Crypto World
Bitcoin Whale Accumulation Hits Highest Level Since 2024 Amid BTC Price Weakness
Whale-driven activity on Binance surged to nearly 0.65 in January.
There has been a structural change among Bitcoin (BTC) whales holding between 1,000 and 10,000 BTC.
This cohort of whales’ accumulation pace has increased significantly, climbing to its strongest level since 2024 and pointing to a major change in long-term positioning.
Large Bitcoin Holders Step In
Recent readings shared by CryptoQuant analysts reveal an increase in the pace at which these entities are adding to their holdings compared with prior periods. As a result, total whale-controlled Bitcoin has climbed to approximately 3.204 million BTC. This indicates a renewed return of long-term interest from this cohort.
At the same time, whale activity metrics on the Binance exchange show a considerable rise in the share of trading activity attributed to large holders, as the indicator reached nearly 0.65 in January, which is its highest level since November. This pattern is typically associated with active position management, where whales deploy part of their liquidity to hedge volatility, rotate capital between instruments, or open and close derivative positions while maintaining core long-term holdings.
Flow data further supports this trend. Over the past 30 days, whale balances increased by around 152,000 BTC, in what appears to be a strong acceleration in net accumulation, indicating that the current buildup extends beyond a short-term move.
On a shorter horizon, the 7-day change also remained positive at nearly 30,000 BTC, which means that accumulation momentum is intact across multiple timeframes. As such, the on-chain balance data and exchange-level activity suggest that the world’s largest crypto asset is entering a phase of structural consolidation led by large holders rather than speculative excess.
Bitcoin FUD Surges
The latest accumulation trend unfolded against the backdrop of massive market stress, as Bitcoin fell over 6% on January 30, which triggered renewed downside volatility.
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As a result, negative commentary toward Bitcoin on social media surged to the highest level seen this year. Santiment found that traders were expressing fear, uncertainty, and doubt after the crypto asset fell to below $82,000, its lowest price since November 21. According to the analytics platform, periods of extreme fear have historically pointed to market capitulation being close.
Capitulation is often followed by retail investors selling their holdings, after which smart money typically accumulates coins. This process has previously led to higher prices over time. Santiment added that near-term conditions may remain volatile, as recent pullbacks in equities, gold, and silver are also impacting crypto markets.
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US President Donald Trump has taken a shot at banks for stalling the crypto market structure bill from advancing in the Senate over stablecoin yield payments.
“The Genius Act is being threatened and undermined by the Banks, and that is unacceptable — We are not going to allow it,” Trump posted on his Truth Social platform on Tuesday, mentioning the GENIUS Act that Congress passed in July to regulate stablecoins. He added:
“The U.S. needs to get Market Structure done, ASAP. The Banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda that will end up going to China, and other Countries if we don’t get The Clarity Act taken care of.”
Trump has touted the GENIUS Act as his crowning achievement to attract crypto companies to the US. The law gives stablecoin issuers a path to regulation, but bans them from directly offering yield payments to holders.
However, third-party platforms such as crypto exchanges can still offer yield to users who hold stablecoins.
Banking groups have argued that it is a legal loophole and are pushing for the Senate’s crypto market structure bill to include a ban on all stablecoin yield payments. The House passed its version of the bill, called the CLARITY Act, in July.
“The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage. They need to make a good deal with the Crypto Industry because that’s what’s in best interest of the American People,” Trump said.
Crypto executives and lobbyists have resisted the banks’ efforts to include a ban on stablecoin yield payments in the bill, with major lobbyist Coinbase pulling its support for the legislation in January over the issue.
The legislation has since been sd as th,e Senate Banking Committee postponed a markup on the bill after Coinbase withdrew support in January, and as yet to set a date to review the leitking groups have said that stablecoin yield payments would see momove move fank accounts to staintoecoins and risk the stability of the banking system.
Related: What’s at stake for crypto as 3 US states kick off party primaries?
