Market Signal Briefing

On November 20, 2025, Bitwise Asset Management announced the launch of the first fully regulated spot XRP exchange-traded fund (ETF) in the United States. This development marks a significant milestone for both Bitwise and the broader cryptocurrency market, as it opens up new opportunities for investors to gain exposure to XRP, the native digital asset of the Ripple network, without having to directly purchase the cryptocurrency itself.

In November 2025, Bitcoin experienced a steep decline, marking what many analysts see as a classic capitulation event. This significant drop, while initially alarming to investors, has historically set the stage for substantial recoveries in the cryptocurrency market.

Dogecoin finds itself at a critical crossroads as price action sinks into the lower 5% of its long-term channel, a zone that has historically preceded explosive rallies. Yet with fresh bearish pressure triggered by a sharp Tenkan-sen cross, the market now faces a defining moment: rebound or extended grind?

A Critical Turning Point For Dogecoin
DOGECAPITAL, in a recent analysis, highlighted that Dogecoin has slipped into the lower 5% of its long-term trading channel. Each time price has entered this zone in the past, it has preceded powerful rallies following periods of consolidation. That history raises an important question: Is Dogecoin once again preparing for a major cyclical rebound?

According to the analyst, one possible outcome is that Dogecoin stabilizes within this lower channel zone and uses it as a launchpad for another significant rally. This setup has occurred across multiple market cycles and remains a strong possibility if support continues to hold.

Another scenario is that Dogecoin maintains a slow, sideways “crabwalk” along the bottom of the channel. The meme coin may not experience a blow-off top this cycle but instead transition into a gradual, long-term uptrend. Such a pattern would allow Dogecoin to climb without creating new cycle lows.

DOGE repeating previous moves that led to price spikes | Source: Chart from DOGECAPITAL on X
The analysis also notes that broader market conditions could heavily influence Dogecoin’s direction. Should Bitcoin break into a new all-time high from current levels, it would signal that the entire market cycle is extending. An extended cycle would likely boost Dogecoin’s trajectory as well, increasing the probability of a meaningful trend shift.

Overall, the long-term channel dynamics combined with macro market signals suggest that Dogecoin is approaching a pivotal moment. Whether it sparks a historic rally or opts for a slower climb, its position within this critical zone is setting the stage for a major move.

Bearish Tenkan-sen Cross Sparks Sharp Dogecoin Sell-Off
According to a recent update shared by Trader Tardigrade, Dogecoin has just experienced a sharp downturn triggered by a Price-to-Tenkan-sen bearish cross. This key Ichimoku signal marked the start of an aggressive sell-off wave, catching many traders off guard.

Trader Tardigrade noted that the signal appeared in the subscription section moments before the drop, giving subscribers an early advantage. With the warning in hand, many were able to position themselves ahead of the move, load up on shorts, and ride the decline for significant profits as the sell-off accelerated. The subscription offers real-time alerts and early insights designed to help traders stay ahead of major shifts and capitalize on sharp market moves.

DOGE trading at $0.15 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Pngtree, chart from Tradingview.com

Bitcoin is a portfolio burner in bad times.

Bitcoin (BTC 3.20%) is building a reputation as the digital equivalent of gold. U.S. Treasury Secretary Scott Bessent has said, "Gold is a store of value, Bitcoin is becoming a store of value." Like gold, Bitcoin is considered an excellent long-term store of value. It's scarce, relatively secure, and its value increases over time. All good things.

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In fact, its performance is so good, it's been called the better store of value. There's some truth to that. If you'd invested $1 into Bitcoin five years ago, you'd have approximately $9.50 as of writing. Bought gold instead? You'd have roughly $2. Compared to gold, Bitcoin has made like a balloon and flown sky-high.

But it would be a big blunder to mistake Bitcoin for a better gold. Stability matters. Right now, Bitcoin is to gold as dynamite is to a rock: volatile. Retirees, in particular, should be cautious about betting the portfolio. An unlucky downswing could blow up your entire retirement plan.

Image source: Getty Images

The $1,000,000 Bitcoin example
It's probably too risky to bet tomorrow's withdrawals on Bitcoin.

To illustrate (with a dramatic example):

January 2020. Retired but actively managing your portfolio, you watch with wide eyes as Bitcoin breaks records. It climbs to stratospheric heights, minting Bitcoin millionaires. The FOMO is strong, but you're afraid of buying at the peak. You wait for a dip.
January 2022. Bitcoin has fallen from its high to $50,000, where it seems to have hit a floor. You pull the trigger and buy the dip. You're in -- at a steal of a deal. Meanwhile, you continue to withdraw 4% of your portfolio annually to cover retirement expenses.
January 2023. The floor has caved. After a brief rally, Bitcoin has plunged to $16,000, cutting your investment by two-thirds. Unfortunately, you can't wait for the rebound -- you have annual expenses to cover. After painfully withdrawing 12% of your portfolio to cover expenses, you move out of Bitcoin, taking a major loss.

This dramatic example of Bitcoin maximalism illustrates the importance of stable portfolios. Bitcoin goes up long-term, but short-term, it's unstable.

That's an issue when you're retired. Retirees depend upon withdrawals to pay the bills. Say you sit down with a retirement planner and block out consistent 4% withdrawals. A single big downturn, one that shaves the cost of your portfolio by 50%, would force you to withdraw 8% to cover the same fixed expense that once cost you 4% of your portfolio. Diversification into 25+ stocks (and stable assets like gold) helps ensure that your 4% remains 4%, even during downturns.

Gold is good, gold is great
Gold is a good way to diversify a retirement portfolio. It almost always goes up, and when it draws down -- as every asset is bound to do -- it does so in a slow and reasonable manner, relative to the stock market. There are two reasons for this: gold is a stable asset, and it tends to rise when the stock market declines.

Gold is stable. Three points that support the fact:

Average annual gold prices have gone up since 2015.
The price of a gold bullion rose absolutely from 2020 to 2025.
Drawdowns are slower and milder than Bitcoin.

Gold prices tend to rise. Had you bought $1,000,000 of gold (instead of Bitcoin) on January 1st, 2020, your investment would have remained above $1,000,000 when the market fell. In fact, regardless of when you withdrew, you'd have profited. When gold prices dip, they do so in a slow and mild manner. It hasn't dipped even close to 50% in the last decade.

Gold is insulated from stock market woes. When the market declines, gold typically rises. Owning both gold and stocks prevents your portfolio from falling off a cliff, regardless of whether there's a recession or a stock market boom. A bit of both keeps you stable during both good and bad times.

So, where does that leave Bitcoin?

Make Bitcoin the five, 10-year bet
In bad times, Bitcoin bites -- but it appreciates much faster than gold over long time horizons. (Think five, ten years.) That's why Bitcoin deserves a small place in your retirement portfolio. I'd keep any Bitcoin addition small enough that I wouldn't feel compelled to withdraw it for at least five, ten years. Making it a long-term play gives the volatile currency time to appreciate. Gold is for stability; Bitcoin is for optional upside.

