Mining revenue hits structural lows as hashprice sinks, costs rise and payback periods stretch past 1,000 days, squeezing even the largest operators.

Buterin warns that quantum computers could threaten Ethereum’s cryptography sooner than expected and outlines how the network can prepare safely.

First Digital plans a stablecoin SPAC merger to go public amid growing crypto listings, with a potential Nasdaq listing through CSLM.

The post First Digital moves toward US listing through merger talks with CSLM SPAC appeared first on Crypto Briefing.

Coinbase's Sui token listing in New York may enhance crypto adoption and innovation despite stringent regulatory challenges.

The post Coinbase now lists Sui token for New York residents on all platforms appeared first on Crypto Briefing.

Strategy CEO Phong Le has revealed the instance in which his company may be forced to sell its Bitcoin holdings. This comes amid concerns about the MSTR stock crash, which puts the company at risk of seeing its mNAV drop below 1. 

Strategy CEO Reveals When They Will Sell Bitcoin

During an interview on the ‘What Bitcoin Did’ podcast, the Strategy CEO said they could sell Bitcoin to fund dividend payments on their preferred shares if the mNAV is trading below 1. He alluded to the BTC yield, which is their primary KPI, and that under 1x mNAV, it is more “creative” to sell their BTC holdings to pay the dividends. 

The Strategy CEO explained that they typically raise capital when their mNAV is above 1 to fulfill their obligations, even when it is below 1. He alluded to the 2022 crypto winter when they bought back their Bitcoin-backed loans as proof that they had prepared in advance for such market conditions. However, when they are unable to raise capital, Phong Le stated that they will have no option but to sell their BTC holdings. 

Strategy data shows that their mNAV is currently at 1.19. Meanwhile, the company currently holds 649,870 BTC, worth around $55 billion. With the MSTR stock on a downtrend, Michael Saylor’s company still faces the risk of seeing its mNAV fall below 1 for a sustained period. TradingView data shows that the stock is now down over 40% year-to-date (YTD) from a 2025 high of around $455. 

There were recently rumors that Strategy supposedly sold some of its Bitcoin holdings, which Saylor quickly denied. The company then went on to make one of its largest purchases this year, buying 8,178 for $836 million. This formed part of the proceeds from the company’s STRE offering. 

Saylor Teases Another Bitcoin Purchase

In an X post, Michael Saylor teased another Bitcoin purchase from Strategy. He posted the company’s BTC portfolio tracker with the caption, “What if we start adding green dots?” It is worth noting that these conventional Sunday posts have usually preceded a BTC purchase announcement by the company the following day. 

Based on this, Strategy likely bought more Bitcoin between November 24 and 30 last week. This comes amid the Bitcoin downtrend, with the flagship crypto again dropping below the psychological $90,000 level. Besides the BTC crash, the possibility of an exclusion from MSCI indices is another factor that paints a bearish picture for Saylor’s company. The MSCI will decide by January next year whether treasury companies like Strategy should remain in their indices. 

At the time of writing, the BTC price is trading at around $86,000, down over 5% in the last 24 hours, according to data from CoinMarketCap.

Dogecoin’s entry into the ETF market has changed the tone of the entire meme-coin sector, possibly opening the door for the likes of Shiba Inu and BONK. What began as a community hype token is now tied to a fully regulated product, and that achievement has pushed attention toward other popular meme coins. BONK and Shiba Inu are now the next names being discussed as institutions explore broader exposure to alternative cryptocurrencies.

BONK Moves Ahead With A Fully Listed ETP In Europe

Although the early inflows into Dogecoin’s ETF launch have been largely more underwhelming than what most expect, the establishment of an exchange-traded product for the king of meme coins opens up conversations about other meme coins. 

BONK is a standout example, taking a decisive step forward with the launch of an exchange-traded product tied to the meme coin on the SIX Swiss Exchange. The debut immediately led to an intraday rally as traders reacted to the token gaining a presence on one of Europe’s most established regulated markets. 

SIX is Switzerland’s largest and Europe’s third-largest stock exchange. Therefore, the ETP gives investors access to BONK without having to manage custody themselves, making it far easier for traditional market participants to gain exposure.

