 

His three-year term is renewable once.

Founded to support open-source Bitcoin development in the Global South, Btrust has expanded its footprint across Africa, Latin America, and India over the past year. The non-profit received initial funding from Jay-Z and Jack Dorsey.

During his interim leadership, the group increased partnerships with organizations including Bitshala, Vinteum and 2140, and reported record grant distribution. 

Since mid-2024, Btrust says it has issued more than $1.7 million in funding, with over half going directly to developers.

Khalil co-founded Btrust Builders, an initiative focused on growing the open-source developer pipeline in emerging markets. He is recognized as a prominent advocate for Bitcoin development in Africa.

“I’m honored to have led Btrust as interim CEO over the past year,” Khalil said in a statement, adding that he aims to strengthen the organization’s systems and scale its impact in 2026 and beyond. “Ensuring that Bitcoin continues to be a money that works for everyone worldwide.”

Board member Obi Nwosu said Khalil is well-positioned to guide Btrust through its next phase as it builds out long-term programs and developer support infrastructure. 

The organization said continuity will be a major focus as it transitions from early-stage growth to broader execution.

Btrust’s board launched the CEO search in July, citing the need for dedicated leadership as its programming expands globally. The organization said the appointment marks “a meaningful next chapter” in its mission to strengthen decentralized Bitcoin development.

Abubakar Nur Khalil will also be speaking at Bitcoin MENA, happening December 8–9, 2025, at the ADNEC Center in Abu Dhabi.

"BITCOIN IS MONEY."

We're thrilled to announce Btrust CEO, Abubakar Nur Khalil, to speak at Bitcoin MENA! pic.twitter.com/1ozbQyNBoK

— Bitcoin MENA Conference (@bitcoinmenaconf) October 30, 2025

This post Btrust Names Bitcoin Core Contributor Abubakar Nur Khalil as New CEO first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Fidelity Crypto Finally Allows Users to Send and Receive Bitcoin as UK ETP Gains Regulatory Approval

Fidelity Crypto now allows customers to withdraw Bitcoin and other crypto to external wallets, over 2 years after launching its retail platform. 

This move gives users full self‑custody control while bridging traditional brokerage services and permissionless wallets.

Fidelity also took a major step toward mainstream crypto adoption by making its Physical Bitcoin ETP — launched in February 2022 and now listed on multiple European exchanges—available to UK retail clients for the first time after the FCA lifted the ban on retail crypto ETPs.

The firm’s Fidelity Physical Bitcoin ETP becomes the first crypto asset available to Fidelity’s advised platform clients from today, with additional products planned in the coming weeks.

The move comes after the UK’s Financial Conduct Authority (FCA) relaxed its stance on cryptocurrency, lifting its ban on crypto exchange-traded products (ETPs) for retail investors on 8 October. 

NEW: Fidelity crypto now allows customers to send #Bitcoin off the platform to their own wallets pic.twitter.com/LYm55XcxVp

— Bitcoin Magazine (@BitcoinMagazine) November 3, 2025

The regulatory shift opens the door for established asset managers like Fidelity, BlackRock, and WisdomTree to offer crypto exposure to a broader audience through regulated channels.

In mid October, BlackRock listed its iShares Bitcoin Exchange-Traded Product (ETP), ticker IB1T, on the London Stock Exchange. The ETP is fully physically backed, with all Bitcoin held securely through Coinbase custody.

Processional-grade Bitcoin access

Dennis Pellerito, head of UK wholesale at Fidelity International, highlighted the significance for retail investors: “Until now, many retail investors have been limited to less secure, unregulated channels or indirect exposures such as proxy stocks. We are pleased to offer our institutional-grade ETP to retail investors for the first time.” 

He emphasized that the ETP provides high-quality, professional-grade access to Bitcoin in a simple and secure format.

The Fidelity Physical Bitcoin ETP, originally launched in February 2022 and listed on the Deutsche Börse Xetra, SIX Swiss Exchange, and London Stock Exchange, tracks the price movement of Bitcoin and is designed to be both cost-effective and convenient. 

Fidelity recently reduced the ongoing charges figure (OCF) to 0.25%, reflecting the firm’s focus on making institutional-grade products more accessible to retail clients.

Fidelity International said additional crypto assets may be added over time, subject to standard due diligence and client demand, and that it continues to explore ways to broaden access to crypto for consumers. 

The firm still encouraged investors to conduct thorough research before entering the digital asset space, including cryptocurrencies like Bitcoin or any other asset.

This post Fidelity Crypto Finally Allows Users to Send and Receive Bitcoin as UK ETP Gains Regulatory Approval first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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IREN, Cipher Mining (CIFR) Strike Multi-Billion AI Cloud Deals with Microsoft and Amazon

IREN Limited (NASDAQ: IREN) and Cipher Mining Inc. (NASDAQ:CIFR), Bitcoin miners pivoting to AI infrastructure providers, are making some hefty business moves today, and their stocks have been reflecting it.

