Market Signal Briefing

Significant Step in Realizing Enviri’s Sum-of-the-Parts Value Enviri Shareholders Will Receive Significant Cash Consideration of $14.50 - $16.50 Per Share at Closing, Plus Stock in New Enviri; Compared to Enviri’s Unaffected Stock Price of $8.63 on August 4, 2025 New Enviri Will Have ~2.0x Net Leverage at Closing and a Right-Sized Corporate Cost StructureNew Enviri is Well-Positioned to Realize Value Creation Potential in Both Harsco Environmental and Rail Segments Russell Hochman to Become CEO of New Enviri PHILADELPHIA, Nov. 21, 2025 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI) (“Enviri,” or the “Company”) today announced that it has entered into a definitive agreement with Veolia Environnement SA (“Veolia”) whereby Veolia will acquire 100% of Clean Earth for aggregate cash consideration of $3.04 billion. Enviri shareholders are expected to receive cash consideration of $14.50 - $16.50 per share in the transaction and retain full ownership of Harsco Environmental and Rail through a spin-off of those businesses into a standalone publicly traded company (“New Enviri”). The Boards of Directors of both Enviri and Veolia have unanimously approved this transaction, which is expected to close mid-2026 subject to Enviri shareholder approval and customary regulatory approval.

In connection with the closing of the Clean Earth sale, Enviri will execute a taxable spin-off of its Harsco Environmental and Rail businesses to shareholders of Enviri as of the closing date of the Clean Earth sale. In the spin-off transaction, Enviri shareholders will receive 0.33 shares of New Enviri for each Enviri share held. Management anticipates approximately 28 million New Enviri shares outstanding upon close, with central corporate costs at New Enviri to be right-sized.

The final amount of the cash consideration paid to shareholders will be determined by the Enviri Board prior to closing, taking into account the repayment of Enviri’s existing debt, transaction costs and other financial considerations relating to the merger agreement, and New Enviri’s financial position at the time of closing. Enviri intends to repay approximately $1.35 billion of existing debt, resulting in a conservatively capitalized New Enviri with net debt to Adjusted EBITDA of approximately 2.0x, a revolving credit facility that will be undrawn at close (1.0x Adjusted EBITDA), and significant cash on its balance sheet. With a robust balance sheet, New Enviri will have enhanced operational and financial flexibility to execute its strategy.

“We are pleased to have reached this agreement, which is the result of a comprehensive strategic alternatives process to maximize value for our shareholders and realize the sum-of-the-parts valuation of our businesses,” said Enviri Chairman and CEO Nick Grasberger. “Over the past five years, Enviri has significantly enhanced the value proposition of Clean Earth, making it a trusted provider of industrial waste solutions with a strong customer base. This transaction is a testament to our team’s dedication and leadership, and we are confident that the business and its employees will prosper as part of Veolia.”

Mr. Grasberger added, “In addition to the significant cash consideration shareholders will receive, we are also positioning New Enviri to achieve its goals and to create shareholder value over time. As a market-leading provider of innovative services and products, New Enviri will have a strong capital structure and an improving cash flow profile. We remain laser focused on continuing to take actions to stabilize Harsco Rail while leveraging innovation and service capabilities to support Harsco Environmental’s leadership and growth.”

Tax Efficient Structure
By structuring the transaction as a taxable spin-off of New Enviri to shareholders followed immediately by a sale of Clean Earth to Veolia by shareholders for the cash merger consideration, the transactions are not expected to result in any material cash tax expense to Enviri or New Enviri.

Leadership
Russell Hochman, Senior Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary of Enviri, has been appointed to the additional role of President and Chief Operating Officer, effective immediately. Mr. Hochman brings deep knowledge of these businesses, having served as a member of the executive team for 10 years. Mr. Hochman will serve in this role until the effective date of the separation, at which time he will become Chief Executive Officer of New Enviri, where he will lead Harsco Environmental and Rail into their next chapter of operational and strategic execution.

Nick Grasberger, Enviri Chairman and Chief Executive Officer will remain with Enviri through the completion of the Clean Earth sale to support a seamless transition to the New Enviri management team. The Board of New Enviri will be announced at a later date.

Mr. Grasberger said, “As General Counsel, Russell has been a trusted member of our leadership team for many years, helping to guide our organization’s global strategy across segments and drive major initiatives, among other contributions. His deep business acumen and proven ability to navigate mergers and acquisitions, regulatory matters, and transformation efforts, makes him exceptionally qualified to lead New Enviri in this pivotal next chapter.”

Mr. Hochman commented, “I am honored to serve as New Enviri’s CEO and am confident in the company's potential. New Enviri will be positioned for success, supported by a stronger capital structure that will create enhanced opportunities for both businesses. We will continue to be guided by the core values of integrity, safety, sustainability, and innovation, and our success will be built on the strength of our talented teams and their ability to deliver exceptional service and solutions for our customers. We expect our initiatives to drive progress and remain committed to unlocking shareholder value as we have demonstrated with today’s announced transaction."

Timing and Approvals
The sale of Clean Earth is expected to close in mid-2026, subject to approval by Enviri shareholders, expiration of the waiting period under the Hart-Scott Rodino Act, the effectiveness of a Form 10 registration statement for New Enviri to be filed with the U.S. Securities and Exchange Commission, completion of the New Enviri spin-off transaction, and satisfaction of customary closing conditions.

About Russell Hochman
Russell Hochman has served as the Senior Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary since May 2015. Previously, he served in senior legal roles with Pitney Bowes Inc. based in New York, London, and Europe. While at Pitney Bowes Inc., Mr. Hochman led a key European business expansion effort, in addition to his duties as Vice President and Deputy General Counsel. Earlier in his career, Mr. Hochman was an M&A attorney at international law firms. Mr. Hochman holds a J.D. from Albany Law School of Union University and a B.A. from Cornell University.

Advisors
BofA Securities and Jefferies LLC are serving as financial advisors and Fried, Frank, Harris, Shriver & Jacobson LLP is serving as legal counsel to Enviri. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.

Citi and Messier & Associés are serving as financial advisors and Wachtel Lipton Rosen & Katz is serving as legal counsel to Veolia.

Conference Call
Enviri will hold a conference call today at 9:00 a.m. Eastern Time to discuss the announcement. Those who wish to listen to the conference call webcast should visit investors.enviri.com, or by dialing (844) 539-1331 or (412) 652-1264 for international callers. Please ask to join the Enviri Corporation call. Listeners are advised to dial in approximately ten minutes prior to the call. If you are unable to listen to the live call, the webcast will be archived on the Company’s website.

Editors’ Note: Veolia today issued a separate press release regarding the sale of Clean Earth.

About Enviri
Enviri is transforming the world to green, as a trusted global leader in providing a broad range of environmental services and related innovative solutions. The company serves a diverse customer base by offering critical recycle and reuse solutions for their waste streams, enabling customers to address their most complex environmental challenges and to achieve their sustainability goals. Enviri is based in Philadelphia, Pennsylvania and operates in more than 150 locations in over 30 countries. Additional information can be found at www.enviri.com.

