Last week independent Senators Bernie Sanders (VT) and Angus King (ME) introduced legislation that would ban pharmaceutical companies from promoting prescription drugs directly to consumers – including through television, radio, print, digital platforms, and social media. 

Today, Bloomberg reports that the Trump administration is now ‘discussing policies that would make it harder and more expensive for pharmaceutical companies to advertise directly to patients.’

Although the US is the only place, besides New Zealand, where pharma companies can directly advertise, banning pharma ads outright could make the administration vulnerable to lawsuits, so it’s instead focusing on cutting down on the practice by adding legal and financial hurdles, according to people familiar with the plans who weren’t authorized to speak publicly on the matter.

The two policies the administration has focused in on would be to require greater disclosures of side effects of a drug within each ad — likely making broadcast ads much longer and prohibitively expensive — or removing the industry’s ability to deduct direct-to-consumer advertising as a business expense for tax purposes, these people said.

If this happens, it would mark a major victory for Health and Human Services Secretary RFK Jr., who says he believes Americans consume more drugs than people in other countries due to the ability of US drug companies to directly advertise to consumers. 

While running for president, Mr. Kennedy said he would issue an executive order removing pharmaceutical ads from television, citing overmedication and industry influence on news coverage.

Advertising Apocalypse

As we noted last week, the move would mark a sweeping shift in the U.S. advertising landscape, where pharmaceutical companies are among the largest spenders. Prescription drug brands accounted for roughly 13 percent of all ad spending on linear television in 2025, totaling approximately $2.18 billion so far this year, according to iSpot data. In 2024, the industry spent $3.4 billion on traditional TV ads between January and August alone, according to ad-tracking data.

Since 1997, when the Food and Drug Administration relaxed disclosure requirements for DTC ads, pharmaceutical companies have increasingly leaned on consumer advertising to drive demand. Under current rules, companies need only disclose a drug’s “most important” risks during commercials.

The result has been a media environment saturated with pharmaceutical messaging. Drug ads made up 24.4 percent of all advertising minutes on evening news broadcasts across major networks — including ABC, CBS, CNN, Fox News, MSNBC, and NBC — through May of this year, according iSpot. On CBS Evening News, pharmaceutical companies appeared in more than 70 percent of commercial breaks, per Kantar Media.

Confidence among US homebuilders fell to the lowest level since December 2022 in June, with potential buyers deterred by high mortgage rates and anxiety about tariffs and the economy.

A gauge of market conditions from the NAHB slipped 2 points to 32 this month (well below the 36 exp), back near 13 year lows…

Source: Bloomberg

All three of the overall index’s components declined, with a measure of present sales falling to the lowest level since 2012.

Gauges of traffic of prospective buyers and expected sales over the next six months are both at the lowest point in more than a year, NAHB data show.

The trade association is forecasting a decline in single-family starts this year, given weakening conditions, NAHB Chief Economist Robert Dietz said in a prepared statement.

o entice reluctant buyers, builders have increasingly relied on sales incentives and discounts. The share of respondents reporting cutting prices in June rose to 37%, the highest since NAHB started tracking it monthly in 2022.

“Rising inventory levels and prospective home buyers who are on hold waiting for affordability conditions to improve are resulting in weakening price growth in most markets and generating price declines for resales in a growing number of markets,” Dietz said.

Finally, homebuilder sentiment has a long way to go to catch down to homebuyer confidence…

Source: Bloomberg

…and don’t expect a Fed rate-cut to help (as the curve is steepening).

Senate Republicans on Monday unveiled the final and most contentious component of President Trump’s sweeping legislative package, the “Big, Beautiful Bill.” The Finance Committee’s long-awaited text – covering tax policy, Medicaid, and energy provisions – sets the stage for difficult negotiations between the Senate and the narrowly Republican-controlled House.

