Michael Saylor’s Strategy has added another major stack of Bitcoin to its balance sheet as markets attempt to reclaim bullish momentum.

In a Monday post on X, Saylor revealed that Strategy purchased 10,624 BTC for roughly $962.7 million, paying an average price of $90,615 per coin.

The company now holds 660,624 BTC acquired for a total of $49.35 billion at an average price of $74,696 per Bitcoin, according to Strategy’s Form 8-K filing with the US Securities and Exchange Commission.

Strategy Funds Latest Bitcoin Buy With $963M in ATM Share Sales

According to the SEC document, Strategy financed the latest buy through its ongoing at-the-market (ATM) equity offering program, selling 442,536 shares of STRD preferred stock and 5.13 million shares of MSTR common stock between December 1–7, generating $963 million in net proceeds.

The filing shows that all BTC purchased during this period was funded directly from ATM proceeds, continuing a pattern that has now become central to Strategy’s corporate playbook.

Last week, Strategy CEO Phong Le said the company’s newly built $1.44 billion cash reserve is designed to quiet investor anxiety over its ability to withstand a sharp downturn in Bitcoin.

Le said the move followed weeks of speculation about whether the firm could continue meeting its dividend and debt commitments if market conditions worsened.

“We’re very much a part of the crypto ecosystem and Bitcoin ecosystem,” Le said. “Which is why we decided a couple of weeks ago to start raising capital and putting US dollars on our balance sheet to get rid of this FUD.”

The reserve, funded via a stock sale, is intended to secure at least 12 months of dividend payments, with plans to stretch that buffer to 24 months.

Concerns over Strategy’s dividend stability had grown louder in recent weeks as Bitcoin retreated from its highs.

Last week, Le said Strategy would only consider selling Bitcoin if the stock dropped below net asset value and the company lost the ability to raise additional funds.

Strategy has also introduced a new “BTC Credit” dashboard, which it says shows the company holds enough assets to service dividends for more than 70 years.

Bitcoin Eyes Breakout as Analysts Predict Fed “Dovish Surprise” Could Ignite Rally

As reported, Bitcoin’s bounce above $92,000 has revived optimism among traders who believe this week’s Federal Reserve meeting could unlock the next leg of the rally.

Analysts at the London Crypto Club argue that a fresh wave of liquidity from the Fed may act as a powerful catalyst, especially after the market spent two months retracing nearly all of its yearly gains.

In a new note, analysts David Brickell and Chris Mills said they expect a “dovish surprise,” predicting the Fed will inject liquidity through a creative bond-buying mechanism while continuing its rate-cutting cycle.

They argue that expanding the balance sheet to “monetise the deficit” could create a strong macro tailwind for Bitcoin heading into the new year, particularly as traders look for a signal that restores confidence.

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Bitcoin’s climb above $92,000 has stirred fresh optimism among market watchers who now believe this week’s Federal Reserve meeting could set off a far bigger rally.

Analysts at the London Crypto Club say a liquidity boost from the Fed on Wednesday may act as a powerful catalyst, potentially driving the world’s largest cryptocurrency “sharply higher.”

Fed Poised for “Dovish Surprise” as Analysts Warn Liquidity Wave Is Coming

In their latest note, David Brickell and Chris Mills argue that the central bank is poised to deliver a “dovish surprise,” forecasting that policymakers will inject liquidity through a creative bond-buying mechanism rather than explicit quantitative easing.

“We’re moving into a continued rate-cutting cycle accompanied by balance sheet expansion as the Fed effectively turns on the money printers to monetise the deficit,” they wrote.

“That’s a powerful, structural tide to be swimming against in the new year.”

The outlook comes at a tense moment for crypto traders. Bitcoin’s recent break above $92,000 follows two months of turbulence that erased almost all of the year’s gains, leaving investors eager for a clear macro signal that could reset market direction.

The Federal Open Market Committee’s decision dominates this week’s macro calendar.

“Policymakers are expected almost universally to cut rates 25bps for a third time this year,” said Ed Yardeni of Yardeni Research, echoing broad market expectations.

The CME FedWatch tool shows an 86% probability of a quarter-point cut, while prediction market Polymarket places the odds even higher at 94%.

Historically, lower interest rates have benefited risk assets like Bitcoin by reducing the appeal of bonds and increasing the flow of capital into higher-yielding or speculative markets.

Bitcoin Tests Key Fibonacci Support

As reported, Bitcoin is trading at a pivotal level that analysts say could determine whether the market holds its broader uptrend or slips back toward spring lows.

Crypto trader Daan Crypto Trades said the 0.382 Fibonacci retracement zone is the line bulls must defend, warning that a breakdown could send BTC back to April levels near $76,000.

“It’s also pretty much the last major support before testing the April lows again, which would break this high time frame market structure,” he said.

Meanwhile, a key on-chain indicator known as “liveliness” is climbing again, even as Bitcoin’s price action remains subdued.

Analysts say the divergence suggests renewed underlying demand, with dormant coins moving at levels not seen in years, a sign that long-term holders may be re-entering the market.

Last week, Bitfinex said the market is showing “seller exhaustion” following a period of heavy deleveraging and panic-driven exits by short-term holders.

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British Columbia has secured a landmark victory under its unexplained wealth order (UWO) regime, after the province successfully seized more than $1 million in cash, gold and luxury items tied to QuadrigaCX co-founder Michael Patryn.

The Supreme Court of British Columbia granted the forfeiture after Patryn chose not to contest the action, clearing the way for authorities to liquidate 45 gold bars, multiple high-end watches and roughly $250,000 in cash originally seized during an RCMP investigation.

The order marks one of the most significant applications of the province’s new anti–money laundering tools.

Gold Bars, Rolexes and a .45 Pistol Found in Patryn’s Safety Deposit Box

Court filings show the seized items were discovered in a CIBC safety deposit box in Vancouver in 2021, including three one-kilogram gold bars and 42 smaller bars.

Officers also recovered Rolex and Chanel watches, rings, jewelry, identification documents, and even a Ruger 1911 .45-caliber pistol with loaded magazines.

At current prices, the gold alone is valued at more than $800,000.

The civil forfeiture office alleged the assets were purchased using QuadrigaCX customer funds, money that investigators say was misappropriated during the years leading up to the exchange’s infamous collapse.

The unexplained wealth order required Patryn to demonstrate legitimate sources for the assets, but while he initially challenged the investigation on constitutional grounds, he ultimately withdrew his response and did not appear when the province sought judgment.

