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Momentum around a potential spot XRP ETF has intensified, placing 21Shares at the center of attention as the company awaits a crucial regulatory decision from the U.S. Securities and Exchange Commission. With demand for XRP-based investment vehicles surging, the asset manager now stands on the edge of what could be a defining moment for both its product lineup and the broader regulated crypto ETF landscape.
Anticipation Builds as 21Shares Awaits SEC Approval
In a post shared on X on December 2, 21Shares US confirmed that it is still awaiting an effectiveness notice from the SEC regarding its spot XRP ETF—putting an end to swirling speculation about an imminent launch.
The firm clarified its position directly:
“We are waiting for the SEC to declare us effective. Please wait for an announcement from our official channels.”
This message came after online chatter suggested the ETF might debut earlier in the week. In a follow-up response, 21Shares stressed that none of its official communications had hinted at an immediate release. The heightened interest, fueled partly by new search visibility for the product on Vanguard’s platform, only amplified anticipation within the XRP community.
Institutional Infrastructure Expands as Standard Chartered Joins as Custodian
Adding to the significance of the pending ETF, 21Shares recently strengthened its institutional foundation. On November 25, Standard Chartered announced that it would serve as digital asset custodian for 21Shares through its Luxembourg-registered platform. The partnership enhances the firm’s ability to support professional investors with secure, compliant storage—an increasingly critical requirement for spot crypto ETFs.
A Crowded Field Takes Shape as Spot XRP ETFs Gain Traction
The regulatory environment has shifted meaningfully in recent weeks, clearing the path for multiple spot XRP ETFs to enter the U.S. market. Canary’s XRPC became the first to launch on Nasdaq, followed by Franklin Templeton’s XRPZ on NYSE Arca. Grayscale also debuted its GXRP ETF in late November.
The arrival of these products has sharpened focus on 21Shares’ upcoming TOXR ETF. Supporters argue that a broader range of regulated offerings deepens liquidity, strengthens institutional access, and enhances price discovery—key ingredients for sustaining long-term confidence in crypto as an investable asset class.
What Comes Next for 21Shares?
With investor appetite surging and competitors already live, 21Shares is now in a critical waiting period. The firm’s messaging suggests readiness on its part, with the final step resting in the hands of the SEC. A green light would introduce another major player to the fast-evolving XRP ETF arena and further cement the inclusion of crypto assets within mainstream financial products.
As the industry watches closely, one thing is clear: the outcome of this decision could shape the next phase of growth for XRP within regulated markets—and determine whether 21Shares secures a pivotal foothold in an increasingly competitive ETF race.
#Binance #wendy #21Shares $XRP

Crypto markets may be warming up again this week, but one well-known insider just poured cold water on the excitement.
A Stark Warning From Former Block Executive Mike Brock
“Bitcoin will fail. Because it is a lie,” wrote Mike Brock, a former senior leader at Jack Dorsey’s bitcoin-focused division at Block. His remarks ignited a storm on social media at a moment when digital assets appear to be entering an early-stage recovery — and perhaps even setting up for a year-end rally.
Brock is not an everyday skeptic. He spent more than a decade inside the machine. He began his career at Block as a software engineer, helping develop Square Cash — the money-transfer app that later evolved into Cash App. The product recently made headlines for allowing its 58 million users to pay with bitcoin without actually holding the cryptocurrency.
Later, Brock rose to CEO of TBD, Block’s developer-focused initiative. But something shifted. After TBD abruptly shut down in November 2024, Brock walked away from corporate life altogether, ending his eleven-year tenure.
“I walked away from everything I built,” he wrote. “Recruiters stopped calling. Opportunities disappeared. I lost the status of being an insider, the comfortable salary, the ability to say I was one of the good people trying to fix the system.”
Bitcoin as an Elite Tool?
At the core of Brock’s argument is a belief that bitcoin has become — or perhaps always was — a tool of the elite. In his view, a “corporate monarchy” is using the asset to steer society toward an oligarchic model reminiscent of Russia’s.
He acknowledges that many in the bitcoin community reject this ideology, but he argues they have chosen to look away, justifying their inaction with good intentions while becoming “useful idiots” for authoritarian actors.
“I used to be one of those useful idiots,” he admitted. “I believed my good intentions and technical knowledge made me different from those using the same tool for authoritarian ends.”
These criticisms echo other warnings from respected industry figures. Caitlin Long, CEO of Custodia Bank, has repeatedly accused shadowy whales of manipulating crypto markets. Institutional capital has flowed into bitcoin at unprecedented scale. BlackRock now controls more digital assets than any other company. Vanguard and Charles Schwab — two of the world’s largest asset managers — have confirmed plans to integrate bitcoin into their platforms.
It is difficult to dismiss Brock’s suggestion that these institutions form a modern “corporate monarchy.” Peter Thiel, whom Brock cites as a quintessential oligarch, once wrote: “I no longer believe that freedom and democracy are compatible.”
A Market Still in Flux
Whether Brock’s dire warning should be taken literally remains to be seen. But his comments arrive at a time when bitcoin’s evolution into a favorite asset of corporate America is undeniable. The coin crossed $126,000 in October, plunged to $80,000 in November, and appears to be rebounding again.
How this story ends is anyone’s guess.
“Bitcoin holders think prices will soar during a financial crisis,” Brock said. “In reality, bitcoin will have to crash sharply when that happens. The high priests of bitcoin, in their religious fervor, have convinced themselves the opposite is true. But for those still reachable by reason, I offer this warning now.”
#Binance #wendy #bitcoin #BTC $BTC