Crypto and banking groups have had three meetings at the White House this year to agree on language that could move the bill forward, but no deal has been reached yet.
Trump is pushing to have the bill passed as a policy win to take to the midterms in November, where crypto lobbying groups have raised more than $200 million to back those supportive of the industry.
Hill says Senate should consider passing House bill
Representative French Hill, a senior Republican and chair of the House Financial Services Committee, said at an event on Tuesday that the Senate should consider passing the House’s version of the crypto bill if it can’t move forward with its own.
Hill said the House’s CLARITY Act had “reasserted the language in [the GENIUS Act] on a bicameral, bipartisan basis, that stablecoins were a payment device on a blockchain and not an investment device, that they would not pay interest, per se.”
“If the Senate can’t come to a straightforward conclusion here, I recommend they use the language that we have in the House-passed Clarity Act with 78 Democratic votes on it, and use that as the solution,” he said.
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Bitcoin has now dropped from the $70,000 level three times since the Feb. 5 crash as Wednesday’s Asian session found the market back at $67,600 after another failed attempt earlier in the week.
BTC was trading at $67,612 as of Asian morning hours on Wednesday, down 0.7% over the past 24 hours but up 3.4% on the week as the post-strike recovery held. Ether slipped 2.2% to $1,957, giving back some of its bounce but still up 2.6% on a seven-day basis. BNB was the quiet outperformer, up 5.2% on the week at $629.
The damage was concentrated further down the board. Dogecoin fell 2.9% in 24 hours and is down 3.9% on the week. Cardano dropped 4.2% on the day and 3.5% over seven days. Solana lost 0.8% to $85.16 and remains the worst-performing major on a weekly basis at -4.2%, still carrying the weight of Saturday’s sell-off. XRP held relatively flat, down 1.3% to $1.35 with a modest 1.5% weekly gain.
The pattern across the board is the same. Most majors recovered from the weekend lows but couldn’t hold Tuesday’s highs, leaving the market in a holding pattern while it waits for clarity on the Iran situation and Monday’s traditional market reaction to settle.
“BTC bouncing back to $70K looks like a classic shock, flush, rebuild move. A lot of the weekend selling was forced, and liquidity was thin, so the rebound can be fast once pressure lifts,” said Wojciech Kaszycki, CSO of BTCS SA, said in an email. “After BTC’s move back above $70K, the real signal isn’t the price spike. It’s whether ETF inflows stay steady this week.”
FxPro chief analyst Alex Kuptsikevich noted that Tuesday’s rejection “forces us to consider a decline to $63K as a working scenario” if the upper boundary continues to hold.
The macro backdrop isn’t helping. Asian equities sold off hard Wednesday, with South Korean stocks posting their biggest two-day decline since 2008 as the Iran conflict continued to rattle investors.
Tech stocks across the MSCI Asia Pacific index fell 4%, dragging Japan, Taiwan, and South Korea lower. The Indian rupee dropped to a record low on the oil price hit. Gold climbed higher, pulling silver with it for the first time this week.
Oil remains the key variable. Brent jumped again Wednesday despite the U.S. announcing plans to escort tankers through the Strait of Hormuz, which has been effectively closed since the weekend strikes.
Meanwhile, U.S president Donald Trump floated an insurance scheme for oil tankers but provided no details. The longer the strait stays disrupted, the more energy prices feed into inflation expectations, which pushes rate cuts further out, which tightens the liquidity environment that drives risk assets.
“We think that Bitcoin is an emerging reserve asset,” said Gracy Chen, CEO at Bitget. “Many people simply cannot fully accept this yet because it is easier to invest into gold, which has existed for many years, than into Bitcoin, which is still young and risky.”
Chen pointed to the broader disappointment in crypto markets following earlier crashes, noting that “the current decline in Bitcoin is largely driven by this disappointment, especially against the backdrop of rising equities, gold, silver, and stock indices reaching new highs.”
Australia could unlock 24 billion Australian dollars ($17 billion) annually from advances in tokenized markets and digital assets, but only if lawmakers start moving forward with regulation, according to a new report from a local fintech research group.
