Market Signal Briefing

CATSKILL, N.Y., Dec. 09, 2025 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for the Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported inclusion into Piper Sandler’s Class of 2025 Sm-All Stars, an honor recognizing top-performing banks in the small cap segment. The Company ranked 9th out of 24 recognized banks and thrifts and has been included on the list a total of nine times since its inception in 2004, which is more than any other bank in the 2025 class.

Donald Gibson, President & CEO stated: “I am honored and proud to share the outstanding news regarding our continued strong performance and national recognition with Piper Sandler. To earn the All Star Bank status, companies need to have a market cap below $2.5 billion and clear numerous hurdles related to growth, profitability, credit quality, and capital strength, while outperforming industry performance metrics. Since the reports inception in 2004, our bank has been named an All Star a total of nine times – making our bank the most recognized Bank in the Class of 2025. This recognition reinforces that our business model is resilient and sustainable. Our continued focus on community banking, credit quality, and relationship-based growth continues to differentiate us. I want to express my sincere gratitude to our amazing team of employees and directors for their dedication to providing outstanding service to our customers and our communities.”

Corporate Overview

Greene County Bancorp, Inc. is the holding company for the Bank of Greene County, and its subsidiary Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit www.tbogc.com.

For Further Information Contact:
Donald E. Gibson
President & CEO
(518) 943-2600
[email protected]

Nick Barzee
SVP & CFO
(518) 943-2600
[email protected]

Key Takeaways Rivian is pushing efficiencies across its operations while advancing key autonomous training efforts.Rivian is scaling for the R2 launch with rising R&D tied to prototype and validation build activity.Rivian expects some external costs to taper after R2 production, with R&D normalizing by 2026.
Rivian Automotive, Inc. (RIVN - Free Report) continues to double down on its philosophy to drive efficiencies across the organization to help self-fund the technologies that set it apart. Per Rivian’s third-quarter earnings transcript, the company remains committed to channeling resources into strategic differentiators, most significantly, its autonomous driving training, without losing sight of disciplined spending.

This approach will remain central as Rivian navigates its next phase of growth. It is continuously seeking new efficiencies and opportunities to streamline expenses, particularly as preparations ramp up for the highly anticipated R2 model scheduled to arrive next year. Scaling the business to support that increased volume is a priority, and cost discipline is playing a key role in making that possible.

R&D spending will naturally rise in the months leading up to the R2 launch. The increase is largely driven by the development of prototypes currently in progress. The company is already deep into design validation builds and manufacturing validation builds at its Normal, IL, plant, which are set to begin by the end of the year.

Rivian expects some of its external spending to taper off once the R2 enters production. By 2026, R&D levels should normalize even as the company continues to invest in its long-term autonomous training initiatives. RIVN carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Operational Challenges Faced by Rivian’s CompetitorsLucid’s (LCID - Free Report) adjusted EBITDA losses and negative free cash flow reflect its ongoing investment phase, primarily due to R&D, marketing, midsize program development, and autonomy initiatives. Elevated SG&A and R&D spending to support product launches and brand expansion are weighing on Lucid’s operating margins. Capital expenditures for 2025 are projected at $1-$1.2 billion. High capex and lack of profitability are likely to keep free cash flow negative in the near term.

Ford (F - Free Report) Model e segment continues to struggle amid stiff competition, pricing pressure and significant costs associated with new-generation EV development. After having incurred losses of $4.7 billion in its EV business in 2023, Ford’s loss from Model e widened to $5.07 billion in 2024, exacerbated by ongoing pricing pressure and increased investments in next-generation EVs. The company is expected to incur huge losses in its EV business this year as well.

RIVN’s Price Performance, Valuation and Estimates  Rivian has outperformed the Zacks Automotive-Domestic industry year to date. RIVN’s shares have gained 32.4% compared with the industry’s growth of 16.2%. 

Image Source: Zacks Investment Research

 
From a valuation perspective, RIVN appears overvalued compared to the industry. Going by its price/sales ratio, the company is trading at a forward sales multiple of 3.25, higher than the industry’s 3.42. 

Image Source: Zacks Investment Research

 
The Zacks Consensus Estimate for RIVN’s 2025 and 2026 loss per share has narrowed by 2 cents and 5 cents, respectively, in the past 30 days. 

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Key Takeaways Pinterest's U.S. and Canada growth is slowing while global ad pricing drops 24% year over year.Lower monetization in newer international markets is pressuring PINS' overall ad price.Earnings estimates for PINS have declined for both 2025 and 2026 over the past 60 days.
Pinterest, Inc.’s (PINS - Free Report) shares have declined 14.7% in a year against the Internet - Software’s growth of 4.5%.The stock has also underperformed the Zacks Computer & Technology sector and the S&P 500’s growth during this time frame.

Image Source: Zacks Investment Research

Shares of PINS have outperformed peers like Snap Inc. (SNAP - Free Report) but underperformed Meta Platforms, Inc. (META - Free Report) over this period. Snap’s shares have plunged 35.3%, while shares of META have risen 7.8% in the same time frame.

PINS Plagued by Rising Operating Expenses, Growing CompetitionThe company heavily relies on advertising as its primary source of revenues. Moreover, it is highly dependent on the retail sector and shopping ads. The company faces stiff competition from other social media platforms such as META, Reddit and SNAP. META’s Instagram has emerged as one of the primary competitors for Pinterest. Instagram has strong e-commerce integration, enabling users to shop directly from posts. The company also faces competition from smaller companies, including Allrecipes, Houzz and Tastemade that offer users engaging content and commerce opportunities through similar technology, products and features or services.

Owing to this growing competition, Pinterest is spending heavily to develop its AI native product suite, focusing on improving engagement in the platform. This effort to retain users and expand into new markets is driving up the operating expenses.

In the third quarter, the company’s total costs and expenses were $990.6 million, up from $904.3 million in the year-ago quarter. On a GAAP basis, research and development expenses rose to $371.3 million from $326.7 million. The increase in opex is due to growing infrastructure spend and investment in headcount to support AI and various other product initiatives. These may deliver long-term growth, but can create pressure on the bottom line in the short term. In the third quarter, the bottom line fell short of the Zacks Consensus Estimate by 2 cents.

Image Source: Zacks Investment Research

Macroeconomic Challenges and Lower Monetization Are HeadwindsPinterest is exposed to macroeconomic challenges, tariff-related uncertainties and consumer spending cycles. Several large U.S. retailers are facing tariff-related margin pressure. This has led to moderating ad spending, directly impacting PINS’ net sales growth in this region. The company’s year-over-year growth rate is declining in the United States and Canada.

