Core Points - Greenlane Holdings, Inc. held its Annual Meeting of Stockholders on December 1, 2025, which was adjourned and reconvened on December 9, 2025 [1] - The company announced the election results of its board of directors, with Bruce Linton being elected as the new Chairman [2] - Stockholders approved the re-appointment of PKF O'Connor Davies, LLP as auditors for the fiscal year ending December 31, 2025 [2] - Additional proposals approved include an amendment to the 2019 Equity Incentive Plan, a Financing Proposal for issuing shares and pre-funded warrants, and an Advisory Compensation Proposal [3] Election Results - Barbara Sher received 126,884 votes (97.06% FOR) and 3,832 votes (2.93% AGAINST) [2] - Donald Hunter received 126,674 votes (96.86% FOR) and 4,095 votes (3.13% AGAINST) [2] - Bruce Linton received 127,751 votes (97.75% FOR) and 2,940 votes (2.24% AGAINST) [2] - William Levy received 127,920 votes (97.82% FOR) and 2,848 votes (2.17% AGAINST) [2] - Michael C. Howe received 126,809 votes (96.97% FOR) and 3,959 votes (3.02% AGAINST) [2] Proposals Approved - Amendment to increase the number of shares authorized under the 2019 Equity Incentive Plan to 3,000,000 [3] - Financing Proposal for issuing shares of common stock and pre-funded warrants [3] - Advisory Compensation Proposal for issuing pre-funded warrants to certain advisors [3]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased securities of DeFi Technologies, Inc. during the specified class period of the upcoming lead plaintiff deadline for a class action lawsuit [1]. Group 1: Class Action Details - Investors who purchased DeFi Technologies securities between May 12, 2025, and November 14, 2025, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties can join by contacting Rosen Law Firm [3][6]. - The deadline to move the Court to serve as lead plaintiff is January 30, 2026 [3]. Group 2: Law Firm Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company and being ranked No. 1 for settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4]. Group 3: Case Allegations - The lawsuit alleges that DeFi Technologies made false or misleading statements regarding delays in its DeFi arbitrage strategy, competition from other digital asset treasury companies, and its revenue guidance for fiscal year 2025 [5]. - It is claimed that these issues were downplayed, leading to materially false public statements that resulted in investor damages when the truth was revealed [5].

Core Viewpoint - DeFi Technologies is facing a class action lawsuit due to alleged securities fraud that has negatively impacted investors between May 12, 2025, and November 14, 2025 [1][2]. Group 1: Allegations and Impact - The lawsuit claims that DeFi Technologies made false statements regarding delays in executing its DeFi arbitrage strategy, which is a key revenue driver for the company [2]. - It is alleged that the company understated the competition it faced from other digital asset treasury companies, which affected its ability to execute its DeFi arbitrage strategy [2]. - As a result of these issues, DeFi Technologies is unlikely to meet its previously issued revenue guidance for the fiscal year 2025 [2]. - The defendants are accused of downplaying the true scope and severity of the negative impacts on the company's business and financial results [2]. - Public statements made by the defendants are claimed to be materially false and misleading throughout the relevant period [2]. Group 2: Legal Process and Participation - Investors who suffered losses in DeFi Technologies during the relevant timeframe have until January 30, 2026, to request to be appointed as lead plaintiff [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees, and participation does not require serving as a lead plaintiff [3]. Group 3: Firm Background - Levi & Korsinsky has a history of securing hundreds of millions of dollars for shareholders and has extensive expertise in complex securities litigation [4]. - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the top securities litigation firms in the United States [4].

