There is an unprecedented situation emerging in London, where the relentless hemorrhaging of one of the world’s largest stockpiles of silver is now well and truly under way.
For the last 9 months, this stockpile of silver, held in the LBMA vaults in London, has been consistently falling each and every month, and has now reached an all time low (since vault holdings records began in July 2016).
These vaults comprise the precious metals storage facilities in and around London run by the bullion banks JP Morgan, HSBC and ICBC Standard Bank, as well as the London vaults of three security operators, namely Brinks, Malca-Amit and Loomis. Since the system of vaults is administered and coordinated by the London Bullion Market Association (LBMA), these vaults are collectively known as the ‘LBMA vaults’.
That article covered the vault data up to the end of June 2022, where the London silver holdings had reached the dubious milestone of having dropped below the 1 billion ounce level, specifically falling to 997.4 million ozs (31,022 tonnes).
London sub-Billion Market Association (LBMA)
Since then, however, the situation has only worsened. Latest data for July and August show that the downward trend is still very much intact. During July 2022, London silver inventories fell by another 4.66% month-on-month, with the vaults seeing an outflow of 46.5 million ozs of silver (1447 tonnes). This brought total LBMA London silver holdings down to 950.9 million ozs (29,576 tonnes), and a new all time low since records began. (Note the lowest previous low had been 951.4 million ozs at the end of July 2016).
Now that August 2022 vault data has been released (LBMA release vault data by the 5th business day of a new month), we can see that August saw no reprieve, because in August the London silver holdings fell by another 3.62% month-on-month, with the vaults seeing an outflow of 34.4 million ozs of silver (1070 tonnes). This brings the LBMA silver vault inventories down to 916.5 million ozs (28,506 tonnes).
In other words, during these two months of July and August 2022, the LBMA vaults have lost another 2517 tonnes of silver.
With consistent silver outflows over the last 9 months to the end of August 2022, the LBMA silver vaults have now lost a whopping 254.5 million ozs (7915 tonnes) of silver since the end of November 2021. In other words, from a situation where the LBMA silver inventories had been 36,421 tonnes at the end of November 2021, they are now 21.7% lower at 28,506 tonnes.
To put all of this into context, the Silver Institute estimates that world annual silver mining production will only be 843.2 million ozs this year. That’s 26,262 tonnes. So the LBMA vaults, with 28,506 tonnes as of the end of August 2022, now hold just less than one year’s mine supply of silver.
In addition, except for a blip during November 2021 in which LBMA silver inventories rose by 311 tonnes, the LBMA silver vaults have actually seen outflows for 13 of the last 14 months. This is because silver inventories in London also fell in each of the months of July, August, September and October 2021. Putting all of this together means that since the end of June 2021, the LBMA vaults in London have lost 8200 tonnes of silver (263.3 million ozs), and the vaults now hold silver representing just over one year’s mine production.
While LBMA silver inventories did rise during the first six months of 2021, the net outflow from January 2021 to the end of August 2022 is still 5102 tonnes. And people say there is no silver squeeze?
But that is actually only half the story, because as readers of these pages will know, a majority of the silver within the LBMA vaults is held by Exchange Traded Funds (ETFs) and is already accounted for, and is therefore not (unless it is sold out of ETFs) available to the market. Additionally, this silver in ETFs is not, as the LBMA disingenuously claims, available to “underpin the physical OTC market."
Backing this ETF silver out of the headline figure is thus even more revealing. According to the calculations of GoldCharts’R’Us, as of the end of August there were 18,110 tonnes of silver held by silver-backed ETFs which store their silver in London. This means that of the 28,506 tonnes of silver that the LBMA claims to be held in its London vaults, 63.5% of this is held in ETFs, and only 10,396 tonnes (36.4%) is not held by ETFs. This 10,396 tonnes also represents only about 40% of annual silver mining supply.
Back at the end of June 2022 when the LBMA data claims that there were 31,023 tonnes of silver in the London vaults, the combined silver-backed ETFs which store their silver in London accounted for 19,422 tonnes (62.6%) of this total, leaving a remainder of 11,601 tonnes of silver (37.4%) not held in ETFs. Fast forward to the end of August, and you can see that ETFs now comprise a greater percentage (63.5%) of all the silver in the London vaults. This is because, while there have been outflows of ETF held silver over these two months, there have been even greater outflows of non-ETF held silver.
