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Block has joined the x402 Foundation and contributed a Bitcoin Lightning payment specification, adding a Bitcoin option to an open standard for payments by AI agents, the company announced Sept. 24. The x402 repository merged the specification on Sept. 23. Its author, Ben Carman, is a Bitcoin and… Read the full story at The Defiant
London, United Kingdom, June 17th, 2026, Chainwire
Landmark transaction brings real operating company equity to Solana-based tokenised capital formation
First Block deploys next-generation digital securities architecture for real- world operating business
Onpharma’s medical device technology for dentistry brings recurring revenue, high gross margins and a significant market opportunity to a tokenised capital raise
This offering is available for investment at sto.onpharma.com
First Block, Inc., a digital securities and tokenisation infrastructure company, together with Onpharma Company (Delaware) and UK-based Crito Capital LLP, today announce the launch of what is believed to be the first Solana-based Security Token Offering (“STO”) for an established U.S. operating business, a structural turning point in the modernisation of global private markets.
The Tokenisation Framework
The STO deploys Solana blockchain infrastructure combining atomic settlement technology, programmable ownership architecture, and digital distribution capabilities, structured within existing U.S. securities law. Where traditional private markets have struggled with fragmented, multi-intermediary processes, the tokenised framework enables issuance, settlement, and cross-border distribution to qualified investors quickly, transparently, and at low cost. Secondary transactions occur on-chain across compatible wallets subject to KYC controls, delivering near-instantaneous settlement, secondary trading liquidity, and international accessibility under Regulation S and other applicable frameworks.
The STO Structure
A Security Token Offering represents and transfers ownership rights in a company’s common stock via blockchain-based digital tokens rather than traditional share registers. The Onpharma STO is structured as a Regulation S offshore issuance to non-U.S. investors, combining the legal certainty of an exempt securities offering with the operational efficiency of Solana infrastructure, settling and distributing at speed and cost traditional private markets cannot match.
Onpharma: The Investment Case
Onpharma occupies a distinctive position in global dental technology. Its Onset EZ local anaesthetic buffering product is already used to buffer millions of dental injections annually, addressing the slow, uncomfortable, and unreliable performance of dental local anaesthetic that has remained largely unsolved for decades. The Onset EZ Pen requires no assembly or specialist training, integrating directly into existing workflows for an improved patient experience.
Onpharma sits at a post-validation, pre-scale inflection point: infrastructure, supply chain, regulatory compliance, and initial commercialisation are complete, while the growth phase is beginning. Septodont’s February 2025 market entry has validated anaesthetic buffering as an emerging standard of care, reducing category risk and increasing awareness. The disposable Onset EZ Pen provides operational leverage through scalable direct marketing, customer conversion, and repeat consumable revenue. The global dental anaesthesia buffering market is valued at $2bn and projected to reach $2.65bn by 2030. Capital raised will extend field sales and expand direct selling via the company’s recently deployed AI marketing tools.
The Infrastructure
First Block’s digital securities architecture underpins the transaction from issuance and compliance through to Solana-based settlement and distribution, compressing conventional private placement infrastructure, fragmented custodial arrangements, manual processing, multi-intermediary chains, into a single programmable, blockchain-enabled system built for the scale, speed, and wallet-level accessibility international investors increasingly require. Crito Capital LLP, an FCA-authorised investment banking and advisory platform focused on institutional capital formation, is providing structuring and advisory for the offering.
“This is larger than a traditional financing,” said Daniel P. Cannon, CEO of First Block. “We believe this transaction represents the beginning of the convergence between capital markets and Solana-based securities infrastructure. The STO itself is the story, but it starts with a real operating company, a real product, and exceptional revenue growth potential.”
“Onpharma has spent years building a real operating business around a simple clinical objective: making local anaesthetic better for dentists and patients,” said Matt Stepovich, Onpharma’s CEO. “This offering allows us to present a validated, revenue-generating medical device platform to a wider base of qualified international investors via a structure that reflects how capital markets are evolving. Combining Onpharma’s real-world commercial traction with First Block’s Solana-based securities infrastructure is an important step in making growth capital formation more efficient, accessible and transparent.”
Additional details regarding offering structure and participation frameworks are available on the landing page for the STO offering linked here – sto.onpharma.com
About First Block Inc.
First Block Inc. is a blockchain infrastructure and digital securities company focused on compliant tokenisation, STOs, real-world-asset digitisation and Solana-based settlement architecture for global markets.
About Onpharma Company
Onpharma Company develops dental technologies focused on improving local anaesthetic in dentistry. Its Onset EZ Pen buffering platform improves anaesthetic reliability, accelerates onset time, and makes the dental anaesthetic injection more comfortable.