QuadrigaCX, once Canada’s largest cryptocurrency exchange, imploded in 2019 after CEO Gerald Cotten died in India and it emerged that more than $169 million in customer assets were missing.

Regulators later concluded that the platform had effectively become a Ponzi scheme by 2016, with new deposits used to fulfill withdrawal requests while Cotten allegedly siphoned funds to finance personal expenses.

Patryn’s Criminal Past Resurfaces in QuadrigaCX Forfeiture Case

Investigators have long alleged that Patryn, also known by several aliases including Omar Dhanani, played a central role in the exchange’s operations and benefited from client funds.

His criminal history was cited in the forfeiture filings. In 2005, under the name Omar Dhanani, he was convicted in the US for operating an online identity-theft and money-laundering service and later deported to Canada.

The province’s win now triggers a separate review to determine whether any of the recovered assets can be directed to compensate QuadrigaCX creditors.

Claimants received just 13 cents on the dollar when bankruptcy proceedings concluded in May 2023.

Patryn’s current whereabouts remain uncertain, though the civil forfeiture suit lists his last known location as Thailand.

In 2023, QuadrigaCX announced plans to start the “interim distribution” of funds to creditors, despite only a fraction of the missing funds being recovered.

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Bitcoin is trading at a pivotal level that analysts say could determine whether the market holds its broader uptrend or slips back toward spring lows.

In a recent post on X, crypto trader Daan Crypto Trades said the 0.382 Fibonacci retracement zone is the line bulls must defend, warning that a breakdown could send BTC back to April levels near $76,000.

“It’s also pretty much the last major support before testing the April lows again, which would break this high time frame market structure,” he said.

Bitcoin Dips Below $88K in Weekend Leverage Flush, Analyst Says

Over the weekend, Bitcoin briefly dipped below $88,000 during another round of leverage washouts before rebounding above $91,500.

Analyst “Bull Theory” described the move as typical low-liquidity weekend manipulation aimed at flushing both longs and shorts.

The market now turns its attention to this week’s Federal Open Market Committee meeting, where a 0.25% rate cut is widely expected.

Still, crypto markets have cooled since the October cut, as Fed Chair Jerome Powell emphasized a data-dependent path rather than a predictable easing cycle.

Markus Thielen of 10x Research noted that traders expect a similar tone this week, cautious and potentially hawkish, keeping pressure on risk assets.

With ETF inflows softening and trading volumes thinning into December, Thielen said upside participation remains limited, while volatility compression leaves BTC more vulnerable to downside moves in the near term.

“Bulls will point to the Treasury General Account rebuild, the end of Quantitative Tightening, and looming rate cuts as a liquidity windfall for Bitcoin,” Thielen wrote.

He added that hypothetical macro tailwinds are “irrelevant if the underlying message lacks conviction and the market structure fails to support a sustained move.”

Nick Ruck of LVRG Research said upcoming U.S. jobs data and inflation figures may prove just as influential.

If they reinforce expectations for continued easing, he believes renewed liquidity inflows could fuel a broader recovery across digital assets.

Bitcoin’s Rising “Liveliness” Metric Signals Hidden Bull-Market Strength

As reported, a key on-chain indicator known as “liveliness” is climbing again, even as Bitcoin’s price action remains subdued.

Analysts say the divergence suggests renewed underlying demand, with dormant coins moving at levels not seen in years, a sign that long-term holders may be re-entering the market.

The indicator’s steady rise points to a major rotation of capital beneath the surface despite cautious sentiment.

Liveliness measures the balance between coins being transacted and those being held, weighted by age. It tends to rise during bull markets as older coins move at higher prices, reflecting fresh inflows and greater conviction.

Last week, Bitfinex said the market is showing “seller exhaustion” following a period of heavy deleveraging and panic-driven exits by short-term holders.

“The combination of extreme deleveraging, capitulation among short-term holders, and early signs of seller exhaustion has created the conditions for a stabilisation phase and a relief bounce,” the firm wrote.

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Ethereum co-founder Vitalik Buterin has suggested a trustless, onchain futures market for gas to bring greater predictability to Ethereum transaction costs.

In a post on X over the weekend, Buterin said repeated questions about whether Ethereum’s roadmap can guarantee low fees inspired him to outline how such a market could work.

Buterin Says Onchain Gas Futures Could Let Users Lock In Ethereum Fees

Buterin argued that an onchain gas futures system would give users the ability to lock in gas prices for future time windows, offering greater certainty as Ethereum scales.

The concept mirrors traditional futures markets, such as those for commodities, where buyers and sellers agree on a fixed price for a future date to hedge risk or speculate on price movements.

Applied to Ethereum, it would allow users to prepay for a specific amount of gas during a chosen time period, protecting them from unexpected fee spikes.

“People would get a clear signal of expectations for future gas fees, and would even be able to hedge against future gas prices,” Buterin wrote.

He suggested that a market-built signal for future base fees could help traders, developers, and heavy network users plan with far more confidence, especially those managing large volumes of transactions or operating decentralized applications.

Gas costs have eased this year, with basic Ethereum transfers averaging around 0.474 gwei, roughly one cent, according to Etherscan.

However, more complex activity still comes at a higher cost, including token swaps ($0.16), NFT transactions ($0.27), and cross-chain bridging ($0.05).

Despite the overall decline, fee volatility remains a challenge. YCharts data shows average Ethereum fees started 2025 near $1 before falling to $0.30, punctuated by swings as high as $2.60 and as low as $0.18.

Buterin’s proposal aims to smooth these fluctuations by giving users a mechanism to anticipate and manage costs, particularly ahead of high-demand periods.

Ethereum Exchange Balances Hit Record Lows

As reported, Ether held on centralized exchanges has dropped to an all-time low, with balances falling to just 8.7% of total supply, the smallest share since Ethereum launched in 2015.

The decline marks a 43% drop since July, a shift analysts say is tightening liquid supply and setting the stage for a potential market squeeze.

The rapid drawdown is linked to structural changes in how ETH is being used. More tokens are flowing into staking, restaking protocols, layer-2 networks, DeFi collateral loops, digital-asset treasury holdings, and long-term self-custody, all destinations that rarely send ETH back to exchanges.

Research outlet Milk Road said ETH is now in its “tightest supply environment ever,” noting that Bitcoin’s exchange balance remains significantly higher.

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GoTyme Bank, one of the Philippines’ fastest-growing digital banks, has launched crypto trading for its 6.5 million customers through a new partnership with US fintech firm Alpaca.

