The cryptocurrency market may be brewing new systemic risks. A recent industry report warns that if MSCI excludes companies with digital assets as the core assets on their balance sheets from its index inclusion rules, it could trigger selling pressure of up to $10 billion to $15 billion, further impacting the already strained crypto market. According to research published by BitcoinForCorporations, there are currently 39 companies being evaluated by MSCI, with a combined market capitalization of over $110 billion adjusted for circulating shares. If these companies are removed from the global investable indices, passive funds tracking these indices may be forced to reduce their holdings, with an estimated total capital outflow of approximately $11.6 billion. The selling impact could persist over the next three months.

Recently, Norway's Government Pension Fund Global (NBIM) expressed clear support for Tokyo-listed company Metaplanet, drawing significant market attention. As one of the largest sovereign wealth funds in the world, managing assets close to $2 trillion, NBIM voted in favor of all five management proposals presented by the company at Metaplanet's Extraordinary General Meeting (EGM), which is seen as an important endorsement of the "Bitcoin Treasury Strategy." Metaplanet is often referred to by the market as the "Asian version of Strategy (formerly MicroStrategy)," focusing on a corporate treasury management model centered around Bitcoin. NBIM currently holds approximately 0.3% of Metaplanet's shares and has explicitly expressed support for Bitcoin as a legitimate and long-term asset allocation tool for corporations. This statement indicates that NBIM is no longer just a passive holder but actively supports the company's aggressive capital strategy centered around Bitcoin.

Amid the overall correction in cryptocurrency-related stocks, Cathie Wood's Ark Invest has once again chosen to go against the trend. According to the latest disclosed trading documents, Ark Invest significantly increased its holdings in crypto concept stocks such as BitMine, COIN, and Bullish through multiple exchange-traded funds (ETFs) on Wednesday, demonstrating its continued confidence in the industry's long-term prospects. Data shows that on Wednesday, Ark Invest bought approximately 10.56 million USD worth of BitMine stock through three ETFs. Previously, the firm had purchased about 17 million USD worth of BitMine stock on Monday, with continuous buying in a short period, indicating a clear action. BitMine is regarded as the world's largest Ethereum asset management company, with its business highly tied to the ETH ecosystem development.

Recently, Bitcoin trading prices have gradually approached a long-term "price safety line" that is highly关注 by the market, triggering明显紧张 among bulls. This safety line is the 100-week simple moving average (100-week SMA), an indicator long regarded as an important reference for判断比特币大趋势走向. Over the past three weeks, Bitcoin prices have repeatedly found support near this moving average, temporarily preventing further decline from the historical high above $126,000. From a technical analysis perspective, the 100-week SMA represents the average cost range over the past nearly two years and is often seen as a关键分水岭 for bull-bear transitions. If the price stabilizes and rebounds at this level, the market often interprets it as the long-term trend still resilient,甚至可能成为新一轮上涨的“跳板”. However, once effectively broken below, bullish confidence may quickly dissipate, selling pressure will intensify, and bearish力量也将明显增强.

Bitcoin long-term bullishness, MicroStrategy (formerly MicroStrategy) founder Michael Saylor once again cements his iconic status in the crypto market. The latest data shows that Saylor's Strategy company currently holds a total of 671,268 Bitcoins (BTC), accounting for approximately 3.2% of the total Bitcoin supply in history, making it one of the largest corporate holders of Bitcoin worldwide. In the context of Bitcoin's total supply being permanently capped at 21 million coins, the scale of Strategy's holdings carries significant symbolic meaning. This ratio means that for every 31 Bitcoins in circulation globally, 1 is held by Strategy. Considering that some Bitcoins are permanently lost due to lost private keys, the actual circulating share controlled by Strategy may be even higher.