About Crito Capital LLP
Crito Capital LLP is a UK-based investment banking and advisory firm authorised and regulated in the UK, focused on institutional capital markets, strategic advisory, and emerging fintech.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, without limitation, statements regarding Onpharma Company’s (the “Company”) business strategy, anticipated growth, market opportunity, product development, commercialization efforts, expected revenues, financing plans, digital asset initiatives, tokenization initiatives, regulatory matters, and future operations. These statements are based on current expectations, estimates, assumptions, and projections that involve significant risks and uncertainties, many of which are beyond the Company’s control. Actual results may differ materially from those expressed or implied by the forward-looking statements due to a variety of factors, including, without limitation, market conditions, regulatory developments, financing availability, competition, technological developments, product adoption, operational execution, and other risks and uncertainties. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.
This press release is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any offering of securities referenced herein will be made solely pursuant to definitive offering documents and in compliance with applicable securities laws and regulations. The offering referenced herein is intended solely for non-U.S. persons in offshore transactions pursuant to Regulation S under the Securities Act and is not directed to, or intended for, U.S. persons or investors located in the United States.
Mr
Richard Morgan Evans
Sapience Communications
rmorganevans@sapiencecomms.co.uk
The lawsuit challenges Kentucky’s 14.25% tax and limits on gaming operators’ prediction market ties while also revealing the new Coalition for Fair Markets, which brings rival federally-regulated platforms under one legal banner
A new industry coalition that includes Kalshi, Crypto.com and Polymarket US has sued Kentucky to block the state’s first-of-its-kind 14.25% tax on prediction market transaction fees, arguing the law unlawfully targets federally regulated event contract exchanges.
The lawsuit, filed in Kentucky’s Franklin Circuit Court by Coalition for Fair Markets, challenges Kentucky’s new tax and related restrictions that bar state-licensed gaming operators from contracting with platforms that offer sports event contracts. The complaint says the coalition’s members are KalshiEX LLC, Crypto.com’s North American Derivatives Exchange Inc. and QCX LLC, Polymarket’s regulated U.S. exchange.
Kalshi spokesperson Jacki McGavick shared a statement from the company regarding the lawsuit.
“The people who get hurt by this tax are Kentuckians,” Kalshi said in the statement. “Taxing federally regulated markets doesn’t make anyone safer, it just pushes people toward illegal platforms with no oversight and no protections. Kalshi is an American company, regulated here at home, and we’re joining the fight for Kentuckians’ access to safe, legal markets.”
The case marks the prediction market industry’s first direct legal challenge to Kentucky’s April tax package, which made the state the first to enact a targeted tax on prediction market transaction fees. Illinois later followed with its own prediction market tax measure.
The lawsuit also reveals the formation of a new Virginia-incorporated industry association that brings three rival CFTC-regulated prediction market operators under the same legal umbrella. McGavick said the decision to sue through the new coalition came down to legal strength.
“My understanding as to why we sued as a Coalition is just that it makes for a stronger case,” a source familiar with the decision told DeFi Rate.
The complaint argues Kentucky’s tax package is not an ordinary state tax on business activity, but a targeted effort to penalize federally regulated event contract exchanges because state lawmakers view prediction markets as a threat to Kentucky’s gaming industry.
“Notwithstanding Congress’s express command, Kentucky recently enacted legislation that directly targets and discriminates against federally regulated prediction markets,” the complaint says. It points to legislative comments describing prediction markets as a “threat to all gaming” and argues Kentucky’s tax scheme shows an intent “to privilege incumbent in-state industry.”
The lawsuit challenges three Kentucky bills, HB 757, HB 904 and HB 869, that collectively created a 14.25% tax on prediction market transaction fees and new restrictions on state-licensed gaming operators doing business with platforms that offer sports event contract trading.
The coalition argues the state tried to dress regulation as taxation. The complaint says Kentucky cannot “evade federal preemption by specifically targeting federally regulated conduct for disfavored tax treatment,” arguing the tax applies only to federally regulated exchanges and is defined by reference to federal event contract law.
The complaint also leans heavily on the difference between Kentucky’s 14.25% prediction market tax and the state’s 9.75% tax on wagers at horse tracks.
“By the Commonwealth’s reasoning, federally regulated prediction markets are akin to gambling,” the complaint says. “Yet, here, Kentucky’s tax sets a higher rate on prediction markets than for the Commonwealth’s favored incumbent industry.”
The lawsuit argues the tax reaches beyond Kentucky because it applies to Kentucky residents who trade event contracts even while outside the state. The complaint says the law “impermissibly projects Kentucky’s taxing authority beyond its borders and into every other State in which a Kentucky resident might trade.”
The coalition also argues Kentucky singled out prediction market operators without a valid basis under the state constitution. The complaint says HB 757 “does not apply to all financial transaction platforms” and that “Kentucky’s incumbent industries do not bear an equivalent burden.” It adds that the tax applies “only to the disfavored class of prediction market operators.”
The lawsuit also brought a previously low-profile prediction market industry association into public view.
Coalition for Fair Markets was formed in April 2026, McGavick said. Its purpose is to “advance the rights of participants in information and prediction markets,” and it “advocates for the legal recognition of prediction market activity as protected expression and lawful commerce, and works to eliminate regulatory barriers that suppress participation in these markets, distort price signals, or criminalize the formation and communication of probabilistic opinion.”