The rollout allows users to buy and store 11 crypto assets directly inside the GoTyme mobile app, with purchases auto-converted from Philippine pesos to US dollars.

Supported assets include Bitcoin (BTC), Ether (ETH), Solana (SOL), Polkadot (DOT) and several other major altcoins.

GoTyme Targets Beginners With Simple In-App Crypto Trading

While GoTyme has not indicated whether more advanced trading tools will be added later, the bank says the service is intentionally designed for newcomers.

“Our product focuses on simplicity and reliability, designed for people who want to buy crypto confidently without complicated technical analysis or managing multiple apps,” CEO Nate Clarke said.

GoTyme, launched in October 2022 through a joint venture between Singapore’s Tyme Group and the Philippines’ Gokongwei Group, has seen rapid user growth.

The bank promotes a frictionless onboarding process, allowing users to open a bank account and debit card in as little as five minutes, a feature that now extends to crypto access as well.

The digital bank is also setting its sights beyond the Philippines. Clarke recently said GoTyme plans to expand into Vietnam and Indonesia, aiming to capture a larger share of Southeast Asia’s fast-growing digital banking market.

He noted that profitability is not yet a priority. “We are very much still in a growth phase. We are not optimizing for profitability at the moment.

What matters to us is building a growing and engaged customer base,” Clarke told The Digital Banker.

The Philippines continues to be one of the most active crypto markets globally. It ranks ninth on Chainalysis’ 2025 Global Crypto Adoption Index, while local policymakers are considering a proposal to create a national strategic reserve backed by 10,000 BTC.

Philippine Senator Pushes to Put National Budget on Blockchain

As reported, Philippine Senator Bam Aquino is preparing a bill that would place the country’s entire national budget and government financial transactions on a blockchain system, aiming to make public spending fully transparent and easily traceable by citizens.

In August, Aquino said the proposal would allow “every peso” to be logged on-chain, creating what he hopes will become the world’s first fully blockchain-based national budget.

The Philippines is emerging as a testing ground for public-sector blockchain initiatives.

Congressman Miguel Luis Villafuerte recently introduced a separate bill to establish a strategic Bitcoin reserve of up to 10,000 BTC over five years.

According to the bill, the holdings could only be sold under strict conditions, such as retiring sovereign debt, and no more than 10% of the reserve may be liquidated in any two-year period after the minimum holding period expires.

As of November 2024, the Philippines’ debt had risen to ₱16.09 trillion ($285 billion), with domestic obligations accounting for nearly 68% of the total.

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A key on-chain indicator known as Bitcoin “liveliness” is climbing again, a pattern historically associated with bull market activity, raising the possibility that the current cycle still has room to run, according to analysts tracking long-term blockchain metrics.

Technical analyst TXMC said on Sunday that liveliness has been “marching higher despite lower prices,” a divergence that suggests steady underlying demand for spot Bitcoin even as market sentiment remains subdued.

Bitcoin’s Rising “Liveliness” Metric Points to Renewed Bull-Market Demand

The metric, described as an “elegant” long-term gauge of chain activity, measures the ratio of coins being transacted relative to those being held, weighted by their age.

It increases when older coins are spent more frequently, and falls when long-term holders accumulate.

“Liveliness usually rises in bull runs as supply changes hands at higher prices, indicating a flow of newly invested capital,” TXMC explained, noting that the latest upward trend contradicts the muted price action seen in recent weeks.

Glassnode data shows liveliness pushing into a new peak range, breaking out of the corridor it remained stuck in from the 2017 all-time-high through earlier cycles.

Analyst James Check said the current spike in liveliness reflects an unprecedented reactivation of dormant Bitcoin supply, surpassing patterns seen during the 2017 bull run, the first cycle characterized by “widespread participation” and a dramatic parabolic surge.

This time, however, the scale is far larger. While 2017 typically saw transfers measured in the thousands of dollars, Check noted that today’s on-chain value flows often reach into the billions, signaling one of the largest capital rotations Bitcoin has experienced.

“We have seen an extraordinary volume of coin days destroyed,” Check said. “I am of the view we have just watched one of the greatest capital rotations and changing of the guard in Bitcoin history.”

BTC Price Stalls, Analysts Eye Breakout Levels

Bitcoin’s price action remains subdued despite the on-chain strength. BTC briefly dipped below $89,000 early Sunday before recovering to around $89,500, largely unchanged over 24 hours.

Analyst Michaël van de Poppe said the market is stuck in a consolidation band: “Anything between $86,000 and $92,000 is pretty much noise.”

He added that a test of $92,000 could lead to a breakout, while failure could push BTC toward the low $80,000s for a potential double-bottom formation.

“I don’t think we’re far off bottoming for Bitcoin,” van de Poppe said, predicting a stronger rally heading into late Q4 and early Q1.

Last week, Bitfinex said the market is showing “seller exhaustion” following a period of heavy deleveraging and panic-driven exits by short-term holders.

“The combination of extreme deleveraging, capitulation among short-term holders, and early signs of seller exhaustion has created the conditions for a stabilisation phase and a relief bounce,” the firm wrote.

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Ether held on centralized exchanges has fallen to its lowest level in history, fueling speculation that a supply squeeze may be forming beneath the surface of the market.

According to Glassnode, exchange balances dropped to 8.7% of total ETH supply last Thursday, the smallest share recorded since Ethereum’s launch in 2015. Levels remained near that low at 8.8% on Sunday.

ETH Exchange Balances Plunge 43% as Supply Tightens to Record Levels

The sharp decline represents a 43% drop in ETH exchange balances since early July, coinciding with the acceleration of digital asset treasury (DAT) purchases and growing activity across the broader Ethereum ecosystem.

Macro research outlet Milk Road said ETH is “quietly entering its tightest supply environment ever,” noting that Bitcoin’s exchange balance remains significantly higher at 14.7%.

Analysts attributed the shift to structural changes in how ETH is being used. More tokens are flowing into staking, restaking protocols, layer-2 networks, DAT balance sheets, collateralized DeFi positions, and long-term self-custody, destinations that historically do not circulate supply back onto exchanges.

“Sentiment feels heavy right now, but sentiment doesn’t dictate supply,” Milk Road wrote. “When that gap closes, price follows.”

Beyond supply metrics, market technicians are spotting signals that buyers may be gaining control. Analyst Sykodelic highlighted an On-Balance Volume (OBV) breakout above resistance late last week, even as price failed to follow.

The divergence, they said, is a classic sign of “hidden buying strength” that sometimes precedes upward moves.