Key takeaways:

Ethereum treasury companies are sitting on millions of dollars of unrealized losses, raising concerns about their sustainability.

Ethereum treasury companies trading below NAVs signal eroding confidence, potentially pressuring ETH price further.

An ETH price fractal hints at $2,500 as the 200-week moving average becomes the last line of defense.

Ether (ETH) fell 30% over the past 30 days, dropping below $3,000 to a four-month low of $2,806 on Thursday. Technical indicators and institutional demand are leaning bearish, increasing the odds of a further correction below $2,500.

Ether price mirrors a 2022-era fractalETH price is facing a four-week losing streak as a bearish fractal from 2022 hints a a deeper correction for the altcoin. A market fractal is a repetitive pattern that allows traders to identify trend reversals in the charts. Ether is currently painting a bearish fractal setup, initially observed in 2022.

The chart below illustrates that the pattern consists of a sharp drop from its 2021 all-time high at $4,800, with the price bottoming around the 200-week SMA. 

The same scenario is playing out in 2025, with the price having dropped 41% from its current all-time high of $4,955 reached in August. This suggests that a deeper correction is the cards with the 200-week SMA at $2,450 being the last line of defense for bulls. 

ETH/USD weekly chart. Source: Cointelegraph/TradingViewMeanwhile, Ether’s super trend indicator has sent a “sell” signal on its weekly chart, an occurrence that last led to a 66% drop in price when it occurred in March 2025. 

A similar confirmation in January 2022 was followed by an 82% price drawdown, bottoming just below the 200-week SMA, as shown in the chart below.

ETH/USD weekly chart. Source: Cointelegraph/TradingViewIf history repeats itself, ETH could see a deeper correction to as low as $2,500, driven by decreased institutional demand and waning onchain activity. 

Ethereum treasury companies are underwaterEther’s sharp pullback has pushed the average Ethereum treasury company into the red, resulting in millions of paper losses.

Data from Capriole Investments shows that these companies have seen negative returns of between 25% to 48% on their ETH holdings. The top ten DAT companies are now in the red in the weekly and daily time frames, as shown in the chart below.

Performance of ETH treasury companies. Source: Capriole InvestmentsBitMine Immersion Technologies, holding 3.56 million ETH (2.94% of the circulating supply), has seen a -28% and -45% return on its investments over the last seven days and 30 days, respectively.

BitMine is currently down $1,000 per purchased ETH, implying a cumulative unrealized loss of $3.7 billion on its total holdings.

🚨 LATEST: BitMine is sitting on a $3.7B unrealized loss from its massive $ETH position.

Will we see more DATs emerge in the coming months despite the risks? pic.twitter.com/11V5YZT2qO

— Cointelegraph (@Cointelegraph) November 20, 2025
SharpLink, The Ether Machine and Galaxy Digital also sit on millions in losses, down 50% to 80% from their yearly highs.

Capriole Investments’ data also shows that the Market Value to Net Asset Value (mNAV) — a metric used to assess the valuation of digital asset treasuries — of most of these companies has plunged below 1, signaling an impaired capital-raising ability.

Data from StrategicETHreserve.xyz indicates that collective holdings of strategic reserves and ETFs have dropped by 280,414 ETH since Nov. 11. 

ETH treasuries and ETF holdings reserve. Source: StrategicETHreserve.xyzAs Cointelegraph reported earlier, global exchange-traded products, including US spot Ether ETFs, experienced the largest weekly outflows since February, reinforcing the continued decline in institutional demand for ETH. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

On today's episode of CNBC Crypto World, major cryptocurrencies slump after stronger-than-expected September jobs data and better-than-expected earnings from Nvidia. Plus, Crypto World speaks with Ari Redbord of TRM Labs at the Clear Street Disruptive Technology Conference.

TLDR

Kyrgyzstan has officially launched USDKG, its first government-backed stablecoin.
USDKG is pegged to the U.S. dollar and backed by physical gold reserves.
The initial supply includes 50 million tokens minted on the Tron blockchain.
President Sadyr Zhaparov led the official launch ceremony in Bishkek.
The stablecoin is issued by a fully state-owned entity called OJSC Issuer of Virtual Assets.

Kyrgyzstan has issued its first government-backed stablecoin, USDKG, which is pegged to the U.S. dollar and backed by gold. Authorities launched the cryptocurrency during an official ceremony in Bishkek attended by top government officials. The token, minted on the Tron blockchain, begins circulation with an initial supply of 50 million coins.

USDKG Stablecoin Debuts with Gold Reserves and U.S. Dollar Peg
President Sadyr Zhaparov led the launch event in the capital city, pressing a symbolic button to begin minting. Finance Minister Almaz Baketayev and Biybolot Mamytov, chairman of OJSC “Issuer of Virtual Assets,” were also present. The new stablecoin aims to link blockchain innovation with Kyrgyzstan’s gold holdings.

Each USDKG token equals one U.S. dollar and is supported by physical gold stored by the Kyrgyz state. The government described the project as a strategic move to modernize the country’s financial infrastructure. Officials hope this will help Kyrgyzstan enter global financial networks and attract technology investors.

The issuer, OJSC “Issuer of Virtual Assets,” is fully state-owned and authorized to distribute the new digital asset. The company began minting USDKG using the Tron blockchain at the event. Officials confirmed the first batch includes 50 million tokens ready for circulation.

According to a release from President Zhaparov’s office, “USDKG is crafted as a digital currency, marrying the steadfastness of gold with the cutting edge of blockchain technology.” Kyrgyzstan expects USDKG to boost its appeal to international partners and capital investors. Officials emphasized the crypto’s potential to support Web3 services and innovation.

Government representatives stated that the new digital asset will facilitate public-private sector collaboration through secure blockchain technology. This may enhance transparency and promote growth in the digital economy. The stablecoin is positioned as an investment-friendly project with a strong physical asset base.

The Kyrgyz finance ministry announced earlier that the token would soon be listed on both centralized and decentralized exchanges. The State Service has registered USDKG for Regulation and Supervision of Financial Markets. This agency oversees all non-bank financial institutions in Kyrgyzstan.

Kyrgyzstan Seeks Distance from Sanctioned Ruble-Pegged A7A5 Coin
Officials clarified that USDKG is not part of Kyrgyzstan’s central bank digital currency (CBDC) plans. The digital som (KGST) remains under review by the central bank. USDKG will operate independently through the state-owned token issuer.

The finance ministry explained that USDKG is initially backed by $500 million in gold reserves. The reserves are controlled by the Kyrgyz state, with plans to expand to $2 billion. Authorities say these reserves will support stability and long-term credibility.

