Kraken is in advanced talks to raise $200 million to $300 million from a strategic investor at a $20 billion valuation. The U.S. crypto exchange closed a $500 million round at $15 billion valuation in early 2025. The company is targeting a public offering in early 2026.

The Office of the Comptroller of the Currency issued Interpretive Letter 1186 on November 18, 2025, allowing national banks to hold native cryptocurrency assets specifically for paying blockchain network fees. Banks may maintain tokens such as ETH when required for operational activities including transaction validation and custody services. The guidance aims to reduce reliance on third-party fee payment providers and streamline blockchain-related banking operations.

Mastercard is collaborating with Ripple and Gemini to trial a blockchain-based credit card settlement system using the RLUSD stablecoin on the XRP Ledger. The pilot connects Gemini's WebBank-issued credit card to on-chain infrastructure, replacing conventional bank clearing processes with stablecoin transfers. This marks a rare instance of a regulated U.S. bank engaging with public blockchain settlement.

American Bitcoin Corp purchased approximately 1,414 bitcoins for over $160 million, bringing total holdings to around 3,865 BTC valued at nearly $450 million. The acquisition placed the company among the top 25 public bitcoin treasuries globally. The firm combines mining operations with direct market purchases to optimize acquisition costs.