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MicroStrategy’s premium over its Bitcoin holdings has fallen again, even after the company reported a $2.8 billion net income beat for the third quarter, according to data from Bloomberg. The company’s valuation has been heavily tied to the size and market value of its Bitcoin treasury since 2020, but it now trades at roughly 1.3× its market‑adjusted net asset value. That multiple once sat well above 2× when investors were more enthusiastic about the strategy of converting the balance sheet into Bitcoin. The reduced premium has caused concerns among analysts about the company’s ability to keep raising capital at favorable terms going into the rest of the year. At least three analysts (from Cantor Fitzgerald, TD Cowen, and Maxim Group) lowered their price targets following Friday’s earnings call. This brought the stock’s average price target to its lowest point since May. Their caution centered on the company’s reduced premium over Bitcoin, slower momentum in Bitcoin’s price appreciation at the start of the fourth quarter, and a decline in the pace of capital issuance. The company also reported $3.9 billion in unrealized gains on its Bitcoin holdings for the quarter, showing that earlier price movements had lifted asset value, but the pace has eased. Analysts react and warn about fourth-quarter pace TD Cowen analyst Lance Vitanza told clients that after three strong quarters, the fourth quarter began slower than expected. He wrote: “4Q is off to a slow start, with reduced Bitcoin price appreciation and a dramatic reversal in Bitcoin premium leading to a very slow pace of capital issuance and quarter-to-date BTC yield measured in basis points rather than percentage points.” MicroStrategy was previously known as a modest enterprise software firm. That changed in 2020 when Michael Saylor, who co‑founded the company and now serves as chairman, redirected the firm’s capital into Bitcoin. Since then, the company’s stock has been valued not mainly on earnings growth but on the size of its Bitcoin holdings and the multiple that investors assign to those holdings. That valuation method is known as market‑adjusted net asset value, or mNAV. The multiple sat above 2× at times in earlier stages of the strategy, but is about 1.3× today. Cantor Fitzgerald analyst Brett Knoblauch said that a lower mNAV multiple reduces the company’s ability to raise funds through capital markets because there is less valuation excess to convert into financing. He noted that mNAV fell below 1× during the Terra‑Luna collapse, but later recovered. Knoblauch also said that for MicroStrategy to meet its $20 billion fourth‑quarter operating income guidance, Bitcoin would need to reach $150,000 by year‑end. Bitcoin is currently trading just above $110,000, and it has never surpassed $127,000. Cantor Fitzgerald, TD Cowen, and Maxim Group all maintained buy‑equivalent ratings despite the price target cuts. MicroStrategy’s shares rose as much as 7% on Friday, but they are still over 40% below the record peak reached in November 2024. Saylor increases preferred share yields to secure funding During the earnings call, Michael Saylor said the company is raising the yield on its preferred shares, which he has marked as the primary funding method going forward. He said: “We are kind of in an inflection point we believe, our multiple of net asset value has been trending down over time as the Bitcoin asset class matures and the volatility decreases.” The goal of the increased yield is to shore up demand at a time when the premium is lower. Chief Executive Officer Phong Le said MicroStrategy is looking to international markets to raise capital and is considering exchange‑traded funds backed by the preferred shares. The company currently faces about $689 million in annual interest and dividend expenses, which adds pressure to secure reliable funding. Mark Palmer, an equity research analyst at Benchmark Equity Research, said that the higher yield would likely add only modest additional expense compared to the capital the company could raise and the Bitcoin it could acquire. Palmer maintains a buy rating on the company. Get up to $30,050 in trading rewards when you join Bybit today

