Hyperliquid Strategies has completed its merger with Sonnet BioTherapeutics, forming the largest HYPE token treasury. The combined entity holds 16.89 million HYPE tokens valued at $583 million, offering U.S. public market investors direct exposure to the Hyperliquid ecosystem through a publicly traded vehicle.

Benchmark raised its price target for Strategy (MSTR) to $705, projecting a 183% upside from current levels. The firm would need Bitcoin to crash 86% to $12,700 to face debt coverage issues on its $8.2 billion obligations. Market odds of Strategy selling Bitcoin by mid-2026 stood at 28% as of press time.

Vanguard Group will enable crypto ETF trading for its brokerage customers starting December 2, 2025, granting access to over 50 million investors. The platform will support Bitcoin, Ethereum, XRP, and Solana ETFs. The asset manager cited matured administrative processes and evolving investor preferences as reasons for the policy shift.

Strategy Executive Chairman Michael Saylor posted a weekend message referencing the firm's average cost basis of $74,400 per BTC for its 649,000 Bitcoin holdings. The signal has sparked varied interpretations among analysts regarding potential next moves. MSTR's market-to-net-asset-value ratio has fallen below 1, according to market data.

BitMEX founder Arthur Hayes warned that a roughly 30% decline in Bitcoin and gold holdings could eliminate Tether's equity buffer, potentially rendering USDT theoretically insolvent. Tether reported $181 billion in assets against $174 billion in USDT liabilities as of Q3, with $139 billion held in cash and cash equivalents. The warning follows S&P Global Ratings' negative assessment of USDT stability, citing increased exposure to Bitcoin and gold.

CryptoQuant CEO Ki Young Ju said Ethereum appears undervalued based on 10 of 12 valuation models. The median composite fair value suggests ETH should trade near $4,800, indicating a 59% discount from current levels around $3,000.

Ethereum co-founder Vitalik Buterin announced plans to increase the network's gas limit by five times in 2026, aiming to boost transaction capacity and lower Layer 2 costs. The upgrade would raise the current 60 million gas per block limit while implementing higher fees for resource-intensive operations to prevent node infrastructure strain.

Bitcoin has stabilized above $80,000 after a 30% decline, but options market data shows traders have lowered expectations for a traditional year-end rally. Bullish call positions have been adjusted downward with price targets capped below all-time highs, while risk metrics indicate negative sentiment persisting through year-end, according to Wintermute.

Texas established the first U.S. state strategic Bitcoin reserve with an initial $10 million allocation. On November 20, the state purchased $5 million worth of BlackRock's iShares Bitcoin Trust at $87,000 per BTC. The remaining $5 million has been reserved for future acquisitions.