Forward-Looking Statements
The nature of the Company's and New Enviri’s business, together with the number of countries in which it operates, subject it to changing economic, competitive, regulatory and technological conditions, risks and uncertainties. In accordance with the "safe harbor" provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, the Company provides the following cautionary remarks regarding important factors that, among others, could cause outcomes to differ materially from those contemplated by forward-looking statements, including the expectations and assumptions expressed or implied herein. Forward-looking statements contained herein could include, among other things, statements regarding the timing of the consummation of the proposed transaction; statements about management's confidence in and strategies for performance of New Enviri; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, and earnings. Forward-looking statements can be identified by the use of such terms as "may," "could," "expect," "anticipate," "intend," "believe," "likely," "estimate," "outlook," "plan," "contemplate," "project," "target" or other comparable terms.

Factors that could cause actual outcomes to differ, perhaps materially, from those implied by forward-looking statements include, but are not limited to: (1) the occurrence of any event, change, or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive agreement between the Company and Veolia; (2) the possibility that the transaction does not close when expected, or at all, because required regulatory, shareholder, or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; (3) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, including those resulting from the announcement, pendency or completion of the transaction; (4) New Enviri’s ability to successfully enter into new contracts and complete new acquisitions, divestitures, or strategic ventures in the time-frame contemplated or at all; (5) New Enviri’s inability to comply with applicable environmental laws and regulations; (6) New Enviri’s inability to obtain, renew, or maintain compliance with its operating permits or license agreements; (7) New Enviri having a smaller size and more limited resources than the Company; (8) the seasonal nature of New Enviri’s business; (9) risks caused by customer concentration, the fixed price and long-term customer contracts, especially those related to complex engineered equipment, and the competitive nature of the industries in which New Enviri will operate; (10) the outcome of any disputes with customers, contractors and subcontractors; (11) the financial condition of New Enviri’s customers, including the ability of customers (especially those that may be highly leveraged or have inadequate liquidity) to maintain their credit availability; (12) higher than expected claims under New Enviri’s insurance policies, or losses that are uninsurable or that exceed existing insurance coverage; (13) market and competitive changes, including pricing pressures, market demand and acceptance for new products, services and technologies; changes in currency exchange rates, interest rates, commodity and fuel costs and capital costs; (14) New Enviri’s ability to attract and effectively retain key management and employees, including due to unanticipated changes to demand for New Enviri’s services, disruptions associated with labor disputes, and increased operating costs associated with union organizations; (15) New Enviri's inability or failure to protect its intellectual property rights from infringement in one or more of the many countries in which New Enviri will operate; (16) failure to effectively prevent, detect or recover from breaches in New Enviri's cybersecurity infrastructure; (17) changes in the worldwide business environment in which New Enviri operates, including changes in general economic and industry conditions and cyclical slowdowns impacting the steel and aluminum industries; (18) fluctuations in exchange rates between the U.S. dollar and other currencies in which New Enviri will conduct business; (19) unforeseen business disruptions in one or more of the many countries in which New Enviri will operate due to changes in economic conditions, changes in governmental laws and regulations, including environmental, occupational health and safety, tax and import tariff standards and amounts; political instability, civil disobedience, armed hostilities, public health issues or other calamities; (20) liability for and implementation of environmental remediation matters; (21) product liability and warranty claims associated with the Company’s operations; (22) New Enviri’s ability to comply with financial covenants and obligations to financial counterparties; (23) the outstanding indebtedness and exposure to derivative financial instruments to which New Enviri will be subject that may be impacted by, among other factors, changes in interest rates; (24) tax liabilities and changes in tax laws; (25) changes in the performance of equity and bond markets that could affect, among other things, the valuation of the assets in the New Enviri’s pension plans and the accounting for pension assets, liabilities and expenses; (26) risk and uncertainty associated with intangible assets; and the other risk factors listed from time to time in the Company's SEC reports. A further discussion of these, along with other potential risk factors, can be found in Part I, Item 1A, “Risk Factors” of the Company’s most recently filed Annual Report on Form 10-K, as updated by subsequent Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. The Company cautions that these factors may not be exhaustive and that many of these factors are beyond the Company's ability to control or predict. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results.

All forward-looking statements attributable to the Company or New Enviri, or persons acting on their behalf, are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made, and the Company and New Enviri do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If the Company or New Enviri updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

Additional Information and Where to Find It
In connection with the proposed transaction, the Company and New Enviri will be filing documents with the SEC, including preliminary and definitive proxy statements of the Company relating to the proposed transaction and a registration statement relating to the shares of New Enviri. The definitive proxy statement will be mailed to the Company's shareholders in connection with the proposed acquisition. This communication is not a substitute for the proxy statement, the registration statement or any other document that may be filed by the Company or New Enviri with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PRELIMINARY AND DEFINITIVE PROXY STATEMENTS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. Any vote in respect of resolutions to be proposed at the Company's shareholder meeting to approve the proposed transaction should be made only on the basis of the information contained in the Company's proxy statement and documents incorporated by reference therein. Investors and security holders may obtain free copies of these documents (when they are available) and other related documents filed with the SEC at the SEC's website at www.sec.gov or on the Company's website at www.enviri.com.

No Offer or Solicitation
This communication is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

Participants in Solicitation
The Company, its directors and certain of its respective executive officers may be deemed to be participants in the solicitation of proxies from shareholders of the Company in connection with the proposed transaction under the rules of the SEC. Information about the interests of the directors and executive officers of the Company and other persons who may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the proxy statement to be filed with the SEC by the Company related to the proposed transaction. Information about the directors and executive officers of the Company and their ownership of shares of Company common stock and other securities of the Company can be found in the sections entitled “Non-Employee Director Compensation”, “Share Ownership of Directors, Management and Certain Beneficial Owners”, “Compensation Discussion & Analysis”, “Discussion and Analysis of 2024 Compensation”, “Termination or Change of Control Arrangements”, “Equity Compensation Plan Information as of December 31, 2024” included in the Company’s proxy statement in connection with its 2025 Annual Meeting of Stockholders, filed with the SEC on March 12, 2025; in the Form 3 and Form 4 statements of beneficial ownership and statements of changes in beneficial ownership filed with the SEC by the Company’s directors and executive officers; and in other documents subsequently filed by the Company with the SEC. Investors and security holders may obtain free copies of these documents and other related documents filed with the SEC at the SEC's website at www.sec.gov or on the Company's website at www.enviri.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f672345b-c633-4d52-a00f-8a0dabf3cb8f

, /PRNewswire/ -- The DJS Law Group  reminds investors of a class action lawsuit against  DexCom, Inc. ("DexCom " or "the Company") (NASDAQ: DXCM ) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Shareholders who purchased shares of DXCM during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.

CLASS PERIOD:  July 26, 2024 to September 17, 2025

DEADLINE: December 26, 2025

CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. DexCom made certain product changes without FDA authorization. The Company's product changes lowered their reliability, creating health risks for users. Based on these facts, DexCom's public statements were false and materially misleading throughout the class period.

If you are a shareholder who suffered a loss, contact us to participate .

NEXT STEPS FOR SHAREHOLDERS : Once you register as a shareholder who purchased shares during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. There is no cost or obligation to you to participate in this case.