The Senate proposal scales back or reconfigures several measures passed by the House last month, particularly around health care funding and green energy. It also reveals stark policy divides that could derail GOP unity in the upper chamber.

Making the 2017 Tax Cuts Permanent – with Limits

A core pillar of the Senate’s bill is the permanent extension of key provisions from the 2017 tax overhaul. The legislation would lock in current federal tax brackets, boost the standard deduction, and continue the repeal of personal exemptions — all without expiration dates.

However, the Senate scaled back additional cuts proposed by House Republicans. Notably, the child tax credit would rise to $2,200 per child, short of the $2,500 outlined in the House bill.

New Deductions for Workers, with Caps

The bill introduces targeted deductions for tipped workers, overtime earners, and car owners — a nod to priorities championed by President Trump during his re-election campaign. But the deductions are temporary and capped.

• Tips: Deductible up to $25,000 through 2028

• Overtime Pay: Deductible up to $12,500 (or $25,000 for joint filers) through 2028

• Auto Loan Interest: Deductible up to $10,000 through 2028

While the House bill sought broader relief, Senate Republicans opted for a more measured approach.

A Sharper Knife to Medicaid

In a significant departure from the House version, the Senate bill aggressively targets Medicaid financing, particularly in states that expanded the program under the Affordable Care Act.

The legislation would reduce the allowable provider tax rate – a key funding mechanism for state Medicaid programs – from 6 percent to 3.5 percent by 2031. This reduction, phased in beginning in 2027, would apply only to expansion states.

Meanwhile, non-expansion states would be barred from introducing new provider taxes, though existing rates would be preserved. Nursing homes and intermediate care facilities are exempt from the cuts.

Unlike the House version, which protected existing hospital payment arrangements, the Senate bill eliminates some current state-directed payments altogether. The move drew immediate criticism from rural-state Republicans. Sen. Josh Hawley (R-Mo.), whose state relies heavily on provider taxes, expressed concern about the impact on hospitals.

Work Requirements, With Tighter Conditions

Both chambers support requiring certain Medicaid recipients to meet work requirements, but the Senate version goes further. Adults with children over the age of 14 would now be required to work, attend school, or perform community service at least 80 hours a month.

The House version would exempt all parents of dependent children — a difference likely to stir debate during reconciliation talks.

Green Energy Credits Rolled Back, but Less Harshly

The Senate’s approach to green energy tax credits appears less stringent than the House’s, though it still represents a rollback of the 2022 Inflation Reduction Act.

Under the Senate bill:

• Projects must begin construction in 2025 to qualify for full credits.

• Projects starting in 2026 would receive 60 percent of the credit.

• Those beginning in 2027 would receive 20 percent.

• After 2028, no credit would be available.

Unlike the House version, the Senate bill removes a requirement that projects produce electricity by 2028. It also extends eligibility to hydro, nuclear, and geothermal projects starting before 2034 — additions not included in the House’s text.

SALT Deduction Fight Reignited

The Senate text would make permanent the existing $10,000 cap on state and local tax (SALT) deductions, a dramatic rollback of a compromise secured by Speaker Mike Johnson (R-La.) with blue-state Republicans to raise the cap to $40,000 for households earning under $500,000.

Majority Whip John Thune (R-S.D.) acknowledged that the $10,000 figure is a negotiation starting point. But House moderates are not budging.

“This proposal is DEAD ON ARRIVAL,” Rep. Mike Lawler (R-NY) posted on X, adding that “$40,000” is what was agreed upon after ‘good faith negotiations.’ 

I, along with my fellow SALT Caucus members, are actively engaging with Senators, House Leadership, and the White House and am confident the deal as previously negotiated will be in the final bill that is signed into law. https://t.co/LZovYoFs7O pic.twitter.com/scC1jj4oXe

— Congressman Mike Lawler (@RepMikeLawler) June 16, 2025

A Larger Debt Ceiling Hike Triggers Backlash

Perhaps the most contentious provision of all: the Senate bill would increase the debt ceiling by $5 trillion, surpassing the House’s proposed $4 trillion hike.