Despite growth in ad impression, the company’s ad pricing declined 24% year over year. Lower monetization in previously unmonetized international markets is dragging down the ad price.

Estimate Revision Trend of PINSPinterest is currently witnessing a downtrend in estimate revisions. Earnings estimates for PINS for 2025 have moved down 10% to $1.62 over the past 60 days, while the same for 2026 has decreased 10.48% to $1.88.

Image Source: Zacks Investment Research

Key Valuation Metric of PINSFrom a valuation standpoint, Pinterest appears to be relatively cheaper compared with the industry and below its mean. Going by the price/sales ratio, the company’s shares currently trade at 3.83 forward sales, lower than 4.94 for the industry and the stock’s mean of 5.04.

Image Source: Zacks Investment Research

End NoteHigh reliance on retail and shopping ads coupled with growing competition from other industry leaders such as META, Reddit and Snap are concerns. Tariff-related uncertainties and several other macroeconomic challenges continue to impact ad spend. Downtrend in estimate revision highlights dwindling investors’ confidence in the stock’s growth potential. With a Zacks Rank #4 (Sell), investors should avoid investing in PINS stock at present.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Bitwise 10 Crypto Index ETF (BITW) holds the following 10 digital assets: Bitcoin, ether, XRP, Solana, Chainlink, Litecoin, Cardano, Avalanche, Sui and Polkadot. This makes BITW the first ETF by a major crypto asset manager to include Cardano, Avalanche, Sui and Polkadot, Bitwise CEO and co-founder Hunter Horsley told CNBC.

Strattec Security Corporation (STRT) Presents at IAccess Alpha Virtual Best Ideas Winter Investment Conference 2025 Transcript

Truist Financial Corporation (TFC) Presents at Goldman Sachs 2025 U.S. Financial Services Conference Transcript

Exxon Mobil Corp (NYSE:XOM, XETRA:XONA) raised its expectations for future earnings and cash flow, citing growth in key assets in the Permian Basin, Guyana, and liquefied natural gas (LNG), along with additional cost savings.

The energy giant updated its corporate plan through 2030, projecting $25 billion in earnings growth and $35 billion in cash flow growth versus 2024 on a constant price and margin basis. Cumulative structural cost savings have risen to $20 billion, up $2 billion from 2019 levels.

“Several years ago, when we began to transform this company, we did so with one objective: to fully unlock our competitive advantages,” said ExxonMobil CEO Darren Woods in a statement. “Today, our transformation is driving industry-leading results. With our updated Plan, we’re extending that leadership position.”

ExxonMobil expects upstream production to reach 5.5 million oil-equivalent barrels per day by 2030, with nearly 3.7 million barrels – roughly 65% of total volumes – coming from advantaged assets in the Permian Basin, Guyana, and LNG projects. The company said proprietary technologies and efficiencies from its Pioneer acquisition will help double production in the Permian Basin to about 2.5 million barrels per day by 2030.

Unit earnings from upstream operations are projected to exceed $15 per barrel by 2030, three times 2019 levels.

Overall, ExxonMobil expects earnings growth to average 13% per year through 2030, with double-digit cash flow growth and higher per-share growth supported by ongoing share repurchases. The company also anticipates generating roughly $145 billion in cumulative surplus cash flow through 2030 at $65 Brent.

The company said it remains on track to achieve all corporate greenhouse gas emissions intensity targets by 2026, ahead of its 2030 goals, and is pursuing approximately $20 billion in lower-emission investments through 2030, focusing on carbon capture, hydrogen, lithium, and other technologies.

Shares of Exxon were up 3.1% in early trading on Tuesday.

At the Bitcoin MENA conference, Bilal Bin Saqib, CEO of the government-backed Pakistan Crypto Council and chief advisor to Pakistan’s finance minister, delivered a message that framed bitcoin not as a speculative asset, but as a practical solution to structural economic problems facing millions of people in Pakistan.

One of Bin Saqib’s most striking takeaways was how grounded his argument in lived reality. In Pakistan, bitcoin is less about ideology and more about necessity. 

Bitcoin as a financial relief As Bin Saqib put it, for many Pakistanis “bitcoin is not theory, it’s a relief,” a response to problems traditional financial systems have failed to solve for decades.

He pointed first to savings. Pakistan’s currency has lost more than half its value over the past five years, eroding purchasing power for ordinary citizens. In that environment, Bin Saqib argued, people are not looking for explanations of monetary theory. They are looking for protection.

Bitcoin, he said, provides a way to store value outside inflation driven by political decisions, money printing and currency mismanagement. “You don’t need a lecture,” he noted. “You need a hedge.”

Access was the second pillar of his case. Despite Pakistan being home to roughly 240 million people, more than 100 million remain unbanked. 

For this population, traditional finance has simply never arrived. Bitcoin, according to Bin Saqib, offers a financial identity without the need for permission, paperwork or intermediaries that may never open the door. 

That permissionless access, he argued, is especially powerful for young people encountering true financial ownership for the first time.

The third pillar was cross-border earnings. Pakistan has one of the largest freelance workforces in the world, yet freelancers often struggle to receive international payments quickly, cheaply and transparently. 

Bitcoin and blockchain-based payment rails enable Pakistani workers to get paid globally without friction, delays or excessive fees. For many, this has meant a direct connection to the global economy for the first time.

Bin Saqib tied these grassroots use cases to a broader national strategy. Pakistan, he said, is not trying to “chase the future” but to build a new one. With roughly 70% of the population under the age of 30, the country cannot rely on outdated economic models. 

Digital assets, and bitcoin in particular, are being viewed as infrastructure rather than speculation—new financial rails for the Global South.

He outlined his mandate since being appointed seven months ago: to transform one of the world’s largest unregulated crypto markets into a compliant, investment-friendly ecosystem. 

Pakistan has already moved to establish a virtual asset regulatory framework, issue provisional licenses for exchanges, and develop regulatory sandboxes for mining, tokenization and fintech.

The goal, Bin Saqib said, is to bring activity onshore rather than push it underground, protecting users without suffocating builders.

Bin Saqib’s discussion of energy  Energy played a central role in the discussion. Pakistan paradoxically suffers from both power shortages and massive excess capacity, paying for electricity that goes unused. 

Bin Saqib described bitcoin mining and artificial intelligence as tools to convert that “wasted economic oxygen” into productive output. 

Every unused megawatt, he argued, could be turned into bitcoin mining or AI compute, effectively transforming stranded energy into digital exports.

In that framework, bitcoin mining becomes less about consumption and more about industrial renewal. 