IREN signed a five-year, $9.7 billion agreement with Microsoft for GPU cloud computing services. The deal gives Microsoft access to NVIDIA GB300 GPUs managed by IREN at its Childress, Texas campus, with a phased deployment of GPU capacity throughout 2026. 

The contract includes a 20% prepayment and positions IREN as a key hyperscaler partner for the first time. 

Four new liquid-cooled data centers, Horizon 1 through Horizon 4, will support 200 megawatts of critical IT load, while a separate $5.8 billion agreement with Dell Technologies covers the purchase of GPUs, servers, and associated infrastructure. 

CEO Daniel Roberts said the partnership could generate roughly $1.94 billion in annualized revenue once fully deployed. Following the announcement, IREN shares jumped more than 28% in pre-market trading. 

The stock is now up 8% in intraday trading. IREN, which has seen its Nasdaq stock surge over 500% this year, joins other AI-focused “neocloud” providers, many of which originated in cryptocurrency mining.

Cipher Mining’s deal with Amazon

Meanwhile, Cipher Mining secured a $5.5 billion, 15-year lease agreement with Amazon Web Services (NASDAQ: AMZN) to provide turnkey space and power for AI workloads.

Cipher will deliver 300 megawatts of capacity in 2026 through air- and liquid-cooled facilities in two phases, with rent starting in August 2026. Additionally, the company announced a joint venture to develop a 1-gigawatt site named “Colchis” in West Texas, in which it will hold roughly 95% equity. 

Combined with prior deals with Fluidstack and Google, Cipher’s AI hosting contracts now represent approximately $8.5 billion in lease payments. 

Cipher shares rose 15% in pre-market trading following the news. The stock is now up 14% in intraday trading. 

Bitcoin mining success with an AI twist

Bitcoin mining and crypto infrastructure stocks have seen a big rally over the past six months, and IREN Limited is a standout example. 

Investors have rewarded companies that can combine traditional bitcoin mining with scalable, revenue-generating AI or data-center services. 

In IREN’s case, the stock’s recent surge comes after a major GPU expansion and analyst upgrades, and now this new Microsoft news is helping boost the price. 

This reflects a wider market appetite for miners that offer optionality: steady bitcoin cash flows to fund new ventures, while also positioning for high-growth technology trends.

In essence, the past half-year has favored bitcoin-mining firms that can monetize excess power, land, and data-center capacity beyond mining.

The rally is less about bitcoin prices alone and more about miners evolving into hybrid tech infrastructure operators with diversified revenue streams.

This post IREN, Cipher Mining (CIFR) Strike Multi-Billion AI Cloud Deals with Microsoft and Amazon first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Trump Doubles Down on Crypto Leadership, Defends CZ Pardon on 60 Minutes

President Donald Trump made headlines Sunday in a wide-ranging interview on 60 Minutes, emphasizing that maintaining U.S. dominance in the crypto space is a top priority for him. 

“I only care about one thing: will we be number one in crypto,” Trump told Norah O’Donnell, highlighting what he described as the importance of the sector due to global competition.

President Trump framed crypto as a high-stakes, winner-takes-all industry, likening it to artificial intelligence in terms of national importance. 

“In crypto, it’s a kind of industry where basically you’re going to have number one and you’re not going to have a number two. And right now we’re number one by a long shot,” he said. 

President Trump also pointed to China’s booming crypto initiatives, noting, “China is getting into it very big,” and insisted that U.S. leadership is crucial to prevent other nations from dominating the market.

The President credited his sons with being more engaged in the industry than he is, while highlighting that their business pursuits demonstrate the sector’s growth and potential. 

Trump also suggested that his previous campaigns, which openly supported crypto, helped secure what he called the “crypto vote,” framing his advocacy as a continuation of his broader efforts to bolster American technological leadership.

BREAKING: President Trump says, “I only care about one thing: will we be number one in crypto”

“China is getting into it very big” pic.twitter.com/LuMHAQLlnf

— Bitcoin Magazine (@BitcoinMagazine) November 3, 2025

Trump’s pardon of CZ 

The whole conversation around crypto also touched on Trump’s semi-controversial pardon of Binance founder Changpeng Zhao, known as CZ. 

U.S. prosecutors accused Binance of allowing illicit transactions with sanctioned entities and failing to implement proper anti-money-laundering controls. CZ pleaded guilty, stepped down as CEO, and paid a personal fine of $50 million.

On October 23, President Donald Trump granted a full pardon to Zhao following months of lobbying by Zhao and allies, who argued his prosecution was politically motivated, and comes amid his efforts to explore partnerships with Trump family crypto ventures. 

