Crypto World
the trader called Jason who keeps shorting Bitcoin on time
A pseudonymous whale called Jason has built a 2,281 BTC short on Binance, now in multi‑million profit, extending a pattern of eerily well‑timed macro trades.
Summary
- On-chain sleuths say Jason holds a 2,281 BTC short on Binance at a $74,238 entry, sitting on roughly $4.2 million in unrealized profit with BTC near $72,467.
- The trader’s history includes perfectly timed shorts during prior market crashes and a reported $58.89 million loss, underscoring a high‑conviction, high‑risk strategy.
- Today’s bet lands as Bitcoin slides on Iran-linked Strait of Hormuz tensions and hotter‑than‑expected U.S. PPI, with analysts split on whether Jason is signal or noise.
A pseudonymous trader known online as Jason (@Jason60704294) is once again drawing scrutiny from on-chain analysts after data published Wednesday by blockchain sleuth @ai_9684xtpa revealed that Jason currently holds a short position of 2,281.09 BTC on Binance, with a nominal value of approximately $169 million and an opening average entry price of $74,238. With Bitcoin (BTC) trading around $72,467 at the time of monitoring — roughly 2.38% below Jason’s entry point — the position carries an unrealized floating profit of approximately $4.155 million.
The trade is not an isolated event. It is the latest chapter in a documented pattern that has made Jason one of the most closely tracked retail-sized whale accounts in crypto markets. According to on-chain analysis aggregated by Blockchain.news, Jason had just days earlier closed a long position with a profit of $14.668 million before pivoting sharply to the short side, opening an initial position of 28.48 BTC at an estimated entry price of around $74,210. Wednesday’s data confirms that position has since been substantially scaled up to over 2,281 BTC — a markedly more aggressive commitment.
Jason’s history adds considerable weight to the current trade. In August 2025, the trader opened short positions on BTC at $120,948 and on ETH at $4,712, positions that — if held — would have generated substantial returns as both assets declined sharply in subsequent months. Earlier, the trader had reportedly exited positions recording a $58.89 million loss, underscoring that the strategy carries real risk despite its headline-grabbing wins.
The timing of today’s short aligns with a broader market deterioration. Bitcoin has been under sustained pressure since late February, when U.S.-Israel military strikes on Iran triggered a Strait of Hormuz crisis that has since disrupted approximately 15% of global oil supply. Wednesday’s release of U.S. February PPI data — coming in at 0.7% month-on-month against a 0.3% forecast — compounded the risk-off sentiment, further dimming expectations for Federal Reserve rate cuts that had previously underpinned crypto’s bull case.
It is worth noting the platform context. Jason’s current position is held on Binance, not on Hyperliquid, making real-time on-chain tracking of the exact account more difficult, as Odaily reported. The figures cited are derived from analyst monitoring of wallet behaviour and social media timestamps rather than direct smart contract reads. Nonetheless, the data is broadly consistent with Jason’s established trading fingerprint: high-conviction, concentrated directional bets placed at key technical inflection points.
Whether Wednesday’s short is prescient once again, or whether it becomes a cautionary tale in an eventual Bitcoin rebound, remains to be seen. What is clear is that a growing cohort of on-chain analysts are watching every move — and that in a market defined by opacity, Jason has become something of an unlikely signal in the noise.
Nasdaq has received approval from the U.S. Securities and Exchange Commission to proceed with its tokenized equities pilot.
Summary
- Nasdaq received SEC approval to launch a pilot allowing select participants to trade and settle equities in tokenized form alongside traditional shares.
- The pilot is limited to securities within the Russell 1000 and major index linked ETFs, with tokenized shares carrying the same rights and pricing as standard equities.
According to the SEC’s approval filing, Nasdaq can now move ahead with “eligible participants” choosing to trade securities in either traditional or tokenized form on the same platform.
Tokenization involves representing real-world assets as digital tokens on blockchain infrastructure, allowing for more efficient settlement and extended market functionality.
Per previous coverage, Nasdaq first filed its proposal in September to enable trading of high-volume stocks in either a traditional format or as tokenized versions within the same exchange environment.
At the time, CEO Tal Cohen said the model can shorten settlement cycles and improve processes such as proxy voting, while maintaining investor protections.