These calculations were done on 9 September using silver ETF bar lists dated 8 September. This ETF silver is held in the London vaults of JP Morgan, HSBC, Brinks, Malca Amit, and Loomis.
Together these 13 ETFs currently hold 17,759.7 tonnes of silver in the LBMA London vaults.
The LBMA London vaults figures also include silver held by clients of BullionVault and GoldMoney. BullionVault clients hold 491.2 tonnes of silver in the LBMA vaults in London (same as at the end of June, while GoldMoney clients hold 186.8 tonnes in the LBMA vaults (one tonne less than in June). Adding these two figures to the ETF total means that as of 8 September 2022, there were 18,437.6 tonnes of silver held by silver-backed ETFs and private client investors in the LBMA London vaults, which to reiterate, has nothing to do with “London’s ability to underpin the physical OTC market”.
This means that of the 28,506.28 tonnes of silver as of the end of August 2022, only 10,068.7 tonnes of silver is not held in ETFs. And another caveat as usual: of the London silver not held in ETFs, some of this too represents allocated silver holdings of the wealth management sector, such as physical silver held by investment institutions, family offices and High Net Worth individuals.
So as more and more silver drains out of the LBMA London vaults due to continued strong global demand, the free float (the amount of silver that is available to ‘underpin’ trading), is diminishing.
COMEX Silver also in Crisis
Over on COMEX in New York, the silver situation is also precarious, with ‘Registered’ silver inventories in the COMEX approved warehouses practically in freefall, and at a four and a half low. See the following chart. Latest figures for 9 September show that registered inventories (those that are warranted and available to back COMEX silver futures contract delivery) are now only 46 million ozs (1430 tonnes). This is insanely low. For example, more silver left the LBMA vaults during July 2022 (1447 tonnes) than there is currently in COMEX registered silver stockpiles.
Regarding the COMEX category of ‘Eligible’ silver (which merely represents silver stored in the COMEX approved vaults which could be traded if it was put under warrant, but which realistically may have nothing to do with COMEX trading), the amount of silver in the COMEX eligible category hasn’t really fluctuated much so far in 2022 and has ebbed and flowed by about 30 million ozs (930 tonnes) within the 250-280 million ozs range. See the following chart.
With so much silver exiting the London vaults, the silver holdings on COMEX cannot explain this, since the silver leaving London is not showing up in New York. So where is the silver that is leaving London going to?
A Resurgence in Indian Silver Demand
Apart from 2022’s strong global investment and industrial demand for silver which is detailed by the Silver Institute here, there is now huge new physical demand entering at the margin, a case in point being India. Indian silver imports are now seeing some of their strongest monthly figures in recent years. See chart below which includes silver imports into India up to the end of July 2022.
Reports out of India also say that July has been a record month, according to the following interview with Metals Focus India.
Conclusion
The existence of ETF silver in London is key to the ability of the LBMA bullion banks to control the market and the silver price.
LBMA bullion banks / ETF Authorised Participants appear to use London silver ETFs as a top up fund for physical silver, scaring the market by bringing the paper silver price lower and flushing out / triggering institutions and retail to sell ETF units, at which point the bullion banks pick up and convert these units, thereby obtaining extra metal that’s needed to meet physical demand. In fact, as physical silver demand rises, bullion banks will try to get the price lower so as to have access to the silver that is held by the ETFs.
But the bullion banks know that in the West, a higher silver price brings in more ETF buyers, which in turn leads to more of the silver that is in the LBMA vaults being ‘spoken for’ by the ETFs. Which is why the bullion banks have a vested interest in keeping a lid on the silver price, because they don’t want a situation (such as early 2021) where ETF investor demand gobbles up a greater and greater proportion of LBMA silver holdings, as then this silver cannot be used to supply other industrial and investor demand (i.e. global demand outside London). See BullionStar article “LBMA acknowledges “Buying Frenzy” in Silver Market and silver shortage Fears” from April 2021.
This circus trick, where the bullion banks have to keep all the plates spinning at the same time, only works when they can control the various sources of demand and borrow silver from the ETFs. Which they do via controlling the silver price.
But as demand for physical silver continues to accelerate globally and silver continues to flow out of London at an astounding rate (which are factors which the bullion banks seem to have lost control of), is this crunch time again for the LBMA?
Only time will tell, but with physical silver demand firing on all cylinders and massive amounts of silver leaving the LBMA London vaults, the bullion bank tactics of rinse and repeat in creating a ‘paper’ silver price unconnected to physical demand and supply is becoming more and more exposed.
