Gm Folks We’re back! This is another edition of the bi-weekly bulletin launched in collaboration with Forza! Bitcoin and the Coinsilium Group. Thank you for reading (and loving!) the previous editions. This time as well, we’ll be diving into the latest developments in financial markets, with a strong focus on the macroeconomic trends that drive and reinforce Bitcoin’s growing relevance as a global financial asset. @ForzaBitcoin is a 100%-owned subsidiary of @CoinsiliumGroup ($COIN.AQ $CINGF) registered in Gibraltar, and established to manage the Company’s Bitcoin Treasury and strategy. Together, we’ll keep you updated on the latest moves around Bitcoin. But first, let’s get this part out of the way: Always DYOR: This bulletin is for informational purposes only and contains summaries of news articles originally published by third-party media outlets. Please refer to the full disclaimer at the end of the post. Now, let’s get started. Here are the highlights: ⚡️ Big Money Moves 👉OranjeBTC Brazil debut 👉Bitcoin at 120K and Counting 👉Strive, BTC, and Health 👉Even Diamond Hands Need a Break 👉BTC FOMO 👉Metaplanet in Top 4 👉Forza’s 12x in 6 months! 🌍 Bitcoin in the Wild 👉IRS: You Can Chill (for Now) 👉People and BTC 👉Starknet says Stake BTC 👉Who Gets the £5B BTC Bag? ⚡️ Big Money Moves 💰OranjeBTC Brazil debut OranjeBTC, a firm fully focused on holding Bitcoin as its asset, is making its public debut on Brazil’s São Paulo stock exchange, B3. It’s not going the usual IPO route. Instead, it’s using a “reverse IPO” method by merging with a small education company, Intergraus, which is already listed. That lets OranjeBTC skip much of the red tape and start trading faster. Right now, OranjeBTC holds 3,650 BTC, which is worth over $400 million under current prices. Backers include big names like Ricardo Salinas, the Winklevoss twins, FalconX, and Bitcoin pioneer Adam Back. Their goal is to let both retail and institutional investors get exposure to Bitcoin through a regulated equity, which is especially useful in markets where owning crypto directly might be restricted or complicated. 💰Bitcoin at 120K and Counting Bitcoin just blasted past $120,000, hitting its strongest level in two months. The jump is being fueled by massive inflows into U.S. spot Bitcoin ETFs, and growing worries over a possible U.S. government shutdown. The political risk is acting like a tailwind. With the government potentially grinding to a halt, investors are hedging their bets, pouring money into assets seen as stores of value. Bitcoin is being lumped in with that “safe-haven” crowd alongside gold, and spot-ETF creations have surged. While we may be approaching technical resistance zones, for now, many are watching to see whether this becomes the launchpad for even higher highs. Keep reading for the next scoop. 💰Strive, BTC, and Health Strive, the Bitcoin treasury firm backed by Vivek Ramaswamy, is acquiring Semler Scientific in a $1.34 billion all-stock deal, meaning Semler shareholders will receive Strive shares instead of cash. The merger will give Strive an immediate foothold in the U.S. healthcare-tech sector while folding Semler’s balance sheet into its expanding Bitcoin-centric model. Alongside the acquisition, Strive plans to buy 5,816 BTC (roughly $675 million worth), which will push the combined company’s Bitcoin holdings above 10,900 BTC. That’s one of the largest corporate Bitcoin treasuries globally, putting it in the same conversation as MicroStrategy and Marathon Digital. The move by Strive is part of a growing consolidation trend in the Bitcoin-holding space, where public companies are merging to create larger, more liquid vehicles for investors seeking BTC exposure through regulated equity. 💰Even Diamond Hands Need a Break After a months-long spree, many companies that treated Bitcoin as a treasury asset are cooling off. September saw the lowest level of corporate BTC purchases since April. Meanwhile, more than 25% of public firms using the “Bitcoin treasury” model now have market caps below the declared value of their Bitcoin holdings. That means, on paper, their stock is worth less than the crypto they hold. The pullback is real, and a big part of the reason is weak investor sentiment. When equities are under pressure, the number of premium investors willing to pay for a crypto-treasury vehicle drastically reduces, resulting in steep discounts in some of these stocks. Meanwhile… 💰BTC FOMO According to Laser Digital’s CEO, institutional investors are increasingly targeting around 5% allocations to Bitcoin in their portfolios. That’s partly driven by FOMO (fear of missing out) and competitive pressure — nobody wants to be left behind if Bitcoin becomes a core reserve asset. 💰Metaplanet in Top 4 Japanese firm @Metaplanet_JP has added 5,268 BTC, pushing its total holdings to 30,823 BTC, which ranks it among the top four public corporate Bitcoin holders globally. In that same week, according to the Bitcoin Treasury Holdings Report for the week ending October 1, Strategy (formerly @MicroStrategy) now holds about 640,031 BTC on its balance sheet. And rounding up this section, 💰Forza’s 12x in 6 months! Coinsilium Group has doubled down on its Bitcoin-treasury strategy through its Gibraltar subsidiary Forza! Over the summer, the firm raised roughly £17 million to fund this push, and it now holds about 182 BTC on its balance sheet. According to CFO Ben Proffitt, the valuation of those BTC assets jumped from ~£0.5 million at the end of 2024 to about £6 million by June 30, 2025. Meanwhile, its cash reserves grew from roughly £400,000 to £3.5 million in that same period. Coinsilium is easily emerging as one of the more nimble, capital-efficient BTC treasury operators in Europe. 