Strategy Executive Chairman Michael Saylor said today that he has met with “every sovereign wealth fund in the Middle East,” as he continues to promote Bitcoin-backed financial structures to some of the world’s largest pools of capital.
“I’ve been meeting with sovereign wealth funds, banks, fund managers, regulators—about 50 to 100 investors across every jurisdiction,” Saylor said.
Saylor said his message was simple: Bitcoin is digital capital, or digital gold, and digital credit builds on it by stripping out volatility to generate yield—offering cash flow now instead of waiting decades for capital to appreciate.
Speaking at the Bitcoin MENA conference, the Strategy founder outlined a framework designed to convert digital capital into credit, arguing that Bitcoin can underpin yield-generating products that outperform traditional fixed income while reducing volatility.
“There is a strategy that exists to convert capital into credit,” Saylor said, describing instruments that could deliver returns well above government bonds or bank deposits.
Saylor framed the approach as a multi-layered allocation strategy, ranging from direct exposure to Bitcoin, to Bitcoin-backed credit, and ultimately equity in treasury-focused companies.
He argued that investors uncomfortable with Bitcoin’s price swings could still achieve “two to four times” the yield of traditional credit markets through digital credit products, while more risk-tolerant investors could seek amplified exposure through equity.
Saylor: Banks can custody Bitcoin
Beyond investment products, Saylor emphasized the role banks could play by custodying Bitcoin and extending credit on top of it.
He said integrating digital capital into regulated banking systems could attract trillions of dollars in global capital, particularly as many major banks still do not support Bitcoin custody or lending.
Saylor also pointed to low-yield environments in Japan and Europe as prime targets for adoption.
“I think this is something the Japanese market will really, really like,” he said, referencing demand for assets that “have a stable price and pay yield that is far higher than they’re used to seeing.”
He argued that dissatisfaction with near-zero bank yields is already pushing investors into corporate bonds and private credit, creating an opening for Bitcoin-backed alternatives.
The long-term opportunity lies in creating regulated digital bank accounts powered by Bitcoin-backed credit, which he believes could reposition early adopters as global financial hubs.
Earlier today, Strategy announced it purchased 10,624 bitcoin for about $963 million, raising its total holdings to 660,624 BTC, worth roughly $60.5 billion at current prices near $91,500.
The purchase, funded primarily through equity sales, marks the company’s largest weekly bitcoin acquisition since July and signals renewed access to capital.
Saylor has pointed to the firm’s BTC Yield metric of 24.7% in 2025 and defended Strategy as an operating company, not a fund, amid MSCI index concerns.
Bitcoin For Corporations (BFC), in coordination with its member companies, formally challenged MSCI’s proposed rule to exclude companies from the MSCI Global Investable Market Indexes if digital assets represent 50% or more of total assets.
The rule would apply to companies whose primary business is classified as digital-asset treasury activity.
BFC argues the proposal misclassifies operating companies by prioritizing balance-sheet holdings over actual business operations.
“MSCI has long defined companies by what they do, not by what they hold. This proposal abandons that principle for a single asset class,” said George Mekhail, managing director of BFC. “A shareholder-approved treasury decision shouldn’t override that reality.”
The coalition identified three structural issues with the proposal. First, it redefines primary business based on asset composition rather than revenue-generating operations. Second, it singles out digital assets while other asset classes face no similar treatment.
Third, it ties index inclusion to volatile market prices, creating unpredictable membership changes.
BFC warned that the proposal could lead to passive fund outflows, higher capital costs, and increased volatility for companies, all unrelated to operational performance.
The group urged MSCI to withdraw the threshold, maintain an operations-based classification, ensure asset-class neutrality, and engage with market participants on a business-aligned framework.
1/ JUST IN: @BitcoinForCorps (BFC) is formally calling on MSCI to withdraw its proposed 50% digital-asset exclusion rule.
The proposal directly affects how operating companies are treated in global indexes.
Strive Asset Management, co-founded by Vivek Ramaswamy, also formally urged MSCI last week to reconsider its proposal to exclude companies with bitcoin holdings exceeding 50% of total assets from major equity benchmarks.
In a letter to MSCI CEO Henry Fernandez, Strive warned that the rule could produce inconsistent results due to differing accounting standards under U.S. GAAP and IFRS.
Strive, the 14th-largest corporate bitcoin holder with over 7,500 BTC, argued that the 50% threshold is “unjustified, overbroad, and unworkable.” Its executives highlighted that many bitcoin treasury companies operate real businesses in sectors such as AI data centers, structured finance, and cloud infrastructure.
They compared the proposed treatment of bitcoin to other assets, noting that energy companies with large oil reserves or gold miners are not excluded from indexes.
The firm also cited market volatility, derivatives exposure, and accounting differences as factors that could make index inclusion unpredictable.
Strive warned that strict rules could drive innovation abroad, giving international firms a competitive advantage.
MSCI plans to announce its decision on January 15, 2026. Strive’s intervention reinforces the broader industry call for operations-based classification, asset-class neutrality, and fair treatment of companies holding significant bitcoin as part of their treasury strategy.
MSCI could exclude Strategy
Perhaps the company most affected by this would be Strategy, the tech- and Bitcoin-focused software company famous for its bold Bitcoin reserve strategy. Strategy and Chairman Michael Saylor recently pushed back against concerns that MSCI could exclude the company from major equity indices, which analysts warn might trigger billions in passive outflows.
Saylor emphasized that Strategy is not a fund or holding company but an operating business with a $500 million software division and a $7.7 billion Bitcoin-backed credit program.
He highlighted products like Stretch ($STRC), a Bitcoin-backed credit instrument, and stressed that Strategy actively creates, structures, and operates financial products rather than passively holding assets.
Disclaimer: Bitcoin For Corporations And Bitcoin Magazine both operate under the parent company of BTC Inc.
Last week was a bit of a roller coaster ride, while bears kicked the price down to the $84,000 support level early in the week, bulls stepped in down there to rally the price up to the $94,000 resistance level. From there, the price dropped once again, just below $88,000 on Sunday morning, before seeing a small rally to close the week out at $90,429. This week, bitcoin bulls will look to the FOMC meeting on Wednesday to produce a much-anticipated rate cut to help facilitate a better investment environment for bitcoin and other assets. Climbing above $94,000 will be key for the bulls this week, if they hope to sway the market more in their favor.
Key Support and Resistance Levels Now
Bitcoin closed the week as a doji candle on Sunday, indicating indecision between buyers and sellers. The short-term outlook is slightly in the bulls’ favor, who will look to conquer the $94,000 resistance level. If they can establish this level as support, they will look to $101,000 as the next major resistance level, with sellers likely to begin slowing momentum down above $96,000. Beyond $101,000, we look to $104,000 and then a resistance zone between $107,000 and $110,000. Resistance gets very thick above $100,000.
Looking down to support levels, bulls will want to see $87,200 hold any daily closes to avoid another test of the $84,000 support level below. Any further touches of $84,000 will weaken it and make it less likely to remain in place as a floor. There is a $72,000 to $68,000 support zone, which will look to buoy the price below here. Below $68,000 would likely see the price chop around some, but look to hang onto the 0.618 Fibonacci retracement at $57,700. It is unlikely we would test this lower level for at least several weeks, though, if it even comes.
Outlook For This Week
Short-term momentum slightly favors the bulls early this week. The relative strength index (RSI) on the daily chart is showing some positive progress, generating higher highs off the 13 SMA support. This week, bulls will look for the 13 SMA to continue to act as support and help push the RSI above 60 into bullish territory. As long as bulls can remain above support levels heading into Wednesday’s FOMC meeting, they have a chance to tackle higher levels on a rate cut. If the FOMC meeting surprises everyone with no rate cut announcement, expect $84,000 support to fail.
Market mood: Very Bearish – Bulls have managed to put in a small rally here over the prior two weeks, but the price action has been lackluster and is still favoring the bears.