While Bitcoin tumbled 17.67% over the course of November, a cluster of long-inactive wallets unexpectedly came back to life, shifting coins originally accumulated between 2011 and 2017. Among those years, 2016 stood out sharply: wallets from that period moved a notable 1,570.12 BTC last month — a stash valued at roughly $145 million.

A Brutal Month Doesn’t Stop Old BTC From Stirring
November offered little comfort to Bitcoin holders as the asset shed a significant portion of its value throughout the month. Even so, the downturn didn’t stop some of the oldest coins on the network from awakening after years of silence. And while a single 50 BTC coinbase reward from 2012 moved at the start of December, no coins from 2009 or 2010 changed hands in November.
Data from btcparser.com shows that 63 long-dormant addresses became active for the first time since their original acquisition. Altogether, 2,443.25005 BTC were revived — worth about $225.6 million at the exchange rate on December 4. Despite the broader turbulence, activity among older coins slowed slightly as prices drifted lower.
On-chain metrics reveal that wallets created in 2011 registered three spending events totaling 26.98 BTC. Although “spending” is the technically correct term, it doesn’t necessarily mean the coins were sold or transferred to a different owner. Wallets from 2012 also recorded three transactions, collectively moving 85.02 BTC. Addresses originating in 2013 were notably more active, logging twelve spends and releasing 316.94 BTC for the first time since they were initially acquired.
Older Wallets Reactivate Across Multiple Years
Wallets from 2014 and 2015 proved relatively quiet. Seven addresses from 2014 moved 169.819 BTC, while six from 2015 transferred 91.42105 BTC.
But it was the 2016 cohort that carried the most weight. Seventeen separate addresses from that year moved 1,570.12 BTC, often in sizable chunks. Some transactions involved 217.38 BTC, 216 BTC, 103 BTC — and one wallet even executed a massive 500 BTC transfer.
Dormant Bitcoin tied to 2017 wallets recorded fifteen transactions, though only 182.95 BTC in total were moved across the month. After 2016, the year 2013 ranked as the second-most active period for reawakened coins, with 2017 taking third place.
A Rare Glimpse Into Bitcoin’s Oldest Treasuries
Despite November’s steep price decline, veteran Bitcoin continues to stretch its limbs. And although 2016 wallets dominated the activity, the broader wave of reactivation offered a rare look into these long-held reserves that have remained untouched for many years.
#Binance #wendy $BTC

Ethereum’s Fusaka upgrade has officially gone live, sending ETH to $3,222 and marking a significant leap forward for the network’s scalability roadmap. The update raises the block gas limit to 60 million and introduces a per-transaction gas ceiling of 16.78 million — a configuration that has stirred debate among developers but is widely praised for enabling parallel execution and preventing resource overload.

