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Texas approves Bitcoin reserve bill, awaits governor’s signature

by admin May 21, 2025

Texas is on the verge of becoming the third U.S. state to establish a state-managed Bitcoin.

The Texas Strategic Bitcoin Reserve and Investment Act, SB 21, was approved by the House of Representatives with a vote of 101-42. The bill now heads to Governor Greg Abbott’s desk for final approval.

SB 21 would authorize the state comptroller to invest in Bitcoin and, potentially, other cryptocurrencies with a market cap exceeding $500 billion over the past 12 months.

Currently, Bitcoin is the only asset that qualifies. The legislation also directs the creation of a formal Bitcoin reserve, positioning the state to diversify its financial strategy with digital assets.

The bill’s sponsor, State Senator Charles Schwertner, and House advocate Rep. Giovanni Capriglione, framed the initiative as a move to secure Texas’s leadership in digital innovation.

State’s embrace of Bitcoin

If signed, Texas will join New Hampshire and potentially Arizona in establishing a Bitcoin reserve. However, not all states have embraced the idea.

Governors in Arizona and Montana recently vetoed or blocked similar proposals, citing the volatility of cryptocurrency markets.

Texas, which boasts a $2.7 trillion economy—ranking eighth globally if it were a country—has already positioned itself as a crypto-friendly state. Governor Abbott has previously expressed strong support for digital assets and accepted Bitcoin donations for his political campaigns.

The bill’s passage comes amid renewed momentum for Bitcoin, which recently hit a record high above $109,000.

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May 21, 2025 0 comments

Crypto Trends

BlackRock’s Bitcoin ETF Surging Up 2025 Leaderboard

by admin May 21, 2025

As noted by ETF analyst Eric Balchunas, BlackRock’s iShares Bitcoin Trust ETF (IBIT) has now made it to the top 5 exchange-traded funds (ETFs) by year-to-date inflows.

The extremely successful product has now attracted close to $9 billion in YTD inflows.

Notably, IBIT was in 47th place in terms of inflows last month. Over the past month alone, however, they attracted more than $6.5 billion worth of inflows.

BREAKING: Historic $109,500 Bitcoin High: Here’s What Analysts Predict Next

by admin May 21, 2025

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On Wednesday, the market’s leading cryptocurrency, Bitcoin (BTC), surged by more than 3% to a new all-time high (ATH), fueled by the market’s strong buying pressure experienced over the last month.

According to Coin Metrics data, the Bitcoin price climbed beyond the $109,000 level, reaching an astonishing $109,500 record. This milestone not only marks a substantial rebound, but it also exceeds BTC’s prior high in January.

Bitcoin’s Record High Result Of Favorable Macro Factors

The recent price increase can be attributed to several converging factors, particularly easing regulatory pressures in the United States. With key crypto legislation poised for passage in the US Senate, the environment appears increasingly supportive under pro-crypto President Donald Trump.

Alongside these political developments, favorable macroeconomic conditions, including softer inflation numbers and a de-escalation of tensions in the US-China trade war has created a conducive atmosphere for Bitcoin’s rise.

Antoni Trenchev, co-founder of the crypto exchange Nexo, commented, “Bitcoin’s new high has been concocted by an array of favorable ingredients in the macro cauldron.”

“It’s possible a three-month window has opened for risk assets to thrive as a broader agreement between the US and China is thrashed out,” Trenchev added in a recent interview with CNBC.

Could BTC Reach $120,000?

Looking ahead, crypto analyst Doctor Profit—known for accurately predicting Bitcoin’s previous drop to $77,000 and subsequent recovery above $100,000—has set new targets for the cryptocurrency.

In a recent social media post on X (formerly Twitter), the analyst suggested that BTC could reach between $117,000 and $120,000, which would represent an additional 10% increase. This potential rise could signal a new price discovery phase for the token, a first in several months.

The 1D chart shows BTC’s price reaching a new record high on Wednesday. Source: BTCUSDT on TradingView.com

At the time of writing, BTC attempts to consolidate above $109,000, with the aim to convert this floor into the new support for the rest of the new uptrend.

Featured image from DALL-E, chart from TradingView.com

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May 21, 2025 0 comments

NFT Gaming

Sangha raises $14m to launch solar-powered Bitcoin mine in Texas

by admin May 21, 2025

Sangha Renewables has raised $14 million in equity funding for its flagship 19.9-megawatt Bitcoin mining project in West Texas.

The facility, developed alongside a major independent power producer, will operate directly on a solar energy site and is expected to go live in Q3 2025, according to a company release.

