The disappearance of the "unlimited money loophole" that underpins microstrategies and BitMine has forced the crypto asset bank (DAT) to transform. On December 8, MicroStrategy revealed that it spent $9.627 billion to purchase 10,624 Bitcoins last week, the largest weekly expenditure since July, but the stock price fell 51% year-on-year to $178.99. BitMine similarly added 138,452 ETH to its balance sheet.

Analyst Jacob King questioned MicroStrategy's recent purchase of 10,624 Bitcoins (approximately $10 billion), claiming that the move had a perceived impact but had no real impact. King pointed out that this acquisition is more of a manipulation of public opinion. He reiterated Saylor's settlement agreement with the SEC during the dot-com bubble, when Saylor paid $830k for falsely reported income.

On December 9th, Twenty One Capital Inc. saw its stock price plummet by 25% on its first day of listing through a SPAC merger, with an opening price of $10.74, significantly lower than Cantor Equity Partners' closing price of $14.27. This Bitcoin treasury company, founded by Tether, SoftBank Group, and others, holds approximately $3.9 billion worth of Bitcoin.

MicroStrategy founder Michael Saylor, in a speech in Dubai on December 4, fully revealed the DAT (Digital Asset Treasury) business model for the first time. MicroStrategy currently holds 650,000 Bitcoins, with an investment of approximately $4.8 billion. Saylor explicitly stated that they will never sell their coins; as long as Bitcoin’s annualized growth rate exceeds 1.36%, it will cover their costs. The company holds $1.44 billion in cash reserves, which can support 21 months of operations.

MicroStrategy (MSTR) CEO Michael Saylor presented a bold vision at the Bitcoin MENA event in Abu Dhabi: countries can use overcollateralized Bitcoin reserves and tokenized credit instruments to create regulated digital bank accounts with high yields and low volatility, attracting $50 trillion in capital flows. He pointed out that bank deposit yields in Japan and Europe are near zero, while the digital banking system designed by MicroStrategy can offer returns far surpassing those of traditional finance.

MicroStrategy (MSTR) Chairman Michael Saylor announced on the X platform that the company purchased 10,624 bitcoins last week at an average price of $90,615 per bitcoin, for a total value of approximately $962.7 million. This purchase brings MicroStrategy's total bitcoin holdings to 660,624 bitcoins, with a total acquisition cost of about $4.935 billion, at an average price of $74,696 per bitcoin.

Robinhood (HOOD) officially announced on December 8 that it has signed agreements to acquire Indonesian local brokerage Buana Capital Sekuritas and licensed digital asset trader PT Pedagang Aset Kripto. Following the announcement, HOOD's stock price dropped by 3.74%, closing at around $22.50, with trading volume increasing by 25%.

Bloomberg reported on December 7 that the crypto industry's craziest investment strategy of the year is undergoing an epic collapse. In the first half of 2025, more than 138 publicly listed companies in the US and Canada transformed into "digital asset treasuries," borrowing over $45 billion to purchase Bitcoin and other tokens. However, Bloomberg data shows that the median stock price of these listed companies emulating MicroStrategy has already dropped 43% this year, while Bitcoin has only fallen 6%.

MicroStrategy founder and executive chairman Michael Saylor released Bitcoin Tracker information, hinting at another increase in holdings. However, digital asset management companies rushing to emulate MicroStrategy have suffered heavy stock price losses, with the median share price of these companies falling 43% year to date, while the broader market is rising. In the first half of this year, more than 100 publicly listed companies transformed into crypto holding vehicles, borrowing billions of dollars to purchase tokens, but their debt obligations have exposed structural weaknesses.

JPMorgan's latest analyst report maintains a long-term optimistic outlook for Bitcoin, predicting that based on a volatility-adjusted gold comparison model, Bitcoin could reach $170,000 within 6 to 12 months. The bank believes that whether MicroStrategy (MSTR) can keep its enterprise value to Bitcoin holdings ratio (mNAV) above 1.0, and avoid selling its approximately 650,000 Bitcoins, will be the key driving factors for Bitcoin's price movement in the near term.

