Greetings Bitcoiner,

Welcome to Issue #185 of Bitcoin Breakdown, where it’s OPSEC Wednesday special, followed by the latest Quick Bits snippets.

But first, today’s Top Stories:

• 🎮 GameStop Nudged to Go Full BTC

• 💻 Hackers Hijack GitHub to Swipe Bitcoin

• 🕊️ Ohio Declares Bitcoin Tax Immunity

TOGETHER WITH CARBON FINANCE

Feb 26, 2025

TODAY’S TOP STORIES

🎮 GameStop Nudged to Go Full BTC

Strive Asset Management, an investment firm co-founded by Vivek Ramaswamy, has sent a letter urging GameStop to convert its $5B cash reserve into BTC, calling it a chance to reshape the gaming retailer's future. Under Ryan Cohen's leadership, Strive believes BTC is the new hurdle rate and an effective inflation hedge, potentially opening doors for more capital raises and strategic growth. CoinDesk

💻 Hackers Hijack GitHub to Swipe Bitcoin

GitVenom, a hacking campaign using seemingly legit GitHub projects, has been stealing bitcoin by planting malicious code in polished READMEs. This Trojan trick deceives developers of building tools like telegram bots and game utilities. With tactics evolving and targets spread globally, bitcoiners should take care to carefully scrutinize code authenticity before running it to keep their BTC safe. CoinDesk

🕊️ Ohio Declares Bitcoin Tax Immunity

Ohio’s House Bill 116 bars state charges beyond standard taxes on Bitcoin and other ‘digital assets’, granting freedom for mining, staking, and private wallets. Introduced by Representative Steve Demetrio, the bill also mandates pension funds to assess investing in Bitcoin and crypto exchange-traded funds. This pro-Bitcoin move cements Ohio’s role as a friendly trailblazer. Cointelegraph

POLL

OPSEC FEATURE ARTICLE

How To Shield Your Data From the UK’s New Spy Powers

This week we delve into how the UK's Investigatory Powers Act impacts digital privacy and examine Apple's subsequent decision to disable Advanced Data Protection for UK users.

We further introduce a free and open-source tool for anyone seeking a strong layer of security for cloud-stored files, ensuring that control over personal data remains in the hands of the user.

Get instant access to this special feature by becoming a premium supporter here.

QUICK BITS

• El Salvador resumes Bitcoin purchases after a 1-week pause, investing $661,000 to strengthen reserves.

• F2Pool faces allegations of censoring OFAC-sanctioned transactions while a Bitcoin Core bug hinders miner efficiency with smaller blocks.

• European Central Bank advisor Jürgen Schaaf reaffirms Bitcoin's unsuitability (in his opinion) for central bank reserves, citing volatility and supposed lack of ‘economic purpose’.

• BlackRock transfers 1,800 BTC to Coinbase Prime amid ETF outflows and market uncertainty, suggesting portfolio rebalancing and investor redemptions.

• Bybit Hacker swaps $6.2M of the stolen ETH to BTC in real-time via Thorchain and OKX Web3 Swap.

• OKX pays a $504M settlement to the US Department of Justice over alleged AML violations.

• Michael Saylor's most recent Bitcoin announcements fail to boost MSTR stock as recent BTC purchase tweets on Jan 21, Jan 27, Feb 10, and Feb 24 sent shares lower, signaling a shift in market reaction.

• Riot Platforms reports 34% revenue growth in 2024, driven by mining expansion and AI/HPC initiatives despite lower bitcoin production and rising mining costs.

• Bybit registers with Indian authorities, restores services after facing $1.06M fine.

• DekaBank, a Frankfurt-based investment institution with $395B in assets, launches Bitcoin and crypto trading and custody for institutions while Citadel Securities prepares to become a major liquidity provider amid regulatory shifts.

• Metaplanet acquires 135 BTC worth $12.9M, boosting total holdings to 2,235 BTC while aiming for further growth by 2026.

• Bitwise Asset Management raises $70M from Electric Capital, MassMutual, and Haun Ventures to expand its spot BTC ETF offerings, which now hold nearly $4B in assets.

• Sen. Dick Durbin introduces Crypto ATM Fraud Prevention Act to combat scams targeting seniors and impose stricter regulations on Bitcoin and crypto ATM operators.

• Michael Saylor-led Strategy sees mNAV plunge to nine-month low despite $2B in BTC buys, potentially signaling waning investor confidence in MSTR's dilution-adjusted expansion.

• Block Inc. engages in negotiations with NYDFS over Bitcoin-linked money laundering allegations and AML program compliance, seeking resolution amid ongoing regulatory scrutiny.

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