The next few weeks The bearish cross in place on the monthly MACD oscillator will continue to weigh on price throughout December and likely into January as well, barring any major moves up in price to undo it. Bitcoin price will need to continue to climb higher and maintain closes above the 100-week simple moving average (SMA), which sits at $84,700 heading into this week. Even if bulls can manage to keep momentum going over the coming weeks, there is heavy resistance sitting at $110,000 and above, and the price is very likely to pull back from that level (or lower) on the weekly chart. Doing so would put in a convincing lower high on the weekly chart and provide the bears with renewed conviction on a longer-term top being in place.
Terminology Guide:
Bulls/Bullish: Buyers or investors expecting the price to go higher.
Bears/Bearish: Sellers or investors expecting the price to go lower.
Support or support level: A level at which the price should hold for the asset, at least initially. The more touches on support, the weaker it gets and the more likely it is to fail to hold the price.
Resistance or resistance level: Opposite of support. The level that is likely to reject the price, at least initially. The more touches at resistance, the weaker it gets and the more likely it is to fail to hold back the price.
SMA: Simple Moving Average. Average price based on closing prices over the specified period. In the case of RSI, it is the average strength index value over the specified period.
Fibonacci Retracements and Extensions: Ratios based on what is known as the golden ratio, a universal ratio pertaining to growth and decay cycles in nature. The golden ratio is based on the constants Phi (1.618) and phi (0.618).
Oscillators: Technical indicators that vary over time, but typically remain within a band between set levels. Thus, they oscillate between a low level (typically representing oversold conditions) and a high level (typically representing overbought conditions). E.G., Relative Strength Index (RSI) and Moving Average Convergence-Divergence (MACD).
RSI Oscillator: TheRelative Strength Index is a momentum oscillator that moves between 0 and 100. It measures the speed of the price and changes in the speed of the price movements. When RSI is over 70, it is considered to be overbought. When RSI is below 30, it is considered to be oversold.
MACDOscillator: Moving Average Convergence-Divergence is a momentum oscillator that subtracts the difference between 2 moving averages to indicate trend as well as momentum.
Argentina is considering a major shift in its approach to bitcoin.
Argentina’s central bank, the Banco Central de la República Argentina (BCRA), is reportedly drafting rules that would allow commercial banks to offer bitcoin and crypto trading and custody services to customers.
If approved, the new regulations could take effect as early as April 2026.
The potential change would reverse a ban put in place in May 2022. At that time, the BCRA prohibited banks from carrying out or facilitating operations involving digital assets, citing concerns about financial stability and money laundering.
Since then, crypto activity in Argentina has largely taken place through informal channels or offshore exchanges.
Under the proposed framework, banks in Argentina could integrate crypto services directly into their apps and accounts, allowing for the trading and custody of select cryptocurrencies, including Bitcoin.
These operations would be conducted through separate legal units subject to higher capital, security, and liquidity requirements. Additionally, banks would be required to fully comply with know-your-customer (KYC) and anti-money-laundering (AML) standards, in alignment with regulations set by Argentina’s National Securities Commission (CNV).
Bitcoin as a combat to inflation
Officials have signaled that the move is part of a broader effort to modernize financial services. Argentina has experienced years of high inflation and strict currency controls, pushing citizens to use cryptocurrencies as a way to preserve savings.
According to Chainalysis, Argentina ranks 15th globally for active crypto wallet users, with around 10 million accounts. Between July 2023 and June 2024, the country processed an estimated $91 billion in on-chain transactions, more than 60% of which involved stablecoins.
Bitcoin-friendly president Javier Milei has influenced the policy shift since taking office in December 2023.
He has advocated for broader financial freedom, including access to alternative currencies. Under his administration, the BCRA has signaled a willingness to rethink prior restrictions.
Local banks have shown interest in re-entering the crypto market. Some had already experimented with in-app trading tools before the 2022 ban. Now, they are preparing systems that could support regulated crypto services once approval is granted.
Argentina is following the US SEC’s lead
The move mirrors regulatory trends in other regions. In the U.S., the repeal of the Securities and Exchange Commission’s SAB121 in January 2025 allowed major banks like Citi and State Street to plan crypto custody services. European banks have also increasingly integrated crypto offerings for retail clients.
Argentina’s draft framework is not yet final. Authorities are evaluating risk controls, reporting standards, and which assets banks may support. They have emphasized the need to balance innovation with consumer protection and market stability.
If implemented, Argentina could become a model for combining traditional banking with digital assets in a high-inflation economy. Observers note that the country’s experience could offer lessons for other nations where citizens rely on crypto to hedge against currency devaluation.
The BCRA has not confirmed a final timeline, but internal sources suggest a decision could come by April 2026, per reports.
At the ongoing Bitcoin MENA conference, UAE officials highlighted the nation’s strategic embrace of Bitcoin as a core component of the future financial system.
In a speech at Bitcoin MENA, Mohammed Al Shamsi, representing UAE National Security, framed the current era as a “historical phase” for the global economy, noting the rapid changes reshaping finance worldwide.
Bitcoin is no longer merely a “digital asset,” Shamsi emphasized, but is now recognized as a “key pillar” in modern financing. Central to this evolution is the role of mining, described as the “beating heart” that underpins network strength, security, and continuity.
Mining operations today are far beyond 24-hour device management; they represent a fully integrated industry built on energy efficiency, computational accuracy, and scalable infrastructure.
The UAE’s focus on Bitcoin reflects broader ambitions to establish itself as a hub for digital finance. Shamsi underscored the importance of building a sustainable ecosystem that supports large-scale mining operations while maintaining environmental responsibility.
Efficiency, precision, and the capacity for expansion were cited as essential for this next-generation mining infrastructure.
UAE is buying millions in bitcoin
Recently, The Abu Dhabi Investment Council (ADIC) increased its Bitcoin exposure in Q3 2025, more than tripling its stake in BlackRock’s iShares Bitcoin Trust to nearly 8 million shares, valued at $518 million.
The move came just before Bitcoin hit a record high and then dropped below $92,000, reflecting ADIC’s long-term view of Bitcoin as a digital counterpart to gold within its diversification strategy.
Part of Mubadala, ADIC operates with its own mandate and recently strengthened leadership. The purchases highlight Abu Dhabi’s ambition to position itself as a global crypto hub and treat Bitcoin as a strategic, long-term asset.
Industry leaders at the Bitcoin MENA 2025 conference in Abu Dhabi highlighted the UAE’s potential to become the “Wall Street of cryptocurrencies” due to its business-friendly regulations and growing crypto ecosystem.
Executives noted that attracting top talent, Bitcoin whales, and capital inflows would create a liquid and influential market.
You can listen to all interviews and other BTC Conference content on Bitcoin Magazine’s social media and YouTube.
On Tuesday, December 9, from 11:00 to 11:30 a.m. local time, a panel at the Proof of Work stage will explore “Bitcoin Mining as a Grid Stabilizer in Emerging Markets,” featuring Daniel Batten (CH4 Capital) as the moderator, Mohammed Alshiekh (CTO, DEMA Energy), Erik Hersman (CEO, Gridless), and Luca Infeld (Founder, Munich International Mining).
Nunchuk Inc. is an open source, multi-signature mobile wallet for advanced bitcoin security, self-custody, and inheritance. Launched in 2020, the app offers users a feature-rich toolkit to set up high-security bitcoin wallets, with little competition on the mobile app market, as most other mobile wallets do not support multi-signature functionality at all.
Most wallets require a single private key to sign a valid Bitcoin transaction. Multi-signature Bitcoin wallets, in turn, require more than one private key to sign a valid Bitcoin transaction, often a threshold, such as two of three or three of five. This lock, so to speak, is enforced by the full power of the Bitcoin network, making it one of the most secure ways to store wealth today and probably in history.
Nunchuk told Bitcoin Magazine they help secure over a billion dollars worth of bitcoin today, “it is our (paid) assisted services that have helped users secure +$1B in BTC thus far.”, but that was not always the case. Born out of Bitcoin idealism in the thick of the COVID pandemic, Nunchuk was built to facilitate advanced security wallets that use multi-signature in the defense of self-custody. In 2022, as a young start-up, these ideals were put to the test, as activists of the Canadian Freedom Convoy Protests decided to use Nunchuk to secure bitcoins donated to the protest against COVID repression.
