Core Viewpoint - CoinShares has decided to withdraw its plan to launch three exchange-traded funds, indicating a strategic shift towards focusing on higher-margin opportunities in anticipation of its U.S. listing [1] Company Summary - CoinShares is a European cryptocurrency firm that is adjusting its business strategy by withdrawing from the ETF market [1] - The company aims to concentrate on more profitable ventures as it prepares for its listing in the United States [1]

FOMC minutes. Photo by BeInCrypto The weakening US labour market is emerging as a major risk variable for crypto heading into December and early 2026. Rising layoffs, slowing hiring, and deteriorating consumer confidence have intensified expectations of a Federal Reserve rate cut.  The shift could influence Bitcoin and Ethereum more sharply than equities due to fragile liquidity conditions across digital assets. Labour-Market Stress Increases Pressure on the Fed Layoff announcements surged in October to ...

Core Insights - Bitcoin has gained traction as a decentralized asset, supported by favorable U.S. economic policies and increasing institutional participation [1] - The comparison between Coinbase Global Inc. (COIN) and Riot Platforms (RIOT) highlights differing strategies for long-term growth in the cryptocurrency sector [1] Coinbase Global Inc. (COIN) - Coinbase is positioned to benefit from pro-crypto policies under President Trump, with 83% of its revenues coming from the U.S., making it a central player in digital asset innovation [3] - The company is expanding its product offerings, including new trading instruments and a $100 million Bitcoin-backed loan to CleanSpark, enhancing its presence in crypto lending and decentralized finance (DeFi) [4][5] - Coinbase is also developing a low-cost Layer 2 network called Base to support on-chain activity and is pushing for stablecoin adoption through Coinbase Payments [5] - The company is actively acquiring firms to enhance its technological capabilities, with nine acquisitions in the year, including platforms for capital raising and derivatives trading [6] - Despite facing profitability challenges due to high costs, Coinbase's strategic acquisitions and favorable regulatory environment position it for long-term growth [7] Riot Platforms (RIOT) - RIOT focuses on a vertically integrated approach in Bitcoin mining, emphasizing scale, low-cost production, and a strong balance sheet [10] - The company is reallocating resources to develop high-margin data center services for AI and high-performance computing, with 1,862 MW of power capacity [12] - RIOT is developing its Corsicana data-center campus, which will support a total of 1-gigawatt power capacity, enhancing its position in the data center market [13] - The company holds over 19,000 Bitcoin and $400 million in cash, providing a solid foundation for future growth [23] - RIOT's strategy aims to secure leases with AI and cloud clients, shifting its revenue mix towards more stable, recurring streams [14] Financial Estimates - The Zacks Consensus Estimate for COIN's 2025 revenues indicates an 11.7% year-over-year increase, while EPS is expected to rise by 5.4% [15] - In contrast, RIOT's 2025 revenues are projected to increase by 74%, but its EPS is expected to decline by 164.7% year-over-year [16] - COIN shares have gained 6.7% year-to-date, while RIOT shares have increased by 46.5% in the same period [17] Valuation Metrics - Coinbase is trading at a forward price-to-earnings multiple of 43.7, slightly below its three-year median of 44.6 [19] - RIOT's forward price-to-earnings multiple is -21.67, worse than its median of -18.82 over the past three years [19] Conclusion - Coinbase benefits from a diversified revenue base and strategic acquisitions, enhancing its regulatory standing and long-term growth trajectory [21][22] - RIOT is well-positioned due to its power capacity, data center leadership, and strong balance sheet, although it faces risks from Bitcoin price volatility [23] - Both companies carry a Zacks Rank 3 (Hold), with COIN's near-term growth prospects appearing stronger than RIOT's [24]

Core Viewpoint - Bitcoin is increasingly being compared to high-beta tech stocks rather than being viewed as "digital gold," indicating a shift in perception among analysts [1][3]. Market Volatility - Bitcoin has faced significant volatility, particularly after reaching a peak near $126,000 in early October, followed by a sharp decline to around $92,617.58 due to macroeconomic factors, including President Trump's tariff announcement [2][3]. - The asset's current trading level is well below its monthly high, reinforcing the argument that it behaves like a high-beta macro asset [3]. Adoption and Valuation - Raoul Pal has drawn parallels between Bitcoin's growth trajectory and that of major tech firms like Google, suggesting that Bitcoin is in a similar adoption phase as Google was about a decade ago, with significant user-growth potential [4]. - Pal emphasizes that Bitcoin's valuation should be understood through a network-driven adoption model, akin to Metcalfe's Law, which highlights the importance of user growth in determining value [4].