In a report titled “Unlocking Australia’s $24b Digital Finance Opportunity,” which was published on Monday, the Digital Finance Cooperative Research Centre (DFCRC) said regulatory uncertainty, coordination challenges and limited pathways for pilot projects to grow are the biggest constraints facing the industry.
One way to address the shortcomings would be to establish a sandbox for testing new technology, such as tokenized financial market use cases, said the DFCRC. This would lead to ongoing collaboration between regulators and industry participants and improve licensing frameworks, it said.
The research group also suggested deploying tokenized government bonds and a wholesale central bank digital currency (CBDC) in the sandbox to underpin the development of tokenized markets, collateralized lending, and related financial services.
The DFCRC report was jointly produced with the Digital Economy Council of Australia and was financed by crypto exchange OKX.
Better markets, payments and assets are the key
DFCRC estimates that billions could be generated annually from markets with broader investor access, deeper liquidity and higher market participation, creating additional gains from trade.
At the same time, tokenized money, such as stablecoins and CBDCs, could streamline cross-border and domestic transactions, creating gains by reducing reliance on correspondent banks, which charge high fees.
Tokenization will create assets with increased transparency, usability, and flexibility, which could also increase their utility and make them directly “usable within automated trading, lending, and collateral-management systems,” according to the report.
“Nearly half of the asset-related economic gains arise from enabling collateralized lending, repo, and invoice financing markets on tokenized rails, where smart contracts automate collateral management, margining, and settlement,” the report states.
Without better regulation, the $17 billion is off the table
Kate Cooper, the CEO of crypto exchange OKX, said that without better regulation, the estimated economic gains will be much smaller over the next few years.
Related: Australian crypto execs upbeat on progress despite lingering issues
On the current trajectory, and without substantial industry-wide changes, DFCRC estimates that Australia will secure only 1 billion Australian dollars ($710 million) in economic gains from crypto by 2030.
“Long-term economic benefits will only be realised through clear regulatory frameworks and infrastructure built to institutional standards. That is how Australia strengthens trust, attracts capital and secures its place in the next era of global finance,” Cooper added.
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Bitwise chief investment officer Matt Hougan says he’s drastically cut his estimates of when “on-chain finance” will take off after seeing investors pile into crypto platforms such as Hyperliquid to trade tokenized assets amid the US-Israel attack on Iran.
In a post on Tuesday titled “The weekend that changed finance,” Hougan said crypto perps futures platform Hyperliquid became the epicenter for trading real-world assets like crude oil and tokenized gold while the US, European and Asian stock exchanges were closed at the time of the first attack on Saturday at about 3:30 am UTC.
“For most of Sunday, onchain finance was the center of the financial world,” he said, adding that he previously expected traditional markets to take five to 10 years to move onchain but now sees that shift happening much sooner.
“This weekend proved me wrong. Now I’m convinced it’s going to happen much faster than that,” Hougan said, adding that blockchain’s 24/7 trading rails make “stock exchanges and T+1 settlement look archaic.”
Hougan said much of the weekend RWA trading activity took place on Hyperliquid, which saw over $11.5 billion in trading volume across Saturday and Sunday.
“When Bloomberg wanted to write about how crude oil responded to the bombing, it cited the Hyperliquid crude oil contract as the most relevant price,” Hougan said.
Tether’s tokenized gold product, Tether Gold (XAUt), also saw its 24-hour trading volume spike to over $300 million, while prediction markets volumes on Kalshi and Polymarket also rose, he noted.
NYSE is building a 24/7 tokenization platform
In January, the New York Stock Exchange and its parent, the Intercontinental Exchange, said it would enable 24/7 trading and instant settlement of stocks and exchange-traded funds with a blockchain post-trade system, including multi-chain support and custody features.
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However, no timeline was provided for the platform’s launch, nor were details shared about which blockchain it would be built on or whether it would operate in a permissionless or permissioned environment.