“This is a sign of buying strength, and typically, the price will follow,” the analyst noted, while cautioning that indicators aren’t guarantees.

They added that overall price action “looks bullish,” suggesting ETH may revisit higher levels before any meaningful retracement.

ETH Holds $3,000 as Momentum Builds

Ether has held above the $3,000 mark for nearly a week but continues to face resistance near $3,200. Over the past 24 hours, ETH has consolidated around $3,050, mirroring the broader market’s indecision.

The ETH/BTC pair also drew attention last week after breaking above a long-standing downtrend, a move some traders see as an early sign of capital rotating back into Ethereum.

Meanwhile, BitMine Immersion Technologies, already the largest corporate holder of Ether, has continued aggressively buying the dip even as top traders position for further declines.

The firm purchased another $199 million in ETH over the past two days, adding to its rapidly expanding reserves.

BitMine now controls $11.3 billion worth of Ether, roughly 3.08% of the total supply, and is closing in on its long-stated goal of reaching 5%.

Last month, Tom Lee said Ether may be entering the early stages of the type of explosive growth cycle that propelled Bitcoin to a 100x rally since 2017.

Lee said the current Ether market resembles Bitcoin’s setup eight years ago, a period marked by deep volatility that ultimately preceded one of the strongest bull cycles in crypto history.

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The euro stablecoin market has staged a sharp rebound in the year since the EU’s Markets in Crypto-Assets Regulation (MiCA) took effect, doubling in size as new rules for issuers came online.

According to Decta’s Euro Stablecoin Trends Report 2025, the sector’s market capitalization has surged from last year’s slump, reversing a 48% contraction and outpacing the broader stablecoin market’s 26% growth rate.

Euro Stablecoins Hit $680M After MiCA

Decta’s report says euro-denominated stablecoins climbed to roughly $500 million by May 2025 following MiCA’s June 2024 rollout, a shift credited to clearer issuer obligations and standardized reserve rules.

Today, the market sits at around $680 million, per CoinGecko. However, the market is still tiny compared with the nearly $300 billion locked in US dollar-backed tokens, a space dominated by USDT and USDC.

Much of the growth came from a handful of standout issuers. Stasis’ EURS posted the strongest expansion, soaring 644% to $283.9 million as of October 2025.

Circle’s EURC and Societe Generale’s EURCV also saw meaningful increases as regulated issuers began to capitalize on MiCA’s clarity around custody, reserves and public disclosures.

Activity on-chain grew alongside market cap. Monthly transaction volume for euro stablecoins jumped nearly ninefold to $3.83 billion after MiCA implementation, the report found.

EURC and EURCV led the surge, with volumes climbing 1,139% and 343%, supported by greater use in cross-border payments, fiat on-ramps and crypto trading pairs, areas previously dominated by dollar stablecoins.

The regulatory shift also appears to be stimulating public interest. Decta recorded sharp spikes in search activity across EU markets, including a 400% jump in Finland and more than tripling in Italy.

Interest rose across smaller economies as well, suggesting broader consumer awareness as euro-denominated tokens begin carving out a clearer role in Europe’s digital-asset landscape.

Poland Remains Last EU State Without MiCA Rules

As reported, Poland’s push to bring its crypto sector in line with the EU’s MiCA framework collapsed after lawmakers failed to overturn President Karol Nawrocki’s veto of a major digital-asset bill.

The vote fell short of the required three-fifths majority, leaving Poland as the only EU member without a national MiCA-style regulatory regime and forcing the government to restart the legislative process.

Prime Minister Donald Tusk had argued that the bill was necessary for national security, warning that unregulated crypto activity had become a channel for money laundering and foreign interference, including covert financing linked to Russia and Belarus.

Authorities have connected these concerns to several recent security incidents, including alleged sabotage plots in Poland reportedly funded through cryptocurrencies.

The veto has intensified political tensions between Nawrocki and Tusk’s pro-EU coalition.

The president rejected the bill on grounds that it overreached EU requirements and posed risks to civil liberties and property rights.

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MetaMask, the most widely used Ethereum wallet, is moving directly into the prediction market arena through a new integration with Polymarket, giving users the ability to trade event outcomes from inside their wallets.

“You can now trade on the future outcome of real world events inside your wallet,” Consensys’ Gabriela Helfet wrote, adding that users will also earn MetaMask Rewards points for every prediction placed.

MetaMask Becomes New Gateway to Polymarket With One-Tap Funding

The integration creates a new on-ramp for Polymarket and introduces “one tap funding,” allowing users to deposit with any token from any EVM-compatible chain.

The move further tightens the link between everyday crypto wallets and decentralized betting platforms, positioning MetaMask as a gateway not only to Web3 apps but also to real-world event speculation.

Polymarket has surged in popularity over the past year, fueled in part by heightened attention during the 2024 US election cycle.

Former President Donald Trump’s embrace of crypto and a more relaxed regulatory climate helped push the platform back into the US market.

The company is now reportedly exploring a valuation of up to $15 billion, following a $2 billion strategic investment from Intercontinental Exchange, the parent of the NYSE.

For MetaMask, the move comes as the wallet expands beyond its Ethereum-focused roots. In October, it launched multichain accounts that support both EVM and non-EVM networks, including Solana.

The wallet is also preparing for the rollout of a native MASK token, as parent company Consensys gears up for a potential IPO.

The move comes as Polymarket is recruiting staff for an internal market-making team that would trade against its own customers, mirroring a controversial feature already used by rival Kalshi that has drawn criticism and legal challenges.

As reported, the New York-based prediction market startup has approached traders, including sports bettors, to join the new unit, people familiar with the matter said, requesting anonymity because the plans remain private.

Prediction Markets Hit $13B in Record Activity

Prediction markets have crossed $13 billion in cumulative trading volume, marking a record high even as broader crypto markets cool.

The surge has drawn in major players across tech and finance, including Fanatics, Coinbase, and MetaMask, all of which have recently launched or expanded event-trading platforms.

Against this backdrop, YZi Labs, the venture firm founded by Binance co-founder Changpeng “CZ” Zhao, has been intensifying its involvement in the sector.

YZi-backed Opinion has emerged as one of the most surprising breakout platforms. Launched on BNB Chain in October, it recorded nearly $1.5 billion in weekly trading volume within its first month, briefly overtaking established names such as Kalshi and Polymarket.

Meanwhile, prediction markets platform Kalshi has secured a major media breakthrough after signing a partnership with CNN, making the company the network’s official prediction markets partner while closing a $1 billion funding round at an $11 billion valuation.