WHY DJS LAW GROUP?  DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results.

Join the case to recover your losses.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

David J. Schwartz

DJS Law Group

274 White Plains Road, Suite 1

 Eastchester, NY 10709

Phone: 914-206-9742

Email: [email protected]

SOURCE DJS Law Group LLP

Darius Baruo
Nov 21, 2025 05:07

Chainlink is a pivotal technology connecting crypto and traditional finance, offering solutions for tokenization and decentralized finance according to Grayscale's latest report.

Chainlink (LINK) is emerging as a crucial component in bridging the gap between the crypto world and traditional finance, according to a recent report by Grayscale. As the blockchain industry continues to evolve, Chainlink's suite of software technologies is poised to play a central role in applications ranging from tokenization to decentralized finance (DeFi).

Chainlink's Role in Blockchain and Finance
Chainlink, often referred to as a crypto “oracle,” is better described as modular middleware that enables on-chain applications to safely utilize off-chain data, interact across blockchains, and meet enterprise-grade compliance needs. This functionality positions Chainlink as essential infrastructure in the blockchain-based finance sector. Its widespread adoption and the LINK token's unique attributes make it a compelling asset for diversified crypto portfolios, as noted by Grayscale.

The Importance of Tokenization
Tokenization, which involves registering asset ownership on blockchain infrastructure, is an area where Chainlink is expected to excel. This process allows market participants to benefit from blockchain functionalities like efficient settlement and smart contract interactions. The market for tokenized assets is currently valued at approximately $35 billion, a figure that remains a fraction of the potential market as more assets become tokenized.

Chainlink's Technological Solutions
Chainlink's technology encompasses several key components, including:

Data Feeds: These provide vital price and data inputs for smart contract-based applications.
Cross-Chain Interoperability Protocol (CCIP): This facilitates the transfer of tokens and data across different blockchain networks.
Proof of Reserve: Ensures tokenized assets are properly backed by off-chain reserves.

Chainlink's integration with major financial institutions, such as its collaboration with J.P. Morgan’s Kinexys and Ondo Finance, highlights its potential to enable secure simultaneous settlement across various chains.

The LINK Token and Market Position
The LINK token, integral to Chainlink’s ecosystem, is the largest asset in the Utilities & Services Crypto Sector by market cap. It is also the largest non-Layer 1 token in the crypto space, excluding stablecoins. The supply of LINK is capped at 1 billion tokens, with a significant portion already in circulation.

Chainlink’s revenue streams include both on-chain and off-chain sources, with a portion of the revenue being used to buy back LINK tokens, thereby reducing circulating supply. This mechanism, combined with the token's staking capabilities, positions LINK as a potentially valuable asset as demand for Chainlink services grows.

Conclusion
Chainlink is set to become a foundational element in the future of blockchain-based finance. Its ability to facilitate interactions between smart contracts and real-world assets positions it uniquely for widespread adoption. As the crypto economy continues to expand, Chainlink and its LINK token offer broad exposure to this growth, making it a significant consideration for investors building diversified crypto portfolios.

For more detailed insights, refer to the full report by Grayscale here.

Image source: Shutterstock

chainlink
tokenization
decentralized finance

TLDR:

Table of Contents

TLDR:AVAX One Share Repurchase Program Begins Amid Market FocusCompany Strategy Highlights Capital Discipline and Onchain GrowthGet 3 Free Stock Ebooks

AVAX One launches a 40 million dollar buyback to reinforce confidence in its long-term strategy.
The company plans to begin repurchases soon and adjust timing based on market conditions.
Leadership highlights disciplined capital use as core to its onchain financial roadmap.
Social posts signal further corporate updates as AVAX One continues expanding operations.

AVAX One has approved a new share repurchase program worth up to 40 million dollars. The move comes as the company advances its role in the onchain financial economy. 

The decision follows sustained messaging from leadership about maintaining disciplined capital allocation. The program sets the tone for how the company plans to use liquidity in the current market.

AVAX One Share Repurchase Program Begins Amid Market Focus
AVAX One confirmed that its board authorized the program through a formal release dated November 20. The company stated that repurchases may begin shortly and will follow applicable market rules. 

AVAX One noted that the program has a one year term, giving flexibility around timing and size. The company may suspend or adjust the plan depending on future conditions.

Information shared on social media supports the structured approach. AVAX One said on its official account that the buyback reflects its long-term conviction in the platform. 

The company described the current market as an opportunity to invest in itself. Leadership said they plan to assess additional repurchases when conditions allow.

Matt Zhang added further context through posts addressing the broader approach. He said the company built a deliberate framework that guides decisions on when to deploy capital. 

He also noted that AVAX One took a different path from other digital asset firms that spent cash early. His comments stressed the importance of liquidity during changing market cycles.

Given the nature of public company, we are not always at liberty to share informations on CT freely, so if I have not responded to questions here, just to know it's to protect both you and the company in a prudent way; but that certainly doesn't mean we haven't been planning a… https://t.co/tedhqxD0EQ

— Matt Zhang (@zhang_matt) November 20, 2025

Company Strategy Highlights Capital Discipline and Onchain Growth
The formal announcement echoed the company’s strategic tone. AVAX One said the program aligns with its long-term strategy and value creation plans. 

The company stated that repurchases represent a compelling use of capital at current levels. It emphasized a focus on opportunities that support value for shareholders.

Moreover, the release confirmed that purchases may occur through open market activity or other allowed methods. The volume will depend on several factors, including market dynamics and internal priorities. The company said it is not required to repurchase any specific amount. It will adjust the program based on regulatory and operational needs.

AVAX One positions itself as an institutional gateway to the onchain financial economy. The firm said the buyback supports its broader roadmap as it scales this segment. 

Updates shared across company channels signal that more developments are expected soon. The coordinated messaging points to an active planning period within the organization.

XRP price started a fresh decline below $2.050. The price is now struggling and faces resistance near the $2.050 pivot level.

XRP price started a fresh decline below the $2.050 zone.
The price is now trading below $2.050 and the 100-hourly Simple Moving Average.
There is a bearish trend line forming with resistance at $2.080 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to move down if it settles below $2.00.

XRP Price Dips Further
XRP price attempted a recovery wave above $2.120 but failed to continue higher, like Bitcoin and Ethereum. The price started a fresh decline below $2.050 and $2.020.

There was a move below the $2.00 support level. A low was formed at $1.957, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2.141 swing high to the $1.9575 low.

The price is now trading below $2.050 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.050 level and the 50% Fib retracement level of the downward move from the $2.141 swing high to the $1.9575 low.

Source: XRPUSD on TradingView.com
The first major resistance is near the $2.080 level. There is also a bearish trend line forming with resistance at $2.080 on the hourly chart of the XRP/USD pair. A close above $2.080 could send the price to $2.120. The next hurdle sits at $2.150. A clear move above the $2.150 resistance might send the price toward the $2.20 resistance. Any more gains might send the price toward the $2.250 resistance. The next major hurdle for the bulls might be near $2.320.

More Losses?
If XRP fails to clear the $2.080 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.950 level. The next major support is near the $1.920 level.