This development builds on BONK’s rising activity within the Solana ecosystem. Its trading volume and market capitalization have been climbing for weeks, and the ETP adds a form of legitimacy rarely given to meme coins. BONK now joins a very small group of community hype tokens that have crossed into regulated investment territory, giving it a stronger foundation as demand from new classes of investors grows.

The new BONK ETP was issued by Bitcoin Capital, a firm known for launching multiple cryptocurrency ETPs across major European markets. “With the Bonk ETP now listed on SIX Swiss Exchange, investing in Bonk has never been easier. Investors don’t need crypto expertise; they can trade Bonk just like any other stock. We’re making community-driven digital assets accessible to everyone, while meeting high security and regulatory standards,” added Marcel Niederberger, CEO of Bitcoin Capital 

Shiba Inu Attracting Institutional Interest

Shiba Inu has not yet secured an exchange-traded product of its own, but the token is steadily carving out its place in the wider fund landscape as major institutions begin weaving it into their early product designs. Even as Shibarium’s activity has cooled in recent weeks, SHIB is still part of broader conversations about regulated exposure.

One of the clearest examples comes from T. Rowe Price, a heavyweight in traditional finance with more than $1.7 trillion in assets under management. The firm recently submitted a filing for an actively managed crypto ETF that lists SHIB among its holdings.

Shiba Inu also appeared in Grayscale’s assessment of cryptocurrencies viewed as structurally viable for future spot-ETF models. These developments indicate that long-term positioning for Shiba Inu is becoming stronger as institutions evaluate which assets fit into their next generation of crypto funds.

When crypto sells off, the market doesn’t so much walk down the stairs as it slips on the first step and discovers there never were any handrails. Everyone knows why: perps are a stadium, options are a side alley, and insurance in a storm is hard to buy.

Paolo Ardoino, the CTO of Bitfinex, knows what the missing handrails are: credit, clearing, margin, and products professional traders actually use when it’s raining. In an exclusive interview with CryptoSlate, he argued that real hedging is a distribution problem masquerading as a philosophy debate.

“If we make sophisticated tools more accessible and connected, institutions can operate with greater efficiency.”

Seatbelts for a market that loves speed

Options are supposed to be the seatbelts of volatile markets, but in the crypto industry, they’ve mostly been decorative. There are, of course, the inevitable bursts of liquidity around expiring strikes, a few large players playing calendar chess. But when the tape turns red, spreads widen, size disappears, and everyone reaches for the exits at once.

The result is the spiral we’ve all become familiar with: protection is scarce, so risk is cut with blunt instruments, which deepens the drawdown, which then makes protection even scarcer. Ardoino’s view is that the fix starts with giving serious desks a familiar toolkit, wired into rails that don’t snap under stress.

“Market makers need advanced tools to hedge and manage risk, and they will gravitate toward platforms that help build a more stable market,” he said.

This is why Bitfinex has been rolling out instruments that speak to how risk is actually managed: not just directional bets, but volatility itself. Volatility perpetuals, contracts that track the forward-looking choppiness of BTC and ETH, are the sort of thing pros reach for when they don’t want to bet on “up or down” but “how wild?”

“Our new offerings, like our BTC and ETH volatility perpetuals, cater specifically to advanced traders who want to hedge or trade around market turbulence.”

He explained that this is exactly what clients wanted during rough markets:

“During periods of market turbulence, the primary needs from our sophisticated clients always revolve around execution reliability and robust risk management tools.”

Bitfinex doesn’t seem to be all talk, as it’s growing its derivatives business where the rules match the experiment. The company relocated Bitfinex Derivatives to El Salvador, a bet on regulatory clarity that, in Ardoino’s words, is less about ideology and more about permission to build boring, useful infrastructure at speed. He told CryptoSlate that policy alignment matters because it anchors long-horizon work:

“Ultimately, for this growth to take off, the market needs the backing of forward-looking jurisdictions. Our move to relocate Bitfinex Derivatives to El Salvador is a prime example of aligning with a regulatory environment that is open to crypto innovation. This clarity supports the long-term goal of building out the necessary institutional infrastructure and serving underserved regions, especially in Latin America.”

A core piece of that plumbing is the “universal account.” In a typical options setup, collateral sits in silos: futures in one bucket, options in another, spot in a third. The risk engine treats these positions separately, so traders over-post margin, withdraw to move funds, and lose precious time during market chaos.