White House press secretary Karoline Leavitt framed the move as ending the “Biden Administration’s war on crypto.” The decision cleared Zhao’s record and could reshape U.S. policy toward cryptocurrency.

Trump defended the pardon in his 60 Minutes interview, framing it as a corrective action against what he described as political bias from the Biden administration. 

“I know nothing about the guy, other than I hear he was a victim of weaponization by government… It’s a corrupt government,” Trump said, emphasizing that his decision was guided by his belief in protecting U.S. crypto leadership rather than personal connections or political gain.

This post Trump Doubles Down on Crypto Leadership, Defends CZ Pardon on 60 Minutes first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Tom Lee Says Bitcoin Can Still Reach $150K–$200K by Year’s End, Despite October’s “Mini Tsunami”

Fundstrat’s Tom Lee remains confident that Bitcoin could still finish 2025 with a massive rally — despite the turbulence that has rocked crypto markets since mid-October.

Speaking on CNBC, the Fundstrat Global Advisors head of research said he believes Bitcoin can reach between $150,000 and $200,000 by the end of the year, even after what he described as one of the largest liquidation events in crypto history.

“If I look at everything since October 10th — because that was the biggest liquidation in the history of crypto, bigger than FTX, a margin call tsunami — we’re only a couple weeks from that,” Lee said.

For context, on October 10, President Trump announced sweeping 100% tariffs on Chinese goods and new export controls in response to China’s aggressive rare-earth restrictions. His remarks triggered a sharp sell-off across global markets and crypto assets. 

Bitcoin plunged from around $117,000 to below $108,000 before rebounding to the $113,000 range amid extreme volatility. Since then, Bitcoin and the broader crypto market has bled to lows of $104,000 before settling at $107,000 currently. 

“I think the market is consolidating. But if I look at fundamentals, like Ethereum and stablecoin volumes exploding and application revenues at all-time highs, right now fundamentals are leading the price in crypto,” Lee said. 

Lee said the recent weakness may just be a pause before another rally, with solid fundamentals quietly setting up a year-end surge.

“Eventually we consolidate and then we rally into year end — $150,000 to $200,000 for Bitcoin, and something like $7,000 for Ethereum,” he added.

JUST IN: Fundstrat’s Tom Lee says #Bitcoin can still reach $150k—$200k by year's end. pic.twitter.com/zoYKy3NUWL

— Bitcoin Magazine (@BitcoinMagazine) November 3, 2025

A broad bullish outlook outside of Bitcoin 

Lee’s optimism isn’t limited to Bitcoin. 

In the same interview, he argued that U.S. equities remain in a strong position despite ongoing worries about China, the Federal Reserve, and a potential government shutdown.

“The market’s been up six months in a row now. Only six times since 1928 that’s happened,” Lee noted. “So if you look at November, it should be really strong. I think at least 200 points on the S&P — maybe even 250.”

He pointed to negative investor sentiment and underperforming fund managers as contrarian indicators for further upside. 

According to Lee, more than 80% of fund managers are lagging their benchmarks this year — creating potential for a “performance chase” as the year closes.

“Investors feel like it’s a bear market, but we’re up 17%. That kind of tells me there’s a big performance chase into the year-end,” he said.

“Strong years end strong”

Asked if he could still see Bitcoin surging above $150,000 given the recent weakness, Lee didn’t hesitate.

“Yeah, I think we can still get to $150,000–$200,000 for Bitcoin,” he said confidently, adding that Ethereum could follow toward $7,000.

For Lee, the setup into year-end mirrors what he’s seeing across broader risk assets: a market that’s been climbing a “wall of worry,” ready for another breakout once consolidation ends.

“Strong years end strong,” he reminded viewers.

This post Tom Lee Says Bitcoin Can Still Reach $150K–$200K by Year’s End, Despite October’s “Mini Tsunami” first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Price Rebounds to $109,000 After ‘Uptober’ Disappointment, Traders Eye November Bounce

Bitcoin price has rebounded slightly to $109,600 after yesterday’s dip to $106,000, ending what has been a tumultuous October for bitcoin.

Traders are now cautiously optimistic as the market transitions from the failed “Uptober” rally to the historically stronger month of November.

Yesterday, Bitcoin tumbled over 3% amid renewed risk-off sentiment sparked by Federal Reserve Chair Jerome Powell’s hawkish comments on future rate cuts and renewed U.S.–China trade tensions. 

The dip extended a week-long decline that began after the Fed delivered a modest 25 basis point cut but signaled uncertainty for December’s meeting.

Bitcoin price had a disappointing October

Bitcoin entered October with high hopes for “Uptober,” a seasonal trend historically associated with double-digit gains. 

