Deutsche Bank has begun covering Coinbase shares with a Buy rating and a $340 price target, implying about 40% upside from recent levels. The bank expects derivatives, stablecoins and subscription services to take a larger share of Coinbase's revenue mix as the exchange moves toward an "everything exchange" model beyond spot crypto trading. Analysts project that new products such as prediction markets and tokenized equities could start contributing meaningfully from 2026 and support more than 20% adjusted EBITDA growth next year.

Meta is reviewing budget reductions of up to 30% for its Reality Labs division in 2026, Bloomberg reported, citing sources familiar with internal discussions. The metaverse unit has accumulated losses exceeding $70 billion since 2021. Metaverse-linked crypto tokens have declined sharply, with the sector's total market capitalization falling to under $3.4 billion from more than $500 billion at the start of 2025.

YZiLabs, backed by Changpeng Zhao, filed a preliminary Schedule 14A on Monday seeking to overhaul the board of BNB Network (BNC), formerly CEA Industries. The activist push targets the company's governance and execution following a $500 million private placement earlier in 2024. YZiLabs alleges management failures including delayed filings and inadequate investor communication.

Securitize secured regulatory approval from Spain's CNMV on Wednesday to operate a trading and settlement system under the EU's DLT Pilot Regime. The firm will build its European infrastructure on Avalanche, with the first issuance planned for early 2026.

S&P Global Ratings assigned Tether's USDT stablecoin its weakest stability assessment of 5, citing increased allocation to riskier reserve assets. Bitcoin holdings now represent approximately 5.6% of USDT's circulating supply, exceeding the 3.9% reserve buffer reported in Tether's third-quarter attestation. The agency warned that a significant bitcoin price decline could leave USDT undercollateralized, particularly if combined with losses from other high-risk assets.

Texas completed a $5 million purchase of BlackRock's IBIT on November 20, marking the first deployment from its Strategic Bitcoin Reserve, according to the Texas Blockchain Council. The reserve operates under the Texas Treasury Safekeeping Trust Company with a $10 million budget authorized by Governor Greg Abbott in June through Senate Bill 21.

MegaETH's USDm stablecoin pre-deposit launch on Tuesday faced multiple technical disruptions, including a bridge outage and a multisig configuration error. The misconfigured 4-of-4 signature threshold allowed premature execution of a cap-increase transaction, causing deposits to reopen 34 minutes early and surpass $400 million before the team stabilized operations. MegaETH has since canceled plans to raise the cap to $1 billion and will offer a withdrawal option to affected users.

Monad's MON token traded at $0.0365 on Monday, up 46% from its $0.025 sale price after rebounding from an early decline. Coinbase's inaugural token sale platform drew nearly 86,000 participants from over 70 countries, raising $269 million against a $187.5 million target.

Short interest in BlackRock's spot bitcoin ETF has dropped to levels last seen in April, data show. The decline reflects traders closing bearish positions during the current market downturn. IBIT's short interest fell from approximately 2% of shares outstanding to a fraction of that level, according to Bloomberg Intelligence analyst Eric Balchunas.