MicroStrategy's latest Bitcoin purchase has become one of the most controversial crypto market events since 2025. Before the macro risk concentration was released, the company spent approximately $980 million to buy 10,645 Bitcoins at an average price of $92,098 per coin. Subsequently, Bitcoin's price quickly fell back to around $85,000, resulting in a significant short-term paper loss on this transaction and sparking widespread market discussion about the timing of the buy. Looking at the outcome, this purchase was indeed poorly timed. Shortly after the acquisition was disclosed, Bitcoin experienced a sharp decline under multiple pressures including potential rate hikes by the Bank of Japan, leverage liquidations, and market maker de-risking. As of now, Bitcoin continues to fluctuate around the $80,000 range, significantly below MicroStrategy's latest purchase cost.

According to Bloomberg, Bitcoin prices have fallen below the $86,000 mark for the first time in two weeks, indicating that market downside pressure is intensifying. On Monday, Bitcoin dropped as much as 3.7%, touching a low of $85,171, and then slightly rebounded above $86,000 during early Asian trading on Tuesday. However, overall, Bitcoin has retreated about 30% from its previous all-time high of over $126,000, and investor sentiment has noticeably weakened. Analysts point out that Bitcoin has recently been approaching the lower end of its previous trading range. Every rebound encounters selling pressure from investors who entered near historical highs in early October, creating clear resistance above. FalconX senior derivatives trader Bohan Jiang stated that Bitcoin is currently fluctuating sharply between $85,000 and $94,000, with overall trading interest in the crypto market remaining low and trading volume staying at subdued levels.

The cryptocurrency market has been under continuous pressure recently, and the so-called "Christmas rally" is becoming increasingly unlikely. On Monday, major digital assets such as Bitcoin, Ethereum, and Ripple (XRP) all declined collectively, with prices falling to at least a one-week low, and the derivatives market liquidation scale also significantly expanded. Data shows that Bitcoin has fallen more than 3% in the past 24 hours, with the price dropping from nearly $90,000 in early Monday trading to a low of $85,833, hitting a new low since early December. Ethereum also performed poorly, declining over 4% intraday to $2,955; Ripple dropped about 4.5%, falling back to $1.90, also hitting a new low since December. Over the past week, almost all of the top ten cryptocurrencies by market cap, except stablecoins, have weakened across the board.

Amid the continuous decline of stocks related to cryptocurrencies over multiple days, "Woodie" Cathie Wood's ARK Invest once again demonstrates its consistent "buy the dip" investment style. On Monday, ARK increased its holdings in related stocks as the stocks of leading public companies in the crypto sector such as Bullish, Circle, and others continued to decline, attracting market attention. According to publicly disclosed information, ARK invested approximately $59 million in crypto concept stocks in this round. Among them are about $16.3 million in COIN, approximately $5.2 million in Bullish (BLSH), around $10.8 million in Circle Internet Group (CRCL), as well as an increase of about $17 million in Bitmine Immersion Technologies and approximately $9.9 million in CoreWeave.

Ahead of the upcoming Extraordinary General Meeting (EGM), the stock price of Japan-listed company Metaplanet has been hovering around 440 yen. The company's CEO Simon Gerovich recently hinted publicly that this meeting will make important decisions regarding “key Bitcoin purchases and capital structure adjustments,” and the voting results may profoundly impact the company's future Bitcoin strategic layout. On December 15, Metaplanet officially announced on the X platform that it will hold an online Extraordinary General Meeting on December 22. The meeting will focus on corporate governance and medium- to long-term strategies, with the most market-focused topic being the Bitcoin accumulation plan for 2025 and beyond. The company emphasized in the announcement that this EGM is “crucial” to Metaplanet's future development and urged shareholders to exercise their voting rights in advance within the specified timeframe.