Early in the month, Bitcoin briefly touched $125,000, only to give back much of those gains amid macroeconomic jitters and slow institutional activity. On October 10, the bitcoin price dropped sharply to the $108,000 range from $117,000 as the U.S.-China trade tensions and new tariffs triggered a market-wide sell-off. 

At its lowest, Bitcoin fell about 10% on that day and other cryptocurrencies dropped 20–40%, though it later rebounded to around $113,000 amid high volatility.

Strategy (MSTR), one of the largest Bitcoin accumulators, bought just 778 BTC in October — down 78% from September — bringing its total holdings to over 640,000 BTC.

JUST IN: #Bitcoin is about to enter into it's highest performing month on average

Bullish on November pic.twitter.com/GTDUSGIhQd

— Bitcoin Magazine (@BitcoinMagazine) October 31, 2025

Altcoins mirrored Bitcoin’s struggle this month. At times, Ethereum fell below $3,790, while Solana dipped under $187. Despite the weakness, Bitcoin dominance remains steady at roughly 57%, suggesting the market is consolidating rather than capitulating.

Bitcoin price rebound in ‘Moonvember?’

Looking ahead, traders are turning their attention to next month, November — sometimes nicknamed “Moonvember” — which historically follows strong October performances. 

Despite macroeconomic pressures, some analysts see potential for Bitcoin to retest all-time highs going into 2026, assuming stable Fed guidance, renewed inflows, and no new shocks.

That being said, bitcoin has traded in an unusually tight range between $106,000 and $123,000 for over four months, pushing volatility to record lows, a pattern that historically precedes major trending moves. 

If past fractals repeat, Bitcoin could see significant gains toward $170,000–$180,000 by and through  2026, though sideways trading may persist until macro catalysts like Fed rate cuts or capital rotation spur renewed volatility.

This post Bitcoin Price Rebounds to $109,000 After ‘Uptober’ Disappointment, Traders Eye November Bounce first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Steak ’n Shake Launches First-Ever Strategic Bitcoin Reserve

Steak ’n Shake is making history as the first major restaurant to establish a Strategic Bitcoin Reserve. 

All payments received in Bitcoin will now be added to their Strategic Bitcoin Reserve (SBR), marking a fun and major step into bitcoin adoption for the fast-food chain.

As part of the initiative, the company will donate 210 sats from every Bitcoin Meal sold to the Open Sats Initiative, Inc. over the next 12 months. 

Customers who purchase and register their Bitcoin Steakburger through the Fold App will also receive $5 in free Bitcoin, with instructions provided on their receipts.

The move comes on the heels of a strong quarter, with same-store sales up 15% — outpacing all competitors — highlighting the growing impact of cryptocurrency engagement on the restaurant’s bottom line.

JUST IN: Fast food giant Steak 'n Shake announces its created a Strategic #Bitcoin Reserve

They're also donating to open source bitcoin development pic.twitter.com/Mod3XDfMX8

— Bitcoin Magazine (@BitcoinMagazine) October 31, 2025

Steak ‘n Shake partners with Fold

Earlier today, the company and Fold Holdings launched a limited-time promotion at more than 1,200 Steak ’n Shake locations, letting customers earn $5 in bitcoin with their Bitcoin Meal or Bitcoin Steakburger.

Diners simply upload their receipt to bitcoinmealdeal.com, redeem a code through the Fold app, and instantly receive their reward. 

The promotion marks the first U.S. restaurant menu item tied to bitcoin rewards, with the Bitcoin logo even stamped on the burger bun as a nod to mainstream adoption. 

The campaign coincides with the 17th anniversary of the Bitcoin white paper and builds on Steak ’n Shake’s earlier adoption of Lightning Network payments. 

Fold, which holds roughly 1,500 BTC, continues expanding its bitcoin rewards ecosystem.

Bitcoin improving payment speed

At the Bitcoin 2025 Conference, Steak ‘n Shake executive Dan Edwards highlighted the company’s global adoption of Bitcoin payments via the Lightning Network. 

He noted that Bitcoin transactions immediately exceeded expectations, with one in every 500 global Bitcoin transactions occurring at Steak ‘n Shake on launch day

Edwards said that accepting Bitcoin reduced processing fees by 50%, benefiting both the company and customers. 

He stressed that the initiative was a genuine payment upgrade, not a marketing stunt, and reported that customer behavior had shifted positively since implementation. 

Steak ‘n Shake reported that customer behavior has already shifted. “We’ve seen a sustained spike since adding Bitcoin,” Edwards noted. 

Edwards also teased the company’s future plans, calling for more technical talent. “We’re not done. We’re investing in cyber chefs, autonomous drives, AI tech — and we need engineers to help us build it.” 