The move drew immediate opposition from fiscal conservatives. Sen. Rand Paul (R-KY) said he had informed Senate leadership he could not support the bill with the current debt ceiling language.

Section 899

As Goldman Sachs notes, the Senate version of the “Section 899” provision to impose taxes on certain foreign individual, corporations, and governments makes four important changes from the House version:

1. The application of higher US taxes would be delayed one year until the start of 2027.
2. The same 5pp increase in tax rates but explicitly limit the total increase to 15pp after 3 years.
3. The “portfolio interest exception” would exclude individual and corporate holders from increased tax withholding on interest payments.
4. Small technical change that should result in the exclusion of foreign governments including central banks from interest withholding along with corporate and individual holders of US debt.

Collision Course Ahead

With the Senate bill now public, Republicans face an uphill climb in reconciling the two chambers’ positions. Deep ideological divisions remain on Medicaid reform, tax relief structure, and the scale of federal borrowing.

Negotiations are expected to intensify in the coming weeks as Republicans seek to deliver on Trump’s legislative priorities while avoiding a GOP family feud that could fracture the party ahead of November.

Update (0958ET):

Unconfirmed video circulating on X shows the crude oil tanker Adalynn fully engulfed in flames following a high-impact collision with the tanker Front Eagle.

The footage suggests Front Eagle struck the Adalynn on the port quarter, resulting in a substantial breach to the hull and subsequent fire aboard the vessel.

⚠️ Harrowing images of dark fleet tanker ADALYNN (IMO #9231767) post collision. pic.twitter.com/Y1FUBNNtis

— Ed Finley–Richardson (@ed_fin) June 17, 2025

Context: 

• The maritime disaster occurred near the Strait of Hormuz, a critical maritime chokepoint responsible for ~20% of global oil flows.

• The region has experienced GPS signal degradation over the past several days, consistent with possible EW (electronic warfare) activity potentially linked to the ongoing Israel-Iran conflict.

• Incident linked to “non-hostile in nature”; however, the timing and location of the incident raise concerns over maritime security stability and possible targeting or EW-induced navigational interference.

The Adalynn is a Suezmax-class tanker with a deadweight capacity of around 164,551 tonnes (DWT), allowing it to transport an estimated 1.2 to 1.5 million barrels of crude oil. As of now, there is no official confirmation of a spill; however, any structural breach raises the risk of a potential ecological disaster.

*   *   * 

In the early morning hours of Tuesday, crude oil tankers Adalynn and Front Eagle collided in the Gulf of Oman, about 24 nautical miles east of Khor Fakkan in the United Arab Emirates, just outside the critical Strait of Hormuz chokepoint. The maritime incident occurred amid ongoing regional instability and increased GPS signal degradation, most likely linked to broader electronic warfare surrounding the Israel-Iran conflict. 

UKMTO ADVISORY INCIDENT 024-25https://t.co/dBHrwKzykV#MaritimeSecurity #MarSec pic.twitter.com/YPDJ9yAHPk

— UKMTO Ops Centre (@UK_MTO) June 17, 2025

According to a report from Bloomberg, maritime security firms Vanguard Tech and Ambrey have assessed the tanker collision as a navigational accident with no indications of foul play or links to the ongoing regional conflict. Both firms have classified the incident as non-hostile in nature, downplaying initial speculation of an attack. 

The fire outside the Strait of Hormuz was a collision between the tankers Adalynn and Front Eagle. pic.twitter.com/SDQun2rQX4

— Sal Mercogliano (WGOW Shipping) 🚢⚓🐪🚒🏴‍☠️ (@mercoglianos) June 17, 2025

The Adalynn, a 23-year-old Antigua and Barbuda-flagged tanker with no known insurance and a history of Russia-India sailing routes, may be part of Moscow’s ‘dark fleet.’ All 24 crew members aboard were safely evacuated by the UAE National Guard. The Front Eagle, owned by Frontline Plc and flagged in Liberia, also reported no injuries and is cooperating in the investigation.