The launch fulfills the government’s May announcement to create a gold-backed digital asset called the “Gold Dollar.” Kyrgyzstan had targeted a third-quarter launch but has now confirmed the release for this November. The official launch aligns with previously shared timelines.

Kyrgyzstan is already home to the ruble-pegged A7A5 stablecoin, issued by a Russian-affiliated firm. However, A7A5 has come under scrutiny for claims that it helped Russia bypass global sanctions. Western governments have sanctioned related platforms and banks in Kyrgyzstan.

The government has clarified that USDKG is unrelated to A7A5 and is issued under full state ownership. They intend to avoid connections to sanction-evading cryptocurrencies. Kyrgyz officials insist that USDKG complies with all financial regulations and international compliance standards.

The country aims to maintain transparency through regulatory oversight and public announcements on token issuance. Officials promised additional updates as USDKG reaches global exchanges. Kyrgyzstan plans to promote the token to international investors and partners.

USDKG is expected to be accessible through multiple crypto platforms in the coming days. The finance ministry confirmed that registration and regulatory approvals are complete. The rollout continues as the country expands its blockchain initiatives.

Digital asset treasury firms are increasingly turning to share buybacks to arrest plunging stock prices as investor demand sours. Nov 20, 2025, 7:30 p.m.

AVAX One Technology (AVX), an Avalanche-centered digital asset treasury company with hedge fund veteran Anthony Scaramucci heading the advisory board, is the latest to turn to share buybacks to arrest plunging stock prices.

The firm said Thursday its board authorized an up to $40 million stock repurchase program, which will be executed at the company's discretion depending market conditions.

STORY CONTINUES BELOW

"We expect to hit the open market soon and will continue to assess additional repurchases as conditions warrant," CEO Jolie Kahn said in a statement.

Shares are roughly 70% below their closing price on the day the company announced its crypto treasury pivot. They're little-changed on Thursday.

The move comes as several crypto treasury companies are increasingly turning to share buybacks to close steep discounts between their share prices and the value of their underlying holdings. Some firms, such as ETHZilla and FG Nexus, even sold some of their crypto assets to fund similar programs.

AVAX One, formerly known as AgriFORCE Growing Systems, pivoted in September to a crypto treasury strategy with plans to raise $550 million to acquire AVAX over time.

Read more: Ether Treasury Firm FG Nexus Unloads Nearly 11K ETH to Fund Share Buyback

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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The government of Kyrgyzstan has officially launched USDKG, a stablecoin backed by gold and pegged to the U.S. fiat currency. The authorities in Bishkek expect that the crypto, issued by a state-owned entity, will put the country on the map of global finances and attract investments.

Cardano's (CRYPTO: ADA) 7% drop means ADA has lost a key support level and may be headed to $0.32 next.

Cardano Weekly Breakdown Signals Shift Into Bearish Distribution

ADA Weekly Price Action (Source: TradingView)

ADA has slipped below the long-standing weekly trendline that supported its past two bull recoveries. 

The break shifts the structure into a distribution phase, with price now testing the $0.40 region that served as a launchpad during earlier rallies.

On-balance volume has been declining for months, signaling that long-term holders are reducing exposure instead of absorbing sell pressure. 

The weekly RSI sits near 34, showing continued weakness without reaching conditions linked to major reversals.

The broader pattern resembles a multi-quarter symmetrical triangle that has now failed on the downside. 

ADA lost its final higher-low anchor near $0.48 and slid into the mid-$0.30s demand band, aligning with earlier cycle pivot levels.

Triangle Failure Points Toward $0.32 To $0.36 ZoneThe measured extension of the failed weekly triangle aligns with the $0.32 to $0.36 region, a zone that marks the deepest liquidity pocket on the historical volume profile. 

The reaction there will help determine whether ADA is nearing capitulation or entering a prolonged undervaluation phase similar to early 2023.

Four-Hour Cardano Chart Confirms Persistent Downtrend

Cardano 4-Hour Price Analysis (Source: TradingView)

The 4-hour structure remains locked inside a descending channel with clean lower highs forming along the upper boundary. 

Every recovery attempt has rejected at the 20 EMA, now near $0.4666. The 50 EMA at $0.4924 and the 200 EMA at $0.5789 remain well above current levels.

Parabolic SAR remains above price across intraday frames, confirming that sellers continue to control short-term direction. 

The lower boundary of the channel allows room for a test of $0.38 without breaking the downtrend.

Broader market sentiment remains fragile as Bitcoin (CRYPTO: BTC) slides to $86,500 with a sharp 5% drop, and Ethereum (CRYPTO: ETH) trades near $2,820 while sitting on its most critical support zone of the quarter. 

Spot Outflows Accelerate As Buyers Step Back

ADA Netflows as of November 20th (Source: Coinglass)

Coinglass data shows ADA recorded $4.82 million in net outflows on Nov. 20, marking the fourth straight negative print. 

Spot weakness has persisted for months, with no meaningful positive-flow days in the past week. 

Historical patterns suggest Cardano tends to stabilize only after spot flows turn positive, which is not yet evident.

Derivatives Positioning Flags Potential Liquidations

ADA Derivative Analysis (Source: Coinglass)

Open interest has slipped to about $742 million, slightly lower but still elevated relative to earlier phases of the year. 

Long-short ratios on major venues such as Binance and OKX range from 1.83 to 2.82, indicating that bullish traders are attempting to buy dips aggressively.

This imbalance increases the risk of forced long liquidations if ADA continues to weaken. 

About $1.76 million in liquidations were recorded over the past 24 hours, mostly from long positions, reinforcing downside pressure.

A break below $0.40 could trigger additional unwinding across leveraged books and accelerate movement toward the deeper $0.36 to $0.32 liquidity zone.

Read next:

BitMine Immersion Technologies (BMNR) Stock Slides Amid Ethereum Sell-Off
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13 minutes ago

Tax revenue denominated in Bitcoin would be funneled into the US strategic BTC reserve and would not trigger a taxable event for the payer.

132

A US lawmaker introduced a bill in the House of Representatives on Thursday that would allow Americans to pay their federal taxes in Bitcoin, which would then be funneled into the US strategic Bitcoin reserve.

Under the Bitcoin for America Act proposed by Representative Warren Davidson, a Republican from Ohio, BTC (BTC) transferred to the US government for tax payments would not be subject to capital gains taxes and not be recorded as a loss or gain for the taxpayer.

In a press release, Davidson said:

“By allowing taxpayers to pay federal taxes in Bitcoin and having the proceeds placed into the Strategic Bitcoin Reserve, the nation will benefit by having a tangible asset that appreciates over time, unlike the US dollar, which has steadily lost value under inflationary pressures.” The first page of the Bitcoin for America Act. Source: Warren DavidsonThe proposal would allow the US government to grow a strategic BTC reserve without having to purchase Bitcoin on the open market, minimizing the positive impact on BTC’s price that active purchases would have.