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Strategy CEO Phong Le says the company’s newly built $1.44 billion cash reserve is designed to quiet investor anxiety over its ability to withstand a sharp downturn in Bitcoin.

Speaking on CNBC’s Power Lunch, Le said the move followed weeks of speculation about whether the firm could continue meeting its dividend and debt commitments if market conditions worsened.

“We’re very much a part of the crypto ecosystem and Bitcoin ecosystem,” Le said. “Which is why we decided a couple of weeks ago to start raising capital and putting US dollars on our balance sheet to get rid of this FUD.”

Strategy Builds Cash Buffer to Avoid Selling Bitcoin in Market Slump

The reserve, announced Monday and funded via a stock sale, is intended to secure at least 12 months of dividend payments, with plans to stretch that buffer to 24 months.

The company emphasized that the stock-funded buildup gives Strategy breathing room without having to sell any Bitcoin during a turbulent period for the market.

Concerns over Strategy’s dividend stability had grown louder in recent weeks as Bitcoin retreated from its highs.

Le acknowledged the market chatter but dismissed it as exaggerated. “We weren’t going to have an issue paying dividends, and we weren’t likely going to have to tap into selling our Bitcoin,” he said.

“But there was FUD that was put out there that we wouldn’t be able to meet our dividend obligations, which causes people to pile into a short Bitcoin bet.”

The CEO said raising $1.44 billion in just eight and a half days was intended as a direct response, showing the firm can still attract capital even in a downcycle.

“We did it to address the FUD, and to show people we’re still able to raise money when Bitcoin is under pressure.”

Last week, Le said Strategy would only consider selling Bitcoin if the stock dropped below net asset value and the company lost the ability to raise additional funds.

Strategy has also introduced a new “BTC Credit” dashboard, which it says shows the company holds enough assets to service dividends for more than 70 years.

Strategy Adopts Dual-Reserve Model as BTC Buying Slows

As reported, Strategy has shifted from its long-standing “buy Bitcoin at all costs” approach to a dual-reserve treasury model that pairs long-term BTC holdings with a growing dollar buffer.

The move follows a dramatic slowdown in the firm’s accumulation pace, from 134,000 BTC per month at its 2024 peak to just 9,100 BTC in November, signaling preparation for a potentially prolonged bear market.

Despite the slowdown, the company remains one of the world’s largest Bitcoin holders, with roughly 650,000 BTC on its balance sheet.

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Strive, a Nasdaq-listed firm and the 14th-largest public holder of Bitcoin, is pushing back against MSCI’s plan to remove companies with significant digital-asset exposure from its global indexes.

In a letter addressed to MSCI chairman and CEO Henry Fernandez, the company warned that the proposal, which would exclude firms whose crypto holdings exceed 50% of total assets, risks shutting passive investors out of fast-growing corners of the market.

JPMorgan Warns Strategy Could Lose $2.8B Under MSCI Proposal

JPMorgan analysts recently cautioned that Strategy, a prominent Bitcoin treasury company included in the MSCI World Index, could face as much as $2.8 billion in losses if the exclusion moves forward.

Strategy’s chair, Michael Saylor, has confirmed that discussions with MSCI are ongoing as the company attempts to head off the decision.

Strive CEO Matt Cole argued that the proposal misunderstands the role large Bitcoin-focused firms play in emerging industries, particularly artificial intelligence.

He noted that miners such as MARA Holdings, Riot Platforms, and Hut 8, all potential exclusion targets, are rapidly expanding into AI infrastructure by retooling data centers for high-intensity compute workloads.

“Many analysts argue that the AI race is increasingly limited by access to power, not semiconductors,” Cole wrote, adding that miners are uniquely positioned to meet those needs.

Even as AI revenue increases, he said, companies will continue holding sizable Bitcoin reserves, meaning MSCI’s exclusion would permanently wall off a sector positioned at the intersection of digital assets and next-generation computing.

Cole also pointed to the rising demand for Bitcoin-linked financial products. Firms such as Strategy and Metaplanet function similarly to banks offering structured BTC notes, providing equity-based access to Bitcoin performance without requiring investors to hold the asset directly.

Excluding these treasury companies, he argued, would give traditional financial institutions, including JPMorgan, Morgan Stanley, and Goldman Sachs, an uneven playing field, as index-linked capital would become biased against firms whose business models center on Bitcoin exposure.

Strive Says MSCI’s 50% Rule Would Cause Index “Whiplash”

Strive further challenged the practicality of MSCI’s 50% threshold, noting that tying index eligibility to a volatile asset would cause companies to drift in and out of benchmarks, increasing tracking errors for funds that follow them.

Cole highlighted Trump Media & Technology Group as an example. Despite holding one of the largest public Bitcoin treasuries, it narrowly avoided MSCI’s preliminary exclusion list because its BTC exposure currently sits just under the cutoff.

Instead of a blanket rule, Strive proposed a parallel “ex-digital asset treasury” version of MSCI’s indexes.

This would allow asset managers who wish to avoid crypto-heavy companies to do so, while others could maintain exposure to the full investable universe.

MSCI has not yet indicated whether it will revise its proposal, but industry pressure is mounting as treasury-heavy firms await a final decision.

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BlackRock’s iShares Bitcoin Trust has logged its longest stretch of weekly withdrawals since the fund launched in January 2024, marking a sharp turn in institutional sentiment toward Bitcoin even as prices steady.

Investors pulled more than $2.7 billion from the fund over the five weeks ending Nov. 28, according to data from SoSoValue.

Redemptions continued on Thursday with an additional $113 million, putting the ETF on track for a sixth consecutive week of outflows.

IBIT Faces Reversal as Crypto Wipeout Ends Months of Steady Inflows

IBIT, which manages more than $71 billion in assets, has been the flagship vehicle for traditional investors seeking regulated exposure to Bitcoin.

However, flows have reversed direction since early October, when a violent liquidation across crypto markets triggered a sell-off that erased more than $1 trillion in digital-asset value.

The shift stands in contrast to the steady inflows that helped propel Bitcoin higher earlier in the year.

Last week, speaking in São Paulo, BlackRock business development director Cristiano Castro said the company’s Bitcoin ETFs had become one of its strongest revenue engines, calling their rapid ascent “a big surprise” as investor allocations surged throughout the year.

Castro also downplayed outflow concerns, noting that “ETFs are very liquid and powerful instruments.”