The Polymarket US membership is notable because Polymarket was not part of the Coalition for Prediction Markets, the separate Washington trade group launched in December by Kalshi and Crypto.com with Robinhood, Coinbase and Underdog. That group was formed to preserve access to federally supervised prediction markets as state regulators and gaming stakeholders push back against sports event contracts.
Polymarket and Kalshi are also widely viewed as each other’s biggest rivals. That rivalry spilled into public view this month, when Sportico reported on a Kalshi letter to the CFTC criticizing activity on Polymarket’s offshore platform, and the New York Post reported that Polymarket accused Kalshi of spying on its business and copying its ideas.
The coalition is seeking declaratory and injunctive relief blocking Kentucky from enforcing the challenged laws. Its claims go beyond federal preemption, also invoking the dormant Commerce Clause, which generally prohibits states from unduly burdening interstate commerce, as well as the First Amendment, Kentucky’s equal protection guarantees and the state constitution’s ban on special legislation that singles out particular groups for unique legal treatment.
The timeline gives the case some urgency. Kentucky’s restrictions on state-licensed gaming operators doing business with sports event contract platforms are scheduled to take effect July 15, while the 14.25% prediction market tax is scheduled to take effect Jan. 1, 2027.
Other states have sought to restrict prediction markets through cease-and-desist letters, enforcement actions and outright bans on certain event contracts. The Commodity Futures Trading Commission has sued several states in response, arguing those efforts interfere with its exclusive jurisdiction over federally regulated derivatives markets.
The Kentucky case opens a different front by testing whether states can single out prediction market transaction fees for targeted taxation, even if they generally retain authority to tax businesses operating within their borders.
The complaint argues Kentucky’s approach is unprecedented, saying “no State currently levies a State-specific excise tax of any kind on derivatives transactions that take place on a federally designated exchange.”
The biggest decentralization move bitcoin mining has seen in years just happened quietly, with seven of the largest pools agreeing to back the same open standard.
Foundry, AntPool, F2Pool, SpiderPool, MARA Pool, Block Inc, and DMND have all joined the Stratum V2 working group, the group announced last week.
Stratum V2 is an open-source protocol governing how mining pools communicate with the individual miners in those pools. The biggest practical change it introduces is letting individual miners construct their own block templates, meaning the choice of which transactions get included in each new block sits with the miner rather than whoever operates the pool.
Foundry alone controls 34.2% of global bitcoin hashrate, AntPool another 14.2%, F2Pool 11.3%, and SpiderPool 10.5%, with MARA Pool adding 4.7%, per Hashrate Index data. Together with the rest of the Stratum V2 signatories, the seven pools now backing the standard represent close to 75% of all bitcoin hashrate.
Under the current Stratum V1 standard, the transaction selection for nearly every new block sits with the pool operators rather than the individual miners actually doing the work. That concentration has been the loudest structural concern about modern mining for the past two years.
Stratum V2 does not change hashrate concentration, but it does change who decides what goes into each block, which is the part the Bitcoin community actually worries about.
A single pool controlling more than 30% of hashrate is less than ideal, as the same pool deciding the transaction order for that share of blocks is the actual risk people point to.
The protocol has existed since 2022, when Braiins and Spiral co-founded the working group. Until now it had been treated as a niche side project with limited adoption. Foundry and AntPool joining gives it real reach, with the working group framing the move as the start of a new phase of accelerated deployment.
The timing also matches what the broader mining cohort is dealing with. CoinShares estimates up to 20% of miners are currently unprofitable, with hashprice (the revenue a miner earns per unit of computing power) sitting at $38.57 per petahash per second per day, at or near breakeven for operators running mid-generation hardware.
Difficulty is set to rise again on May 15 from 132.47T to 135.64T, per CoinWarz. Network hashrate now sits at 998 exahash per second.
Iris Coleman
May 04, 2026 16:41
Bernstein highlights a key milestone in prediction markets as Kalshi’s first institutional block trade signals a shift toward institutional adoption.
Prediction markets are moving into institutional territory after a major milestone: the first bespoke block trade on Kalshi, a federally regulated exchange. According to a May 4 report by Bernstein, this development underscores growing demand for these markets as tools for precise macro hedging and risk management.
The transaction, brokered by Greenlight Commodities, involved a Houston-based environmental hedge fund and Jump Trading as the liquidity provider. It was anchored to California’s May carbon allowance auction clearing price, highlighting the customizability of prediction market contracts for specific client needs. Block trades, typically large transactions negotiated privately between institutional players, mark a sharp departure from the retail-dominated roots of prediction markets.
“The introduction of block trading and bespoke contracts could expand participation from institutional investors seeking targeted exposure to event risks,” Bernstein analysts wrote. Events such as elections, tariffs, and geopolitical developments are now being monetized into structured financial instruments with clear yes-or-no outcomes.
