Today's top news highlights:
1. The U.S. SEC issued guidance on post-shutdown filings, which may accelerate the approval process for several crypto ETFs.
2. Saylor denied rumors of "reducing its holdings of 47,000 Bitcoins" and stated that the company is currently buying.
3. Binance includes BlackRock's BUIDL fund in its institutional offline collateral framework.
4. Harvard University held 6.81 million shares of IBIT in Q3, a 257.48% increase compared to the previous quarter.
5. The first US XRP spot ETF was launched, with no net inflows on the first day, but a net inflow of $243 million on the second day.
6. Multicoin Capital announces investment in Ethena Protocol token ENA
7. Binance: Holding 240 Alpha Points allows you to claim an airdrop of 4375 ELIZAOS tokens.
8. ARK Invest increased its holdings of BitMine stock by $5.83 million and Bullish stock by $2.91 million.
Macro
The September non-farm payroll report will be released next Thursday.
According to Jinshi News, the U.S. Bureau of Labor Statistics announced on Friday that it will release its highly anticipated September employment report next Thursday. The report was originally scheduled for release on October 3, but was postponed due to the 43-day government shutdown.
According to Bloomberg analyst Eric Balchunas, citing the latest SEC guidance, the SEC received over 900 registration filings during the government shutdown and is now accelerating the clearing of the backlog. The guidance indicates that if an issuer's registration statement submitted during the shutdown does not include a delay-beginning clause (path 8(a)), it will automatically become effective after 20 days, and the issuer can apply for expedited effectiveness by adding a delay clause. Analysts suggest this may prompt some crypto ETF issuers that have not yet completed the 8(a) process to accelerate their listing process, with Bitwise's XRP ETF considered a potential next contender.
The Hong Kong Securities and Futures Commission (SFC) officially announced that Ms. Leung Fung-yee has been reappointed as Chief Executive Officer for a two-year term, effective January 1, 2026. Ms. Leung has served as SFC Chief Executive since January 1, 2023. During her tenure, she introduced a licensing system for virtual asset trading platforms and released a roadmap for virtual assets. She has been relatively supportive of the digital asset industry, stating that the future of digital assets is dynamic and promising. She also mentioned that the SFC will adopt a regulatory approach that applies the same business, risks, and rules to bring cryptocurrency OTC trading and custody institutions under its supervision.
According to a U.S. Department of Justice announcement, Travis Ford, an Oklahoma man, was sentenced to five years in prison for orchestrating a $9.4 million Ponzi scheme involving the cryptocurrency investment platform Wolf Capital Crypto Trading. He was also ordered to forfeit over $1 million and pay over $170,000 in restitution. Court documents show that Ford attracted approximately 2,800 investors between early 2023 and August with promises of "daily returns of 1-2%", but he admitted that these returns were unsustainable and that the funds were actually diverted for personal and accomplice profits, ultimately causing losses to investors. He pleaded guilty in January 2025.
Nevin Shetty, former CFO of a Washington-based software company, was convicted on four counts of wire fraud by a federal jury for misappropriating $35 million of company funds to invest in his self-built crypto platform and high-risk DeFi protocols. Shetty secretly transferred company funds in 2022 after learning he would be fired, initially profiting approximately $133,000, but his investment was almost wiped out after the Terra ecosystem collapsed in May 2022. He subsequently pleaded guilty and was fired. Shetty is scheduled to be sentenced next February and could face up to 20 years in prison.
U.S. Department of Justice prosecutors and investigators have seized an additional $15 million worth of USDT in their ongoing pursuit of North Korean criminals, and five defendants have pleaded guilty.
According to court documents related to the plea agreement, U.S. and Ukrainian intermediaries assisted North Korean personnel in obtaining remote IT jobs at U.S. companies. For example, these intermediaries provided false or stolen identities and placed laptops provided by the victim companies in residences across the United States to create the illusion that the IT personnel were working domestically. The defendants' fraudulent employment scheme affected more than 136 U.S. victim companies, generated more than $2.2 million in revenue for the North Korean regime, and resulted in the disclosure of the personal information of more than 18 Americans.
Secondly, a North Korean military hacking group known as Advanced Persistent Threat 38 (APT38 in the private sector) committed a multi-million dollar cryptocurrency theft on four overseas cryptocurrency platforms in 2023. While APT38 members continued to launder money, the U.S. government froze and seized over $15 million worth of cryptocurrency and is currently seeking to confiscate it for eventual return to its rightful owners.
