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BlackRock alters role of Coinbase among 6 changes to ETF filing to cover regulatory concerns
Coinbase transitions to Prime Execution Agent in BlackRock's latest iShares Bitcoin Trust ETF filing.
December 19, 2023
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The recent amendment to the S-1 form for the iShares Bitcoin Trust introduces six substantial changes in the management and operational structure concerning its Bitcoin and cash holdings.

BlackRock’s last update introduced 21 core amendments; however, the Dec. 18 filing exhibits substantially fewer, potentially indicating final refinements before launch. The notable changes in the most recent filing are listed below:

Prime Broker to Prime Execution Agent.

BlackRock introduces a shift in its operational strategy. The Trust has replaced the “Prime Broker” role with a “Prime Execution Agent,” signaling a restructured approach to managing the Trust’s trading balances for Bitcoin and cash assets.

A Prime Broker generally provides a suite of services that enable large institutions, traders, and hedge funds to implement their trading strategies at a cost. These services typically include cash management, securities lending, trade clearing, and settlement, among others.

On the other hand, an Executing Agent is a broker or dealer who processes a buy or sell order on behalf of a client. The executing broker within the prime brokerage will locate the securities for a purchase transaction or find a buyer for a sale transaction. This intermediary service is essential because a large transaction must be done quickly and at a low cost for the client.

The change in Coinbase’s role from Prime Broker to Prime Execution Agent suggests a potential shift in the perceived responsibilities that Coinbase will have concerning BlackRock’s ETF. As a Prime Execution Agent, Coinbase’s perceived primary role is to process buy or sell orders on behalf of the ETF rather than providing the broader range of services typically associated with a Prime Broker. However, much of the language in this section remains consistent with the last filing. Updating terminology to align with SEC guidance rather than introducing material differences is a trend seen across other filings, such as the language regarding a “direct exposure” to Bitcoin.

“Although the Shares are not the exact equivalent of a direct investment in Bitcoin, they provide investors with an alternative method of achieving investment exposure to Bitcoin through the securities market, which may be more familiar to them.”

Under the new Directed Trade Model (see Basket Creation Changes below) and the Agent Execution Model. This amendment delineates the cost responsibilities between the Trust and the Authorized Participants (AP), or their agents, the Non-AP Arbitrageurs, in scenarios where there is a discrepancy between the market price of Bitcoin and its value as calculated for the Net Asset Value (NAV) per Share of the Trust.

When an Authorized Participant, or a Non-AP Arbitrageur acting on their behalf, places a purchase order, they are now financially responsible for covering the difference if the price paid for acquiring Bitcoin is higher than the Bitcoin price used in the NAV calculation. This responsibility implies that any additional cost incurred due to a higher market price during acquisition falls on the Authorized Participant or the Non-AP Arbitrageur.

Conversely, if the Trust secures Bitcoin at a price lower than that utilized in the NAV calculation, the Authorized Participant or Non-AP Arbitrageur benefits by retaining the dollar value of this difference. This provision allows them to profit from favorable market conditions where the actual purchase price is less than the NAV-based price.

Similarly, for redemption orders, the financial responsibility model is mirrored. In cases where the Trust sells Bitcoin for less than the NAV-calculated price, the Authorized Participant or the Non-AP Arbitrageur is obligated to bear the cost difference. This arrangement places the risk of lower market prices during liquidation squarely on them.

However, suppose the Trust sells Bitcoin at a higher price than the one used in the NAV calculation. In that case, the Authorized Participant or Non-AP Arbitrageur again stands to benefit, keeping the surplus dollar value from this transaction.

This amendment introduces a significant risk-reward dynamic for Authorized Participants and Non-AP Arbitrageurs, aligning their financial interests with market fluctuations and the Trust’s NAV calculations.

Retained Responsibilities as Prime Execution Agent.

