Bitcoin has fallen below the $87,000 mark, and with the People's Bank of China speaking out on strict control of Crypto Assets, Hong Kong's Crypto Assets concept stocks have all suffered heavy losses. Boyaa Interactive (0434) dropped 6.7%, Okex Cloud Chain (1499) fell 9.7%, and Yunfeng Financial (0376) decreased by 11.3%. The Central Bank of China has rarely mentioned stablecoins in its meetings, stating that there are risks of them being used for Money Laundering, fundraising fraud, and illegal cross-border fund transfers.

Michael Saylor hinted at a new Bitcoin purchase by MicroStrategy in a post with a "green dot". The chart shows that MicroStrategy's Bitcoin portfolio is worth approximately $59 billion, with a total of 649,870 Bitcoins purchased over 87 transactions. MicroStrategy CEO Phong Le stated that the company will only sell coins when mNAV falls below net asset value and cannot obtain new funds.

MicroStrategy CEO Phong Le stated on the What Bitcoin Did podcast that the company would only consider selling Bitcoin if its stock price falls below its net asset value and it is unable to secure new funding. Le noted that if MicroStrategy's market-to-net asset value (mNAV) falls below 1 and financing options are exhausted, then selling Bitcoin becomes mathematically reasonable to protect "Bitcoin earnings per share." However, he emphasized that this action would be a last resort and not a policy shift.

The California Public Employees' Retirement System (CalPERS) has fallen into a short positions market due to the recent pullback in MicroStrategy's stock price. Its initial position in Bitcoin proxy stocks has shrunk from over $144 million to $80 million in just a few months. According to the latest filing with the SEC, CalPERS purchased 448,157 shares of MSTR in the third quarter, currently facing unrealized losses exceeding $50 million, with a loss percentage of over 40%.

As Bitcoin has fallen 30% from its peak in October, special purpose acquisition companies (SPACs) are facing challenges in replicating MicroStrategy's success story. The performance of Bitcoin company Twenty One Capital Inc., supported by SoftBank Group and Tether, after its merger with Cantor Equity Partners Inc. will be closely followed after the investor vote on December 3.

MicroStrategy (MSTR) supporters criticized JPMorgan's proposed Bitcoin support notes, accusing the bank of spreading fear, uncertainty, and doubt about MicroStrategy and other Crypto Assets financial companies. JPMorgan's notes are a leveraged investment product linked to the price of Bitcoin, tracking the price of Bitcoin but magnifying the returns, allowing holders to achieve 1.5 times the returns (or losses) before December 2028.

Hive Digital Technologies has launched a new market-priced stock sale plan this week, which will allow the company to sell up to $300 million in stock over the next period, thereby increasing financial flexibility after announcing record quarterly results last week. Despite the company's aggressive expansion, Hive's stock price has fallen to around $3.10, a decline of more than 53% from its peak in October.

Kevin Hassett, the chairman of the White House Council of Economic Advisers, has recently become the frontrunner to be the next chairman of the Federal Reserve. Bloomberg quoted several insiders reporting that the Trump administration widely believes he best meets the president's expectations for "more aggressive rate cuts." In June of this year, Hassett disclosed that he holds at least $1 million worth of Bitcoin-related stock, COIN, raising discussions about the independence of the Central Bank and conflicts of interest.

Tom Lee, the chairman of BitMine, stated that the "best time" for Bitcoin has not yet arrived, but he seems less optimistic than before about predicting that Bitcoin will reach $250,000 by the end of 2025. In an interview on Wednesday, he said, "I believe Bitcoin is very likely to break $100,000 before the end of the year, and it may even reach a new high." This appears to be the first time Tom Lee has publicly softened his set target of $250,000 by the end of the year.

According to data from Arkham Intelligence, a cryptocurrency wallet associated with Elon Musk's SpaceX transferred approximately $105 million worth of 1,163 Bitcoins to a new wallet address today. This is the first significant Bitcoin transfer by the company since October 29, and analysts believe that this transfer indicates that the space giant has improved its custody strategy rather than planning a liquidation.

MicroStrategy (MSTR) holds approximately 641,000 Bitcoins, worth $56 billion. However, why is Wall Street preventing MicroStrategy from entering the S&P 500 index? The core reason lies in the company's inability to meet the index requirement of positive earnings for four consecutive quarters, with the stock price falling 68% from its peak, institutional investors reducing their holdings by $5.38 billion, and severe equity dilution caused by raising $21 billion through seven securities issuances within a year.

Cathie Wood's Ark Invest continued to increase its exposure to Bitcoin-related stocks on Tuesday, despite the overall crypto market falling. According to trading reports, Ark Invest purchased $13.5 million worth of Block shares, $7.6 million worth of Circle Internet Group CRC shares, and $3.86 million worth of shares from the largest crypto exchange in the U.S.