A universal account solves this fragmentation. One wallet funds spot, perps, options, and structured products, and a single risk engine sees offsets across the whole portfolio. Ardoino believes that this is a powerful concept that can fundamentally change capital efficiency by reducing the amount of idle collateral. He explained that it also comes paired with risk-based margining:

“If they can use a universal account with a risk-based margining system like portfolio margin, they are no longer forced to silo excessive collateral for every individual position.”

In his view, the payoff here is market-wide:

“This approach helps improve market maturity. It allows institutional players to hedge more effectively, which in turn leads to a more stable and orderly market overall, benefiting both institutional and retail participants.”

Plumbing, not hype

There’s a reason options participation skews to a small set of venues: onboarding, fragmentation, and the cognitive tax of managing risk across a dozen partial solutions.

Bitfinex’s goal, through its integration with Thalex, is to treat convenience is a liquidity strategy. If traders can route into an options venue without a second round of paperwork, they won’t feel like they’re margin trapped on one island. Distribution and access are the real product here, at least according to Bitfinex’s vision.

Thalex is a dedicated crypto options venue focused on BTC and ETH, built around a low-latency matching engine and portfolio-aware risk. Bitfinex integrated Thalex to give its customers direct access to listed options without separate onboarding. The companies have since announced a merger to bring Thalex’s options stack under the Bitfinex umbrella, aligning accounts, settlement, and risk so that options, perps, and spot can sit behind one set of rails. In practice, that means a single login and a unified margin system across a broader product set.

“Our partnership with Thalex means customers can use their existing accounts and verification, making it more straightforward to access a wider product set,” he explained. The aim is to reduce frictions so capital can commit. “When we offer familiar financial structures adapted for crypto, along with easy accessibility, it lowers the barrier for big, credible market makers to engage.”

While phrases like “stable settlement” and “predictable risk engines” might sound like empty branding, they’re actually what keeps market makers quoting through stress. Ardoino’s repeated emphasis here is on the institutional fit:

“Attracting truly credible balance sheet is about providing a stable, mature, and efficient trading environment.”

The rest follows from shipping what pros need:

“Crypto derivative products, such as stablecoin-settled futures and options instruments, are critical to ensuring a more rounded market.”

The other axis of legitimacy is the US, where listed products have a habit of setting the tone for everyone else. Asked whether US instruments, including CME listings and ETF options, will siphon the flow away from offshore venues, Ardoino flips the frame.

“In a broad sense, US-listed instruments will act as a catalyst. They legitimize the asset class globally, bringing in institutional investors and large pools of capital that were previously on the sidelines.”

And for Bitfinex’s role in that expansion, the strategy is explicit:

“For Bitfinex, the focus is on positioning ourselves as a long-term player that can support the new forms of capital raising and institutional investment this global shift enables.”

What changes if hedging gets easy

Imagine another sell-off like the one we’ve seen last week, but this time with better plumbing. A miner that wants crash insurance can buy puts that actually fill in size, funded against the rest of its book in a single account. A basis desk can lean into skew without sacrificing its inventory to margin silos. A market maker can quote through the shock because its risk engine recognizes offsets instead of punishing them.

None of that will make prices go up, though, but it will make the path down significantly less painful. Wicks shorten when insurance is available at a known price, and forced sellers become optional sellers. If BTC and ETH are going to shake the “cliff dive, dead cat, doom loop” pattern, it starts with a margin system that rewards hedge discipline and a product set that lets traders express risk cleanly.

This is also how options grow from a curiosity to a habit. You probably won’t see venues that win this race for options advertised on crypto arenas. The venues that position themselves at the very top of this market will most likely look like nothing more than basic trading infrastructure. That means being boring about uptime during chaos and opinionated about product design when it counts.

Bitfinex’s roadmap, which now includes volatility products, stablecoin-settled instruments, universal accounts, and regulatory posture tuned for building, looks like an operator’s answer to a trader’s week.

The test is whether market makers answer the call and whether the venue can prove, day after day after day, that execution and risk are handled like a utility, not a casino. Ardoino emphasized again that attracting truly credible balance sheet depends on providing a stable, mature, and efficient trading environment.

