Pioneer provides encryption ETF trading, First Digital plans to go public through SPA.

Headline

▌Pioneer Group will start offering cryptocurrency ETF trading on Tuesday

Vanguard Group will begin allowing clients to trade cryptocurrency ETFs and mutual funds on its brokerage platform starting Tuesday. Vanguard Group stated that it will support most cryptocurrency ETFs and mutual funds that meet regulatory standards, similar to its support for gold and other niche asset classes. The company also mentioned that there are currently no plans to launch its own cryptocurrency products.

▌Stablecoin company First Digital plans to go public through a SPAC

According to Bloomberg, the stablecoin company First Digital Group plans to go public through a merger with a special purpose acquisition company (SPAC). According to sources, First Digital Group will announce the signing of a letter of intent outlining the merger plan with the special purpose acquisition company CSLM Digital Asset Acquisition Corp III listed in New York.

Market

As of the time of writing, according to data from CoinGecko:

The price of BTC is $86,675.17, with a 24-hour change of -4.3%;

The price of ETH is $2,810.20, with a 24-hour change of -6.3%;

The price of BNB is $830.73, with a 24-hour change of -5.8%;

The price of SOL is $127.20, with a 24-hour change of -6.0%;

The price of DOGE is $0.1363, with a 24-hour change of -7.2%;

The price of XRP is $2.04, with a 24-hour change of -5.9%;

The price of TRX is $0.278, with a 24-hour change of -1.4%;

The price of WLFI is $0.1537, with a 24-hour change of -3.3%;

The HYPE price is $31.33, with a 24-hour change of -2.7%.

Policy

▌The Japanese government is working on adjusting the taxation of cryptocurrency trading income at a separate rate of 20%

According to Nikkei News, the Japanese government and the ruling party are working to adjust the tax policy on income from cryptocurrency transactions, planning to uniformly levy income tax at a rate of 20% regardless of the transaction amount, aligning it with other financial products such as stocks and investment trusts. This move aims to reduce the tax burden on investors and invigorate the domestic trading market. The Japanese government plans to replace the current comprehensive taxation method with a separate taxation method, meaning that income from cryptocurrency transactions will no longer be combined with wages, business income, and other income for calculation, but will be taxed separately. The government aims to include this adjustment in the tax reform outline for the fiscal year 2026, which is expected to be finalized by the end of the year. Currently, Japan adopts a comprehensive taxation method for income from cryptocurrency transactions, which combines it with other types of income and applies a progressive tax rate based on the total income amount, with a maximum tax rate of up to 55%. The Japanese Financial Services Agency plans to submit an amendment to the Financial Instruments and Exchange Act to the National Diet at the regular meeting in 2026, aiming to strengthen strict regulation of cryptocurrency transactions. The amendment will explicitly prohibit insider trading using undisclosed information and stipulate that cryptocurrency issuers must fulfill information disclosure obligations. With the advancement of tax reform, it is expected that investment trust products containing cryptocurrency components will also be deregulated in Japan.

Blockchain Applications

▌Kalshi partners with Solana to move its prediction market on-chain

Kalshi has partnered with Solana to move its prediction market on-chain and achieve permissionless monetization of its “global liquidity pool.” This move intensifies competition between Kalshi and Polymarket (the native platform on the Polygon blockchain), as both are experiencing rapid growth. Meanwhile, Kalshi has launched a developer grant program totaling over $2 million, aimed at encouraging emerging applications to integrate this on-chain functionality. This initiative targets the $3 trillion cryptocurrency asset market and aims to attract high-frequency trading crypto users.

▌Coinbase has obtained a license from the New York State Department of Financial Services to engage in virtual currency business activities

Coinbase, Inc. has obtained a license from the New York State Department of Financial Services to engage in virtual currency business activities.

▌The cryptocurrency derivatives exchange Bitnomial will launch the first CFTC-regulated cryptocurrency spot trading platform

The cryptocurrency derivatives exchange Bitnomial will launch the first cryptocurrency spot trading platform regulated by the U.S. Commodity Futures Trading Commission (CFTC). The Chicago-based company submitted self-certification documents last month in accordance with CFTC Rule 40.6(a), which officially took effect last Friday, meaning spot trading could start in the coming days. The regulation allows registered designated contract markets (DCM) to implement new rules after proving compliance with the Commodity Exchange Act. Bitnomial's self-certification rules cover the listing of “spot” products, including retail leveraged spots, allowing customers to directly buy, sell, and finance digital assets on the exchange.

▌In November, the total trading volume of Kalshi and Polymarket approached $10 billion

According to TheBlock, the trading volume of the prediction market Kalshi reached $5.8 billion in November, setting a new monthly historical high with a month-on-month increase of 32%. In addition, Polymarket's trading volume in November also reached a historical high of $3.74 billion, with a month-on-month increase of 23.8%, bringing the total trading volume of the two platforms close to $10 billion.

