Strategy Inc. (formerly MicroStrategy) has built a massive $56 billion Bitcoin treasury, holding over 641,000 BTC — nearly 3% of Bitcoin’s total supply — but this aggressive Bitcoin accumulation strategy is now blocking its path into the S&P 500 index. Fueled by $21 billion in equity, preferred stock, and convertible debt issued in 2025, the company transformed from a traditional software and analytics firm into a de facto leveraged Bitcoin investment vehicle.

Crypto treasury firms are facing a $130 billion “value reckoning” as spot Bitcoin and Ethereum ETFs reshape how investors access digital assets. For years, Digital Asset Treasury (DAT) companies like MicroStrategy (now Strategy) and Metaplanet traded at hefty premiums because they offered one of the few regulated ways to gain Bitcoin exposure via corporate balance sheets.

On 17 November, a sharp bout of volatility in the crypto derivatives market triggered more than $70 million in combined Bitcoin and Ethereum liquidations, underscoring how quickly leverage can unwind in a risk‑on environment.

The Czech National Bank (CNB) has quietly purchased around $1 million in Bitcoin (BTC), USD-backed stablecoins, and a tokenized deposit, creating a dedicated “test portfolio” for digital assets. This move comes despite European Central Bank (ECB) President Christine Lagarde’s firm stance that Bitcoin should not be included in central bank reserves under the ECB’s umbrella.

A massive crypto whale is on the brink of a $190 million Bitcoin liquidation as BTC price surges to within just $357 (0.34%) of the position’s wipeout level at $104,017. According to Arkham Intelligence, the short was placed on Hyperliquid and is now threatened by today’s bullish momentum, with Bitcoin trading around $103,660 after rallying 2.34% from sub-$99,000 lows.

Bitcoin price prediction turned mixed after Galaxy Digital cut its 2025 BTC target to $120,000 from $185,000, citing leveraged liquidations, whale distribution of over 400,000 BTC, and tighter market liquidity. Despite the downgrade, Galaxy’s research head Alex Thorn framed this as part of Bitcoin’s “maturity era,” noting the broader bull market remains intact while BTC holds above the key psychological $100,000 level.

France is weighing two contradictory crypto policies that signal a split vision in Paris: treating digital assets as taxable “unproductive” wealth while pursuing a strategic national Bitcoin reserve. A first-reading amendment in the French National Assembly rebrands the real-estate-focused wealth tax into a broader tax on “unproductive wealth,” explicitly including digital assets.

Asia’s mid-cap corporates are emerging as a structural bid for Bitcoin, layering on top of recurring spot ETF inflows and tightening free float. Japan’s Metaplanet has transformed into a Bitcoin treasury company and now holds over 30,800 BTC after programmatic, rules-based accumulation and ongoing capital raises, while Korea’s Bitplanet launched a supervised daily-buy program targeting 10,000 BTC.

S&P Global Ratings assigned Michael Saylor’s MicroStrategy a B- credit rating, placing it firmly in speculative “junk bond” territory while maintaining a stable outlook. The agency cited the company’s narrow business focus on Bitcoin, high BTC concentration, weak risk-adjusted capitalization, and low U.S. dollar liquidity as key weaknesses.

Moon Inc. (HKEX: 1723) has raised roughly HK$65.5 million (about US$8.8 million) to launch a Bitcoin prepaid card in Thailand and South Korea, with broader expansion across Asia under evaluation. The Hong Kong–listed firm, formerly HK Asia Holdings, plans to sell BTC through prepaid card rails at convenience stores, kiosks, and telecom shops—letting users “top up” Bitcoin similar to mobile airtime.

BlackRock has launched the iShares Bitcoin ETP (ticker: IB1T) on the London Stock Exchange, giving UK retail investors regulated, direct exposure to spot Bitcoin for the first time. The physically backed ETP removes the need for self-custody while tracking BTC’s spot price, and debuted at $11.10, rising 5.54% on day one. BlackRock set a temporary total expense ratio (TER) of 0.15% through 31 December 2025, increasing to 0.25% thereafter, and confirmed reserves are held with r

The UK is moving to compensate victims of a massive Bitcoin fraud tied to a 61,000 BTC seizure, but court filings and policy signals suggest the government may retain most of the estimated $7.2 billion haul after restitution. The Home Office is developing a centralized “crypto storage and realisation framework” to manage confiscated digital assets, while civil recovery proceedings determine how funds are distributed.

Bitcoin plunged after U.S. President Donald Trump announced 100% tariffs on China, with BTC briefly crashing to $102,000 on Binance perpetual futures and spot prices hitting $107,000 on Coinbase. The escalation—tied to China’s planned export controls on rare earth minerals critical for semiconductors—sparked fears of a broader trade war, recession risk, and a crypto market sell-off.

Hong Kong-based DDC Enterprise Limited (NYSE: DDC) made its third Bitcoin (BTC) purchase in a week, adding another 100 BTC as it races to build a digital asset treasury targeting 10,000 BTC—roughly $1.2 billion at current prices. The company said it is “accelerating the pace” of acquisitions after laying operational groundwork and partnerships, positioning Bitcoin as a strategic reserve on its balance sheet.

The Bank of England (BoE) plans to exempt crypto exchanges and other operationally critical firms from proposed stablecoin holding limits, a move that could channel significant liquidity into Bitcoin (BTC) and Ethereum (ETH). By granting waivers for market-making and settlement operations—and allowing stablecoins for settlement in the Digital Securities Sandbox—the BoE addresses industry concerns that previous caps were unworkable.

Opendoor CEO Kaz Nejatian said the real estate platform will enable customers to buy homes with Bitcoin and other crypto, replying “We will. Just need to prioritize it” in a post on X. Following the comment, coverage noted Opendoor’s stock ticked higher intraday and highlighted the company’s scale (operating in 44 U.S. markets with a multibillion-dollar market cap).

CleanSpark, a Nasdaq-listed Bitcoin miner, ended September with a Bitcoin treasury of 13,011 BTC after mining 629 BTC and selling 445 BTC for roughly $48.7 million at an average price of $109,568. The company reported a 27% year-over-year increase in monthly BTC production, a 26% YoY improvement in fleet efficiency, and an average operating hashrate of 45.6 EH/s.

Japanese loans provider MBK (TYO: 3121) announced it purchased approximately 17.6 BTC for around ¥300 million (~$2.04 million) and approved the buy at the board level. The firm framed Bitcoin as both a treasury hedge against yen depreciation and inflation and as a strategic asset it plans to use beyond investment purposes.

September’s crypto market rout wiped roughly $300 billion from total market capitalization, falling from about $4.2 trillion to $3.9 trillion as leverage cascades triggered forced liquidations across exchanges. Over $7.3 billion in positions were liquidated between Sept. 18–28, with a peak single-day wipeout of roughly $3.6 billion on Sept. 21 as thin weekend liquidity amplified selling pressure. Bitcoin slid from the $118,000 area to near $109,000, while Ethereum broke below

Bitcoin has lost a key support level following the Federal Reserve’s latest interest rate cut, sparking fears of a potential Bitcoin price retracement to $105,000. According to on-chain data, the critical $115,200 mark represents the cost basis for nearly 95% of Bitcoin’s circulating supply, making it a vital psychological and technical support area.