A projection of the US government’s tax revenue if 1% of taxes are collected in BTC over 20 years. Source: Bitcoin Policy InstituteThe US strategic Bitcoin reserve is not what Bitcoiners expectedAlthough US President Donald Trump signed an executive order establishing a strategic BTC reserve in March, the order did not stipulate recurring BTC buys and required that all future additions to the reserve would be financed through budget-neutral strategies.

The main provision in the executive order was that the US government would not sell any of the BTC it acquired through asset seizure and forfeiture.

The price of BTC fell by 6% immediately after the order was signed, reflecting the disappointment among Bitcoiners, who expected the strategic reserve to grow through recurring market buys.

Funding the BTC reserve through forfeited assets creates “perverse” incentives for the government to seize BTC to grow the reserve, journalist and Bitcoin advocate Lola Leetz argued. 

The US government’s crypto holdings at the time of this writing. Source: Arkham Intelligence“Civil asset forfeiture should be reformed, not celebrated. If you are cheering this on, you should be ashamed of yourself,” Leetz said.

Matt Hougan, chief investment officer at investment company Bitwise, offered an opposing view, saying the order was a net positive for BTC.

The strategic reserve “dramatically” lowers the probability of a government BTC ban and encourages nation-state adoption, as other countries follow suit to remain competitive on the global stage, Hougan said. 

Magazine: US risks being ‘front run’ on Bitcoin reserve by other nations: Samson Mow

Ethereum's (CRYPTO: ETH) decisive break below the critical $3,000 level has reignited a months-long debate: was the prior bullish thesis driven by real fundamentals—or by a deep misunderstanding of how Ethereum works?

What Happened: Prominent trader Andrew Kang publicly shredded Tom Lee's bullish ETH thesis, calling it "deeply flawed" and "financially illiterate" in September as ETH was 10% off its all-time high.

Kang argued that Ethereum's valuation hinges far more on macro liquidity and speculative belief than on structural fundamentals.

He outlined several key weaknesses—including limited stablecoin and RWA adoption, institutional staking dynamics, and valuation misalignment with real financial infrastructure—and warned that without major changes, ETH could underperform and remain range-bound.

Fast-forward less than two months and Ethereum has now plunged 32.3%, wiping out a large chunk of investor wealth and lending weight to Kang's bearish call.

Kang reiterated in October that ETH's “strength has limits," noting he has been bearish since ETH/BTC was 0.07.

Also Read: BlackRock Preps Staked Ethereum ETF Launch—But Vitalik Buterin Warns Against ‘Wall Street Capture’

Why It Matters: Crypto analyst Ted Pillows noted ETH briefly dipped below $2,900 before bouncing but stressed that reclaiming $3,200 is essential for a local bottom. Failure to do so, he warned, "will result in a bigger correction."

Pillows added that BlackRock sold $1.1 billion in ETH during November, marking a sharp shift from earlier institutional accumulation. While October's selloff came from Asian whales, he said November's damage was driven by U.S. institutions.

Trader Niels pointed to an under-the-surface dynamic: roughly 18% of ETH has left exchanges in the final leg of the cycle, flowing into ETFs and institutional custody. These holders tend to accumulate, not trade, reducing liquid supply and priming the market for an eventual high-pressure move.

Meanwhile, Onchain Lens reported that trader Machi was partially liquidated on a 25x ETH long, taking losses exceeding $20 million, a stark reflection of market stress.

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As of November 2025, Jurrien Timmer, a prominent executive at Fidelity Investments, has suggested that Bitcoin and the broader cryptocurrency market may have reached their lowest point. This comes amidst the backdrop of sluggish economic indicators and volatile market conditions, creating a complex scenario for investors.

Dave Portnoy has re-entered the digital-asset arena with a seven-figure allocation in XRP that has raised eyebrows across the market. At a time when XRP continues to face downward pressure and muted investor sentiment, the Barstool Sports founder executed a decisive million-dollar purchase. The timing, scale, and narrative surrounding the move have prompted renewed scrutiny of an asset many assumed had exhausted its momentum.

Strategic Capital Deployment Amid XRP’s Weak Price Performance
Portnoy recently revealed that he acquired $1,000,000 worth of XRP, alongside $750,000 in Bitcoin and $400,000 in Ethereum. He framed his move bluntly, describing the market as “bleeding” and presenting his purchases as a calculated attempt to buy the dip. This timing is questionable because XRP has been struggling to maintain momentum, with the token falling nearly 15% over the past week and oscillating around the $2.13 mark with no clear breakout in sight.

This downward trajectory is particularly notable given the market’s anticipation that the recent Canary XRP ETF launch would trigger a bullish reaction. Instead, prices trended lower, making Portnoy’s re-entry a contrarian move against prevailing sentiment. His announcement generated swift public attention, with Eric Trump commenting “smart trade” under Portnoy’s post. Among XRP enthusiasts, this could be interpreted as more than casual praise—some view it as a subtle hint of potential positive developments for XRP, recalling the Trump family’s history of well-timed investments before major market spikes.

Meanwhile, market analyst Barri C has fueled optimism with a bullish projection for XRP, suggesting that the asset could experience a rapid, substantial surge in value sooner than widely expected. When combined with Portnoy’s million-dollar allocation, this positions his trade as a forward-looking strategy aligned with emerging bullish signals and broader positive market commentary.

Institutional Momentum May Explain The Timing
XRP is seeing a major institutional shift. Bitwise Asset Management recently announced its spot XRP ETF, set to trade soon on the NYSE under ticker XRP, waiving the 0.34% management fee for the first month on the first $500,000,000, making it easier for traditional investors to gain regulated exposure and participate more efficiently.

These developments create a more supportive market environment, positioning the ETF for a potentially strong launch despite short-term weakness in XRP’s price. While the chart shows a pullback, Bitwise emphasizes that XRP’s regulatory positioning, infrastructure upgrades, and broader capital-market integration have accelerated. Portnoy’s $1,000,000 XRP purchase reflects a strategic bet on these emerging market drivers and potential asset re-pricing as institutional flows begin to enter, rather than on current sentiment. 

In this environment, his decision appears less reactive and more like a calculated move. Whether Portnoy has privileged insight or simply recognizes how institutional adoption reshapes markets, the timing of his allocation signals conviction at a moment when others remain hesitant.

Price struggles to hold gains from bounce | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

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On-Chain Data Shows Major Bitcoin Wallets Back in Motion After Selling Streak

TL;DR   Bitcoin wallets holding large amounts of BTC are moving again after an extended selling streak. This change comes while Bitcoin still struggles with

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Luc Jose A.

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Little known outside Japan, Metaplanet now intends to play in the big leagues. With an aggressive bitcoin accumulation strategy, this Tokyo-listed company is about to raise 135 million dollars to further strengthen its treasury in BTC. A bold initiative that confirms the growing place of bitcoin in the financial strategies of listed companies, and further fuels the parallel with Strategy.

