Sep 9, 2026
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15 min read
Liquid lost about $320 million because a verification cache glued four fields together with nothing in between. The rangeproof math was never touched.
Sep 7, 2026
Twelve inputs, 2,000 satoshis each, and a fifteen year old public key taken off the chain in 29 minutes. The migration plan says it cannot do this for the coins left behind.
Sep 2, 2026
13 min read
Treasury blew past its end-September cash target the day after it published the target. The facility that used to absorb that drain now holds $725 million.
Aug 31, 2026
9 min read
Warsh spoke at Jackson Hole and the September contract flipped. The trigger we published four days ago has fired.
Aug 28, 2026
Eight straight days of inflows and the strongest month of 2026. We called this rally a short squeeze two days ago. The bid showed up.
Aug 26, 2026
10 min read
Bitcoin broke the level we were watching for weakness and set off the largest short squeeze since 2021. We were offline for all of it.
Aug 19, 2026
Eight consecutive weeks without a purchase. The equity raise went to defending the preferred instead of buying the coin.
Aug 17, 2026
Strategy's preferred stock funded roughly ten times more bitcoin buying this year than the entire US spot ETF complex.
Aug 12, 2026
The cushion that used to absorb that is down to $1.2 billion. CPI prints an hour after this email.
Aug 10, 2026
11 min read
Payrolls went negative. Unemployment fell anyway. And a soft fork died one block deep.