“What we’ve been seeing is perfectly normal; any asset that starts to experience compression usually has this effect, especially in an instrument that is heavily controlled by retail investors,” he added.

Bitcoin has clawed back some losses this week, but analysts say ETF flows paint a clearer picture of institutional caution.

In a recent report, Glassnode wrote that the outflow streak “marks a clear reversal from the persistent inflow regime that supported price earlier in the year, and reflects a cooling of new capital allocation into the asset.”

The firm noted that investor positioning has become more defensive as volatility and funding pressure remain elevated.

Despite the turbulence, Bitcoin traded around $92,000 in London on Friday morning, still down 27% from its October peak.

Spot Chainlink ETF Pulls $41M on First Day

As reported, Grayscale’s first US spot exchange-traded fund tied to Chainlink opened with solid demand, adding another data point to the debate over whether appetite for altcoins can survive a cooling crypto market.

The product ended its debut session with $41 million in net inflows and about $13 million in trading volume.

The figures placed Chainlink among the stronger ETF launches this year and suggested that, at least for some investors, regulated vehicles remain the preferred route into higher-risk digital assets.

The new Chainlink ETF comes amid the rollout of a wave of new altcoin ETFs.

Over the past month, issuers have launched products tied to Solana, XRP, and Dogecoin, with more XRP and Dogecoin funds set to list next week.

The Canary Capital XRP ETF (XRPC) debuted with $58 million in net inflows, the highest opening-day haul for any ETF this year, edging out the Bitwise Solana Staking ETF (BSOL), which launched with $57 million.

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HashKey Holdings, one of Asia’s most prominent cryptocurrency-exchange operators, is preparing to open its order books next week for a Hong Kong initial public offering that aims to raise at least $200 million.

The listing could take place before the end of the month, though final details, including deal size and timing, remain subject to change, Bloomberg reported, citing people familiar with the matter.

HashKey’s Ethereum-Era Roots Propel It Into Global Crypto Expansion

Founded in 2018, HashKey grew out of chairman Xiao Feng’s early involvement in Ethereum through Wanxiang Group, where he was among the protocol’s first corporate investors.

The firm has since expanded into trading, venture investments and digital-asset management, operating across Hong Kong, Singapore, Bermuda, Japan, the UAE and Ireland.

Earlier this year, Gaorong Ventures, known for backing Chinese tech groups such as Meituan and PDD, invested $30 million at a valuation exceeding $1 billion, sources said.

Despite its regional footprint, HashKey has faced financial pressures. The company posted a HK$506 million ($65 million) loss in the first half of 2025, though the deficit narrowed from a year earlier.

Revenue dropped 26% to HK$384 million, according to its listing documents.

Even so, trading activity on the platform has been substantial, with HK$1.3 trillion in cumulative spot-market volume recorded by September.

The planned IPO represents a significant test for Hong Kong’s push to cement itself as a digital-asset hub. Authorities rolled out a new licensing regime last year and are preparing additional measures to encourage broader participation after crypto activity lagged behind expectations.

The city’s positioning has drawn interest from mainland Chinese investors, even though Beijing maintains a sweeping ban on crypto trading.

Last week, HashKey cleared the Hong Kong Stock Exchange’s listing hearing, moving the operator of the city’s largest licensed crypto exchange closer to an initial public offering.

The company disclosed the outcome in its Post Hearing Information Pack published on Monday, confirming that the listing committee of the Hong Kong Stock Exchange has completed its review of HashKey’s application.

Crypto IPOs Gain Momentum

Last month, tZero Group, a New York–based blockchain infrastructure firm focused on tokenized securities and real-world assets, announced that it is preparing to go public in 2026.

Before that, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.

BitGo’s IPO filing came amid renewed momentum for crypto-related public offerings.

The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.

Online trading platform Etoro, which offers crypto trading among its services, debuted in May.

In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.

Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.

More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.

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Woori Bank has begun displaying Bitcoin prices inside its main trading room in Seoul, placing the cryptocurrency alongside core financial indicators such as the won–dollar exchange rate and stock market data.

The move marks the first time a commercial bank in South Korea has integrated a crypto price feed directly into its frontline dealing environment, the space where traders handle foreign exchange, bonds and derivatives.

Bitcoin Now Seen as Market Signal, Says Woori Bank Official

A Woori Bank official said the decision reflects the growing weight of digital assets in global finance, noting that Bitcoin has increasingly become a signal for broader market sentiment.

“As digital assets continue to grow in prominence and influence in global financial markets, we determined that they should be monitored as a key indicator to better read overall market trends,” the official said.

The update comes as Korean banks step deeper into digital asset infrastructure.

Hana Financial Group this week signed a partnership with Dunamu, operator of the Upbit exchange, to incorporate blockchain tools into services ranging from overseas remittances to financial data systems.

While Woori has yet to announce a formal partnership with a crypto exchange, senior executives have repeatedly indicated that the bank intends to expand into digital asset services.

CEO Jung Jin-wan said in October that payments and digital asset ecosystems are “increasingly interconnected,” suggesting the sector could open new revenue avenues for banks.

Regulators are also shaping a clearer path. The government and ruling Democratic Party are examining a proposal that would restrict issuance of won-based stablecoins to bank-led consortia with majority bank ownership.

If enacted, the framework could position major lenders like Woori as central players in future stablecoin markets.

As reported, South Korean investors turned the Chuseok holiday into a high-risk trading week, pouring $1.24 billion into US tech and crypto-linked assets while local markets were closed between October 3 and 9.

The frenzy was led by leveraged ETFs and high-growth stocks, as traders sought to ride Wall Street’s momentum amid optimism surrounding US tech resilience and domestic stimulus hopes.

South Korea to Extend Crypto Travel Rule to Sub-$700 Transactions

Last week, South Korea revealed that it is preparing one of its most aggressive crackdowns on cryptocurrency-related financial crime by expanding its travel rule requirements.

The new threshold covers transactions under 1 million won ($680), which until now allowed users to bypass identity checks by breaking transfers into smaller amounts

The Financial Intelligence Unit (FIU) will also introduce pre-emptive account-freezing powers in serious cases, allowing investigators to lock suspicious accounts before funds can be moved beyond recovery.

Officials said legislative amendments are expected to be submitted to the National Assembly in the first half of 2026, with South Korea also expanding coordination with global regulators such as the Financial Action Task Force to align with international standards.

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Meta is scaling back its metaverse spending and redirecting resources toward AI-powered glasses and wearable devices, marking one of the company’s most significant strategic pivots in years.