Rather than exporting only commodities or labor, Pakistan could export compute—what Bin Saqib called one of the most valuable resources of the 21st century. He framed this not as a narrow energy policy, but as part of a broader industrial rebirth.

Looking ahead, Bin Saqib predicted that the next wave of bitcoin adoption will not be led by Wall Street, but by emerging markets where economic pain is real and the upside is massive. 

Micah Zimmerman

Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.

Abu Dhabi's financial regulator has formally added the stablecoin USDT to its list of accepted fiat-referenced tokens, extending its availability across several major blockchains as the emirate deepens its push to become a dominant digital-asset hub.

Michael Saylor, executive chairman of Strategy (MSTR), announced that the company would not issue preferred equity in Japan for at least a year, providing Metaplanet a distinct early advantage in the market.  

Metaplanet CEO Simon Gerovich raised the question during the Bitcoin MENA conference in Abu Dhabi, UAE, about whether MSTR plans to list a “digital credit” or permanent preferred equity in Japan. Gerovich raised the inquiry as Metaplanet prepares to introduce its own digital credit products into Japan’s predominantly “sleepy” perpetual preferred market.

Metaplanet expands preferred shares with MARS and Mercury
Last month, Metaplanet announced a two-tier preferred share structure in line with its bitcoin-centric funding strategy, starting with its Class A preferred shares known as Metaplanet Adjustable Rate Security (MARS). Dylan LeClair, Head of MSTR, stated that MARS is positioned as the reliable income and volatility-smoothing tool, ranking higher than both Mercury and common equity at the top of Metaplanet’s equity capital stack.

According to Gerovich, there are now just five listed perpetual preferred stocks in Japan, and All Nippon Airways (ANA) is the fifth. Gerovich stated that Metaplanet hopes to rank sixth and seventh with its two new instruments, “Mercury” and “MARS.”

Gerovich referred to Mercury as Metaplanet’s version of Strategy’s STRK. He mentioned that Mercury offers an initial payout of 40.40 yen ($0.26) for the period ending December 31, 2025, along with a set annual dividend of 4.9% on a notional strike price of 1,000 yen, with quarterly payments.

According to Gerovich,  Mercury pays nearly 10 times more than Japanese bank deposits and money market funds, which yield almost nothing or about 50bps.

Metaplanet CEO intends to list Mercury by early 2026. He stated that Mercury is now in the pre-IPO stage. According to Gerovich, the second instrument, Mars, is intended to replicate Strategy’s STRC, a short-term, high-yield credit product.

Gerovich further noted that MSTR’s use of ATMs for both its common stock and perpetual preferreds is prohibited in Japan.  Instead, He stated that Metaplanet employs a comparable system called a moving strike warrant (MSW), which it intends to deploy for its perpetual preferred offerings.

The two executives also disagreed on the number of Bitcoin treasury firms that ought to provide what Saylor referred to as “digital credit.” Saylor urged widespread participation and predicted a dozen issuers, Citing Strive’s (SATA) instrument. Gerovich urged that Metaplanet plans to offer credit mainly in Japan and possibly throughout Asia, but not in other markets at this time. 

He claimed that Metaplanet should prioritize balance sheet health and financial stability over simply adding more issuers.

STRE expands Strategy’s preferred offerings across Europe
The introduction of digital credit products into Japan’s perpetual preferred market coincides with Strategy’s recent expansion of its own perpetual preferred program. MSTR currently has four perpetual preferences in the U.S. 

In November, Strategy announced its first outside the US, Stream (STRM), a euro-denominated preferred security. According to the Strategy, STRE will be offered for 100 euros ($115) per share with a 10% annual dividend payable quarterly in cash. 

MSTR stated that dividends compound every quarter. If they are not paid, the rate will rise by 100 basis points per quarter, up to a maximum of 18%. According to MSTR, in the event that Strategy does not declare a dividend, it must issue a Deferral Notice. Additionally, the Strategy must make commercially reasonable attempts to raise money during 60 days by selling junior securities such as STRK or STRD.

According to MSTR, if an event occurs that qualifies as a “fundamental change” under the certificate of designations governing the STRE Stock, holders may exercise certain rights. In such a case, they can require Strategy to buy back some or all of their shares for a cash amount equal to the specified repurchase price of the STRE Stock.

Notably, STRE is ranked lower than STRF, STRC, and debt, but higher than STRK, STRD, and MSTR common stock.

The Strategy stated that STRE targets professional and institutional investors in the European Economic Area (EEA). According to the MSTR, STRE will be listed on the Euro MTF Luxembourg and cleared through Euroclear and Clearstream.

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TL;DR

Inveniam acquired Swarm Markets and created a direct integration between an institutional data platform and a regulated marketplace for tokenized assets.
The deal will close in the first quarter of 2026 and will keep Swarm operating as an independent entity.
The merger combines a verifiable data system for valuing private portfolios with a regulated execution and trading infrastructure.

Inveniam acquired Swarm Markets and unified an institutional data platform with a regulated market for tokenized assets.

The deal will close in the first quarter of 2026 and will keep Swarm as an independent brand that will expand its offering of tokenized stocks, bonds, ETFs, and gold, while adding new on-chain lending features for institutions and DeFi protocols.

Connecting Institutional Capital with the DeFi Market
The acquisition integrates two layers that asset managers, banks, and credit funds need to operate digital assets at scale: a verifiable data system for valuing private portfolios and a regulated execution infrastructure capable of moving those assets across public networks. Swarm will contribute its platform for listing tokenized public securities and its dOTC market for decentralized trading, while Inveniam will add its technology that authenticates private-asset data representing more than $200B anchored to the blockchain for banks and sovereign wealth funds.

Both companies plan to use this stack to improve institutional access to private markets, where the lack of structured data, fragmented valuations, and operational friction have limited digitalization for years. With Inveniam’s data integrated into smart contracts and Swarm’s regulated liquidity, the group is preparing markets that can tokenize interval funds, unicorn equity, venture-capital portfolios, real estate, and private credit in a format usable by custodians, asset managers, and market makers.

Swarm and Inveniam Will Build Infrastructure for AI Agents
The plan includes a second objective: creating infrastructure designed for AI agents. The group will develop a framework where assets are machine-readable, backed by verified valuations, and capable of triggering programmable functions in real time. With that foundation, an agent will be able to review valuation metrics, activate loans, adjust exposure, and execute trades in public and private markets without relying on manual processes.