When the U.S. Federal Reserve cut interest rates on October 29, the price of Bitcoin (BTC) dropped sharply, prompting traders to send more than 10,000 BTC to Binance and raising questions about whether it was a “sell the news” event or the start of a new crypto winter. But a CryptoQuant analyst has now released new information that shows that most of the selling was done by one group: traders who had only held their Bitcoin for less than a day. The Real Story in the Data Bitcoin’s price dropped after the Fed announced it would cut rates by 0.25%, going from about $112,000 to a weekly low of around $106,500 per CoinGecko. This reverberated around the whole crypto market, causing more than $1.1 billion in trading positions to be closed. The initial evidence pointed to a bearish turn, a feeling made even more believable when data showed that thousands of BTC went into Binance on October 30, something that usually happens before a sale. However, market technician CryptoOnchain shared crucial context coming from a specific on-chain metric known as Spent Output Age Bands (SOAB). This tool sorts Bitcoin transactions based on how long they had been sitting still before they were moved. His research showed that 10,009 BTC of the October 30 Binance inflow came only from units that had been held for less than 24 hours. “This is the signature of ‘hot money’—short-term traders and speculators reacting instantly to the news,” the expert stated. His report went further to emphasize the clear divide with long-term investors, noting: “In stark contrast, the inflow from Long-Term Holders (coins aged 6+ months) was negligible. The market’s ‘diamond hands’ stood firm.” This divergence proves that the selling pressure did not come from the foundational investor base that has accumulated Bitcoin over the years. Instead, it was driven entirely by the most reactive participants, those who buy and sell based on hourly headlines. A Pattern of Short-Term Panic This behavior fits a pattern noted by another analyst, Amr Taha, who pointed out that short-term traders on Binance sold about $1 billion worth of Bitcoin on October 30. Their activity coincided with huge outflows from spot Bitcoin ETFs the day before, including large withdrawals from funds managed by BlackRock and Fidelity. According to Taha, this combination of selling from exchange users and ETF investors has historically been a sign of a local market bottom forming from panic, rather than the start of a prolonged downturn. At the time of writing, the flagship cryptocurrency was down 0.9% in the last 24 hours to trade at around $109,725. The price also reflects a drop of about 1% for the week and 4% for the month, even though BTC remains up more than 52% in the past year. The post Binance Data: Rate-Cut Sell-Off Came From Short-Term Traders appeared first on CryptoPotato .

Borderless Capital’s Amit Mehra said quantum computing remains years away from threatening Bitcoin, though rapid advances could make post-quantum security urgent.

Sam Bankman-Fried on Friday pushed back against the common view of FTX’s collapse, saying the exchange was not insolvent when it failed in November 2022. According to a document posted on X on October 31, 2025, his team argues the company suffered a sudden liquidity run rather than a balance-sheet shortfall. The filing claims there are roughly $14.6 billion in estate assets versus about $8 billion in customer claims. Claims Of Solvency And Asset Totals Bankman-Fried’s filing asserts that roughly $8 billion of customer liabilities never left the exchange’s estate. It says legal and advisory costs have been sizable — roughly $1 billion — but that large asset recoveries since 2022 mean creditors are in line for healthy payouts. Reports have disclosed that 98% of creditors have already been repaid about 120% of their claims, and the filing projects final customer repayments could fall between 119% and 143%. [SBF says:] This is where the money went. https://t.co/HVRwEw5Z1k https://t.co/5DrA13L5YE pic.twitter.com/O6q77DvmTn — SBF (@SBF_FTX) October 31, 2025 The document shifts blame in part to outside advisers and the emergency management team brought in after the collapse. It names the law firm Sullivan & Cromwell and interim CEO John J. Ray III as having steered the bankruptcy process in ways that, the filing contends, made rescue or rapid resolution harder. The tone is defensive, and the numbers are presented as evidence that the estate can cover claims. Critics Challenge The Account But not everyone accepts that account. Based on reports from on-chain investigators and others, critics say the figures don’t settle the key question: was FTX solvent at the moment customers tried to withdraw funds? On-chain researcher ZachXBT and other analysts point out that the value of many recovered assets has risen since November 2022, and that using today’s prices to declare past solvency can mislead. The distinction between having assets that can eventually pay people and having liquid cash at the height of a run is at the center of the disagreement. Investigators, court filings and prior testimony in criminal proceedings highlighted governance failures and risky ties with Alameda Research. Those findings remain part of the public record and complicate any simple claim that the business was merely a victim of timing. Legal observers also note that bankruptcy costs and litigation risk can meaningfully reduce what is ultimately available to customers. What This Means For Customers And The Industry For former customers, the most immediate question is how repayments are calculated. Reports have disclosed that some sums will be based on November 2022 valuations rather than current market prices. That approach can leave users short if asset prices later climbed. Even if the estate yields payouts above 100% of claims, the timing and basis of those payments matter to actual recoveries. If Bankman-Fried’s portrayal gains traction, it would reframe parts of the story from one of clear insolvency to a debate about timing, liquidity and post-collapse management. Regulators and creditors are watching closely. The legal and financial aftermath of FTX’s failure is still unfolding, and competing narratives about responsibility and recovery will shape how similar collapses are handled in the future. Featured image from Tom Williams/Getty Images, chart from TradingView