👉 Coinbase just launched an AI agent for Crypto Trading
Custom AI assistants that print money in your sleep? 🔜
The future of Crypto x AI is about to go crazy.
👉 Here’s what you need to know:
💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit
👉 What this means for the future of Crypto:
1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025
🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.
👉 Coinbase just launched an AI agent for Crypto Trading
👉 Coinbase just launched an AI agent for Crypto Trading
🚨 CANARY LIKELY TO PAUSE ETF FILINGS, EYES SEC SHIFT FOR WHAT'S NEXT 🚨
Canary Capital CEO Steven McClurg has indicated that the firm may pause its ETF filings for other altcoins like Litecoin and Hedera following the successful launch of its spot XRP ETF (XRPC). The decision comes as the company assesses market conditions and awaits potential regulatory shifts under the Trump administration.
🔑 Key Points
Pause on Altcoin ETFs: Canary Capital is likely to pause further ETF filings for altcoins like Litecoin (LTC) and Hedera (HBAR) after launching its XRP ETF. CEO Steven McClurg stated the firm wants to see how XRP performs before proceeding with other filings.
Market Strategy: The company prefers to focus on quality over quantity, taking a measured approach to ensure each ETF launch has sufficient liquidity and market demand. This strategy reflects lessons learned from the rapid proliferation of Bitcoin and Ethereum ETFs.
🚨 BNY MELLON LAUNCHES MONEY MARKET FUND DESIGNED FOR STABLECOIN RESERVES 🚨
BNY Mellon has launched a new money market fund specifically designed to serve as reserves for stablecoins. This move represents a significant step toward integrating traditional financial infrastructure with the rapidly growing cryptocurrency ecosystem, particularly within the stablecoin sector.
🔑 Key Points
Institutional-Grade Solution: BNY Mellon, the world's largest custody bank with $50 trillion in assets under custody, has created a money market fund tailored specifically for stablecoin issuers seeking to back their tokens with high-quality, liquid assets.
Regulatory Compliance: The fund is structured to meet the stringent regulatory requirements that stablecoin issuers face, particularly around reserve transparency and asset quality.
Market Infrastructure: This offering provides stablecoin issuers with access to traditional financial markets while maintaining the liquidity and ...
🚨 SBI & DIGIFT CREATE JOINT VENTURE TO LINK JAPANESE RWA TOKENIZED ASSETS GLOBALLY 🚨
SBI Digital Asset Holdings has partnered with DIGIFT to create a joint venture called "SBI/DIGIFT Joint Venture" that aims to connect Japanese tokenized real-world assets (RWAs) with global markets. This partnership leverages SBI's extensive network in Japan and DIGIFT's expertise in tokenization to facilitate cross-border investment opportunities.
🔑 Key Points
Joint Venture Details: SBI Digital Asset Holdings and DIGIFT have formed a joint venture to link Japanese tokenized RWAs with global investors. The partnership will focus on tokenizing Japanese assets such as real estate, infrastructure, and corporate debt.
Global Connectivity: The joint venture aims to create a bridge between Japanese RWAs and international markets, enabling foreign investors to access Japanese assets through tokenization. This will enhance liquidity and broaden the investor base for Japanese assets.
Unlocking the future of space travel through the precise calculation of time and orbital trajectories.
"My preliminary analysis suggests two principal hypotheses regarding the reported phenomenon known as '3I/Atlas':
A Coordinated Psychological Operation (PsyOp): The phenomenon may constitute a calculated effort to manipulate public sentiment or induce fear, potentially preceding a planned, large-scale deception (referred to informally as 'Project Bluebeam').
A Highly Anomalous Object: Alternatively, the phenomenon represents an authentic, significant anomaly warranting serious scientific or intelligence scrutiny.
Regardless of its origin, '3I/Atlas' represents an historically noteworthy development that necessitates close, informed observation."
~Crypto Michael | The Dinarian 🙏
Abstract Introduction:
New data is now showing something that arrived early and its changing colors as we previously predicted.
In orbital mechanics where trajectories are calculated centuries in advance with accurate precision measured in seconds.
A 11-minute deviation is not a rounding error.
It’s not a typo in the database.
It’s not close enough.
"It’s Physically impossible.”
Now The longest government shutdown in U.S. history still blocking NASA releases while the object executed its closest Fly-by approaches to Mars, The Sun and Venus at the moment of maximum observational blackout.