If there is a downside break and a close below the $1.920 level, the price might continue to decline toward $1.880. The next major support sits near the $1.8450 zone, below which the price could continue lower toward $1.80.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $1.950 and $1.920.

Major Resistance Levels – $2.050 and $2.080.

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aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy,
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The newly launched XRP ETF by Bitwise saw impressive investor activity in the market after it launched yesterday. The fund has managed to post nearly $22 million in trading volume within hours of going live.

Bitwise XRP ETF Posts a Strong Opening Session
Bloomberg ETF analyst James Seyffart noted that Bitwise’s spot XRP fund recorded almost $22 million in volume. It even had more than two hours of trading still remaining on its first day.

With a bit over ~3 hours left in trading @Bitwise's $XRP is almost at $22 million in trading today. Quite impressive for the second product to market a full week after @CanaryFunds' $XRPC which is the #1 launch by volume this year. https://t.co/muMjHEQ6gt pic.twitter.com/lGxRMn51Rw

— James Seyffart (@JSeyff) November 20, 2025

Seyffart termed the turnout as “impressive.” This is especially considering Bitwise entered the market a full week after the successful rollout of Canary Capital’s XRPC fund.

Today’s launch came after the firm confirmed earlier that its spot fund would list on NYSE Arca under the ticker XRP. The company manages around $15 billion in assets and described the launch as a historic moment.

Ripple CEO Brad Garlinghouse welcomed the development and congratulated the firm. He joked that a “pre-Thanksgiving turkey trot” for the XRP funds had now begun.

The pre-thanksgiving rush (shall we say, 'turkey trot'!?) for XRP ETFs starts now.. congrats @BitwiseInvest on today's launch! https://t.co/EgYVrm0TmM

— Brad Garlinghouse (@bgarlinghouse) November 20, 2025

The asset manager’s CIO also shared his excitement in a post right after the launch.

“Very excited to launch the Bitwise XRP ETF. What a journey for this asset and this community. Excited to see what’s next,” he said.

That’s on the back of a record-breaking debut from the Canary XRPC ETF. The fund launched last week and pulled in $59 million in first-day trading volume and $245 million in net inflows. This made it the strongest ETF debut of 2025 among more than 900 launches.

Bitwise’s own product is also drawing in capital quickly. Per SoSoValue, the fund recorded over $105 million in inflows during its early trading window.

Source: SoSoValue
XRP ETF Ticker Starts Debate Among Users
The firm’s decision to use “XRP” as its official ticker sparked debate within the crypto community. Crypto ETFs usually contain the branding of the issuer and an abbreviated reference to the asset.

A community member pointed out that analysts and educators may have some more explaining to do now in differentiating between XRP the token and XRP the ETF.

Matt Hougan said the choice of ticker was by design and not an accident.

Source: X
The launch by Bitwise will be just one of the various XRP funds yet to go live. Many experts still anticipate more spot XRP ETFs to go live in the coming days. The launches will bring institutional inflows into XRP. This is particularly important as the asset looks to recover from its recent price downturn.

Among the upcoming issuers are names including Franklin Templeton and Grayscale. The products are due to be launched on November 24.

Ryan Rasmussen, Head of Research at Bitwise, used a Yahoo Finance appearance to restate Bitwise’s view that Bitcoin is headed to $200,000 in 2026, while simultaneously characterizing the current sell-off as a maturing-market shakeout rather than a trend break.

Is The Bottom In For Bitcoin?
He opened with a near-term assessment that “we’re closer to the bottom here today than we have been for the past few weeks,” linking the drawdown to sharply risk-off conditions and to ETF-era flow dynamics. In his framing, Bitcoin “really was a leader of this risk-off move starting in mid-October,” and he expects it to “be a leader to the upside once things start to turn around,” adding that the market feels nearer to that inflection than it did “a week or two weeks ago.”

When asked whether spot Bitcoin ETFs have become a double-edged sword, Rasmussen agreed, describing a market that now has deeper liquidity but more cross-currents. “Bitcoin, in our view, is one of the biggest technological developments of the past 15 years,” he said, before explaining that institutionalization brings “new investors and adds more liquidity to the market,” yet also means “we’re seeing a lot more choppiness in times where risk-off moves happen.”

He pointed to hedge funds rotating in and out via basis trades and emphasized that “you just have more market participants.” Over time, he expects that shift to damp volatility, but not in a straight line: “throughout that journey, we’re going to see some choppiness, and certainly over the past month, we’ve seen that.”

Pressed on why volatility still looks elevated, Rasmussen separated short-horizon spikes from long-run trend. “If you look at the trend over the past 10 years, volatility has certainly been falling,” he said, but conceded that “over this short-term period, you do see spikes in volatility.” The composition of buyers is, in his view, changing in a stabilizing direction. “The buyers for Bitcoin that we’re seeing come into the market today are more long-term buyers than we’ve seen in the past,” he said, naming wealth managers and financial advisors who “are adding Bitcoin to model portfolios” and “rebalancing on a standard basis.”

That institutional style of demand “should all reduce volatility, add more long-term demand,” though he also noted a counterweight: corporate treasury buying that was strong earlier in the year has faded. “The corporate treasuries that are purchasing Bitcoin were coming in in size earlier this year, and that’s really dried up,” he said, arguing that this demand pause is “in part due to this sell-off that we’ve seen in October.”

Bitcoin Still Set for $200,000 By 2026
Rasmussen acknowledged the pain of lower prices for recent buyers, but insisted the medium-term path remains higher. “Lower prices are a gift and a curse, of course,” he said. “A lot of investors are feeling pain right now who bought Bitcoin above $100,000 or closer to the $125,000 mark, but we believe that Bitcoin’s going to end the year higher than it is today.”

He reiterated that the short-term bottoming process is likely advanced, and then pivoted to his structural thesis: “Institutions are finally here.” He stressed that adoption is gradual rather than instantaneous: “That doesn’t mean that right away they deploy all of their capital.” Even so, he cited early signals such as endowment participation: “even Harvard, we saw with their recent filing, is buying Bitcoin in their endowment.”

On macro, Rasmussen conceded an irony that an asset marketed as sovereign and untethered now reacts to central-bank expectations. Post-COVID, he said, Bitcoin has traded in a “fiscally-dominated environment where rate cuts and other macro elements do play more of a role,” and correlations to equities have “spike[d] or raise[d].”

Still, he argued correlations are drifting back toward historical lows, and he emphasized Bitcoin’s tendency to do well in “low rate environments and risk on environments.” Regarding the December Fed meeting, he said “no cut in December is largely priced into the market,” and suggested investors have “already started to turn to 2026.”

The price target itself was stated unambiguously. “So this year, we had a price target of $200,000. And I think it’s safe to say that come December, that’s not going to happen. But we do believe that in 2026, Bitcoin will hit $200,000,” Rasmussen said. He attributed that forecast to institutional inflows arriving “in waves,” spanning “wealth managers or endowments or pensions or corporations or governments,” which he believes are creating “a systemic imbalance of demand versus supply.”

At press time, BTC traded at $91,205.

Bitcoin remains below the 0.618 Fib, 1-week chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

Fri, 21/11/2025 - 5:14

The failed Bitcoin November pattern predicted a negative price move, according to prominent trader John Bollinger .