▌Coinbase Releases 2025 Transparency Report, Global Government Information Requests Rise to 12,716

Coinbase has released its seventh annual transparency report, covering the requests made by governments and law enforcement agencies for user information from October 1, 2024, to September 30, 2025. The report indicates that the platform operates in over 100 countries globally, receiving a total of 12,716 information requests throughout the year, an increase of approximately 19% year-over-year, although the overall scale has remained in the range of 10,000 to 13,000 requests over the past four years. In this period, about 53% of requests came from outside the United States, up about 2% from last year. The United States remains the country with the highest number of information requests, with approximately 80% of law enforcement requests coming from the U.S., Germany, the UK, France, Spain, and Australia. Notable changes in key countries include a 111% increase in requests from France, a 16% increase from the UK, a 27% increase from Spain, and a slight increase of 1% from Australia; meanwhile, requests from Germany decreased by 5%, Sweden by 31%, and South Korea by 67%. The number of requests from Moldova and Brazil increased approximately 5.7 times and 2.7 times, respectively. Coinbase emphasizes that balancing privacy protection with compliance obligations is crucial, and the company will continue to rigorously review and reduce overly broad requests, responding with anonymous or aggregated data whenever possible to safeguard customer privacy.

Cryptocurrency

▌Sony Bank will issue a stablecoin pegged to the US dollar in the United States

According to the Nikkei News, Sony Bank is set to issue a stablecoin pegged to the US dollar as early as the 2026 fiscal year in the United States. Sony Group plans to use this stablecoin for payments related to gaming and anime content within its ecosystem.

▌Strategy establishes a $1.44 billion dividend reserve fund to pay dividends and debt interest

According to SEC filings, Strategy Company announced the establishment of a dollar reserve fund of $1.44 billion, specifically for the payment of preferred stock dividends and interest on existing debts. The funds for this reserve come from the proceeds of the company's issuance of Class A common stock according to its market issuance plan. The Strategy Company currently plans to maintain a reserve size that covers at least 12 months of dividend payment needs and aims to gradually strengthen the reserve size, with the final goal of building a buffer fund that can cover 24 months or more of dividend payments. The existence, terms, and size of this reserve fund are completely at the company's discretion, and Strategy will dynamically adjust the size of the reserve fund based on market conditions, liquidity needs, and other factors. This move may be a countermeasure to the market's FUD against it.

▌Strategy invested $11.7 million last week to increase its holdings by 130 Bitcoins

According to market news, Strategy (formerly MicroStrategy) has purchased 130 Bitcoins for a total amount of $11.7 million.

▌Report: Bitcoin mining falls into the “worst profit cycle in history”, mining companies under comprehensive pressure

The Miner Mag reports that the Bitcoin mining industry is experiencing the most severe profit contraction in 15 years, with hash prices falling to a structural low of about $35/PH/s. The payback period for the new generation of mining machines has extended to over 1000 days, while there are only about 850 days until the next halving. As profitability worsens, mining companies are beginning to deleverage, and CleanSpark has fully repaid its Bitcoin collateralized credit line. Mining company stocks have fallen sharply, with MARA, CleanSpark, Riot, and HIVE down between 32% and 54% since mid-October.

Goldman Sachs invests $2 billion to acquire Innovator, adding a Bitcoin-linked ETF to its product line

Goldman Sachs has agreed to acquire Innovator Capital Management for approximately $2 billion, incorporating this firm that issues “defined outcome” exchange-traded funds (ETFs) into its asset management portfolio, which includes a structured bitcoin fund. The deal is expected to close in the second quarter of 2026, adding about $28 billion in regulated assets to Goldman Sachs' asset management division.

▌BitMine has increased its holdings by 1.075 million ETH in the past 2 months, while the price of the coin has dropped by more than 30% during the same period.

According to data released by BitMine, its holding was 2,650,900 ETH on September 29, and today it reported a holding of 3,726,499 ETH, indicating that BitMine increased its holdings by 1,075,599 ETH over a period of 2 months. However, during this time, the price of ETH dropped from $4,142 (opening price in October) to $2,811 (price at the time of writing), a decline of 32%.

▌BitMine increased its holdings by 96,798 ETH last week, bringing the total holdings to 3,726,499 ETH

BitMine announced that it increased its holdings by 96,798 ETH last week, bringing its total holdings to 3,726,499 ETH. Additionally, the company disclosed that it holds 192 BTC, shares in Eightco Holdings worth $36 million, and $882 million in unencumbered cash.

▌BlackRock transfers 2,156 Bitcoins to Coinbase, worth $186 million

According to OnchainLens monitoring, BlackRock transferred 2,156 bitcoins to Coinbase, worth $186 million.

▌Grayscale Chainlink ETF will be listed on NYSE Arca on Tuesday

According to a document released on Monday, NYSE Arca, a subsidiary of the New York Stock Exchange Group, has approved the listing application of the Grayscale Chainlink Trust ETF, which will begin trading on Tuesday. In recent weeks, the United States has launched several cryptocurrency ETFs, including those tracking Litecoin, HBAR, XRP, and SOL.