A Technical Breakthrough for Scaling and Lower Fees
The Ethereum blockchain has rolled out the Fusaka upgrade, and early reactions call it a major success in advancing the network’s long-term roadmap. The market responded almost instantly. Ether surged to $3,222 shortly after the upgrade, its highest level since November 17. The move was striking given that ETH had traded near $2,800 just a day earlier on December 2, underscoring strong market conviction in the protocol’s latest transformations.
Arriving roughly seven months after the transformative Pectra upgrade, Fusaka is being celebrated for delivering deep technical improvements that reshape Ethereum’s capacity. These enhancements move the network closer to its longstanding promises of dramatically lower and more predictable Layer-2 (L2) fees, along with a major expansion in throughput.
The core mechanism driving this shift is the combination of lifting the block gas limit to 60 million and introducing the Transaction Gas Limit Cap (TGLC) at precisely 16.78 million gas. The specific value raised eyebrows across the developer community. Some critics argued the number appeared arbitrary, chosen without the public modeling and technical justification expected for a parameter that influences worst-case block processing time.
Still, engineers and protocol researchers have pushed back on that criticism. The per-transaction ceiling, they argue, is exactly what the network needs to prevent a single transaction from monopolizing node resources.
Mo Dong, Brevis CEO and co-founder, highlighted the technical precision of the choice. He explained that the 16.78 million threshold works well because “a power-of-two–like structure simplifies implementation across multiple codebases.” More importantly, he said, “this limit enables parallelization,” allowing nodes to process transactions more efficiently by distributing work.
Charles d’Haussy, CEO of the dYdX Foundation, echoed this view. He noted that the cap preserves the ability to execute large transactions without risking delays or opening the door to denial-of-service vectors. In his assessment, developers selected this number because it is “large enough not to disturb typical activity, but small enough to preserve predictable execution times and safeguard the network.”
L2 Scaling, Security, and the PeerDAS Debate
The Fusaka upgrade also introduces Peer Data Availability Sampling (PeerDAS) and expands potential blob capacity by as much as eightfold. This has triggered intense debate about how much L2 fees will fall and which rollup architectures stand to benefit most.
Experts interviewed widely agree that PeerDAS will deliver meaningful reductions in L2 costs, but not at a perfectly linear ratio to capacity increases. Ivo Georgiev, CEO and founder of Ambire Wallet, estimates that the maximum reduction probably tops out around 80%. “It’s not as simple as expecting fees to fall 8x,” he said. “But given the added overhead of today’s rollup transactions, a 30–40% reduction is almost guaranteed.”
PeerDAS fundamentally changes how Ethereum processes blob data. Instead of requiring every node to fully replicate all data, the network distributes data availability proofs across participants. This architectural shift addresses Ethereum’s long-standing scalability bottleneck but also invites scrutiny over latency and data security.
Dong described the design as a calculated technical tradeoff that unlocks massive scalability while preserving Ethereum’s underlying integrity. The main security advantage, he said, is its resilience against data-withholding attacks.
“In hostile scenarios where a block producer withholds data, the sampling mechanism provides cryptographic assurances that missing data will be detected with overwhelming probability. Analyses show the likelihood of a successful attack dropping to effectively zero — around one in 10²⁰ — as network size increases,” Dong noted.
Georgiev added that in practical terms, PeerDAS introduces “almost no tangible downside — it’s virtually a pure win.”
Critics, however, warn that PeerDAS could introduce systemic risks tied to block validity and temporary data unavailability, issues developers must proactively assess. Even so, d’Haussy expressed confidence that these concerns will not translate into fundamental new threat vectors.
“Sampling actually makes it harder to finalize a block that contains missing data, because validators only vote once they confirm availability. The primary risk window is short-term — a temporary network delay that could cause missed attestations,” he explained.
Despite the ongoing technical debates, both supporters and skeptics agree on one point: Fusaka strengthens Ethereum’s position as the secure, decentralized settlement layer for a multi-chain ecosystem. By unlocking new levels of throughput and cost efficiency, it accelerates L2 economics and prepares the network for its next wave of innovation — scaling up without compromising the foundational principles that made Ethereum dominant in the first place.
#Binance #wendy #ETH #Fusaka $ETH

Stablecoins’ rapid global expansion is reshaping financial access and payments, offering new efficiencies while raising urgent concerns over monetary control and regulatory gaps that policymakers worldwide are now scrambling to confront.

