Michael Tanguma

Michael Tanguma · 2025-06-01T14:42:28.214Z

Sunday's Open Range from Early Riders | Sats, Silicon, & Sovereigns — Tether's Hashpower and Pakistan’s Mining Play When state treasuries, Wall Street loan desks, and point-of-sale terminals all pivot to Bitcoin in the same week, you know the market’s center of gravity just moved. We map how the “multi-institution custody” standard is catching fire—just as Square, Amboss and Flash push Lightning into everyday commerce and unlock 9% yields on idle BTC. On the balance-sheet front, Trump Media, GameStop and Cantor Fitzgerald join Tether’s $2 billion mining bet in proving that corporates, miners and Wall-Street desks are all racing to out-stack one another. Meanwhile Texas and Pakistan are writing laws for state-level Bitcoin reserves, and the U.S. Labor Department has green-lit 401(k) exposure. Industry & Institutional Updates Block will add Lightning-powered bitcoin payments to the Square Point-of-Sale app, piloting with merchants in H2 2025 and targeting a full rollout to all eligible sellers in 2026 following a test at The Bitcoin Conference. At Bitcoin 2025, Miles Suter revealed Square’s c= routing node is earning roughly 9.7% APR on about 184 BTC of liquidity, underscoring Lightning yield potential for corporates. However, the liquidity from CashApp may offer differentiation relative to the competition. Amboss Technologies unveiled Rails, a self-custodial service that automates channel management so businesses can earn routing and liquidity-lease fees on idle BTC while strengthening the Lightning Network. BITMAIN announced their new Antminer S23 Hydro delivers 580 TH/s at 5,510 W for a record 9.5 J/TH efficiency, with first shipments slated for Q1 2026 and buyers. Tether.io CEO Paolo A. said the firm now holds 100k+ BTC and is investing >$2 billion in energy and hardware to become the world’s largest bitcoin miner by year-end. Trump Media & Technology Group closed a mixed stock-and-convertible offering of about $2.4 billion to build a corporate bitcoin treasury, with Anchorage Digital and Crypto.com tapped for custody. GameStop disclosed it has added 4,710 BTC to its balance sheet as part of a revised capital-allocation strategy. However, some criticized his passion and education of his shareholder base. Cantor Fitzgerald’s new Bitcoin Financing desk is live, offering up to $2 billion in collateralized loans to institutional BTC holders and completing its first trades in May. Cantor Fitzgerald Asset Management announced a Gold-Protected Bitcoin Fund that gives uncapped BTC upside with 1-for-1 downside protection tied to gold over a five-year term. Regulatory Updates The U.S. Department of Labor rescinded its 2022 crypto guidance related to cryptocurrency in 401(K) plans, returning to a neutral stance and leaving discretion to plan fiduciaries... Sign up below to read the rest and to get Early Riders' research delivered to your inbox weekly...

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Michael Tanguma

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Michael Tanguma

Austin, Texas, United States
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