This post Steak ’n Shake Launches First-Ever Strategic Bitcoin Reserve first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Prenetics Spends $11 Million to Add 100 Bitcoin to Treasury

Prenetics Global Limited (NASDAQ: PRE) announced the purchase of 100 bitcoin at an average price of $109,594, expanding its total holdings to 378 BTC — valued at roughly $41 million. 

The move comes just days after the health sciences company completed a $44 million equity offering that was oversubscribed by strategic investors including Kraken, Exodus, GPTX by Jihan Wu, XtalPi, DL Holdings, and tennis champion Aryna Sabalenka.

“This 100 Bitcoin acquisition demonstrates our immediate execution on the strategic vision we outlined to investors,” said CEO Danny Yeung, highlighting Prenetics’ dual focus on scaling its wellness brand IM8 and building long-term value through bitcoin accumulation.

Following the acquisition and equity raise, Prenetics holds $127 million in total liquidity with no debt—$86 million in cash and $41 million in bitcoin. The company continues to purchase one bitcoin per day, supplementing that with opportunistic larger buys.

Yeung noted that IM8 has reached $100 million in annual recurring revenue in just 11 months, calling it the fastest growth in the supplement industry’s history. Prenetics aims to expand IM8 globally while strengthening its bitcoin treasury as a core balance sheet asset.

Prenetics as a Bitcoin treasury company

For context, Prenetics made headlines earlier this year by becoming the first healthcare firm to implement a Bitcoin treasury strategy. The company initially purchased $20 million worth of BTC, acquiring 187.42 coins at an average price of $106,712, with plans to allocate the majority of its $117 million balance sheet to Bitcoin.

Since then, Prenetics has executed a disciplined accumulation plan, purchasing roughly one bitcoin per day since August 1, 2025, and now holds about 275 BTC, valued at $31 million as of late October. 

The strategy is part of a broader effort to combine its fast-growing supplement brand, IM8 — which reached $100 million ARR in under a year — with long-term cryptocurrency holdings.

The company has also strengthened its leadership and advisory team, appointing former OKEx COO Andy Cheung to the board and engaging industry experts from Kraken and TOKEN2049. 

The firm’s dual focus on health supplements and Bitcoin accumulation underscores its ambition to reach $1 billion in annual revenue alongside $1 billion in Bitcoin holdings over the next five years, highlighting the growing intersection of healthcare and cryptocurrency innovation.

Back in 2024, former footballer David Beckham became a strategic investor in Prenetics and co-founded IM8, citing his focus on advanced consumer health products. 

Beckham also engaged with shareholder Professor Dennis Lo, learning about his pioneering prenatal testing work and early cancer detection focus, reinforcing the potential impact of Prenetics’ innovations on global health.

This post Prenetics Spends $11 Million to Add 100 Bitcoin to Treasury first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Steak ’n Shake Partners With Fold to Launch $5 Bitcoin Burger Reward

Fold Holdings (NASDAQ: FLD), the bitcoin rewards company known for letting users earn sats on everyday purchases, has teamed up with iconic fast-food chain Steak ’n Shake for a limited-time promotion that lets customers earn $5 in bitcoin with their meal.

Starting today, Steak ’n Shake diners who order a Bitcoin Meal or Bitcoin Steakburger at one of the 1,200+ participating Steak ’n Shake locations can visit bitcoinmealdeal.com, upload their receipt, and receive a code redeemable for $5 in bitcoin through the Fold app. 

Once the Fold app is downloaded and activated, the reward is instantly credited. The partnership marks the first time a U.S. restaurant chain has paired a menu item with bitcoin rewards, blending food, finance, and pop culture in a single bite.

Even the bun carries a message: it’s stamped with a Bitcoin logo, a subtle but unmistakable symbol of how far the orange coin has traveled into mainstream consciousness.

“Bitcoin goes mainstream when it starts showing up in everyday life,” said Fold Chairman and CEO Will Reeves in a note to Bitcoin Magazine. “That’s been our vision from the beginning, and our promotion with Steak ’n Shake is the next step in that journey. For many people, this will be the first time they ever own bitcoin — and it’ll come from something as ordinary as grabbing a burger.”

Steak ‘n Shake loves bitcoin

For Steak ’n Shake, the partnership deepens its ongoing relationship with the Bitcoin community. 

Earlier this year, the 90-year-old chain rolled out Lightning Network payments across all U.S. locations, allowing customers to pay for meals using bitcoin with instant, low-fee transactions. 

The company even sparked headlines when it publicly scrapped plans to accept Ethereum, declaring its “allegiance” to Bitcoiners.

Now, it’s taking that loyalty a step further.