The shift comes as investor skepticism grows over the long-term commercial viability of virtual worlds and VR headsets, the BBC reported on Friday, citing a company spokesperson.

Meta’s Metaverse Bet Falters as User Growth Stalls

The company has spent more than a decade pouring billions into the metaverse, an initiative that was central to CEO Mark Zuckerberg’s vision for the future of computing.

That ambition also led Facebook to rebrand as Meta in 2021, signaling a company-wide commitment to building immersive digital spaces.

However, momentum has stalled. Meta’s flagship VR platform, Horizon Worlds, has struggled to retain users, while sales of the company’s headsets have failed to justify the scale of investment.

Bloomberg reported Thursday that Meta plans to cut metaverse spending by up to 30%, sending shares up more than 3% as markets reacted positively to a potential recalibration.

A spokesperson said the company is not planning “broader changes,” declining to comment on whether the shift could include layoffs across metaverse-focused teams.

Instead, Meta sees a faster path forward in wearable AI devices, particularly its new line of smart glasses, launched in September to stronger-than-expected demand.

The latest models feature an on-lens display capable of describing real-world surroundings, identifying objects, and translating text.

Analysts view the glasses as one of the first products to successfully blend AI assistance with hardware in a consumer-friendly form, a direction Meta now hopes to accelerate.

The move reflects wider industry trends. Companies across the US and China are racing to bring AI-enabled glasses and compact wearables to market, betting that users will gravitate toward lightweight, always-on assistance rather than immersive VR environments.

Meta Shareholders Reject Call to Add Bitcoin to Company Treasury

In June, Meta investors overwhelmingly shot down a proposal urging the company to explore adding Bitcoin to its balance sheet, according to a May 28 filing.

The measure received just 3.92 million votes in favor, roughly 0.08% of all shares, while nearly 5 billion voted against it.

With CEO Mark Zuckerberg controlling 61% of voting power, the outcome was effectively predetermined.

The proposal came from Bitcoin advocate Ethan Peck, who argued Meta should allocate part of its $72 billion cash pile into BTC as a hedge against inflation and diminishing real returns on cash and bonds.

Peck cited BlackRock’s guidance supporting a small Bitcoin allocation and submitted the proposal on behalf of his family’s Meta holdings.

He serves as Bitcoin director at Strive and has pushed similar campaigns at other tech giants.

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Former leaders of the shuttered crypto-friendly Signature Bank have returned with a new venture built around always-on settlement.

Their new institution, N3XT, is a state-chartered, blockchain-based bank designed to move money at any hour, with near-instant finality.

N3XT Unveils 24/7 Payments Platform Built on Private Blockchain

Announced on Thursday, N3XT says it will operate on a private blockchain that allows transactions to clear around the clock.

The platform supports programmable payments through smart contracts and is built to work alongside stablecoins, utility tokens and other digital assets.

The institution will run under Wyoming’s Special Purpose Depository Institution framework, a charter that allows fully reserved, non-lending banks designed to custody digital assets.

The effort is led by Signature Bank founder Scott Shay, whose former institution was one of three crypto-linked banks that collapsed during the 2023 banking turmoil.

Signature, alongside Silicon Valley Bank and Silvergate, fell after deposit outflows accelerated and market confidence evaporated.

The Federal Deposit Insurance Corporation seized Signature in March 2023, citing liquidity pressure, concentration risks and a rapid run by large uninsured depositors.

N3XT’s leadership includes another Signature veteran, Jeffrey Wallis, previously the bank’s director of digital asset and Web3 strategy. Wallis will serve as CEO and president. He said the new institution is built around the idea that financial transfers should be as frictionless as sending digital information.

“We’re applying crypto innovations to banking to deliver instant, programmable payments for institutional clients,” Wallis said.

To avoid the vulnerabilities that contributed to Signature’s downfall, N3XT will not offer lending. The bank says all deposits will be backed one-to-one by cash or short-term U.S. Treasurys, with daily disclosures of reserve holdings.

That structure mirrors elements of stablecoin issuers, while keeping the institution within the contours of a regulated bank charter.

The firm is currently onboarding businesses from several industries, including crypto, foreign exchange, shipping, logistics and other sectors that depend on continuous settlement.

N3XT has drawn notable support from the venture community. The company completed three funding rounds with backing from Winklevoss Capital, Paradigm, and HACK VC.

HACK co-founder Alexander Pack wrote on X that the firm is backing N3XT as it emerges from stealth, praising its founders for returning to the industry after Signature’s closure.

European Banking Giants Unite to Launch Euro Stablecoin

As reported, ten of Europe’s largest banks have formed a consortium to issue a euro-backed stablecoin by mid-2026, marking the region’s strongest attempt yet to push back against U.S. dollar dominance in digital finance.

The group, which includes BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank and others, has created an Amsterdam-based entity, Qivalis, to develop a MiCA-compliant digital payment instrument.

Euro-denominated stablecoins remain negligible today, representing just $649 million compared to a market almost entirely controlled by dollar-pegged tokens.

Qivalis has put together a heavyweight leadership team as it moves through regulatory approvals. Former Coinbase Germany chief Jan-Oliver Sell will serve as CEO, with ING veteran Floris Lugt as CFO.

The group has already applied for an electronic money institution license with the Dutch Central Bank, and says more European lenders may still join the initiative.

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Grayscale’s first US spot exchange-traded fund tied to Chainlink opened with solid demand, adding another data point to the debate over whether appetite for altcoins can survive a cooling crypto market.

Despite a pullback across major tokens in recent weeks, the new fund attracted sizable capital on its first trading day.

Chainlink ETF Debut Draws $41M, Signaling Demand for Regulated Altcoins

According to Bloomberg ETF analyst Eric Balchunas, the product ended its debut session with $41 million in net inflows and about $13 million in trading volume.

The figures placed Chainlink among the stronger ETF launches this year and suggested that, at least for some investors, regulated vehicles remain the preferred route into higher-risk digital assets.

The showing stands well above the opening day for the Solana ETF, which recorded just $8.2 million in volume based on data from Farside Investors.

Still, the XRP ETF remains the category’s heavyweight, registering $243 million in first-day inflows, according to SosoValue.

Even so, analysts urged restraint. James Seyffart said the launch was not a “blockbuster,” though he noted that the fund quickly reached about $64 million in assets under management, including an $18 million seed allocation.

“Chainlink shows that less liquid products can still attract attention in an ETF wrapper,” he wrote, pointing to the role exchange-traded funds can play in widening market access.

