Strategy Inc., formerly MicroStrategy, accumulated roughly 641,000 BTC through $21 billion in capital raises during 2025 but remains barred from S&P 500 inclusion due to earnings volatility. The firm's institutional ownership declined by $5.38 billion as dilution concerns and Bitcoin-linked profit swings deterred large investors. Strategy transferred approximately 58,000 BTC valued at $5.1 billion to Fidelity Digital Assets to diversify custody arrangements.

A major institutional player executed a $2 billion Bitcoin options strategy on Deribit, positioning for a recovery toward six-figure price levels. The trade structure suggests conviction that recent market liquidations have cleared the path for upward movement. Retail investors continue selling while larger holders accumulate.

U.S. spot XRP exchange-traded funds have attracted approximately $587 million in net inflows across fewer than 10 trading sessions, data show. The figure exceeds the roughly $568 million accumulated by Solana ETFs over 20 consecutive days since their October 28 launch. Grayscale and Franklin Templeton products contributed around $164 million in a single session on November 24.

Grayscale's Dogecoin ETF (GDOG) launched on the NYSE Arca on November 24 with no net creations despite active secondary trading. The fund logged approximately $1.41 million in trading volume but attracted zero new primary capital. The absence of institutional demand contrasts sharply with retail availability, as Dogecoin already trades widely on platforms like Robinhood.

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.