Kalshi, which operates under the oversight of the Commodity Futures Trading Commission (CFTC), is leading the institutional charge. Recent regulatory shifts in the U.S. have opened doors for broader adoption. Polymarket, another player in the space, received conditional CFTC approval in late 2025 to offer event contracts through regulated channels, signaling increased regulatory clarity.
Institutional access to prediction markets is also being facilitated by partnerships like the one between Kalshi and Clear Street, which allows these contracts to be traded alongside traditional assets like stocks and futures. Such integrations are expected to further drive institutional participation.
Despite these institutional strides, prediction markets remain heavily retail-driven. A March 2026 report from Bitget Wallet and Polymarket noted that retail users accounted for over 80% of the record $25.7 billion trading volume that month. However, Bernstein projects that institutional involvement could accelerate the sector’s growth, with prediction markets potentially evolving into a trillion-dollar industry by 2030.
The core appeal of prediction markets lies in their ability to aggregate crowd intelligence into a single trading price, offering unique insights into the likelihood of specific events. This mechanism, long championed for its economic efficiency, is increasingly being seen as a valuable tool for risk management and price discovery by institutions.
Regulatory uncertainty still looms. While platforms like Kalshi and Polymarket are building credibility through compliance, the resemblance of prediction markets to gambling continues to attract scrutiny. Insider trading and market manipulation are persistent concerns, and the industry’s ongoing growth may depend on how effectively these issues are addressed.
Nevertheless, the sector’s trajectory appears promising. With institutional players entering the fold and regulatory frameworks taking shape, prediction markets are transitioning from niche speculation platforms into sophisticated financial tools.
The next key test for this market will be whether these early institutional participants expand their activities and whether other players follow suit. If Bernstein’s trillion-dollar projection is to materialize, institutional adoption will need to ramp up significantly in the coming years.
Image source: Shutterstock
Dorsey said AI-driven efficiency demands smaller teams, triggering one of the largest layoffs in Block’s history.
Jack Dorsey announced that Block is reducing its workforce by nearly half, cutting more than 4,000 employees and bringing total headcount from over 10,000 to just under 6,000.
In a note shared publicly on X, Dorsey described the move as “one of the hardest decisions in the history” of the company and said all employees would be notified the same day whether they are being asked to leave, entering consultation, or staying.
He stated that affected employees will receive 20 weeks of salary plus one additional week per year of tenure, equity vested through the end of May, six months of health care coverage, their corporate devices, and $5,000 to support their transition.
Employees outside the United States will receive similar support. Details may vary according to local requirements. Dorsey said the decision was not driven by financial distress, while adding that the company’s business remains strong. Instead, he added,
“But something has changed. We’re already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company. and that’s accelerating rapidly.”
Dorsey said he considered gradually reducing staff over months or years, but chose to act immediately. He said that repeated rounds of layoffs would harm morale, focus, and trust among customers and shareholders. He acknowledged that some decisions may prove wrong and that flexibility has been built in to account for that while continuing to serve customers.
The layoff announcement drew mixed reactions across social media. Some users described the severance terms as generous, while others focused on concerns about artificial intelligence replacing human roles. One user, Will Slaughter, tweeted that the cuts were less about AI and more about management decisions, while taking a jibe at Block, which had more than tripled its headcount from 3,900 in December 2019 to 12,500 by December 2022.
He described the reduction as unwinding an “insane COVID overhiring binge” and attributed it to managerial incompetence rather than technological change. In response, Dorsey admitted to over-hiring during the pandemic.
Other users criticized the optics of citing AI in a layoff note written in lowercase. Some expressed concern that job cuts linked to AI could become a broader trend as the company’s stock price rose by 24% in post-market hours.
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This month, a remarkable Bitcoin-focused artwork will grace one of the art world’s most prestigious stages. Block 1 from Robert Alice’s Portraits of a Mind series is set to be auctioned in Sotheby’s Now & Contemporary Evening Sale on November 18, carrying an estimate of $600,000 to $800,000.
Robert Alice, Portraits of a Mind, 2019. Credit: Theo Cristelis
This event is where marquee works by renowned artists like Yves Klein or Jean-Michel Basquiat appear, so the inclusion of Block 1 signals an important moment for Bitcoin’s cultural presence. The auction will be held at The Breuer Building — once the home of the Whitney Museum of American Art and now Sotheby’s new worldwide headquarter in New York. It marks the first time a physical artifact of Bitcoin’s history stands alongside blue-chip artworks in such a high-profile sale.
In preparing this text, I spoke with Tad Smith, the former CEO of Sotheby’s and a thoughtful Bitcoiner, about the upcoming sale and what it means for Bitcoin’s cultural standing. Speaking as an archivist and art historian, I found our conversation becoming a meditation on value: how art and Bitcoin both rely on scarcity, story, and shared belief rather than financial metrics alone. Some of his remarks are included throughout this piece. His own path –– from auction house executive to Bitcoiner –– reflects the shift he describes: from assigning value within institutions to seeing value take shape through collective consensus.