▌Japan's Metaplanet project raises $136 million to increase Bitcoin holdings

According to market news: Japanese Bitcoin treasury company Metaplanet plans to raise $136 million to increase its Bitcoin holdings.

▌Bit Deer Technology increased its holdings by 56.4 Bitcoins, bringing the total holdings to 2141.1 Bitcoins

According to market news: Bitdeer Technologies, a Bitcoin mining company listed on the Nasdaq in the United States (stock code: $BTDR), has increased its holdings by 56.4 bitcoins, bringing its total Bitcoin holdings to 2141.1 bitcoins.

▌Coinbase will launch Plasma (XPL)

Coinbase Markets stated that Coinbase will add support for Plasma (XPL) spot trading. If liquidity conditions are met and the trading-supporting regions meet the requirements, the XPL-USD trading pair will be opened.

▌Coinbase will list Rayls (RLS)

Coinbase will launch spot trading for Rayls (RLS). If liquidity conditions are met and the trading area supports trading, the RLS-USD trading pair will open later today.

▌USDC Treasury minted an additional 850 million USDC

According to Whale Alert monitoring, USDC Treasury added a total of 850 million USDC in 4 transactions early in the morning.

Important Economic Dynamics

▌Bank of America Adjusts Federal Reserve Forecast: Expected to Cut Rates by 25 Basis Points in December and Two More Cuts in 2026

Bank of America Global Research said on Monday that, given the weak labor market conditions and recent comments from policymakers suggesting an early rate cut, the Federal Reserve is now expected to cut rates by 25 basis points at the December meeting. The bank had previously expected the Fed to keep rates unchanged at the December meeting, but now forecasts further rate cuts of 25 basis points in June and July 2026, bringing the final rate down to a range of 3.00%-3.25%. Bank of America analysts noted in the report: “Our prediction for further rate cuts next year is based on leadership changes rather than an interpretation of the economy.” Reports indicate that White House National Economic Council Director Hassett has emerged as the frontrunner for the next Federal Reserve Chair. Bank of America added: “We believe that if there is a rate cut next week, the Fed will increase the risk of policy entering an accommodative zone as fiscal stimulus measures take effect.” Currently, most major global investment banks expect the Fed to cut rates by 25 basis points next week, with only a few institutions like Morgan Stanley and Standard Chartered predicting rates will remain unchanged.

▌The probability of the Federal Reserve lowering interest rates by 25 basis points in December is 87.6%

According to CME's “FedWatch”: The probability of the Federal Reserve cutting interest rates by 25 basis points in December is 87.6%, while the probability of keeping rates unchanged is 12.4%. The probability of a cumulative 25 basis point rate cut by the Federal Reserve by January next year is 69.3%, with a 9.3% probability of keeping rates unchanged, and a 21.3% probability of a cumulative 50 basis point cut.

▌Bank of Japan Governor Kazuo Ueda sends clear signal: Rate hike possible in December

The Governor of the Bank of Japan, Kazuo Ueda, has issued the clearest hint yet that the policy committee may raise the benchmark interest rate this month. He emphasized that any rate hike would be merely an adjustment in the degree of accommodative policy, and that the authorities would make an appropriate decision on whether to advance policy changes. Ueda stated during a speech to local business leaders in Nagoya, Central Japan, on Monday that the central bank will “weigh the pros and cons of raising the policy interest rate and make timely decisions by examining domestic and international economic conditions, inflation, and financial market situations.” According to overnight index swap data, traders expect a roughly 64% probability of the central bank raising rates when it concludes its next policy meeting on December 19. The probability of taking action before January next year has even risen to 90%.

Golden Encyclopedia

▌How Euro Stablecoins Address the EU's Concerns About the Dollar

Officials from central banks in EU countries have pointed out that stablecoins backed by the US dollar could threaten their ability to formulate monetary policy. Over the past year, the stablecoin market has experienced explosive growth, largely thanks to the legal certainty provided by the United States. The total market capitalization of stablecoins has reached historic highs every month, but policymakers at the European Central Bank are concerned that during times of crisis, the rising adoption of such dollar-denominated assets could trigger a series of issues. Issuers of stablecoins backed by the euro and the pound also acknowledge these risks, but they believe that proposed solutions like the digital euro cannot quickly provide a feasible alternative, while also questioning whether central bank digital currencies are an appropriate choice. In contrast, issuers believe that the key to addressing the problem of euro-dollarization lies in building a thriving European stablecoin ecosystem.

Monetary policy makers are advancing the digital currency project in the eurozone. According to the European Central Bank, the goal of this project is to reduce the eurozone's dependence on non-European providers, help integrate the fragmented payment landscape, and support innovation and competition. Significant uncertainties still exist: it is currently unclear whether the digital euro will operate on a blockchain or other proprietary systems; the proposed holding limit will offset many of the inherent advantages of private stablecoins, such as scalability and decentralized access. Whether it is private stablecoins or the digital euro closely monitored by the European Central Bank, the sovereignty of European monetary policy depends on the development of digital currency.