Cover image via youtu.be

The failed Bitcoin November pattern predicted a negative price move, according to prominent trader John Bollinger 

Veteran chartist John Bollinger recently took to the X social media network to explain why Bitcoin has plunged. 

Bollinger spotted a BTC/USD pattern in October that led the price toward the upper Bollinger Band.

HOT Stories

However, the pattern didn’t produce as much profit as expected, which he calls a "failure." This failure served as a warning of potential market weakness.

"We 'should' have seen a better gain out of that pattern, so its failure' was an alert of potential weakness," Bollinger said in a recent social media post. 

In November, he spotted another BB pattern, which also ended up failing. 

Once BTC made a new low, that was the signal to exit the trade.

Bollinger has noted that "broken" or failed patterns carry just as much useful information as successful patterns. When a pattern fails, it tells you something important about the market environment.

The legendary trader has said that he is only truly "wrong" if he ignores his own trading discipline.

Tom Lee speaks out Fundstrat's Tom Lee, whose Ethereum treasury giant BitMine is currently sitting on billions of losses, also weighed in on the recent market crash during an interview with CNBC. 

"You know, I think the crypto market has been limping along since October 10th … that liquidation was so big…it really crippled market makers," Lee said. 

Lee attributed the wipeout to the coding error that triggered extreme forced develeraring. 

Related articles

Dogecoin started a fresh decline below the $0.1550 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.1560.

DOGE price started a fresh decline below the $0.150 level.
The price is trading below the $0.150 level and the 100-hourly simple moving average.
There is a bearish trend line forming with resistance at $0.1550 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could extend losses if it stays below $0.1550 and $0.1620.

Dogecoin Price Dips Further
Dogecoin price started a fresh decline after it closed below $0.1620, like Bitcoin and Ethereum. DOGE declined below the $0.160 and $0.1550 support levels.

The price even traded below $0.150. A low was formed near $0.1448, and the price is now showing bearish signs below the 23.6% Fib retracement level of the downward move from the $0.1593 swing high to the $0.1448 low. There is also a bearish trend line forming with resistance at $0.1550 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading below the $0.1550 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1520 level. The first major resistance for the bulls could be near the $0.1550 level, the trend line, and the 76.4% Fib retracement level of the downward move from the $0.1593 swing high to the $0.1448 low.

Source: DOGEUSD on TradingView.com
The next major resistance is near the $0.1620 level. A close above the $0.1620 resistance might send the price toward the $0.170 resistance. Any more gains might send the price toward the $0.1740 level. The next major stop for the bulls might be $0.1880.

More Losses In DOGE?
If DOGE’s price fails to climb above the $0.1550 level, it could continue to move down. Initial support on the downside is near the $0.1450 level. The next major support is near the $0.1320 level.

The main support sits at $0.1250. If there is a downside break below the $0.1250 support, the price could decline further. In the stated case, the price might slide toward the $0.120 level or even $0.1120 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1450 and $0.1380.

Major Resistance Levels – $0.1550 and $0.1620.

Bitcoin slid 7% to $85,000 as Asia opened lower, with traders dumping risk assets after mixed US jobs data and rising macro anxiety.

Joerg Hiller
Nov 21, 2025 04:24

Record Financial leverages Avalanche blockchain to streamline royalty payments, offering artists real-time transactions and transparency, transforming legacy music industry infrastructure.

Record Financial, in collaboration with 11am, is pioneering a transformation in the music industry by integrating real-time royalty payment infrastructure using Avalanche's blockchain technology. This innovative approach aims to address the long-standing inefficiencies in the music industry's financial ecosystem, according to Avax.network.

A System Overdue for Change
Traditionally, royalty payments in the music industry have been plagued by delays and a lack of transparency, often taking months to reach the artists and rights holders due to the involvement of multiple intermediaries. This outdated system has been a significant source of frustration for many artists. Record Financial seeks to overhaul this by utilizing Avalanche's blockchain, which allows for immediate and transparent payments using stablecoins like USDC.

The platform aggregates and standardizes royalty data, employing Avalanche's high-performance capabilities to facilitate instant payouts. This ensures that all stakeholders, from artists to managers, have access to real-time, verifiable financial data.

Why Avalanche?
Avalanche's robust blockchain infrastructure is pivotal to Record Financial's operations, offering the necessary performance and reliability for handling high-volume transactions globally. The integration of stablecoin rails, particularly USDC, provides artists with flexibility in managing their earnings, whether holding them in digital wallets, converting them to local currencies, or reinvesting in their careers.

Morgan Krupetsky, VP of Onchain Finance at Ava Labs, highlighted the transformative potential of blockchain in legacy industries, noting that the music royalties market exceeds $40 billion annually. By bringing this infrastructure onchain, Avalanche and Record Financial are setting a new standard for efficiency and fairness in financial transactions within the creative sector.

The Future of Creative Finance
Record Financial's model is not limited to music alone. The framework could be applied to other creative industries like film and digital media, where complex ownership and slow manual processes are prevalent. By replacing these intermediaries with blockchain-based systems, Record Financial is paving the way for enhanced financial transparency and alignment of incentives across the creative economy.

This partnership with Avalanche reflects a broader trend of enterprises adopting blockchain technology to develop stablecoin-based payment networks and sophisticated financial products. As industries worldwide look to modernize their financial infrastructure, platforms like Record Financial are at the forefront of this digital transformation.

Image source: Shutterstock

blockchain
music industry
avalanche
royalties

STRK continues to lead in market gains.

Bitcoin has been tumbling in recent weeks as investors have become increasingly concerned about high valuations in the stock market.

It's been a fairly volatile month for the crypto world, and that's evident with the recent decline in Bitcoin (BTC 7.04%). In the past month, the top digital currency has declined by around 24% (returns as of Nov. 20). It has reached levels it hasn't seen in months, and it's happening as investors are growing concerned about the markets as a whole.

With high valuations, uncertain economic conditions, and worries that tech stocks may be in a bubble, there's no shortage of possible reasons for this recent apprehension in the markets. Bitcoin has been hovering above the $90,000 mark, and the last time it fell below that was back in April. Currently, it's down around 30% from the all-time high of $126,198 that it reached in October.

Could this drop in value create a good opportunity for investors who may have missed out on the cryptocurrency's incredible gains to buy in at a reduced price?

Image source: Getty Images.

If you believe the hype, it could be a no-brainer buy
There's been plenty of excitement around Bitcoin this year as President Donald Trump has been in favor of setting up a Bitcoin reserve and enacting crypto-friendly policies to help facilitate its growth. More corporations are also open to holding Bitcoin. According to bitcointreasuries.net, there are now 12 companies that hold more than 11,000 Bitcoins, including Strategy, Tesla, and Trump Media & Technology Group.

One of the biggest Bitcoin bulls, Cathie Wood, who runs Ark Invest, believes that the price of Bitcoin may reach well over $1 million by 2030. Previously, her bull case was as high as $1.5 million, although she recently reduced that by $300,000 due to the growth of stablecoins and their potential to take some market share, particularly in emerging markets.

If you're a believer in the cryptocurrency's sky-high potential, then buying now could indeed be a no-brainer move.