So if crypto wants to trade like the asset class it insists it is, this checklist is now long overdue.

The post Bitfinex’s options playbook: Ardoino on building rails that won’t snap appeared first on CryptoSlate.

The US government has opened a security review into Bitmain, the Beijing-based manufacturer that sells most of the world’s Bitcoin mining rigs. A months-long federal investigation, known internally as Operation Red Sunset, has been probing whether Bitmain’s machines can be remotely steered for spying or used to interfere with the American power grid. The question sounds abstract, the kind of thing that belongs in a classified memo. But the answers land in very ordinary places: repair benches in North Dakota, shipping yards in Oklahoma, and the upgrade calendars of every miner who depends on Chinese hardware.

Before you can follow what breaks, you have to understand what Washington is actually doing.

Inside Operation Red Sunset

According to documents reviewed by Bloomberg and people familiar with the matter, Red Sunset has been running across several agencies for roughly two years. Homeland Security is in the lead, with support from the National Security Council. The goal of the investigation is to determine if Bitmain rigs can be controlled from the outside in a way that makes them useful for espionage or sabotage.

Federal agents have already gotten touchy with hardware. Some Bitmain shipments were stopped at US ports and pulled apart on inspection tables, their chips and firmware examined for hidden capabilities. Officials also looked at tariff and import questions, blending security worries with more routine trade enforcement.

In an emailed statement to Bloomberg, the company called it “unequivocally false” to say it can remotely control machines from China, and said it complies with US law and doesn’t engage in activity that threatens national security. It also said it has no awareness of any investigation called Operation Red Sunset and that past detentions of its hardware were tied to Federal Communications Commission concerns, where “nothing out of the ordinary was found.”

Officials are not debating this in a vacuum. A Senate Intelligence Committee report has already flagged Bitmain devices as vulnerable and open to manipulation from China. A few years ago, researchers found Antminer firmware that allowed remote shutdown; Bitmain framed that as an unfinished anti-theft feature and later patched it, but the episode left a mark.

Red Sunset also sits on top of a concrete case. In 2024, the US government forced a Chinese-linked mining operation near a missile base in Wyoming to shut down because of national security risks tied to thousands of rigs at that site. The hardware was similar, the geography far more sensitive.

So the government is looking at Bitmain as more than a vendor. It is treating the company as an infrastructure player that lives close to the grid and sometimes close to strategic locations. That is how you end up with an ASIC manufacturer in the same document set as telecom companies and power equipment.

And all of this is unfolding while Bitmain deepens its ties to a very visible American client.

America’s mining machine is full of Bitmain metal

In March, a small, relatively unknown listed firm announced it would spin out a new Bitcoin mining venture with Eric and Donald Trump Jr. as investors. The new business, called the American Bitcoin Corp, wants to be the “world’s largest, most efficient pure-play Bitcoin miner” and plans to run 76,000 machines across Texas, New York, and Alberta. To get that insane number of miners, it turned to Bitmain.

Corporate filings show American Bitcoin agreed to buy 16,000 Bitmain rigs for $314 million. Instead of paying cash or tapping traditional debt, the company pledged 2,234 BTC to secure the hardware. The structure is unusual enough that a former SEC enforcement attorney told Bloomberg the terms probably belong in more detailed disclosure.

That one deal captures the dependency problem in miniature. A high-profile miner, tied to the president’s family, is staking thousands of Bitcoin and ambitious growth targets on a Chinese supplier that sits inside a national security investigation. Officials already worry that the arrangement creates conflicts of interest for an administration that wants to turn the US into the “crypto capital of the world.”

But, despite the crazy amount of power they want to put into mining Bitcoin, the president’s sons are just a drop in a very, very large sea. Over the last decade, US miners have installed hundreds of thousands of Bitmain units across the country. The business of creating new Bitcoin in North America rests almost entirely on the shoulders of Antminers, powered by chips and code that were never designed with this level of geopolitical heat in mind.

So when you ask what happens “if Bitmain gets hit,” you are really asking what happens when the central vendor in that stack runs into federal policy, not just market risk.