But orbital mechanics don’t care about “government shutdowns.”
Our observations Don’t Stop.
And the math doesn’t wait for “Press releases.”
The math says this:
“If 3I/ATLAS is natural, it should have lost about 5.5 billion tons of mass.”
It didn't.
1. The 5.5 Billion Ton Problem:
Let’s start with what everyone agrees on: 3I/ATLAS “now” arrived earlier than pure gravitational predictions would allow. Even though we have been mentioning this trajectory change over 2 Weeks ago (October 21st Article HERE) TRACKING 3I/ATLAS .
The scientific consensus explanation? “Natural outgassing” the "rocket effect." As water ice sublimates near the Sun, it creates thrust, like a slow-motion rocket engine powered by evaporating ice. Comets do this all the time. It’s normal. It’s natural. It’s explainable.
Except for ONE problem.
“The Physics Don’t Add Up!”
To generate enough thrust to arrive approximately “11 minutes early” would require shedding a staggering amount of mass.
Our calculations show “over 5.5 billion tons” of gas ejected over the perihelion passage.
Think about that for a moment.
That’s not a little puff of vapor.
That’s not some gas leaking from surface cracks.
That’s 15% of the object’s total estimated mass.
If 3I/ATLAS lost that much material naturally, it would create a debris cloud larger than Jupiter’s magnetosphere—visible to amateur telescopes from Earth. Absolutely impossible to miss in professional observations, and bright enough to be catalogued by every sky survey on the planet.
1.1 ~ The Plume Paradox:
Here’s where it gets interesting:
No such cloud has yet to be observed.
Not by Hubble. Not by JWST. Not by ground-based observatories. Not by the Mars orbiters that watched it pass at 30 million kilometers.
The brightness remained within “expected limits.” The coma showed stable & geometric shifting features. The tail structure now disappeared (but that’s another story). The main one is that: “The debris cloud that should exist — simply doesn’t.”
This isn't a minor discrepancy.
This is complete, mathematical failure of the natural comet hypothesis.
Part 2: The Industrial Signature:
So if natural sublimation didn't create the thrust, what did?
The answer is hidden in the chemistry—specifically, in what shouldn’t be there. “The Nickel Anomaly.” When multiple astronomers analyzed 3I/ATLAS’s spectral signature, they found something extraordinary: “nickel vapor” (Ni) at extreme distances from the Sun, where temperatures should be far too cold for metals to vaporize naturally.
Nickel doesn't just evaporate on its own at those temperatures.
It needs HELP.
And there’s only one known process—natural or industrial—that produces a volatile nickel-carbon compound at cold temperatures which we have said several times previously;
Nickel Tetracarbonyl: Ni(CO)₄
This is not a natural cosmic process.
This is an “industrial chemical pathway” used on EARTH for metal refinement!!!
It forms at 120°C and decomposes at 180°C allowing nickel to vaporize at temperatures where water ice would remain frozen solid.
It is LITERALLY, an industrial refrigerant for metal processing.
The presence of Ni(CO)₄ in the plume tells us two things:
The core is not ice — It’s a nickel-rich, engineered structure.
The process is not passive sublimation — it’s an active, controlled system.
The nickel vapor isn’t contamination.
It’s not a coincidence.
It’s Exhaust.
3. Secret Gravity (SOEG) Model:
This is where our research team proposes something NEW.
We call it The “Self-Optimizing Ejection Guidance (SOEG) Model”
A Brand New Scientifically defensible framework that explains the acceleration not as chaotic outgassing, but as “controlled propulsion.”
The SOEG Model(Project EE / 3IE)
The System: • Volatile Reservoir — CO₂ ice + Nickel-rich metallic core. • Solar Heating — Perihelion triggers sublimation at optimal moment. • Magnetic Ionization — Internal magnetic field ionizes nickel vapor into plasma. • Anisotropic Jets — Plasma channeled through focused nozzles. (not random cracks) • Thrust Optimization — Maximum momentum transfer with minimal mass loss.
Unlike natural cometary outgassing—which is chaotic, omnidirectional, and wildly inefficient. The SOEG Model Fully Represents: (CONTROLLED, DIRECTIONAL, OPTIMIZED PROPULSION.)
It’s the engineering solution to interstellar navigation: Using a “magnetofluidic drive” that uses the Sun’s + Nearby Planets & Star energy to activate a propulsion system that was BUILT.