Market Overview - Stocks are experiencing a rise, with Wall Street on track for a fifth consecutive day of gains as hopes for a Federal Reserve interest rate cut increase, leading to a return of risk appetite across technology, cryptocurrency, and commodities [1] - Traders now estimate an 88% chance of a 25 basis point rate cut at the Federal Reserve's meeting on December 10, up from 50% the previous week [1] Major Indices Performance - The S&P 500 increased by 0.4% to 6,840, just 1% below its all-time high, marking its strongest five-day rally since May [2] - The Nasdaq 100 rose by 0.6% to 25,340, while the Dow Jones Industrial Average added 300 points, trading near 47,730, aiming for a record-high close [2] Sector Performance - Intel Corp. led the S&P 500 with a nearly 8% increase as dip-buying returned to previously beaten-down tech stocks [2] - Crypto-related stocks saw significant intraday gains, with Bitcoin stabilizing near $90,000; Circle Internet Group Inc. rose by 10%, Coinbase Global Inc. by 3.5%, and Strategy Inc. by 2.2% [3] - Metals markets continued their rally, with silver surging nearly 5% to an all-time high of $55.80, and year-to-date silver prices are up 93%, on track for the best year since 1979 [4] - Gold prices increased by 1% to $4,200, while copper gained 2.5% to $5.30 per pound, reflecting a 31% increase year-to-date, the strongest performance since 2010 [4] Energy Commodities - Natural gas prices at the Henry Hub facility jumped 4.5% to $4.80 per million British thermal units, reaching a new three-year high [5] - Crude oil prices rose by 1.5% as market sentiment adjusted following earlier losses, amid cooling optimism regarding a Russia-Ukraine peace deal [5] ETF Performance - The Vanguard S&P 500 ETF rose by 0.5% to $628.02, while the SPDR Dow Jones Industrial Average rallied by 0.7% to $477.49 [8] - The tech-heavy Invesco QQQ Trust Series increased by 0.6% to $617.91, and the Energy Select Sector SPDR Fund outperformed with a 1.3% gain [8] Top Gainers and Losers - Top gainers included Circle Internet Group Inc. (+11.4%), Intel Corp. (+8.68%), and Coherent Corp. (+7.54%) [7] - Notable losers included AngloGold Ashanti plc (-5.07%), RLI Corp. (-3.15%), and Eli Lilly and Co. (-2.80%) [9]

Market Performance - U.S. stock indexes are on track for their strongest week since June, with the Nasdaq up 4.2%, the S&P 500 gaining 3.2%, and the Dow rising 2.6% [1] - The recent rebound follows a significant dip, indicating that some traders view the pullback as a buying opportunity, possibly in anticipation of year-end positioning or early signs of renewed liquidity and rate-cut optimism [2] Market Breadth Indicator - The Zweig Breadth Thrust (ZBT) indicator, which signals bullish reversals when advancing issues rise sharply, has come back into focus. Historically, when ZBT triggers, the market tends to rally significantly over the following 6-12 months [3] - The current rally is characterized by broad participation, leading some analysts to suggest it could mark the beginning of a new upward trend, although the ZBT is not infallible and macroeconomic headwinds and earnings risks remain [4] Cryptocurrency Market - The cryptocurrency market is showing signs of strength, with Bitcoin recovering some ground as risk sentiment improves, while Ethereum and other altcoins are stabilizing, despite elevated volatility [5] - If macroeconomic conditions remain favorable and liquidity supports the market, cryptocurrencies could benefit from renewed risk demand. However, unexpected hawkish moves, weak economic data, or renewed volatility could quickly erase gains [6]

Core Insights - Strategy Inc. (MSTR) has become the largest Bitcoin Treasury Company globally, holding 640,808 BTC, which is over 3% of all Bitcoin that will ever exist, linking its performance to the cryptocurrency market's direction [1] Financial Performance - In Q3 2025, MSTR recorded $3.9 billion in unrealized Bitcoin gains, resulting in a net income of $2.8 billion, demonstrating the direct correlation between rising Bitcoin valuations and the company's earnings [2] - Year-to-date, MSTR achieved a 26% Bitcoin yield and $12.9 billion in Bitcoin-related gains, showcasing the financial leverage of its BTC accumulation model [2] Capital Access - MSTR raised nearly $20 billion year-to-date through ATM equity programs and preferred stock offerings, including $5.1 billion in Q3 alone, which supports its ongoing Bitcoin purchases and treasury expansion [3] Market Sensitivity - The company's earnings are highly sensitive to Bitcoin price fluctuations, exposing it to volatility, and it has increasing preferred-stock obligations that require strong market support [4] Management Outlook - Management's updated guidance projects $34 billion in operating income and $80 EPS, assuming Bitcoin reaches $150,000, indicating confidence in its leveraged Bitcoin strategy [5] Competitive Landscape - MSTR faces increasing competition from Coinbase Global (COIN) and BlackRock, Inc. (BLK), both of which are enhancing their Bitcoin exposure and market influence [6] - Coinbase reported a $299 million increase in Bitcoin holdings, bringing its total to $2.6 billion, intensifying competitive pressure on MSTR [7] - BlackRock, with $13.46 trillion in AUM, offers institutional investors a regulated path into Bitcoin through its spot ETF, further challenging MSTR's direct accumulation strategy [8] Stock Performance - MSTR shares have declined by 38.9% year-to-date, underperforming the Zacks Finance sector's 14.3% gain, as well as the growth of Coinbase and BlackRock [9] Valuation Metrics - MSTR has a Value Score of F, trading at a Price/Book ratio of 0.97 compared to the sector's 4.16X [12] - The Zacks Consensus Estimate for MSTR's 2025 earnings is $78.04 per share, a significant recovery from a loss of $15.73 per share over the past 30 days [14]

