Mergers, Survivorship, and Treasury Company Futures

Bitcoin and crypto got a jolt today as headlines pointed to a massive $130B jump in total crypto market cap in 24 hours, even while the policy backdrop stays messy with the Senate crypto bill markup reportedly pushed back amid negotiations over flashpoints like stablecoin rewards—fueling frustration that’s now spilling into public pressure campaigns (including calls for Trump’s “crypto czar” to step aside if a bill doesn’t pass soon).