The secret is in the magnetic field. By ionizing the nickel-carbon vapor into a high-velocity plasma jet, the system achieves thrust efficiencies that natural sublimation could never match.
This isn’t science fiction. This is “magnetohydrodynamics” the same physics that powers experimental plasma thrusters being developed by NASA and ESA for deep-space missions.
The difference?
We’re building prototypes…
Someone else already perfected it.
4. The Scientific Statistical Test:
Here’s what makes it undeniable.
Natural comets exhibit HIGH temporal variance in their acceleration parameters.
Technical terms like (A₁) and (A₂) that describe how thrust changes over time. Natural outgassing is messy, chaotic & unpredictable.
Our Prediction:
We formally predict that when sufficient post-perihelion data is published — expected from JUICE observations (data release February 2026) and ground-based telescopes through December 2025— 3I/ATLAS WILL show:
(A₂ parameter near zero) — phase-locked rotational coherence.
Temporal drift < 0.5σ — stability far beyond natural variance.
“Thrust vector alignment” with rotational axis — body-fixed engine signature.
If ALL 3 conditions are met.
The probability that 3I/ATLAS is a natural comet drops below 0.01% (a >4σ statistical rejection).
This is not speculation. This is a time-stamped, falsifiable prediction.
By February — March 2026, we will either be proven right or wrong.
The data doesn’t care about our theories. It only cares about what actually happens.
5. The Blue Hue 🔵:
Now there’s one more piece of evidence—and it’s visible to the naked eye (well, through a telescope). “The Color Anomaly.”
Natural comets scatter sunlight off dust particles, producing a yellowish-red glow. At 1.36 AU from the Sun, 3I/ATLAS should have appeared reddish-orange from thermal emission.
Instead, observers noted something strange: “A distinct blue fluorescence” in the coma.
What Blue Light Means?
Blue emission in a comet’s coma comes from highly ionized species—primarily “CO” (carbon monoxide ions) and certain excited metallic vapors. This requires enormous, “FOCUSED” energy to achieve.
You don’t get this level of ionization from passive solar heating. You get it from ~ Active Plasma Generation. The blue hue is the visible proof of the SOEG engine operating at perihelion. It’s the "engine glow" of a magnetofluidic drive generating high-energy plasma to achieve maximum thrust efficiency.
Compare: - Natural comets (Hale-Bopp, NEOWISE, 67P, Etc.): Usual Yellowish-red dust scattering. - Expected for 3I/ATLAS at 1.36 AU: Reddish-orange thermal glow. - Observed in 3I/ATLAS: Distinct “Blue” plasma fluorescence.
This isn't subtle.
This is the difference between reflected sunlight and an active thruster firing.
5.5 ~ Convergence of Evidence:
Let's put it all together.
The Self-Optimizing Ejection Guidance (SOEG) Model is not speculation. It’s not wild theorizing. It’s one of the only frameworks that coherently explains:
✅ The early arrival— non-gravitational acceleration without natural explanation.
✅ The missing 5.5-billion-ton debris cloud — controlled thrust with minimal mass loss.
✅ The Ni(CO)₄ industrial signature — engineered propulsion chemistry.
✅ The blue plasma glow — active ionization system visible during perihelion.
However each piece of evidence, standing alone, is anomalous but potentially explainable.
Together, they form an interlocking pattern that demands a technological origin.
But then there’s the Silence.
Venus conjunction: Still offline.
This is not incompetence.
This is recognition.
THEY know something we’re still calculating.
December 19, 2025: 3I/ATLAS reaches closest approach to Earth at 167 million miles.
“If the calculations are correct, the 5.5-billion-ton debris cloud should be impossible to miss. Every telescope on the planet will be watching.”
All of this new information scheduled to be released should definitely include the following: High-resolution spectroscopy, morphological analysis, particle environment data and MOST CRITICALLY the astrometric parameters that will confirm or refute our SOEG model’s predictions.
“If the A₂ parameter shows phase-locked stability, the SOEG model is confirmed.”
Conclusion:
The Numbers Don’t Lie. The orbital path was not set by gravity alone. The acceleration was not powered by ice. The chemistry was not natural. And the timing is not “coincidental.”
3I/ATLAS is a message written in orbital mechanics, plasma physics, and industrial chemistry—a message we have “74 days” left to fully decode.
The mathematics are clear.
The predictions are calculated.