National Guard Executes Evacuation of 24 People from Oil Tanker Following Collision Between Two Ships in the sea of Oman

The Coast Guard of the National Guard carried out today, Tuesday, June 17, 2025, an evacuation mission involving 24 crew members of the oil tanker ADALYNN,…

— الحرس الوطني (@Uaengc) June 17, 2025

While traders initially feared a security-related event, which spooked oil and shipping markets, preliminary assessments so far indicate otherwise and likely just a navigational incident. 

Ambrey analyst Daniel Smith stated, “At the time of writing, we can only confirm that it is not a security incident. We continue to investigate the cause.”

Possible visual evidence of the incident, reportedly showing at least one of the involved tankers engulfed in flames, was circulated on X. The footage remains unverified but has been widely shared. 

There are unconfirmed reports that three ships are on fire in the Gulf of Oman.

NASA Firms data shows three fires in the waters of UAE. Ambrey says it is aware of an incident “22 nautical miles east of Khor Fakkan in UAE”, as per Reuters.

Ambrey alert lines up with Firms data pic.twitter.com/SCQIfgWIvk

— Faytuks News (@Faytuks) June 17, 2025

The maritime incident comes one day after widespread GPS jamming was reported across the Strait of Hormuz, scrambling navigation for more than 900 vessels. 

Chokepoint Watch: GPS Jamming Impacts Tankers Across Strait Of Hormuz https://t.co/7TLdWitGDz

— zerohedge (@zerohedge) June 16, 2025

GPSJam—a site that publishes daily heat maps of GPS/GNSS disruptions affecting aircraft—shows multiple “high-interference” zones clustered around the Strait of Hormuz.

The broader concern is that critical maritime chokepoints—including the Strait of Hormuz, Bab el-Mandeb, and the Suez Canal—remain highly vulnerable to disruption should the Israel-Iran conflict escalate or proxy groups tied to Tehran become further entangled. 

These corridors are essential to global energy flows and commercial shipping, and any kinetic spillover or asymmetric activity in these waterways could have immediate consequences for energy prices and global supply chains. 

Authored by Carolina Avendano & Noé Chartier via The Epoch Times (emphasis ours),

BANFF, Alta.–As G7 leaders gather in Alberta for their annual summit, U.S. President Donald Trump signalled a trade deal with Canada could be reached in the coming days or weeks, provided both sides find common ground.

Trump made the comments when speaking to reporters after a bilateral meeting with Prime Minister Mark Carney on the morning of June 16.

Trump said trade with Canada would be among the key topics discussed at the summit. “I think we are going to accomplish a lot,” Trump said. “I think our primary focus will be trade, and trade with Canada, and I’m sure we can work something out.”

When asked if a potential deal could be reached within days or weeks, Trump said “it’s achievable,” while noting that “both parties have to agree.” Asked what is preventing the two nations from reaching a deal, the president pointed to the “different concepts” he and Carney hold.

“I have a tariff concept; Mark has a different concept, which is something that some people like, but we are going to see if we can get to the bottom of it today,” Trump said.

The president said he has always been a “tariff person,” because “it’s simple, it’s easy, it’s precise, and it just goes very quickly.” He said Carney has a “more complex idea, but also very good,” and that they would look at both ideas to evaluate a potential agreement.

Carney did not speak much during the scrum with reporters. In his comments, he welcomed the president to Canada, saying it was a “great honour” to receive him.

“This marks the 50th birthday of the G7, and the G7 is nothing without U.S. leadership,” Carney said, remarking on Trump’s “personal leadership” on issues such as geopolitics, the economy, and technology. Carney said Canada wants to work “hand-in-hand” with the United States on these areas.