IMF Warns of Expanding Stablecoin Influence
The International Monetary Fund (IMF) detailed on Dec. 4 that stablecoins can widen financial access and support innovation but may also create risks for monetary autonomy. The organization outlined these issues in its latest blog post assessing stablecoins’ expanding role in payments and markets.
The IMF stated on social media platform X:
Stablecoins can expand financial access and drive innovation, but also cause currency substitution and market volatility. Global cooperation on regulation is essential.
The Fund is working with the Financial Stability Board (FSB), the Bank for International Settlements (BIS), and others “to close gaps and improve oversight,” the IMF added.
The official blog post on the IMF website is written by Tobias Adrian, Marcello Miccoli, and Nobuyasu Sugimoto, prominent economists and financial experts who hold senior roles within the International Monetary Fund’s Monetary and Capital Markets Department, focusing on global financial stability, digital currencies, and regulation.
“Stablecoins have great potential to make international payments faster and cheaper for people and companies,” they detailed. “But this promise comes with risks of currency substitution and countries losing control over capital flows, among others. Turning stablecoins into a force for good in the global financial system will require concerted actions by policymakers, at both the domestic and international levels.”
The authors also noted that “stablecoins’ cross border flows are growing fast.” Their analysis underscores how expanding use in remittances and digital commerce reflects deeper ties with financial markets, while simultaneously exposing economies to confidence shocks, reserve-asset declines, and potential runs.
Regulatory fragmentation remains a central challenge, as the authors stated: “Stablecoins could be used to circumvent capital flow management measures, which rely on established financial intermediaries.” They explained that uneven oversight enables issuers to take advantage of weaker jurisdictions and complicates monitoring of cross-border movement. Some authorities are considering access to central bank liquidity for certain issuers, while others are reinforcing legal clarity, financial integrity rules, and global data standards.
The IMF economists concluded:
Improving the existing global financial infrastructure might be easier than replacing it. Achieving the best possible balance will require close cooperation among policymakers, regulators, and the private sector.
Although the IMF economists emphasized systemic risks, crypto advocates counter that well-regulated stablecoins can broaden financial inclusion, reduce settlement frictions, and enhance transparency across global payments.
#Binance #wendy #IMF

The U.S. crypto landscape reached a turning point this week when Bitnomial became the first American exchange authorized to offer regulated spot cryptocurrency products. The approval marks a decisive regulatory shift and reflects the pro-innovation stance of the Trump administration, which has signaled a desire to reposition the United States as a global leader in digital assets.
CFTC Welcomes a “New Golden Age” of Innovation
Bitnomial’s listing represents more than a milestone for one exchange. Acting Chair Caroline Pham described the moment as a “new golden age for innovation in the United States,” underscoring a broader change in political tone toward the industry.
According to the CFTC’s announcement, this is the first time spot crypto products will be traded on federally regulated U.S. markets. For American traders, it introduces an alternative to long-standing offshore platforms that have operated outside the country’s investor-protection framework. The move also reinforces President Trump’s stated goal of establishing the U.S. as the center of global crypto innovation—an attempt to reverse years of friction that characterized the regulatory environment during the Biden era.
A Regulatory Shift Driven by Market Need
Pham highlighted that the launch responds both to market demand and to a regulatory gap that had persisted for too long. She noted that the CFTC is now leaning on authorities granted by Congress over a decade ago to create a safer, more transparent environment for spot digital assets—something retail users in the U.S. have lacked despite years of aggressive enforcement actions against non-compliant firms.
Recent turmoil involving offshore platforms has further emphasized the need for strong domestic compliance standards. Bitnomial’s newly listed spot products emerge after months of public engagement, technical review, and coordination across federal agencies, demonstrating a methodical approach rather than a sudden regulatory pivot.
Aligning With National Digital Asset Policy
The initiative also reflects ongoing guidance from the President’s Working Group on Financial Markets and the CFTC’s own Digital Asset Task Force. These bodies have gathered industry input to modernize rules on collateral, margin, blockchain-based settlement tools, and tokenization within derivatives markets.
From the CFTC’s perspective, bringing regulated spot products onshore is not simply overdue—it is strategically necessary. It allows the U.S. to compete more effectively with global regulatory jurisdictions and to meet rising expectations from both retail and institutional market participants.
A Signal to the Industry
Bitnomial may be the first exchange through the gate, but the broader message is unmistakable: regulated spot crypto trading has officially arrived in the United States. Federal agencies are now moving in concert to modernize oversight of digital assets, and Washington is indicating a clear willingness to chart a different path from the one that previously slowed industry growth.
For the crypto sector, this moment signals a new phase—one where innovation is not merely tolerated but actively invited onto the regulatory main stage.
#Binance #wendy $BTC $ETH $BNB