We don't have to speculate about what it is.
“We just have to (wait) for the complete data packet to arrive.”
And when it does, one of two things will happen:
Either the natural hypothesis survives (unlikely, given the evidence). Or we confirm what the numbers have been screaming to us since October are TRUE.
“Something pushed it. Something controlled it. Something arrived exactly when it needed to.”
Or The A-parameters will lock.
The plasma signature will confirm.
The debris cloud will be absent.
And the institutional silence will make perfect sense.
Because you don’t announce a discovery like this through a press release.
You announce it through a “Calculated Strategy.”
Analogy Conclusion:
The orbital path was set by laws that were not known, For where the starlight failed, a force was subtly sown.
No dust and ice, but Nickel in the plume’s blue gleam, A pulse of hidden power, of controlled, forgotten dreams.
The A-Parameter locks, The true secret of the sphere, The Simultaneous Truth arrives, When all the numbers are near.
Blackrock possess a strategic depth that goes far beyond initial appearances. When the general market perceives selling and traders respond with emotion, these major players are often operating on a much more profound level. They adeptly identify and leverage every available mechanism to influence market dynamics. Their power isn't in direct control of the asset, but in understanding how to move the market without ever taking direct ownership.
What entity has become the most prominent corporate champion of Bitcoin ($BTC)?
It's the one with the massive treasury holdings, known as Microstrategy.
However, the major strategic challenge lies here: the size of their Bitcoin position is fundamentally linked to their external financing, typically in the form of debt.
This reliance on significant debt creates an inherent vulnerability—a dependence on creditors and shareholders. When an entity's position is highly leveraged, that dependence makes them susceptible to market manipulation or strategic pressure from external financial forces.
When a highly leveraged corporate holder of a significant asset (like $BTC) faces external financial stress, that pressure inevitably transfers to the asset itself.
Blackrock's goal isn't to induce a market crash, but rather to establish a dominant position and control.
Any substantial sale of major cryptocurrencies like $BTC or $ETH initiated by Blackrock, can be interpreted not as routine trading, but as a deliberate effort to manipulate market sentiment and pricing.
Blackrock is deploying a sophisticated combination of tactics: they simultaneously generate market volatility through strategic sales of the asset ($BTC) while accumulating shares in key corporate holders (the stock symbolized by $MSTR).
The deeper intent is to leverage this equity stake to direct the corporate strategy of the highly leveraged Bitcoin champion.
With a sufficiently large ownership percentage, this influence becomes highly effective. The resulting market power is therefore a function of both manipulating price movementandcontrolling corporate policy.
Is Microstrategy (the company represented by the $MSTR stock) vulnerable to this kind of pressure? The evidence suggests yes.
A substantial stake held by Blackrock grants them effective leverage to influence and manipulate the company itself.
When the company's shares experience a significant decline, the leadership is often compelled to take action, potentially buying back their own stock. This action is driven by the fact that falling share prices directly intensify financial and market pressure on the entire organization.
If the stock of Microstrategy continues a sustained decline, lenders will inevitably begin to re-evaluate and revise the terms of existing loans. This is a critical point of failure for the entire strategy.
The fundamental operational model of this corporate champion works like a closed loop:
It secures debt financing (taking loans) to acquire $BTC.
Alternatively, it issues new equity (selling shares) to acquire $BTC.
Crucially, the ongoing interest payments on this substantial debt are often managed by the mechanism of issuing even more shares, creating a continuous cycle of dilution and reliance on a high stock price.
A major consequence of rising leverage is the escalating cost of borrowing, requiring Microstrategy to source even larger amounts of capital.
The most straightforward solution—to issue and sell more stock—proved to be insufficient.
In fact, the situation worsened: the company’s recent attempt to raise funds through a stock offering did not fully sell out. This failure directly resulted in a significant liquidity shortfall, hamstringing Microstrategy’s ability to meet its financial obligations and continue its asset acquisition strategy.
And the ultimate shock came when Microstrategy—the very entity that vowed it would never liquidate its holdings—began to sell.
These weren't insignificant trades; the sales were valued at billions of dollars.
The key question now becomes: Does this sudden, massive reversal signal the imminent collapse of Microstrategy, or is it simply a necessary, albeit drastic, maneuver of 'business as usual' under extreme duress?
There appear to be two primary strategic objectives behind Blackrock's calculated moves:
Scenario A (Direct Dominance): Blackrock aims to neutralize its most prominent competitor (the corporate Bitcoin accumulator) in order to seize the title as the largest holder of $BTC.