“Steak ’n Shake has never been afraid to take a bold position, and putting bitcoin on the menu is the latest example,” said Sardar Biglari, CEO of Steak ’n Shake. “Bitcoin is rewriting the rules of culture and commerce, and we want our guests to be part of that future every time they sit down for a meal.”

Fold, which went public earlier this year through a SPAC merger, currently holds roughly 1,500 BTC in its corporate treasury — valued near $160 million — and maintains a market cap just under $200 million. 

The company recently launched a bitcoin rewards Visa card powered by Stripe and continues to expand its product suite bridging traditional finance and Bitcoin-native tools.

The campaign — launching today, a date that coincidentally marks the 17th anniversary of the Bitcoin white paper — runs nationwide while supplies last. For both companies, it’s a symbolic nod to Bitcoin’s evolution from white paper to burger wrapper.

This post Steak ’n Shake Partners With Fold to Launch $5 Bitcoin Burger Reward first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Michael Saylor’s Strategy (MSTR) Reports $2.8B Q3 Net Income, Bitcoin Gains Soar

Michael Saylor’s Strategy (NASDAQ: MSTR) released its third-quarter earnings after market close on Oct. 30, posting net income of $2.8 billion. 

Diluted earnings per share (EPS) came in at $8.42, surpassing analyst expectations of $8.15. As of Oct. 26, 2025, Strategy held 640,808 BTC, acquired for a total of $47.44 billion at an average price of $74,032 per coin. 

The company reported a year-to-date Bitcoin yield of 26%, generating $12.9 billion in gains amid the ongoing 2025 crypto bull market.

Looking forward, Strategy projects full-year 2025 operating income of $34 billion and net income of $24 billion, or $80 per share — highlighting its transformation from a business intelligence firm into a de facto corporate Bitcoin investment vehicle.

Total revenues for Q3 reached $128.7 million, up 10.9% year-over-year and above the $118.43 million analysts had forecast.

The firm’s Bitcoin holdings have already produced gains of 116,555 BTC in 2025, translating to $12.9 billion in dollar terms based on an average BTC price of roughly $110,600 as of Oct. 24, nearing its full-year target of $20 billion.

Michael Saylor is the epitome of a bitcoin bull

Michael Saylor said recently at Money 20/20, “By the time the bankers tell you it’s a good idea, it’ll cost $10 million per Bitcoin.” He added that Bitcoin is currently at a “99% discount.”

NEW: Michael Saylor says, “By the time the bankers tell you it’s a good idea, it’ll cost $10 million per Bitcoin.”

It’s at a “99% discount” right now. pic.twitter.com/qaH4pF9xVj

— Bitcoin Magazine (@BitcoinMagazine) October 30, 2025

And Saylor’s public discourse towards bitcoin backs this belief up. Saylor reiterated his bullish outlook on Bitcoin, projecting $150,000 by the end of 2025 and up to $1 million within four to eight years.

He cited growing institutional adoption, driven by industry shifts, new investment products, and Strategy’s recent B-minus credit rating, as key catalysts. 

Saylor highlighted Strategy’s digital credit instruments offering 8–12.5% yields, tax-efficient returns, and tailored risk profiles. He noted increasing acceptance of Bitcoin by major U.S. banks and praised supportive regulatory policies. 

Strategy with a trillion-dollar Bitcoin balance sheet

In a recent interview with Bitcoin Magazine, Michael Saylor outlined his ambitious vision for Strategy: building a trillion-dollar Bitcoin balance sheet to transform global finance. 

Saylor sees his firm — and potentially other Bitcoin treasury companies — accumulating massive Bitcoin holdings, leveraging the cryptocurrency’s historical 21% annual appreciation to supercharge capital growth.

Central to his plan is the creation of Bitcoin-backed credit markets offering yields significantly higher than traditional fiat debt. By over-collateralizing capital, Saylor argues the system could be safer than AAA corporate debt while providing healthier returns for investors. 

This approach, he suggests, could revitalize credit markets worldwide, offering alternatives to low-yield bonds that dominate Europe and Japan.

Saylor also envisions Bitcoin becoming embedded across corporate, banking, and sovereign balance sheets, gradually turning traditional equity indexes into indirect Bitcoin vehicles. 

This integration could boost public companies, redefine savings accounts and money market funds, and allow tech giants like Apple and Google to bring hundreds of millions into the digital economy.

Those interested in learning more about Strategy’s earnings report can watch in full detail here.

This post Michael Saylor’s Strategy (MSTR) Reports $2.8B Q3 Net Income, Bitcoin Gains Soar first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Coinbase Beats Q3 Estimates With $1.9B Revenue, Buys $300M in Bitcoin

Coinbase reported stronger-than-expected third-quarter earnings Thursday, posting $1.9 billion in revenue — up 26% from the previous quarter — as renewed crypto market momentum boosted both trading and stablecoin income. 