Why does this matter? For years, Bitcoin has been understood primarily as a monetary revolution or a technical breakthrough. But Bitcoin is also an emerging cultural phenomenon, lacking obvious forums for recognition in mainstream culture. When a work like Block 10 (52.5243° N, -0.4362° E) from Alice’s series enters major collections like the Centre Pompidou –– one of Europe’s foremost museums of modern art –– it externalizes Bitcoin’s cultural value by translating intangible ethos into the language of art. I will return to this later. It is a clear sign that Bitcoin’s story is seeping into broader cultural memory, validated by institutions that historically canonize what matters in art and culture.
Formally and conceptually, Block 1 is steeped in Bitcoin’s origin story. Robert Alice’s Portraits of a Mind series took the original Bitcoin codebase (version 0.1.0) — arguably one of the most consequential texts of the 21st century — and dispersed it into 40 large-format paintings. In doing so, the project formed a decentralized, physical archive of Satoshi Nakamoto’s code with hundreds of thousands of hexadecimal digits distributed across the series.
Robert Alice, Detail of Portraits of a Mind, 2019. Credit: Theo Cristelis
Each painting in the series carries a set of geographical coordinates that tie fragments of Bitcoin’s code to places of human culture and memory. Block 1 (24.9472° N, 118.5979° E) points to the Statue of Laozi in Quanzhou, a place where philosophy and exchange have quietly coexisted for centuries — near a city that once marked an important point along the Silk Road. The choice of site draws a subtle line between Taoist thought and the libertarian ethos that runs through Bitcoin: Laozi’s idea of wu wei –– governing through non-interference –– echoes the blockchain’s own preference for order without rulers.
Tad Smith has called the series a memorial to the foundations of digital sovereignty — a body of work that captures the moment Bitcoin began to take form.
A decentered form runs through the series, echoing rai stones and allusions to Japanese currency. The work engages with themes of decentralization, code as text, code as portrait and the nature of memory. Influenced by conceptual and minimalist art (artists like Roman Opalka and Jasper Johns come to mind), Portraits of a Mind treats the Bitcoin codebase as cultural heritage, as something to be preserved and contemplated. The series makes something hidden, visible: it translates the code –– the true first text of Bitcoin, written even before the whitepaper –– into material form. On November 9, 2008, Satoshi wrote to Hal Finney: “I actually did this kind of backwards. I had to write all the code before I could convince myself that I could solve every problem, then I wrote the paper”. And Alice asks us to see code not just as functional instruction but as a foundational human document.
Since its debut, Portraits of a Mind has traveled in ways that mirror the network it was born from. Parts of the series have been shown in London, Hong Kong, and New York, as well as at Sealand — the self-declared cypherpunk micronation, once an illegal data haven for irregulated internet traffic. Works from the series have also appeared in museums across the world in Zurich, Seoul, Beijing, Hanover and Linz. In 2023, the series was shown at Monnaie de Paris, the world’s oldest continually running mint, further extending its reach into the contemporary art world.
Robert Alice’s exhibition of Portraits of a Mind at Sealand, the former cypher punk data haven in the North Sea in 2021. Credit: Robert Alice
Major auction houses like Sotheby’s and Christie’s play a pivotal role in validating new artistic movements. For blockchain-based art, that validation began in 2020 when Portraits of a Mind first made waves: one of its panels, Block 21 (42.36433° N, -71.26189° E), was the first Bitcoin-focused artwork to sell at a premier auction house and laid the foundation for the crypto art explosion, pre-dating the Beeple NFT sensation by six months and back then reached around $130,000. With Block 1 joining Sotheby’s Contemporary Evening Auction in New York, Bitcoin art reaches a new level of visibility. “In the evening sale [this piece] will further increase the reputation” of the series, Tad Smith noted, emphasizing how Sotheby’s platform brings tremendous publicity and cultural cachet. Indeed, a high result at Sotheby’s would broadcast the message that Bitcoin’s codebase is now an important cultural fixture to the narrative of the 21st century, rather than a niche plaything for tech enthusiasts.
What does Block 1 at Sotheby’s tell us about Bitcoin’s own cultural maturation? For one, it underscores that Bitcoin’s impact isn’t measured only in market cap or hash rate — it’s also measured in cultural capital. Bitcoin has spawned ideas, values, and aesthetics, yet the protocol itself can’t record those human elements. There’s a lack of on-chain metrics for culture: the blockchain timestamps transactions, but not, say, the moment a Bitcoin artwork hangs in a museum. Therefore we look to external signals. When the Centre Pompidou acquires Block 10 as mentioned earlier, or when artworld’s leading curators like Hans-Ulrich Obrist critically engage with it, those are flashes of recognition that Bitcoin has birthed something worthy of heritage status. These signals indicate that Bitcoin is evolving from a purely financial phenomenon into a broader cultural one. The acquisition of Block 10 marked the first time a fragment of Bitcoin’s code entered a national collection. In France, works that enter the national collection become part of the public domain and are legally inalienable –– they can never be sold or removed. In a country whose modern identity was forged in revolution, the gesture carries its own quiet irony: a technology built to resist authority now preserved by one of the oldest symbols of it. A part of Bitcoin’s genesis code now belongs, permanently, to the people of France –– archived under the same ideals that once demanded the rewriting of history itself. It’s hard to imagine a stronger validation that the Bitcoin narrative has broken out of its early techno-utopian niche and into the broader cultural conversation.