Swarm will remain focused on public markets, with an immediate priority of launching lending markets backed by regulated tokenized securities. The goal is to enable institutions and protocols to accept tokenized stocks, bond ETFs, and commodities as collateral in a scalable model that connects DeFi with institutional capital

BitMine Immersion Technologies just made a $435 million ETH acquisition, bringing their treasury to over 3.86 million tokens and giving them control of over 3.2% of the total circulating supply. CoinDesk's Jennifer Sanasie unpacks Chairman Tom Lee's aggressive strategy in today's "Chart of the Day," presented by Crypto.com.

The Madhugiri Hardfork, scheduled for block number 80084800 at approximately 10 a.m. UTC, introduces a 33% increase in network throughput and simplifies future speed enhancements.
This update reflects Polygon’s ongoing focus on improving performance while maintaining strong network security, a critical factor as decentralized applications continue to grow in adoption.

Faster, Smarter, and More Secure
The Madhugiri Hardfork includes several key improvements that benefit both developers and users. By implementing PIP-75, the network consensus time is now adjustable to one second, allowing for quicker block production without the need for a hardfork for future tweaks. PIP-74 ensures canonical inclusion of StateSync transactions, improving synchronization across nodes and enhancing network stability. Meanwhile, Ethereum Fusaka EIPs such as EIP-7883 and EIP-7825 increase the ModExp gas cost and set transaction gas limits, strengthening core EVM security. EIP-7823 adds upper bounds for ModExp, further securing computationally intensive operations.

Tomorrow, Polygon is upgrading to make future speed boosts easier to ship, and increasing network throughput by 33%.

The Madhugiri Hardfork makes certain throughput increases as easy as flipping a few switches. It also continues to improve network stability and adds support for… https://t.co/SFu3AhtjVM pic.twitter.com/vNoT65BKGV

— Polygon | POL (@0xPolygon) December 8, 2025

Together, these upgrades not only increase throughput but also allow Polygon to support faster node synchronization and proactive security measures. Users and applications do not need to take any action, as the upgrade is handled automatically on the PoS mainnet. This hands-off approach ensures continuity for developers and businesses building on Polygon, from decentralized finance platforms to NFT marketplaces.

Madhugiri Hardfork

The Madhugiri hardfork will be released on Polygon PoS mainnet for block number 80084800, at approximately 10am UTC on Dec 9.

This update enables: Increased network throughput by 33%. Future block time adjustments without a hardfork. Increased stability via…

— Polygon Foundation (@0xPolygonFdn) December 8, 2025

Polygon’s Madhugiri Hardfork is a timely response to the growing demands of Ethereum Layer 2 networks. Recent data from Dune Analytics shows that Polygon supports tens of millions of daily transactions, and throughput constraints can impact user experience and transaction fees. By increasing throughput by a third and allowing block time adjustments without a hardfork, Polygon positions itself to handle future growth more efficiently.

The next leap toward an institutional-grade, global money network is here.

Meet the Madhugiri Hardfork, now live on Polygon:

• adjustable blocktimes

• increased stability via faster consensus

• higher throughput by 33%

• stronger Ethereum-grade security via Fusaka support pic.twitter.com/ozWEw2Asqm

— Polygon | POL (@0xPolygon) December 9, 2025

More About Polygon
Stripe is expanding its payment infrastructure by rolling out USD-settled stablecoin payments across Ethereum, Base, and Polygon. This update allows businesses to accept and settle payments using stablecoins, combining the speed and efficiency of blockchain with the stability of the U.S. dollar.

Stablecoin subscriptions are coming to @Stripe, powered by Polygon.

Just the start. https://t.co/CTxjv2cxkl

— Polygon | POL (@0xPolygon) December 8, 2025

By integrating these networks, Stripe enables faster cross-border transactions, reduces reliance on traditional banking rails, and provides merchants with a modern, blockchain-based option for handling digital payments.

Disclaimer
The information provided by Altcoin Buzz is not financial advice. It is intended solely for educational, entertainment, and informational purposes. Any opinions or strategies shared are those of the writer/reviewers, and their risk tolerance may differ from yours. We are not liable for any losses you may incur from investments related to the information given. Bitcoin and other cryptocurrencies are high-risk assets; therefore, conduct thorough due diligence. Copyright Altcoin Buzz Pte Ltd.

Bitcoin Treasury Company Twenty One Drops 25% in NYSE Debut, Trades Near PIPE Pricing of $10The company is led by Strike CEO Jack Mallers and began trading under the XXI ticker today following its SPAC merger with Cantor Equity Partners.Updated Dec 9, 2025, 3:42 p.m. Published Dec 9, 2025, 3:30 p.m.

What to know: XXI is down sharply in its first day of trading following its SPAC merger with Cantor Equity Partners.It's the latest in this year's crop of bitcoin treasury companies to see stock performance suffer.Bitcoin is little-changed for the day at $90,900.Twenty One (XXI) has fallen 25% early in its first day of trading following completion of its SPAC merger with Cantor Equity Partners (CEP). Now trading at about $10.50, the stock is at a level that effectively places the bitcoin native firm near its PIPE pricing of $10.

The company enters the market with the third largest corporate bitcoin treasuries at 43,514 BTC and is backed by Tether, Bitfinex and Strike CEO Jack Mallers (who is also serving as XXI CEO). Its strategy focuses on capital efficient bitcoin accumulation and bitcoin ecosystem services supported by onchain proof of reserves.

XXI’s correction is just the latest for this year's crop of bitcoin treasury companies and follows the debut of Anthony Pompliano’s bitcoin treasury vehicle ProCap BTC (BRR), which completed its own SPAC deal last week. BRR has plunged more than 60% since and now trades at about $3.75, as the PIPE pricing methodology continues to suffer.

The most high profile U.S. listed bitcoin treasury company to fund its vehicle through a PIPE was KindlyMD (NAKA), which now trades at $0.43 and is down 99% from its all time high.

Bitcoin itself is little-changed over the past 24 hours at $90,900.

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As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.View Full Report

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Early PeerDAS performance is proof that the Ethereum Foundation can now ship complex networking improvements at scale.

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Ethereum co-founder Vitalik Buterin said that the network is addressing its lack of peer-to-peer networking expertise, highlighting the progress of PeerDAS.PeerDAS, a prototype for Data Availability Sampling, is crucial for Ethereum's scalability and decentralization through sharding.BitMine Immersion Technologies has significantly increased its Ethereum holdings, viewing it as a strategic investment in the network's future scaling capabilities.Read full story

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United States spot XRP exchange-traded funds (ETFs) have recorded one of their strongest weekly performances since launching, accumulating more than $170 million in net inflows with no registered outflows across the major issuers. 

In this line, over the past five reported trading days, inflows reached approximately $173 million, led by notable allocations into the Franklin XRP ETF and the Grayscale XRP Trust, according to data retrieved by Finbold from Coinglass. 