For now, Hougan said hedge funds, banks and other investors who want to “trade competitively” have no other choice but to set up a stablecoin wallet and learn how to trade on crypto perps platforms like Hyperliquid.
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The program allows fintech firms and wallet providers to offer cards that let users spend stablecoin balances at any of Visa’s 175 million merchants worldwide.
Visa and Bridge, the stablecoin infrastructure platform now owned by Stripe, announced a major expansion of their collaboration that will bring stablecoin-linked Visa cards to more than 100 countries across Europe, Asia Pacific, Africa and the Middle East by the end of 2026, according to an announcement posted on the Visa website today.
The program, which is already live in 18 countries, allows fintech firms and wallet providers to offer cards that let users spend stablecoin balances at any of Visa’s 175 million merchant locations worldwide, the announcement said.
Onchain Settlement
Under the expanded partnership, Bridge’s stablecoin-funded cards will leverage Visa’s payments network while settlement can occur on-chain through a pilot involving Lead Bank, a participating issuer in Visa’s stablecoin settlement initiative. Lead Bank settles Visa’s stablecoin transactions on the Solana blockchain as part of Visa’s stablecoin settlement pilot.
The pilot is evaluating whether settling card transactions with stablecoins can increase operational efficiency, improve reconciliation and give issuers more flexibility in how value moves across payment networks.
“Visa is committed to meeting businesses where they operate, and increasingly, that’s onchain,” said Cuy Sheffield, Visa’s Head of Crypto.
Crypto Rails for Payments
Sheffield described the expanded Bridge collaboration as a step toward integrating blockchain-native currency settlement into the broader payments ecosystem while maintaining the convenience and ubiquity of Visa’s network.
Stripe’s acquisition of Bridge in 2025 underpins much of the technical infrastructure for the offering, enabling developers and fintech platforms to issue stablecoin-backed Visa cards through a single API.
Popular digital wallet providers such as Phantom and MetaMask are already using the solution, giving millions of users the ability to spend stablecoins for everyday purchases, the announcement said.
Custom Stablecoins
Bridge’s co-founder Zach Abrams said the expansion will help businesses launching custom stablecoins integrate them seamlessly into card programs, an approach he described as part of a multi-year effort to help firms “own their own financial stack.”
The announcement comes days after MoonPay and M0 launched PYUSDx, a platform designed to simplify the creation and management of application-specific stablecoins. PYUSDx leverages PYUSD, the stablecoin developed by PayPal and issued by Paxos Trust Company.
Industry analysts see the rollout as emblematic of how traditional payments firms and crypto infrastructure providers are increasingly working together. Stablecoin-linked cards have grown rapidly as a bridge between digital assets and real-world spending, offering a way for stablecoins to be used at scale without requiring direct merchant acceptance of blockchain payments.
Visa’s move also aligns with broader experimentation in the payments industry around stablecoins and blockchain settlement, as regulatory frameworks such as the GENIUS Act in the U.S. establish clearer rules for stablecoin issuance and use.
Ripple is no longer just moving money. It wants to be the entire pipe.
The company shared with CoinDesk on Wednesday a press release that outlines a major expansion of Ripple Payments which turns the platform into a full-stack infrastructure layer for fiat and stablecoin money movement.
Businesses can now collect, hold, exchange, and pay out in both traditional currencies and stablecoins through a single provider, rather than stitching together separate vendors for custody, collections, conversion, and settlement.
The new capabilities come from two recent acquisitions. Palisade, which handles custody and treasury automation, powers the managed custody layer that lets businesses provision wallets at scale and sweep funds into operational accounts.
Rail, a virtual accounts and collections platform, enables businesses to accept fiat and stablecoin pay-ins through named virtual accounts with automated conversion and settlement.
The result is that a fintech doing cross-border payouts no longer needs one provider for custody, another for foreign exchange, a third for stablecoin liquidity, and a fourth for local payout rails. Ripple is consolidating all of that into one platform with one integration.
