Stocks

BlackRock received 4,044 BTC valued at $354 million and 80,121 ETH worth $235 million from Coinbase, data show. The transfers represent ETF redemptions as market makers completed withdrawal processes, marking capital exiting the fund structure rather than institutional buying. Bitcoin traded near $90,898 while Ethereum remained above $3,000 during the transfers.

U.S.-listed cryptocurrency equities advanced Friday as prediction-market odds for a December Federal Reserve rate reduction surged to 87%, the month's highest level. Bitcoin miners including Cleanspark, Riot Platforms and Cipher Mining posted gains, extending a five-day rally. Circle, the USDC stablecoin issuer, jumped nearly 10% in early trading.

Uzbekistan will launch a regulatory sandbox on January 1, 2026, allowing stablecoin-based payments and issuance of tokenized stocks and bonds under supervised conditions. The National Agency for Perspective Projects and the central bank will manage the framework to test digital payment systems while maintaining strict oversight. Licensed entities will be authorized to issue tokenized equities and bonds, with stock exchanges preparing dedicated platforms for these digital securities.

The International Monetary Fund has warned that tokenized financial markets may experience heightened volatility as automation accelerates settlement processes. The institution highlighted potential flash-crash scenarios driven by instant execution mechanisms. Early modeling suggests asset-management costs could decline by up to 20%, though speed-driven efficiency may amplify systemic shocks during periods of market stress.

Solana captured 99% of tokenized equity trading volume in October, market data show. The network maintained over 95% market share from July through October. Solana trades near $142 with weekly gains above 12% and daily volume exceeding $4 billion.

The Philippines could develop a $60 billion tokenized asset market by 2030, according to a study by PDAX, Saison Capital, and Onigiri Capital. Equities and government bonds are expected to drive growth, with the analysis showing 14% of Filipinos hold cryptocurrencies compared to less than 5% participating in traditional investments. Tokenized government bonds via PDAX and GCash have lowered minimum investment thresholds to P500, expanding access for smaller savers.

The California Public Employees' Retirement System has seen its Strategy (MSTR) investment decline to approximately $80 million from over $144 million, following a 45% drop in the stock this quarter. The pension fund acquired 448,157 shares in Q3 but has faced losses amid broader market weakness. JPMorgan analysts warn that Strategy faces potential removal from major equity benchmarks, which could trigger up to $2.8 billion in outflows from passive funds.

Bitcoin exchange-traded fund investors returned to profit as Bitcoin's price climbed above key cost-basis levels. BlackRock's iShares Bitcoin Trust ETF holders saw unrealized gains reach $3.2 billion on Wednesday, recovering from near break-even positions recorded days earlier. The broader Bitcoin ETF market recorded consecutive net inflows totaling $21 million for the first time in two weeks.

Major U.S. exchanges including Nasdaq, Cboe, and CME are opposing SEC proposals that would allow crypto platforms to offer tokenized stocks under reduced regulatory requirements. The World Federation of Exchanges warned in a November 21 letter that broad exemptions could create competitive imbalances and weaken investor protections. The exchanges argue that lighter oversight for crypto firms could undermine market structure and divert trading volume from traditional venues.

Strategy disclosed that its Bitcoin holdings provide 5.9 times coverage of convertible debt if BTC reaches $74,000, matching its average cost basis. The company's stock price dropped below a Bitcoin-based valuation floor identified by CryptoQuant, trading around $170. Total convertible obligations amount to approximately $8.21 million, with maturities spanning 2.3 to 3.5 years.