The SEC has limited the pilot to securities in the Russell 1000 Index, which tracks the largest publicly traded companies in the U.S., along with exchange-traded funds tracking the S&P 500 and Nasdaq 100 indices.
According to the filing, there were concerns around market surveillance and potential pricing discrepancies during the review process. The commission said these were addressed through amendments that clarified safeguards.
Nasdaq has also partnered with crypto exchange Kraken, along with tokenization platform Backed, to build infrastructure that would allow public companies to create and issue tokenized shares.
Wednesday’s approval follows growing demand for tokenized assets from both crypto firms and traditional financial institutions seeking to modernize market infrastructure.
The SEC has also authorized the DTCC to pilot tokenization initiatives, while the New York Stock Exchange’s parent company Intercontinental Exchange has backed a project with OKX to launch tokenized stocks.
Crypto traders have become hopeful for a market rally after the US Federal Reserve held interest rates steady on Wednesday, according to crypto sentiment platform Santiment.
However, analysts are split on whether a near-term market surge is a reliable signal for traders.
“For now, traders are expecting a bullish relief rally in spite of no changes being made,” Santiment said in an X post on Wednesday, pointing to an increase in bullish sentiment among crypto market participants on social media who are linking the Fed’s steady rates to a potential crypto rally.
The social media discussion score surged from roughly 9 to 71 in the hours after the Fed’s “expected outcome” on Wednesday to hold rates steady at 3.5-3.75%.
Fed policy is a strong catalyst for Bitcoiners
“This is likely due to the fact that the bearish price action related to the lack of cuts already occurred yesterday,” Santiment said.
Fed policy has historically been a major catalyst for optimism among crypto market participants, with traders eyeing rate cuts in 2025 as a signal for a possible bull year for Bitcoin.
However, a pause in rates can increase expectations that cuts could come next.
Several analysts said they are expecting a crypto rally, but they are divided on how long it could last.
“Bull trap” may be on the horizon
Bitcoin (BTC) onchain analyst Willy Woo recently warned that a potential “bull trap” may be forming, a false signal that Bitcoin is entering an uptrend before reversing lower.
Bitcoin has fallen 4.35% over the past 24 hours, trading at $70,790 at the time of publication, according to CoinMarketCap.
Meanwhile, crypto analyst Matthew Hyland said that Bitcoin and the broader crypto market will “see a significant rally” once the stock market finds its low and rebounds. The S&P 500 has fallen 3.73% over the past 30 days, according to Google Finance.
Echoing a similar sentiment, crypto trader Moustache said in an X post on Monday, “What you’ll see in the coming months is a massive rally.”
Related: ‘Rich Dad, Poor Dad’ author says ‘pin is near’ on TradFi ‘bubble burst:’ Predicts $750K Bitcoin
Other indicators suggest that crypto investors are still taking a cautious approach to the market.
The Crypto Fear & Greed Index, which measures overall crypto market sentiment, fell back into “Extreme Fear” territory on Wednesday, after briefly moving up into “Fear” the day prior.
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The crypto market sell-off since October hasn’t deterred institutional investors, with a new survey showing most plan to increase exposure to digital assets in the coming year.
According to a January survey of 351 institutional investors conducted by Coinbase and EY-Parthenon, 73% of respondents said they plan to increase their allocations of digital assets in 2026, while 74% expect crypto prices to rise over the next 12 months.
Two-thirds of respondents said exchange-traded products (ETPs) and other regulated vehicles have become their preferred way to gain exposure, reflecting growing familiarity with these instruments and a broader shift toward regulated access points. Regulation was also cited as a key factor attracting institutional participation.
On the regulatory front, more than three-quarters of respondents cited market structure as the most important area requiring clarity — a concern that comes as US lawmakers continue to debate legislation defining how digital assets are classified and regulated across agencies.
Market volatility, however, is reshaping how institutions approach crypto. Nearly half (49%) of respondents said recent turbulence has led them to place greater emphasis on risk management, liquidity and position sizing, rather than reducing exposure.
Related: Crypto’s 2026 investment playbook: Bitcoin, stablecoin infrastructure, tokenized assets
Stablecoins, tokenization gain traction
One of the key takeaways from the survey is growing institutional interest in emerging blockchain use cases such as stablecoins and tokenized real-world assets (RWAs).