Core Viewpoint - DeFi Technologies (NASDAQ: DEFT) is facing a class action lawsuit due to allegations of issuing materially false and misleading statements regarding its business operations and financial performance during the class period from May 12, 2025, to November 14, 2025 [1]. Group 1: Allegations - The complaint alleges that DeFi Technologies faced delays in executing its DeFi arbitrage strategy, which was a key revenue driver for the company [1]. - It is claimed that DeFi Technologies understated the competition it faced from other digital asset treasury companies, impacting its ability to execute its DeFi arbitrage strategy [1]. - The company is unlikely to meet its previously issued revenue guidance for the fiscal year 2025 due to the aforementioned issues [1]. - Defendants allegedly downplayed the true scope and severity of the negative impacts on DeFi Technologies' business and financial results [1]. - Public statements made by the defendants were materially false and misleading throughout the class period [1]. Group 2: Next Steps for Shareholders - Shareholders who purchased shares of DEFT during the specified timeframe are encouraged to register for the class action by January 30, 2026 [2]. - Registered shareholders will be enrolled in a portfolio monitoring software to receive status updates throughout the lifecycle of the case [2]. - Participation in the case incurs no cost or obligation for shareholders [2]. Group 3: Law Firm Information - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting the rights of investors affected by deceit, fraud, and illegal business practices [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements or omissions [3].

On December 9, Bitcoin Treasury firm Twenty One Capital made its debut on the New York Stock Exchange (NYSE), and is trading under the ticker XXI. This latest public listing comes following its merger with Cantor Equity Partners. Following this merger, the company had a stash of a massive 43,514 BTC, worth over $4 billion. This makes it the third-largest BTC holder after Michael Saylor’s Strategy (MSTR) and Bitcoin Miner MARA Holdings Inc. Despite the strong balance-sheet positioning, XXI’s market debu ...

Core Argument - Strategy Inc. argues that the MSCI's proposal to exclude companies with over 50% digital asset holdings from its Global Investable Market Indexes is misguided and could harm capital markets, innovation, and U.S. leadership in digital assets [2][6] Company Classification - Strategy emphasizes that Digital Asset Treasury Companies (DATs) are operating businesses rather than passive investment funds, highlighting its active management of a Bitcoin-backed corporate treasury and capital markets program [3][4] Comparison with Traditional Firms - The company compares its model to traditional firms like banks and insurers that are concentrated in a single asset type, arguing that excluding DATs would be discriminatory and inconsistent with how other asset-heavy companies are treated [4] Concerns about Index Stability - Strategy warns that MSCI's proposed 50% digital asset threshold is arbitrary and could lead to instability in indices due to the volatility of crypto prices and differing accounting standards, which may undermine investor confidence [5] Policy Implications - The letter accuses MSCI of injecting policy judgments into index construction, which deviates from its role as a neutral benchmark provider, and argues that excluding DATs would under-represent a rapidly growing segment of the economy [6] Alignment with U.S. Digital Asset Strategy - Strategy contends that the proposal conflicts with the U.S. administration's pro-innovation digital asset agenda, which includes initiatives like a Strategic Bitcoin Reserve and efforts to enhance access to digital assets in retirement plans [7]

Group 1 - Crypto markets have increased approximately 10% since November 20, with ether-linked digital asset treasury companies (DATCOs) being significant beneficiaries due to improved risk appetite and expectations for interest rate cuts [1][2] - The median mNAV of the 25 DATCOs tracked by B. Riley rose to about 1.0x from 0.9x, indicating a positive shift in the market value of crypto holdings relative to enterprise value [2] - Bitcoin treasury companies gained about 20% on average, ether treasuries rose about 28%, and SOL treasuries advanced about 12%, outperforming the Russell 2000 stock index, which rose roughly 7% [3] Group 2 - The rebound of DATCOs is dependent on stabilization in the broader crypto market and companies executing return-on-equity accretive initiatives [4] - BitMine Immersion Technologies (BMNR) is highlighted as a strong performer with a 51% gain since November 20, and is rated buy with a $47 price target [4] - B. Riley remains constructive on BMNR and SharpLink Gaming (SBET), both rated buy, with price targets of $19, and identifies FG Nexus (FGNX), Sequans Communications (SQNS), and Kindly MD (NAKA) as value opportunities trading at discounts to mNAV [5]