The project is designed to convert underutilized renewable energy into Bitcoin (BTC) via a vertically integrated model.

According to Sangha, investors contribute capital—either in fiat or Bitcoin—to help build the site and, in return, receive streaming payouts in Bitcoin well below market price.

This approach, the company says, avoids the inefficiencies of traditional mining intermediaries.

“This isn’t just about mining—it’s about how capital flows in and out of Bitcoin,” said Sangha CEO Spencer Marr. “We’re offering direct access to productive infrastructure without the noise of speculative equities or hosting overhead.”

The company’s plan to scale across the U.S.

The project marks a proof-of-concept for Sangha’s broader strategy: scale across the U.S. by deploying similar mining operations on renewable energy sites suffering from congestion or negative pricing.

In this case, the solar site’s owner leases 5.5 acres to Sangha and supplies behind-the-meter power, creating new income for the IPP without shouldering any capital or operational burden.

The company says its financial models forecast energy and Bitcoin pricing in real time to guide curtailment and maximize profits. Its smart-contract-ready platform also offers transparent fees and optional blockchain-linked payouts.

Sangha’s structure borrows heavily from real estate and renewable energy project finance, emphasizing risk mitigation and repeatable deployment. Regulatory complexity is handled in-house, helping streamline partnerships with energy providers.

The $14 million raise is part of a $17 million target. Once live, the Texas site is expected to offer some of the lowest power costs for mining in North America, the company said.

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May 21, 2025 0 comments

NFT Gaming

Bitcoin Blasts to New All-Time High Price Above $109,000

by admin May 21, 2025

In brief

Bitcoin’s reached a previous high of $108,786 in late January, per CoinGecko.
BTC’s price dipped below $75,000 in early April as U.S. President Donald Trump ratcheted up his global trade war.
The largest crypto by market value has benefited from more favorable macroeconomic conditions of late.

Bitcoin soared to a new record price above $109,000 on Wednesday morning, pushed by tailwinds that have sent cryptocurrencies and other risk-on assets higher over the past two months.

The largest crypto by market capitalization was recently trading at $109,378 at crypto exchange Coinbase, up 4.5% over the past 24 hours. According to Coinbase, BTC topped out at $109,500 before cooling. Bitcoin is now up nearly 25% over the last month.

“Bitcoin is pushing toward new highs with strong tailwinds behind it—from steady ETF inflows to a broader shift in political tone,” Joe DiPasquale, CEO of crypto asset manager BitBull Capital, wrote to Decrypt ahead of the milestone. “We’re seeing growing institutional interest and renewed risk appetite across the board.”

He added optimistically: “This doesn’t feel like a short-term squeeze—it’s a more sustained bid that reflects a structural shift in how investors are viewing Bitcoin. It’s moving from a speculative trade to a strategic allocation, increasingly seen as a macro asset with long-term relevance, not just a bet on tech or hype cycles.”

The latest gains come as investors buoyed by U.S. President Donald Trump’s recent retreat from his global trade war and encouraging inflation reports earlier this month have plowed back into risk-on assets. Bitcoin has also benefited as investors have viewed it more as a hedge against macroeconomic uncertainties that have threatened to undermine the value of the U.S. dollar.

Bitcoin roared to its previous record of $108,786 (according to CoinGecko) in early April amid market optimism that newly elected U.S. President Donald Trump’s would fulfill his promises to support the industry. But it plunged below $75,000 as investors grew skittish about his global trade war and other economic policies that many analysts believed would raise prices and slow the global economy.

The trend began to reverse shortly after encouraging readings on inflation and Trump’s partial retreats from tariffs on its most important trading partners. Bitcoin and other coins’ gains have accelerated over the past month, along with major equity indexes.

Ethereum and Solana are showing similar gains to Bitcoin on the day, both up around 4%, while Dogecoin is outpacing Bitcoin with a 6% bump and Cardano is up 5% as well.

Bitcoin’s record-breaking surge this week comes amid rising demand for Bitcoin ETFs, with nearly $1 billion worth of inflows into such funds already this week after two trading days, per data from Farside Investors, while publicly traded firms like Strategy and Metaplanet continue to acquire the leading cryptocurrency for their corporate treasuries.

Editor’s note: This story was updated after publication with additional details.

Edited by Andrew Hayward

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May 21, 2025 0 comments

GameFi Guides

Iowa Court Rules in Favor of Bitcoin ATM Operator in Scammed Money Case

by admin May 21, 2025

In brief

The Iowa Supreme Court has ruled in favor of Bitcoin ATM operator Bitcoin Depot.
The court ruled that money paid into a Bitcoin Depot ATM as part of separate scams in 2023 and 2024 must be returned to the company.
The decision reversed a lower court ruling that the seized cash should be returned to the scam victims.