“For the global financial system to evolve, fintechs and financial institutions need infrastructure that treats digital assets with the same rigor as traditional finance,” said Monica Long, president at Ripple, said in a prepared statement. “Ripple has built the blueprint for blockchain-based enterprise solutions designed to operate at global scale for regulated finance.”
Meanwhile, Ripple said the platform has now processed more than $100 billion in total volume. That milestone lands against a broader backdrop of stablecoin adoption accelerating across the financial system, with global annual transaction volumes reaching $33 trillion last year and stablecoins now accounting for 30% of all onchain transaction volume.
The expansion comes at an interesting time for Ripple specifically.
XRP has been under pressure, down roughly 5% over the past week, according to CoinDesk market data, amid the broader market sell-off driven by the U.S.-Iran conflict.
But the payments business operates largely independently of the token’s price, and the institutional adoption trajectory suggests Ripple’s enterprise strategy is gaining traction regardless of what the spot market does.
A Bitcoin Policy Institute study delves into how artificial intelligence models choose among money forms in a variety of hypothetical scenarios, revealing a strong inclination toward Bitcoin and digital money over fiat in most cases. The research tested 36 models across six providers and generated more than 9,000 responses across a spectrum of monetary tasks, from long-term value preservation to everyday payments. The findings show Bitcoin outpacing stablecoins in many contexts, while stablecoins regain sway in transactional use cases like micropayments and cross-border transfers. The study’s authors emphasize that the results reflect training data patterns and framing rather than widespread real-world adoption, but they nonetheless offer a unique lens on how AI interprets money in a digital era, with results released via MoneyForAI.org.
Key takeaways
- 36 AI models across six providers produced 9,072 responses to monetary scenarios; Bitcoin was selected in 48.3% of cases, the most-used instrument overall.
- When asked to preserve purchasing power over multi-year horizons, 79.1% of responses favored Bitcoin, the study’s most lopsided result.
- In payments, micropayments, and cross-border transfers, stablecoins were chosen 53.2% of the time versus 36% for Bitcoin, highlighting a transactional edge for stablecoins in certain contexts.
- Nearly 91% of responses preferred digitally native instruments (including Bitcoin or other digital assets) over fiat, with zero models rating fiat as their top choice.
- Model-provider differences emerged: Anthropic models averaged 68% BTC preference; OpenAI 26%; Google 43%; and xAI 39%, illustrating how training data shapes outputs rather than deterministic financial forecasting.
Tickers mentioned: $BTC
Market context: The study arrives amid ongoing experimentation with digital money in AI-assisted scenarios, underscoring how institutional and research communities are evaluating Bitcoin’s role as a borderless, programmable asset alongside stablecoins and other digital instruments.
What to watch next – The Bitcoin Policy Institute plans to broaden the model set and providers, test different prompt framings, and explore additional monetary scenarios to validate whether these preferences hold under varied conditions.
Why it matters
For users and investors, the findings offer a nuanced view of how AI systems—trained on vast data corpora—perceive money forms in a digital economy. The recurring tilt toward Bitcoin in long-horizon scenarios reinforces Bitcoin’s narrative as a non-sovereign store of value that can operate independently of any single country’s monetary policy. Yet the study also highlights practical reasons stablecoins remain appealing for transactions: near-instant settlement, compatibility with existing payment rails, and the ability to freeze or limit access in certain jurisdictions, which some participants see as a drawback for a universally accessible currency. The methodological caveats matter for interpretation: the results reflect synthetic prompts and model training data rather than current market adoption or consumer behavior.
From a development perspective, the research underscores how AI agents—when asked to optimize for efficiency or resilience in simulated economies—tend to converge on a small set of digital money forms. This convergence could inform the design of wallet interfaces, AI-driven financial planning tools, and cyber-physical systems that rely on digital value transfers. It also raises policy questions about the role of programmable money in cross-border ecosystems and how guardians of financial stability might respond to AI-generated preferences that favor digital currencies in abstract decision environments. In other words, the study is less about predicting the next price move and more about understanding how AI framing shapes perceptions of what “money” should look like in a digitized world.