Ripple’s deepening push into integrated digital asset infrastructure marks its clearest bid yet to power real-time global finance. By bringing together treasury intelligence, institutional custody, liquidity provisioning, and settlement rails under one enterprise platform, the company is positioning itself as a central infrastructure provider for the next phase of financial transformation.
Ripple Expands Its Institutional Finance Ambitions
Institutional demand for instant financial infrastructure is accelerating, reshaping how enterprises architect digital asset systems. In a Dec. 4, 2025 Insight post, Ripple revealed an expanded roadmap designed to deliver a seamless, end-to-end platform for managing and transferring value across both traditional and blockchain-based environments.
“Ripple has invested nearly $4 billion into the crypto ecosystem through strategic investments and acquisitions,” the company wrote.
It added that 2025 stands apart as its most ambitious year yet, driven by four major acquisitions that all converge on a single mission: to become the one-stop infrastructure provider for moving value with the same speed and efficiency as information flows today.
The Insight outlined how each acquisition contributes a critical pillar to the broader platform.
• GTreasury boosts liquidity intelligence and opens connectivity to global repo markets.
• Rail brings virtual account infrastructure and stablecoin-based settlement capabilities.
• Palisade adds high-speed institutional custody mechanisms.
• Ripple Prime supports execution, financing, and other prime-brokerage-grade trading services.
Reece Merrick, Ripple’s senior executive officer and managing director for the Middle East & Africa, celebrated the milestone on X:
“A big day for the future of finance! With today’s addition of GTreasury (alongside Rail, Palisade, and Ripple Prime), we just completed the four major acquisitions that turn Ripple into the first true one-stop shop for institutional digital asset infrastructure.”
He continued: “This isn’t just about adding products. It’s about removing friction, reducing counterparty risk, bringing bank-grade security to infrastructure, and giving treasurers, CFOs, and financial institutions the tools they’ve been asking for to scale with digital assets.”
The Blueprint for a Unified Global Finance Layer
According to Ripple, the fusion of treasury intelligence, custody architecture, liquidity access, and settlement pathways empowers enterprises to streamline operations, strengthen capital management, and reduce operational bottlenecks. The company framed its strategy succinctly in the Insight:
Each of these acquisitions—custody, virtual accounts, treasury intelligence, prime brokerage services—adds a critical capability to Ripple’s suite of solutions. But the real story is the sum of these parts: Ripple is building the one-stop infrastructure shop that will power the next era of real-time global finance.
While some analysts warn that consolidating so many core financial functions under one provider could increase institutional dependency risk, supporters argue that unified infrastructure reduces fragmentation, enhances reliability, and accelerates institutional adoption of digital assets.
#Binance #wendy #XRP $XRP

Ether exchange-traded funds staged a powerful rebound this week, posting one of their strongest inflow days in recent memory. The momentum stood in sharp contrast to Bitcoin ETFs, which slipped back into outflow territory, and Solana products, which faced an abrupt reversal. Together, the moves painted a clear picture of shifting investor sentiment across the market’s three dominant ETF categories.
Ether Reclaims the Spotlight While Bitcoin and Solana Turn Red
Some days in the ETF market feel like a reset button has been pressed, and Wednesday, December 3, was one of those moments. After nearly a week of broad inflows across crypto ETFs, the tone shifted. Bitcoin’s steady run came to a halt, ether regained explosive momentum, and Solana — after weeks of uninterrupted strength — stumbled unexpectedly.
Bitcoin ETFs, which had quietly stacked up five consecutive days of inflows, finally broke the streak with a modest $14.90 million in net outflows. The weakness came largely from a sizeable $37.09 million withdrawal from ARK & 21Shares’ ARKB, paired with a $19.64 million outflow from Grayscale’s GBTC and a small $411.53K decline from the Mini Bitcoin Trust.
BlackRock’s IBIT tried to keep the category afloat with $42.24 million in inflows, but the support wasn’t enough to turn the day positive. Even so, trading activity remained healthy at $4.22 billion, and total net assets held steady at $121.96 billion — a sign that broader market confidence is still intact.
Ether ETFs Rebound Sharply After Two Days of Outflows
If Bitcoin paused, ether took center stage. The category recorded a robust $140.16 million in fresh inflows, marking one of its strongest sessions this month and a clear reversal from the previous two days.
BlackRock’s ETHA led the charge with $53.01 million, followed by Fidelity’s FETH at $34.38 million. Grayscale’s flagship ETHE and its Mini Ether Trust added $27.57 million and $20.72 million, while Bitwise’s ETHW contributed another $4.48 million. With trading volume reaching $1.65 billion and net assets rising to $19.70 billion, ether was undeniably the standout performer.

Solana ETFs Face a Sudden Setback
Solana ETF flows started the day on a positive note, with Bitwise’s BSOL pulling in $5.57 million, Fidelity’s FSOL adding $1.66 million, Grayscale’s GSOL gaining $1.55 million, and Canary’s SOLC drawing in $817.92K.
But all of those gains were erased — and more — when 21Shares’ TSOL saw a heavy $41.79 million outflow, dragging the entire category into the red.
The result was a net outflow of $32.19 million, halting Solana’s multi-week streak of consistent inflows. Still, trading remained active at $32.72 million, and total net assets stayed firm at $915.08 million. The setback appears more like a pause in momentum than a collapse in investor confidence.
#Binance #wendy $BTC $ETH $SOL

Franklin Templeton expanded its crypto ETF beyond bitcoin and ether by adding XRP and solana alongside other major tokens, signaling a shift toward broader market exposure and rising demand for assets tied to real-world utility and diversified blockchain use cases.