The most notable day came on December 1, when total flows soared to nearly $90 million, driven primarily by a single-session addition of more than $52 million into the Grayscale product and more than $28 million into the Franklin fund. 

XRP ETF total inflows chart. Source: Coinglass
December 8 also delivered a strong showing as combined inflows topped $38 million, reflecting steady institutional accumulation.

Despite these sizable inflows, XRP’s price has not responded in a manner typically associated with such demand. The token has remained range-bound near the $2 level, weighed down by broader cryptocurrency market uncertainty and persistent selling from larger holders. 

XRP price analysis 
By press time, XRP was trading at $2.07 having corrected by about 0.5% in the past 24 hours while on the weekly timeline, the asset has plunged almost 4%. 

XRP seven-day price chart. Source: Finbold
Recent analysis indicates that the muted price reaction stems partly from how XRP ETF issuers acquire the underlying asset. Much of the buying happens through over-the-counter channels rather than public exchanges, so the demand does not immediately impact visible order books. 

At the same time, profit-taking by long-time investors offsets institutional inflows, creating a short-term disconnect between ETF demand and spot-market movement.

Even so, total ETF assets under management are already nearing the billion-dollar mark, marking one of the fastest adoption trajectories for a new crypto ETF category. 

While this strengthens XRP’s long-term outlook, the near-term picture remains uncertain, with markets watching whether strong inflow momentum can overcome weak sentiment and push the token above resistance levels such as $2.5. 

TL;DR:

Bitcoin has retreated from above $92,000 toward $90,000, pulling total crypto market capitalization back near $3.16 trillion and pressuring previously strong performers.
Hyperliquid’s 9% daily drop and losses across Quant, Kaspa and other major altcoins underscore a broad risk-off tone despite a handful of isolated gainers.
Investors are bracing for a potential Federal Reserve rate cut, watching Bitcoin’s $91,000 resistance and reacting cautiously to mixed ETF flows and regulatory pilots.

Bitcoin’s latest pullback is exposing fresh nerves across crypto markets as the asset retreats toward $90,000 and several high-flyers surrender recent gains, raising questions about whether the rally has simply paused or whether a sharp Bitcoin retreat is signaling a broader risk-off shift. Within a single day, market leaders turned lower while niche tokens that previously outperformed flipped to the red, mirroring a fragile backdrop in which sentiment can swing quickly with each macro headline today.

Market breadth weakens as macro pressure builds
Across the majors, Bitcoin’s slide from above $92,000 to near $90,000 has reset short-term optimism. After briefly breaking $92,000 earlier in the week, BTC slipped below the psychological $90,000 mark before stabilizing around $90,200, a roughly 2% daily loss. Its market capitalization has eased to about $1.8 trillion, while dominance over alternative coins sits near 57%. At the same time, total market capitalization has retreated to roughly $3.16 trillion, reinforcing the sense of cooling momentum.

Altcoins have felt the pressure more acutely, with Hyperliquid’s 9% plunge highlighting how quickly speculative names can reverse. The token leads the day’s laggards, followed by losses of around 6% for Quant and Kaspa and broader declines across Internet Computer, Uniswap, Bitcoin Cash, Pepe, Chainlink and Dogecoin. While a few assets such as MemeCore, Canton and Zcash are bucking the trend with single-digit daily gains, they remain exceptions in an otherwise red tape environment today.

Zooming out to the wider market, data shows a 1.2% drop in overall crypto capitalization alongside a sharp shift into caution. At roughly $3.17 trillion, the asset class has seen 86 of the top 100 coins fall over the past 24 hours, and all top 10 coins are in the red. Trading volumes hover near $116 billion, while fear indicators continue to sit in the lower bands, underlining that investors remain hesitant to chase aggressive upside opportunities.

Macro catalysts are doing little to calm that mood, with the coming Federal Reserve decision and shifting policy outlook driving much of today’s volatility. Markets are preparing for a potential rate cut and monitoring Bitcoin’s $91,000 resistance zone, even as regulators test new collateral pilots and spot ETFs log mixed flows across major products. Against that backdrop, large buyers such as Strategy continue accumulating BTC, yet price action suggests traders are unwilling to ignore mounting macro uncertainty.

The Bitcoin (BTC) derivatives market is witnessing a sharp reversal on Tuesday, December 9, with BTC funding rates dropping more than 71% in the last 24 hours, judging by CryptoQuant data on the same day. In other words, the number of leveraged long positions is going down as traders step back from excessive risk.

If the Bitcoin funding rate continues to slide, it could signal a deeper shift toward more bearish territory. Such conditions often culminate in volatility spikes as well, as even mild price pullbacks can trigger swift liquidation waves.

BTC derivatives overview. Source: CryptoQuant
The BTC funding rate collapse also coincided with a modest 0.66% dip in Bitcoin’s open interest, suggesting that a small portion of leveraged long positions has already been flushed out.

Bitcoin funding rates drop ahead of key macro deadlines
The loss of optimism in Bitcoin follows the broader crypto market, which was nearly 2% in the red in the early hours due to fear regarding the Federal Reserve decision due tomorrow. 

If the Fed adopts a more hawkish tone, a stronger dollar and tighter liquidity conditions could put more pressure on risk assets such as Bitcoin, prompting traders to unwind leveraged bets even further.

Considering Bitcoin’s technical picture was nothing to write home about either, the asset was shaky on all fronts, which further contributed to the fear. 

Indeed, “digital gold” was trading at $90,410 at press time, down 1.28% on the day with a confirmed bear flag pattern threatening a correction toward the $70,000 area. 

BTC one-day price chart. Source: Finbold
The ongoing Bitcoin funding rate slump thus reflects a combination of factors, the most notable being aggressive long unwinding and loss of speculative appetite ahead of key macro catalysts.

While certainly a bad omen at first glance, the setup still comes with a potential silver lining, as it could set the stage for a more stable market structure in the short term once the dust has settled. Similar scenarios have already played out in August and October this year.

Accordingly, traders will be monitoring whether the cooling leverage environment leads to consolidation or whether renewed volatility emerges as futures markets reset.

Featured image via Shutterstock

Do Kwon Judge Demands Answers Before Sentencing Over ‘Assurance’ He’ll Serve TimeJudge asked whether Kwon might be freed abroad and asked for details on victims, time-served credit and unresolved charges ahead of sentencing. Dec 9, 2025, 3:48 p.m.

The U.S. district judge sentencing Terraform Labs founder Do Kwon for defrauding investors requested answers to a number of questions before the hearing takes place on Thursday, court documents revealed.