Under this new framework, the Trust’s assets are still subject to an omnibus claim rather than a direct claim on specific Bitcoin or cash. This approach, along with most of this section, is consistent with the previous arrangement and maintains the pro rata share system for asset entitlement.

Further, the Trust’s cash management strategy remains essentially unchanged, with continued use of bank accounts and Money Market Funds. When it comes to executing Bitcoin sales, the Trust will operate through approved trading venues, though specifics may vary under the new agent. The agreement also includes provisions for suspension or termination by either party under certain conditions, mirroring the clauses in the previous Prime Broker Agreement.

Regarding executing Bitcoin sales, the Trust will continue working through approved trading venues, a process similar to that the Prime Broker employs. However, the specifics of these venues and the due diligence process may differ under the new Prime Execution Agent.

This shift from a Prime Broker to a Prime Execution Agent suggests a reevaluation and possible enhancement of the operational structure for managing the Trust’s Bitcoin and cash holdings. However, many fundamental asset handling and risk management aspects remain consistent with the previous arrangement.

Market Makers to Bitcoin Trading Counterparties.

In another development, BlackRock has revamped the roles and compliance responsibilities within the ETF. The replacement of “Market Makers” with “Bitcoin Trading Counterparties” suggests a potential broadening of entities involved in Bitcoin trading and a more proactive approach to transaction execution.

Now, not only do Authorized Participants and Bitcoin Trading Counterparties need to have compliance programs for sanctions and anti-money laundering laws, but the Prime Execution Agent also has to maintain similar programs. This change highlights an increased focus on regulatory compliance and the prevention of illicit activities.

Furthermore, the Trust’s acceptance of Bitcoin is now explicitly extended to include those acquired through the Prime Execution Agent, in addition to those from Bitcoin Trading Counterparties. This broadens the sources from which the Trust can receive Bitcoin, potentially enhancing the Trust’s ability to manage its Bitcoin holdings more effectively.

Lastly, there is an emphasis on the Prime Execution Agent’s ongoing due diligence and monitoring responsibilities for its customers, including those related to Authorized Participants. This added layer of scrutiny is aimed at bolstering the Trust’s compliance with legal and regulatory requirements, particularly in relation to suspicious activities and transactions.

Basket Creation Changes.

BlackRock has introduced notable changes to its operational structure, particularly in how it handles the creation and redemption of its Baskets, which are the units of the ETF.

Previously, the creation of a Basket was solely dependent on delivering a specific amount of Bitcoin, which varied daily based on factors like sales of Bitcoin, losses, and accrued expenses. The Basket Bitcoin Amount was adjusted daily and made available to Authorized Participants. Now, the Trust has introduced a dual component: a cash amount and a Bitcoin amount for each Basket, reflecting a more complex structure. This change allows for a more flexible and dynamic approach to creating Baskets, accommodating both cash and Bitcoin in varying proportions.

This change introduces two new operational models for handling Bitcoin transactions within the Trust. The first is the Directed Trade Model, where the Trust engages with Bitcoin Trading Counterparties. These Counterparties, who are not registered broker-dealers, enter into written agreements with the Trust to trade Bitcoin. They may be affiliates of Authorized Participants or different broker-dealers known as Non-AP Arbitrageurs. In this model, the Bitcoin Trading Counterparties act in their own interest (in a principal capacity) when trading with the Trust. The second model is the Agent Execution Model. Here, the Prime Execution Agent conducts Bitcoin purchases and sales on behalf of the Trust, acting as an agent. This is done through the Coinbase Prime service under the Prime Execution Agent Agreement.

For Baskets creation, the Authorized Participants need to submit purchase orders, which are acknowledged by BRIL unless the Trustee or Sponsor refuses them. The timing for these submissions varies between the two models. For the Directed Trade Model, orders are placed on the trade date, while for the Agent Execution Model, there’s an earlier cutoff time, potentially the evening before the trade date. These orders determine the cash needed for the deposit and the corresponding Bitcoin amount the Trust needs to purchase.