Bitcoin reserve strategy pioneer MicroStrategy (MSTR) has raised a substantial $20.8 billion this year, including $11.9 billion in common stock. The five perpetual preferred stock offerings launched by MicroStrategy this year have also been significant contributors, but the annualized dividend yield of over 8% has raised some doubts. To demonstrate its ability to pay dividends, MicroStrategy has launched real-time information on its official website, proving that with the current Bitcoin price of $88,221, the company has sufficient funds to pay dividends for 72 years.

In 2025, memory prices entered a super cycle driven by AI demand and capacity shifts among major manufacturers. The market experienced shortages and price increases, with phenomena such as “suspended quotations” and “daily price adjustments.” In just the second half of the year, DDR4 prices surged by 180%, and the supply shortage persisted. Major companies like Nanya Technology (2408) and Winbond (2344) indicated that the shortage could last until 2027, making memory stocks a key focus for investors.

This month, Bitcoin once plummeted to $81,000, with a single-day decline of up to 8%, reaching a three-month low. Bitcoin reserve company MicroStrategy (MSTR) is facing the risk of being removed from the MSCI index. The company, which holds 640,000 bitcoins and has leveraged $27.6 billion, is standing on the edge of survival. If Bitcoin falls below the critical support level of $70,000, MicroStrategy may be forced to liquidate 50,000 bitcoins, potentially triggering a market crash.

S&P Dow Jones Indices announced on Monday that computer storage device manufacturer Sandisk Corp. will officially join the S&P 500 Index on November 28. Sandisk beat out Bitcoin-related stock MicroStrategy (MSTR), which recently qualified for inclusion in the S&P 500 Index. This marks the second time MicroStrategy has been passed over; it also failed to be included during the quarterly adjustment in September 2025.

Despite facing significant unrealized losses, BitMine (BMNR) has doubled down on its Ethereum investment, adding 21,000 ETH and wagering $60 million despite bearish market sentiment and uncertain US macroeconomic conditions. BitMine Chairman Tom Lee attributed market pressure to a "liquidity shock" rather than weak fundamentals, predicting that $3,500 may be a short-term bottom and that the next bull run could already be in the making.

TD Cowen Research Group Managing Director Lance Vitanza warned that MicroStrategy's (MSTR) Bitcoin premium continues to decline, currently heading towards the "Crypto Assets winter" low points of 2021-2022. TD Cowen still maintains a target price of $535 for MicroStrategy, but the MSCI index may remove MicroStrategy next February, which could lead to an additional $8.8 billion outflow if other indices follow suit.

The price of Bitcoin is hovering around $88,000, which has once again brought attention to MicroStrategy's operating cost basis. MicroStrategy acquired more than 8,000 Bitcoins between November 10 and 16 at an average price close to $102,000, pushing up its blended cost basis. The company has not released any updates regarding its expected Bitcoin purchase plans, which may indicate that it has paused ongoing Bitcoin investments.

BitMine Immersion Technologies (BMNR) is a leading Ethereum-focused digital asset financial company chaired by Wall Street veteran Tom Lee. It announced a net profit of $328 million for fiscal year 2025, with fully diluted earnings per share (EPS) of $13.39. BMNR stock will pay its first annual dividend of $0.01 per share.

According to consolidated filing data, during the period from the end of Q2 2025 to the end of Q3 2025, institutional portfolio marked-to-market exposure in MicroStrategy (MSTR) decreased by approximately $5.38 billion, dropping from about $36.32 billion to around $30.94 billion. This represents a decline of roughly 14.8% in the paper value held by institutions. Major fund management companies, including BlackRock and Fidelity, each reduced their investments by over $1 billion or close to $1 billion.

In the past week and even earlier, Bitcoin's price has shown a worrying trend. The U.S. trading session has pushed Bitcoin down, while the Asian market continues to buy the dip, revealing a clear regional divergence. Bitcoin pioneer Max Keiser pointed out that the U.S. government is paying attention to MicroStrategy (MSTR) and may take the opportunity to profit from a major sell-off in November if Bitcoin crashes. Reportedly, the U.S. government wants MicroStrategy's market value to be close to its net asset value (mNAV) at 1.0 to compress the premium.

MicroStrategy was hit by Bitcoin's sharp decline, with MSTR closing at $170.50 on November 21. MicroStrategy founder and executive chairman Michael Saylor summed up his stance in four words: "I will never back down." A poll launched last week on "Whether to HODL this week" showed that 77.8% of respondents are determined to hold onto their Bitcoin without selling.

MSCI (formerly Morgan Stanley Capital International) announced that it may remove MicroStrategy (MSTR) from its indexes in January 2026, a message shared by JPMorgan in a research report, which has sparked a strong backlash from the Bitcoin community. Real estate investor and Bitcoin advocate Grant Cardone announced that he has withdrawn $20 million from JPMorgan and is suing its credit card business.

The global cryptocurrency market has recently experienced intense volatility, with Bitcoin and other crypto assets plummeting consecutively, following a sharp correction in high-tech stocks. Bitcoin dropped below $86,000 in a single day, and multiple Hong Kong Bitcoin spot ETFs also declined by over 7%. Bitcoin-related stocks MicroStrategy (MSTR) and Metaplanet both hit nearly one-year lows. Under the pressure of risk asset correction, many institutional and retail funds are gradually shifting back to the energy, precious metals, and growth stock sectors.