Why there is reason for caution with Bitcoin
What I find particularly telling about Bitcoin's recent decline is that it comes at a time when there is growing concern about the economy, at least in the near term. There are also doubts about whether a December rate cut will happen, which investors were previously feeling confident about. Rate cuts are generally good news for growth stocks and speculative assets like Bitcoin. And the last time the cryptocurrency was struggling was back in April, when there were grave concerns about the economy due to the announcement of reciprocal tariffs.

Although many crypto bulls believe that Bitcoin is a type of "digital gold," I believe the evidence suggests that's not the case at all. Not only is it not a safe haven investment, but it acts more as a gauge of the appetite for speculation in the market.

When investors are willing to buy risky stocks and aren't worried about valuations or economic conditions, Bitcoin does well. And when the opposite is true, such as in 2022 when the markets crashed, Bitcoin experienced a massive 65% decline. It made the S&P 500 look like a safe haven investment -- the index fell just 19% that year. Similarly, since the start of November, Bitcoin has fallen 20%, while the S&P 500 is down by only 4%.

Today's Change

(

-7.04

%) $

-6492.32

Current Price

$

85758.00

Bitcoin remains a high-risk buy, suitable for high-risk investors
The drop in Bitcoin's value in recent weeks doesn't make the digital currency any less risky of an investment overall. Since it's a speculative asset, there's no metric to point to and prove that it's a good value buy or that it's now a safer investment. Instead, it's yet another way to add risk to your portfolio. If you're concerned about valuations or the stock market as a whole, buying Bitcoin isn't the solution.

This asset has shown in the past that when times are tough, it can crash at a much faster rate than the overall market. It's not a digital safe haven or a safe anything for that matter. It's full of risk and is only suitable for people with an extremely high risk tolerance.

Dogecoin (CRYPTO: DOGE) cheered the launch of a new exchange-traded fund on Wall Street on Thursday that aims to provide leveraged exposure to the popular meme coin.

Leveraged ETF For DOGEDogecoin’s official X handle reacted to the debut of the 21Shares 2x Long Dogecoin ETF on the Nasdaq stock exchange. An image showed a billboard displaying congratulatory messages from the exchange, with a stylized Shiba Inu dog at the bottom.

“Much congrats,” Dogecoin said.

The 21Shares 2x Long Dogecoin ETF, operating under the ticker TSSD, is designed to provide investors with twice the daily performance of Dogecoin, before fees and expenses.

“The ETF allows investors to gain leveraged exposure to Dogecoin through a regulated, exchange-traded structure that can be purchased directly through their bank or broker,” according to a press release from 21Shares.

See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030

Dogecoin investors were also expecting the launch of Grayscale’s ETF, which is designed to track the spot price of the leading memecoin.

DOGE Not Over The ‘Moon’Despite the anticipation, DOGE’s price tumbled on Thursday, weighed down by the market’s overall gloom.

The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, flashed a “Sell” signal for DOGE, according to TradingView.

The Relative Strength Index was approaching the oversold level, indicating that there was still time for a possible rebound.

Price Action: At the time of writing, DOGE was exchanging hands at $0.1469, down 6.72% in the last 24 hours, and over 10% in the last week, data from Benzinga Pro.

Photo Courtesy: alfernec on Shutterstock.com

Read Next: 

DOGE Vs. SHIB: Only One Meme Coin Looks Ready To Explode
Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The crypto market is in deep red today, with more than $3 trillion wiped out from the global market cap. Bitcoin, Ethereum, and XRP are all facing heavy sell-offs, and one analyst who accurately warned about Bitcoin’s fall from $115K to $90K now says the next stop could be $60,000.

Bitcoin Falls Sharply as Market Cap Drops 6.2%Bitcoin is down 7.32% over the last 24 hours, trading at $85,566. Its market cap has slipped to $1.70 trillion, while trading volume has surged above $96 billion, showing intense panic selling.

Ethereum has dropped 7.54%, now at $2,799, and XRP has fallen 7%, trading at $1.97.

This deep correction is spreading across all major altcoins, with BNB down 5% and Solana down more than 7%.

The Analyst Who Called Bitcoin’s Fall From $125KA market analyst, DrProfit, is gaining attention again after accurately predicting Bitcoin’s fall from $125,000 to the current $85,000 range. Weeks before the correction began, he declared that the bull market had topped out and that $90,000 was his first major downside target. 

Now that Bitcoin has reached and broken below that level, he says traders are mistaken if they believe the crash is over.

Bitcoin Short-Term Price AnalysisOn the daily chart, Bitcoin has now entered oversold territory for the first time in nine months. Historically, this has led to short-term bounces, but not immediate reversals. The last time this happened, Bitcoin briefly recovered before making new lows in the weeks that followed.

As of now, $85,000 is a major support zone. A daily close below this level would put Bitcoin at risk of falling to the next major support between $75,000 and $77,000. If that zone breaks, the path toward the analyst’s $60,000 target could accelerate.

Short-term relief is possible as traders take profits on short positions. But unless Bitcoin reclaims the $92,000 to $94,000 resistance region, analysts believe selling pressure will dominate.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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TLDR:

Table of Contents

TLDR:Refinancing Details and Issuance TermsPurpose, Capital Use and Share-Dilution ImpactsGet 3 Free Stock Ebooks

Metaplanet cancels 20th–22nd Series SARs and issues 23rd & 24th Series rights via third-party allotment.
New SARs have no discount on exercise price and adjust daily based on closing share price.
Estimated net funding from issuance and exercise: ~¥147.9 billion toward BTC strategy.
Maximum dilution from new rights limited to ~18.38% of shares if fully exercised.

Metaplanet Inc. (TSE Standard: 3350) confirmed that it will cancel its 20th-22nd Series Stock Acquisition Rights (SARs) and issue new 23rd and 24th Series rights effective December 8, 2025. The board approved the move on November 20, 2025. 

This strategic refinancing involves a third-party allotment to EVO FUND (Cayman Islands) and execution of a purchase agreement tied to the new SARs. The company states this scheme aims to optimize its capital structure and support its Bitcoin holdings strategy.

Refinancing Details and Issuance Terms
Metaplanet will acquire and cancel all remaining rights of the 20th Series (284,400 units at ¥114 each), the 21st Series (1,850,000 units at ¥99) and the 22nd Series (1,850,000 units at ¥89) as of December 8, 2025. 

Simultaneously, the company will issue a total of 2,100,000 new rights (1,050,000 in each of the 23rd and 24th Series) via third-party allotment to EVO FUND. The issue prices are ¥23 for the 23rd Series and ¥14 for the 24th Series, with potential issuance of 210,000,000 common shares (100 shares per right) upon full exercise. 

The initial exercise prices are set at ¥637 (23rd Series) and ¥777 (24th Series). Adjustments will occur daily from January 6, 2026 onward, reflecting the previous trading day’s closing price, but not below the respective lower limits. 

The scheme also includes a suspension clause: Metaplanet may request the allottee to suspend exercise of the rights during defined periods to control dilution. 