The turmoil saw over a million dollars worth of Bitcoin donated to Honk Honk Hodl, a group of reputable activists in the country, to help fund the costs of Truckers who were gathering in Ottawa. The truckers were putting their lives on the line to protest the extreme restrictions put in place by the Canadian government in response to the pandemic, and were facing massive pressure to leave the capital.
Over 20 bitcoins were received into a Nunchuk multi-signature wallet under the banner of Honk Honk Hodl. Nunchuk multi-sig was chosen to mitigate the risk of putting all that money in the hands of just one person.
Hugo Nguyen, founder of Nunchuk, told Bitcoin Magazine that the Honk Honk Hodl wallet received so many individual donations that it actually broke the wallet. The app was not designed to sign transactions with so many bitcoin inputs, and the start-up had to push an update to let the activists easily move their funds.
The protests were so effective and gained such a positive reception internationally that Trudeau’s government panicked and invoked the Emergencies Act, a rare use of federal powers, which he used to try to shut down all sources of funding coming to the protesters, in an effort to scare them off the capital. This included 10 million dollars in donations from Canadians to a GoFundMe campaign, which were ultimately returned to contributors after the payment processor faced legal action from the Canadian government.
When it came to the bitcoin donations, the digital currency’s alleged censorship resistance was put to the test. Canada sent a Mareva injunction to Nunchuk Inc., demanding the company freeze user funds and disclose user data to the government. Nunchuk, as a privacy-oriented, non-custodial wallet, had no power to comply. Nunchuk was just two months old at the time, a self-funded startup. This was their response:
“Dear Ontario Superior Court of Justice,
Nunchuk is a self-custodial, collaborative multisig Bitcoin wallet. We are a software provider, not a custodial financial intermediary.
Our software is free to use. It allows people to eliminate single points of failure and store Bitcoin in the safest way possible, while preserving privacy.
We do not collect any user identification information beyond email addresses. We also do not hold any keys. Therefore:
– We cannot “freeze” our users’ assets.
– We cannot “prevent” them from being moved.
– We do not have knowledge of “the existence, nature, value and location” of our users’ assets. This is by design.
Please look up how self-custody and private keys work. When the Canadian dollar becomes worthless, we will be here to serve you, too.
Sincerely,
The Nunchuk team”
In a matter of hours, over 14 bitcoins were delivered to over 90 truckers by hand in envelopes, roughly 8000 Canadian dollars at the time, each. By the time the Canadian police raided Nicholas St. Louis’s home — the main activist behind the Honk Honk Hodl campaign — most of the bitcoin had been distributed. Only 0.28 BTC were reportedly seized in the raid. Up to 6 BTC in total were frozen from other truckers and protesters in the turmoil, resulting in a rough 70% success rate for the censorship-resistant currency.
These events had a deep impact on the Nunchuk team, some of whom quit out of fear of legal prosecution. Others who stayed and Nunchuk Inc. survived, its future design forged in the fires of the late COVID political turmoil.
The Nunchuk That Survived
Fast forward two years or so, and Nunchuk has carved itself a solid niche within the Bitcoin industry. It is the only open source, fully featured multi-signature mobile wallet for mobile devices. Where alternatives exist, they are often either antiquated, nearly abandoned, or closed-source and not functional without being a paid user.
Nunchuk is also the first significant implementation of miniscript, a high-level programming language for Bitcoin script, which lets developers build Bitcoin “smart contracts” with elegance and power not easily achieved using Bitcoin’s native scripting language. Miniscript was invented by Pieter Wullie, a legendary Bitcoin core developer with 14 years of experience contributing to the digital currency.
The wallet lets users create software and hardware keys based on a wide range of hardware signing devices, supporting the most advanced Bitcoin address types, like Segwit and Taproot. Users can then create a fully customizable range of wallets, from single key to advanced, to any combination of multiple keys the user deems useful.
Nunchuk even supports decaying multi-sigs, which are useful for inheritance and complex setups. For example, you might want a 3 of 5 multi-sig where you control all the keys but they are geographically distributed, this is a common model for high value inheritance accounts. One of those keys can be shared with an heir. After five years, the multi-sig degrades to a single-key wallet, letting your heir move the money. To prevent your heir from getting access to your Bitcoin before your time, you would need to move the coins to a fresh multi-sig 3 of 5 and reset the clock.
It’s important to note that creating your own complex security setups has risks; sometimes, users who become so sophisticated that they decide to use fully featured tools like Nunchuk end up creating mazes for their Bitcoin that they end up getting locked out of. It’s important to be careful and generally use best practices when creating self-custody Bitcoin wallets to avoid common pitfalls.
Nunchuk has standard templates and a complete inheritance feature set designed to help non-technical Bitcoin users benefit from the full power of Bitcoin self-custody. They even announced the inheritance solution for Bitcoiners that does not require a third-party intermediary to co-sign a transfer. Popular alternatives like Casa wallet offer inheritance solutions, but as a co-signer, they also get a full view into user data, and if the company fails, users must take an alternative key-signing path to recover funds. Nunchuk’s on-chain inheritance wallet leverages time locks and pre-designed multi-sig setups like the example above to give users maximum control and sovereignty in their inheritance setup.
Nunchuk nevertheless supports aided (off-chain) inheritance solutions as well, which use the co-signer model of inheritance and can be easier to use, offering similar features as other popular Bitcoin inheritance solutions.
MicroBT, a leading developer of Bitcoin mining hardware, launched its latest WhatsMiner M70 series in at Bitcoin MENA in Abu Dhabi on Monday, according to a note shared with Bitcoin Magazine.
The event, themed “Green-Driven, Ecosystem Redefined,” brought together mining executives, strategic partners, and key clients, marking a significant step in the company’s efforts to shape a more sustainable mining industry.
Dr. Yang Zuoxing, Founder and CEO of MicroBT, opened the event with a keynote that highlighted the connection between technological leadership and long-term industry growth.
He framed the conversation around energy innovation, presenting strategies that aim to integrate renewable sources into mining operations.
Central to his remarks was an off-grid solar solution capable of 200kW output. This system, using an 800V DC supply and a “load-following-source” design, improves efficiency compared to traditional AC setups and enables uninterrupted operation.
Dr. Yang also noted the potential of hybrid energy approaches, combining gas-powered generation with careful miner selection to extend hardware lifespan and operational reliability.
Bitcoin mining efficiency
The unveiling of the WhatsMiner M70 series drew the most attention. The new line features models with power efficiencies of 14.5J/T, 13.5J/T, and 12.5J/T. These figures reflect a push to balance performance with energy use.
Following the technical presentation, MicroBT’s Sales and Marketing Director, Wright Wang, addressed the company’s ecosystem strategy. He outlined a vision that extends beyond hardware, focusing on shared-value partnerships and joint mining.
Wang highlighted the network of certified solution partners who provide expertise in cooling, energy management, and operations.
By linking these partners to clients, MicroBT positions itself not just as a supplier but as a facilitator of a connected, collaborative mining ecosystem.
The launch included presentations from a range of partners, including HeatCore, HashHouse, FogHashing, Giga, HashSmith, Pauway Energy, Lumen Capital, BitMars, and Luxor.
Images from Bitcoin MENA
Their contributions spanned topics from advanced cooling techniques to financial models for hashrate management. The breadth of participation underscored the interdependence of the modern mining industry and highlighted the role of collaboration in driving innovation.
Tether’s VP of Energy and Mining, Giv Zanganeh, also addressed the audience on the topic of redefining the Bitcoin mining ecosystem. His presence reflected growing confidence in MicroBT’s approach and signaled an emerging alignment between hardware innovation, energy management, and financial infrastructure.
MicroBT’s WhatsMiner M70 launch illustrates a shift in the industry. As miners face increasing pressure to manage energy use and operational risks, the company is betting on a model that combines technical innovation with strategic partnerships.