📌 FYI: Coinsilium’s shares are traded on the Aquis Stock Exchange Growth Market in London, under the ticker symbol "$COIN.AQ", and on the OTCQB Venture Market in the United States under the ticker symbol "$CINGF". And now, we move on to the next section. Those were the big money moves, but let’s not forget… It's not just the money following Bitcoin. It’s everybody. Keep reading for the latest on regulation, adoption, and all things Bitcoin. ⭐IRS: You Can Chill (for Now) The U.S. Treasury and IRS just issued Notices 2025-46 and 2025-49, which provide interim guidance clarifying that unrealized gains on crypto assets (like Bitcoin) are not to be included in the 15% Corporate Alternative Minimum Tax (CAMT). In short, companies don’t owe CAMT on “paper gains” until they actually sell. This is a big relief for firms that carry massive crypto treasuries, like Strategy (formerly MicroStrategy) and Coinbase, which had been bracing for potentially huge tax bills on gains they hadn’t realized. The guidance helps preserve more optionality by not forcing asset sales just to cover tax liabilities. ⭐People and BTC Recent research from Investopedia shows that only a small fraction of retail investors actually hold a full Bitcoin. The average person owns just a fraction of one, while corporations and institutional treasuries keep adding to their stacks. That gap shows where adoption is really happening, Bitcoin is becoming a balance-sheet asset faster than it’s becoming a household one. At the same time, Latin America remains one of the strongest hubs for real crypto demand. From mid-2022 to mid-2025, the region processed about US$1.5 trillion in crypto transactions, according to Chainalysis, with Bitcoin leading the charge in cross-border transfers and inflation-hedging. In economies where currencies are volatile, BTC becomes mainstream quickly. ⭐Starknet says Stake BTC @Starknet has launched BTCFi, a first-of-its-kind feature on a Layer-2 chain that allows Bitcoin holders to stake their BTC (via wrapped forms) without giving up custody, helping secure Starknet’s network and earn rewards. That means BTC becomes active capital rather than idle. To make this work, Starknet supports multiple wrapped BTC versions, like WBTC, tBTC, LBTC, and SolvBTC, and these tokenized forms can now participate in consensus alongside STRK. The community already approved this integration under SNIP-31, with ~93.6% support in August. The Starknet team is also backing this push with a 100 million STRK incentive pool (roughly ~$12–13M) to encourage BTC holders to bridge their liquidity into its ecosystem. Starknet is positioning itself not just as an Ethereum L2, but increasingly as an execution layer for Bitcoin. And finally, ⭐Who Gets the £5B BTC Bag? The U.K. government is locked in a high-stakes legal fight over 61,000 BTC (worth more than £5 billion) seized in 2018 following a major Chinese fraud case. The core question: should the proceeds go to the fraud victims, or can the Crown (i.e., the state) claim them? The case traces back to Zhimin Qian (aka Yadi Zhang), who ran a large investment scam in China, later converting much of the proceeds into Bitcoin. U.K. police discovered the Bitcoin on devices during a raid on a Hampstead mansion. Qian has lately pleaded guilty to charges of acquiring and possessing criminal property under U.K. law. Chinese victims are pushing for restitution based on today’s value (~£5 billion), not the original investment (~£640 million). But British officials are arguing that under existing laws, like the Proceeds of Crime Act, the excess gains belong to the state unless a court orders otherwise. If the court sides with the Crown, it would mark one of the most valuable crypto windfalls ever claimed by a state. The ruling could also set a precedent about how governments treat large seized crypto holdings in the future, whether they must liquidate quickly, distribute to victims, or hold as state assets. And that’s it! Long read, but we hope you enjoyed it. The next edition will be dropping soon, so set a reminder in your calendar. Till then, Thank you for being a part of the When Shift Happens family. Full Disclaimer All rights to the original content belong to the respective publishers. We do not claim ownership of any third-party material and provide proper attribution, including source links, for transparency and reference. While we strive for accuracy in our summaries, we make no warranties or guarantees regarding the completeness or accuracy of the information provided. Any mention of cryptocurrency, financial products, public company stocks, or other investment instruments in this newsletter or the referenced articles is not intended as financial advice or a recommendation to invest. The information is not tailored to any individual’s circumstances and should not be relied upon for investment decisions. Readers are encouraged to consult the original articles and seek independent financial, legal, or professional advice before making any investment. The author(s) of this report may hold, directly or indirectly, positions in the securities or digital assets (including shares or tokens) of the company(ies) or project(s) mentioned herein. 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