Franklin Crypto Index ETF Expands Asset Mix
Franklin Templeton announced on Dec. 2 that its Franklin Crypto Index ETF (Cboe: EZPZ) has broadened its digital asset lineup after the latest revision to the CF Institutional Digital Asset Index – US-Settlement Price. The ETF, previously centered on bitcoin and ether, now includes XRP, SOL, DOGE, ADA, XLM, and LINK.
The announcement states:
In addition to bitcoin and ether, EZPZ now incorporates XRP, solana, dogecoin, cardano, stellar lumens, and chainlink.
David Mann, head of ETF Product and Capital Markets at Franklin Templeton, explained that the wider index enables the ETF to capture a larger segment of the crypto market while preserving operational clarity. Roger Bayston, head of Digital Assets, noted that investors increasingly evaluate networks with real-world adoption, strong community, or functional utility, underscoring that the expanded index reflects a broader range of blockchain use cases.
Franklin Crypto Index ETF (EZPZ) holdings as of Dec. 2, 2025. Source: Franklin Templeton
The announcement followed a Nov. 24 filing with the U.S. Securities and Exchange Commission (SEC) detailing EZPZ’s shift from a bitcoin-and-ether structure to a broader asset mix effective Dec. 1. The filing states that the fund will invest in bitcoin, ether, XRP, solana, dogecoin, cardano, stellar lumens, and chainlink in weights that mirror those of the index. The SEC filing confirms that the benchmark will maintain quarterly rebalancing and that authorized participants will access in-kind creations and redemptions, which may strengthen liquidity. While critics caution that expanding beyond bitcoin and ethereum introduces dispersion risk, proponents argue that diversified crypto exposure enhances market representation and lowers concentration in any single asset.
#Binance #wendy $BTC $ETH $BNB

A major crypto naysayer’s reversal signals a bullish tide as the last resistance falls, with Vanguard opening access to the crypto ETF market for over 50 million investors and pushing digital assets into mainstream finance.

Vanguard Breaks Last Resistance With Dramatic Crypto Turn
Vanguard, the $11 trillion asset manager, is being viewed across the crypto industry as delivering one of the year’s most bullish institutional signals by opening access to crypto ETFs. Ric Edelman, a prominent financial advisor and industry commentator, highlighted on social media platform X on Dec. 2 the significance of the firm reversing its long-standing opposition to crypto.
Edelman stated: “Vanguard is the latest TradFi firm to do an about-face on crypto. After notoriously declaring it will never allow its brokerage customers to buy bitcoin ETFs, the firm has reversed its position – thanks to its new CEO, who’s far more level-headed than his predecessor.”
He continued: “It’s not just the move that’s smart. So is the timing. By making bitcoin, ethereum, and solana ETFs available to its 50 million customers, Vanguard is letting them buy while crypto prices are 30% below their all-time highs. Vanguard customers who take advantage of the sudden availability will find themselves sitting on nice profits in the future.” Edelman further said:
And once again, we find a major prior crypto naysayer doing a complete reversal. It’s impossible to view this as anything other than highly bullish for bitcoin and other major digital assets.
In a major policy shift, Vanguard has allowed its brokerage clients to trade a wide range of third-party cryptocurrency ETFs and mutual funds on its platform, reversing its traditionally cautious stance. The decision follows strong investor demand and the development of regulated crypto products. Clients can access funds tracking assets—including BTC, ETH, SOL, XRP, HBAR and LTC—though Vanguard is not launching its own crypto funds. The approach enables the firm to address current investment trends while maintaining its conservative, risk-focused reputation and reflects the broader normalization of digital assets in traditional finance.
Asset manager 21shares reinforced the industry’s interpretation of Vanguard’s decision in a post on X:
The last major resistance is gone. Vanguard Group joins the crypto ETF market, opening the door for over 50 million investors.
Analysts argue that a manager of Vanguard’s scale offering bitcoin and ethereum exposure may strengthen liquidity, elevate market infrastructure, and deepen institutional participation. Proponents add that broader access through large firms enhances transparency and long-term portfolio diversification, countering concerns about volatility and regulatory uncertainty.
#Binance #wendy #Vanguard $BTC