The launch in Abu Dhabi positions MicroBT as a company seeking to influence both the technology and the practices of Bitcoin mining, framing sustainability and ecosystem growth as inseparable goals.
The bitcoin price climbed above $92,000 over the weekend, off of lows near $88,000. The bitcoin price reached $92,203 at its seven-day high.
Bernstein analysts argue that recent price movements signal a structural shift in Bitcoin’s market cycle. In a note to clients, the firm said the traditional four-year cycle—historically peaking every four years—has broken.
Bernstein sees Bitcoin entering an elongated bull cycle, fueled by persistent institutional buying that offsets retail selling.
Despite a roughly 30% correction, ETF outflows have remained minimal, under 5%.
The bank raised its 2026 price target to $150,000, projecting the cycle could peak in 2027 around $200,000. Bernstein maintains a long-term 2033 target of roughly $1 million per BTC.
JUST IN: $779 billion Bernstein says, “#Bitcoin cycle has broken the 4-year pattern and is now in an elongated bull-cycle” pic.twitter.com/PUHyyvTqnA
Meanwhile, Wall Street bank JPMorgan remains bullish over the next year. Its analysts maintain a gold-linked, volatility-adjusted BTC target of $170,000 over the next six to twelve months, factoring in price fluctuations and mining costs.
Strategy and the Bitcoin price
Strategy (MSTR), the largest corporate Bitcoin holder, remains central to institutional market dynamics. The company owns roughly 660,624 BTC, with an enterprise-value-to-Bitcoin holdings ratio (mNAV) of 1.13.
JPMorgan notes this ratio above 1.0 is “encouraging,” suggesting Strategy is unlikely to face forced sales of its holdings.
Strategy has also built a $1.44 billion U.S. dollar reserve to cover dividend payments and interest obligations for at least 12 months, with plans to extend coverage to 24 months. Bernstein maintained its Outperform rating on MicroStrategy but lowered its price target from $600 to $450, reflecting the recent market correction.
Just today, Strategy said they bought 10,624 BTC last week for about $963 million, paying an average of $90,615 per coin. This brings its total holdings to 660,624 BTC, acquired at an average cost of $74,696 per bitcoin, with a current market value near $60.5 billion and unrealized gains of roughly $11 billion.
The purchase marks Strategy’s largest recent buying spree as market volatility eased. Its shares rose about 3% in early trading Monday, rebounding from a Dec. 1 low near $155, though they remain over 50% below their six-month peak.
As of right now, the bitcoin price trades at $90,886, up 3% in the past 24 hours, with a 24-hour trading volume of $46 billion.
The cryptocurrency’s market capitalization now stands at $1.82 trillion, with a circulating supply of 19.96 million BTC and a maximum supply capped at 21 million.
Strategy, the largest publicly traded holder of bitcoin, said it acquired 10,624 BTC last week for about $962.7 million, returning to a scale of purchases not seen since mid-year as market volatility steadied.
The company paid an average price of $90,615 per bitcoin during the Dec. 1–7 period, according to a regulatory filing and a statement from Executive Chairman Michael Saylor. The purchase lifts Strategy’s total bitcoin holdings to 660,624 coins, accumulated for roughly $49.35 billion at an average cost of $74,696 per bitcoin.
At current prices near $94,000, Strategy’s bitcoin stash is valued at about $60.5 billion, leaving the firm with an estimated $11 billion in unrealized gains.
Shares of Strategy (MSTR) were modestly higher in premarket trading Monday, rising about 2% alongside a small advance in bitcoin. The stock rebounded from a low near $155 on Dec. 1, reached during a sharp selloff across crypto-linked equities, but remains down more than 50% over the past six months.
Strategy’s largest purchase in 6 months
The acquisition marks Strategy’s largest weekly bitcoin purchase since July. In recent months, the company continued to add bitcoin almost every week, though in smaller amounts, as falling equity prices limited its ability to raise capital.
Last week’s transaction suggests improved access to funding, even as investor sentiment toward crypto-related stocks remains mixed.
Strategy said the purchase was funded primarily through its at-the-market equity sales program. The company raised $928.1 million from the sale of 5.13 million shares of MSTR common stock and an additional $34.9 million from selling 442,536 shares of its STRD preferred stock. Net proceeds totaled about $963 million.
The firm retains significant remaining issuance capacity across multiple securities. Strategy reported unused at-the-market capacity of about $13.45 billion in common stock and more than $26 billion across several preferred and structured offerings, including STRK, STRF, STRC, and STRD.
Saylor also highlighted the company’s “BTC Yield” metric, which he said reached 24.7% year-to-date in 2025. The measure is intended to reflect the growth in bitcoin held per diluted share, rather than changes in dollar value, and has become a core part of Strategy’s investor messaging as it positions itself as a bitcoin-focused treasury and structured finance business.
The latest purchase comes as Saylor attends the BTC Conference in Abu Dhabi. In public comments, he said he has spent the past week meeting with sovereign wealth funds, banks, family offices, and hedge funds across the Middle East to discuss bitcoin and capital markets. Strategy did not disclose whether those meetings resulted in any financing commitments.
You can listen to Mr. Saylor’s interview and other BTC Conference content on Bitcoin Magazine’s social media and YouTube.
JUST IN: Michael Saylor says he is meeting with all the sovereign wealth funds in the Middle East to talk about #Bitcoinpic.twitter.com/PkiO5SIKx2
Bitcoin rose about 3% over the past 24 hours and roughly 1.5% on Monday morning, recovering from recent weakness that pushed prices into the low $80,000s. Some analysts attribute the bounce to expectations that the Federal Reserve may cut interest rates this week, which could support risk assets after the recent pullback.
The backdrop remains unsettled for Strategy. Investors continue to debate whether the company’s aggressive use of equity issuance to buy bitcoin amplifies both upside and downside for shareholders. The firm raised nearly $2 billion two weeks ago, largely to build a cash buffer to cover preferred dividend obligations, before tapping markets again last week to fund bitcoin purchases.
Strategy’s MSCI concerns
At the same time, Strategy faces uncertainty around index inclusion. MSCI is reviewing whether companies with large digital-asset holdings should remain in traditional equity benchmarks. JPMorgan analysts have warned that exclusion could trigger billions of dollars in passive outflows from Strategy if index funds are forced to sell.
Saylor has pushed back on those concerns, arguing that Strategy is an operating company with a sizable software business and a growing Bitcoin-backed credit operation, not a fund or trust. He has said index classification debates do not alter the firm’s long-term approach.
For now, the company is pressing ahead with that strategy. With more than 660,000 bitcoin on its balance sheet and continued access to capital markets, Strategy remains the most visible corporate proxy for bitcoin exposure in public equities, even as volatility in both crypto prices and its own shares shows little sign of fading.
Strive Asset Management is pushing back against MSCI’s latest proposal. The index provider suggested removing companies with bitcoin holdings over 50% of total assets from major equity benchmarks.
In a letter to MSCI CEO Henry Fernandez, Strive warned the plan could create uneven results worldwide. Companies report bitcoin differently under U.S. GAAP and IFRS accounting standards. Strive said this could lead to inconsistent outcomes for firms with similar exposure.
The Nasdaq-listed firm urged MSCI to rely on optional “ex-digital-asset treasury” index variants instead of redefining eligibility for broad benchmarks. These custom indexes already exist for sectors like energy and tobacco.
Strive is the 14th-largest public corporate bitcoin holder, with more than 7,500 BTC on its balance sheet. Its executives argued that the proposal would “depart from index neutrality” and asked MSCI to “let the market decide” how bitcoin-heavy firms are treated.
Co-founded by Vivek Ramaswamy and Anson Frericks in 2022, Strive has a mission to “depoliticize corporate America.”
MSCI’s ruling affect on companies like Strive and Strategy
The rule change could affect major players like Strategy, which holds 650,000 BTC. JPMorgan estimates MSCI’s exclusion could trigger $2.8 billion in passive outflows from Strategy alone. If other index providers follow suit, the total could rise to $8.8 billion.