North Korea is using these two programs to raise funds for its weapons and other priorities, in violation of sanctions.
Opinion
Michael Saylor posted "HODL," possibly hinting that he hasn't sold his Bitcoin.
Strategy Executive Chairman Michael Saylor posted "HODL" along with a picture of a sunken ship's lifeboat on his personal account, possibly implying that he did not sell Bitcoin.
Earlier today, it was reported that Strategy transferred 58,915 BTC to a new wallet, worth approximately $5.77 billion. The community speculated whether this was a sell-off; some accounts emphasized long-term holding and dismissed volatility as "noise." As of the post's page, it had received approximately 199,000 views and thousands of interactions. There has been no official statement explaining the purpose of the fund transfer or transaction.
Walter Bloomberg reported that Arkham data showed the Bitcoin holdings at the MicroStrategy (MSTR) "Strategy" address decreased from approximately 484,000 to approximately 437,000, a reduction of about 47,000 coins, the source of which is unknown. Michael Saylor subsequently responded on his personal account, stating that "this rumor is untrue."
According to Jinshi, Strategy (MSTR.O) founder Michael Saylor said the company is buying a significant amount of Bitcoin and will announce its latest purchase plans next Monday.
According to Cointelegraph, crypto sentiment analysis platform Santiment stated in a report on Saturday that while many analysts and traders predict the cryptocurrency market has bottomed out, the likelihood of a bottom is not high. "Be cautious when there is widespread consensus on a particular price bottom." "True bottoms often form when most people expect prices to fall further."
Project Updates
Tron Inc. (Nasdaq:TRON) announced its third-quarter financial results ending September 30, 2025, reporting a net income of $12.174 million, reversing a loss from the previous year, with shareholders' equity exceeding $239 million. The company's assets include cash, cash equivalents, and a significant amount of TRX and sTRX. During the quarter, it received an additional $110 million TRX investment from its largest shareholder, further strengthening its balance sheet. Management stated that a robust cost structure and strategic investments in high-growth digital assets drove the improved performance.
Binance includes BlackRock's BUIDL fund in its institutional offline mortgage framework.
According to a Binance announcement, BlackRock's BUIDL fund, the world's largest tokenized RWA product, has been incorporated into Binance's institutional offline collateral system, allowing institutional users to trade it as collateral in off-exchange custody. BUIDL will also launch a new share class on BNB Chain, further promoting the on-chain integration of RWA. Binance stated that this move allows institutions to hold interest-bearing, compliant RWA assets in third-party custody while simultaneously accessing exchange liquidity, achieving greater capital efficiency and reducing counterparty risk.
BitMine appoints new CEO and three independent directors.
According to PRNewswire, BitMin announced the appointment of Chi Tsang as CEO and a member of the company's board of directors. In addition, BitMin appointed three independent directors: Robert Sechan, Olivia Howe, and Jason Edgeworth, effective immediately.
Mizuho Securities lowered its price target for Circle stock to $70.
Mizuho Securities maintained its "underperform" rating on Circle stock while lowering its price target to $70. CRCL stock has fallen nearly 40% in the past month. Mizuho analysts stated in a research note, "We believe CRCL's valuation fails to adequately reflect the key risks facing its medium-term earnings." Potential risks include "imminent interest rate cuts, relatively stagnant circulation and structurally high (and increasing) distribution costs, as well as increasingly fierce competition among stablecoins."
According to Bloomberg, Tether Holdings SA CEO Paolo Ardoino stated in an interview that the company plans to significantly expand its lending business after providing approximately $1.5 billion in credit to commodity traders. The company plans to increase financing for commodity trading, including oil, cotton, wheat, and other agricultural products, and has already issued loans in US dollars and their stablecoin USDT.
Tether's commodity lending business is part of its trade finance division, separate from its stablecoin reserves. The company holds nearly $200 billion in reserves and generates substantial revenue from them.
Multicoin Capital announces investment in Ethena Protocol token ENA
Vishal Kankani, Head of Investment at Multicoin Capital, tweeted that Multicoin Capital's liquidity fund has invested in Ethena Protocol's native token, ENA. He believes that Ethena's synthetic dollar, USDe, has potential at the intersection of three major trends: stablecoins, perpetuity, and asset tokenization. Kankani pointed out that Ethena is the only synthetic dollar that achieves meaningful distribution and liquidity outside of USDC and USDT. USDe is already used as core collateral on platforms such as Binance and Bybit. Since the protocol's launch, it has generated nearly $600 million in revenue, with over $450 million generated in the past twelve months.