What breaks first if Washington swings

Every serious miner runs a pipeline of dead hardware. Because fans fail, power supplies blow, and hashboards burn. Some of that can be handled in-house, but a large chunk is pushed through authorized repair centers that live inside the Bitmain ecosystem. The company lists overseas and regional repair hubs that cover the US market, with shipping lanes that loop through places like Arkansas, North Dakota, and Oklahoma.

That pipe is very fragile and the most likely to break first. If the US government opts for hard measures, such as putting Bitmain or key affiliates on an entity list or imposing targeted sanctions, the easiest lever to pull is at the border. Spare parts could sit in temporary warehouses until they get to customs for “review.” A process that used to take days could stretch into weeks while lawyers and compliance teams sort through new rules.

For a single mining operation, the effect will show up slowly. Availability would drop a few points as more machines sit dark waiting for parts, and the on-site pile of failed units would continue to grow. Operators with deep pockets will, of course, be able to stockpile spares and hedge with a second vendor. But smaller miners, who bought a few containers of rigs with structured financing and do not have a warehouse full of backup boards, will be the ones to feel real stress real fast.

Next in line would be the headline orders.

If Red Sunset ends with softer measures, such as additional licensing for specific chips or mandatory export reviews, Bitmain might still ship S21 and T21 orders into the US, just on a slower schedule. A miner who expected six-week lead times could easily face three or more months for delivery, plus paperwork. If the outcome is tougher, and Bitmain ends up restricted from supplying certain US buyers, those orders could easily turn from scheduled capacity into open questions.

Because the sector is heavily financed, time wasted is not just time wasted: it’s time plus interest, covenants, and equity guidance. A public miner that has told investors it would reach a certain exahash number by a specific quarter now has to explain why the gear is stuck somewhere between Shenzhen and Houston.

As soon as uncertainty hits the new-machine pipeline, the secondhand market lights up. Older Antminers that were being run down toward retirement suddenly look attractive, as long as their efficiency is not too far off the curve. MicroBT and Canaan, Bitmain’s main competitors, watch their sales teams get very busy very fast.

But they don’t have a magic warehouse full of high-efficiency gear either. They have their own production bottlenecks, chip allocations, and promised deliveries. If US miners try to pivot en masse, lead times on alternative hardware extend as well. Some of that gap will be filled with gray routes, rigs shipped through third countries, or bought from intermediaries that can still access Bitmain stock without tripping US rules.

Three paths from here

From the outside, it’s tempting to think in binary terms: either Bitmain is banned or nothing happens. In practice, there are three broad paths.

In the first, Red Sunset fades quietly. DHS keeps watching, maybe files some internal recommendations, and the government decides that the current industrial security practices, network segmentation, and firmware audits are enough to manage the risk. Bitmain remains politically awkward but commercially available. Miners diversify a bit more into MicroBT and Canaan, yet the basic structure of the US fleet stays intact, and hash rate growth keeps following something close to its current course.

In the second, Bitmain is pushed into a managed box. That could mean formal mitigation agreements where the company has to meet strict firmware attestation standards, submit to third-party audits, and confine certain repair and assembly work to vetted onshore partners. Exports might require extra licenses, and high-risk sites, such as those near sensitive grid infrastructure or military facilities, could face special rules.

That version is annoying rather than catastrophic for miners. Lead times will stretch, legal costs rise, and engineers spend more time proving that their operations meet whatever new security bar Washington sets. Hardware will still flow, of course, just with more friction and a higher all-in cost per installed terahash.

The third path is the one everyone in operations dreads: sanctions or an entity list designation that bites directly into sales, firmware support, and dollar clearing. In that world, Bitmain equipment becomes toxic for regulated US buyers almost overnight. Repair centers struggle to move parts across borders. Software updates are frozen in a legal gray area. Existing fleets can still run, but their owners have to think very hard about how long they want to stay dependent on a vendor that can’t service or upgrade their machines.

Hash rate wouldn’t collapse, because this isn’t not Huawei in the core network. But growth plans would bend. Quite a bit of capacity that was supposed to plug into American grids during the next two quarters would slip or move abroad, and the narrative that Bitcoin mining is becoming a US-heavy, grid-friendly industry would start to look a little thinner.

Why this matters beyond mining Twitter

On the surface, this is a niche story about customs holds, but underneath, it’s a test of how the US treats the physical infrastructure of Bitcoin.

