🇵🇭 TODAY: The Philippines is tightening crypto rules and banning privacy coins from licensed exchanges.

The difference between BPS and CEBE BPS is Amplification. With no debt or preferreds, BPS = CEBE BPS and a Bitcoin Treasury Company should track BTC like an ETF. As liabilities increase, BPS and CEBE diverge, creating the potential to outperform BTC.

Not all liabilities are equal. Short-duration, high-cost liabilities can turn amplification into risk and underperformance. Long-duration, low-cost liabilities can turn amplification into common equity upside. If BTC ARR exceeds the cost of capital, a well-capitalized Bitcoin Treasury Company should outperform BTC.

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The shorter the liability duration, the more CEBE matters. The longer the duration, the more BPS matters. If claims came due today, CEBE BPS would be the more relevant metric. If BTC outpaces dividend obligations, BPS better captures common equity upside.

🔥 LATEST: The SEC approved T. Rowe Price’s multi-asset crypto ETF, which could include BTC, ETH, SOL, XRP, DOGE, SHIB and up to 15 digital assets.

🚨 UPDATE: ETH is on track to see 3 consecutive red quarters for the first time ever.

⚡ INTERESTING: If Bitcoin was a country, it would have a higher GDP than Switzerland.

⚡ HUGE: SpaceX is now the 8th largest public Bitcoin-holding company.

🔥 INTERESTING: No one is unstaking $ETH.

🇵🇱 POLISH PRESIDENT VETOES CRYPTO BILL FOR THE THIRD TIME Polish President Karol Nawrocki has vetoed legislation regulating Bitcoin and crypto assets for a third time, arguing the bill failed to address his previous objections and imposed excessive burdens on the industry. The legislation was designed to implement the EU’s Markets in Crypto-Assets (MiCA) framework and establish a domestic licensing regime for crypto companies under Poland’s financial regulator. Nawrocki and his allies have repeatedly argued that Poland’s version of MiCA goes beyond what is necessary and could push Bitcoin and crypto businesses to relocate to more crypto-friendly EU jurisdictions with simpler regulatory regimes. The dispute has become one of the biggest crypto policy battles in Europe. Prime Minister Donald Tusk’s government says the law is needed to protect consumers, combat money laundering, and bring Poland into compliance with EU rules, while opponents warn it would stifle innovation and drive investment abroad. The veto leaves Poland in a unique position ahead of the EU’s July 1 deadline. MiCA remains directly applicable across the European Union, but without national implementing legislation Poland lacks a fully operational licensing framework, creating uncertainty for domestic crypto firms and potentially encouraging businesses to seek authorization elsewhere in the EU. The bill had already been vetoed twice before, making this the third rejection in less than a year and extending the standoff between Poland’s president and government over the future of Bitcoin and crypto regulation.

🇵🇱 POLISH PRESIDENT VETOES CRYPTO BILL FOR THE THIRD TIME Polish President Karol Nawrocki has vetoed legislation regulating Bitcoin and crypto assets for a third time, arguing the bill failed to address his previous objections and imposed excessive burdens on the industry. The legislation was designed to implement the EU’s Markets in Crypto-Assets (MiCA) framework and establish a domestic licensing regime for crypto companies under Poland’s financial regulator. Nawrocki and his allies have repeatedly argued that Poland’s version of MiCA goes beyond what is necessary and could push Bitcoin and crypto businesses to relocate to more crypto-friendly EU jurisdictions with simpler regulatory regimes. The dispute has become one of the biggest crypto policy battles in Europe. Prime Minister Donald Tusk’s government says the law is needed to protect consumers, combat money laundering, and bring Poland into compliance with EU rules, while opponents warn it would stifle innovation and drive investment abroad. The veto leaves Poland in a unique position ahead of the EU’s July 1 deadline. MiCA remains directly applicable across the European Union, but without national implementing legislation Poland lacks a fully operational licensing framework, creating uncertainty for domestic crypto firms and potentially encouraging businesses to seek authorization elsewhere in the EU. The bill had already been vetoed twice before, making this the third rejection in less than a year and extending the standoff between Poland’s president and government over the future of Bitcoin and crypto regulation. (The post was edited to use the correct picture)

🚨 JUST IN: Anthropic’s Mythos AI completed a security audit of Zcash and found no additional serious vulnerabilities, according to founder Zooko Wilcox.

JUST IN: 🇺🇸🇮🇷 President Trump says Iran will receive no money under the agreed deal.

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🇸🇻 EL SALVADOR BECOMES ONE OF THE WORLD’S MOST ATTRACTIVE BITCOIN TAX HAVENS President Nayib Bukele’s latest residency reform slashes the physical presence requirement for temporary residents from 9 months to just 90 days per year. Combined with El Salvador’s territorial tax system, the benefits are significant: • 0% tax on foreign-source income • 0% capital gains tax on Bitcoin • No wealth tax • No inheritance tax • No gift tax A 2024 tax reform explicitly exempted foreign-source income for both residents and non-residents, making the country increasingly attractive to entrepreneurs, investors, remote workers, and digital nomads earning abroad. The incentives extend to businesses as well. Companies operating under qualifying technology export, international services, and free zone regimes can receive up to 15 years of tax exemptions, including relief from corporate income tax, VAT, withholding taxes, import duties, and capital gains taxes. The move further strengthens El Salvador’s position as a global hub for Bitcoiners, entrepreneurs, and internationally mobile capital.

NEW: Michael Saylor on Elon Musk's SpaceX going public: "Thanks to you, 25% of the Mag8 now holds Bitcoin on the balance sheet." 🙌

JUST IN: 🇮🇱🇺🇸 Israeli Prime Minister Netanyahu will not attend President Trump's meetings with Middle East leaders at the G7 summit.