Blockware Intelligence Newsletter: Week 181

Bitcoin on-chain analysis, mining analysis, macro analysis; overview of 6/21/25 - 6/27/25

FHFA Recognizes BTC as an Asset

Bill Pulte, The Director for the US Federal Housing Finance Agency, signed an order this week requiring mortgage originators to consider BTC and Crypto holdings as “assets” when evaluating a borrower's eligibility for a mortgage loan. One of the main challenges facing Bitcoin holders is utilizing their increased purchasing power without selling the BTC. As Jack Mallers dubs it: “The HODL’ers Dilemma." This recognition by the FHFA would allow Bitcoiners to benefit monetarily, in the form of lower mortgage rates, by virtue of just owning the Bitcoin – monetary value without having to sell. This is a big deal. Moreover, this recognition does not require that the BTC be posted as collateral. It simply recognizes that the BTC makes it more likely the borrower will be able to payback the loan.

The caveat here is that the BTC must be stored on a “US-regulatred centralized exchange” – self custody does not yet count unfortunately. However, this is a huge step in the right direction. Such a restriction could be a catalyst for more US exchanges to implement ‘proof of reserves’ – as River has already done. Ultimately, we may reach a world where multi-sig / collaborative custody solutions can be used for collateral / asset verification.