MicroStrategy announced the establishment of a $1.44 billion reserve fund to pay for preferred stock dividends and debt interest over the next 12 to 24 months, drawing widespread market attention and bearish expectations. On-chain analytics firm CryptoQuant noted that this move shows MicroStrategy is preparing in advance to cope with a potential Bitcoin bear market. If the bearish trend continues, Bitcoin prices may fluctuate between $55,000 and $70,000 next year.

A report issued by the JPMorgan analyst team led by Nikolaos Panigirtzoglou pointed out that the balance sheet resilience of MicroStrategy (MSTR), a leading Bitcoin concept stock, has a greater influence on Bitcoin's recent price trends than selling pressure from miners. The ratio of MicroStrategy's enterprise value to its Bitcoin holdings is currently 1.13, still above the safety threshold of 1.0, indicating that the company is unlikely to face pressure to sell Bitcoin to pay dividends or interest.

In 2025, the US stock market is experiencing dramatic sector rotation, and the brightest star in the S&P 500 is a new member that joined the index less than three months ago: Robinhood (HOOD). Robinhood's stock price has soared nearly 241% so far this year, far outpacing all major tech stocks and becoming the best-performing stock in the S&P 500.

Bitcoin miner IREN announced on Wednesday that it will raise $3.6 billion through a stock sale and convertible bond issuance to accelerate the deployment of computers to meet artificial intelligence demand. After the news was released, IREN's stock price rose as much as 7.6% during Wednesday's trading session, reaching a high of $44.25, and ultimately closed at $43.96, up 6.9%. Previously, after IREN announced plans to raise additional capital on Tuesday, its stock price had fallen more than 15%.

MicroStrategy Chairman Michael Saylor told Reuters on Wednesday that the company is in talks with MSCI regarding the decision on whether to exclude it from the index. MSCI said it plans to decide by January 15 whether to remove companies whose business model centers on buying cryptocurrency, due to concerns that they resemble investment funds. JPMorgan estimates that if other index providers follow suit, MSCI's restructuring could lead to $8.8 billion in outflows from MicroStrategy stock.

At this week's Binance Blockchain Week event, MicroStrategy Executive Chairman Michael Saylor called Bitcoin the cornerstone of the economic market and pointed out that US Bitcoin ETFs managed by Wall Street giants such as BlackRock and Fidelity are approaching $150 billion in scale. He emphasized that this is closely related to the executive order signed by President Trump at the beginning of 2025 to establish strategic Bitcoin reserves.

According to a report by CryptoQuant, MicroStrategy established $1.44 billion in USD reserves earlier this week, indicating that the company is preparing for a Bitcoin bear market. Julio Moreno from CryptoQuant stated that the bear market began at the start of last month, and if this trend continues, Bitcoin could be trading between $55,000 and $70,000 next year.

The world’s second-largest stablecoin issuer, Circle, saw its stock price plummet from $299 to $76—a staggering 75% drop in just a few months, leaving a large number of investors trapped. Behind the CRCL stock crash lies the stablecoin business model being hit by both the interest rate cut cycle and the tokenization of RWA money market funds. Institutional estimates show that for every 1% rate cut by the Federal Reserve, Circle’s revenue declines by 27%.

Ethereum reserve company BitMine announced an additional purchase of nearly 100,000 ETH, bringing its total holdings to 3.72 million ETH and total asset value to $12.1 billion. As of November 30, BitMine acquired 96,798 ETH over the past week, and also holds 192 BTC, $36 million worth of Eightco Holdings stock, and $882 million in cash.

As Bitcoin fell more than 30% from its all-time high and the market experienced intense volatility, American Bitcoin, a Bitcoin mining company supported by Trump’s son, suffered a major blow to its stock price on December 2. Within 30 minutes, half of its market value was wiped out, triggering multiple trading halts. The mining company, co-founded by Eric Trump, saw its intraday price drop as low as $1.75, a decline of 51%.