The San Francisco-based exchange notched $433 million in net profit, or $1.50 per share, surpassing Wall Street expectations of $1.10 per share on $1.8 billion in revenue.

Despite a sequential decline from its record $1.4 billion profit in Q2, Coinbase attributed the drop primarily to non-cash mark-to-market adjustments related to its holdings in Circle and its crypto portfolio. 

Shares of Coinbase Global (COIN) jumped more than 4% in after-hours trading to $341 following the results. 

JUST IN: Coinbase announced it purchased $299 million #Bitcoin in Q3, 2025 pic.twitter.com/7axMBTxFw0

— Bitcoin Magazine (@BitcoinMagazine) October 30, 2025

The stock is up roughly 33% year-to-date after peaking above $440 in July.

Coinbase also bought almost $300 million in BTC in Q3. CEO Brian Armstrong confirmed via an X post that remains bullish on bitcoin, stating, “Coinbase is long Bitcoin. Our holding increased by 2,772 BTC in Q3. And we keep buying more.”

Coinbase trading activity surges due to crypto rally

The results came as Bitcoin hit fresh all-time highs during the quarter, fueling renewed retail and institutional activity after a quieter Q2 marked by macro headwinds. 

Coinbase reported $1.0 billion in transaction revenue, up 37% from the prior quarter and 83% from a year earlier, on trading volumes of $295 billion.

Institutional volume rose 22% sequentially to $236 billion, driven in part by the August acquisition of Deribit, the world’s largest crypto options exchange. 

Deribit contributed $52 million in revenue during Q3 as Coinbase expanded its derivatives business to include 24/7 perpetual futures trading in the U.S.

Retail activity also rebounded, with consumer trading volume climbing 37% to $59 billion. Coinbase said new listings and decentralized exchange (DEX) integrations helped boost activity among “advanced traders” the company said, while the company’s platform now supports trading for roughly 90% of all crypto assets by market capitalization.

Subscription and services strengthen

Coinbase continues to diversify beyond trading fees, with subscriptions and services revenue climbing 14% to $747 million. 

Stablecoin revenue — largely derived from its role in distributing and managing Circle’s USDC — rose to $355 million, a 43% increase year-over-year. Average USDC balances held in Coinbase products reached a record $15 billion, supported by rising market capitalization and new institutional reward programs.

Blockchain rewards, including staking income, grew 28% quarter-over-quarter to $185 million, aided by surging prices for Ethereum and Solana. 

Meanwhile, custodial fees and interest income both hit new highs as total assets on the platform reached $516 billion.

Building toward the “Everything Exchange”

Coinbase said it is progressing toward its vision of an “Everything Exchange” — a platform uniting spot, derivatives, and onchain services under one roof. 

The exchange also highlighted ongoing development of Base, its Ethereum layer-2 network, which has become the leading L2 for stablecoin adoption with $4.6 billion in dollar-pegged assets.

CEO Brian Armstrong said Coinbase is scaling payments by ‘advancing stablecoin adoption’ and building the foundation of the future financial system.

This post Coinbase Beats Q3 Estimates With $1.9B Revenue, Buys $300M in Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Price Crashes Down to $106,000 As Red Week Continues

Bitcoin price continued its slide through much of Thursday, dipping to as low as $106,290 as traders digested a wave of macro uncertainty — from Federal Reserve Chair Jerome Powell’s cautious tone on future rate cuts to renewed volatility following U.S.–China trade talks.

The bitcoin price fell over 3% in early trading before stabilizing slightly above $107,000. The drop extends a multi-day long decline that began after the Federal Reserve delivered a widely expected 25 basis point rate cut but signaled that December’s meeting may not bring another.

Powell’s remarks at the post-meeting press conference struck a notably hawkish tone. While acknowledging progress toward the Fed’s 2% inflation goal, he emphasized that the committee had “strongly differing views” and that no decision had been made about a December cut. 

Traders quickly scaled back expectations — with futures now pricing roughly a 60% chance of another reduction, down from nearly full certainty just a day earlier.

“Powell’s comments created a bit of risk-off sentiment,” said Charlie Sherry, head of finance at BTC Markets, according to Bloomberg. “Add in the Trump–Xi meeting stirring markets today, and, unsurprisingly, you get some volatility. Some technology stocks are rallying, but crypto hasn’t followed — which shows some relative weakness and hesitation in digital assets right now.”

Treasury yields and the U.S. dollar climbed following Powell’s remarks, while risk assets broadly sold off. The two-year Treasury yield jumped nearly 10 basis points as traders reassessed the Fed’s trajectory.