According to the findings, 85% of respondents use or plan to use stablecoins for payments and treasury operations, with settlement and internal cash management cited as primary use cases.
Part of that momentum is being driven by US regulatory developments, with 83% of respondents saying the passage of the GENIUS Act will increase financial institutions’ willingness to engage with stablecoins. More than two-thirds (69%) said the law will drive broader adoption of stablecoin-based transactions.
Meanwhile, interest in tokenized assets continues to grow, with 63% of investors expressing interest in gaining exposure and 61% expecting tokenization to have a significant impact on market structure in the coming years.
Related: SEC’s ‘Crypto Mom’ calls for simpler disclosure rules, flags tokenization debate
XRP digital asset treasury Evernorth has submitted a key filing with the SEC, putting it a step closer to its goal of going public on the Nasdaq stock exchange.
The Ripple Labs-backed firm announced plans to go public in October as part of a merger with special purpose acquisition company (SPAC) Armada Acquisition Corp. II (Armada II).
In a statement on Wednesday, Evernorth announced that it had filed a Form S-4 registration statement with the US Securities and Exchange Commission (SEC), marking the final major regulatory hurdle before launching via a SPAC.
Evernorth eyes ticker XRPN
If the SEC approves the filing, Evernorth said it will still need final approval from Armada II shareholders for the merger, after which it can move forward with listing on the Nasdaq under the ticker XRPN.
Evernorth stated in October that it expects the merger to generate $1 billion in gross proceeds, which will be primarily used to build an XRP treasury, with a smaller portion of the funds being allocated to operating and deal expenses.
XRP treasury faces market turbulence
Evernorth has already begun building its XRP (XRP) treasury, with CoinGecko data showing the firm’s total treasury value is at $692.24 million, made up of 473.27 million XRP, which it made in two tranches between Oct. 20 and Nov. 4.
With an average cost per XRP at $2.54, the value of its holdings has fallen 19.1% over the past three months amid a broader crypto market downturn. At the time of writing, XRP is currently priced at $1.47.
Related: Ripple to buy back $750M in shares through April: Report
SEC provides clarity for crypto and XRP
Evernorth’s treasury plans come as XRP was among a number of tokens declared as a digital commodity in guidance published by the SEC on Tuesday.
In a notice on Tuesday, the SEC declared that generally only tokenized securities remain “subject to the securities laws.”
Other tokens used in its digital commodities example included Aptos (APT), Avalanche (AVAX), Bitcoin (BTC), Dogecoin (DOGE) and Ethereum (ETH).
“We always knew XRP wasn’t a security – and now the @SECGov has made clear what it is: a digital commodity. Grateful to the Crypto Task Force for working to deliver the clarity that markets, investors, and innovators have long deserved,” said Ripple’s chief legal officer, Stuart Alderoty via X on Tuesday.
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Polymarket, the blockchain-driven prediction markets platform, is acquiring Brahma, a crypto startup that builds DeFi infrastructure. The move is framed as a step to consolidate Polymarket’s stack and broaden its product suite as the two firms align on a path toward deeper on-chain and off-chain liquidity.
Brahma announced the transition on Wednesday, saying its team will dedicate its efforts to evolving Polymarket’s stack and product offerings. The company, founded in 2021, has reported processing over $1 billion in volume and asserts that its technology could help Polymarket streamline wallet creation, deposits, and token redemptions for users.
According to the announcement, the acquisition could unlock more liquidity for niche, low-volume markets on Polymarket and help the platform scale complex products for sophisticated users. Polymarket’s founder and CEO, Shayne Coplan, told Fortune that building reliable infrastructure across blockchain networks and traditional financial rails remains hard and there are no shortcuts. Financial terms of the deal were not disclosed at press time.
Key takeaways
- Polymarket is acquiring Brahma to enhance its infrastructure and product stack, with Brahma winding down its own products as the transition unfolds.
- Brahma’s core offerings—Strategy Vaults for automated DeFi strategies, Brahma Accounts (smart accounts for DeFi users), and Swype.fun (a Visa card linked to DeFi positions)—will be phased out over the next 30 days.