In brief

Metaplanet, a company listed on the Tokyo Stock Exchange, plans to raise $135 million through the issuance of Class B preferred shares.
This fundraising aims to strengthen its Bitcoin treasury strategy without resorting to traditional debt.
The new shares offer a fixed dividend of 4.9 % and a possibility of conversion into common shares, but without voting rights.
Despite these losses, Metaplanet continues its Bitcoin accumulation, affirming a long-term vision.

A tailored fundraising to support an ambitious Bitcoin strategy
While the company has just reached the top 5 public Bitcoin treasuries, Metaplanet plans to raise 21.2 billion yen (about 135 million dollars) through the issuance of 23.6 million perpetual Class B preferred shares according to an official document submitted to the Tokyo Stock Exchange, at a unit price of 900 yen (about 5.71 dollars).

This fundraising, which must still be approved at an extraordinary general meeting on December 22, 2025, will be conducted with foreign investors via a private placement. The stated goal is to reinforce the treasury strategy focused on bitcoin without resorting to traditional borrowing.

Metaplanet CEO Simon Gerovich confirmed this intention in a post on X : “a new step in the rise of Metaplanet’s Bitcoin treasury strategy”.

From a technical point of view, these Class B shares have several specific characteristics :

A fixed dividend of 4.9 % per year, calculated on a notional value of $6.34, or approximately $0.078 per quarter ;

Possible conversion into common shares at a price of $6.34, but without voting rights ;

Holdings come with redemption rights under certain conditions, providing flexibility to holders ;

An callable option activated by Metaplanet if the share price exceeds 130 % of the liquidation value for 20 consecutive days.

The market reaction was immediate. On the day of the announcement, Metaplanet shares closed up 3.2 %, although they still recorded a drop of more than 60 % over the past six months. This operation illustrates a strategic choice assumed, where development financing is done through hybrid capital tools rather than conventional debt.

The Mercury program : an expansion strategy despite latent losses
Alongside this fundraising, Metaplanet is restructuring its existing financial instruments. The company plans to cancel its 20th to 22nd warrants and create a new series (23rd and 24th), assigned to the Evo Fund based in the Cayman Islands, subject to regulatory approval.

This reorganization, which accompanies the implementation of the Mercury program, aims to strengthen the flexibility of capital financing while pursuing the company’s Bitcoin treasury expansion strategy.

Moreover, Metaplanet currently holds 30,823 BTC, making it the fourth largest public bitcoin holder in the world. However, its exposure is currently in the red, with a latent loss of -15.17%, linked to an average purchase price of $108,036 per BTC.

The company’s strategy raises questions, especially in a context where the Tokyo Stock Exchange is considering strengthening oversight of companies heavily exposed to cryptos, following the crash of the DAT token that already shook the Japanese market earlier this year.

This insistence on strengthening an already deficient position demonstrates a long-term committed positioning on bitcoin. However, it could also expose Metaplanet to increased volatility, both financially and regulatorily. Like Strategy by Michael Saylor, Metaplanet seems to bet on a future appreciation of BTC to validate its strategy.

With this fundraising, Metaplanet pursues a clear strategy: to transform its treasury into a bitcoin reserve. The stated goal is ambitious: Metaplanet aims for 100,000 Bitcoins by 2026, thus confirming its ambition to establish itself as a major institutional player in the crypto market.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Argentina's Milei provided 'essential collaboration' for Libra project, congressional report findsPolicy
• November 20, 2025, 3:11PM EST

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Quick Take
An Argentine congressional committee has released its final report on the $LIBRA token collapse, alleging a pattern of state-backed crypto promotion.
The opposition-led committee claims President Javier Milei provided “essential collaboration” for the project and suggests the behavior warrants an evaluation for misconduct in office. 
New findings link similar trading patterns to the previously launched KIP Protocol.
An investigative committee within the Argentine Chamber of Deputies has released a scathing final report on the collapse of the Libra cryptocurrency, recommending that the National Congress evaluate whether President Javier Milei incurred "misconduct in office" for his role in promoting the token.

Milei had promoted the Libra cryptocurrency, intended to bootstrap funding into domestic small businesses, with an X post from his personal account that he later deleted after 8 wallets related to the Libra team cashed out $107 million.

The report, titled "$LIBRA WAS NOT AN ISOLATED EVENT," concludes that the widespread losses associated with the token were not merely the result of poor oversight, but arguably the result of a "deliberate will to evade institutional controls."

A summary of the 200-page report's final considerations, provided to The Block by Juan Marino, an Argentine politician and the secretary of the investigative committee, concluded, "Javier Milei involved the presidential investiture to allow the alleged $LIBRA scam to effectively take place: without his tweet, $LIBRA would not have had the volume of purchases it did."

Milei has denied wrongdoing in the scandal and, in May, disbanded an investigative task force set up by his office to probe the Libra scandal and its connections to Milei and his sister, Karina Milei, days after a judge asked Argentina's Central Bank to unseal both the president's and his sister's bank accounts. 

Milei and the Libra founders, including American entrepreneur Hayden Davis, are facing a judicial investigation in Argentina, as well as a class action lawsuit from Burwick Law, a New York-based firm specializing in cryptocurrency scams.

The report alleges that 114,410 wallets lost money trading Libra. 

A "pattern" of misbehaviorWhile the Libra collapse in February 2025 drew the most international attention, the committee’s report outlines a pattern of behavior beginning months earlier. Investigators flagged the launch of the KIP Protocol in December 2024 as a factual precedent.

According to the committee, President Milei publicly validated KIP shortly before its liquidity pools were drained, a sequence of events that repeated with $LIBRA. On-chain analysis cited in the report alleges that operator Manuel Terrones Godoy converted $KIP tokens to USDT and transferred funds to associate Mauricio Novelli on the same day as the token’s public launch.

The committee stated that this repetition "makes plausible the hypothesis" that the administration systematically bypassed technical bodies like the National Securities Commission (CNV) to facilitate these projects.

"In both cases, the cryptocurrencies were launched after having received some type of public validation by the President of the Nation, after which the liquidity pools were emptied, generating an abrupt drop in price," the report states.

Milei's promotion of the KIP protocol has not previously received the same level of scrutiny as the Libra scandal. "Although $KIP did not reach the repercussion of $LIBRA — given that the latter counted on sustained presidential promotion via a tweet pinned for hours—it did establish a factual and temporal precedent," the report states. 

The committee also found that Milei had promoted an NFT game called "Vulcano," created by Novelli, and "CoinX," a company raided by the Judiciary in the context of a fraud investigation initiated in 2022. 