Paul A. Engelmayer, judge for the Southern District of New York, posed six questions, including whether Kwon’s victims will have their day in court and whether he will be able to avoid serving time if sent to South Korea, where he faces pending charges. The judge asked both sides to respond to his questions by Dec. 10.

STORY CONTINUES BELOW

The collapse of Terraform, which reached over $50 billion in market value at its peak, was a pivotal moment for the crypto market downturn in 2022.

“Assuming a transfer of Mr. Kwon to foreign custody to serve the back half of his sentence, what assurance would the United States have that he would not be released before the completion of the prison term imposed by this Court?,” the judge asked. He also asked if Kwon’s victims “have expressed interest in being heard at sentencing?”

U.S. federal prosecutors are seeking a 12-year prison sentence for Kwon; his defense team requested a five-year term.

Engelmayer also requested clarity on whether Kwon should get credit for roughly 17 months spent in Montenegrin custody, what specific criminal exposure he still faces in South Korea, how any victim-compensation process would work, and whether he qualifies for federal sentence-reduction credits or should face supervised release at all.

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TL;DR

PNC integrated direct Bitcoin trading into its private banking platform through Coinbase, centralizing the management of digital assets.
The platform allows high-net-worth clients to buy, sell, and custody Bitcoin in a secure and regulated environment, without manual intervention.
The initiative marks a milestone in U.S. banking. The company plans to expand access and roll out new advanced features in future phases.

PNC integrated direct Bitcoin trading into its private banking platform through a partnership with the crypto exchange Coinbase.

The bank enabled buying, selling, and custody of Bitcoin directly through its digital system, without relying on external intermediaries, using Coinbase’s Crypto-as-a-Service infrastructure to ensure secure and regulated operations, centralizing crypto asset management alongside clients’ other investments.

Targeting High-Net-Worth Clients
The functionality is available to high-net-worth clients, allowing them to execute Bitcoin transactions in a familiar and controlled environment, with full oversight and predefined rules that eliminate manual intervention. The integration consolidates all operations into a single system, facilitating tracking, custody, and financial planning.

PNC Plans to Launch Advanced Features in the Future
The initiative responds to growing client interest in digital assets and represents a historic milestone in U.S. banking. The bank plans to expand access to additional client segments and introduce advanced features in future phases, maintaining regulatory compliance and operational security.

Unlike other institutions that rely on external platforms for cryptocurrency exposure, PNC offers Bitcoin trading directly on its platform, demonstrating its position as a leader in digital innovation. Its partnership with Coinbase shows how traditional banking and blockchain infrastructure can combine to deliver secure, high-quality, and efficient services.

PNC clients can now trade Bitcoin while keeping all their assets under a single system, a key factor for optimizing oversight, convenience, and financial security

Companies

Twenty One Capital Secures NYSE Listing, Marking Milestone for Bitcoin-Centric Companies

TL;DR Twenty One Capital will begin trading on the NYSE on December 9 under the ticker XXI after completing its merger with Cantor Equity Partners.

Dogecoin News

Bitwise Introduces Dogecoin ETF as Altcoin Investment Interest Expands

TL;DR: Bitwise launched a Dogecoin ETF on NYSE, reflecting growing investor demand for altcoin exposure. BWOW provides regulated, accessible access to DOGE, appealing to both

flash news

GSOL Begins Trading on NYSE Arca, Offering Solana Exposure With Staking

Grayscale Investments launched its Solana Trust ETF (GSOL) on NYSE Arca on Wednesday, providing investors with exposure to Solana (SOL) and staking rewards, the firm

flash news

NYSE Welcomes Hedera Litecoin Solana ETFs Launching this Week

The New York Stock Exchange (NYSE) confirmed that Hedera (HBAR), Litecoin (LTC), and Solana (SOL) spot ETFs will begin trading this week. The launch is

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Polymarket Secures $2B Liftoff from NYSE Parent Company Reaching $9B Valuation

Polymarket, the blockchain-powered prediction market, has received a $2 billion investment from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, pushing

Companies

Bullish IPO Frenzy: ARK Invest Buys 2.53M Shares as Stock Soars Past $118

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XRP Spot ETFs have nearly crossed the $1 billion mark in assets under management (AUM), marking one of the quickest ramps since Ethereum, according to Ripple’s CEO.

Rapid Fund Growth In Weeks
According to the disclosure, the four XRP ETF products now hold about $1.23B in total net assets, which equals 597 million XRP at a reported XRP price of $2.06.

Reports have disclosed a fresh inflow of $30 million on Monday, Dec. 8, and the cumulative net inflow into these products stands close to $935 million.

Ripple CEO Brad Garlinghouse highlighted that the collective figure reached the $1 billion level in under four weeks after the first fund hit the market.

Canary Capital Leads With Heavy Flows
Canary Capital’s XRPC grabbed the most attention at launch, bringing roughly $245 million in net flows on its debut day on Nov. 13. Canary’s fund holds about 335.889 million XRP, valued at approximately $691 million, which represents 56% of the combined assets across the four funds.

👀<4 weeks, and XRP is now the fastest crypto Spot ETF to reach $1B in AUM (since ETH) in the US.

With over 40 crypto ETFs launched this year in the US alone, a few points are obvious to me:

1/ there’s pent up demand for regulated crypto products, and with Vanguard opening up…

— Brad Garlinghouse (@bgarlinghouse) December 8, 2025

The other managers hold smaller shares: Grayscale’s product holds 104.381 million XRP, about $215 million or 17.47% of the total; Bitwise carries 93.827 million XRP valued at $193.284 million or 15.7%; Franklin Templeton has 62.99 million XRP worth about $131.829 million, or 10.71%.

A Wave Of Approved Crypto Funds
Based on reports, this development follows a broader rollout of spot and futures crypto ETFs since US spot Bitcoin ETFs arrived in January 2024.

Ethereum spot products launched in July 2024, and Solana listings came in October 2025. The US Securities and Exchange Commission has approved more than 40 crypto-related ETF products this year, which market participants say has opened familiar rails for mainstream investors.

Vanguard’s choice to allow crypto access inside standard retirement and broker accounts is being cited as a change that lets many Americans gain exposure without deep crypto know-how.

XRPUSD now trading at $2.06. Chart: TradingView
What This Means For Investors
According to analysts and market observers, the speed of these flows underlines strong demand for regulated crypto vehicles. Big-name asset managers entering the market have helped create options that look and act like other mutual funds or ETFs, which can ease the path for retirement plans and advisers to take part.

At the same time, a large share resting in a single debut fund shows concentration risk: Canary’s XRPC accounts for more than half of the total net assets, and that matters for liquidity and fund dynamics if flows shift.

