Strategy (formerly MicroStrategy) confronts a structural challenge as MSCI Inc. reviews whether to reclassify the firm as a Digital Asset Treasury vehicle rather than an operating company. The potential reclassification could trigger forced selling of between $2.8 billion and $8.8 billion by passive funds tracking MSCI equity benchmarks. Simultaneously, the firm's stock trades near parity with its Bitcoin holdings' net asset value, eroding the premium that historically enabled its capital-raising strategy.

XRP fell nearly 9% in 24 hours, slipping below $2 as Bitcoin's liquidity stress extended to major altcoins. On-chain data shows XRP realized losses reached $75 million daily, with only 58.5% of circulating supply remaining in profit. The coordinated selloff exposes structural fragilities in crypto market liquidity amid over $1 trillion in total value erased since late October.

Rep. Warren Davidson introduced the Bitcoin for America Act on November 20, allowing taxpayers to pay federal taxes in Bitcoin. All incoming coins would flow into the Strategic Bitcoin Reserve established by executive order. Bitcoin Policy Institute modeling shows 1% of federal taxes paid in BTC over 20 years could generate up to $14 trillion in cumulative value for the United States.

BitMine, holding nearly 3.6 million ETH (2.97% of circulating supply), confronts $3.7B to $4.18B in paper losses after Ethereum fell over 27% in one month. The Digital Asset Treasury sector faces systemic pressure as the firm's market-value-to-net-asset-value ratio drops to 0.75, signaling a discount that eliminates its ability to raise capital through equity issuance.

Kraken submitted a confidential S-1 filing for an initial public offering on November 19. The San Francisco-based exchange had closed an $800 million funding round at a $20 billion valuation less than a week earlier, with participants including Citadel Securities, Jane Street, DRW Venture Capital, and Oppenheimer. The move positions Kraken among a wave of crypto firms pursuing public listings, with Circle, BitGo, Gemini, Bullish, and Grayscale also in the pipeline—a group that could collectively represent nearly $100 billion in market capitalization.

XRP profitability has weakened to levels not seen since late November 2024, with only 58.5% of circulating supply currently in profit, data show. At the current price of approximately $2.15, about 26.5 billion tokens are held at a realized loss. The imbalance reflects concentration of trading volume near elevated price zones that has left recent buyers exposed.

The XRP Ledger has operated without native staking or validator rewards since 2012, but XRP holders increasingly seek yield opportunities. Capital is flowing to sidechains like mXRP, which offer up to 8% returns. Ripple engineers are now exploring whether introducing staking could expand XRP's utility while preserving the network's decentralized trust model.

Market participants are increasingly positioning for Bitcoin to finish 2025 below $90,000, with options pricing reflecting even odds for such an outcome. The shift follows the asset touching a seven-month low of $89,970 on November 18 before recovering to $91,526. Spot Bitcoin ETFs recorded approximately $3 billion in gross outflows during November, marking the second-largest withdrawal period since these products launched in 2024.

Newly launched exchange-traded funds tracking Solana and XRP have drawn over $500 million in combined inflows within weeks of debut. Bitcoin and Ethereum ETFs shed more than $4.2 billion during the same period, data show. The divergence highlights shifting investor preferences amid broader market volatility.