Legislators from Milei's party La Libertad Avanza reportedly attended the Tuesday meeting of the investigative committee, according to El País, and " rejected the report and argued that the opposition did not secure enough support to move it forward," though the lawmakers did not present an alternate proposal. 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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AUTHOR Zack Abrams is a writer and editor based in Brooklyn, New York. Before coming to The Block, he was the Head Writer at Coinage, a Web3 media outlet covering the biggest stories in Web3. The story he co-reported on Do Kwon won a 2022 Best in Business Journalism award from SABEW. Other projects included a deep dive into SBF's defense based on exclusive documents and unveiling the identity of the hacker behind one of 2023's biggest crypto hacks — so far. He can be reached via X @zackdabrams or email, [email protected]. See More

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Here's how Bitwise's XRP ETF is doing so far during its launch day.

The third-largest non-stablecoin cryptocurrency has another exchange-traded fund tracking its performance going live today on Wall Street.

After Canary Capital’s launch last week, Bitwise’s XRP ETF hit the New York Stock Exchange under the XRP ticker as of this morning. The company behind the asset described it as a “milestone day for the XRP community,” and outlined some of the most notable facts about Ripple and its native token.

Milestone day for the XRP community!

This morning, the Bitwise XRP ETF began trading on NYSE (ticker: $XRP). With today’s launch, investors have a new, convenient way to get spot exposure to XRP, the crypto asset looking to disrupt the $250 trillion market for global payments.… pic.twitter.com/DA295tl6tO

— Bitwise (@BitwiseInvest) November 20, 2025

A few hours after the new crypto-focused financial vehicle reached the US markets, Bloomberg’s ETF expert said that it had neared a $22 million trading volume on its opening day. He believes it’s “quite impressive” given the fact that it’s the second such ETF to go live in the US in just a week after Thursday’s launch of Canary Capital’s XRPC.

Recall that XRPC broke the records for a 2025 debut with a trading volume of almost $60 million on day one. Canary’s CEO was quick to congratulate Bitwise for the XRP ETF release, which shows Wall Street that “you don’t have to be BlackRock to launch the top 5 ETFs of 2025.”

Huge congratulations to our friends at @bitwise on their XRP ETF today!

We are showing Wallstreet that you don’t have to be Blackrock to launch the top 5 ETFs of 2025. We are rooting for you to get this one in top 5 too, as long as you don’t knock us out of first.

Thank you for…

— Steven McClurg (@stevenmcclurg) November 20, 2025

In the meantime, the launch of two ETFs in just a week hasn’t spared the underlying asset from tumbling alongside the rest of the cryptocurrency market. XRP is down by another 2% in the past 24 hours as it just slipped below $2.00. Moreover, the asset has plummeted by 15% since last Thursday, when Canary Capital’s ETF hit the markets.

You may also like:

$180M Liquidated in 1 Hour as BTC, ETH, and XRP Crash Harder

Ripple’s XRP Hit $2.03 for a Reason: Analysts Say the Macro Bottom Is In

Retail Fear Hits BTC, ETH, and XRP: But Analysts Say It’s a Bullish Catalyst

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About the author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.

Bitcoin has slipped below $90,000 as crypto markets have faced renewed pressure, with U.S. spot ETFs logging nearly $3 billion in November outflows and OG wallets selling into thin liquidity amid fragile broader risk sentiment.

Key Takeaways Bullish delivered Q3 EPS of $0.10 and a 72% year-over-year jump in adjusted revenues.
Subscription, Services & Other revenues surged over 300% from the year-ago quarter.
Adjusted EBITDA climbed 271% year over year, with cash rising to $69.3 million.

Bullish (BLSH - Free Report) reported third-quarter 2025 earnings of 10 cents per share. The company reported a loss of 59 cents per share in the year-ago quarter.

Total adjusted revenues increased 72% year over year to $76.5 million. Sequentially, it increased 34%. Total revenues increased mainly due to strong growth in Subscription, Services & Other (SS&O) revenues.

BLSH shares have risen 0.96 % in pre-market trading.

BLSH Q3 Top-Line DetailsAdjusted Transaction Revenues (34.9% of total revenues) decreased 18.84% year over year to $26.7 million. Digital asset sales decreased significantly from $54.2 billion a year ago quarter to $41.6 billion.

SS&O revenues, including liquidity services and all CoinDesk-branded products, reached $49.8 million in the third quarter of 2025. This represents growth of more than 50% sequentially and over 300% year over year.

BLSH Q3 Operating DetailsIn the third quarter of 2025, the company reported adjusted operating expenses of $ 47.9 million, which increased 29.8% year over year. Sequentially, operating expenses declined 2%.

  The adjusted net income for the third quarter of 2025 was $13.8 million compared to a loss of $3.1 million in the year-ago quarter.

Adjusted EBITDA was $28.6 million, which increased 271% year over year. Sequentially, it increased 253%.

BLSH Balance Sheet DetailsAs of Sept. 30, 2025, BLSH had total cash and cash equivalents of $69.3. million compared with $36 million as of June 30, 2025.

BLSH Q4 GuidanceIn the fourth quarter of 2025, Bullish expects Subscription, Services & Other revenues to be between $47.0 million and $53.0 million.

Adjusted Operating Expenses are expected to be between $48.0 million and $50.0 million.

Zacks Rank & Other Stocks to ConsiderBLSH currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the broader Zacks Computer and Technology sector are BlackBerry (BB - Free Report) , NCino (NCNO - Free Report) and Chegg (CHGG - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for BlackBerry’s third-quarter fiscal 2026 earnings is pegged at 4 cents per share, implying year-over-year growth of 100%. BB shares have gained 11.6 % in the year-to-date period.

The Zacks Consensus Estimate for NCino’s third-quarter fiscal 2026 earnings is pegged at 20 cents per share, indicating a year-over-year decrease of 4.76%. NCNO shares have declined 27.7 % in the year-to-date period.

The Zacks Consensus Estimate for Chegg’s fourth-quarter 2025 earnings is pegged at negative 1 cent per share, indicating a year-over-year decrease of 105.88%. Chegg’s shares have declined 38.5% year to date.

The Zacks Glass Products industry is poised to benefit from the rising demand for glass, both as a packaging option and for use in construction. This is backed by its endless recyclability and sustainability benefits. Growing demand for energy-efficient, smart windows or smart glass panels will be another catalyst for the industry going forward.

Companies like O-I Glass, Inc. (OI - Free Report) and Apogee Enterprises (APOG - Free Report) are expected to gain from efforts to capitalize on this demand by boosting capacity and introducing innovative products to the market.

About the Industry
The Zacks Glass Products industry comprises companies that manufacture and sell glass products. O produces glass containers for packaging beverages, food and pharmaceuticals. Another player in the industry offers coated and high-performance glass used in customized window and wall systems. It caters to the construction industry, ranging from commercial and multi-family residential to institutional buildings. It also provides coated glass for picture framing, wall décor and display applications. Nowadays, companies that make glass for buildings offer smart glass windows using artificial intelligence to adjust and suitably increase access to natural light while minimizing heat and glare. Some have developed electrokinetic technology that can be retrofitted on any glass, enabling buildings to cut energy consumption and save on heating and cooling costs.