Trump is accompanied at the summit by top U.S. officials, including Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greer.

The meeting between Trump and Carney took place just before G7 leaders convened for their official welcome to the summit, which is taking place in Kananaskis, Alta., until June 17. 

The meeting between Trump and Carney was their second in-person meeting since the prime minister’s visit to the White House on May 6. The two have been regularly in touch in recent weeks as they seek to hammer out a deal involving trade and security.

Trump’s comments about a deal with Canada being achievable in the short term come after Minister Dominic LeBlanc said the talks haven’t been progressing quickly enough. LeBlanc is the minister in charge of trade relations with the United States.

“Our hope was that we would have made more progress before the president arrives in Alberta for the G7. We haven’t hit that sweet spot,” LeBlanc told Global News over the weekend.

Canada has been affected by three different sets of tariffs imposed by the Trump administration, some with carve-outs for goods falling under the United States-Mexico-Canada free trade deal (USMCA). 

One set of tariffs is the universal levies for all countries on steel and aluminum, which Trump doubled to 50 percent at the beginning of June. One set of tariffs relates to automobiles and car parts. Another set of tariffs impacts only Canada and Mexico, and is related to border security and drug trafficking concerns around their borders with the United States. 

Before the G7, the Liberal government introduced a bill in Parliament seeking to reinforce the border by giving increasing powers to security agencies and tightening immigration rules.

Carney also recently announced that Canada would be meeting the NATO defence spending guideline this year, several years before initially planned. Trump has long criticized members of the military alliance who don’t meet the defence spending target of 2 percent of GDP. Since being elected in November, Trump has also criticized Canada for not having a robust presence in the Arctic.

High-Level Meetings

Carney held bilateral meetings with other leaders on June 15, including with UK Prime Minister Keir Starmer, Australian Prime Minister Anthony Albanese, South African President Cyril Ramaphosa, and German Chancellor Friedrich Merz.

Starmer travelled to Ottawa for an official visit before attending the G7. Carney and Starmer said in a joint statement they met to “reaffirm the profound friendship and shared values” that unite both nations.

Carney has sought to reinforce the relationship with the United Kingdom amid tensions with the United States. Shortly after taking office in mid-March following his Liberal leadership win, Carney went to the United Kingdom and France. He has said Canada is the “most European of non-European countries.”

The two leaders also agreed on collaborating further on trade, science, technology, and innovation. This includes expanding trade under the Canada-UK Trade Continuity Agreement, and deepening cooperation in the development of semiconductors, quantum technologies, nuclear energy, artificial intelligence to “support national security,” biomanufacturing, and critical minerals. They also agreed to enhance defence and security partnerships.

• Finding a new car for under $20,000 is becoming increasingly difficult, with only 3 models below the threshold

• The average price of a new car in the U.S. is around $48,000

Car prices in the U.S. have increased significantly since the COVID-19 pandemic, squeezing budget-conscious buyers. In 2025, things are getting even tougher, with only three models starting below $20,000 when new.

To help you find your next vehicle, Visual Capitalist’s Marcus Lu has highlighted America’s cheapest new cars that are available today.

Data & Discussion

The data for this visualization comes from Car and Driver. It highlights the 10 cheapest new sedans or hatchbacks in America by their starting MSRP, all of which come from Asian and European automakers.

Sub-$20K Cars Are Nearly Extinct

Only three vehicles—two versions of the Mitsubishi Mirage and the Nissan Versa—are priced under $20,000.

Buyers looking at a Mirage should be aware that both models are ranked very poorly by Car and Driver (2.5 to 3 out of 10) due to their unrefined powertrains and cheap interiors.

The Mitsubishi Mirage offers an impressive warranty and surprising fuel efficiency, even if it somehow feels even cheaper than its low price suggests.

Note that the Mirage has been discontinued in the U.S., though dealers are expected to have stock until the end of summer 2025.

