Stocks

The European Central Bank warned on November 26, 2025, that Big Tech companies represent 31.1% of the S&P 500's market capitalization while generating only 20.8% of index earnings, according to its Financial Stability Review. The bank identified this valuation gap as a financial stability risk, noting elevated asset prices and market concentration could trigger sharp corrections if AI adoption disappoints or economic growth weakens. ECB Vice President Luis de Guindos distinguished current conditions from the dot-com bubble, citing established revenues and business models, but acknowledged valuation concerns.

Strategy owns 649,870 BTC at an average cost of $74,430, with over 51% purchased above Bitcoin's current $86,900 price level. The company's market capitalization stands at $49 billion, trading below its $56.4 billion Bitcoin holdings. Analysis shows concentrated high-cost purchases occurred during 2021, 2024, and early 2025 market peaks.

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.

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.

Texas completed a $10 million Bitcoin acquisition on November 20, becoming the first U.S. state to hold BTC in its treasury. The purchase was executed through BlackRock's spot Bitcoin ETF at an average price of $87,000 per coin. The state plans to transition to self-custody infrastructure in future phases.

Polymarket has received regulatory clearance from the Commodity Futures Trading Commission to operate a fully compliant intermediated trading platform in the United States. The approval requires the prediction market platform to meet federal exchange standards, including enhanced surveillance systems and regulatory reporting protocols.

UK fintech firm Valereum Plc has entered a $200 million investment partnership with Valereum QGP-SP. The asset-backed financing arrangement is projected to generate $10.5 million annually at a 5.25% coupon rate. Valereum plans to use the capital for digital asset treasury development and pursue a Nasdaq or NYSE listing in H1 2026.

Strategy's shares have declined more than 67% from their 2025 high as Bitcoin dropped over 36% from above $126,000. The company paused its regular Bitcoin purchasing this week while trading near a 14-month low. The halt marks the first notable break in a months-long acquisition pattern amid concerns over potential removal from major indexes.

Polymarket has obtained an Amended Order of Designation from the U.S. Commodity Futures Trading Commission, subjecting the prediction market platform to federal exchange regulations. The designation enables broker-intermediated access and introduces compliance infrastructure aligned with traditional U.S. financial systems. The platform will transition from direct on-chain trading to a broker-based model requiring intermediaries for market participation.

Metaplanet disclosed a $130 million loan facility on November 21 that could support additional Bitcoin acquisitions. The financing is part of a $500 million credit arrangement, with $230 million borrowed to date, collateralized by the company's Bitcoin treasury. As of November 25, Metaplanet held 30,823 BTC with an average purchase price of $108,036.