Michael Saylor recently proposed a financial reform plan for the Middle East at the Bitcoin MENA conference, with the core concept of creating a "zero-volatility, high-yield digital bank account" supported by Bitcoin to attract huge low-yield capital around the world. He pointed out that institutional funds in Japan, Europe, Switzerland and other regions have been trapped in a low-interest rate environment for a long time and lack significant returns, which is an opportunity for Bitcoin to become a new type of financial infrastructure. Rather than attracting funds from the crypto community, Saylor proposed a design goal to restructure the global sovereign bond and corporate bond markets of $20 trillion to $50 trillion. He emphasized that current investors are forced to choose high-risk credit products simply because traditional bank accounts cannot provide sufficient yields. The solution he proposed is for regulated banks to launch digital accounts with 8% yields, backed by Bitcoin, making them global capital hubs in the new era.

Andrew Tate recently posted on social platforms, questioning MicroStrategy's purchase of about 10,000 Bitcoins but failing to drive the price up, a statement that quickly sparked heated discussions in the Bitcoin community. Despite the staggering size of this nearly $1 billion purchase, the Bitcoin price remained in the $88,000 to $92,000 range before and after the announcement, with little market reaction. The discussion focused on a key question: Why didn't such a huge buying order drive spot prices? Industry insiders pointed out that the core reason is that micro strategies usually do not execute buy orders through the open market, but rely on over-the-counter (OTC) to complete large orders. OTC platforms privately match buyers and sellers to complete huge transactions off-chain, avoiding impact on the order book and leaving no traces on the price chart.

At the recent Bitcoin MENA conference, Michael Saylor made it clear that Strategy (MSTR) will not issue perpetual preferred stock (“digital credit”) in Japan within the next 12 months, stating that the “12-month head start” will be left to Japanese listed company Metaplanet. This move has drawn more attention to Metaplanet’s strategy in the Japanese perpetual preferred stock market, which has long been inactive, with only five companies in all of Japan currently qualified to trade perpetual preferred stock. Metaplanet CEO Simon Groverich pointed out that the company plans to enter this market with two new products, “Mercury” and “Mars,” becoming the sixth and seventh companies in Japan to issue perpetual preferred stock. Among them, Mercury is positioned as the Japanese version of Strategy STRK, with an annualized yield of 4.9%, denominated in yen and convertible, which is much higher than the generally less than 0.5% yield of Japanese bank deposits and money market funds. Mercury is currently in the pre-IPO stage, with the goal of listing in early 2026. The second product, Mars, models Strategy’s short-term high-yield credit product STRC, targeting investors seeking short-term returns.

The price of Bitcoin hovered around $90,400 on Tuesday, with the market gradually stabilizing after experiencing its weakest November performance since 2018. Market data shows that over the past 24 hours, Bitcoin edged up 1%, Ethereum rose 0.2%, and other major altcoins saw mixed movements. BNB increased by nearly 1%, XRP dipped slightly, and Solana fell by about 0.6%. Although liquidity remains weak ahead of the Federal Reserve's decision, the overall rebound momentum continues. The latest market time zone data has attracted attention. A Presto Research report points out that the European trading session has been the main driver behind this month's 20% to 25% drop in Bitcoin and Ethereum, with negative returns significantly higher than in other regions. The Asian and US markets have remained largely flat, indicating that during the crypto market's deleveraging process, capital behavior varies noticeably across different regions.

American Bitcoin (ABTC), a Bitcoin mining and treasury company co-founded by President Trump’s two sons—Eric Trump and Donald Trump Jr.—has chosen to buy against the trend during periods of extreme market volatility, further reinforcing its strong confidence in Bitcoin’s long-term value. According to a company announcement released on December 3, American Bitcoin added 363 Bitcoins, bringing its total Bitcoin reserves to 4,367 as of December 2, a significant increase from the 4,004 disclosed on November 7. Notably, the company’s increased holdings coincided with Bitcoin’s sharp drop from a high of $126,000 to a range low of around $82,000. American Bitcoin’s strategy is highly consistent with Michael Saylor’s typical “buy the dip” logic, aiming to increase positions during market pullbacks and enhance capital efficiency when the market recovers in the future.

JPMorgan analysts believe that Strategy's continued high Bitcoin holdings valuation above 1, as well as its strong cash reserves, will impact Bitcoin's short-term price trends and reduce the risk of sell-offs. At the same time, the mid-term target price for Bitcoin is expected to be around $170,000.