*Notice Regarding the Acquisition and Cancellation of the 20th–22nd Series Stock Acquisition Rights,
and the Issuance of the 23rd and 24th Series Stock Acquisition Rights (with Exercise Price Adjustment Provisions and Exercise Suspension Provisions) through Third-Party Allotment… pic.twitter.com/Mej0eAx5Rs

— Metaplanet Inc. (@Metaplanet) November 20, 2025

Purpose, Capital Use and Share-Dilution Impacts
Metaplanet notes the restructuring comes in the context of its revised “555 Million Plan”, aiming at holding over 210,000 BTC by end-2027. 

The company says the narrower series count (reducing from three to two) and the 100% closing-price exercise adjustment (without discount) should reduce potential impact on existing shareholders. 

The estimated net proceeds from the new rights issuance and exercise total roughly ¥147,924,850,000 (≈ USD 1.0 billion), after deduction of issuance costs. Based on the current issued share count (approx. 1,142 million shares as of Oct 31, 2025), full exercise would represent a dilution ratio of ≈ 18.38% on a shares basis. 

Metaplanet states that while dilution remains, the potential share count under the new rights (210 million shares) falls below the previous rights’ potential (398.44 million shares) and therefore improves the company’s long-term capital flexibility. 

The board asserts that the allottee has funded capacity to subscribe and exercise the new rights, and that transfer restrictions apply under the purchase agreement. 

By replacing the previous SARs rather than simply issuing additional rights, Metaplanet positions the transaction as both a cancellation and a new-issuance scheme. The company describes the combined move as a “Refinancing” aimed at both restructuring its funding base and advancing its Bitcoin acquisition goals.

Bitmine continues its Ethereum buying spree while chairman Tom Lee warns that crypto markets are still struggling with weak market maker liquidity.

Summary

Bitmine’s latest ETH purchase strengthens its push to build one of the largest corporate crypto treasuries.
The firm continues buying through OTC desks during market volatility, leaning on equity raises and staking rewards.
Tom Lee says the market slump is tied to damaged market maker balance sheets after the October liquidation shock.

Bitmine has purchased another 17,242 ETH, worth about $49 million, according to data shared by analytics firm Onchain Lens on Nov. 21.

The company now holds around 3.5 million Ethereum (ETH) valued at over $10 billion. Its steady buying has continued even as the crypto market experiences significant pressure.

Bitmine continues its aggressive ETH accumulation
Bitmine was originally a mining firm but has shifted into a digital asset treasury business. It plans to build a long-term Ethereum reserve and eventually hold approximately 5% of the asset’s circulating supply.

The company funds these purchases through equity raises, cash reserves, and staking rewards. Most buys are executed through large over-the-counter desks such as FalconX and BitGo.

The company has treated the recent price dips as buying opportunities. ETH has fallen sharply from early October highs above $4000 to levels below $3000 in mid-November. Despite this slump, Bitmine has continued to accumulate at scale and is now second only to Strategy in total crypto holdings.

Tom Lee says market makers are still repairing balance sheets
In a Nov. 20 interview with CNBC, Tom Lee, chairman of Bitmine and co-founder of Fundstrat, noted that the recent weakness across crypto is tied to strained liquidity among major market makers. He said the firms were hit hard by the Oct. 10 crash that wiped out roughly $20 billion in forced liquidations.

Lee said market makers are cutting activity because they “have a hole in their balance sheet” and need to free up capital. He added that some firms have been “shrinking their balance sheet further” to recover from last month’s selloff.

According to Lee, this has caused a slow and steady drag on prices as these firms unwind risk. He said the current period mirrors a similar event from 2022 that took about eight weeks to stabilise.

The market is now six weeks into the process and Lee believes it “may take a couple more weeks” before the pressure begins to fade. He noted that Bitcoin and Ethereum have been acting as early indicators of this liquidity squeeze and expects conditions to improve once market makers resume normal operations.

Bitmine has remained committed to its long-term Ethereum strategy. The company views the asset as a core part of decentralized finance, smart contracts, and tokenization. Its steady buying suggests strong conviction even as the market waits for liquidity to normalize.

Arizona joins a growing number of public funds seeking digital asset exposure through regulated equity investments rather than direct crypto holdings.

Key Takeaways

Arizona’s State Retirement System revealed approximately $24 million in Bitcoin exposure through its investment in Strategy shares.
Strategy acts as a regulated vehicle for institutions wanting Bitcoin exposure without direct crypto asset holding.

Arizona State Retirement System, which manages pension and benefit programs for public employees, disclosed about $24 million in Bitcoin exposure through its 76,238-share position in Strategy, according to a recent SEC filing.

With Strategy stock (MSTR) closing at $177 on Thursday, the position’s current value has declined to $13.5 million.

Strategy serves as a regulated vehicle for pension funds seeking Bitcoin exposure through equity investments, allowing institutional investors to gain cryptocurrency exposure without directly holding digital assets.

US state pension funds have turned to Strategy stock to gain regulated exposure to Bitcoin without direct crypto holdings. Many states have revealed investments in Strategy, reflecting a movement among public retirement systems toward cryptocurrency-linked equities.

Disclaimer

Bitcoin continues to show weakness as the price once again failed to recover above crucial resistance levels, keeping the market under pressure heading into the final stretch of November. After slipping below $92,000, BTC struggled to generate meaningful momentum, suggesting that bearish sentiment remains dominant in the short term.

The Dogecoin price is back under pressure after sliding to the crucial $0.15 support zone, a level many traders say could determine whether the world's biggest memecoin rebounds into December or sinks deeper before any recovery. Related Reading: Bitcoin To Suffer 40% Crash From All-Time High?

Key takeaways:

Volatility and uncertainty in the Big Tech industry, along with concerns about Fed policy, pressured risk assets, driving Bitcoin’s correlation with the Nasdaq to its highest level in months.

Crypto traders expect improved liquidity ahead as US fiscal pressures grow and Trump pushes a tariff-focused stimulus agenda.

The tech-heavy Nasdaq Index experienced a 4% intraday decline on Thursday despite strong earnings and forecasts from chipmaker Nvidia. Investors expressed concerns about surging spending in the artificial intelligence sector, and Bitcoin (BTC) followed suit, plunging below $86,000 for the first time since April.

Despite investors’ concerns about excessive valuations in the market, billionaire investor Ray Dalio said there is no clear trigger for an imminent market crash. Dalio told CNBC that “the picture is pretty clear, in that we are in that territory of a bubble,” and recommended investors diversify into scarce assets such as gold.

Dalio added that his biggest fear is higher wealth taxes rather than tighter monetary policy. However, contrary to Ray Dalio’s view, market sentiment shifted after the United States reported a stronger-than-expected jobs report for September, prompting traders to doubt that the US Federal Reserve would further ease its monetary policy.

Nonfarm payrolls rose by 119,000 in September, reversing the prior month’s decline. Most FOMC participants noted that “further policy rate reductions could add to the risk of higher inflation becoming entrenched,” according to minutes from the October meeting released on Wednesday. On Thursday, traders trimmed the odds of two interest-rate cuts by January 2026, reflecting renewed caution among equity and Bitcoin investors.