Strive’s letter criticized the 50% threshold as “unjustified, overbroad and unworkable.” Many bitcoin treasury companies operate real businesses.
These include AI data centers, structured finance, and cloud infrastructure. Miners such as MARA, Riot, Hut 8, and CleanSpark are pivoting into renting excess power and compute capacity.
The firm drew comparisons to other industries. Indexes do not exclude energy companies with large oil reserves or gold miners whose value depends on metals. Applying a bitcoin-specific rule, Strive argued, imposes an investment judgment on benchmarks meant to remain neutral.
Executives also highlighted market volatility and accounting differences. Bitcoin’s price swings could push companies in and out of eligibility from quarter to quarter. Derivatives or structured products further complicate exposure calculations.
Strive warned that strict rules could push innovation abroad. U.S. markets may face penalties, while international companies benefit from IFRS treatment. The firm believes the proposal may stifle new bitcoin-backed financial products.
MSCI plans to announce its decision on January 15, 2026, before the February index review. Strive is among several firms lobbying against the proposal. Its argument centers on fairness, neutrality, and market choice rather than restricting investor access.
Last week, Strategy’s Michael Saylor disputed MSCI index disputes and clarified that Strategy is a publicly traded operating company with a $500 million software business and a treasury strategy using Bitcoin, not a fund, trust, or holding company.
Bitcoin price plunged to $88,000s on Friday, down over 4% in the past 24 hours. The cryptocurrency is trading near its seven-day low of $88,091, and about 4% below its seven-day high of $92,805.
The global market capitalization for Bitcoin now stands at $1.77 trillion, with a 24-hour trading volume of $48 billion.
Despite the recent drop, Wall Street bank JPMorgan remains bullish on the Bitcoin price over the long term. The bank continues to maintain its gold-linked volatility-adjusted BTC target of $170,000 over the next six to twelve months.
Analysts say the model accounts for fluctuations in price and mining costs.
One key factor in the market is Strategy (MSTR), the largest corporate Bitcoin holder. The company owns 650,000 BTC. Its enterprise-value-to-Bitcoin-holdings ratio, known as mNAV, currently stands at 1.13.
JPMorgan analysts describe this as “encouraging.” A ratio above 1.0 indicates Strategy is unlikely to face forced sales of its Bitcoin.
JUST IN: JPMorgan says it is sticking to its Bitcoin vs gold model target, which would see BTC hit $170,000 over the next year pic.twitter.com/PNt9ojpBRv
Strategy has also built a $1.44 billion U.S. dollar reserve. The reserve is designed to cover dividend payments and interest obligations for at least 12 months. The company aims to extend coverage to 24 months.
Bitcoin mining pressure
Mining pressures continue to weigh on Bitcoin. The network’s hashrate and mining difficulty have fallen. High-cost miners outside China are retreating due to rising electricity costs and declining prices. Some miners have sold Bitcoin to remain solvent.
JPMorgan now estimates Bitcoin’s production cost at $90,000, down from $94,000 last month. Falling hashrates can push production costs lower, but the short-term effect is sustained selling pressure from miners.
Institutional investors also show caution. BlackRock’s iShares Bitcoin Trust, or IBIT, has recorded six consecutive weeks of net outflows. Investors pulled more than $2.8 billion from the ETF over this period, according to Bloomberg.
The withdrawals highlight subdued appetite among traditional investors, even as Bitcoin prices stabilize. Analysts note that the trend marks a reversal from the persistent inflows seen earlier in the year.
The broader market is still recovering from the October 10 liquidation event. That crash wiped out over $1 trillion in crypto market value and pushed Bitcoin into a bear market.
Although the Bitcoin price has recovered some ground this week, momentum remains fragile.
JPMorgan analysts now say Bitcoin’s next major move depends less on miner behavior. Instead, it depends on Strategy’s ability to hold its Bitcoin without selling. The mNAV ratio and reserve fund provide confidence that the company can weather market volatility.
Other potential catalysts remain. The MSCI index decision on January 15 could impact Strategy’s stock and, indirectly, Bitcoin. Analysts say a positive outcome could trigger a strong rally.
Last week, Strategy’s Michael Saylor disputed MSCI index disputes and clarified that Strategy is a publicly traded operating company with a $500 million software business and a treasury strategy using Bitcoin, not a fund, trust, or holding company.
He emphasized the firm’s recent activity, including five digital credit security offerings totaling over $7.7 billion in notional value.
Bitcoin price analysis
Bitcoin Magazine analysts believe that the bitcoin price correlation with Gold has recently strengthened mainly during market downturns, offering a clearer view of its purchasing power when analyzed against Gold instead of USD.
While USD charts show a 2025 peak, Bitcoin measured in Gold peaked in December 2024 and has fallen over 50%, suggesting a longer bear phase.
Historical Gold-based bear cycles indicate potential support zones approaching, with current declines at 51% over 350 days reflecting institutional adoption and constrained supply rather than cycle shifts.
Indiana lawmakers are taking a bold step toward embracing bitcoin. A new proposal would let the state invest in digital assets like Bitcoin through regulated funds while blocking local governments from restricting crypto companies.
The measure, House Bill 1042, reflects growing political and financial interest in crypto. Digital assets once seen as fringe now have backing from top U.S. leaders, including President Donald Trump, and major financial institutions.
Congress also passed its first major crypto bill earlier this year.
Indiana wants in. Lawmakers gave HB 1042 an early hearing as they juggle redistricting, signaling the issue is a top priority for Republicans.
“Digital assets are quickly becoming part of everyday finances, and Indiana should be ready to engage in a smart, responsible way,” said bill author Rep. Kyle Pierce, R-Anderson. “This bill gives Hoosiers more investment choices while establishing guardrails and helping us explore how blockchain and digital asset technology can benefit communities across our state.”
A cautious bitcoin and crypto approach
The Indiana bill would let public investment funds gain exposure to digital assets, but only indirectly. It does not allow direct crypto purchases.
Instead, it authorizes cryptocurrency exchange-traded funds, or ETFs. These funds track crypto prices and operate under federal oversight.
ETFs offer more stability than holding tokens directly, but risks remain. The SEC has warned that crypto markets still lack strong safeguards and are vulnerable to fraud and manipulation.
That concern surfaced in testimony from Tony Green, deputy executive director of the Indiana Public Retirement System. He said INPRS was neutral on the bill but would want clear disclaimers about volatility. He also noted members have shown little interest in crypto options.
Under the bill, several major programs in Indiana must offer at least one crypto ETF. That list includes the 529 education savings plan, the Hoosier START plan, and retirement systems for teachers, public employees, and lawmakers.
Other state funds would also gain authority to invest in crypto ETFs. The state treasurer could place assets in stablecoin ETFs as well.
Guardrails and a task force
The bill goes beyond investments. It would restrict how Indiana state agencies and local governments regulate digital assets. Pierce said the aim is fairness. The measure bars local rules that target crypto use, mining operations, or self-custody.
It also protects private keys as privileged information.
The proposal creates a Blockchain and Digital Assets Task Force. The group would study potential government and consumer uses of the technology. It would also recommend pilot projects across the state.
Bitcoin is a national trend
States are increasingly exploring crypto in pension funds and public accounts. The push comes as Bitcoin gains traction as a potential store of value for governments. Some federal proposals have even floated using Bitcoin reserves to offset national debt.
Last week, Texas became the first U.S. state to purchase Bitcoin through a spot ETF, buying $5 million worth via BlackRock’s iShares Bitcoin Trust, according to Texas Blockchain Council President Lee Bratcher.
The acquisition is the state’s first move under its new Strategic Bitcoin Reserve, created by legislation signed in June.
Texas plans to eventually self-custody its BTC but used IBIT for the initial allocation while the procurement process continues. The purchase highlights rising state and institutional interest in Bitcoin as a reserve asset.
Harvard University recently tripled its IBIT holdings to $442.8 million, while Emory University and Abu Dhabi’s Al Warda Investments have also boosted exposure.