As the scale of mining in the crypto industry continues to shrink, Bitcoin miner and power supplier Greenidge Generation is accelerating the adjustment of its asset structure, announcing the sale of its remaining land and future 60 megawatt (MW) power service rights in Spartanburg, South Carolina. According to documents filed on Tuesday, the company is selling two parcels totaling 152 acres to a subsidiary of real estate investment giant Lightstone Group, and is also transferring the 60MW "initial load" power allocation rights for the site. The related power is expected to come online in September 2026.

On Thursday, Japanese digital asset management company Metaplanet's stock price rose by about 7%, after the company disclosed that it had provided a loan of $130 million to purchase more Bitcoin. This former hotel operator transformed into a Bitcoin asset management company, and its acquisition plan triggered a positive market response, also boosting the stock prices of other DAT companies. On that day, the performance that outperformed the Nikkei 225 Index included energy company and former cryptocurrency exchange operator Remixpoint, whose stock price rose by 22%, holding approximately $128 million in Bitcoin assets. Other DAT company stock prices also rose: SBC Medical Group Holdings increased by about 5%, Gumi rose nearly 3%, and Agile Media Network saw an increase of about 1%, with the overall rise significantly surpassing Bitcoin's own increase of 0.24%.

Bitmine Immersion Technologies (BMNR) has recently made another large-scale purchase of Ether, attracting significant market attention. On-chain data shows that this Ethereum treasury company, supported by Fundstrat's renowned analyst Tom Lee, increased its holdings by 14,618 ETH on November 28, valued at approximately 44.34 million USD, with funds coming from BitGo Hot Wallet. This increase further reinforces the recent trend of institutional demand for Ethereum warming up. As of now, Bitmine Immersion has held approximately 3.6 million ETH, accounting for 3% of the total ETH supply, making it one of the most influential enterprise-level Ethereum holders in the market. According to Yahoo Finance data, Bitmine's enterprise value is $12.19 billion, with a total cryptocurrency holding scale of $11.2 billion, keeping its price-to-book ratio at a solid level of 1.08.

BitMine disclosed that it holds approximately 3.63 million ETH, becoming one of the largest Ethereum treasuries in history. However, the average bid price it announced was $2,840 per coin, which immediately raised doubts among analysts who believe there is a logical flaw in this figure. This disclosure is significant because BitMine is moving towards its long-standing goal of acquiring 5% of all Ethereum, a target that Fundstrat refers to as "5% alchemy."

On Monday, the stock prices of digital asset management companies performed strongly, with BitMine Immersion Technologies leading the charge among major Crypto Assets holding companies. The stock soared nearly 20% during the trading session. BitMine's stock price climbed from just under $27 to over $31 at closing. With the price of Ethereum continuing to rise, the gains in after-hours trading remained stable. Since the cryptocurrency market peaked in early October, the stock has dropped by 50%. However, since launching the Ethereum accumulation strategy in late June, BitMine's stock price has still increased by 630%.

Multiple institutions actively reduced their exposure to MicroStrategy (MSTR) in the third quarter of 2025, amounting to approximately $5.4 billion, indicating that Wall Street is shifting from treating MSTR as a Bitcoin proxy to more direct Compliance-focused Bitcoin investment methods.

MicroStrategy (formerly known as MicroStrategy) announced this morning that its reserve of 649,870 Bitcoins, based on the current BTC price, is enough to cover 71 years of dividends, "and any rise in the Bitcoin price exceeding 1.41% per year will completely offset our annual dividend expenses." However, despite having such a strong "balance sheet", the S&P 500 index has refused to include it, and now MSCI may also kick Strategy out of the main index. Once the dust settles, the crypto industry could lose billions of dollars in funding.