Older, established altcoins like XRP and Cardano are poised to attract the bulk of institutional investment during altcoin season 2025, driven by ETF approvals and traditional finance inflows. Experts predict

Fold Holdings, the publicly traded Bitcoin financial services company, has partnered with Steak ’n Shake to launch a new promotion that merges fast food with Bitcoin rewards. The campaign , which began on October 31, gives customers $5 in Bitcoin when they order the Bitcoin Burger or Bitcoin Meal at participating Steak ’n Shake locations across the United States. The limited-time offer is available at roughly 400 restaurants nationwide and marks the first time a US restaurant chain has bundled meals with Bitcoin rewards. Customers can claim their $5 in Bitcoin by visiting the BitcoinMealDeal website, uploading their receipt, and redeeming a unique code through the Fold app. Once the app is downloaded and an account is activated, users can receive their Bitcoin instantly and start earning more BTC on future purchases through Fold’s ecosystem. Integrating Bitcoin into everyday use Fold’s partnership with Steak ’n Shake is designed to bring Bitcoin further into everyday life by integrating it with one of America’s classic dining experiences. According to Fold’s Chairman and CEO, Will Reeves, the initiative is “the next step in making Bitcoin part of ordinary spending.” Reeves emphasised that for many customers, this may be the first time they have ever owned Bitcoin (BTC), and it will come from something as simple as buying a burger. The Bitcoin Burger itself captures the spirit of the promotion. The burger’s bun is stamped with the iconic Bitcoin logo, serving as both a visual and symbolic nod to the digital currency’s growing cultural presence. Steak ’n Shake introduced the Bitcoin Burger to celebrate the five-month anniversary of its adoption of Bitcoin payments earlier this year, a move that has already contributed to increased sales and new interest from the crypto community. Notably, this campaign isn’t Fold’s first collaboration with the burger chain. Earlier in 2025, Fold offered Bitcoin rewards to customers who purchased Steak ’n Shake gift cards through its app. Fold, which trades on Nasdaq under the ticker FLD, offers a range of financial products, including a Bitcoin debit card that gives users BTC back on everyday purchases and a new Visa credit card powered by Stripe Issuing that also provides Bitcoin rewards. The firm went public earlier this year through a merger with FTAC Emerald Acquisition Corp. and now maintains a market capitalization near $200 million. Despite its share price declining about 68% year-to-date to around $3.59, Fold’s mission remains clear: to make Bitcoin accessible and useful for everyone. The company holds roughly 1,500 BTC in its treasury and recently secured a $250 million equity purchase facility to support further expansion. Bitcoin has also seen renewed strength recently, rising to $108,737, and the timing of the current promotion taps into that momentum, offering consumers a taste of both nostalgia and the future of finance. As Fold’s Will Reeves put it, “Bitcoin goes mainstream when it starts showing up in everyday life.” The post Fold Holdings partners with Steak ’n Shake, offers $5 Bitcoin reward to customers appeared first on Invezz

Michael Saylor , the chairman of Strategy, explained that the company is not looking to buy other firms that hold Bitcoin BTC on their balance sheets .