Core Points - House Democrats accuse Trump Media & Technology Group Corp. of leveraging the White House for an estimated $800 million in cryptocurrency profits by 2025 [1] - The report claims President Trump has doubled his net worth since launching his 2024 campaign through cryptocurrency ventures, generating $800 million from token sales in the first half of 2025 and holding approximately $11 billion in digital assets and equities [2] - The report highlights concerns over foreign influence in these ventures, citing connections to overseas investors and controversial figures in the cryptocurrency industry [3][4] Foreign Influence and Regulatory Concerns - The report alleges that foreign investors, including notable cryptocurrency figures, used token purchases to gain influence within the Trump administration, raising regulatory concerns [4] - Specific mention is made of Justin Sun, whose involvement has drawn scrutiny, and the report inaccurately describes Tron as a crypto exchange rather than a blockchain network [4] Policy Decisions and Investigations - The report claims that favorable policy decisions were made for major digital asset companies, including pardons for figures associated with BitMEX and Binance, and that federal investigations into several cryptocurrency firms were either halted or deprioritized [5] - It is asserted that the Trump administration dissolved the DOJ's cryptocurrency enforcement team and repealed an executive order aimed at responsible digital asset development, which weakened investor protections [6] Ethical Concerns - Representative Raskin characterized the situation as "the world's most corrupt crypto startup operation," emphasizing concerns about pay-to-play dynamics and the erosion of federal ethics standards [7] - Lawmakers have requested suspicious activity reports related to Trump-linked tokens to assess potential conflicts of interest and compliance issues, with advocacy groups echoing these concerns [8][9]

Core Insights - The article discusses the evolving perception of Bitcoin and its fundamentals, emphasizing that while it is often compared to alternative assets, its correlation with high-risk equities is significant [4][5][6]. Group 1: Bitcoin's Value Proposition - Bitcoin is increasingly viewed as a speculative asset rather than a stable store of value, with its price influenced by investor sentiment and market trends [2][4]. - The total supply of Bitcoin is capped at 21 million tokens, with approximately 20 million already minted, highlighting its scarcity as a fundamental aspect of its value [6][9]. - The upcoming Bitcoin halving in 2024 is expected to support price increases over time, as it will reduce the rate at which new Bitcoin is created [11][12]. Group 2: Market Dynamics and Demand - Institutional demand for Bitcoin, particularly through spot ETFs, is becoming a crucial driver of market interest, as these products allow for direct exposure to Bitcoin [15][17]. - Recent developments in the ETF market have significantly impacted investor demand, with asset managers preferring direct ownership or ETFs that hold Bitcoin in cold storage [16][17]. - The current market dynamics suggest that institutional adoption could be a key factor in Bitcoin's future price movements, as it currently represents about 6% of Bitcoin's market capitalization [17].

Core Insights - XRP enters 2026 with significant infrastructure developments but struggles with price stagnation despite regulatory clarity and institutional partnerships [1] - The launch of smart contracts on AlphaNet in November 2025 enables native DeFi applications on the XRP Ledger (XRPL), potentially increasing token demand [2][5] - The challenge remains whether these infrastructure advancements can translate into actual demand for XRP tokens [3] Group 1: Smart Contracts and DeFi Potential - The introduction of smart contracts on AlphaNet allows developers to create DeFi applications directly on XRPL, addressing previous limitations [6][7] - XRPL's smart contracts can facilitate lending pools and liquidity protocols, which may lead to increased demand for XRP as tokens are locked in these applications [5][8] - This development positions XRPL to compete for on-chain volume beyond just payment transactions, potentially attracting more developers and liquidity [8] Group 2: Disconnect Between Network Growth and Token Demand - Despite the rapid growth of the XRPL network, there is a significant disconnect between this growth and the demand for XRP tokens [10] - Ripple has established a robust payment system utilized by institutions for large transactions, yet XRP is primarily used for temporary settlement rather than being held long-term [10] - This lack of sustained holding contributes to the ongoing challenges in achieving price growth for XRP [10]