Bitcoin mining stocks surged after Nvidia's Q3 earnings, with IREN jumping 21% and Cipher Mining up 10%. IREN landed a \$9.7 billion Microsoft deal, while Cipher secured \$3.8 billion from Fluidstack. Hedge funds are backing the pivot from crypto mining to AI infrastructure.

The six largest asset management companies in Japan (with total assets under management reaching $2.5 trillion) have expressed interest in launching crypto funds. The list includes Mitsubishi UFJ Asset Management, Nomura Asset Management, SBI Global Asset Management, Daiwa Asset Management, Asemane One, and Amova Asset Management. This development poses a potential challenge to Bitcoin-related stocks like MicroStrategy (MSTR).

MicroStrategy (Strategy Inc.) is facing the greatest risk in history of being removed from MSCI's major stock indices due to its high Bitcoin holdings. JPMorgan Chase warned in its latest report that if MSCI takes a negative decision in its January 15, 2026 resolution, MicroStrategy could be removed, potentially triggering a mechanical sell-off of $2.8 billion; if other index providers follow suit, the passive outflow could reach as much as $8.8 billion.

Cathie Wood's Ark Invest management company, in the midst of a broad decline in the cryptocurrency market, increased its holdings in 3 Bitcoin-related stocks on November 19, defying the trend, with a total investment of 39.6 million USD. This large-scale purchase reflects Ark Invest's consistent strategy: buying the dip when stock prices appear to be low.

Ethereum Reserve Company BitMine (BMNR) Chairman Tom Lee stated in an interview with CNBC on Thursday that the recent downward pressure in the cryptocurrency market may be due to significant vulnerabilities in the asset-liability statements of market makers. Lee speculated that the market crash on October 10th led to a record $20 billion in funds being liquidated from the market, catching some market makers off guard and resulting in severe liquidity issues.

MicroStrategy's (MSTR) Michael Saylor is still wildly purchasing Bitcoin, but it seems that there are not many people who believe in him anymore. Not only has the stock price fallen below its net value, but even Vice President Shao Wei-Ming is selling off his own shares. Since September 18, he has sold low-priced options shares in the market in 5 batches, continuing until November 14, with total profits of $19.69 million, raising questions about insider trading.

Block, Inc.'s stock price soared nearly 9% on Wednesday after the company announced a plan to achieve $15.8 billion in gross profit by 2028 and revealed a $5 billion stock buyback plan. Block expects gross profit to reach $15.8 billion by 2028, with an annual adjusted operating income growth rate of 30%.

Gold advocate Peter Schiff reignited his feud with the Bitcoin world, this time directly targeting Michael Saylor and the capital structure of MicroStrategy (MSTR). He argued that the high-yield preferred shares of this Bitcoin concept stock are severely misunderstood by investors. His warning was straightforward: dividends will only be distributed when MSTR decides to declare them, and unreported dividends will not accumulate; they will be lost forever.

BitMine (BMNR) bought 54,000 ETH ($173M), now holds 3.6M ETH—3% of supply. BMNR stock fell 2.6% despite $607M cash. Tom Lee blames liquidity crisis from wounded market makers post-Oct 10 crash. Expects 6-8 week recovery, cycle peak in 2026 via tokenization.

After Bitcoin reached a new high, it has pulled back over 30% of its gains this year in just one month. On November 18, it hit a low of $89,296, which caused related Bitcoin concept stocks that had previously thrived on Bitcoin to face a downturn. Lite-On (2465), Biostar (2399), Adata (3540), Chingis (2425), Hantion (6150), Li-Jin (3444), and QCY (5386) all turned from red to black, becoming a disaster area.

Bitcoin concept stocks refer to publicly listed companies whose business is related to Bitcoin, including Bitcoin mining, crypto assets trading platforms, digital payment services, and blockchain technology development. With the approval of the Bitcoin spot ETF by the U.S. SEC in early 2024, crypto assets officially enter the mainstream financial system, making Block, MicroStrategy, and other Bitcoin concept stocks highly followed. These types of stocks have high leverage characteristics, and when Bitcoin prices rise, the increase may surpass that of Bitcoin itself.

MicroStrategy (MSTR) resumes large purchases of Bitcoin. Documents submitted to the U.S. Securities and Exchange Commission (SEC) on November 17 show that the company has purchased 8,178 Bitcoins. This purchase amount marks a significant increase compared to the company's weekly investments of about 400-500 Bitcoins in October and early November, and this acquisition comes at a time of severe fluctuation in Bitcoin prices.

Circle announced its third-quarter revenue to be 740 million USD, exceeding market expectations, but CRCL stock closed with a big dump of 12.2% on that day. The Bernstein analyst team indicated that the recent weakness in Circle's stock price reflects the market's excessive concerns over interest rate cuts and competitive pressures from companies like Stripe, rather than any structural deterioration. The analysts reiterated their "outperform" rating on the stock with a target price of 230 USD.