- The deal aims to bring more liquidity to Polymarket’s markets, particularly in smaller, harder-to-liquidate segments where users may benefit from smoother wallet creation and redemption flows.
- Polymarket has pursued aggressive expansion despite broader crypto-market softness, including partnerships and acquisitions announced in recent months.
Strategic implications of the Brahma integration
The Brahma transaction signals Polymarket’s intent to deepen technical capacity behind its prediction markets. Brahma’s experience in designing and operating scalable, user-ready DeFi infrastructure could help Polymarket reduce friction for users—potentially lowering barriers to entry and increasing throughput on low-visibility markets where liquidity is typically thin.
While the two firms have not disclosed the purchase price, the alignment comes as Polymarket has sought to diversify its toolkit beyond core prediction markets. The integration underscores a broader industry push to merge on-chain finance primitives with markets that hinge on real-world events and outcomes.
What changes for Brahma’s products and users
As part of the transition, Brahma’s three main products will be wound down over the next month: Strategy Vaults, which automate DeFi positioning; Brahma Accounts, the platform’s smart-account solution for DeFi users; and Swype.fun, a card-linked interface intended to realize DeFi positions for real-world spending. For existing users of these services, the wind-down process will be navigated in the coming weeks as the Polymarket integration proceeds.
Brahma’s team noted that its solutions were designed to meet sophisticated users’ demands, including automated strategies and streamlined access to DeFi features. The move to fold these capabilities into Polymarket could embed more robust infrastructure into the platform and potentially broaden its appeal to professional market participants and developers building on top of prediction markets.
Polymarket’s broader expansion playbook
The Brahma deal is part of a broader acceleration of Polymarket’s growth trajectory. In March, the company announced a partnership with Palantir Technologies and TWG AI to build an AI-powered sports integrity platform, signaling continued investment in data-focused, technologist-led initiatives. Earlier, Polymarket acquired Dome, a Y Combinator-backed provider of developer tools for prediction markets, and Lunch, a boutique firm focused on assembling and recruiting technical teams for startups.
Despite a tougher macro environment for crypto, Polymarket has faced regulatory scrutiny in several jurisdictions given its business model around unregulated betting on real-world events. Notably, recent coverage has highlighted how prediction markets have encountered resistance in places like Argentina, alongside ongoing debates in the United States about market design and regulation.
Polymarket’s ongoing expansion, including the Brahma acquisition, indicates a strategy focused on building a more capable infrastructure backbone and scaling its ecosystem through partnerships and targeted acquisitions. Investors and users will want to watch how the Brahma integration unfolds, how liquidity dynamics evolve on niche markets, and how regulatory developments shape the platform’s ability to deploy new features at scale.
As the integration progresses, readers should monitor whether Polymarket can successfully merge Brahma’s engineering capabilities with its existing stack, and what that means for the speed and reliability of user experiences, especially in lower-liquidity markets where liquidity depth and transaction costs can be decisive.
Twenty-one crypto organizations have signed an open letter urging US colleges to incorporate decentralized finance into their curricula, arguing that there will be massive demand for crypto talent on Wall Street.
“Our purpose with this letter is simple: to respectfully urge higher education institutions across the United States to further integrate digital assets, blockchain, and decentralized finance into their business and legal curricula,” the open letter reads, which was published on Wednesday.
The campaign was spearheaded by decentralized protocol aggregator 1Inch, with signatories including the Solana Policy Institute, Blockchain Association, DeFi Education Fund and crypto platforms like Aave, MyEtherWallet, Delphi Digital and Messari.
While 1Inch acknowledged that DeFi is taught in some schools, it argued that current curricula treat it mostly as theoretical, and that students should gain a more practical understanding of a “critical part of the global financial ecosystem.”
“It is wrong to think, as some do, that DeFi and crypto technologies lack practical uses or are somehow deviant to the public good,” 1Inch said, pointing out that stablecoins eliminate cross-border payment friction, lending protocols offer yield opportunities for investors and tokenized assets enable trading around the clock.
“The theoretical phase is over. Ideas have already become infrastructure.”
In comments to Cointelegraph, 1Inch said it is pushing for more DeFi courses to be taught in the classroom because opportunities have expanded beyond developer roles to those in more business and legal roles.