Texas had previously explored a Bitcoin reserve proposal that called for cold storage, resident donations, and annual audits.
Meanwhile, New Hampshire approved a $100 million Bitcoin-backed municipal bond, the first of its kind globally, requiring borrowers to over-collateralize with BTC.
At the time of writing, the bitcoin price is flirting with $90,000.
Bitcoin has struggled to maintain a sustained correlation with Gold, recently only moving in unison during market downturns. However, examining Bitcoin’s price action through the lens of Gold rather than USD reveals a more complete picture of the current market cycle. By measuring Bitcoin’s true purchasing power against comparable assets, we can identify potential support levels and gauge where the bear market cycle may be approaching its conclusion.
Bitcoin Bear Market Officially Begins Below Key Support
Breaking beneath the 350-day moving average at about $100,000 and the significant psychological 6-figure barrier marked the functional entry into bear market territory, with Bitcoin declining approximately 20% immediately thereafter. From a technical perspective, trading beneath The Golden Ratio Multiplier moving average has historically indicated Bitcoin entering a bear cycle, though the narrative becomes more interesting when measured against Gold rather than USD.
Figure 1: BTC breaking beneath the 350DMA has historically coincided with the start of bear markets.View Live Chart
The Bitcoin versus Gold chart tells a notably different story than the USD chart. Bitcoin topped out in December 2024 and has since declined over 50% from that level, whereas the USD valuation peaked in October 2025, significantly beneath the highs set the prior year. This divergence suggests that Bitcoin may have been in a bear market for considerably longer than most observers realize. Looking at historical Bitcoin bear cycles when measured in Gold, we can see patterns that suggest the current pullback may already be approaching critical support zones.
Figure 2: When priced in Gold, BTC dropped beneath its 350DMA back in August.
The 2015 bear cycle bottomed at an 86% retracement lasting 406 days. The 2017 cycle saw 364 days and an 84% decline. The previous bear cycle produced a 76% drawdown over 399 days. Currently, at the time of this analysis, Bitcoin is down 51% in 350 days when measured against Gold. While percentage drawdowns have been diminishing as Bitcoin’s market cap grows and more capital flows into the market, this trend reflects the rising tide of institutional adoption and lost Bitcoin supply rather than a fundamental change in cycle dynamics.
Figure 3: Plotting BTC’s value in Gold reveals a cycle pattern that suggests we could already be 90% of the way through this bear market.
Rather than relying solely on percentage drawdowns and time elapsed, Fibonacci retracement levels mapped across multiple cycles provide greater precision. Using a Fibonacci retracement tool from bottom to top across historical cycles reveals striking levels of confluence.
Figure 4: In previous cycles, bear market bottoms have aligned with key Fibonacci retracement levels.
In the 2015-2018 cycle, the bear market bottom occurred at the 0.618 Fibonacci level, which corresponded to approximately 2.56 ounces of Gold per Bitcoin. The resulting price action marked the bottom with remarkable clarity, far cleaner than the equivalent USD chart. Moving forward to the 2018-2022 cycle, the bear market bottom aligned almost perfectly with the 0.5 level at approximately 9.74 ounces of Gold per Bitcoin. This level later acted as meaningful resistance-turned-support once Bitcoin reclaimed it during the subsequent bull market.
Translating Bitcoin Bear Market Gold Ratios Back to USD Price Targets
From the previous bear market low through the current bull cycle high, the 0.618 Fibonacci level sits at approximately 22.81 ounces of Gold per Bitcoin, while the 0.5 level rests at 19.07 ounces. Current price action is trading near the midpoint of these two levels, presenting what may be an attractive accumulation zone from a purchasing power perspective.
Figure 5: Applying Fibonacci levels to predict market lows for BTC versus Gold and subsequently pricing these back into USD, illustrates where Bitcoin’s price may bottom.
Multiple Fibonacci levels from different cycles create additional confluence. The 0.786 level from the current cycle translates to approximately 21.05 ounces of Gold, corresponding to a Bitcoin price around $89,160. The 0.618 level from the previous cycle aligns near $80,000 again. These convergence zones suggest that if Bitcoin were to decline further, the next meaningful technical target would be around $67,000, derived from the 0.382 Fibonacci retracement level at approximately 15.95 ounces of Gold per Bitcoin.
Conclusion: The Bitcoin Bear Market May Be 90% Complete Already
Bitcoin has likely been in a bear market for substantially longer than USD-only analysis suggests, with purchasing power already declining significantly since December 2024, when measured against Gold and other comparable assets. Historical Fibonacci retracement levels, when properly calibrated across multiple cycles and converted back into USD terms, point toward potential support confluence in the $67,000 to $80,000 range. While this analysis is inherently theoretical and unlikely to play out with perfect precision, the convergence of multiple data points across time horizons and valuation frameworks suggests the bear market may be approaching its conclusion sooner than many anticipate.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.
Bitcoin treasury firm Twenty One Capital will start trading on the New York Stock Exchange on December 9. The company will use the ticker symbol XXI.
Twenty One Capital is the result of a merger with Cantor Equity Partners (CEP). CEP shareholders approved the deal, clearing the way for the transaction to close around December 8. The merged entity will operate under the Twenty One Capital name.
The company will launch with about 43,514 BTC. At current prices, that is roughly $4 billion. This will make Twenty One Capital the largest BTC treasury company listed on the NYSE. Globally, it will be the second-largest corporate BTC holder after Strategy.
The firm was first announced in April as a joint venture between Tether, Bitfinex, SoftBank, and Cantor Fitzgerald. The name refers to Bitcoin’s total supply of 21 million coins, of which about 19.95 million have been mined.
Jack Mallers, CEO and co-founder of Twenty One Capital, posted on X, “Game on. See you at the NYSE on Tuesday.”
In July, the company added 5,800 BTC from Tether to its treasury. Combined with initial holdings, Twenty One Capital will hold more than 43,000 BTC at launch. The firm plans to continue growing its BTC holdings as part of its core strategy.
Pre-merger, Cantor Equity Partners raised $585 million through Private Investment in Public Equity (PIPE) financing. Twenty One Capital also sold $100 million in convertible notes. Part of these funds were used to increase the Bitcoin treasury.
Direct bitcoin exposure on Wall Street
Twenty One Capital’s model focuses on giving investors direct exposure to BTC through its corporate balance sheet. The company will introduce a metric called Bitcoin Per Share.
It shows the amount of BTC held per share. The measure relies on on-chain proof-of-reserves. This gives investors a verifiable reference to track Bitcoin holdings in real time.
The company aims to differentiate itself from other digital asset treasury firms. While competitors like Strategy and Metaplanet operate multiple businesses, Twenty One Capital is designed to focus solely on Bitcoin accumulation and related services.
Tether and Bitfinex remain majority shareholders and support the firm’s public listing. Cantor Fitzgerald provides expertise in investment banking and capital markets.
CEP offered the SPAC vehicle to complete the merger and bring the company to the NYSE.
Upon its debut, Twenty One Capital will become a key player in publicly listed BTC treasuries. Its treasury, trading structure, and Bitcoin Per Share metric aim to provide a new model for investors seeking exposure to BTC.
The company plans to expand services connected to Bitcoin, including payments and infrastructure. CEO Jack Mallers has said his main goal is to increase Bitcoin per share, reinforcing shareholder value.
Shares of Twenty One Capital are expected to start trading on December 9 under the ticker XXI, one day after the merger closes.
Italy’s Economy Ministry has ordered a detailed review of current protections against crypto risks, officials said on Thursday.
The review will focus on safeguards for both direct and indirect investments in crypto-assets by retail investors, regulators added.
The decision came during a meeting of the Committee for Macroprudential Policies. The committee includes the heads of the Bank of Italy, market watchdog Consob, insurance and pension regulators, and the Treasury’s director general, according to Reuters reporting.
Committee members warned that risks from crypto-assets could rise. Growing connections between crypto and the wider financial system, along with inconsistent international regulations, could heighten vulnerabilities, they said.