MicroStrategy (MSTR) has acknowledged for the first time that if its stock price remains below 1 times its book value for an extended period, the company may sell some Bitcoin. This company, which has made "never selling Bitcoin" a corporate belief over the past five years, holds approximately 650,000 Bitcoins, accounting for about 3% of the global Circulating Supply. The company is burdened with a mandatory annual preferred stock dividend of 750-800 million USD, which is not the type of expense that can be reduced during poor market conditions, but rather a rigid expenditure written into the contract.

Polygon CEO Sandeep Nailwal warned that MicroStrategy could become the "LUNA of this cycle," as MSTR stock is falling faster than Bitcoin. MicroStrategy's stock price plummeted nearly 10% to $159.77, down an astonishing 66% from a high of about $473 in July. The 650,000 Bitcoins held by MicroStrategy account for 3.1% of the total supply, facing the risk of a "death spiral."

MicroStrategy (MSTR) updated its profit expectations for the fiscal year 2025 on December 1, estimating that if the Bitcoin price range is between $85,000 and $110,000 by the end of 2025, the fiscal year 2025 revenue would be approximately between $7 billion and $9.5 billion, with a net income ranging from $5.5 billion to $6.3 billion, and diluted earnings per share of $17.0 to $19.0.

Bitcoin has fallen below the $87,000 mark, and with the People's Bank of China speaking out on strict control of Crypto Assets, Hong Kong's Crypto Assets concept stocks have all suffered heavy losses. Boyaa Interactive (0434) dropped 6.7%, Okex Cloud Chain (1499) fell 9.7%, and Yunfeng Financial (0376) decreased by 11.3%. The Central Bank of China has rarely mentioned stablecoins in its meetings, stating that there are risks of them being used for Money Laundering, fundraising fraud, and illegal cross-border fund transfers.

Michael Saylor hinted at a new Bitcoin purchase by MicroStrategy in a post with a "green dot". The chart shows that MicroStrategy's Bitcoin portfolio is worth approximately $59 billion, with a total of 649,870 Bitcoins purchased over 87 transactions. MicroStrategy CEO Phong Le stated that the company will only sell coins when mNAV falls below net asset value and cannot obtain new funds.

MicroStrategy CEO Phong Le stated on the What Bitcoin Did podcast that the company would only consider selling Bitcoin if its stock price falls below its net asset value and it is unable to secure new funding. Le noted that if MicroStrategy's market-to-net asset value (mNAV) falls below 1 and financing options are exhausted, then selling Bitcoin becomes mathematically reasonable to protect "Bitcoin earnings per share." However, he emphasized that this action would be a last resort and not a policy shift.

The California Public Employees' Retirement System (CalPERS) has fallen into a short positions market due to the recent pullback in MicroStrategy's stock price. Its initial position in Bitcoin proxy stocks has shrunk from over $144 million to $80 million in just a few months. According to the latest filing with the SEC, CalPERS purchased 448,157 shares of MSTR in the third quarter, currently facing unrealized losses exceeding $50 million, with a loss percentage of over 40%.

As Bitcoin has fallen 30% from its peak in October, special purpose acquisition companies (SPACs) are facing challenges in replicating MicroStrategy's success story. The performance of Bitcoin company Twenty One Capital Inc., supported by SoftBank Group and Tether, after its merger with Cantor Equity Partners Inc. will be closely followed after the investor vote on December 3.

MicroStrategy (MSTR) supporters criticized JPMorgan's proposed Bitcoin support notes, accusing the bank of spreading fear, uncertainty, and doubt about MicroStrategy and other Crypto Assets financial companies. JPMorgan's notes are a leveraged investment product linked to the price of Bitcoin, tracking the price of Bitcoin but magnifying the returns, allowing holders to achieve 1.5 times the returns (or losses) before December 2028.

Hive Digital Technologies has launched a new market-priced stock sale plan this week, which will allow the company to sell up to $300 million in stock over the next period, thereby increasing financial flexibility after announcing record quarterly results last week. Despite the company's aggressive expansion, Hive's stock price has fallen to around $3.10, a decline of more than 53% from its peak in October.