“It’s no longer just hoodies; it’s suits and ties too,” 1Inch said, noting that Wall Street firms like Goldman Sachs and PwC are on the lookout for crypto talent beyond the tech-savvy programmers.
“The aim is to build on top of these greater DeFi understanding and practical knowledge, not just among the developers of tomorrow but CEOs and CLOs.”
The open letter asks for more “foundational education” in blockchain architecture and DeFi as a core module rather than as an elective course, with the course material touching on everything from automated market makers and liquidity provision to decentralized autonomous organizations and smart contract risks.
1Inch also suggested that students engage with DeFi systems directly to “gain a real-world understanding of how DeFi works.”
The biggest Wall Street firms are seeking DeFi experts
BlackRock, Fidelity Investments, Goldman Sachs, JPMorgan and Morgan Stanley were recently seen putting out job advertisements for DeFi-related roles.
This has also been reflected in Google search statistics, said 1Inch, showing that Google search volume for “Blockchain jobs” grew 84% between 2024 and 2026.
More specialized roles are accelerating even faster, with “DeFi Developer Jobs” increasing nearly 270% to 246,000 results, 1Inch said.
Related: Columbia professor says NYSE tokenization plan reads like ‘vaporware’
DeFi has had limited exposure to some US Ivy League colleges in the past.
Massachusetts Institute of Technology ran an “MIT Digital Currency Experiment” in 2014, which involved distributing Bitcoin (BTC) to students, while it later offered courses touching on blockchain ethics and distributed ledger technology.
Harvard’s extension school also offers a blockchain innovation course, while Texas A&M offered a “Bitcoin Protocol” course to business and engineering students in 2023.
On Tuesday, Bitcoin bull Michael Saylor said the Florida Department of Education approved Saylor Academy — a non-profit education platform — to operate as Saylor University.
Saylor Academy is now Saylor University.
The Florida Department of Education has granted @saylordotorg university status—marking a major milestone in our mission to provide free, world-class higher education for all.pic.twitter.com/SbimeofUkQ
— Michael Saylor (@saylor) March 17, 2026
The move enables students to receive tuition-free master’s degrees, which include programs that teach about Bitcoin and blockchain technology.
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Bitcoin (BTC) slid 2.5% around Wednesday’s Wall Street open as a fresh US inflation overshoot spooked markets.
Key points:
-
US PPI inflation surpasses market expectations again, continuing its “hot” 2026 trend.
-
BTC price pressure results at the Wall Street open, as markets brace for the Federal Reserve interest-rates decision.
-
Traders see no reason to rethink their bearish stance on Bitcoin.
Fed rates “less supportive” for Bitcoin, crypto
Data from TradingView showed $72,000 coming back into focus for BTC price action after the February print of the Producer Price Index (PPI).
This came in markedly above expectations at 0.7% month-on-month and 3.4% year-on-year, extending a trend from recent months. Markets had foreseen 0.3% and 3%, respectively.
“On an unadjusted basis, the index for final demand rose 3.4 percent for the 12 months ended in February, the largest 12- month advance since increasing 3.4 percent in February 2025,” an official statement from the US Bureau of Labor Statistics (BLS) confirmed.
The timing of the release was pertinent, coming just hours before the Federal Reserve was due to release its decision on interest-rate changes.
While markets saw practically no chance of a rate cut or hike, the Federal Open Market Committee (FOMC) meeting could still spark volatility based on the tone of Chair Jerome Powell’s accompanying statement and press conference.
“Macro remains the dominant driver into what is arguably the most important central bank week of the year,” trading company QCP Capital wrote in its latest “Market Color” analysis on the day.
QCP noted that other major central bank rate moves were scheduled for the day after the Fed.
“Markets have sharply pared easing expectations as higher oil prices complicate the path for rate cuts, even as growth and labour data soften,” it continued.
“For crypto, the implication is straightforward: the rates backdrop is becoming less supportive, not more.”
Lower interest rates imply better liquidity prospects for crypto and risk assets, while a hawkish Fed tends to pressure prices.
”Caution pays” for BTC price into FOMC
Going into FOMC, Bitcoin traders were firmly risk-off.