The committee said Italy’s economic and financial conditions remain generally stable. At the same time, global uncertainty continues to pose challenges for financial stability.
The review will examine how existing rules protect investors and the financial system. Officials said they aim to identify gaps and recommend measures to strengthen safeguards, per Reuters.
Italy has increasingly monitored digital assets in recent years. Authorities have raised concerns over investor protection, market integrity, and potential spillovers into the broader financial system. The new review signals a more cautious approach to crypto adoption in the country.
Italy’s cold-shoulder to crypto
Last year, Italy proposed a steep tax hike on crypto trades, aiming to raise the rate on digital asset gains from 26% to 42% as part of its October budget plan.
The measure was designed to boost public finances but quickly drew criticism from the crypto industry, which warned that such an aggressive increase would damage the country’s competitiveness — especially with the EU preparing to roll out its Markets in Crypto-Assets (MiCA) framework later this year.
The government backed down from its proposal after sharp criticism from Italy’s crypto industry. Under the revised budget plan, the capital-gains tax on digital asset trades is now expected to rise to 33% starting in the 2026 financial year, per reports.
Last week, Bitizenship launchedBTC Italia and The Bitcoin Dolce Visa, a Bitcoin-aligned pathway for obtaining Italy’s Investor Visa through a €250,000 startup investment.
The Milan-based venture operates as an “Innovative Startup” focused on Bitcoin Layer-2 yield generation and treasury management, giving applicants exposure to a Bitcoin-native business while staying within Italy’s regulatory framework.
The initiative comes as Italy posts strong economic performance, including record exports, a €46 billion trade surplus, stabilizing public debt, and a stock market that has doubled since 2020. With capital-market reforms on the horizon and competitive tax incentives, the country has become an increasingly attractive destination for foreign investors.
Under the program, applicants receive visa approval before committing funds. BTC Italia maintains its treasury in Bitcoin, uses non-custodial Layer-2 staking for operations, and offers redemption windows every 24 months.
A video has surfaced showing Coinbase CEO Brian Armstrong rehearsing a pitch in 2012, years before the company became the largest Bitcoin exchange in the U.S.
In the recording, Armstrong lays out a simple argument: Bitcoin is a digital currency that can move money instantly anywhere in the world. But it’s hard to use. Tools were clunky, backups were tricky, and users could easily lose their funds.
Coinbase, he said, would fix that. The platform would act as a hosted wallet, letting anyone access their money from any device without worrying about security or backups.
Armstrong compares his plan to what iTunes did for music. He emphasizes the early growth: sign-ups and transactions increasing “20 % a day,” and $65,000 in Bitcoin payments were processed in just five weeks.
The pitch is short, under three minutes, and candid. Armstrong discussed fees, competition, and the potential of Bitcoin as a global payment system. It’s a glimpse at the early vision of a company few outside crypto had heard of.
In 2012, Brian Armstrong recorded himself rehearsing his pitch for Coinbase.
It’s safe to say that Armstrong’s idea was a success. More than a decade later, Coinbase is the top U.S. exchange, handling billions in Bitcoin transactions and shaping how Americans interact with digital assets.
That scrappy 2012 rehearsal captures the first hints of a company that would grow into a crypto powerhouse.
Just yesterday, Armstrong sat beside BlackRock CEO Larry Fink and said that all major U.S. banks that ignore stablecoins risk being “left behind.”
Speaking at the New York Times DealBook Summit, Armstrong said that several top banks are running pilot programs with Coinbase for stablecoins, crypto custody, and trading.
Armstrong acknowledged a split within traditional finance: some institutions’ lobbying arms resist crypto, while innovation teams explore it.
“This is the classic innovator’s dilemma,” he said, noting banks must choose between embracing or fighting new technology. On concerns about capital flowing to stablecoins, Armstrong said banks are mainly focused on protecting profit margins.
Fink, once a bitcoin skeptic, said he now sees a “huge use case” for Bitcoin and worries the U.S. is falling behind in stablecoin innovation.
Armstrong has championed crypto to the U.S. government. He has lobbied and pushed for clearer regulations for the crypto industry.
Armstrong supported legislation like the CLARITY Act to set legal clarity. He launched grassroots efforts, including Stand With Crypto. He has also spent millions on campaigns through PACs like Fair Shake.
Twenty One Capital, Inc. (“Twenty One”) led by CEO Jack Mallers and Cantor Equity Partners, Inc. (“CEP”) announced on the 3rd of December that their shareholders approved the combination of the two businesses, meaning that Twenty One is set to go public very soon.
The vote is expected to have received a lot of attention from retail shareholders, as the Mallers announced it on their podcast to more than 43 thousand subscribers and their X with half a million followers. The vote took place at the Extraordinary General Meeting of CEP’s shareholders, who approved the previously announced proposed business combination between the parties as well as all other proposals related to the Business Combination.
“The final voting results for the Meeting will be included in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission by CEP,” according to a press release published by the company.
Subject to the satisfaction of other closing conditions described in the CEP’s definitive proxy statement and Twenty One’s final prospectus, the consummation of the related transactions should take place in the coming days, leading to Twenty One Capital, Inc. and its Class A common stock to start trading on the NYSE with the symbol “XXI” on December 9th, 2025.
The company is expected to exit its “quiet period” after this point and make a series of announcements about the future of the business. XXI announced earlier this year that it had received investment from Tether and Softbank, leading to the purchase of 42,000 bitcoins, which will position it as one of the largest public owners of the asset and is expected to unlock new financial service offers for Strike customers, Jack’s growing Bitcoin financial services app, and Cash App competitor.
The CFTC is opening the door for federally regulated spot crypto trading in the U.S. for the first time, with Bitnomial’s exchange opening up next week.
Acting Chairman Caroline Pham announced that listed spot crypto products will trade on CFTC-registered exchanges, marking a major milestone in the effort to bring digital asset trading to the United States and under full federal oversight.
The announcement coincides with the launch of Bitnomial, Inc., a U.S.-based derivatives exchange, which will operate the first-ever leveraged retail spot crypto exchange under CFTC regulation.
Bitnomial’s Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) will allow both retail and institutional traders to trade spot, perpetuals, futures, and options on a single platform.
Unified portfolio margining and net settlement eliminate redundant margin requirements, boosting capital efficiency and reducing counterparty risk.
“Leveraged spot crypto trading is now available under the same regulatory framework as U.S. perpetuals, futures, and options,” said Luke Hoersten, founder and CEO of Bitnomial. “Broker intermediation and Clearinghouse net settlement provide the capital efficiency traders need. We’re bringing leveraged spot crypto trading back to the U.S. with CFTC oversight.”
BREAKING: CFTC announces spot Bitcoin and crypto can now trade on CFTC-registered exchanges
Pham emphasized that the new framework gives Americans a safer alternative to offshore platforms, which have often been described as the “wild west.”
Speaking on Fox News, she highlighted the collapse of FTX as a cautionary tale, noting that many investors lost out due to a lack of regulatory protections.
“Not only do we want Americans to come back home to trade where they have the protections they deserve, but this also encourages U.S. companies to invest, build, and hire here,” Pham told Fox Business.
Under the new system, all orders—retail and institutional—will receive equal treatment. There is no preferential routing, no informational advantage, and equal access to liquidity, a structure long sought by industry participants.
For brokers and institutions, the move resolves longstanding compliance challenges related to state money transmitter rules, finally providing access to a federally regulated spot market.
The launch represents the culmination of Pham’s pro-innovation leadership at the CFTC. By recognizing that retail commodity transactions can be offered on a DCM and cleared through a DCO, the agency has created a compliant pathway for domestic leveraged spot crypto trading.
United States as a global crypto leader
This approach aligns with broader goals to make the U.S. a global hub for digital asset markets while maintaining investor protections. The convergence of spot, perpetuals, futures, and options on a single platform also transforms capital efficiency for traders.
Rather than maintaining fully collateralized positions across multiple venues, they can now offset risk across all product types on one exchange.