Meanwhile, market attention also turned to Seoul, where U.S. President Donald Trump met with Chinese President Xi Jinping. Trump described the talks as “amazing” and announced a deal to halve tariffs on fentanyl-related goods, claiming the two sides were “pretty close” to a broader trade agreement involving rare earth materials and agricultural purchases.

While such developments have little direct impact on Bitcoin, risk sentiment tends to spill across markets — and Thursday’s pullback in equities appeared to drag digital assets with it.

SpaceX moves $471 million in Bitcoin

Amid the macro jitters, on-chain analysts also flagged large Bitcoin movements linked to Elon Musk’s SpaceX. Data from Arkham Intelligence shows the company moved 281 BTC (worth roughly $31 million) late on October 29 — its fifth transfer this month, totaling 4,337 BTC (about $472 million).

The transfers were routed through Coinbase Prime, suggesting institutional custody activity rather than market sales. Some believe SpaceX may be reorganizing its wallets from older Bitcoin address formats (“1”-prefix legacy types) to newer Taproot and SegWit formats.

Musk first confirmed SpaceX’s Bitcoin holdings in 2021, though the firm reportedly reduced its stack by about 70% during the 2022 market crash. 

As of this month, Arkham tracks roughly 7,258 BTC (about $799 million) still linked to SpaceX addresses, though that figure could rise as recent transfers are reclassified.

Tesla, meanwhile, retains 11,509 BTC, worth about $1.3 billion, according to the same data.

Bitcoin price is waiting for clarity

With U.S. monetary policy in flux, trade negotiations uncertain, and major corporate holders quietly reshuffling coins, Bitcoin’s latest move reflects a broader narrative: investors waiting for direction.

The next major catalyst may arrive in December — either from a Fed rate cut or from markets losing faith that one is coming. Until then, Bitcoin remains in a holding pattern between macro optimism and monetary restraint.

This post Bitcoin Price Crashes Down to $106,000 As Red Week Continues first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Lolli Acquires Slice to Expand Bitcoin Rewards Across Browsing and Shopping

Bitcoin rewards platform Lolli, now a part of the Bitcoin-focused venture studio Thesis*, has acquired Slice, a browser extension that allows users to earn Bitcoin through passive browsing. 

The acquisition merges two complementary approaches to earning Bitcoin — shopping and passive browsing — into a single platform, simplifying the user experience and broadening opportunities to “stack sats” across everyday online activity.

Founded in 2018, Lolli empowers users to earn free Bitcoin on purchases at over 50,000 top retailers and through 1,000+ mobile games. The platform has helped more than 600,000 users accumulate Bitcoin through intuitive, everyday experiences, according to a company release. 

With the addition of Slice, Lolli now extends rewards to users’ web browsing, streaming, and online scrolling habits, creating a unified ecosystem where earning Bitcoin is seamless.

Slice, a browser extension designed to reward users for passive online activity, brings Lightning Network support for withdrawals built into its platform. 

Quicker withdrawals via Layer 2s 

This integration accelerates Lolli’s adoption of the Layer 2 network, allowing faster, cheaper, and smaller Bitcoin withdrawals—an improvement that directly addresses user concerns about withdrawal friction and high minimums. 

“Lightning makes small withdrawals economically viable in a way Layer-1 transactions never could,” the Lolli team said.

The merger also signals Thesis*’s continued focus on consolidating the Bitcoin rewards space. Thesis*, founded in 2014, is a pioneering venture studio dedicated to building Bitcoin-first solutions that empower individuals and communities. 

Its portfolio includes Fold, Mezo, tBTC, Acre, and Taho. The acquisition of Slice marks Thesis*’s second major move in the Bitcoin rewards sector, following Lolli’s earlier integration, and reflects the company’s strategy to unify a previously fragmented market.

Matt Luongo, Founder and CEO of Thesis*, noted the strategic importance of the acquisition: “Together, Slice and Lolli will make it easier than ever for newly minted Bitcoiners to stack sats. Users already earning on Lolli will now be able to double down on their rewards potential simply by browsing online.” 

Luongo also noted that Thesis* is systematically rebuilding Lolli’s app and infrastructure, starting with Layer 2 and sidechain integrations, and plans to expand onchain withdrawal options in the future.

From a user perspective, the acquisition ensures continuity: current Lolli users maintain their existing accounts and rewards, while Slice users continue earning Bitcoin through passive browsing. 

Over time, the combined platform will integrate withdrawals through Mezo, Thesis*’s Bitcoin sidechain, and expand merchant partnerships to create a truly global Bitcoin rewards ecosystem.

As the Bitcoin rewards sector continues to grow, this acquisition underscores the broader trend of consolidation and product integration. 

This post Lolli Acquires Slice to Expand Bitcoin Rewards Across Browsing and Shopping first appeared on Bitcoin Magazine and is written by Micah Zimmerman.