The global Crypto Assets industry is on high alert, preparing to face potential turmoil. Major index provider MSCI is weighing whether to exclude companies that hold significant digital assets from its flagship stock benchmark index. Analysts warn that this move could lead to billions of dollars in passive fund outflows early next year. This discussion began in October and has now become more urgent. Previously, MSCI confirmed that it is consulting the investment community on whether companies holding more than 50% Bitcoin or other Crypto Assets on their balance sheets should continue to meet the inclusion criteria.

CryptoQuant founder Ki Young Ju stated on the X platform that MicroStrategy would only go bankrupt if an asteroid hit the Earth, refuting rumors of Michael Saylor dumping Bitcoin. He pointed out that Saylor needs shareholder approval to sell Bitcoin and emphasized that there are various ways for MicroStrategy to address debt issues, and the risk of bankruptcy does not exist. Even if Bitcoin falls to $10,000, MicroStrategy would only restructure its debt.

On Wednesday, as the overall cryptocurrency market fell, Ark Invest went against the trend by increasing its holdings in three cryptocurrency companies worth $39.6 million. An email disclosed that Cathie Wood's investment management firm Ark Invest purchased 463,598 shares of Bullish (BLSH), valued at $16.9 million at the close. The company also bought 216,019 shares of stablecoin issuer Circle Internet Group (CRCL) and 260,651 shares of Ethereum asset management company Bitmine Immersion Technologies (BMNR), valued at $15.1 million and $7.6 million, respectively.

Golden Finance reported that Block, the fintech company led by Jack Dorsey, released a significant outlook at the Investor Day on Wednesday, announcing a clear rise path through 2028. The company expects annual gross profit to maintain mid-teens growth, reaching approximately $15.8 billion by 2028, with adjusted earnings per share expected to rise annually by a low 30%. At the same time, Block significantly expanded its capital return plan, adding a new $5 billion stock buyback authorization, plus the remaining $1.1 billion from September, bringing the total buyback scale to $6.1 billion. This positive news propelled the company's stock price to jump about 8% after the announcement, reaching $62. William Blair analysts pointed out that as consumers quickly shift towards instant lending tools, Block's current valuation remains undervalued, with more than 40% rise potential.

According to Cryptonews, Strategy Executive Chairman Michael Saylor rebutted Wall Street's concerns that the increasing influence of Bitcoin is exacerbating the asset's fluctuations. On Tuesday, Saylor stated in an interview with Fox Business Channel that despite the accelerating pace of institutional adoption of Bitcoin, the price volatility of Bitcoin has actually diminished over time, pointing out that "volatility has significantly dropped." Saylor's comments come at a time of market turmoil. Data shows that Bitcoin has dropped nearly 12% in the past week to $91,616, erasing the gains made in 2025.

Michael Saylor expressed that he does not share concerns about Wall Street entering the Bitcoin market, believing that Bitcoin's volatility has significantly dropped from 80% in 2020 to the current 50%, and it may further decrease in the future, performing better than the S&P 500.

BlockBeats news, on November 19, the first institutional Holdings of Ethereum, Bitmine, announced that it will release its financial performance for the fourth quarter and the entire fiscal year 2025, as of August 31, 2025, before the opening of the US stock market on Friday, November 21, 2025.

Gate News bot message, Tom Lee's Bitmine has demonstrated continued interest in Ethereum through a significant purchase. A new wallet address 0xE2ed, which shows connections to Bitmine, received 21,054 ETH, valued at $66.57 million, from a centralized exchange. The transaction occurred 6 hours ago.

As of November 18, major encryption treasury companies' mNAVs have all fallen below 1. Strategy's mNAV is 0.937, with a market capitalization of 56 billion USD; Metaplanet is 0.912, with a market capitalization of 2.61 billion USD; Bitmine is 0.83, with a market capitalization of 8.81 billion USD; SharpLink is 0.84, with a market capitalization of 2.02 billion USD.