Washington has already decided that mining locations can matter, as Wyoming learned when its Chinese-linked facility near a missile base was shut down. It has a live probe into Bitmain’s hardware, with agents tearing down rigs and lawyers debating whether Chinese-made ASICs should be treated more like telecom gear than gaming cards. And it has a presidential family whose flagship mining venture is tied, by contract, to that same supplier.

If the government backs away or leaves with just a slap on the wrist, the message is that Bitcoin’s industrial layer can live with high scrutiny but still function inside a global hardware market. If it pushes Bitmain into a restricted box, the message is very different. Miners will read it as the start of a broader campaign to localize or at least de-risk key parts of the mining stack.

For everyone else, the stakes sit one abstraction higher. The security budget that protects Bitcoin is paid through these machines. The more expensive, complicated, and politically fraught it becomes to operate them in the US, the more of that budget shifts somewhere else.

The headline question is what breaks first inside the mining machine if Bitmain gets hit. The quieter question is whether the US wants those machines humming along its own power grid or prefers to push them back out into someone else’s backyard.

The post If Bitmain gets hit, what breaks first in the US mining machine? appeared first on CryptoSlate.

As the final month of the year begins, the focus now shifts to profits. However, the beginning of December has been rather unpleasant, given that over $162 billion was wiped out of the crypto market today. However, some altcoins have managed to continue their rise.

BeInCrypto has analysed three such altcoins that could be looking at new all-time highs in the coming week.

Rain (RAIN)

RAIN is trading at $0.0080, placing it just 7% below its all-time high of $0.0086. The altcoin remains one of the strongest performers, holding close to record levels despite broader market volatility.

For RAIN to reach a new ATH, it must secure $0.0079 as solid support. A successful bounce from this level could drive the price toward $0.0100, signaling renewed bullish momentum and heightened investor confidence.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

If investors take profits early, RAIN could lose momentum and fall toward the $0.0067 support level. A drop below this threshold would invalidate the bullish outlook and delay any attempt at setting new highs.

Monero (XMR)

XMR is trading at $412, holding just below the $417 resistance level. The privacy-focused altcoin sits relatively close to its all-time high of $471, keeping bullish expectations alive despite broader market uncertainty.

Reaching the ATH would require only a 14% increase, supported by investor demand and a decisive flip of the $450 resistance into support. The Ichimoku Cloud currently signals intact bullish momentum, suggesting XMR may attempt another upward move if market conditions cooperate.

If investors take profits or broader sentiment weakens, XMR could face renewed selling pressure. A breakdown from current levels may send the price toward $364, which would invalidate the bullish outlook and delay any attempt at retesting the all-time high.

Undead Games (UDS)

UDS is trading at $2.97, sitting just below the key $3.00 resistance level. This psychological barrier must be flipped into support for the altcoin to maintain its upward trajectory and strengthen its short-term recovery outlook.

The ATH sits 16% higher at $3.44, and current indicators support a move toward it. The Parabolic SAR remains below the candlesticks, signaling an active uptrend. If UDS secures $3.20 as support, the momentum could drive a breakout toward new highs.

If selling pressure emerges, UDS could retrace to the $2.73 support level. A breakdown below this zone would weaken the bullish structure and potentially send the price toward $2.59 or lower, invalidating the bullish thesis entirely.

The post 3 Altcoins That Could Hit All-Time Highs In The First Week Of December appeared first on BeInCrypto.

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee, because today’s story is not what it first appears to be. MicroStrategy’s new $1.44 billion cash wall has sparked more questions than answers, landing at a moment when markets feel unusually tense, and every move seems to hint at something deeper beneath the surface.

Crypto News of the Day: MicroStrategy Builds USD Reserve as Market Panic Tests Saylor’s Bitcoin Doctrine

MicroStrategy’s latest move was supposed to calm nerves. Instead, it has become the new focal point of a market gripped by fear, speculation, and a fast-approaching liquidity stress test.

On Monday, Strategy Inc. (formerly MicroStrategy) confirmed it has established a $1.44 billion USD Reserve. This cash buffer is designed to cover dividends and interest for up to 21 months.