The Iowa Supreme Court has ruled that money paid into a Bitcoin Depot ATM as part of separate scams must be returned to the company, and not to the victims, reversing a lower court ruling.

The two scams happened in July 2023 and February 2024, when the corresponding victims were separately contacted by scammers and coerced into transferring Bitcoin worth $14,000 via a Bitcoin Depot ATM in Linn County.

Police had seized the deposited cash as part of their investigations but were unable to retrieve the transferred BTC.

A district court had ruled that the seized cash, totalling $28,000, should be returned to the victims, prompting Bitcoin Depot to appeal to the Iowa Supreme Court.

According to the ruling from Justice Dana Oxley, the victims entered into a contract with Bitcoin Depot ATM, which warned the victims about potential scams prior to the transfer of the purchased BTC.

The victims had specified that they owned the wallets to which they were sending BTC, since this is the only way of completing a transfer using Bitcoin Depot ATMs.

However, one victim, Carrie Carlson, argued that the contract she’d entered into with Bitcoin Depot should be voided, since she was acting under duress.

But the Iowa Supreme court ruled that the company had no way of knowing that Carlson and the other victim were acting under duress, with Judge Oxley rejecting Carlson’s arguments that the warning shown by Bitcoin Depot was evidence of prior knowledge.

“Here, the fact that Bitcoin Depot recognized risks in its industry and the use of its ATMs and then warned its customers—to the point of barring a transaction unless the user certifies that the wallet is their own—does not make it liable for every improper transaction,” she wrote.

The court has therefore ruled to “remand the case with instructions to return the seized funds to Bitcoin Depot,” leaving the victims out of pocket.

Bitcoin Depot told Decrypt that the decision supports the importance of due process and reinforces the role crypto operators can play in preventing and addressing fraud.

“Bitcoin Depot respects the Iowa Supreme Court’s decision and views it as a positive step toward clarifying the legal framework surrounding crypto transactions and affirming the importance of working with compliant, transparent operators like Bitcoin Depot,” the spokesperson said.

The company is separately embroiled in a larger legal battle in Iowa, after Attorney General Brenna Bird sued the company and fellow ATM provider CoinFlip in February.

According to the allegations, Iowans have lost around $20.4 million as a result of sending funds via Bitcoin Depot and CoinFlip.

The Attorney General’s office says that scams account for 98.16% of the money Iowans have sent via Bitcoin Depot since October 2023, when it began an investigation into cryptocurrency ATM firms (the corresponding percentage for CoinFlip is 94.92%).

Bird also alleges that Bitcoin Depot and CoinFlip take cuts of 23% and 21% of all cryptocurrency transactions sent via their respective ATMs, and that Bitcoin Depot is misleading about the terms of its refund policy.

“We already know that [fraudsters] target older Iowans, but now it seems that they even hunt through obituaries to target widows […] And the crypto ATM companies take a cut of the profits,” said Bird.

Decrypt has contacted CoinFlip for comment.

Bitcoin Depot told Decrypt that it has already implemented several layers of protection, including ID verification, transaction monitoring, live support and automated scam warnings.

“Our dedicated law enforcement liaison team, staffed by former law enforcement, works closely with agencies across the country,” said the spokesperson. “We regularly assist investigators using our blockchain analytics to trace transactions, recover stolen funds, and help solve active cases, and we’ll continue supporting and assisting law enforcement wherever possible.”

Edited by James Rubin, and his team will be discussing internally around that as well. So you’re very excited to like, stay abreast of how things progress as they build out the product suite itself. I think they’ve chosen a pretty difficult area to build towards, in the sense of like, out like automating and creating access to like algorithmic trading strategies is hard.

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May 21, 2025 0 comments

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No, Bitcoin Price Is Not Overheated Yet, Bullish Data Emerge On-chain

by admin May 21, 2025

The leading digital currency Bitcoin (BTC) has kept investors speculating since May 8, when it breached the $100,000 level. Many anticipated a bullish rally above its current all-time high (ATH) of $109,114, but this has yet to happen, leading some to believe that Bitcoin is overheated.

NVT golden cross signals market still in safe zone

However, per CryptoQuant insights, a Bitcoin on-chain metric, the Network Value to Transaction (NVT) has not signaled overheating yet.

According to CryptoQuant, Bitcoin NVT Golden Cross has reached 1.51 points, which is still some comfortable points away from the overheated zone of 2.2.