The Bitnomial platform is scheduled to go live the week of December 8, 2025. Pham called it a “historic milestone” for U.S. crypto markets and a key step in establishing the country as a leader in digital asset innovation.
CFTC greenlights Polymarket
Earlier this week, Polymarket, the crypto-based prediction market platform, launched a U.S.-focused app today after receiving CFTC approval, ending nearly four years of restrictions on American users.
Polymarket bypassed the traditional multi-year CFTC registration by acquiring QCEX, a registered platform, for $112 million, and received a no-action letter in September to resume U.S. operations.
The platform upgraded its systems to meet CFTC requirements, including enhanced surveillance, clearing procedures, and regulatory reporting.
It now supports direct Bitcoin deposits alongside stablecoins and has attracted potential investor interest, including a possible $2 billion investment from Intercontinental Exchange.
The CFTC was created in 1974 to regulate derivatives markets like futures, options, and swaps. Its mission is to oversee markets, prevent abuses, and protect customer funds. The agency monitors exchanges, trading platforms, and intermediaries, while its Division of Enforcement investigates violations.
Russia’s second-largest lender, VTB, is positioning itself to become the first major bank in the country to let customers trade bitcoin and crypto directly.
Andrey Yatskov, head of VTB’s brokerage arm, told Russian outlet RBC that client demand for “real” crypto — not just derivative products — is rising sharply. “As we see it, real cryptocurrency will be available for purchase via our brokerage accounts,” he said, according to DLNews reporting.
The move comes despite the fact that crypto trading remains unregulated in Russia. For now, banks can only offer crypto-linked derivatives, a permission granted earlier this year to VTB, rival Sberbank, and the Moscow Exchange.
But momentum in Moscow has turned. After years of pushing for a full ban, the central bank has recently signaled it is ready to regulate crypto instead, reflecting mounting pressure from lawmakers, ministries, and businesses eager for a legal framework — and tax revenue.
VTB plans to test its trading platform with “super-qualified clients,” those holding over $1.3 million in assets or earning more than $649,000 a year.
The bank expects broader permission as regulators ease restrictions, a shift the central bank’s first deputy governor called a “strategic response to sanctions regimes.”
Commercial banks now see themselves playing a central role in a future market of licensed crypto brokers and depositories.
Yatskov said clear rules would “definitely boost” transparency and confirmed VTB intends to participate once regulations are finalized.
JUST IN: Russia's second-largest bank, VTB, set to launch #Bitcoin & crypto trading in 2026.
Crypto is already finding new footholds in Russia, from cross-border payments to a rapidly expanding industrial mining sector.
With the tide turning, VTB aims to launch full crypto trading services as early as 2026. Earlier this year, the Bank of Russia reportedly started allowing domestic banks to conduct limited crypto operations under tight regulatory oversight.
“We hold conservative views and think about how appropriate it is for the banking sector to include cryptocurrency in its assets,” First Deputy Chairman Vladimir Chistyukhin said at the time.
Kremlin adviser pushes to classify crypto mining as an export in Russia’s trade accounts
In the meantime, a senior Kremlin official is saying that Russia should treat crypto mining as a formal export sector, arguing that large volumes of mined Bitcoin effectively leave the country’s economy even without crossing a physical border.
Speaking at the ‘Russia Calling!’ investment forum, Maxim Oreshkin — Deputy Chief of Staff to President Vladimir Putin — said crypto flows are “enormous” yet absent from official statistics, despite influencing the foreign-exchange market and Russia’s balance of payments.
Russia legalized industrial crypto mining in 2024, and Oreshkin described the sector as a “new and undervalued export item” that the state fails to properly measure.
Because Russian firms increasingly settle import bills with cryptocurrency, he said, those transactions should be counted in the nation’s trade and currency calculations.
Industry executives say the scale justifies the shift. Via Numeri Group CEO Oleg Ogienko estimates Russian miners will produce “tens of thousands” of BTC this year. Sergey Bezdelov, head of the Industrial Mining Association, put output at roughly 55,000 BTC in 2023 and around 35,000 BTC in 2024 following Bitcoin’s halving.
Regulators have tightened oversight as the sector expands. Companies and sole proprietors must register with the Federal Tax Service, hosting providers are tracked in a dedicated registry, and miners face corporate tax rates as high as 25%.
Household miners remain exempt from registration only if their power consumption stays under 6,000 kWh per month.
The push to formalize the industry comes as authorities crack down on illegal operations that siphon electricity and evade taxes — losses officials say run into the millions. But with Russia now the world’s No. 2 Bitcoin-mining nation, pressure is mounting for Moscow to integrate the fast-growing sector into its national accounts.
The bitcoin price is trading near $93,000, with roughly $81 billion changing hands in the past 24 hours. The price is up 3% on the day, holding just 1% below today’s high of $93,929 and about 3% above the weekly low near $90,837.
Nearly 19.96 million BTC are in circulation, inching toward the fixed 21 million cap. The move pushed Bitcoin’s global market value to $1.86 trillion, also up 3% over the same period.
According to analysts, the Bitcoin price briefly dipped under its Metcalfe-based fair value for the first time since 2023, signaling what analysts say is a classic late-cycle reset. The move came during a sharp 36% drawdown that dragged the Bitcoin price towards $80,000 last week, erased excess leverage and flushed out speculative positions.
According to network economist Timothy Peterson, periods when bitcoin trades below its fundamental network value have historically produced strong forward returns. Twelve-month gains have averaged 132%, with positive performance occurring 96% of the time, according to CoinDesk reporting.
The network’s internal dynamics have also shifted. Long-term holders accumulated roughly 50,000 BTC over the past ten days, reversing months of steady distribution.
Coins are maturing from short-term traders into long-term storage, reducing sell pressure at a moment when bitcoin is attempting to reclaim higher levels. Bitcoin recovered back above $90,000 this week and traded at highs of $93,978 on Wednesday.
Bitcoin price and macro conditions
Macro conditions are now converging with on-chain signals. The Federal Reserve just ended Quantitative Tightening, with markets pricing a December rate cut as nearly certain.
Historically, each QT reversal has coincided with major bitcoin rallies. The pattern dates back to 2010 and includes the explosive 2013 cycle and the post-2019 surge that eventually carried the bitcoin price to $67,000.
Business-cycle indicators may also be turning. The copper-to-gold ratio, a leading gauge for U.S. manufacturing sentiment and future PMI strength, appears to be bottoming.
Bitcoin’s recent stagnation despite expanding global liquidity suggests investors have been reacting more to weakening economic confidence than to crypto-specific factors. A recovery in risk appetite would likely benefit bitcoin after months of consolidation.
The short-term picture remains fragile. A bearish November close confirmed a monthly MACD cross, a signal that often precedes multi-month periods of slower momentum.
Key levels near $85,000 and $84,000 continue to act as support, while analysts warn that a breakdown could open the door to a deeper test of $75,000.
Bitcoin price remains down sharply from its $126,000 record set in October, though volatility has eased as liquidations subside.
Institutional participation continues to grow despite turbulence. BlackRock increased internal exposure to its IBIT ETF, JPMorgan introduced a structured note tied to the product, and Strategy Inc. expanded its bitcoin holdings while setting aside a $1.4 billion reserve to reassure investors it will not be forced to sell.
Earlier today, Charles Schwab said it also wants to offer Bitcoin trading in early 2026.
Also earlier today, BlackRock CEO Larry Fink said he was “wrong” about Bitcoin, marking a sharp reversal from his past skepticism.
Speaking at the NYT DealBook Summit, Fink called Bitcoin “an asset of fear,” bought during times of geopolitical stress, financial insecurity, or currency debasement. He warned it remains volatile and by leverage but said it can act as meaningful portfolio insurance.
““If you’re buying it as a hedge against all your hope, then it has a meaningful impact on a portfolio… the other big problem of Bitcoin is it is still heavily influenced by leveraged players,” Fink said.
JUST IN: BlackRock CEO Larry Fink says he was wrong to be a Bitcoin critic and changed his views
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