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The End of Bitcoin Maximalism

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The launch of Bitcoin in 2009 created a resilient and decentralized monetary asset. Early adherents rallied around it as a singular innovation — immutable, fixed-supply, and leaderless. Over time, this coalesced into a belief system: Bitcoin maximalism. The argument was simple. Bitcoin came first. It had the most Proof-of-Work security. The most conservative monetary policy. All other assets were distractions or regressions.

But that framing increasingly diverges from how Bitcoin is now being applied in practice.

Interoperability Becomes the New Norm

Today, the crypto ecosystem is no longer a collection of isolated silos or, at least, it needn’t be. Interoperability is the backbone of Web3. The same technologies that maximalists once dismissed, like wrapped bitcoin and cross-chain bridges, are now exposing the limitations of that worldview. While these technologies are far from perfect, they prove that users want more than ideological purity; they want utility and functionality. This evolution is particularly significant for Bitcoin, which has historically been limited by its transaction speeds and a lack of smart contract functionality.

The watershed moment came with the emergence and explosive growth of DeFi, offering yield farming, lending, and trading opportunities that Bitcoin — at least in its native form — couldn’t directly participate in (most early DeFi activity was concentrated on Ethereum).

To bridge this gap, solutions like wrapped Bitcoin (WBTC) were conceived and launched, tokenizing BTC for use on Ethereum and other chains. While this was a step forward, wrapped tokens came with associated risks, such as centralized custodians, potential security vulnerabilities and an overall departure from Bitcoin’s trustless ethos.

New systems, including trust-minimized tunneling and Bitcoin-anchored consensus proofs, are enabling BTC to be integrated into smart contract environments without compromising its core properties. These architectures avoid the need for wrapping. Instead, they treat Bitcoin as a foundational, external settlement layer that can interact directly with the rest of the blockchain ecosystem — through tunneling and specialized Bitcoin-aware virtual machines.

The result is simple: Bitcoin is no longer isolated. And it no longer needs to be.

Maximalism vs. Infrastructure

Bitcoin maximalism asserts that BTC alone is sufficient. But the infrastructure now being deployed across the ecosystem proves otherwise. BTC is being used in DeFi. BTC is supporting NFT standards. BTC is moving across chains. And it is doing so without compromising its consensus layer or monetary properties.

The future of crypto belongs to collaboration, not isolation. Blockchain infrastructure will be shaped by interoperability and modular design. Bitcoin need not compete for dominance in such an ecosystem; rather, it can complement and secure a broader multi-chain ecosystem. As developers build bridges between chains rather than walls, they prove that Bitcoin can coexist with other networks, enhancing its utility instead of competing for dominance. In this environment, the maximalist mentality of “one coin to rule them all” already feels out of touch.

Regular crypto users want flexibility and different options to stake, lend, or trade their assets across multiple platforms, which interoperability enables — unlike Bitcoin maximalism that restricts all out-of-the-box use cases. As multi-chain ecosystems mature, users are increasingly drawn to infrastructure that supports cross-chain utility, including secure integrations of BTC.

Finally, Bitcoin maximalism has always been rooted mostly in ideology — but the crypto industry is driven by innovation, and new technologies are proving that BTC can evolve without losing its importance or advantages. This way, maximalists risk being left behind if they dismiss these advancements as mere “distractions.”

The Core of A Multi-Chain Stack

Bitcoin continues to serve as the most secure and censorship-resistant settlement network in the world. That is not changing. What is changing is the environment around it. Decentralized systems are growing more interoperable. The expectation that networks will remain isolated is no longer viable.

BTC is becoming a core layer in a multi-chain stack, and more integrated into systems it once stood apart from.

Where once Bitcoin maximalism offered clarity during crypto’s early phases of growth, the ecosystem has evolved. Today, Bitcoin can serve as a cornerstone in a broader system emphasizing security, interconnectivity, and composability.

As this trend continues to gain momentum, Bitcoin maximalism may fade because the idea that one coin must dominate all others ignores the power of collaboration and innovation. Interoperability isn’t a threat to Bitcoin — it’s a catalyst for growth. The future of crypto isn’t about choosing a single winner but rather about building a decentralized world where every chain, including Bitcoin, plays a vital role.

The decentralized future will rely on systems that are secure, interoperable, and modular. Bitcoin’s role as a resilient base layer ensures that it will persist as an integral component of that future, not as the only chain, but a fundamental cornerstone among others.

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Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

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Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.

The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.

Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.

«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.

Read more: Stablecoin Payments Projected to Top $1T Annually by 2030, Market Maker Keyrock Says

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Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

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on

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Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.

The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.

Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.

«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.

Read more: Stablecoin Payments Projected to Top $1T Annually by 2030, Market Maker Keyrock Says

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Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

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Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday.

The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began.

On its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer price. But since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market investors.

The broader crypto equity market has remained more stable. Coinbase (COIN), the largest U.S. crypto exchange, is flat over the past week. Robinhood (HOOD), which derives part of its revenue from crypto, is down 3%. Token issuer Circle (CRCL), on the other hand, is up 13% over the same period.

Part of the pressure on Gemini’s stock may stem from its financials. The company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of 2024. Despite raising fresh capital, the numbers suggest the business is still far from turning a profit.

Compass Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half revenue. That multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this year. For a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.

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