Golden Finance reports that TD Cowen analysts state that although the mNAV of Strategy recently fell below 1 (which means its stock trading price is lower than the market value of its Bitcoin holdings), and Bitcoin has fallen to a seven-month low, this has not changed its long-term outlook. The company believes that as its Bitcoin accumulation model scales up, there is still significant pump potential. Analysts Lance Vitanza and Jonnathan Navarrete maintained a target price of $585 for MSTR, which implies an approximate 170% rise from Strategy's current stock price of around $194. They noted that the current weakness reflects more of the market volatility rather than any change in the company's ability to accumulate additional Bitcoin.

PANews, November 17 news, according to market news, Strategy (formerly MicroStrategy) disclosed an investment of $835.6 million to increase its holdings by 8,178 Bitcoins.

Gate News bot message, MicroStrategy has acquired an additional 8,178 Bitcoin for $835.6 million, with each Bitcoin costing an average of $102,171. Following this acquisition, MicroStrategy's total Bitcoin holdings stand at 649,870 BTC, representing a cumulative investment of approximately $48.37 bi

Odaily News The Government of Canada’s Canada Pension Plan Investment Board (CPP) has just purchased 393,322 shares (worth 80 million USD) of strategy $MSTR .

According to a report by Jinse Finance, economist Peter Schiff stated that MSTR's business model relies on revenue-oriented funds purchasing its "high-yield" preferred shares. However, these announced yield rates will never materialize. Once fund managers realize this, they will sell these preferred shares, and MSTR will no longer be able to issue any preferred shares, leading to a vicious cycle.

According to BlockBeats news, on November 16, Michael Saylor, the founder of Strategy, released information related to the Bitcoin Tracker again. According to previous patterns, Strategy always discloses information about increasing Bitcoin holdings the day after relevant news is released.

PANews reported on November 16 that economist and cryptocurrency critic Peter Schiff stated on the X platform that $MSTR has fallen over 64% from its peak in November 2024. More importantly, Saylor has expanded his balance sheet through leverage over the past five years, spending more than $47.5 billion to acquire over 640,000 Bitcoins at an average price of $74,000 each. Now, the paper profit of this investment is only 27%.

Odaily News Bitcoin pioneer and Blockstream co-founder Adam Back stated in a post on the X platform that the Bitcoin treasury company Strategy has been buying Bitcoin. The previous wallet switch was merely to transfer Bitcoin to another custodian and did not involve selling. The leverage ratio of Strategy is actually very low, currently holding Bitcoin worth 64 billion dollars, with liabilities of only 8 billion dollars, resulting in a leverage ratio of about 13%. Moreover, its debt is all long-term debt, which does not need to be repaid in the short term.

Golden Finance reported that BitMine Chairman Thomas (Tom) Lee stated that the recent signs of weakness in the crypto market indicate that one or more market makers may have significant gaps in their balance sheets, and the market is attempting to trigger their Liquidation. He believes this is a short-term Fluctuation and will not change the long-term Supercycle trend of Ethereum, and he reminds investors not to use leverage at this time to avoid the risk of Get Liquidated.

Tom Lee of BitMine, an Ethereum treasury company, pointed out that the fall in the crypto assets market has exposed several hidden risks, such as issues with the balance sheets of market makers, but he expects these pains to be short-term. He emphasized that it is not suitable to use leverage at this time and mentioned that resolving the balance sheet issues may take 6-8 weeks.

Odaily News Regarding the rumors about MicroStrategy ($MSTR) selling Bitcoin, there have been many, which even had a certain impact on Polymarket. The probability on Polymarket regarding whether MicroStrategy will sell Bitcoin in 2025 has significantly risen, currently reported at 12%, with a daily maximum of about 17%.

After Bitcoin fell to $98,000, MSTR's stock price dropped another 6.6%, with a year-to-date decline of 30%, returning to the level before Trump was elected last year. Despite the company holding $63.2 billion worth of Bitcoin, its enterprise value is trading at a nearly 20% premium, analysts believe the common stock price is higher than the actual value of the Bitcoin holdings.