Fresh Inflows & ETF Demand
While $1.23 billion is a headline figure, market watchers will be watching fresh inflows, trading volumes, and how price moves react to ETF demand.

For now, XRP listings have drawn sizable attention, and the coming weeks should make clearer whether the early momentum will spread more evenly across products and push broader investor participation.

Featured image from Unsplash, chart from TradingView

Spot Bitcoin ETF resilience drives Bernstein's bold forecast: $150K in 2026, $1M by 2033.

3 mins mins

Key Points:

Reports claim Circle plans to partner with Aleo for a ‘bank-grade privacy’ stablecoin, USDCx.Collaboration with Aleo for USDCx remains unconfirmed by Circle or Aleo.No verifiable impact on financials due to lack of official confirmations.
Reports from December suggest that Circle may team up with Aleo to introduce USDCx, a new stablecoin focused on privacy, yet primary confirmations by Circle remain absent.

If confirmed, USDCx could reshape stablecoin privacy standards and influence institutional adoption, impacting major stablecoins and Aleo’s ecosystem. Market reactions hinge on official confirmations.

USDCx Privacy Claims Raise Compliance Questions
According to media reports, the proposed USDCx aims to offer “bank-grade privacy” by recording transactions as encrypted data while maintaining accessible compliance records. Howard Wu, co-founder of Aleo, highlighted USDCx’s promise for confidentiality, attracting interest from potential partners like Request Finance and Toku.

Despite speculation, this partnership’s potential impacts on Circle’s market strategy and Aleo’s blockchain were not supported by official sources. Circle’s documented efforts continue to emphasize traditional compliance and transparency, with no formal announcements of a new privacy-focused stablecoin. The Coincu research team highlights that mainstream regulatory frameworks could challenge USDCx’s widespread adoption without direct official endorsements.

Industry leaders’ documented responses remain sparse, as no primary comments from Circle’s leadership have been made regarding USDCx. “We are committed to being a leader in the global stablecoin ecosystem, with emphasis on compliance and regulations to effectively serve businesses and consumers alike,” said Jeremy Allaire, Circle, emphasizing the company’s dedication to compliance.

Circle’s Compliance History Poses Market Adoption Challenges
Did you know? Historically, privacy features in digital currencies evoke debates about balancing user confidentiality with regulatory obligations. Projects integrating privacy once struggled for adoption without clear compliance outlines. The IMF has issued warnings about the risks stablecoins might pose in emerging markets.

As of the latest data, USDC maintains a steady price of $1.00 with a market capitalization of $78.27 billion, constituting a 2.54% market share. Recent trading volumes reached 11305678521, exhibiting a slight 24-hour rise of 0.01%, per CoinMarketCap.

USDC(USDC), daily chart, screenshot on CoinMarketCap at 13:52 UTC on December 9, 2025. Source: CoinMarketCap

Analyzing Circle’s history with compliance-focused initiatives reveals potential market reluctance pending formal acknowledgment. Recent discussions around Chainlink surging have also highlighted the need for stability within volatile markets.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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TL;DR

Bitcoin ETFs: Net outflows hit $60.48M on December 8 as BTC slipped to $90,150, though BlackRock’s IBIT managed $28.76M in inflows.
Ethereum Exchange Traded Funds: After heavy exits earlier in the week, ETH funds rebounded with $35.5M inflows, boosted by the Fusaka upgrade and BlackRock’s push for a staked Ether trust.
Altcoin Exchange Traded Funds: Solana added $1.2M, extending a three‑day streak, while XRP led with $38.04M inflows. Institutional investors are diversifying beyond Bitcoin into altcoins with clearer utility and regulatory traction.

Crypto markets remain unsettled as investors brace for the Federal Reserve’s December 10 interest rate decision. ETFs, now a key barometer of institutional sentiment, highlight diverging flows across major digital assets. While Bitcoin ETFs faced heavy withdrawals, Ethereum, Solana, and XRP products attracted fresh capital, underscoring a shift in portfolio diversification strategies.

Bitcoin ETFs Face $60M Outflows
Bitcoin ETFs recorded net outflows of $60.48 million on December 8, reflecting investor caution after a sluggish weekend. BTC failed to break $92,000, retreating to $90,150. Yet BlackRock’s IBIT stood out, securing $28.76 million in inflows. In contrast, Grayscale’s GBT lost $44.03 million, and Fidelity’s FBTC shed $39.44 million. Analysts suggest profit taking rather than waning interest drove the mixed flows, with IBIT’s resilience reinforcing BlackRock’s dominance.

Ethereum ETFs Regain Momentum
Ethereum ETFs flipped positive with $35.5 million in inflows, reversing steep exits earlier in the week. The turnaround coincides with Ethereum’s Fusaka upgrade, designed to enhance speed, scalability, and reduce costs for Layer 2 platforms. Institutional interest is rising, with BlackRock pursuing SEC approval for a staked Ether trust ETF, ETHB. Unlike its ETHA trust, ETHB would track Ethereum’s performance while including staking rewards. ETH traded at $3,124, up more than 10% over seven days, signaling renewed confidence in the asset.

Solana ETFs Extend Winning Streak
Solana’s Exchange Traded Funds maintained steady demand, attracting $1.2 million in inflows on December 8. Though modest, the gains marked a third consecutive day of positive flows. Since debuting in late October, Solana’s Exchange Traded Funds have accumulated $639 million, reflecting consistent appetite despite broader market turbulence. SOL’s price hovered at $133, down 2% in 24 hours, yet institutional demand remains intact, highlighting Solana’s growing role in diversified crypto portfolios.

XRP ETFs Lead Daily Gains
XRP ETFs stole the spotlight with $38.04 million in net inflows, outpacing peers. Grayscale’s GXRP added $810K, while Canary, Bitwise, and Franklin products also posted gains. Regulatory clarity and XRP’s utility in cross-border payments have bolstered institutional confidence. The strong performance underscores a broader trend: investors are diversifying beyond Bitcoin, with altcoin Exchange Traded Funds gaining traction as mainstream finance increasingly embraces crypto assets.

The House’s new fiscal 2026 defense bill directs the Pentagon to develop options to impose costs on state-backed hackers who target defense-critical infrastructure in cyberspace.

Section 1543 of the chamber’s amendment orders the Under Secretary of Defense for Policy and the Chairman of the Joint Chiefs of Staff, highlighted by Jason Lowery, in consultation with other federal entities, to study how military capabilities can raise adversary costs and reduce incentives to attack, with a briefing and report due by Dec. 1, 2026.