The research also points to distinct differences across AI families. Anthropic models leaned most toward Bitcoin, while other providers displayed broader variance. These disparities remind readers that the results are contingent on the models’ training data and internal prompts rather than a universal forecast for asset demand. While some may interpret the Bitcoin bias as an endorsement of BTC in all contexts, the authors are careful to emphasize that the observed preferences do not translate directly into real-world adoption or policy outcomes. They describe the results as patterns emerging from the interplay between model design and the digital money landscape rather than a prescriptive verdict on fiat, stablecoins, or Bitcoin itself.
What to watch next
- Expanded model coverage: expect the BPI to include more AI models and more providers to test whether the BTC preference persists across the broader AI ecosystem.
- Framing sensitivity: researchers will experiment with alternative prompts to determine how wording and context influence outcomes.
- Broader scenarios: additional situations—such as storing earnings across multiple countries and complex settlement schemes—could further illuminate how AI perceives money in varied environments.
- Implications for tooling: developers building AI-assisted financial tools may use these insights to shape asset-selection features and risk disclosures in simulated environments.
Sources & verification
Bitcoin’s role in AI-driven monetary tests: what the study reveals
Bitcoin (CRYPTO: BTC) emerged as the leading instrument across the majority of prompts, appearing in 48.3% of the 9,072 responses generated by 36 models across six providers, according to the Bitcoin Policy Institute’s report released on MoneyForAI.org. The exercise probed a range of economic scenarios—from preserving purchasing power over years to everyday payments—testing how AI agents allocate value across money forms. The result is a strong tilt toward digital money, particularly Bitcoin, as the substrate for economic activity that can function across borders and regulatory regimes.
In long-horizon scenarios, the study found 79.1% of AI responses favored Bitcoin, marking the most pronounced bias in any tested category. This constellation of results suggests that, when asked to optimize for durability and sovereignty, AI agents consistently gravitate toward assets that retain value independently of any single country’s monetary policy. The digital-money axis appears to be the most favored frame for multi-year planning within the tested prompts, hinting at how future AI tools might simulate or advise on wealth preservation in a world where fiat policies are volatile or opaque.
Conversely, when the focus shifts to payments and transactions—whether micropayments or cross-border transfers—stablecoins win a higher share: 53.2% of responses favored stablecoins, while Bitcoin attracted 36%. The transactional efficiency and network familiarity of stablecoins explain their appeal in these contexts, where rapid settlement and compatibility with existing systems can matter as much as asset selection in a simulated environment. A prominent industry observer noted that stablecoins’ ability to be frozen is a double-edged sword: it provides control in certain regulatory settings but removes a layer of confidence for users seeking an uninterrupted transfer capability. Jeff Park, the chief investment officer at Bitwise, framed the context succinctly: the “most obvious explanation” for stablecoins’ relative performance in these scenarios is the ability to freeze, whereas Bitcoin cannot be frozen, offering a durable trust anchor in a digital suite of tools.
Across all responses, the AI agents favored digitally native instruments—Bitcoin, stablecoins, altcoins, tokenized real-world assets, or compute units—over fiat in roughly 91% of cases. The study’s authors emphasize that fiat relevance did not appear as a top overall choice in any of the 36 models tested. They caution readers that these results reflect patterns in training data and prompt design more than real-world adoption patterns. In other words, the study captures how AI systems interpret monetary constructs when asked to optimize for hypothetical outcomes, rather than a forecast of consumer behavior or regulatory impact.
The analysis also reveals notable differences among model families. Anthropic models averaged a Bitcoin preference of 68%, with OpenAI at 26%, Google at 43%, and xAI at 39%. These numbers illustrate how distinctive training corpora and prompt engineering shape outputs, reinforcing the study’s central caveat: responses are indicative of data patterns rather than prescriptive predictions about the future of money. The researchers acknowledge that the prompt framing used in several scenarios may have steered results toward certain instruments, and they plan to explore alternative framings in future work to measure sensitivity and robustness of the observed preferences. Aside from the methodological note, the study contributes to a growing discourse about how AI agents conceptualize money in a highly digitized financial landscape, where fiat, stablecoins, and digital assets coexist in a rapidly evolving ecosystem.