The fee structure remains consistent, with a standard creation transaction fee for each order, which includes an ETF Servicing Fee and Custody Transaction Costs. BRIL, an affiliate of the Trustee, handles these services and fees.

The process of accepting purchase orders has also been streamlined. Upon acceptance by the Trustee, BRIL communicates the required Basket Amount to the Authorized Participant for the cash to be delivered in exchange for the Baskets. This system underlines a shift towards a more cash-centric approach in the Trust’s operation, diverging from the direct use of Bitcoin in transactions.

Bitcoin Redemption Changes.

The Trust has provided a structure similar to creations for redemptions, with the same Directed Trade Model and Agent Execution Model. This symmetry ensures consistency in the Trust’s operational framework for creations and redemptions.

The amendment has also introduced a new dynamic to determining the Basket Amount regarding redemptions. In addition to the daily adjustment, an indicative Basket Amount for the next business day will be made available to Authorized Participants, providing them with guidance for future transactions.

Moreover, the Trust has emphasized the potential for delays in Bitcoin transactions due to network issues, highlighting the inherent risks in dealing with digital assets.

Under the direction of the Sponsor, the Trustee has also been granted the authority to suspend the acceptance of purchase orders or the delivery or registration of transfers of Shares in certain circumstances, adding a level of control to manage unforeseen events or market disruptions.

These changes reflect a more sophisticated and nuanced approach to the operation of the iShares Bitcoin Trust, considering both Bitcoin’s volatility and the regulatory environment it operates within. The introduction of cash components, dual trade models, and potential for borrowing Trade Credits indicate a move towards a more flexible and responsive ETF structure, aiming to cater to varying investor needs and market conditions.

CF Index Risk Identification.

BlackRock has also highlighted a potential issue related to the Index Administrator, specifically system failures or errors. This amendment addresses the possibility that the computers or facilities used by the Index Administrator, data providers, or Bitcoin platforms could malfunction, leading to delays in calculating and disseminating the CF Benchmarks Index. This index is crucial as it is used to determine the Trust’s net asset value (NAV).

The amendment elaborates that errors in the CF Benchmarks Index data, computations, or construction could occur and might go unidentified or uncorrected for some time or even indefinitely. Such mistakes could adversely impact both the Trust and its Shareholders. In essence, if the CF Benchmarks Index encounters errors, it could lead to investment outcomes that differ from what would have occurred if these errors had not occurred.

Furthermore, it is specified that the Trust and its Shareholders will generally bear any losses or costs associated with these errors or related risks. The Sponsor, its affiliates, or its agents do not offer any guarantees against these risks.

The amendment also states that if the CF Benchmarks Index is unavailable or deemed unreliable by the Sponsor, the Trust’s holdings might be valued based on fair value policies approved by the Trustee. This revaluation could lead to discrepancies between the valuation and the actual market price of Bitcoin. Such a situation could result in the Shares’ price no longer accurately tracking the price of Bitcoin, either temporarily or over a more extended period. This misalignment could adversely affect investments in the Trust and the value of the Shares, potentially diminishing investor confidence in the Shares’ ability to track the price of Bitcoin.

IBIT Ticker Revealed.

Lastly, BlackRock has confirmed the ticker symbol for the Trust’s shares on NASDAQ as “IBIT,” facilitating easy identification for investors interested in tracking the ETF’s performance.

 

Link

 

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3I/ATLAS — Secret Laws Of Gravity
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':

  1. 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').

  2. 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.

✅ The statistical impossibility — phase-locked stability beyond natural variance. (pending verification)

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.

— Earth Exists

Additional Reference & Data Source Links 🖇️:

EARTH EXISTS Documentation:
- [Previous article. 35 Days of Silence — 3I/ATLAS]

Source

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BlackRock Is Manipulating The Price Of Bitcoin👀

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 movement and controlling 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 exhibit strong 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 by emotion, 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 concentrated within 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 entity determining 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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