Tokyo-based Metaplanet Inc. recorded an unrealized loss of approximately $651 million on its 30,823 BTC holdings as of November 26, according to analyst Shanaka Anslem Perera. The company acquired its position at an average cost of $108,036 per coin, while Bitcoin traded around $87,500. Metaplanet's stock declined 81% from June through late November, with shares trading below the value of underlying Bitcoin assets. A shareholder vote scheduled for December 22 will determine whether approximately ¥21.25 billion in capital from a perpetual preferred equity instrument proceeds forward.

Bitcoin Depot Inc. faces an $18.47 million arbitration award issued by a Canadian tribunal to Cash Cloud over allegations of defective hardware and software that rendered thousands of Bitcoin ATMs inoperable. The ruling follows hearings conducted between December 2024 and October 2025, according to a November 24 Form 8-K filing. Cash Cloud, which operated over 5,700 ATMs before filing for bankruptcy in 2023, claimed that systems supplied by BitAccess Inc.—acquired by Bitcoin Depot in 2021—left significant portions of its fleet non-functional. Bitcoin Depot stated that BitAccess plans to challenge the ruling.

Cipher Mining Inc. (NASDAQ:CIFR) announced on November 26, 2025, that it will redeem all outstanding warrants by December 26, 2025, on a cashless basis at $0.01 per unexercised warrant. The stock traded at $18.25, up 4.20% from the prior close of $17.52. Year-to-date, CIFR has gained approximately 295%.

Strategy owns 649,870 BTC at an average cost of $74,430, with over 51% purchased above Bitcoin's current $86,900 price level. The company's market capitalization stands at $49 billion, trading below its $56.4 billion Bitcoin holdings. Analysis shows concentrated high-cost purchases occurred during 2021, 2024, and early 2025 market peaks.

Bitcoin stabilized around $87,000 as U.S. spot exchange-traded funds recorded $129 million in net inflows on November 25, reversing weeks of sustained redemptions. Approximately one-third of bitcoin supply remains below breakeven prices, with long-term holders accumulating while short-term cohorts drive selling pressure. Analysts view the current period as bitcoin's first major institutional stress test, with market direction hinging on Federal Reserve guidance, government shutdown resolution, and post-tax-season capital flows.

Texas purchased $5 million of BlackRock's iShares Bitcoin Trust on November 20 and allocated another $5 million for direct Bitcoin custody. Bitcoin is trading near $87,000 after testing support from a long-term rising channel, with analysts watching the $78,000–$79,000 zone as a key technical threshold.

US-listed Bitcoin exchange-traded funds recorded $3.7 billion in outflows during November, the largest monthly withdrawal since their launch, according to SoSoValue data. Bitcoin fell more than 35% from its October all-time high of $126,000, reaching $80,542 on November 21, the lowest level since April. Ethereum ETFs experienced $1.6 billion in outflows over the same period.

Bitcoin reached $87,541.80 after briefly surpassing $88,000, but the recovery from $80,000 has failed to restore trader confidence. Open interest dropped to $29 billion, the lowest level since April, while the Fear and Greed Index fell to 15 points. Derivative markets show negative funding rates and increased volatility of 1.97%, the highest in six months.