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If SpaceX and Tesla Complete the Merger, They Will Form a Bitcoin Treasury Worth Approximately $2.5 Billion
If the SpaceX and Tesla merger plan proposed by Musk is realized, it will consolidate 30,221 bitcoins (approximately $2.5 billion) held collectively by the two companies into a single balance sheet. Musk recently stated during SpaceX's third-quarter earnings conference call that both companies' boards have established special committees composed of independent directors to evaluate this merger, but emphasized that the transaction is not "certain".
Tesla's latest quarterly report disclosed its holding of 11,509 $BTC, while SpaceX disclosed in its June IPO filing that it holds 18,712 BTC. The combined cost basis of the two companies is approximately $1 billion, with an average purchase price of about $35 thousand.
Trump Plans to Emphasize Combating Transnational Cryptocurrency Fraud During White House Events
As the U.S. congressional midterm elections approach, Trump and his administration's ties to the crypto industry have come under scrutiny over conflicts of interest allegations, White House officials revealed that U.S. President Trump plans to highlight in a White House cybercrime event his administration’s actions to combat overseas criminal organizations using cryptocurrencies to carry out fraud.
The White House said transnational crime groups steal funds from U.S. citizens through romance scams, phishing, ransomware attacks, and other means; U.S. law enforcement has frozen about $833 million in crypto assets related to overseas scams, and under the actions of a Homeland Security special task force has seized 503 crypto websites involved in fraud, while notifying nearly 9,000 U.S. citizens that they are being scammed.
Circle CEO: Does Not Focus on Bitcoin Price, Focuses on Non-Speculative Digital Dollar for the AI Era
On October 22, Circle CEO Jeremy Allaire said in an interview with CNBC that he does not pay much attention to the specific price movements of digital commodities such as Bitcoin, but instead focuses on building non-speculative digital dollars for payments, trading, lending, and investing, and believes that AI agents will bring demand for digital dollars and machine-native blockchains.
South Korea Financial Services Commission Chairman: Taxation of Virtual Assets Must Fully Consider Multiple Factors
On October 22, according to Yonhap News Agency, Lee Won-gwon, Chairman of the Financial Services Commission of South Korea, stated at the National Assembly Administration and Security Committee’s comprehensive inspection regarding the virtual asset taxation to be implemented from next year that "various circumstances need to be fully considered." People Power Party lawmaker Song Yan-seok questioned that day whether to abolish or postpone the taxation, and said that the nature and policy direction of digital assets have not been determined yet but taxation is being implemented first; the formulation of a "Digital Asset Basic Act" should be given priority.
After the Setback of the Clarity Act, Lobbying Expenditures by Crypto Institutions Such as Coinbase Declined in the Third Quarter
According to analysis of newly disclosed documents by Bloomberg Government, Coinbase and certain major crypto industry organizations spent a combined total of over $4 million on federal lobbying in the third quarter, continuing for the sixth consecutive quarter to exceed this level, though down from the second quarter.
The primary legislative initiative in the industry, the Clarity Act, faced setbacks in September. Additionally, some lobbying firms ended their partnerships with crypto clients during the third quarter.
Bitcoin Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Wednesday was $528.4 million. The total net asset value of Bitcoin spot ETFs is $109.31 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.42%.
The Bitcoin spot ETF with the highest net inflow on October 21 was iShares Bitcoin Trust, with a net inflow of $234.99 million, according to SoSoValue.