Major Trends Shaping the Future of the Glass Products Industry
Glass Packaging Gaining Popularity: Glass is increasingly becoming the packaging choice for customers, given its endless recyclability without a loss in quality. More than 80% of recycled bottles are used in making new bottles. This also helps negate the need for raw materials. Every ton of recycled glass saves 1,400 pounds of sand, 430 pounds of soda ash and 400 pounds of limestone/dolomite. As consumers are becoming more aware of their environmental footprint, a sharp spike in demand is noticed for refillable bottles, which offer the most sustainable and economical rigid packaging option. Manufacturers are focusing on improving their products by reducing the weight of the bottles for more convenient handling. Also, premium cosmetic and beverage brands are opting for glass to differentiate their products through packaging and ensure quality maintenance.

Demand in the Construction Sector Holds Promise: In recent years, the use of glass gained popularity in construction as a sustainable alternative to traditional building materials, including wood and bricks, owing to its cost-effectiveness, lightweight, immense strength and environmentally friendly factor. Glass increases the influx of natural light in the building, reduces energy consumption, minimizes carbon emissions and enhances the aesthetic appeal of structures. Rising construction activities across the residential, commercial and industrial sectors are likely to fuel the glass products industry’s growth. Increasing investments in the renovation or modernization of the existing infrastructure will also drive the industry’s growth. Various governments are introducing favorable policies and granting incentives to promote green construction to minimize greenhouse emissions and energy consumption, which bodes well for the industry.

Technological Innovation is the Key: Some players revolutionized the industry by bringing smart glass panels or smart windows to the market. These innovative products are designed to enable people to lead healthier and more productive lives by increasing access to daylight and views while minimizing glare and heat from the sun and keeping occupants comfortable. These products also help cut down on energy consumption from lighting and HVAC, thus reducing carbon emissions.

Pricing, Improving Efficiency to Offset Cost Inflation: The industry is witnessing rising costs for transportation, chemical and fuel, and supply-chain headwinds. Therefore, industry players are increasingly focusing on pricing actions and cost reduction and resorting to automation in manufacturing to boost productivity and efficiency.

Zacks Industry Rank Indicates Bright Prospects
The Zacks Glass Products industry is a two-stock group within the broader Industrial Products sector. The industry currently carries a Zacks Industry Rank #13, which places it in the top 5% of the 245 Zacks industries.

The group’s Zacks Industry Rank, basically the average of the Zacks Rank of all the member stocks, indicates bullish prospects in the near term. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of a solid earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are gradually gaining confidence in this group’s earnings growth potential. The industry’s earnings estimate for the current year has gone up 4% over the past three months.

Before we present two Glass Products stocks for investors’ consideration, it is worth looking at the industry’s stock-market performance and its valuation picture.

Industry Versus S&P 500 & Sector
The Glass Products industry has underperformed the S&P 500 and the sector in the past year. The stocks in this industry have collectively declined 28% against the Industrial Products sector’s gain of 11.6%. The S&P 500 composite has risen 15.8% during the said time frame.

One-Year Price Performance

Industry's Current Valuation
Based on the trailing 12-month EV/EBITDA ratio, a commonly used multiple for valuing Glass Products companies, we see that the industry is currently trading at 4.71X compared with the S&P 500’s 18.01X and the Industrial Products sector’s 24.13X. This is shown in the charts below.

Enterprise Value/EBITDA (EV/EBITDA) Ratio (TTM)

Enterprise Value/EBITDA (EV/EBITDA) Ratio (TTM)

Over the last five years, the industry traded as high as 9.42X and as low as 1.73X, the median being 5.90X.

2 Glass Products Stocks to Add to Your Portfolio
O-I Glass: The company is currently implementing the first phase of its Fit to Win initiative, which is expected to run at least through 2026. It is expected to reduce redundant production capacity, optimize the network and streamline costs in areas such as selling, general and administrative expenses. Management expects to generate benefits of $250-$300 million from the program in 2025. On a cumulative basis, it is expected to lead to more than $650 million of benefits through 2027. OI is moving forward with the rollout of ULTRA, its proprietary technology designed to reduce the weight of glass containers by up to 30%. To support these efforts, the company is collaborating with third-party vendors on research, development and engineering for projects requiring additional resources or specialized expertise.

Perrysburg, OH-based O-I Glass manufactures and sells glass containers to food and beverage manufacturers, primarily in the Americas, Europe and the Asia Pacific. OI’s earnings estimates for fiscal 2025 have moved up 8.2% over the past 60 days. The consensus estimate for earnings of $1.59 per share indicates 96.3% year-over-year growth. OI has a long-term estimated earnings growth rate of 40.6%. The company has a trailing four-quarter earnings surprise of 53.8%, on average. O-I Glass currently carries a Zacks Rank #2 (Buy).

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

Price & Consensus: OI

Apogee: The company continues to focus on improving efficiency, cost control and driving productivity gains. In April 2025, Apogee launched the second phase of Project Fortify to drive cost efficiencies, mainly focused on the Architectural Services and Architectural Metals segments. This is expected to streamline the manufacturing footprint. Apogee expects to realize annualized pre-tax cost savings of approximately $13-$15 million. The company has been reshaping its portfolio by exiting underperforming product lines, while investing in top-performing businesses. It has also been expanding higher-margin, value-added offerings. It is also pursuing a disciplined merger and acquisition strategy, the latest being of UW Solutions. The company’s solid liquidity position, coupled with a strong free cash flow, also places it well for growth. Earlier this year, it raised its dividend by 4%, the 12th consecutive year of dividend increase. During this time, Apogee’s quarterly dividend has grown 189%.

The Minneapolis, MN-based entity has a trailing four-quarter earnings surprise of 7.31%, on average. Apogee currently carries a Zacks Rank #3 (Hold).

Price & Consensus: APOG

Salesforce said on Wednesday that it’s investigating a breach of “certain customers’ Salesforce data” that was compromised through apps published by Gainsight, a company that sells a platform for other companies to manage their customers. 

In a notice published late Wednesday, Salesforce said the hacks involve “Gainsight-published applications connected to Salesforce, which are installed and managed directly by customers.” 

Salesforce said that there is “no indication that this issue resulted from any vulnerability in the Salesforce platform,” and that the activity appears related to Gainsight’s “external connection to Salesforce.”

When reached for comment, Salesforce spokesperson Nicole Aranda referred TechCrunch to the company’s page dedicated to the incident. 

Contact Us
Do you have more information about these Salesforce and Gainsight data breaches? Or other data breaches? From a non-work device, you can contact Lorenzo Franceschi-Bicchierai securely on Signal at +1 917 257 1382, or via Telegram and Keybase @lorenzofb, or email. You also can contact TechCrunch via SecureDrop.