Scenario B (Indirect Control): The institution’s goal is to establish absolute market control and influence, preferring to leverage Microstrategy to execute the most aggressive or politically difficult actions.
The outright financial destruction of Microstrategy is highly improbable. Such an action would trigger a severe market crash that could take years to fully repair.
The far more intelligent strategy is integration and control.
Under this model, Microstrategy remains operational, while Blackrock secretly dictates strategy. This allows Microstrategy to absorb the market blame for any necessary but controversial manipulation, a classic and often dirty tactic used by high-powered financial entities.
In the immediate future, the market will continue to exhibitstrong reactions to the strategic maneuvers of Blackrock.
When they execute sales, it instantly captures headlines, is aggressively amplified by the media, and causes fearful retail traders ('weak hands') to panic and exit their positions.
Every decrease in price that results from this panic directly translates into a superior entry point for Blackrock. This clearly illustrates that the current market environment is driven purely byemotion, making it a survival game reserved only for those with the strongest resolve.
In the long run, the nature of $BTC will likely shift, moving away from its original ideals of being completely free and decentralized.
The vast majority of the available supply is projected to become highly concentratedwithin a small number of major corporations and investment funds.
Consequently, the price cycles will no longer be reliably tied to events like halvings or popular narratives. Instead, they will be driven primarily by government and central bank policy decisions, overarching macroeconomic conditions, and the internal political maneuverings of the world's most dominant funds and corporations.
Blackrock's goal is not to eliminate$BTC; instead, they are focused on constructing an elaborate system of control around the asset.
Microstrategy (the stock symbolized by $MSTR) remains a powerful tool, but it now operates under terms and directives that the company's leadership no longer fully dictates.
Since direct command over the decentralized asset is impossible, control is established through strategic influence over the largest corporate and fund custodians. Moving forward, Blackrock will be the primary entitydetermining the market's trajectory.
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A Request for NASA to Release Scientific Data on 3I/ATLAS
During my recent podcast interview with Joe Rogan (accessible here), I had mentioned the unfortunate circumstances, under which NASA had not released for four weeks the images collected by the HiRISE camera onboard the Mars Reconnaissance Orbiter. These images were taken on October 2–3, 2025, when the interstellar object 3I/ATLAS passed within 30 million kilometers from Mars. The images are extremely valuable scientifically because they possess a spatial resolution of 30 kilometers per pixel, about 3 times better than the spatial resolution achieved in the best publicly available image from the Hubble Space Telescope, taken on July 21, 2025 (accessible here and analyzed here). Whereas the Hubble image was taken from an edge-on perspective since Earth and the Sun were separated by only ~10 degrees relative to distant 3I/ATLAS, the HiRISE image offers a sideways perspective, valuable in decoding the mass loss geometry and glow around as it approached the Sun.
The delay in the data release was argued to be the result of the government shutdown on October 1, 2025. Nevertheless, conspiracy theorists suggested that it may have to do with evidence for extraterrestrial intelligence in the HiRISE images. When asked about it, I suggested that the delay is probably not a sign of extraterrestrial intelligence but rather of terrestrial stupidity. We should not hold science hostage to the shutdown politics of the day. The scientific community would have greatly benefited from the dissemination of this time-sensitive data as astronomers plan follow-up observations in the coming months.
Joe Rogan suggested that I contact the interim NASA administrator, Sean Duffy. The following day, I corresponded with congresswoman Anna Paulina Luna regarding a related formal request from NASA. Following our exchange, Representative Luna wrote a brilliant letter to NASA’s acting administrator Duffy.
We all owe a debt of deep gratitude for the visionary support displayed by Representative Luna to frontier science through her letter, attached below.
Avi Loeb is the head of the Galileo Project, founding director of Harvard University’s — Black Hole Initiative, director of the Institute for Theory and Computation at the Harvard-Smithsonian Center for Astrophysics, and the former chair of the astronomy department at Harvard University (2011–2020). He is a former member of the President’s Council of Advisors on Science and Technology and a former chair of the Board on Physics and Astronomy of the National Academies. He is the bestselling author of “Extraterrestrial:The First Sign of Intelligent Life Beyond Earth” and a co-author of the textbook “Life in the Cosmos”, both published in 2021. The paperback edition of his new book, titled “Interstellar”, was published in August 2024.
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