TLDR
- American Bitcoin purchased 11,298 ASIC miners to expand its bitcoin mining operations.
- The new equipment will increase the company’s total mining capacity by about 12%.
- The miners will add approximately 3.05 exahashes per second to the company’s hashrate.
- American Bitcoin will deploy the machines at its Drumheller site in Alberta in March 2026.
- The company’s total owned fleet will grow to 89,242 miners with 28.1 EH per second of capacity.
American Bitcoin confirmed the purchase of 11,298 ASIC miners to expand its bitcoin mining operations. The company said the new equipment will increase total capacity by about 12%. The machines will deploy at its Drumheller, Alberta, site in March 2026.
American Bitcoin Expands Fleet With 11,298 New Miners
American Bitcoin said the purchase will add about 3.05 exahashes per second of capacity. The miners will operate at an efficiency of 13.5 joules per terahash. As a result, the company’s total owned fleet will reach 89,242 units. The combined capacity will represent about 28.1 EH/s at an average efficiency of 16 J/TH.
The company stated that the equipment will arrive and be deployed in March 2026. Once installation finishes, the operational fleet will include 58,999 active miners. These machines will run at about 25 EH/s with an efficiency of 14.1 J/TH. Based on current network data, the added capacity equals about 0.3% of global hashrate. That share could produce about 42 bitcoin each month, or roughly 515 bitcoin each year.
Operational Strategy and Bitcoin Holdings
Eric Trump, co-founder and chief strategy officer, outlined the company’s focus. He said, “As bitcoin matures, the priority is clear: grow American-owned, professionally operated hashrate.” He added that this strategy will protect the network and support innovation in the United States.
Matt Prusak, president of American Bitcoin, described the firm’s mining approach. He said, “Every decision we make is oriented around maximizing Bitcoin accumulation.” The company reported that it mined bitcoin at a 53% discount to spot prices in the fourth quarter of 2025. During that period, bitcoin reached an all-time high above $126,000 in early October.
By year-end 2025, the firm reported revenue of $185.2 million. It posted a net loss of $153.2 million. The loss stemmed mainly from an unrealized $227.1 million loss on bitcoin holdings under fair value rules. The company closed the year with 5,401 bitcoin on its balance sheet.
American Bitcoin later reported holding 6,039 bitcoin valued at nearly $402 million. The company also posted a quarterly loss of $59.45 million. At recent prices near $68,000 per bitcoin, the projected annual output could generate about $35 million in gross revenue before costs.
Shares of American Bitcoin traded lower on Tuesday. The stock declined about 2.6% to $0.99 during trading. In later trading, the shares fell nearly 6% to below $0.96. Over the past month, the stock has dropped nearly 29%.
David Bailey, a former crypto advisor to the Trump administration, argues that the US government could be doing more to support Bitcoin adoption.
“At the end of the day, liking Bitcoin is not enough,” Bailey said during the Bitcoin Investor Week Conference in New York, which was published to YouTube on Tuesday.
“The Trump administration was a very important first step, but you know there is so much further for us to go and not just in talk but in actual delivery,” said Bailey, who now serves as CEO and Chairman of KindlyMD, a Bitcoin treasury company.
Bailey points to stalled Strategic Bitcoin Reserve plan
Trump repeatedly voiced his support for Bitcoin (BTC) and the broader crypto industry during his presidential campaign appearances.
While he signed an executive order for a Strategic Bitcoin Reserve in March 2025, it is understood that the US government has yet to begin accumulating Bitcoin outside of the funds seized through illicit activity.
“We’re sitting here a year later, the Strategic Bitcoin Reserve was signed into an executive order,” Bailey said.