NVT Golden Cross Doesn’t Signal Overheating Yet

“Historically, readings above 2.2 have signaled the beginning of overheated conditions. While we’re not there yet, the rising trend deserves attention.” – By @burak_kesmeci pic.twitter.com/YaClQtHt6F

— CryptoQuant.com (@cryptoquant_com) May 21, 2025

Bitcoin investor appetite on rise

The update appears necessary as Bitcoin has seen a spike in investor interest on the crypto market.

Bitcoin Breakout Imminent? Binance Taker Activity Suggests Bullish Continuation

by admin May 21, 2025

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Bitcoin (BTC) may still have room to run, as recent Binance taker data points to another short-term bullish setup for the leading cryptocurrency. Notably, BTC has surged 23.8% over the past month and is currently trading about 4% below its all-time high (ATH).

Another Bitcoin Breakout On The Horizon?

In a recent CryptoQuant Quicktake post, analyst Crazzyblockk suggested that Bitcoin could be poised for another rally based on the custom Binance Taker Buy-Sell Ratio Momentum Signal. The analyst shared multiple indicators that suggest BTC may soon break through its previous ATH.

Source: CryptoQuant

The first key insight is that both weekly and monthly buy-side taker volumes have seen a significant uptick. This spike signals aggressive buying behavior from market participants willing to execute trades at market price, often a strong sign of growing demand.

Related Reading: Bitcoin Poised For $120,000 Rally As Wyckoff Accumulation Hits Final Phase, Analyst Says

For the uninitiated, the buy-sell taker volume refers to the amount of BTC bought or sold by takers – traders who place market orders that are immediately matched with existing limit orders. A higher buy-side taker volume indicates aggressive buying behavior, often signaling bullish market sentiment.

Another critical metric is Bitcoin’s 30-day Z-score, which is currently hovering around 1. This indicates neutral market behavior – well below the overheated threshold of 3 – suggesting that buyer dominance is sustainable and not yet stretched thin.

To explain, Bitcoin’s 30-day Z-score measures how far the current value of a metric – like trading volume or price – deviates from its 30-day average, in terms of standard deviations. A Z-score around 0–1 indicates neutral or typical activity, while values above 3 suggest an overheated or extreme market condition.

The analyst also pointed out that BTC’s weekly price volatility is at its lowest in months. Historically, such low-volatility periods tend to precede significant price movements. Given the current buy-side dominance, the likely breakout direction appears to be upward.

Finally, Crazzyblockk stated that the intraday taker buy-sell imbalance is currently favoring buyers. The CryptoQuant contributor added:

Despite total volume being matched between bids and asks, aggressive taker behavior is skewed toward buys, signaling a clear dominance in execution intent. This imbalance is key for short-term momentum.

In summary, taker behavior data on Binance clearly shows bulls are in control. As long as this pattern holds, a short-term upside continuation remains the most probable scenario.

Analysts Share BTC Targets

As Bitcoin inches closer to its January ATH of $108,786, crypto analysts are weighing in with new cycle targets. For instance, Ali Martinez recently identified $116,900 as the next major resistance zone for BTC.

Meanwhile, on-chain analyst Burak Kesmeci believes BTC could rally as high as $159,000 in this ongoing bull cycle. At press time, BTC is trading at $104,611, up 1.1% over the past 24 hours.

BTC trades at $104,611 on the daily chart | Source: BTCUSDT on TradingView.com

Featured Image from Unsplash.com, charts from CryptoQuant and TradingView.com

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May 21, 2025 0 comments

Crypto Trends

KindlyMD shareholders approve Bitcoin pivot via Nakamoto Holdings merger

by admin May 21, 2025

KindlyMD shareholders have approved a merger with Bitcoin holding firm Nakamoto Holdings, paving the way for the creation of a publicly traded Bitcoin-focused conglomerate.

According to a May 20 announcement from the U.S.-based healthcare services provider, both companies will now file information statements with the Securities and Exchange Commission.

The merger is expected to close 20 days after these disclosures are shared with shareholders. Completion is targeted for the third quarter of 2025.

Nakamoto Holdings, led by Donald Trump’s crypto adviser David Bailey, is a newly formed entity that seeks to consolidate Bitcoin-native businesses under one umbrella.

The deal gives Nakamoto Holdings a Nasdaq-listed vehicle to pursue its goal of turning Bitcoin into a foundational asset across global capital markets.

The merged firm plans to scale its Bitcoin holdings per share, a concept Bailey refers to as “Bitcoin Yield,” through equity, debt, and hybrid offerings.

Though KindlyMD will continue operating its clinics focused on opioid reduction and alternative therapies, the new entity’s core focus will be financial, not medical.