According to on-chain analyst Ember, after exchanging ETH LST tokens and other non-ETH tokens for ETH, the Balancer hackers began laundering and transferring ETH through Tornado: in the past hour, they deposited 2,000 ETH ($6.36 million) into Tornado. Transferring stolen assets through Tornado essentially means the hackers have abandoned the option of returning the assets to Balancer and receiving the white-hat bounty.
Hourglass tweeted that Phase 2 of the Stable Vault has concluded. Over 10,000 verified wallets contributed more than $1.1 billion in eligible deposits. Phase 2 allocation was pro rata, based on eligible deposits, with a guaranteed minimum allocation of $1,000 to prevent dilution of funds from smaller participants by larger depositors. For each eligible deposit, the first $1,000 was allocated 100%; amounts exceeding $1,000 were allocated pro rata.
Based on approximately $1.1 billion in eligible deposits and $500 million in deployment capacity, the final allocation for amounts exceeding the $1,000 minimum threshold is approximately 45%, with the remaining approximately 55% to be refunded. Refunds for the unallocated portion will be issued early next week. Users marked as ineligible can continue to withdraw funds at any time.
Binance: Holders of 240 Alpha Points can claim an airdrop of 4375 ELIZAOS tokens.
According to the official announcement, users holding at least 240 Binance Alpha Points can claim a token airdrop. Users can claim 4,375 ELIZAOS tokens via the Alpha event page. If the rewards are not fully distributed, the points threshold will automatically decrease by 5 points every five minutes. Claiming the airdrop will consume 15 Binance Alpha Points. Users must confirm their claim within 24 hours via the Alpha event page; otherwise, they will be considered to have forfeited their airdrop claim.
Important data
Strategy transferred 58,915 BTC to a new wallet today, worth approximately $5.77 billion.
On-chain data shows that Strategy transferred 58,915 BTC (approximately $5.77 billion) to a new wallet today, with on-chain indications suggesting that the funds may be for custody purposes.
According to on-chain analyst Ember, a whale/institution that has profited $96.67 million through ETH trading sold 10,000 ETH at $3,597 on November 10, making a profit of $2.93 million. In the past day, it has repurchased 19,945 ETH ($63.82 million) at an average price of $3,200 through Coinbase, Wintertermute, and FalconX.
On November 13, the first spot ETF for the single token XRP in the United States—Canary XRP ETF (ticker symbol XRPC)—was officially listed on Nasdaq. The Canary XRP ETF supports both cash and physical redemption, with a management fee of 0.50%.
According to SoSoValue data, XRPC saw no net inflow on its first day of trading, with a trading volume of $59.22 million; on the second day, it saw a net inflow of $243 million through cash or physical subscriptions, with a trading volume of $26.72 million.
As of press time, the Canary XRP ETF had a net asset value of $248 million, with an XRP net asset ratio (market capitalization as a percentage of total XRP market capitalization) of 0.18%.
According to SoSoValue data, Bitcoin spot ETFs saw a total net outflow of $492 million yesterday (November 14, Eastern Time).
The Bitcoin spot ETF with the largest single-day net inflow yesterday was the Grayscale Bitcoin Mini Trust ETF (BTC), with a net inflow of $4.1722 million. The total historical net inflow for BTC has now reached $1.677 billion.
The Bitcoin spot ETF with the largest single-day net outflow yesterday was BlackRock ETF IBIT, with a net outflow of $463 million. IBIT's total historical net inflow has reached $63.789 billion.
As of press time, the total net asset value of Bitcoin spot ETFs was $125.345 billion, with an ETF net asset ratio (market capitalization as a percentage of Bitcoin's total market capitalization) of 6.67%, and a historical cumulative net inflow of $58.852 billion.
According to SoSoValue data, the Ethereum spot ETF saw a net outflow of $178 million yesterday (November 14, Eastern Time).
The Ethereum spot ETF with the largest single-day net outflow yesterday was the BlackRock ETF ETHA, with a net outflow of $173 million. The total historical net inflow for ETHA is currently $13.449 billion.