Core Viewpoint - The company Strategy (NASDAQ:MSTR) is open to selling Bitcoin to fund dividend payments if necessary, marking a shift in its previous stance on Bitcoin retention [1][3]. Group 1: Company Strategy - CEO Phong Le stated that selling Bitcoin would be considered if the company's trading value fell below the net asset value (mNAV) of its Bitcoin holdings, emphasizing that this would be a last resort [1][2]. - The ultimate goal of the company is to maximize Bitcoin per share, and selling Bitcoin to pay dividends is seen as more accretive under certain conditions [2]. Group 2: Market Position - The company currently holds 650,000 BTC valued at $56.5 billion, representing the largest corporate Bitcoin holdings [5]. - The company's mNAV has recently compressed to 0.99, indicating that it is now valued below its Bitcoin holdings, which reflects a decline in the digital asset treasury trade's appeal [6]. Group 3: Leadership Comments - Michael Saylor, the company's Chair, addressed skepticism regarding the company's willingness to sell Bitcoin for dividends, asserting that it is possible to sell a small fraction of its holdings to cover dividend payments while still increasing Bitcoin holdings [4].

Core Viewpoint - A class action securities lawsuit has been filed against DeFi Technologies, alleging securities fraud that affected investors between May 12, 2025, and November 14, 2025 [1][2]. Group 1: Allegations of Fraud - The lawsuit claims that DeFi Technologies faced delays in executing its DeFi arbitrage strategy, which was a key revenue driver for the company [2]. - It is alleged that DeFi Technologies understated the competition from other digital asset treasury companies, impacting its ability to execute its DeFi arbitrage strategy [2]. - The complaint suggests that due to these issues, the company was unlikely to meet its previously issued revenue guidance for the fiscal year 2025 [2]. - Defendants are accused of downplaying the negative impact of these issues on DeFi Technologies' business and financial results, leading to materially false and misleading public statements [2]. Group 2: Legal Process and Participation - Investors who suffered losses in DeFi Technologies during the relevant timeframe have until January 30, 2026, to request to be appointed as lead plaintiff [3]. - Participation in the lawsuit does not require serving as a lead plaintiff, and class members may be entitled to compensation without any out-of-pocket costs [3]. Group 3: Firm Background - Levi & Korsinsky has a history of securing hundreds of millions of dollars for shareholders and has extensive expertise in complex securities litigation [4]. - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the top securities litigation firms in the United States [4].

Core Insights - The initial success of Bitcoin treasury companies has reversed, with many trading below net asset value (NAV) by late 2025, raising questions about whether this is a temporary dislocation or a structural reprice [1][13][24] Group 1: Market Dynamics - A new class of public companies has emerged, focusing on raising equity or debt to invest in Bitcoin, leading to significant market capitalization but also creating a disconnect with traditional operating businesses [2][5] - Total capital inflows into Bitcoin reached $661 billion since January 2024, with spot ETFs accounting for approximately $34 billion (5.2%) of that flow, indicating a shift towards institutional demand [4][5] - The introduction of fair value accounting by the FASB in late 2023 has allowed companies to evaluate Bitcoin holdings similarly to equities, removing previous impairment charges that distorted financial reporting [6][7] Group 2: Corporate Strategies - Strategy (formerly MicroStrategy) pioneered the model of issuing convertible debt to acquire Bitcoin, leading to a cycle of capital raises and asset accumulation [8][9] - Other firms, such as Metaplanet and KindlyMD, have followed suit, raising significant capital to invest in Bitcoin, with KindlyMD raising approximately $763 million [10] - The trend extends beyond Bitcoin, with companies now mandated to accumulate tokens tied to specific blockchain networks, creating persistent buying pressure [11] Group 3: Reflexivity and Valuation - The market has experienced a reflexivity trap, where trading above NAV allows for accretive issuance, but trading below NAV leads to value destruction and halts accumulation [12][16] - By 2025, many treasury companies faced significant discounts, with some trading at over 90% below NAV, driven by shifts in sentiment and macroeconomic conditions [13][14] - Execution quality has become a differentiator, with markets now distinguishing between firms perceived as competent and those with governance concerns [15] Group 4: Future Outlook - The survival of treasury companies hinges on their ability to navigate the current discount cycle, with early signs of stabilization observed in some firms [21][22] - Macro conditions, such as potential interest rate cuts, could influence the ability of these companies to raise capital and stabilize their valuations [22] - The industry may see consolidation, with stronger firms acquiring weaker ones, as management teams must demonstrate value beyond mere asset custody [23][25]