A fresh analysis from CryptoQuant points to a pivotal evolution in how Strategy manages its Bitcoin exposure, marking the most meaningful adjustment to the company’s treasury framework since it began accumulating BTC five years ago. With analysts warning that the market may be heading toward a prolonged downturn, Strategy is now reorganizing its balance sheet to balance long-term conviction with near-term resilience.
A Redesigned Treasury: Bitcoin for the Long Haul, Dollars for Flexibility
According to the report, Strategy has introduced a dual-reserve structure-separating its holdings into a long-term Bitcoin reserve and a newly created U.S. dollar liquidity buffer. This addition represents a departure from the company’s previous approach, which largely relied on equity issuance and convertible debt to expand BTC holdings and cover operational needs.
To build the new reserve, Strategy raised roughly $1.44 billion through at-the-market equity offerings. The capital will serve as a cushion to meet preferred dividend obligations, interest payments on convertible notes, and other short-term liquidity demands. For the first time, the company’s balance sheet now delineates between reserves dedicated to long-term BTC accumulation and a dollar-based buffer designed to help navigate periods of financial stress.
CryptoQuant’s research team frames the shift as a strategic recalibration rather than a retreat from the company’s Bitcoin-first philosophy. The long-term thesis remains intact, but Strategy appears more aware of the need for stability-especially as macro uncertainty rises and market access becomes less predictable.
A Measured Slowdown in Bitcoin Accumulation
The data reveals a sharp deceleration in Strategy’s monthly Bitcoin purchases over the past year. After peaking at 134,000 BTC in November 2024, buying fell to 59,700 BTC in December, dropped again to 31,500 BTC by mid-2025, and slid to just 9,100 BTC in November 2025. So far in December, accumulation stands at a modest 135 BTC.
CryptoQuant interprets this pattern not as abandonment but as tactical adjustment-an acknowledgment that markets might be entering a phase where liquidity management and risk protection carry more weight than aggressive accumulation.
A Market Environment That Demands Caution
The report notes that Strategy’s treasury overhaul coincides with one of Bitcoin’s steepest declines in 2025. Analysts emphasize the rarity of the current conditions: CryptoQuant’s Bull Score—a sentiment indicator tracking structural market strength-has fallen to zero, a level last seen in January 2022 as the prior bear market began taking shape.
This background has likely influenced Strategy’s decision to establish a 24-month liquidity buffer, a signal that the company is preparing for a 2026 that may be weaker than previously expected. The move also reflects growing caution about future access to capital markets should conditions tighten further.
What the Shift Means for Bitcoin and the Broader Market
CryptoQuant’s analysts suggest that Strategy’s evolving framework may ultimately provide long-term stability for Bitcoin. By reducing the need to sell BTC during high-stress periods and relying instead on a dollar reserve, the company may help dampen forced-selling dynamics that have historically intensified market drawdowns.
Yet in the near term, softer institutional demand and a slowdown in high-profile accumulation may create headwinds-particularly as sentiment across the crypto sector remains fragile.
The takeaway is clear: Strategy is not abandoning its Bitcoin-centric identity. Instead, it is crafting a more nuanced treasury system built for an environment that may demand both conviction and caution. As the market prepares for a potentially turbulent 2026, this redesigned playbook offers a window into how major corporate holders are adapting their strategies to survive-and potentially thrive-in a shifting macro landscape.
#Binance #wendy $BTC $ETH $BNB

IREN Limited is undertaking one of its largest financing maneuvers to date, rolling out a dual convertible bond issuance alongside a sizable equity sale that together are expected to surpass $2 billion. The initiative marks a strategic push to eliminate older, higher-cost convertible debt while tightening the company’s capital structure ahead of its next phase of expansion.
A Dual-Bond Structure Designed to Reshape IREN’s Balance Sheet
The bitcoin mining giant—currently the largest publicly traded miner by market capitalization at $11.65 billion—has priced two new senior convertible bond offerings:
$1 billion in 2032 senior convertible notes carrying a 0.25% coupon$1 billion in 2033 senior convertible notes carrying a 1.00% coupon

