TD₿: Bitcoin Over $100K—But Who’s Really Holding the Risk? - (a Swan original video) with Hurley
TL;DR: Bitcoin tops $100K as leveraged Bitcoin equities flood the market, repackaging risk under a Bitcoin banner. True sovereignty remains the critical edge.
Hey Bitcoiners,
Bitcoin has reclaimed $100K, institutional demand is soaring, and new Bitcoin treasury firms are emerging weekly. But beneath the surface, a new trend is accelerating: leveraged Bitcoin equities—companies using financial engineering, corporate debt, and synthetic products to outperform Bitcoin itself.
While pioneers like MicroStrategy opened the door, firms like 21, Strive, and Nakamoto are layering even more risk. These products aren't building new value—they're selling exposure, often wrapped in volatility and leverage. As speculation shifts from altcoins to equities, the crypto casino is being rebuilt in a TradFi wrapper.
The deeper concern is philosophical. Bitcoin was created as a permissionless, sovereign asset—designed to be held, validated, and used without intermediaries. But as usage shifts off-chain and into custodians, ETFs, and derivatives, we risk diluting that vision.
If you don’t hold your own keys or run a node, you’re not truly in Bitcoin—you’re in a branded abstraction. Real adoption means building on-chain, preserving decentralization, and rejecting financial gimmicks. Performance may impress in the short run, but sovereignty is the long game.
Tick tock next block,
The Swan Education Team
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Welcome to Bitcoin: 101 Series
Swan understands that learning about Bitcoin can be daunting, and articulating its concepts to your loved ones can often appear like an insurmountable task. So, we created this free 1-hour Welcome to Bitcoin: 101 Series. It’s the best way to orange-pill your friends and family.
With host Natalie Burnell, you’ll learn the many ways Bitcoin can benefit you, such as:
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Quote of the Day
“Decentralization isn't something you slap on to your marketing budget. It's absolutely integral to the whole fucking system.”
- Matt Odell
Job of the Day
Chief Revenue Officer
Anywhere / Remote only
Full Time
$250-500k (Annually)
Sales / Financial Services
Swan is building the world’s #1 Bitcoin-based wealth platform. We hire passionate Bitcoiners who want to work with a self-motivated and fully distributed startup team.
The Role
We are seeking an experienced Chief Revenue Officer (CRO) to become a key member of the Swan leadership team. The CRO will be responsible for strategic planning and client growth initiatives — focusing on the expansion of our key business segments and business partnerships.
Your responsibilities
Responsibility for day-to-day Swan Private, business development, and driving all revenue generating functions
Oversee and ensure efficient integration of all revenue-related processes, across Swan Private Wealth, Swan IRA, Swan Vault, Swan Safe, Swan Lending, and future initiatives
Accountable for Total Revenue, including Transactional and Recurring revenue across the company
Builds high-performance team, ensuring best in class sales practices and discipline throughout the company and coaches the Swan Private team
Use analytical and data-driven decisions to deliver growth and manage compensation planning
Partner with senior leadership to execute the current corporate strategic plan and implement new growth strategies
Act as a liaison between Swan Bitcoin and our strategic clients
Provide feedback and contribute to our product roadmap and company strategy
Skills and experience that will help you succeed
Proven work experience as a CRO or similar role in the fintech and wealth management industries, with traditional financial experience
Proven track record of growing revenue through expanding service offerings, new product cross-sell, marketing, branding, and partnerships
Possess an entrepreneurial mindset, thoughtful, and questioning
Ability to comprehend and articulate macroeconomic trends in relation to specific technology and growth strategies
Have a deep understanding of and passion for Bitcoin
Excellent verbal, written and presentation skills
Ability to thrive in a remote environment
10-years minimum of management/leadership experience
Must be U.S.-based (major metro area ideal) and eligible to work in the U.S.
Compensation for this role will be based on location and experience, and may include base salary, commissions, equity, and benefits
Here's a bit about our culture
We’re a growing team: Fully distributed across the world, Slack and Huddles are huge here.
We’re very flat: Leadership is desired and encouraged; we hire people who care about and use the product they are working on.
We’re Bitcoiners: We find solutions that encourage Bitcoin principles. We are often involved in the Bitcoin community through writing, podcasts, conferences, open-source projects, and time spent on Twitter to help educate the masses. We love Bitcoin, and it comes through in our daily chats, meetings, and actions.
Join us, become a Swan!
Not your particular skill set? Check out all the Bitcoin Jobs at bitcoinerjobs.com.
In the Headlines
Steak ‘n Shake to Accept Bitcoin Nationwide at All U.S. Locations Starting Next Week
Steak ‘n Shake has confirmed it will begin accepting Bitcoin payments at all 500+ U.S. locations starting next week, following months of cryptic teasers and viral Bitcoin-themed marketing.
While it's still unclear whether the company will use the Lightning Network or hold BTC on its balance sheet; this marks one of the largest nationwide Bitcoin rollouts in the fast food industry, bypassing limited test phases seen in previous efforts.
Semler Scientific Grows Bitcoin Holdings to 3,808 BTC
Semler Scientific now holds 3,808 BTC after acquiring 1,510 bitcoin in 2025, despite posting a Q1 net loss of $64.7 million. The company generated a 22.2% BTC yield year-to-date and launched a public-facing Bitcoin Dashboard to track metrics like BTC Yield and BTC Gains. Bitcoin purchases totaled $150.3 million through May 12, with a current fair value of $387.9 million.
The Q1 loss stemmed largely from non-operating charges, including a $41.8 million unrealized BTC loss and a $29.75 million DOJ-related liability. Revenue dropped 44% to $8.8 million, while operating expenses spiked due to litigation and audit costs. The company has raised over $161 million through convertible notes and equity offerings in total.
Jack Mallers’ Twenty One Capital and Tether Acquire 4,812 Bitcoin Worth $458.7 Million
Cantor Equity Partners (CEP) revealed in a new SEC filing that Tether purchased 4,812.2 Bitcoin for $458.7 million on behalf of Jack Mallers’ Bitcoin treasury firm, Twenty One Capital, which plans to go public under the ticker $XXI.
The purchase was made in connection with a private investment in public equity (PIPE) deal signed on April 22, 2025, with Tether holding the Bitcoin in a publicly viewable digital wallet for transparency.
Under the agreement, Tether will transfer the Bitcoin to Twenty One Capital’s parent company, Pubco, once PIPE investments are funded. This structure mirrors the on-chain transparency adopted by firms like Bitwise and Metaplanet. CEP is now publicly trading as it finalizes the merger with Twenty One Capital.
Swan Shortie of the Day
Event of the Day
The Bitcoin Conference 2025 is scheduled to take place in Las Vegas from May 27 to May 29, 2025, at The Venetian Las Vegas. This event is the world's largest gathering of Bitcoin enthusiasts and industry professionals, featuring talks by thought leaders and industry innovators, and attracting over 30,000 attendees.
Las Vegas is also home to several cryptocurrency companies, including CleanSpark, which specializes in sustainable infrastructure for Bitcoin and aims to promote financial independence and inclusion.
Bitcoin Conference 2025: The world's largest Bitcoin event, scheduled for May 27-29, 2025, in Las Vegas.
CleanSpark: A Bitcoin company based in Las Vegas that focuses on sustainable Bitcoin infrastructure.
Las Vegas Tax Attorneys: Experts providing consultations on Bitcoin tax issues.
Tickets for the Bitcoin Conference 2025 can be purchased through Eventbrite, and the event times are from 9:00 AM to 5:00 PM daily.
Meme of the Day
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