For Chainlink itself, the debut offered little immediate relief. The LINK token is up nearly 10% over the past week but remains down more than 39% over the past year, according to price data cited by Cointelegraph.

Chainlink’s appeal lies in its infrastructure role. The network supplies on-chain applications with external data, enabling price feeds, cross-chain transfers and tokenized assets to function reliably.

As demand for decentralized finance and real-world asset tokenization grows, investors appear willing to give even second-tier tokens a closer look.

New Altcoin ETFs Steal Spotlight as Bitcoin Funds Struggle

The new Chainlink ETF comes amid the rollout of a wave of new altcoin ETFs.

Over the past month, issuers have launched products tied to Solana, XRP, and Dogecoin, with more XRP and Dogecoin funds set to list next week.

The Canary Capital XRP ETF (XRPC) debuted with $58 million in net inflows, the highest opening-day haul for any ETF this year, edging out the Bitwise Solana Staking ETF (BSOL), which launched with $57 million.

BSOL has quickly become one of the early success stories of 2025, accumulating over $660 million in assets within three weeks and avoiding a single day of outflows.

As reported, the New York Stock Exchange has approved the listing of Grayscale’s XRP and Dogecoin exchange-traded funds, clearing both products to begin trading on Monday.

NYSE Arca, the exchange’s ETF-focused subsidiary, filed certifications on Friday confirming the listing and registration of the Grayscale XRP Trust ETF Shares and the Grayscale Dogecoin Trust ETF Shares under the Securities Exchange Act of 1934.

Bitwise Asset Management has also unveiled the Bitwise Dogecoin ETF as investor appetite for altcoin exposure continues to increase.

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BitMine, the Ethereum-focused treasury firm led by Tom Lee, has added another $150 million worth of Ether to its balance sheet, according to on-chain data shared Wednesday by Arkham.

The data shows the company received 18,345 ETH via BitGo and a further 30,278 ETH through Kraken, pointing to one of the largest single inflows into a corporate Ethereum treasury this year.

BitMine has not yet issued a formal confirmation of the transfers, though the wallet movements align with its recent buying pattern.

BitMine Builds 3% Stake in Ethereum as It Targets 5% Supply

The firm has steadily built its Ether position throughout 2025, even during November’s market pullback.

In the final week of last month alone, BitMine snapped up 96,798 ETH, lifting its holdings to more than 3% of Ethereum’s circulating supply.

Management has previously said it aims to ultimately control around 5% of all ETH, framing Ether not just as a store of value but as core infrastructure for financial markets.

The aggressive strategy stands out at a time when other digital asset treasuries are easing off.

Figures from Bitwise show companies bought about 370,000 ETH in November, an 81% drop from August’s peak of 1.97 million ETH.

Lee said in a Dec. 1 disclosure that several near-term developments are shaping his outlook, including Ethereum’s Fusaka upgrade and expectations that the Federal Reserve will bring its balance-sheet reduction program to an end.

Last month, Lee said Ether may be entering the early stages of the type of explosive growth cycle that propelled Bitcoin to a 100x rally since 2017.

Lee said the current Ether market resembles Bitcoin’s setup eight years ago, a period marked by deep volatility that ultimately preceded one of the strongest bull cycles in crypto history.

Lee noted that his firm first recommended Bitcoin to Fundstrat clients in 2017 when BTC traded near $1,000.

Since then, Bitcoin suffered several drawdowns of up to 75%, yet still surged more than 100-fold from that initial call.

“We believe ETH is embarking on that same Supercycle,” he wrote, arguing that Ether’s recent weakness reflects doubt, not deterioration.

BitMine Names New CEO Amid Leadership Shakeup

BitMine has also appointed a new chief executive as the company continues to build one of the largest Ether treasuries among publicly traded firms.

Last month, the company said Chi Tsang will replace Jonathan Bates as CEO, with the transition taking effect immediately.

“With its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution,” he said.

Alongside the leadership change, BitMine appointed three new independent board members.

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Crypto mining should be treated as a form of export in Russia’s official trade accounts, according to senior Kremlin official Maxim Oreshkin, who argued that large volumes of mined digital assets effectively flow abroad even if they never cross a physical border.

Speaking at the Russia Calling! investment forum, Oreshkin said the industry generates “enormous sums” that remain outside formal statistics despite influencing the foreign-exchange market and the balance of payments.

Russia Moves to Classify Crypto Mining as a New Export

Russia legalized cryptocurrency mining on November 1, 2024, and Oreshkin described the sector as a “new export item” that the country “doesn’t value very well.”

Because crypto can be used to pay for imports through alternative channels, he said, those transactions should be counted when the state measures trade flows and currency dynamics.

Industry figures say the scale is already material. Oleg Ogienko, chief executive of Via Numeri Group, estimates that Russia’s output of proof-of-work assets this year could equal “tens of thousands” of Bitcoins.

Sergey Bezdelov, head of the Industrial Mining Association, put production at about 55,000 BTC in 2023 and roughly 35,000 BTC in 2024, citing the network’s halving as a drag on miner rewards.

The revenue impact is also significant. Mikhail Brezhnev, co-founder of mining supplier 51ASIC, estimates daily mining income across the country at around 1 billion rubles, a figure he links to Russia’s share of global computing power and Bitcoin’s price.

Because mined coins can be used directly to settle import bills, Brezhnev says the case for recording those flows in official statistics is straightforward.

Regulators, meanwhile, are tightening oversight. Legal entities and sole proprietors must register with the Federal Tax Service to mine, and hosting providers are listed in a separate registry.

Household miners are exempt from registration only if they consume less than 6,000 kWh a month, though all income must be reported.

Corporate mining is taxed at 25%, while individuals face progressive rates of 13–22%; non-residents pay 30%.

Illegal Crypto Mining Drains Russia’s Power Grid and Tax Base

As reported, a recent Russian media investigation revealed that illegal and semi-legal crypto mining is costing the country millions of dollars each year through stolen electricity and unpaid taxes.

Broadcaster Ren TV reports that many miners avoid registering their operations to escape high power tariffs and tax obligations, pushing large parts of the industry into the shadows and creating billion-ruble losses for the state budget.

Although Russia now permits industrial crypto mining and offers legal status to registered operators, smaller miners are reportedly refusing to comply.

While major firms such as BitRiver and Intelion work within the system, many independent operators are accused of resorting to meter manipulation, bribery, and secret agreements with utility workers.

As a result, households and legitimate businesses are said to be absorbing the cost of stolen electricity.

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