The Centre Pomidou in Paris. Home to the French National Collection of Contemporary Art, which now includes BLOCK 10 from the series, Portraits of a Mind.
Interestingly, this institutional recognition coincides with a growing awareness within the Bitcoin community itself — an appreciation that culture is not peripheral but central to its mission. As Smith observes, “Bitcoiners have something really powerful when it comes to art. They’re on a mission and they’re highly motivated. This isn’t a hobby or something you do on the side. It’s a deeply committed crowd, full of enthusiasm and driven by a genuine desire to make the world better”.
He adds that Bitcoiners are “very culturally and socially engaged and natural storytellers who understand memetics and communication in every possible way”. That, Smith notes, “is what art is about”. Indeed to be a Bitcoiner is to be a collector, not of art, but of UTXOs. The psychology of collecting and especially ownership, runs deeply through the psyche of Bitcoiners.
In short, Bitcoiners have been creating culture all along and the cultural work began long before its memes. The very first act in its history wasn’t financial but symbolic –– Satoshi’s embedding of The Times headline in the genesis block. It was a gesture of record and resistance, the first instance of Bitcoin declaring itself through culture.
Now, as significant wealth accumulates in this community, their taste in art is maturing as well. “Many of them, of course, tend to be younger”, Smith notes, “and younger people usually aren’t all that interested in the art of older generations. That’s nothing new; it’s been that way for centuries. The younger crowd always wants its own art. That’s why art and taste evolve every few generations”.
Over time, he predicts, “Bitcoiners’ growing financial capital will translate into cultural capital”. With Bitcoin’s market value climbing into the trillions and a massive wealth transfer to millennials and Gen Z on the horizon, the future of Bitcoin art indeed looks bright. “The future is very, very bright”, Smith says, “because the younger crowd has all the tailwinds” — referring both to financial means and cultural appetite.
In effect, a new collector base is rising — one that sees Bitcoin not just as an investment, but as a story and identity worth expressing through art.
Because Bitcoin lacks formal cultural institutions of its own, artworks like Block 1 become crucial mirrors. They reflect and externalize the cultural values of the Bitcoin adoption in a form that the wider world can see and evaluate. The Sotheby’s sale forces questions about how we value such an object: Is it its materials and aesthetics, its backstory and conceptual depth, or its significance to a community? In practice, all of these converge to give Block 1 value. That value is cultural and contextual, not merely speculative. As Tad Smith learned during his years as CEO at Sotheby’s, a painting’s price can swing wildly based on intangibles: “a piece of canvas with a certain color of paint on it and a certain artist’s name and a certain year and a certain look, is worth $20 million, and then one right next to it could be worth $2”, a disparity that revealed to him “something inherently cultural that really drives the notion of value”. Bitcoin, often touted as digital gold, similarly derives its value from a cultural consensus, a shared belief in its significance. But that consensus can be hard to perceive directly. Art provides a tangible embodiment of those beliefs. When a Bitcoin-inspired artwork commands attention and a high price, it quantifies a bit of Bitcoin’s cultural impact in a language the art world understands.
Reflecting on this connection, Smith once compared Bitcoin’s evolution to the building of a pyramid — a new financial infrastructure, a new concept for money. “For the first time in human history”, he noted, “it’s digital capital. And to start building a pyramid, you start with a bunch of blocks. On the lower level, you make a great big square, and then you add a slightly smaller one on top, and another on top of that”. He described Portraits of a Mind as “memorials of the foundation layer of the creation of future and modern digital capital. It’s the foundation document, recording the charter of where it all began”. A century from now, he suggested, people will look back to these works to understand how Bitcoin started, “they paint a picture of a moment in time”.
Robert Alice’s exhibition of Portraits of a Mind at the Monnaie de Paris, 29 June to 22 October 2023. Credit: Monnaie de Paris.
Art teaches by being seen. It invites interpretation and dialogue; a work like Block 1 makes people ask questions — about Bitcoin’s earliest days, its philosophy, its community — and it does so beyond the usual venues of conferences or developer meetings. Those engaged in this space understand that securing Bitcoin’s place in history means telling and retelling its story in many forms. Visual art, especially works that can hang in galleries or be studied in art history classrooms, gives that story a tangible presence — externalizing Bitcoin’s narrative and weaving it into the broader fabric of contemporary culture.
Finally, the Sotheby’s event highlights a broader truth: Bitcoin’s maturation isn’t just about technological adoption or financial metrics, but about cultural integration. As Tad Smith puts it, “a life of success and wealth without culture is a pretty unexciting life”. He goes on to suggest that “the sooner you begin to experience culture and understand the beautiful qualities that make being human so incredible — literally a divine gift — the better”.