As of this writing, Gainsight said in a status page that it is investigating a “Salesforce connection issue,” without making any reference to a potential breach. “Our internal investigation is ongoing,” Gainsight wrote.

A spokesperson for Gainsight did not immediately respond to TechCrunch’s request for comment.

On its website, Gainsight touts several corporate customers, including Airtable, Notion, GitLab, and others. When reached by email, GitLab spokesperson Emily James told TechCrunch that the Gitlab’s “security team is investigating and we’ll get back to you when we have more to share.”

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The prolific hacking group ShinyHunters told cybersecurity news website DataBreaches.net that it was behind the breach, adding that if Salesforce doesn’t negotiate with them, they will create a new website to advertise the stolen data — a common extortion tactic by financially-motivated cybercriminals. 

“The next [data leak site] will contain the data of the Salesloft and GainSight campaigns,” the hackers told DataBreaches.net. The hackers claim to have stolen data from close to a thousand companies.

This data breach appears similar to an August breach at AI marketing chatbot maker Salesloft, which allowed the hackers to break into a number of their customers’ connected Salesforce instances to steal sensitive data, such as access tokens for other services. Among the victims included insurance giant Allianz Life, Bugcrowd, Cloudflare, Google, fashion conglomerate Kering, Proofpoint, the airline Qantas, carmaker Stellantis, credit bureau TransUnion, the employee management platform Workday, and others. 

In the case of the Salesloft breaches, the hacking group Scattered Lapsus$ Hunters, which apparently includes the ShinyHunters gang, claimed responsibility. 

Last month, the hackers launched a dedicated website to extort the victims of the breaches, where they threatened to release a billion records. 

At the time, Gainsight confirmed it was among the victims of the Salesloft-linked breaches, but it’s unclear if this new wave of hacks originated from its earlier compromise.

Lorenzo Franceschi-Bicchierai is a Senior Writer at TechCrunch, where he covers hacking, cybersecurity, surveillance, and privacy.

You can contact or verify outreach from Lorenzo by emailing [email protected], via encrypted message at +1 917 257 1382 on Signal, and @lorenzofb on Keybase/Telegram.

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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Molina To Contact Him Directly To Discuss Their Options

If you purchased or acquired securities in Molina between February 5, 2025 and July 23, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

NEW YORK, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Molina Healthcare, Inc. (“Molina” or the “Company”) (NYSE: MOH) and reminds investors of the December 2, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) material, adverse facts concerning the Company’s “medical cost trend assumptions;” (2) that Molina was experiencing a “dislocation between premium rates and medical cost trend;” (3) that Molina’s near term growth was dependent on a lack of “utilization of behavioral health, pharmacy, and inpatient and outpatient services;” (4) as a result of the foregoing, Molina’s financial guidance for fiscal year 2025 was substantially likely to be cut; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On July 7, 2025, before the market opened, Molina issued a press release announcing financial results for the second quarter of 2025 and slashing full year 2025 adjusted earnings per share guidance. The press release revealed the Company’s second quarter 2025 adjusted earnings of approximately $5.50 per share, which was “below its prior expectations” due to “medical cost pressures in all three lines of business.” The Company announced it “expects these medical cost pressures to continue into the second half of the year” and cut guidance for expected adjusted earnings per share 10.2% at the midpoint, from “at least $24.50 per share” to a “range of $21.50 to $22.50 per share.” The press release revealed Molina was experiencing a “short-term earnings pressure” from a “dislocation between premium rates and medical cost trend which has recently accelerated.”

On this news, Molina’s stock price fell $6.97, or 2.9%, to close at $232.61 per share on July 7, 2025, on unusually heavy trading volume.

Then, on July 23, 2025, after the market closed, Molina issued a press release reporting its financial results for the second quarter ended June 30, 2025 and further slashing the Company’s full-year 2025 earnings guidance. The press release revealed, in part, that the Company’s “GAAP net income was $4.75 per diluted share for the second quarter of 2025, a decrease of 8% year over year;” and it “now expects its full year 2025 adjusted earnings to be no less than $19.00 per diluted share.” This represented another 13.6% cut to guidance of earnings per share at the midpoint, from the cut to guidance announced less than two weeks earlier. The Company also cut its guidance for its full year 2025 GAAP net income 27% to $912 million. The Company attributed its results a full year outlook to a “challenging medical cost trend environment,” including mere “utilization of behavioral health, pharmacy, and inpatient and outpatient services.” The Company alleged its guidance cut also reflected “new information gained in the quarterly closing process.”

On this news, Molina’s stock price fell $32.03, or 16.84%, to close at $158.22 per share on July 24, 2025, on unusually heavy trading volume.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.  

Faruqi & Faruqi, LLP also encourages anyone with information regarding Molina’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Molina Healthcare, Inc. class action, go to www.faruqilaw.com/MOH or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

Follow us for updates on LinkedIn, on X, or on Facebook.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8efe611c-af3a-49a0-8555-328d07292024

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Stride To Contact Him Directly To Discuss Their Options

If you purchased or acquired securities in Stride between October 22, 2024 and October 28, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

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NEW YORK, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Stride, Inc. (“Stride” or the “Company”) (NYSE: LRN) and reminds investors of the January 12, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose information regarding the Company’s products and services to public and private schools, school districts, and charter boards. Throughout the Class Period, Stride represented to investors that “[t]hese products and services, spanning curriculum, systems, instruction, and support services are designed to help learners of all ages reach their full potential through inspired teaching and personalized learning.” Unbeknownst to investors, Stride was inflating enrollment numbers, cutting staff costs beyond required statutory limits, ignoring compliance requirements, and losing existing and potential enrollments.

On September 14, 2025, Simply Wall St. published a report stating that the Gallup-McKinley County Schools Board of Education had filed a complaint against Stride, alleging fraud, deceptive trade practices, systemic violations of law, and intentional and tortious misconduct, including inflating enrollment numbers by retaining “ghost students” on rolls to secure state funding per student and ignoring compliance requirements, including background checks and licensure laws for its employees.

On this news, Stride’s stock price fell $18.60, or 11.7%, to close at $139.76 per share on September 15, 2025, thereby injuring investors.

Then, on October 28, 2025, Stride released its first quarter fiscal 2026 financial results, revealing the Company had purposely “limit[ed] enrollment growth while we improve our execution.” The Company also revealed it had experienced “system implantation issues” resulting in “higher withdrawal rates and lower conversion rate.” The Company stated that “these factors resulted in approximately 10,000 to 15,000 fewer enrollments” and “these challenges will likely restrict [its] in-year enrollment growth.”

On this news, Stride’s stock price fell as much as 51% during intraday trading on October 29, 2025, thereby injuring investors further.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.  

Faruqi & Faruqi, LLP also encourages anyone with information regarding Stride’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Stride class action, go to www.faruqilaw.com/LRN or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

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