Cody Hall

What I'm reading, writing, and thinking about.

What I’m Crunching — September 7, 2025

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Books I’m Reading

Dark Age (Red Rising #5)

This week I finished this audiobook and immediately borrowed #6 via Libby.

Pierce Brown’s work in the Red Rising series is well worth the investment of time to read them.

Podcast I’m Listening To

Here’s another good episode from Lex Fridman. This guy cranks out high quality content regularly.

This one is a discussion with Dave Plummer, a programmer, former Microsoft software engineer (Windows 95, NT, XP), creator of Task Manager, author of two books on autism, and host of the Dave’s Garage YouTube channel, where he shares stories from his career, insights on software development, and deep dives into technology.

On Bitcoin

River is the exchange I recommend people use to purchase their Bitcoin. If you’d like to open an account, you can use this link: https://river.com/signup?r=PLPY3QSX

River put out an excellent report this week on various metrics they’re seeing among business clients of River. They’re observing the following:

  • Unprecedented Growth in Business Bitcoin Inflows: In the first eight months of 2025, bitcoin inflows onto business balance sheets exceeded the total for all of 2024 by $12.5 billion, reaching $43.5 billion compared to $31.0 billion in 2024. Businesses now collectively hold over 6% of the total bitcoin supply, a twenty-one-fold increase since January 2020, driven by improvements in accounting standards, regulatory clarity, and institutional acceptance.
  • Diverse Adoption Across Business Types: Bitcoin adoption is not limited to bitcoin treasury companies, which account for 76% of business purchases since January 2024 and 60% of publicly reported holdings. Conventional businesses across all sectors, including real estate, finance, and healthcare, are also adopting bitcoin, with River serving over 3,000 business clients in the U.S., and 75% of these having fewer than 50 employees, indicating early adoption by small and medium-sized enterprises.
  • Bitcoin as a Preferred Treasury Asset: Businesses are increasingly choosing bitcoin to retain earnings due to its inflation resistance, enhanced liquidity (available 24/7), and protection against counterparty risk, as demonstrated by the 2023 Silicon Valley Bank collapse. River’s data shows businesses allocate an average of 22% of net income to bitcoin, with 64% viewing it as a long-term investment, and nearly one-third holding the majority of their treasury assets in bitcoin.

Tweets I’m Reading

If you have feedback for me, if something resonates and you want to see more of it, reply in the comments below. You can also tweet at me on Twitter @the_cody_hall.

I look forward to hearing from you!

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