Asian Brands Dominate the List

Nine of the 10 cheapest models come from Japanese or South Korean brands, reflecting their ability to produce cheaper, value-driven vehicles.

U.S. auto tariffs, however, are going to make it harder for these brands to succeed. Estimates from Goldman Sachs predict that Mazda could see a massive 59% profit reduction due to the tariffs, while Nissan could see a 56% drop.

Toyota and Honda, two of America’s top automakers by market share, will avoid most of the damage due to their well-established U.S. manufacturing bases.

If you enjoyed today’s post, check out The Most Reliable Car Brands of 2025 on Voronoi, the new app from Visual Capitalist.

Authored by Tsvetana Paraskova via OilPrice.com,

As the European Union seeks to end its dependency on Russian energy, the European Commission is set to propose this week a ban on new contracts for natural gas supply with Russia on the basis of trade law, which needs a majority vote approval instead of a unanimous EU call. 

EU companies will be banned from signing new contracts for Russian gas, based on trade law, which is aimed at sidestepping vetoes from Hungary and Slovakia, the Financial Times reported on Monday, quoting a summary of the proposals it had seen.  

Hungary and Slovakia, which continue to receive Russian gas via a pipeline through Balkans, have pledged to veto an outright ban in a sanctions package. Passing sanctions needs unanimous approval from all EU member states, but the use of trade law would require only an approval from the majority of the countries. 

Yet, the EU will grant exemptions to Hungary and Slovakia to phase out current Russian gas contracts by 2027, officials familiar with the Commission’s plan told FT. 

The phase-out of Russian energy imports is part of the EU’s roadmap to end dependency on Russian energy unveiled last month. 

The roadmap calls for the EU to stop all imports of Russian gas by the end of 2027 by improving the transparency, monitoring, and traceability of Russian gas across the EU markets.

New contracts with suppliers of Russian gas will be prevented and spot contracts (for immediate payment) will be stopped by the end of 2025, the European Commission said last month. 

As part of the EU’s efforts to halt imports of Russian natural gas, the bloc will require EU companies to disclose details of their contracts to buy Russian gas, according to an internal European Commission document seen by Reuters last week. 

The EU will demand from EU companies to disclose many details of the deals, including duration, annual contracted volumes, date of conclusion of the contracts, and destination clauses, per the internal documents seen by Reuters. 

For over a century, the fertility rate in the United States has reflected sweeping demographic and societal changes.

This dataset, visualized by USAFacts using data from the CDC, captures the trend from 1909 through 2023.

The data shows the U.S. general fertility rate peaked in 1957 at 122.9 births per 1,000 women aged 15–44.

By 2023, that rate had fallen to 54.5—less than half the mid-century high. The sharpest declines came post-1960s, but the downward trend continues in the modern era.

Why Are Fertility Rates Falling?

Declining fertility rates are tied to a range of factors: economic pressures, access to contraception, shifts in social norms, delayed marriage and childbirth, and more women pursuing higher education and careers.

This broader trend reflects a transformation in how, when, and if Americans choose to have children.

Births Are Shifting to Older Age Groups

An important dynamic behind this trend is the shifting age profile of new mothers.

As of 2005, women aged 25–29 had the highest birth rates, at 116.5 births per 1,000 women. By 2023, the peak had shifted to the 30–34 age group, which logged 95.1 births per 1,000 women.

Between 2005 and 2023, fertility declined for women under 35, while increasing for those 35 and older. This demographic shift reflects later-life planning and improvements in maternal health options for older women.

Want to dive deeper? Check out the companion piece showing how fertility rates have changed across all 50 states: Fertility Rates Decreased Nationwide from 2005 to 2022.

The Arctic is gaining global attention as melting ice unlocks access to vast natural resources. From “ecosystem services” like climate regulation to lucrative mineral and oil reserves, this chilly region’s economic value is surprisingly large.

