Greetings Bitcoiner,

Welcome to Issue #274 of the daily Bitcoin Breakdown, where we have some excellent Opinion & Analysis pieces and Tools & Projects for you today!

But first, today’s Top Stories:

• 💳 Stripe Doubles Down on Bitcoin with Privy Acquisition

• 🏛️ One-Third of Bitcoin Now Under Institutional Control

• 🎮 GameStop's Bitcoin Bet Backfires as Stock Dips 15%

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Jun 12, 2025

TODAY’S TOP STORIES

💳 Stripe Doubles Down on Bitcoin with Privy Acquisition

Stripe just acquired wallet infrastructure provider Privy, marking its second major digital asset acquisition after buying Bridge for $1.1B earlier this year. Privy helps companies embed Bitcoin and crypto wallets directly into apps, powering over 75M accounts and supporting 1,000 developer teams. The New York startup, valued at $230M, removes wallet setup friction that previously killed user conversion rates. The move promises faster innovation and broader access, bringing Bitcoin’s potential to the masses. Privy Press Release

🏛️ One-Third of Bitcoin Now Under Institutional Control

Centralized entities, including governments, ETFs, and public companies, now control nearly one-third (30.9%) of Bitcoin’s circulating supply, worth $668B, according to a study conducted by Gemini in collaboration with Glassnode. Institutional Bitcoin holdings have grown 924% over the past decade, making price action more predictable and reducing speculative volatility. Centralization of BTC holders should however not be confused with the decentralized nature of the network, which depends on the distribution of nodes. Atlas21

🎮 GameStop's Bitcoin Bet Backfires as Stock Dips 15%

GameStop's stock crashed 15% after announcing a $1.75B convertible notes offering yesterday, partly to fund Bitcoin investments, despite posting a $44.8M quarterly profit. The gaming retailer missed revenue expectations by $732.4M, with Q1 sales dropping 17%. Currently the 13th largest corporate Bitcoin holder, GameStop plans to add more BTC to its treasury using proceeds from zero-coupon notes maturing in 2032. Decrypt

POLL #274

PREVIOUS POLL RESULTS

OPINION & ANALYSIS

• Handre van Heerden, founder of Airbtc, debunks the widespread misapplication of Gresham's Law within the Bitcoin community, explaining how the 16th-century bimetallism concept doesn't apply to modern Bitcoin versus fiat currency dynamics (Jun 11 | 3 min read).

• Nothingmuch of Spiral explains how intersection attacks can undermine CoinJoin privacy by linking post-mix transactions through web tracking or clustering, enabling adversaries to identify users by intersecting anonymity sets from multiple CoinJoin rounds (Jun 11 | 20 min read).

• Rene Pickhardt, a Lightning Network researcher, presents a geometric optimization framework that uses quadratic and integer linear programming to achieve optimal channel rebalancing, demonstrating how coordinated liquidity management can increase balanced channels from 11% to 56% in severely depleted networks (Jun 11 | 4 min read).

• CalyxOS developers announce that Google's Android 16 release breaks custom ROM development by withholding Pixel device-specific source code for the first time, forcing them to adapt their porting strategy and delaying support for modern Pixel devices (Jun 11 | 2 min read).

• Shinobi of Bitcoin Magazine argues that Bitcoin nodes only influence network consensus when actively used for economic activity, as unused nodes create no economic pressure on the network and remain irrelevant to consensus decisions regardless of their rule changes (Jun 10 | 6 min read).

• Junseth, of Junseth's World podcast, commenting on an 𝕏 post by disillusioned OCEAN VP Jason Hughes, asserts that Bitcoin remains a neutral technology and money system that shouldn't be abandoned due to ideological disagreements, emphasizing that Bitcoin functions based on economic realities rather than moral principles (Jun 9 | 4 min read).

• Unseen Finance, Bitcoiner and ex-IMF official, challenges Bitcoin enthusiasts' naive optimism about El Salvador's IMF agreement, arguing that President Bukele has definitively stopped using public funds for bitcoin purchases despite misleading government statements designed to maintain anti-IMF rhetoric while secretly complying with loan conditions (Jun 7 | 11 min read).

• EddieOZ, Bitcoiner, privacy enthusiast and author of ‘Chronicles of the Code Guardians’, explains how BTC Mesh enables sovereign Bitcoin transactions through LoRa radio networks without internet connectivity, combining Meshtastic's decentralized communication with maximum privacy for censorship-resistant payments during emergencies or off-grid scenarios (Jun 7 | 6 min read).

• Antoine Poinsot of Chaincode Labs explains the mathematical derivation behind the 33.33% hashrate threshold where selfish mining becomes profitable in Bitcoin, clarifying calculations from the 2013 'Majority is not enough' research paper through detailed state probability analysis and Markov chain modeling (Jun 6 | 16 min read).

• Erasmus Cromwell-Smith, Bitcoiner and author of 'The Equilibrist Series', explores Michael Saylor's philosophical vision of Bitcoin as 'perfect money' and 'pure economic energy,' arguing that the (Micro)Strategy chairman has become a modern prophet advocating Bitcoin as humanity's first truly indestructible store of value (Jun 6 | 17 min read).

• Lawyers from law firm Diaz, Reus & Targ argue that Washington's creation of a Strategic Bitcoin Reserve transforms the US government into a bitcoin whale, creating new cybersecurity, market volatility and compliance risks that banks must address immediately (Jun 5 | 4 min read).

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TOOLS & PROJECTS

• New on Geyser: Ola Bitcoin provides free Bitcoin education across Botswana through meetups, radio shows, and WhatsApp groups.

• New on Geyser: Electrify Malawi is a Bitcoin mining project leveraging 50kW micro-hydro renewable energy to electrify rural Malawi.

• PyRoutstr is a Tor-compatible desktop client for Routstr, enabling private access to AI models like ChatGPT, Claude, and Grok with Lightning and Cashu payments, zero KYC requirements and fees starting as low as 500 sats.

• SaruTobi, a single-player iOS game, introduces Bitcoin payments as Apple begins approving features like these in iOS apps following its defeat in the Epic Games lawsuit.

• Shocknet, creators of ShockWallet and other Lightning infrastructure tools, releases new SDK enabling developers to easily integrate Nostr-based static offers and debit strings for simplified Lightning Network interactions.

• Geyser launches $10K NWC Hackathon Grant supporting developers building Nostr Wallet Connect applications across two tracks for new and mature apps.

• All About Cashu is a comprehensive resource directory featuring tutorials, wallets, mints, and development tools for Cashu, the privacy-focused ecash protocol.

• Bitcoin Payment Gateways compares 112 Bitcoin payment processing services including BTCPay Server, OpenNode, and BitPay, helping businesses find optimal Bitcoin and Lightning Network solutions with detailed fee structures and feature comparisons.

• Alby Hub now supports any NWC funding source, enabling enhanced transaction obfuscation through decoy addresses and automated onchain swaps.

• Tenex is a context-first development tool built on the Nostr protocol, featuring voice-to-code transcription, AI-powered orchestration, intelligent task management, and real-time collaboration capabilities for modern developers.

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