Related: Bitcoin sparks ‘bull trap’ warning after BTC price rejects at $76K
“$BTC hovering below weekly resistance; FOMC later today – I think caution pays here,” trader Jelle wrote in his latest commentary on X.
An accompanying chart showed the risk of a fresh BTC price support breakdown, with Jelle and others having stated that Bitcoin remains in a bear market.
$BTC 1D
It looks almost exactly the same.
Bear Flag Breakdown & Retest with low volume on the upward move.
Most oversold indicators have completely reset. pic.twitter.com/NBvrE1K5Mf
— Roman (@Roman_Trading) March 17, 2026
Crypto analyst Michaël van de Poppe, meanwhile, was more optimistic, still seeing a chance of $80,000 reappearing.
“Very strong move on $BTC this month, and now it’s consolidating. Nothing wrong with that, the opposite actually,” he told X followers.
“It’s very likely that we’ll continue to test higher, as resistances are still above us.”
Van de Poppe acknowledged that he also “wouldn’t be surprised” at a test of range lows.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Circle’s policy chief Dante Disparte told a United Kingdom House of Lords committee that the UK has a chance to build its crypto regime by combining the clarity of the European Union’s Markets in Crypto-Assets Regulation (MiCA) with elements of the new US stablecoin framework.
“The model is clear: take the best of both and make it distinctly British,” Disparte said during a Wednesday meeting of the House of Lords Financial Services Regulation Committee. “From Europe, take clarity, definitions, licensing, governance and strong consumer protection from the US and the landmark Genius Act.”
Disparte argued that the absence of a regulatory framework will keep stablecoin activity offshore, leaving UK users more exposed and jeopardizing London’s status as a global hub for financial innovation. The meeting was part of the House of Lords’ inquiry into growth and proposed regulation of stablecoins in the UK, with Disparte and Jesse McWaters of Mastercard scheduled as witnesses.
The UK’s Financial Conduct Authority (FCA) has been consulting on a broader crypto asset regime that is expected to come into force on Oct. 25, 2027, when companies conducting the new regulated activities will need authorization.
Trusted stablecoins “expand” markets Circle’s Disparte
Disparte also addressed concerns that stablecoins could deplete bank deposits and reduce demand for traditional lines of credit.
“The future is not banks versus stablecoins,” argued Disparte, adding that a clear regulatory framework can manage these risks without stifling innovation by adopting strong reserve and liquidity standards and encouraging bank participation.
“Our growth across currencies and jurisdictions is proof that trusted stablecoins expand markets. They do not shrink them.”
Disparte proposed four governing principles to anchor the UK’s regulatory framework: 1-to-1 reserve backing, requiring high-quality liquid reserves, enforceable redemptions and strong transparency standards.
Related: UK House of Lords presses Coinbase exec on stablecoins, KYC and bank run fears
Circle is the issuer of the world’s second-largest stablecoin by market capitalization, USDC (USDC).
The US’s federal stablecoin framework, the GENIUS Act, was signed into law on July 18, 2025. The EU’s MiCA framework, the first comprehensive regulatory framework for the crypto industry, went into effect for crypto-asset service providers on Dec. 30, 2024.
Related: UK gambling regulator weighs allowing crypto payments for online betting
Stablecoins lack clear value proposition
Mastercard’s McWaters said stablecoins lack a clear value proposition to threaten payment cards.
Stablecoins currently lack a “clear value proposition that would drive customers” to adopt them over the variety of domestic payment options available, McWaters said, while also praising their ability to accelerate cross-border transactions.
“Blockchain technology, the rails on which stablecoins run, provides a new, innovative and potentially significantly additive way of moving money, particularly in cross-border contexts,” he said.
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The Kingdom of Bhutan has transferred over $72.3 million in Bitcoin (BTC) from its wallets over the last 24 hours, as it continues to sell portions of its holdings.
Druk Holding and Investments (DHI), a state-owned investment company that manages the country’s Bitcoin mining operations and crypto investments, has moved more than 973 BTC over the past 24 hours, in six separate transactions, according to Arkham Intelligence.
DHI also moved more than 175 BTC, valued at $11.8 million, on March 10. “Bhutan periodically sells portions of its Bitcoin in clips of $5 million to $10 million, with a particularly heavy period of selling around mid-late September 2025,” Arkham said.
