

The architect of the largest spot Bitcoin ETF will take the stage at a 300-person, closed-door gathering of corporate treasury officers in Manhattan on September 28, with the speaker roster representing more than 1 million BTC in combined holdings. Robert Mitchnick, BlackRock's managing director and global head of digital assets, is on the bill for the second annual Bitcoin Treasuries Conference at SECOND, 849 6th Avenue. He has run the firm's digital assets business since 2018 and built the iShares Bitcoin Trust ETF (IBIT) from concept into one of the largest ETF launches on record. "Corporate treasury teams are asking the same question every allocator asks: what does the vehicle cost you in custody, tax and governance," Mitchnick said, according to conference organizers. BlackRock declined to comment on the agenda. The speaker list puts Mitchnick alongside Adam Back, chief executive of Bitcoin Standard Treasury Company ($BSTR), Grant Cardone, Matt Cole of Strive and Ric Edelman. Ticket tiers run $795 for general admission, $1,995 for VIP access, and $295 for students and nonprofit representatives. ## A $1.4 billion deal sets the bar The conference's first edition in 2025 contributed to a $1.4 billion acquisition involving roughly 11,000 BTC, which is the reference point organizers use to argue the format produces transactions rather than panels. That deal size is what gives the 300-person cap its logic: the room is small enough that treasury officers, custody providers and bankers can negotiate without a public audience. Agenda topics include custody frameworks, the trade-offs between holding Bitcoin through ETFs versus direct on-chain ownership, and the strategic implications of mergers and acquisitions in the sector. The ETF-versus-direct-holdings question is the one Mitchnick is most exposed on. IBIT gives institutions a regulated, liquid vehicle with standard brokerage and reporting treatment, while direct holdings offer different tax treatment, custody flexibility and governance rights over the coins themselves. BlackRock's presence at the event follows a year in which corporate Bitcoin treasuries moved from a handful of software companies into a broader set of balance sheets. The conference's speaker roster, representing more than 1 million BTC, is the clearest single measure of how much corporate capital now sits in that strategy. For the companies weighing a treasury allocation, the practical question is not whether Bitcoin belongs on a balance sheet but which wrapper survives an audit, a proxy fight and a tax review. A candid comparison from the person who built the largest ETF in the category, sitting next to direct-holding advocates such as Back and Cole, is the outcome worth watching when the doors close on September 28. This article is for informational purposes only and does not constitute investment advice.

Polygon's POL changed hands at $0.095 on Monday, up 0.98% in 24 hours, after a wallet tied to market maker Cumberland moved 14.6 million tokens worth $1.41 million off Binance, Gate and Coinbase, according to analyst Nazoku. The withdrawal removed supply from visible order books but did not lift the token out of a four-day range between $0.094 and $0.099. "Desk withdrawals are inventory management first and directional bets second," Jason Wu, an on-chain analyst who tracks exchange flows, said. "Cumberland pulling POL off Binance tells you where the tokens are, not what the desk intends to do with them." The tokens were moved to a separate wallet after leaving the exchanges, Nazoku reported. Cumberland, which acts as a market maker across major venues, typically withdraws assets to rebalance inventory or to facilitate over-the-counter block trades for clients. Neither the destination wallet nor any subsequent transfer has been identified publicly. Sell-side pressure has not eased. FalconX deposited 14 million POL into Binance days earlier, and Polygon's Exchange Supply Ratio climbed to a two-week high of 0.00035 over the past week, a reading that tracks the share of circulating supply sitting on exchanges. Rising ESR readings mean more tokens are available for immediate sale. Volume confirms the pickup in activity. POL's total trading volume rose 158% to $83 million, with spot volume up 35% to $8.17 million — a $2.9 million increase over 24 hours — and futures volume up 15% to $38 million, a $6.1 million gain. The token was rejected at $0.98 four days ago and has printed lower closes since, bottoming at $0.94 before settling into its current band. Momentum indicators point the same direction as the flows. The positive directional index has declined for two consecutive weeks while the ADX made a bearish crossover, and the negative directional index has held flat rather than falling — a configuration that favors sellers. A continued drop in the DI puts $0.09 in play, with $0.089 the next level below. Holding $0.094 keeps a close above $0.099 as the upside target. The stakes extend past the chart. POL near $0.095 compresses the dollar value of Polygon's staking rewards and treasury holdings, and it drags on sentiment across Ethereum layer-2 tokens that have traded as a group. For Cumberland's counterparties, the more consequential question is whether the 14.6 million tokens reappear on an exchange or settle into self-custody — the first outcome adds to the supply already pressuring the order book, the second does not. This article is for informational purposes only and does not constitute investment advice.

Washington would be legally barred from selling its seized bitcoin for two decades under legislation that gets its first congressional test on Wednesday, when the House Financial Services Committee marks up H.R. 8957, the American Reserve Modernization Act of 2026. The committee's memorandum lists the measure among nine scheduled for consideration from 10:00 a.m. ET in Room 2128 of the Rayburn House Office Building. Rep. Nick Begich (R-AK) introduced the legislation on May 21 with 23 co-sponsors, including Democratic Rep. Jared Golden of Maine, and the Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee heard it on July 17. "Economic security is national security," Treasury Secretary Scott Bessent told the Senate Finance Committee in June, describing the reserve as "new technology" and "new ground" for the government. "We are proceeding with all deliberate speed," he said. The text directs the Treasury Secretary to stand up a Strategic Bitcoin Reserve within 180 days of enactment, with federal agencies providing a full accounting of their bitcoin and other digital assets within 60 days and transferring custody within 30 days once the reserve is operational. Deposits face a minimum 20-year holding period during which the coins cannot be sold, swapped, auctioned or otherwise disposed of. Treasury would publish quarterly proof-of-reserve reports covering holdings, transactions and private-key control, verified by an independent auditor and monitored by the Comptroller General. Non-bitcoin assets would sit in a separate Digital Asset Stockpile. The reserve would be built from coins already seized through criminal and civil forfeitures, so the bill authorizes no new market purchases and commits no taxpayer money. That structure is the source of its political durability and its limited near-term market effect: the government does not become a marginal buyer, but it also cannot become a forced seller. For an asset capped at 21 million coins, a statutory two-decade lock on the federal stack removes that supply from circulation for a generation. The markup is a committee-level step, not a floor vote. The bill would still need to pass the full House, clear the Senate and reach the president's desk, and the September 16 session is the first point at which members can amend the lockup, the audit cadence or the treatment of non-bitcoin holdings. Comparable state-level efforts have moved faster: Texas established an advisory committee focused on bitcoin reserves, and several other states have explored similar frameworks, leaving ARMA as an attempt to align federal policy with what is already advancing in state capitals. This article is for informational purposes only and does not constitute investment advice.