His point is simple but profound: Bitcoin’s promise lies not only in disrupting finance, but in enriching human experience. Engaging with art is part of that fulfillment. The presence of Block 1 in a venue like Sotheby’s signals that the Bitcoin community, consciously or not, is beginning to heed that message. Bitcoin is developing a cultural memory with artifacts like Block 1 acting as its external vessels.
Bitcoin is stepping out as a subject of cultural heritage, not just economic speculation. This single lot at Sotheby’s carries within it the story of Bitcoin’s birth — lines of code painstakingly inscribed in paint and gold — now acknowledged by some of the highest arbiters of cultural value, institutions whose validation both defines and depends on what culture chooses to recognize.
The sale will be closely watched, as the hammer price will say as much about belief as about value, and about how far Bitcoin’s cultural standing has come. You can’t exactly measure culture, but a number can make its value briefly visible. The fact that Block 1 now shares space with contemporary masters signals that Bitcoin’s presence in the world is no longer invisible to traditional gatekeepers. Emerging from a lineage of artistic experiments and cypherpunk culture, it has become a living, multifaceted phenomenon.
At the end, as a closing note and an invitation: the auction takes place on November 18 at Sotheby’s. You don’t have to bid, but you can look. It costs nothing to follow auctions, visit previews, or walk through museums. That’s how culture becomes understandable: by showing up to see it change.
This is a guest post by Steven Reiss. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
As Ethereum continues to scale, block explorers have become essential tools for users tracking ETH, tokens, NFTs and smart contracts.
Etherscan, founded in Malaysia, excels at contract verification, token tracking and gas fee estimation, though it lacks portfolio management features.
Based in Thailand, Ethplorer specializes in token-centric data. It offers portfolio tracking and a developer-friendly API, making it a strong choice for DeFi and NFT users.
Supporting multiple blockchains, Blockchair provides advanced filters and exportable data sets. While powerful for researchers and analysts, its complex interface may be overwhelming for beginners.
Anyone using Ether (ETH) or ERC-20 tokens benefits from a reliable block explorer. These tools make it easier to verify decentralized finance (DeFi) transactions, follow non-fungible token (NFT) mints and inspect smart contract activity, offering a transparent view of what’s happening on the Ethereum network.
But how do you choose the right tool for the job? This article takes a look at the top five Ethereum block explorers of 2025, comparing them based on data depth, features and user experience.
Founded by: Matthew Tan (launched in August 2015)
Headquarters: Kuala Lumpur, Malaysia
Etherscan is a blockchain explorer designed for the Ethereum ecosystem. It’s widely used by individuals, developers and institutions to verify transactions, monitor smart contracts and analyze token activity. Its reliability and extensive onchain data make it one of the most trusted tools for tracking Ethereum network activity.
Advanced tools for contract verification, enabling developers to publish and review smart contract code
Token tracking for ERC-20, ERC-721 (NFTs) and ERC-1155 multi-token standards
Gas tracker provides real-time fee estimates to optimize transaction costs.
Did you know? Block explorers are often called the “Google of blockchains.” They let anyone look up transactions, wallet addresses, smart contracts and tokens, providing transparent, searchable access to Ethereum’s public ledger.
Founded by: Alexi Lane in 2016
Headquarters: Thailand
Ethplorer has established a distinct role within the Ethereum ecosystem by focusing on token-centric data. It provides a clear view of token transactions and wallet activity, making it especially useful for DeFi users and NFT collectors.
Detailed token analytics offering comprehensive insights into ERC-20 and ERC-721 activity
Developer-friendly API for easy integration
Portfolio tracking to monitor multiple wallets within a single interface.
Clean, user-friendly interface tailored for token-focused users
Ideal for DeFi and NFT traders who need to track token movements efficiently
Offers a free tier with useful tools for everyday users.
Did you know? Etherscan’s Gas Tracker gained popularity during the DeFi boom. By displaying real-time transaction fees, it helped users plan their swaps and NFT mints more strategically to avoid overpaying.
Founded by: Nikita Zhavoronkov in 2016
Headquarters: Dublin, Ireland
Blockchair is a multichain blockchain explorer that goes beyond Ethereum. It offers support for major networks such as Bitcoin, Dogecoin and more. Its advanced filtering and data export tools make it especially useful for researchers, analysts and organizations that need detailed blockchain insights.
A multichain explorer supporting major blockchains such as Ethereum, Bitcoin, Dogecoin and several others
Equipped with advanced filtering and search tools that allow detailed and precise blockchain data analysis
Emphasizes privacy-first design, enabling users to export large data sets for external research and offline analysis.
Ideal for advanced users, researchers and data analysts
Enables cross-chain comparisons and research across multiple blockchain networks
Provides downloadable data sets suitable for academic, institutional or research use.