Solana’s price fell 1.4% over the week despite surging retail optimism and major institutional developments.

Crypto miners in two Russian regions may soon have their business activity permanently banned, according to the federal government in Moscow. The Siberian territories are next in line to be added to a long list of areas where mining is already prohibited due to allegedly causing electricity shortages. Moscow considers banning mining in Buryatia and Transbaikal Bitcoin mining may be banned year-round in the Russian Republic of Buryatia and Zabaykalsky Krai (Transbaikal), a representative of the Ministry of Energy announced during a meeting in the Federation Council, the upper house of parliament in Russia. Current restrictions there are of seasonal nature and are enforced only during the cold, fall and winter months of the year, when energy consumption peaks, noted Olga Arutyunova, deputy director of the ministry’s Department for the Development of the Electric Power Industry. At the same time, the two administrative units constitute a single territory, when it comes to power generation and distribution, with the adjacent Irkutsk Oblast , in the southern part of which mining has been completely restricted until the spring of 2031. The energy ministry official was speaking during a round-table discussion on the matter. Quoted by Senat Inform, an online publication covering the activities of the legislative chamber, Arutyunova stated: “We are monitoring the situation there. If necessary, we will respond promptly and ban mining, as in the Irkutsk region, for the entire year.” Russia legalized mining in 2024 to exploit its competitive advantages over other mining destinations, in terms of abundant energy resources and cool climates. Both corporate entities and individual entrepreneurs are free to engage in the activity, as long as they register with the Federal Tax Service ( FNS ), including their hardware, and pay due taxes to the state. The mining boom and the high concentration of mining enterprises in parts of the country offering low, often subsidized electricity rates, caused power deficits and frequent breakdowns of the grid. As a result, local authorities in about a dozen Russian regions i nitially imposed temporary and, in some cases, eventually permanent measures to restrict mining, all with the approval of the executive power on the federal level. In July, Russian Minister of Energy Sergey Tsivilyov suggested adopting legislative amendments that will allow other organizations to use some of the generation capacities currently occupied by mining companies. That same month, his department was tasked to prepare regulations that would classify crypto farms as consumers of lesser importance, which can be remotely disconnected from the power grid at any moment distribution networks experience shortages. Not all Russian officials think miners are a nuisance The measures to curb electricity consumption in mining are mostly affecting legitimate, regulated businesses, and they have been complaining that the sudden changes in local regulations are forcing them to move equipment around the vast country. Cryptocurrency miners have developed a bad reputation in the Russian society, according to Anton Gorelkin, first deputy chairman of the Committee on Information Policy, Information Technologies and Communications at the State Duma, the lower house of Russia’s legislature. Speaking at a forum devoted to law in the digital space, and quoted by the business news portal RBC earlier this week, he elaborated: “Despite the big step forward with legalization, the image of miners in the society is very negative. And the task of proving they are needed by the Russian economy lies with the miners themselves.” Meanwhile, the chairman of the energy commission at the State Council, an advisory body to the President of Russia, pointed out that crypto mining makes sense for Russian regions rich in energy resources that cannot be transferred or are unprofitable to transport elsewhere due to their remoteness. Quoted by TASS on Tuesday, Aisen Nikolayev elaborated: “Mining and electricity generation for computing systems are especially relevant for remote areas with local energy resources, but without the possibility of exporting them.” Nikolayev gave an example with Yakutia, or the Republic of Sakha, in the Russian Far East, of which he is the acting governor, noting that coal and gas extracted there can be utilized to power the energy-intensive computing in mining farms and data centers, thus helping develop the local economy. Sign up to Bybit and start trading with $30,050 in welcome gifts