The landlocked South Asian country has adopted a national Bitcoin Development Pledge, which aims to support the Kingdom of Bhutan’s long-term economic development through its Bitcoin stash and mining operations. In December, the Kingdom said it will tap into 10,000 BTC from its stash to help build its special administrative region, the Gelephu Mindfulness City (GMC).
That leaves Bhutan holding more than 4,400 BTC, valued at over $322 million using current market prices, according to data compiled by Arkham.
Wallet addresses controlled by Bhutan have not seen BTC inflows greater than $100 million in over a year, Arkham said, raising speculation that the country has ceased or curtailed its mining operations.
Cointelegraph sought comment from DHI about its Bitcoin mining operations, but did not receive a response by the time of publication.
The country made headlines in 2024 and 2025 for mining BTC using renewable energy sources, establishing a strategic Bitcoin reserve, and adopting pro-crypto regulations.
Related: Bhutan moves $11.8M in BTC from its national stash: Arkham
Bhutan has significantly downsized its holdings since 2024
Bhutan transferred more than 284 BTC in February, valued at over $22 million, amid a broad crypto market downturn that has dragged on since the October 2025 market crash.
The crash took the price of BTC to a low of $60,000, down by over 50% from its all-time high of about $126,000, before a limited recovery to current price levels.
Bhutan held about 13,295 BTC in October 2024, when its holdings peaked, and has been selling BTC from its reserve since that time, according to Arkham Intelligence.
The 13,295 BTC reserve would have been worth over $1.6 billion at the all-time high price reached in October 2025, immediately before the market crash.
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Bitcoin financial services firm Fold reported an 8% surge in revenue in Q4 to $9 million as it gained another 2,000 customers and rolled out more products aimed at integrating Bitcoin reward schemes into consumer spending.
The results come just weeks after it released a Fold Bitcoin Rewards Credit Card, a Visa and Stripe-powered product, offering users cashback and rewards.
During Fold’s Q4 and 2025 full-year earnings call on Tuesday, CEO Will Reeves said they believe that “Bitcoin rewards will overtake the airline miles as the preferred consumer reward in the US.”
“That means that these card programs and our card program needs to scale to millions of cardholders,” Reeves said, adding that better risk and fraud controls must be implemented before it can “really open the floodgates” for mass adoption.
Coinbase, Gemini, Swan Bitcoin and River Financial are among the other crypto platforms offering Bitcoin (BTC) credit card rewards in the US.
Despite the optimism, Fold recorded a 3% year-on-year fall in transaction volume to $215 million and an operating loss of $6 million, contributing to a full-year net loss of $69.6 million for 2025, the company reported in its latest financial statement.
However, Reeves said Fold still hit its goals in its first full year as a public company, stating:
“We continued to add customers and expand our platform while building the foundation to scale a Bitcoin-native financial services ecosystem across multiple interconnected product lines.”
Fold’s more recent products include Fold for Business, enabling companies to include Bitcoin in payroll, bonuses, and corporate financial programs.
One of its most notable partners is Steak ‘n Shake, which accepts Bitcoin and pays employees bonuses in Bitcoin.
Reeves noted that Fold has strengthened its balance sheet by “extinguishing our two outstanding convertible debt instruments.”
This “removes structural overhang and directs financing solely to the growth of our operating businesses,” he said.
“With the credit card now live, the launch of an enterprise product, and a cleaner capital structure in place, 2026 is about scaling what we’ve built across customer acquisition, engagement, cross-sell, and retention.”
Fold has been selling Bitcoin
Despite Reeves’ confidence for the remainder of 2026, Fold has nearly sliced its Bitcoin treasury in half.
Its holdings, which stood at 1,527 BTC at the end of last year, have dropped to 827 BTC as of March 17.
FLD shares continue to slide
The Bitcoin selloff comes as Fold (FLD) shares have now fallen 59% so far in 2026 and 83.8% over the last 12 months, Google Finance data shows.
Related: Bitcoiner Jack Mallers vows not to let Twenty One distract from Strike
FLD rose in after-hours on Tuesday after its results came out, increasing 13.4% to $1.27.
However, the company’s shares then fell 4.46% on Wednesday, sending its share price back to $1.07.
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