Kevin Hassett, the chairman of the White House Council of Economic Advisers, has recently become the frontrunner to be the next chairman of the Federal Reserve. Bloomberg quoted several insiders reporting that the Trump administration widely believes he best meets the president's expectations for "more aggressive rate cuts." In June of this year, Hassett disclosed that he holds at least $1 million worth of Bitcoin-related stock, COIN, raising discussions about the independence of the Central Bank and conflicts of interest.

Tom Lee, the chairman of BitMine, stated that the "best time" for Bitcoin has not yet arrived, but he seems less optimistic than before about predicting that Bitcoin will reach $250,000 by the end of 2025. In an interview on Wednesday, he said, "I believe Bitcoin is very likely to break $100,000 before the end of the year, and it may even reach a new high." This appears to be the first time Tom Lee has publicly softened his set target of $250,000 by the end of the year.

According to data from Arkham Intelligence, a cryptocurrency wallet associated with Elon Musk's SpaceX transferred approximately $105 million worth of 1,163 Bitcoins to a new wallet address today. This is the first significant Bitcoin transfer by the company since October 29, and analysts believe that this transfer indicates that the space giant has improved its custody strategy rather than planning a liquidation.

MicroStrategy (MSTR) holds approximately 641,000 Bitcoins, worth $56 billion. However, why is Wall Street preventing MicroStrategy from entering the S&P 500 index? The core reason lies in the company's inability to meet the index requirement of positive earnings for four consecutive quarters, with the stock price falling 68% from its peak, institutional investors reducing their holdings by $5.38 billion, and severe equity dilution caused by raising $21 billion through seven securities issuances within a year.

Cathie Wood's Ark Invest continued to increase its exposure to Bitcoin-related stocks on Tuesday, despite the overall crypto market falling. According to trading reports, Ark Invest purchased $13.5 million worth of Block shares, $7.6 million worth of Circle Internet Group CRC shares, and $3.86 million worth of shares from the largest crypto exchange in the U.S.

Bitcoin reserve strategy pioneer MicroStrategy (MSTR) has raised a substantial $20.8 billion this year, including $11.9 billion in common stock. The five perpetual preferred stock offerings launched by MicroStrategy this year have also been significant contributors, but the annualized dividend yield of over 8% has raised some doubts. To demonstrate its ability to pay dividends, MicroStrategy has launched real-time information on its official website, proving that with the current Bitcoin price of $88,221, the company has sufficient funds to pay dividends for 72 years.

In 2025, memory prices entered a super cycle driven by AI demand and capacity shifts among major manufacturers. The market experienced shortages and price increases, with phenomena such as “suspended quotations” and “daily price adjustments.” In just the second half of the year, DDR4 prices surged by 180%, and the supply shortage persisted. Major companies like Nanya Technology (2408) and Winbond (2344) indicated that the shortage could last until 2027, making memory stocks a key focus for investors.

This month, Bitcoin once plummeted to $81,000, with a single-day decline of up to 8%, reaching a three-month low. Bitcoin reserve company MicroStrategy (MSTR) is facing the risk of being removed from the MSCI index. The company, which holds 640,000 bitcoins and has leveraged $27.6 billion, is standing on the edge of survival. If Bitcoin falls below the critical support level of $70,000, MicroStrategy may be forced to liquidate 50,000 bitcoins, potentially triggering a market crash.

S&P Dow Jones Indices announced on Monday that computer storage device manufacturer Sandisk Corp. will officially join the S&P 500 Index on November 28. Sandisk beat out Bitcoin-related stock MicroStrategy (MSTR), which recently qualified for inclusion in the S&P 500 Index. This marks the second time MicroStrategy has been passed over; it also failed to be included during the quarterly adjustment in September 2025.

Despite facing significant unrealized losses, BitMine (BMNR) has doubled down on its Ethereum investment, adding 21,000 ETH and wagering $60 million despite bearish market sentiment and uncertain US macroeconomic conditions. BitMine Chairman Tom Lee attributed market pressure to a "liquidity shock" rather than weak fundamentals, predicting that $3,500 may be a short-term bottom and that the next bull run could already be in the making.

