Issue #548: SA Key Fight, Hormuz Proof, Bhutan Says No Sale

Issue #555: Fenwick Settles, CFTC Capture, Saylor Reloads

Fenwick's $54M FTX settlement, NYT-based CFTC purge allegations, and Strategy's bond move all point back to Bitcoin custody, verification, and balance sheet discipline. Today's top stories, under five minutes. Full written edition with links and premium analysis: https://www.btcbreakdown.com/p/issue-555 [https://www.btcbreakdown.com/p/issue-555]

Issue #554: Sparrow Silent Payments, Nasdaq QBTC, F2Pool Eyes Mars

Sparrow 2.5.0 brings Silent Payments receiving to self-custody, the SEC approves Nasdaq PHLX's cash-settled QBTC Bitcoin index options while CFTC relief waits, and F2Pool co-founder Chun Wang points Bitcoin mining wealth at SpaceX's planned Mars flyby. Today's Bitcoin stories, under five minutes, with paper-bitcoin skepticism and builder-first signal.

Issue #552: ARMA Reserve, Foundation AI, CoinFlip Squeeze

ARMA would harden Trump's Strategic Bitcoin Reserve into law, Foundation raises $6.4M for Human Authority Hardware, and Missouri sues CoinFlip for up to $1.826M in penalties. Three stories, under five minutes, with the incentive story stripped clean. Full written edition: https://www.btcbreakdown.com/p/issue-552 [https://www.btcbreakdown.com/p/issue-552]

Issue #551: SC Blocks CBDCs, Tether Grips Twenty One, SpaceX Holds BTC

South Carolina shields Bitcoin payments, self-custody and mining while blocking state CBDC use; Tether buys out SoftBank's stake in Twenty One Capital; and SpaceX discloses 18,712 BTC on the road to Nasdaq. Three stories, under five minutes, with the signal stripped clean. Full written edition: PENDING - Make/Webflow accepted the article payload but no public btcbreakdown.com [http://btcbreakdown.com] /p/ URL resolves yet. This packet is script/MP3-reviewable but not final Fountain-publishable.

Issue #550: Miners as Power Trade, Hash-to-Heat, ETF Outflows

Bernstein prices Bitcoin miners as AI power infrastructure, Canaan turns miner heat into Nordic district heating for 2,800 homes, and U.S. spot Bitcoin ETFs shed $648.6M in one day. Today's top stories, under five minutes. Full written edition available from Bitcoin Breakdown: https://www.btcbreakdown.com/p/issue-550 [https://www.btcbreakdown.com/p/issue-549]