Strategy chair Michael Saylor also revealed that the firm has added 130 BTC to its already massive treasury.

“Strategy has acquired 130 BTC for ~$11.7 million at ~$89,960 per bitcoin. As of 11/30/2025, we hodl 650,000 BTC acquired for ~$48.38 billion at ~$74,436 per bitcoin,” Saylor indicated.

The announcement arrived barely a day after traders obsessively dissected Michael Saylor’s cryptic “green dot” comments. Speculation ranged from an MSTR buy to the firm adding to its BTC stockpile.

The new purchase brings the company’s holdings to 650,000 BTC, or roughly 3.1% of all Bitcoin that will ever exist.

A Cash Reserve—Or a Warning Sign?

The company framed the USD Reserve as a strategic evolution. Saylor called it “the next step in our evolution” and essential for facing near-term volatility.

“…the reserve currently covers 21 months of Dividends. We intend to use this reserve to pay our Dividends and grow it over time,” Strategy CEO Phong Le indicated.

However, these remarks did not bring stability, but rather stress, coming after the MicroStrategy executive admitted to a scenario once considered unthinkable: a potential sale of Bitcoin.

In a recent interview, CEO Phong Le acknowledged a “kill switch” tied to two conditions:

• MicroStrategy’s stock trades below 1.0x mNAV—meaning the company is valued at less than the Bitcoin it owns.
• The firm cannot raise capital through equity or debt.

As of this writing, mNAV sits above 1x, pulling away from the 0.9x danger zone, below which, MicroStrategy could be pushed toward BTC-funded dividend obligations.

Markets are already on edge, with Jim Cramer, cited in a recent US Crypto News publication, issuing a warning.

“This kneejerk, somewhat vicious, decline smacks of anticipation of hedge funds blowing up over the Japan carry-trade… and Strategy/Bitcoin given that at this level they are almost the same thing,” wrote Cramer.

The line “almost the same thing” captures the structural shift: MicroStrategy has functionally become a leveraged Bitcoin ETF with a software company attached. That structure works spectacularly when Bitcoin rips higher, but compresses violently when liquidity tightens.

And liquidity is tightening fast.

MicroStrategy insists it faces no forced liquidation risk. However, the admission of a sale condition, combined with a $1.44 billion cash wall, marks a turning point.

Where Saylor once said, “We will never sell Bitcoin,” investors now have a measurable tripwire:
0.9× mNAV.

Bitcoin’s next move won’t just shape market sentiment; it may decide whether MicroStrategy remains the face of corporate Bitcoin accumulation or becomes the first high-profile test of its limits.

Chart of the Day

Byte-Sized Alpha

Here’s a summary of more US crypto news to follow today:

• Crypto funds roar back with $1.07 billion inflows as rate-cut hopes surge.
• Ripple wins Singapore approval as XRP whales drive market shift.
• Japan’s bond shock slams crypto: $640 Million liquidated as 10-year JGB hits 17-year high.
• 4 US economic events to shake Bitcoin sentiment in the first week of December 2025.
• Ethereum breaks down from key pattern, opening a path toward 28% crash.
• Fed to end QT: Could this trigger multi-year altcoin rally akin to 2019-2022?

Crypto Equities Pre-Market Overview

The post MicroStrategy Builds $1.44 Billion Cash Wall Amid Rising Market Fear | US Crypto News appeared first on BeInCrypto.

Michael Saylor’s recent post has stirred fresh buy speculation around Strategy’s Bitcoin holdings. He shared a portfolio chart and wrote, “What if we start adding green dots?” — a line that many investors read as a nudge toward new purchases. According to the chart, Strategy’s Bitcoin stash is valued at close to $60 billion, reflecting a total of 649,870 Bitcoins acquired across 87 distinct buys.

Saylor’s Comment Spurs Market Talk

The company’s tracker shows each past purchase as an orange dot. The idea of green dots implies new markers — new buys — could appear if Strategy chooses to add more Bitcoin. That signal comes at a time when volatility has returned to crypto markets, making any hint of institutional accumulation a headline-worthy event.

CEO Lays Out When Sales Might Happen

According to Strategy’s CEO Phong Le, selling would be a last resort. Le told listeners on a podcast that the firm will only sell its Bitcoin in extreme conditions — chiefly if market values drop below net asset value (NAV) and fresh capital cannot be raised.