TD Cowen Research Group Managing Director Lance Vitanza warned that MicroStrategy's (MSTR) Bitcoin premium continues to decline, currently heading towards the "Crypto Assets winter" low points of 2021-2022. TD Cowen still maintains a target price of $535 for MicroStrategy, but the MSCI index may remove MicroStrategy next February, which could lead to an additional $8.8 billion outflow if other indices follow suit.

The price of Bitcoin is hovering around $88,000, which has once again brought attention to MicroStrategy's operating cost basis. MicroStrategy acquired more than 8,000 Bitcoins between November 10 and 16 at an average price close to $102,000, pushing up its blended cost basis. The company has not released any updates regarding its expected Bitcoin purchase plans, which may indicate that it has paused ongoing Bitcoin investments.

BitMine Immersion Technologies (BMNR) is a leading Ethereum-focused digital asset financial company chaired by Wall Street veteran Tom Lee. It announced a net profit of $328 million for fiscal year 2025, with fully diluted earnings per share (EPS) of $13.39. BMNR stock will pay its first annual dividend of $0.01 per share.

According to consolidated filing data, during the period from the end of Q2 2025 to the end of Q3 2025, institutional portfolio marked-to-market exposure in MicroStrategy (MSTR) decreased by approximately $5.38 billion, dropping from about $36.32 billion to around $30.94 billion. This represents a decline of roughly 14.8% in the paper value held by institutions. Major fund management companies, including BlackRock and Fidelity, each reduced their investments by over $1 billion or close to $1 billion.

In the past week and even earlier, Bitcoin's price has shown a worrying trend. The U.S. trading session has pushed Bitcoin down, while the Asian market continues to buy the dip, revealing a clear regional divergence. Bitcoin pioneer Max Keiser pointed out that the U.S. government is paying attention to MicroStrategy (MSTR) and may take the opportunity to profit from a major sell-off in November if Bitcoin crashes. Reportedly, the U.S. government wants MicroStrategy's market value to be close to its net asset value (mNAV) at 1.0 to compress the premium.

MicroStrategy was hit by Bitcoin's sharp decline, with MSTR closing at $170.50 on November 21. MicroStrategy founder and executive chairman Michael Saylor summed up his stance in four words: "I will never back down." A poll launched last week on "Whether to HODL this week" showed that 77.8% of respondents are determined to hold onto their Bitcoin without selling.

MSCI (formerly Morgan Stanley Capital International) announced that it may remove MicroStrategy (MSTR) from its indexes in January 2026, a message shared by JPMorgan in a research report, which has sparked a strong backlash from the Bitcoin community. Real estate investor and Bitcoin advocate Grant Cardone announced that he has withdrawn $20 million from JPMorgan and is suing its credit card business.

The global cryptocurrency market has recently experienced intense volatility, with Bitcoin and other crypto assets plummeting consecutively, following a sharp correction in high-tech stocks. Bitcoin dropped below $86,000 in a single day, and multiple Hong Kong Bitcoin spot ETFs also declined by over 7%. Bitcoin-related stocks MicroStrategy (MSTR) and Metaplanet both hit nearly one-year lows. Under the pressure of risk asset correction, many institutional and retail funds are gradually shifting back to the energy, precious metals, and growth stock sectors.

Bitcoin mining stocks surged after Nvidia's Q3 earnings, with IREN jumping 21% and Cipher Mining up 10%. IREN landed a \$9.7 billion Microsoft deal, while Cipher secured \$3.8 billion from Fluidstack. Hedge funds are backing the pivot from crypto mining to AI infrastructure.

The six largest asset management companies in Japan (with total assets under management reaching $2.5 trillion) have expressed interest in launching crypto funds. The list includes Mitsubishi UFJ Asset Management, Nomura Asset Management, SBI Global Asset Management, Daiwa Asset Management, Asemane One, and Amova Asset Management. This development poses a potential challenge to Bitcoin-related stocks like MicroStrategy (MSTR).