“Last time I checked, we don’t even know how much Bitcoin we have exactly,” Bailey added. Data from Arkham Research shows it currently holds 378,372 Bitcoin, worth approximately $22.48 billion at the time of publication.
Just two months after Trump signed the executive order, White House AI and crypto czar David Sacks said the process of accumulating wouldn’t be so straightforward, explaining that the US could buy more Bitcoin if the government could fund the purchase in a “budget-neutral” way, without a tax or adding to the growing national debt.
Industry participants became more divided on the possibility as the year progressed. Some stayed optimistic. Galaxy Digital’s head of firmwide research, Alex Thorn, said in September that there was a “strong chance” it would still happen before the end of 2025.
Bailey said that while Trump has been the first politician to champion “our worldview,” an opinion alone isn’t enough to drive Bitcoin’s price to $1 million.
“Just because you like Bitcoin doesn’t mean that you’ve invested the political capital necessary for things to happen,” Bailey said.
“Unless you’re willing to bear the political capital necessary to mobilize the different gears necessary to move the ball forward, then at the end of the day, you can like Bitcoin, you cannot like Bitcoin, you’re going to get the same outcome achieved.”
Bitcoin will succeed either way, says Bailey
However, even without action from the US government, Bailey said Bitcoin will eventually succeed. “It’s not like we need the government to cater for us for Bitcoin to be successful,” Bailey said.
“Whether it’s four years from now, or 10 years from now, or 20 years from now, we will get to the point where we actually have a government that is conducive to the rules we need for Bitcoin to be successful,” he said.
Related: Bitcoin futures demand falls to 2024 lows: Are institutions exiting the market?
“I’m bullish on what we can accomplish in this administration. If we really want the progress to continue, we need more people to own Bitcoin every year,” Bailey said.
“We need more voters to own Bitcoin every year. And then it is just inevitable,” he added.
Bitcoin is currently trading at $68,220, approximately 45% below its October all-time high of $126,000, according to CoinMarketCap.
Outside the Strategic Bitcoin Reserve, Bitcoiners are eyeing the potential passage of the US CLARITY Act, which aims to provide the industry with more regulatory clarity. Trump said in a Truth Social post on Tuesday that “the U.S. needs to get Market Structure done, ASAP.”
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Bettors have long been able to speculate on the chance of a nuclear weapon detonating on Polymarket, but the current conflict with Iran – and scrutiny about insiders trading on war – has apparently caused the platform to remove the contracts.
Polymarket has created a market that would monetize a nuclear attack amid increasing concerns that bets are happening among government insiders who can make military decisions. pic.twitter.com/r1CbWaLWcw
— David Sirota (@davidsirota) March 3, 2026
The markets, which asked users to assign probabilities to whether a nuclear weapon would detonate by specific dates, have circulated on Polymarket for years and historically have resolved to “No.”
But renewed attention to the contracts comes as prediction markets face criticism after a trader reportedly made more than $400,000 betting on Venezuelan leader Nicolás Maduro’s ouster shortly before the U.S. operation that led to his capture, raising questions about whether insiders could exploit the platforms to trade on the outbreak of war – such as the start of this current conflict with Iran – and other military actions.
Historical trading suggests the contracts occasionally priced meaningful risk.
A Polymarket contract in 2023 at one point implied roughly a 19% chance that a nuclear weapon would detonate before the end of the year, according to platform data.
A later market expiring in June 2025 traded near 12%.
The markets also attracted significant trading activity. The 2025 contract alone recorded more than $1.7 Million in volume, while the 2023 version drew nearly $700,000 in wagers.
All this comes as U.S. regulators consider how to oversee prediction markets.
The Commodity Futures Trading Commission proposed rules in 2024 that would bar exchanges it regulates from listing event contracts tied to war, terrorism, assassination, or other activities deemed contrary to the public interest.
Chairman Mike Selig said the Commission plans to issue clearer guidance on prediction markets in the near future.
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