The second largest outflow was from the Grayscale Ethereum Trust ETF (ETHE), which saw a net outflow of $4.6306 million in a single day. ETHE's total historical net outflow has reached $4.885 billion.
As of press time, the Ethereum spot ETF has a total net asset value of $19.999 billion, an ETF net asset ratio (market capitalization as a percentage of Ethereum's total market capitalization) of 5.42%, and a historical cumulative net inflow of $13.133 billion.
Investment and Financing/Acquisition
Tether plans to invest €1 billion in robotics company Neura Robotics.
According to The Block, citing the Financial Times, stablecoin issuer Tether is in talks with humanoid robot manufacturer Neura Robotics to lead a €1 billion funding round, which is expected to value Neura at between $9.29 billion and $11.6 billion. Tether earned over $10 billion in the first three quarters of this year and is seeking to diversify its investment portfolio.
In January of this year, Neura raised nearly $140 million in a funding round, with investors including BlueCrest, C4 Ventures, Lingotto, and Volvo Cars Technology Fund. The German company will compete with Elon Musk's Tesla, which plans to mass-produce robots.
Institutional holdings
American Bitcoin reports Q3 results: revenue of $64.22 million, holdings increased to 3,418 coins.
According to PR Newswire, American Bitcoin (NASDAQ: ABTC) announced its Q3 2025 results: During the quarter, it acquired over 3,000 Bitcoins through self-built low-cost mining and market purchases, bringing its total reserves to 3,418 BTC. The company's revenue surged year-over-year to $64.2 million (compared to $11.6 million in the same period last year), with net profit of $3.5 million, turning a profit from a loss in the same period last year. Gross margin increased from 49% to 56%. During this period, the company completed a stock-swap merger with Gryphon Digital Mining and listed on NASDAQ. Its mining hashrate increased approximately 2.5 times quarter-over-quarter to approximately 25 EH/s. The company stated it will continue to drive long-term BTC accumulation using a "scaled, asset-light mining + market-price acquisition" model.
According to its 13F filings, as of September 30, Harvard University held 6,813,612 shares of IBIT, valued at $442.9 million; and 661,391 shares of the GLD Gold ETF, valued at $235 million. These represent increases of 257.48% and 98.62% respectively compared to the 1,906,000 IBIT shares and 333,000 GLD shares held at the end of June. Additionally, Harvard University held 583,931 shares of Nvidia, valued at $109 million.
According to filings with the U.S. Securities and Exchange Commission (SEC), Founders Fund, the venture capital firm led by PayPal co-founder Peter Thiel, has sold half of its stake in Bitmine. It currently holds 2,547,001 shares in the company.
According to previous reports , PayPal co-founder Peter Thiel, through his related entities, holds a total of 5,094,000 ordinary shares of BitMine Immersion Technologies, Inc. (stock code: 09175A206), representing 9.1% of the company's issued shares.
According to Cointelegraph, ARK Invest increased its holdings of cryptocurrency-related assets during the market downturn, purchasing $5.83 million worth of BitMine stock and $2.91 million worth of Bullish stock.
According to ARK's daily trading disclosure on Friday, the ARK Fintech Innovation ETF (ARKF) increased its holdings of BitMine by 18,089 shares, the ARK Next Generation Internet ETF (ARKW) by 34,637 shares, and the ARK Innovation ETF (ARKK) by 116,681 shares, bringing the total increase for the day to 169,407 shares, worth approximately $5.83 million. In addition, ARKF bought 8,063 shares of Bullish, ARKW increased its holdings by 15,441 shares, and ARKK bought 52,011 shares. This brought ARK's total purchases of Bullish for the day to 75,515 shares, worth approximately $2.91 million.
According to a report by the Financial Times cited by Jinshi, Berkshire Hathaway, Warren Buffett's company, disclosed a $4.3 billion stake in Alphabet (Google's parent company) while reducing its Apple holdings, making it the tenth largest holding in its portfolio. This may be one of the last new stock positions Berkshire acquires before Buffett's retirement at the end of this year. This action deviates to some extent from Buffett's philosophy of choosing to buy and hold value stocks rather than high-growth companies for the long term.
Meanwhile, Buffett sold approximately $11 billion worth of Apple stock in the third quarter. Aside from Apple and now Alphabet, Berkshire Hathaway's largest stock holdings do not include investments in large technology companies. Its other largest positions include American Express, Bank of America, and Coca-Cola, which remained largely unchanged in the third quarter.