Both issuances include a 25% conversion premium, giving investors the option to convert into equity at a meaningful markup once particular thresholds are met. Settlement is expected on December 8, pending customary closing conditions.
To help offset dilution risk, IREN has executed capped-call transactions tied to both bond series. These derivative hedges offer partial protection up to a cap price of $82.24—double the company’s most recent share price of $41.12. While capped calls don’t eliminate dilution entirely, they mitigate equity overhang unless shares rally significantly beyond the cap.
A Major Equity Sale to Support Debt Reduction
Alongside the bond offerings, IREN has priced a direct sale of 39.7 million common shares at $41.12 per share. The proceeds are earmarked to help repurchase outstanding 2029 and 2030 convertible notes.
The company has already entered privately negotiated agreements to buy back approximately $544.3 million in principal from those older notes at a total repurchase cost of roughly $1.63 billion. If the new offerings close successfully, IREN expects additional repurchases of the legacy notes may follow.
A Capital Restructuring With Multiple Moving Parts
IREN estimates net proceeds of $1.97 billion from the new convertible issuances, rising to $2.27 billion if over-allotment options are exercised. Together with the equity inflow, these funds will cover capped-call costs, retire older debt, and support general corporate needs.
Importantly, each transaction—the bond sales, the equity issuance, and the negotiated buybacks—is treated as an independent deal. Any one of them can close or fail without automatically impacting the others, giving the company flexibility as it navigates market conditions.
What This Means for IREN’s Positioning
If the restructuring completes as planned, IREN will have retired a major portion of its higher-coupon legacy convertible debt, replacing it with longer-dated notes at materially lower interest rates. For a capital-intensive mining firm operating in a competitive global landscape, this could strengthen liquidity, improve long-term solvency metrics, and reduce financing overhead.
Still, the repositioning isn’t without side effects. Trading activity linked to the hedging and repurchase agreements may introduce continued volatility in IREN’s share price as institutions adjust exposure around the capital raise.
For now, the company is signaling a clear objective: streamline the balance sheet, lock in cheaper financing, and prepare for growth in a market where scale and capital efficiency increasingly define competitive advantage.
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Polymarket has officially re-entered the U.S. market, launching a phased rollout of its new mobile application and restoring domestic access for the first time since 2021. The return marks a major turning point for one of the world’s largest prediction platforms after years of regulatory turbulence and restructuring.
A Long-Awaited Comeback Begins With Mobile Access
In an announcement on Wednesday, Polymarket revealed that its U.S. app is now live for waitlisted users through a staggered release. The company emphasized that sports markets will be the first category available, with broader event markets to follow once additional regulatory permissions are secured.
In a statement posted on X, the team wrote:
“Despite the challenges, the Polymarket U.S. app is now rolling out for people on the waitlist. We’re launching with sports markets — and next comes everything else.”
The platform reinforced the message with a second declaration:
“Polymarket is back. The world’s largest prediction market has returned to the U.S. Download the app today to check your position on the waitlist. Invites are being sent in waves. Android coming soon.”
Regaining U.S. Access After Years of Regulatory Scrutiny
Polymarket’s departure from the United States dates back to 2021, when the Commodity Futures Trading Commission (CFTC) charged the company with offering unregistered binary event contracts and facilitating off-exchange commodities transactions. The enforcement action concluded in January 2022 with a $1.4 million civil penalty and a requirement that Polymarket block U.S.-based users while restructuring operations.
After nearly four years operating abroad, the company has now returned under a revised regulatory framework. On November 25, 2025, the CFTC approved an amended order for a Polymarket-affiliated entity, enabling it to operate legally as a regulated exchange with intermediary-access provisions for U.S. traders. While further approvals are still needed before it can offer direct trading for all event-based contracts, the decision cleared a major hurdle.
Polymarket quietly reopened portions of its website to U.S. users in mid-November as part of a controlled beta phase, initially limiting access to waitlisted participants. The mobile rollout represents the next stage in that gradual re-entry.
A Phased Strategy for Rebuilding in a Competitive Landscape
The company is prioritizing compliance as it scales its domestic offering. Invitations are being released in waves while Polymarket works through remaining regulatory steps. Sports markets will lead the way in the U.S. app, with political, macroeconomic, and other event markets expected to follow only after receiving explicit clearance.
Polymarket’s return comes at a time of intensifying interest in regulated prediction markets. Competitors such as Kalshi have also seen rapid growth, raising the stakes for platforms looking to establish themselves under CFTC oversight. With this move, Polymarket joins a small group of exchanges now operating directly under U.S. regulatory supervision.
Support for Android will follow the iOS launch via the Apple App Store, and U.S.-based users can already check their waitlist positions.
A New Chapter for Prediction Markets in the U.S.
After nearly four years away, Polymarket’s domestic relaunch marks a significant milestone for the prediction market industry. By combining a phased compliance-oriented approach with renewed product access, the company is positioning itself to play a central role in the emerging ecosystem of regulated event markets in the United States.
Its return signals not only a revival of its own presence but also a broader shift toward mainstream acceptance of structured, legally compliant prediction platforms within the American financial and commercial landscape.
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