What if we start adding green dots? pic.twitter.com/a19bD33KzD

— Michael Saylor (@saylor) November 30, 2025

Reports indicate the company expects to meet yearly preferred-share dividend obligations of about $750 million to $800 million by raising capital when its stock trades above NAV. Le said this approach lets the firm keep building its holdings while meeting payouts.

Based on company materials, the firm says it can maintain dividends even in stress. Strategy recently rolled out a BTC Credit dashboard aimed at giving investors clearer visibility into how the company can service its liabilities over the long term.

Company figures show the average purchase price sits near $74,000. The dashboard suggests that, according to the firm’s math, dividend payments could be sustained for decades even if Bitcoin traded around the firm’s average cost.

After touching highs above $126,000 in October, Bitcoin fell sharply and dropped below $86,000 in early Asian trading on December 1, sliding as much as 6% in a single session.

BREAKING: Bitcoin falls -$4,000 in 2 hours as mass liquidations return.

$400 million worth of levered longs have been liquidated over the last 60 minutes. pic.twitter.com/qKB7MYJapu

— The Kobeissi Letter (@KobeissiLetter) December 1, 2025

Other tokens moved lower too — Ethereum slipped more than 7% to about $2,800 during the same period. Analysts link the sell-off to a broader “risk-off” mood, with jitters around inflation and central bank policy weighing on risky assets.

Strategy said it had faced pressure earlier when Bitcoin traded near $90,000, a stretch that briefly put its Nasdaq-100 membership at risk. Even so, company leaders continue to stress a long-term approach to holding Bitcoin.

The recent public hint from Saylor and Le’s comments on selling policies together signal that Strategy is keeping the door open to buy on dips, while also setting clear lines about when selling would be considered.

The coming weeks will test whether those green dots appear on the company’s tracker and whether market conditions give large holders the chance to add to their positions.

Featured image from Unsplash, chart from TradingView

Crypto analysts Nik and Doctor Profit have provided insights into why the Bitcoin price is crashing today. The flagship crypto has again dropped below the psychological $90,000 level, sparking bearish sentiments among market participants. 

Why The Bitcoin Price Is Crashing Today

In an X post, Nik remarked that the Bitcoin price didn’t dump because of bad news but because the “clock flipped.” He noted that a large number of algos sold off at the same time with the daily close, and also considering that it is a new week and a new month. The analyst added that it is not traders making decisions but portfolios rebalancing in real time. 

Nik explained that with this Bitcoin price crash, inventories have adjusted, hedges have reset, and risk has been flushed from the market. He noted that the candles may look emotional, but that the behavior is mechanical. The analyst also indicated that retail investors may have also dumped their coins out of panic. 

Nik stated that time-based algos usually ignite the sell-off, and then everyone is forced to react to their flow. He added that the effect was strong enough today to shake the Bitcoin price, with the crash dragging the broader crypto market along. BTC dropped below $90,000 today, after recovering to $92,000 last week. 

Meanwhile, Nik stated that most people usually miss the signs of a potential Bitcoin price crash because they focus on patterns drawn by humans rather than flows controlled by machines. He added that the market doesn’t only react to price but also to time. 

Not Yet Enough Liquidity For A Major Crash

In an X post, crypto analyst Doctor Profit said that there isn’t enough downside liquidity yet to trigger a major Bitcoin price crash. This is why he expects a sideways range between the current price and the EMA50, around $100,000, in the coming days or weeks. The analyst noted that the two largest liquidity clusters in the short term are at the $97,000 and $107,000 regions. 

However, Doctor Profit remains bearish in the long term. He declared that a major move down is planned, but that the script must be followed and that the required liquidity is not yet in place. The analyst told market participants to expect a boring sideways phase with confirmed targets of between $70,000 and $75,000 by the start of 2026.  

Doctor Profit reiterated that such moves to the downside for the Bitcoin price take time. He explained that the crash could unfold as a strong drop, followed by a long sideways consolidation, then a fake relief rally, and then the continuation of lower lows. 

At the time of writing, the Bitcoin price is trading at around $85,800, down over 5% in the last 24 hours, according to data from CoinMarketCap.