OKLink is a professional-grade, multichain blockchain explorer developed under the OKG Technology Group. It supports major blockchains such as Ethereum and Bitcoin, offering robust tools for transaction tracking, stablecoin monitoring and onchain risk analysis. Known for its strong compliance and Anti-Money Laundering (AML) features, OKLink is widely used by analysts, compliance teams and institutions that require deeper blockchain visibility beyond basic transaction searches.
A multichain explorer with strong Ethereum integration and support for major blockchains
Equipped with specialized compliance and AML tools for risk monitoring
Provides advanced token and stablecoin tracking with onchain intelligence features for enhanced risk assessment.
Offers high-quality analytics tailored for enterprises, regulators and compliance teams
Enables real-time transaction tracking with compliance-focused filters to identify suspicious activity
Supports multiple blockchains and languages, making it suitable for a global user base.
Geared more toward professionals and institutions than everyday retail users
Advanced analytics and onchain intelligence features are accessible through paid subscription plans.
Did you know? Block explorers often reveal dormant wallets holding forgotten ETH and tokens. Some have remained untouched since Ethereum’s earliest days, sparking speculation that these fortunes may be lost forever.
Founded by: Shi Jin, Jessica Fowler and Kevin in 2017
Headquarters: Hong Kong (China)
TokenView is a versatile multichain blockchain explorer that covers several networks beyond Ethereum. It offers a unified interface to track transactions, wallet balances, token data and contract activity. This makes it especially useful for users active in DeFi, NFTs and cross-chain operations.
Enables real-time tracking of wallet balances and assets across multiple blockchains
Integrates onchain data with token price information, offering a unified view for faster and more efficient analysis.
Ideal for users across multiple blockchain ecosystems
Provides an integrated interface to monitor transactions, balances and token/market data
Supports a broad variety of networks and features, making it usable by both casual and more advanced users.
The top Ethereum block explorers offer a range of features designed for different user needs, with their own strengths and limitations.
Here is a table comparing the top five Ethereum block explorers:
With Ethereum’s activity surging in 2025, block explorers have become more important than ever. Each of the top five platforms — Etherscan, Ethplorer, Blockchair, OKLink and TokenView — serves a different purpose for different users.
Etherscan is known for reliable onchain data, contract verification tools and a beginner-friendly interface. Ethplorer focuses on token activity, offering portfolio tracking and analytics for DeFi and NFT users. Blockchair appeals to researchers with multichain support, advanced filters and exportable data sets. OKLink targets institutions with compliance tools, real-time monitoring and professional analytics. TokenView provides wide multichain coverage, combining transaction, balance and token data across several networks.
Together, these explorers capture Ethereum’s expanding ecosystem, supporting everything from basic transactions to institutional compliance. Whether you’re a trader, developer, researcher or enterprise, block explorers remain vital for navigating Ethereum’s transparency and innovation in 2025.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
A shareholder of healthcare technology company Semler Scientific filed a lawsuit seeking to block the company’s proposed merger with Strive, the asset manager turned Bitcoin treasury company led by former US presidential candidate Vivek Ramaswamy.
According to a complaint filed in the US District Court for the Northern District of Illinois, plaintiff Terry Tran accused Semler Scientific and its board of directors of violating Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, which ban misleading shareholder voting materials and hold company leaders liable for those violations.
“The Registration Statement is materially incomplete and misleading with respect to the financial impacts of the Proposed Transaction on the combined company and the financial fairness of the Proposed Transaction,” the complaint said.
Under the deal announced in September, Strive — an asset management company that recently merged with Asset Entities to become a publicly traded Bitcoin (BTC) treasury company — plans to acquire Semler Scientific through a stock-for-stock transaction. Shareholders of Semler would receive 21.05 shares of Strive Class A common stock for each Semler share they own.
Related: 48 new Bitcoin treasuries popped up in just 3 months: Bitwise
Tran’s lawsuit claims that the Semler board, including CEO Douglas Murphy-Chutorian and directors Eric Semler, William Chang and Daniel Messina, failed to disclose sufficient details about the financial fairness of the deal and its implications for shareholders.
The plaintiff is asking the court to halt the shareholder vote or any steps toward completing the merger until the company issues corrective disclosures addressing the gaps in the proxy statement. If the deal has already been executed, Tran seeks to cancel the merger or obtain monetary damages.
If the court grants the injunction, the merger could face significant delays. The case, filed on Tuesday, is being handled by Ademi & Fruchter, a Wisconsin-based securities litigation firm.
Semler Scientific is a health-tech firm that adopted Bitcoin as its primary treasury reserve asset in 2024 and has steadily built up its holdings through multiple purchases.
Related: Crypto treasury stocks fall as markets rout, with some exceptions
The top Bitcoin treasury holders are led by Strategy (MicroStrategy) with a massive 640,250 BTC, followed by MARA Holdings with 53,250 BTC and Cantor Fitzgerald-backed Twenty One Capital (XXI) with 43,514 BTC.
Further down the list, Strive and Semler Scientific stand out as smaller but notable entrants among public Bitcoin holders, ranking 17th and 20th, with 5,885 BTC and 5,021 BTC, respectively.
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