According to the House Armed Services Committee text, the study must evaluate offensive cyber operations on their own and in combination with non-cyber measures. It must develop methodologies for selectively revealing or concealing capabilities.

The mandate is precise in scope and outcomes.

The Pentagon is tasked with assessing adversary capabilities and intent, identifying targets where cost imposition would have leverage, prioritizing objectives, inventorying relevant Defense Department capabilities and investments, and integrating with other agencies, allies, industry, and academia.

The study must also review legal and policy authorities for tailored response options, including actions against pre-positioning in critical networks. The amendment defines imposing costs as actions that deliver economic, diplomatic, informational, or military consequences sufficient to change the adversary’s behavior.

Pentagon secretly exploring Bitcoin’s military power?While the directive is not about Bitcoin, it formalizes a cost-imposition framework that aligns with Jason Lowery’s SoftWar thesis, which frames proof-of-work as a power-projection system in cyberspace.

Further, the document goes out of its way to avoid explicitly naming Bitcoin, opting instead for broader language about “proof-of-work” and cost imposition in cyberspace.

That omission may be deliberate: keeping terminology vague would limit what outsiders can infer about capabilities, targets, or operational intent.

The caution also tracks with Lowery’s own history; he has previously deleted posts and walked back public framing, and SoftWar itself was placed under an official security review last October, underscoring that parts of this discourse have already been treated as sensitive.

In prior reporting, SoftWar has been presented as a national security doctrine, not just a crypto narrative, with the core claim that proof-of-work can price abuse and make certain classes of cyberattacks uneconomical at scale.

A Department of War (formerly Defense) security and policy review of the thesis placed the concept into the live policy debate, and subsequent coverage of a proposed U.S. Bitcoin national defense policy described a Mutually Assured Destruction approach that uses credible, energy-backed costs as a deterrent.

Michael Saylor’s public alignment characterized Bitcoin as a digital defense system, an internet-scale cost-imposition layer, reinforcing the doctrinal framing.

The immediate context for Section 1543 is an advisory campaign on Chinese state-sponsored activity that highlights the long-term persistence of virtualization control-plane activity.

Cybersecurity agencies link BRICKSTORM backdoor to long-running VMware compromiseAccording to Reuters, U.S. and Canadian agencies warned that PRC-linked operators used a custom Go-based BRICKSTORM backdoor against VMware vSphere, vCenter, and ESXi to establish durable access for lateral movement and potential sabotage, including a case where access spanned from April 2024–September 2025.

Department of War malware analysis and CISA’s report indicate that the tradecraft is consistent with pre-positioning that could be activated for disruption. Section 1543 aims to design ways to impose costs on that behavior, including options that combine offensive cyber operations with non-cyber tools.

SoftWar’s lens turns the statutory language into system design choices.

If the goal is to raise attacker operating expenses, then right-sized, adaptive proof-of-work becomes a candidate control at high-risk interfaces.

That can include client puzzles that rate-limit remote administrative actions, pricing bulk API access, or gating anomalous RPC calls that touch systems supporting shipyards, depots, and bases.

Selective reveal could signal thresholds that trigger costly verification on the attacker’s path, while concealment could quietly drain automated campaigns by converting cheap replay into material resource burn.

Our coverage of AuthLN, a proof-of-work-based authentication pattern that prices login abuse, showed how economic friction changes attacker return on investment at the point of contact, providing a micro example of SoftWar economics at work.

The amendment’s related reporting rails matter for execution.Section 1545 requires annual Mission Assurance Coordination Board reporting on defense-critical infrastructure cyber risk and mitigations, creating an oversight channel that can surface where cost-imposition would bite the hardest.

Section 1093’s critical-infrastructure tabletop exercises call out energy, water, traffic control, and incident response, the civilian dependencies that underpin defense missions. Those venues are suitable for piloting proof-of-work-priced access against traditional rate limits, especially at public-facing or cross-domain choke points where bots have a cost advantage.

For practitioners, Section 1543 creates a near-term modeling agenda that blends doctrine and engineering.

One line of effort is to quantify attacker cost per action across authentication, administration, and service endpoints when adaptive proof-of-work is applied.

Another is to measure the half-life of adversary persistence after public burns and synchronized sanctions or export controls, using dwell-time windows as a proxy for raised operating costs. A third is to track doctrinal traction by counting official uses of ‘impose costs’ or ‘cost-imposition’ in DoD and CISA outputs once the study is underway.

MetricWhat it capturesWhere to applySoftWar tie-inAttacker Cost per 1,000 gated actionsIncremental cost to execute login/API/admin actions under proof-of-workRemote admin, password resets, bulk API, anomalous RPCPrices abuse so automation loses cost advantagePersistence half-life after public burnTime from advisory to eviction and retoolingVirtualization control planes, identity providers, OT gatewaysMeasures capital and time costs imposed on adversaryPolicy traction indexFrequency of cost-imposition language in official outputsDoD, CISA, ONCD issuances and pilotsSignals institutional adoption of cost designThe most common pushback against proof-of-work is the energy overhead. The systems contemplated here are not global puzzles plastered across every endpoint.

The design space is right-sizing and adapting proof-of-work at critical choke points, where tipping attacker ROI negative yields outsized defense benefits, which is exactly what a cost-imposition mandate asks the Pentagon to consider.

Rate limits and CAPTCHAs already exist; however, they do not force non-spoofable resource burn on the attacker. SoftWar’s premise is that priced actions beat friction, converting cheap spam and brute force into measurable expense.

The AuthLN pattern offers one blueprint for how such pricing can fit into existing authentication stacks without reinventing upstream architecture, aligning with Section 1543’s encouragement to integrate with other agencies, industry, and academia.

Scenarios to watch over the 2026 horizon flow directly from the statutory tasking.A pilot that attaches dynamic proof-of-work stamps to high-risk actions within defense-critical infrastructure dependencies would test economic DDoS mitigation and abuse-resistant administration.

A public burn-and-sanctions playbook for another BRICKSTORM-like disclosure would aim to force the adversary to retool while synchronizing diplomatic and economic instruments. Coalition norms that use cost-imposition language could formalize a persistent economic friction against spam and mass automation at public-sector endpoints, complementing episodic takedowns with sustained deterrence.

Each move can be tracked against the metrics above and reported through the MACB channel set by Section 1545.

Section 1543 states that the Secretary of War (formerly Defense) shall conduct a study on the use of military capabilities to increase the costs to adversaries of targeting defense-critical infrastructure in cyberspace.

It defines imposed costs as actions that produce economic, diplomatic, informational, or military consequences sufficient to change adversary behavior. The report is due Dec. 1, 2026.

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