Greetings Bitcoiner,

Welcome to Issue #339 of Bitcoin Breakdown, where it’s OPSEC Wednesday special, followed by the latest Quick Bits snippets.

But first, today’s Top Stories:

• 🖼️ BitMEX Bypasses BTC Spam Filters with JPEG-Stuffed Private Keys

• 🏥 KindlyMD Prescribes $5B Bitcoin Boost

• 🇫🇷 French Chipmaker Sequans Raises $200M for Bitcoin Buying Spree

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Aug 27, 2025

TODAY’S TOP STORIES

🖼️ BitMEX Research Bypasses BTC Spam Filters with JPEG-Stuffed Private Keys

BitMEX Research found a sneaky way to store JPEG images on the blockchain by hiding them inside private keys, completely bypassing OP_RETURN data limits that Core and Knots have been feuding over like juvenile reprobates. This method proves that motivated spammers can evade mempool filters entirely using consensus-valid keypairs that are impossible to block. While Knots reiterates that perfect spam prevention has never been their goal, the discovery highlights how fee markets might be more effective than policy limitations, controversially spearheaded by the Bitcoin Core team. Protos

🏥 KindlyMD Prescribes $5B Bitcoin Boost

KindlyMD, a Nasdaq-listed healthcare firm, is going all-in on a Bitcoin treasury play with a massive $5B at-the-market equity program. Fresh off its merger with Nakamoto Holdings, the company already stacked 5,744 BTC, signaling it wants to join the corporate orange-pill cool kids. Partnering with heavyweights like TD Securities and Cantor Fitzgerald, KindlyMD plans to drip-feed shares to fund both operations and its Bitcoin stash, because in the long-term health game, BTC is, after all, the ultimate immunity booster. The Block

🇫🇷 French Chipmaker Sequans Raises $200M for Bitcoin Buying Spree

French semiconductor company Sequans Communications filed for a $200M equity offering to fuel its aggressive Bitcoin treasury strategy, aiming to accumulate 100,000 BTC by 2030. Currently holding 3,171 BTC worth $349M, the Paris-based 4G and 5G chipmaker could add roughly 1,814 more bitcoin with the proceeds. This makes Sequans Europe's second-largest corporate Bitcoin treasury after Germany's Bitcoin Group SE. The announcement sent shares soaring over 30%, underlying how investors love companies that stack sats for long-term value creation. Cointelegraph

POLL #339

PREVIOUS POLL RESULTS

OPSEC FEATURE ARTICLE

Google’s Sideloading Crackdown: Build a Two-Phone OPSEC Setup Today, With Step-By-Step Actions

Google announced this week that it will start restricting sideloading on Play-certified Android phones to verified developers, and the screws will tighten across regions. You still control your threat model if you architect your devices with intent.

This week’s OPSEC feature article shows you exactly how to run a compliance phone for ID and banking, and a sovereignty phone for Bitcoin and private comms, with clean workflows and minimal bleed.

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

QUICK BITS

• Metaplanet Inc plans to raise up to ¥130.3 billion ($880 million) by issuing new shares in overseas markets in its latest bid to secure cash to buy Bitcoin as its stock slumps.

• Trump Media & Technology Group partners with Crypto dot com and a SPAC to launch a crypto treasury firm focused on stockpiling Crypto dot com's native CRO token, following the (Micro)Strategy playbook of using public companies as digital asset investment vehicles.

• Citi Bank executive warns that paying interest on stablecoin holdings could trigger massive bank deposit outflows similar to the 1980s money market fund boom, potentially raising funding costs and credit prices.

• Tim Draper, founding partner of Draper Associates, in an interview on CNBC, says that altcoins ultimately serve as testing grounds for Bitcoin upgrades.

• Rep Nick Begich, Alaska congressman and Bitcoin investor, sponsors legislation requiring the US government to purchase 200,000 BTC annually for its strategic reserve.

• (Micro)Strategy buys 3081 BTC worth $357M, bringing total corporate holdings to 632,500 BTC worth $46.5B.

• Hut 8, a Bitcoin mining company and parent of Trump-linked American Bitcoin, announces 1.5GW US expansion across Texas, Louisiana and Illinois for energy-intensive applications including mining and AI workloads.

• Morgan Stanley forecasts that the Federal Reserve will begin cutting interest rates in September with 25 basis point reductions, shifting from previous expectations of rate holds until 2026.

• Iranian Bitcoin and crypto flows dropped 11% through July 2025, potentially due to the escalation of the Israel conflict, the $90M Nobitex exchange hack, and Tether's freeze of 42 Iranian wallets amid sanctions.

• Analyst James Check challenges the popular halving theory of Bitcoin market cycles, arguing Bitcoin's three market cycles stem from adoption trends rather than four-year halvings.

• Spot Bitcoin ETFs rebound with $219M in daily inflows, ending a six-day outflow streak as investor sentiment shifts.

• Trader increases funding for his social media pressure campaign on MEXC to $2.5M after claiming the platform requested unusual in-person KYC verification in Malaysia to unfreeze his $3M in funds.

• BitBridge Capital Strategies launches the Bitcoin Respect Loan, offering competitive rates under 6.5% for borrowers seeking liquidity.

• Qubic mining pool continues to disrupt the Monero blockchain with multiple 9-block reorganizations, strategically exploiting hashrate dominance while self-limiting attacks to avoid double-spending concerns.

• Koi Security researchers expose FreeVPN Chrome extension for secretly capturing user screenshots without consent, despite having over 100,000 downloads and Google's featured badge for following recommended practices.

• Bitpanda, the Austrian exchange backed by billionaire Peter Thiel, avoids a London listing due to liquidity concerns and considers Frankfurt or New York instead.

• The Bitcoin Fear and Greed Index almost flips all the way back to 'Fear'.

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