Fed target rate probabilities for Jan. 2026 FOMC. Source: CME FedWatch ToolBased on implied pricing in government bond markets, investors now assign a 20% chance that the FOMC will set interest rates at 3.50% on Jan. 28, down from 55% one month earlier. While the FOMC minutes show that many of the Fed’s policymakers do not favor an immediate rate cut, they offer little insight on how close October’s split decision actually was.

AI build-out costs overshadow strong earnings and Walmart surprisesEven with strong corporate earnings, including a positive surprise from Walmart, traders fear that the economy could weaken as AI developers, such as OpenAI, continue to spend heavily. Gil Luria, head of technology research at D.A. Davidson, told CNBC that “the concern is about companies raising a lot of debt to build data centers.”

Data center construction spending, seasonally adjusted (millions). Source: DistilledLuria said data centers are “inherently speculative investments that could face a reckoning two or three years from now,” adding that Nvidia’s earnings are not a “reliable gauge of whether AI economics are truly maturing.” The tech-heavy Nasdaq Index has now dropped 7.8% since its all-time high on Oct. 29, wiping out gains from the previous 10 weeks. Investors responded by stepping back from risk markets.

30-day correlation: Bitcoin/USD vs. Nasdaq CFD. Source: TradingView / CointelegraphAmid the heightened uncertainty, Bitcoin’s price movement continued to mirror trends in the tech sector. The correlation between the two asset classes climbed to a six-month high of 80%, suggesting investors are paying less attention to Bitcoin’s strengths in decentralization and predictable monetary policy.

Bitcoin traders are not necessarily bearish below $90,000 and are likely waiting for clearer entry points as broader macro conditions remain unstable. If Dalio is right, the panic sellers could end up regretting their exit, as liquidity conditions may improve while the US fiscal debt problem lingers and US President Donald Trump advances his “tariff dividend” proposal aimed at stimulating the economy.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Bitcoin price started another decline below $90,000. BTC is now showing bearish signs and might struggle to recover above $88,5000.

Bitcoin started a fresh decline below $92,000 and $90,000.
The price is trading below $90,000 and the 100 hourly Simple moving average.
There is a bearish trend line forming with resistance at $91,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down if it settles below the $90,000 zone.

Bitcoin Price Dips Further
Bitcoin price failed to stay in a positive zone above the $90,000 level. BTC bears remained active below $88,800 and pushed the price lower.

The bears gained strength and were able to push the price below the $87,500 zone. A low was formed at $85,276, and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $92,872 swing high to the $85,276 low.

Bitcoin is now trading below $90,000 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $91,500 on the hourly chart of the BTC/USD pair.

If the bulls attempt another recovery wave, the price could face resistance near the $87,000 level. The first key resistance is near the $89,000 level and the 50% Fib retracement level of the recent decline from the $92,872 swing high to the $85,276 low.

Source: BTCUSD on TradingView.com
The next resistance could be $91,000 and the trend line. A close above the $91,000 resistance might send the price further higher. In the stated case, the price could rise and test the $92,500 resistance. Any more gains might send the price toward the $93,200 level. The next barrier for the bulls could be $94,500 and $95,000.

More Losses In BTC?
If Bitcoin fails to rise above the $90,000 resistance zone, it could start another decline. Immediate support is near the $85,500 level. The first major support is near the $85,000 level.

The next support is now near the $83,200 zone. Any more losses might send the price toward the $82,500 support in the near term. The main support sits at $80,000, below which BTC might accelerate lower in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $85,500, followed by $85,000.

Major Resistance Levels – $87,000 and $89,000.

Shiba Inu has introduced a cryptocurrency debit card in collaboration with Bitget Wallet, according to an announcement from the project, marking an expansion of the token’s payment utility.

Summary

Coinbase has launched Ethereum-backed loans for eligible U.S. users (excluding New York).
The service allows borrowers to access up to $1 million in USDC without selling their ETH holdings.
The launch strengthens Coinbase’s DeFi integration, tapping into the growing crypto-native credit market.

The Shiba Inu-branded (SHIB) card offers zero-fee spending with no conversion fees, foreign exchange fees, or hidden spreads, according to the companies. Early adopters will receive Shiba Inu token rewards as part of the onboarding program.

The announcement generated social media attention but resulted in limited immediate price movement, according to market data. Shiba Inu continues to trade significantly below its all-time high price levels.

Shibarium, the project’s layer-2 blockchain launched in 2023, has experienced periodic activity spikes but has faced challenges in maintaining a consistent active user base, according to network data.

Technical chart analysis shows Shiba Inu currently retesting the lower support level of a multi-month descending channel pattern. Trading indicators suggest potential accumulation activity at current price levels, according to technical analysts monitoring the token.

The cryptocurrency meme coin sector has historically experienced capital rotation patterns, with market attention shifting between tokens including Dogecoin (DOGE), Shiba Inu, Floki (FLOKI), Bonk (BONK), Dogwifhat (WIF), and Neiro during previous market cycles.

Maxi Doge, another Dogecoin-themed token, has gained attention amid broader interest in dog-themed cryptocurrencies, coinciding with discussions around potential Dogecoin exchange-traded funds and the DOGE-1 lunar mission project.

Shiba Inu’s market performance and adoption metrics remain subject to broader cryptocurrency market conditions and user adoption of the new payment card functionality.

Grayscale's latest move unleashes powerful new access to Sui's fast-growing Layer 1 network, signaling a breakout moment for regulated crypto exposure as demand for high-speed blockchain infrastructure surges. Grayscale Sui Trust Expands Regulated Access Growing interest in blockchain infrastructure is creating new opportunities for regulated crypto exposure. Grayscale Investments announced on Nov.

FG Nexus has pivoted from its earlier plan to significantly expand its Ethereum treasury, choosing instead to liquidate part of its holdings to support a sizable stock buyback program. The move marks a notable shift for the company, which had previously positioned itself to become a major corporate holder of ETH.

According to a recent press release, FG Nexus sold 10,922 ETH, generating roughly $33 million based on current market prices. The firm also tapped an additional $10 million in borrowed capital, using the combined funds to repurchase 3.4 million shares. This buyback represents around 8% of the available public float, with the company paying an average of $3.45 per share—still below its reported net asset value of $3.94.

The change in direction comes just months after FG Nexus filed a massive $5 billion shelf registration with the SEC, signaling earlier ambitions to raise significant capital for Ethereum accumulation. With the latest sale, the company now holds approximately 40,005 ETH. The decision also arrives during a broad market downturn, as Ethereum’s price slipped below $3,000 and fell more than 6% intraday to around $2,840, according to TradingView data.

FG Nexus is not alone in reducing its exposure. ETHZilla recently revealed that it offloaded $40 million worth of ETH to fund its own stock repurchase initiative. Meanwhile, the largest Ethereum treasury company, Tom Lee’s BitMine, is facing roughly $3.7 billion in unrealized losses after ETH dropped far below its average purchase price of about $4,000 per coin. Despite the losses, BitMine continues to aggressively buy more ETH, acquiring more than 54,000 ETH last week and accumulating an additional 45,000 ETH from BitGo and Kraken-linked wallets this week.

Even amid market volatility, BitMine maintains confidence in Ethereum’s long-term trajectory, reinforcing its belief in a coming ETH “supercycle.”

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