In this graphic, Visual Capitalist’s Marcus Lu breaks down the Arctic’s annual economic value based on the results of a 2017 study from Tanya O’Garra titled Economic Value of Ecosystem Services, Minerals, and Oil in a Melting Arctic.

Data and Methodology

The economic values of various Arctic resources were estimated using a combination of biophysical data and economic valuation techniques.

For climate regulation, the study assessed the Arctic’s role in carbon sequestration and its impact on global climate systems, assigning value based on the cost of carbon emissions and the benefits of climate stabilization.

Cultural values were evaluated through contingent valuation methods, which estimate individuals’ willingness to pay for the preservation of cultural and spiritual benefits associated with the Arctic environment.

The valuation of oil and minerals involved analyzing market prices, extraction costs, and the quantity of known reserves. Given the large variation in production costs for mining, it was assumed that 50% of mining revenue comprises costs.

Climate Change’s Impact on Economic Value

Global warming is expected to have varied effects on the Arctic’s economic value.

For example, retreating sea-ice could open up new shipping routes, fishing grounds, and areas for mineral exploration. On the flipside, increased resource extraction from the Arctic could also lead to more environmental disasters (e.g. pipeline leaks) and pollution.

Geopolitical competition is also ramping up in the region, as major economic powers like China, Russia, and the U.S. seek to secure shipping routes and resource access.

If you enjoyed this post, check out Countries With the Most Freshwater Resources on Voronoi, the new app from Visual Capitalist.

Authored by Oscar Zarraga Perez via BitcoinMagazione.com,

Bluebird Mining Ventures Ltd., a pan Asian gold project development company, recently announced a major strategic shift.

It plans to convert future revenues from its gold mining projects into bitcoin and adopt bitcoin as a treasury reserve asset. 

Strategy shift to covert gold into digital gold – #bitcoin #goldmining #goldequities #investinbitcoin #investingold
“Combining income streams from gold mining projects and recycling these revenues into a proactive “Bitcoin in Treasury” management approach, whilst maintaining a… pic.twitter.com/BpJA6hFU9Y

— Bluebird Mining Ventures Ltd (LSE:BMV.L) (@bluebirdIR) June 5, 2025

“By adopting a ‘gold plus a digital gold’ strategy, it offers the Company an opportunity to turn the page and look to the future and seek to attract a new type of shareholder,” said the Executive Director and CEO of Bluebird Aidan Bishop.

“Under the leadership of a new CEO, once identified, it is my sincere hope that Bluebird will finally realise its ambitions for which it was initially established for.”

The announcement comes as Bluebird progresses towards a key agreement on its flagship Philippine project. The company expects to finalize a deal in the coming weeks that will grant it a net profit interest throughout the life of the mine, with no ongoing capital costs. The company said it believes bitcoin offers a modern alternative to traditional store of value assets like gold.

“I am very pleased with the progress of discussions in the Philippines which are looking very positive and will enable, if successfully completed, Bluebird to maintain an ongoing exposure with zero future cash commitments,” stated Bishop.

Bluebird plans to recycle revenues from its mining operations directly into bitcoin, aligning with what they describe as an innovative treasury approach. The company cited bitcoin’s fixed supply of 21 million, increasing global adoption, and role as a hedge against inflation and monetary instability as key reasons for its decision.

“Combining income streams from gold mining projects and recycling these revenues into a proactive ‘Bitcoin in Treasury’ management approach…” the company said. “Companies that have adopted bitcoin into their treasury strategy globally across public markets have been enjoying significant investor interest as well as substantial premiums to Net Asset Value (NAV) that have challenged traditional financial metrics as a basis of valuation.”

To lead this new phase, Bluebird is actively searching for a new CEO with experience in digital assets.

“On a personal level, I embarked some time ago on a journey to understand and learn about bitcoin,” added Bishop. “I am convinced that we are witnessing a tectonic shift in global markets and that bitcoin will reshape the landscape of financial markets on every level.”