“We are grateful that KindlyMD shares our vision for a future in which Bitcoin is a core part of the corporate balance sheet, and investors across global capital markets have exposure to the world’s greatest asset and store of value,” Bailey said in an accompanying statement.

The companies first announced the proposed merger on May 12. At the time, they described plans to launch a network of Bitcoin-native firms while using the merged balance sheet to accumulate BTC.

Details of the merger were announced alongside a $710 million capital raise, with Nakamoto securing $510 million through a private placement and $200 million via convertible notes, which, according to Nakamoto, was the largest PIPE in any public crypto-linked transaction to date.

Bailey, who will become CEO of the merged entity, has likened his vision to building a modern counterpart to the Rothschilds or Morgans, except with Bitcoin as the reserve asset.

“Every balance sheet, public or private, will hold Bitcoin,” he said at the time.

News of the merger sent shares of KindlyMD (KDLY) soaring more than 650% in premarket trading when it was first announced. Shares closed May 20 at $15.22, up 9% on the day, and climbed another 4.8% in after-hours trading. KDLY is now up over 979% year-to-date.

Bitcoin’s growing role as a treasury asset

With Bitcoin gaining traction as a corporate treasury asset, the KindlyMD–Nakamoto merger adds to a broader wave of public companies across the globe that have integrated Bitcoin into their financial strategies.

In the healthcare space, Basel Medical Group entered exclusive talks to buy up to $1 billion worth of Bitcoin earlier this month, while Semler Scientific has also joined the trend, and has been consistently building a sizable Bitcoin stash, holding 3,808 BTC as of May 21.

Meanwhile, in Latin America, Brazilian fintech Méliuz became the first publicly traded company in the region to adopt Bitcoin as a treasury asset, following shareholder approval earlier this month.

Over in the Middle East, Al Abraaj Group kicked off its Bitcoin strategy with an initial 5 BTC purchase, while signalling plans to acquire more.

Strategy—formerly MicroStrategy—was the first major public company to adopt Bitcoin as a primary treasury asset back in 2020, effectively popularizing the corporate Bitcoin playbook.

Recently, the firm disclosed a fresh $765 million purchase, adding 7,390 BTC to its balance sheet.

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May 21, 2025 0 comments

GameFi Guides

Texas House Advances Bitcoin Reserve Bill With Bipartisan Backing

by admin May 21, 2025

In brief

The Texas House passed Senate Bill 21 on second reading with a 105-23 vote, advancing it to third reading.
An amendment adopted Tuesday requires eligible cryptocurrencies to maintain a $500 billion market cap over 24 months.
If enacted, Texas could become the second U.S. state to establish a government-managed Bitcoin reserve, after New Hampshire.

The Texas House of Representatives voted Tuesday to approve Senate Bill 21, its state Bitcoin reserve bill, pushing it past a critical legislative hurdle.

The House began by adopting an amendment from Representative Linda Garcia (D-TX) that doubled the required market capitalization period from 12 to 24 months.

Buoyed by strong bipartisan support, the House passed the Senate Bill 21 with a 105-23 vote, advancing it to a third reading.

The bill is a “forward-thinking measure” that would help recognize digital assets “not as a trend but as a strategic opportunity” key to “strengthening the state’s fiscal resilience,” Giovanni Capriglione (R-TX), its House sponsor, said before the final vote.

Officially dubbed the Texas Strategic Bitcoin Reserve and Investment Act, the bill establishes a framework for the state comptroller to maintain and manage crypto holdings as a “special fund outside the state treasury.”

Initial discussions and proposals for it were first floated in December last year under H.B. 1598.

Under the proposed legislation, the reserve can hold Bitcoin and potentially other cryptos as “a hedge against inflation and economic volatility,” according to the bill text’s House committee version.

The comptroller also needs to submit a report every two years to the legislature on crypto holdings, their value, and any changes during that time. An advisory committee, including crypto investment experts, will guide the comptroller on reserve management.

Progress on Texas’s Bitcoin reserve bill comes roughly two years since the Lone Star state established itself as a major crypto mining hub, consistently ranking as a top choice for crypto mining firms across the U.S.

Still, the bill requires passage on third reading in the House.

Since it was amended, any differences between the House and Senate versions would need to be reconciled before final approval by both chambers.

Only then would it head to the governor’s desk, potentially establishing America’s second state-managed Bitcoin reserve after New Hampshire earlier this month.

The state of Arizona would have followed, but its governor nixed its Bitcoin bill, with only a companion bill for unclaimed crypto being passed two days later.

Edited by Sebastian Sinclair

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May 21, 2025 0 comments