📌 Gov’s BTC Stack: Thinner Than Thought?

Base’s Next Chapter

Coinbase has rebranded its Coinbase Wallet into the Base App, converting it into more of an 'everything app,' which offers social networking, mini-apps, chat, payments, and trading. As part of the relaunch, Base's core identity is now split into 3 main pillars: the existing Ethereum Layer 2 network Base Chain, a suite of tools and support for developers dubbed Base Build, and the new Base App, which serves as a consumer gateway to onchain services. Read more →

BTCs H1 Recap

K33 Research put out a new report this week covering the key themes from the first half of 2025. Here’s what caught our eye:

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U.S. Gov’s Bitcoin Stack: Thinner Than We Thought?

According to a new FOIA response, the U.S. Marshals Service (which tends to manage forfeited assets) custodies just 28,988 BTC – a whopping ~85% below the ~200K coins many analyst have estimated. At that size, the U.S. would slip to No. 4 on the sovereign BTC leaderboard – behind China, U.K. and Ukraine. Senator Cynthia Lummis expressed alarm over recent reports, stating on X: “If true, this is a total strategic blunder and sets the United States back years in the Bitcoin race.” Read more →

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