strategy

As Bitcoin briefly fell below $67,000, the unrealized losses of the Bitcoin treasury company Strategy further expanded.According to the SEC 8-K filing submitted by Strategy on November 9, the company currently holds 850,364 BTC, with a total cost of approximately $6.416 billion and an average holding cost of $75,456.Based on a BTC price of $67,400, Strategy's Bitcoin holdings have an unrealized loss of approximately $6.85 billion.

On November 11, the Polkadot community, through its decentralized governance system, supported a new strategy proposed by the Polkadot Community Foundation (PCF) with 97% of the votes. This strategy calls for focusing energy and resources on the upcoming Polkadot product platform, with a core direction of directly acquiring users. The product platform is positioned as an application layer that prioritizes user privacy and data rights, anchored by dotStables, with the first asset being dotUSD, designed to accumulate value for DOT.According to the content confirmed by DOTDAO authorization, the new strategy focuses on enabling users to directly encounter products on the product platform. Products on the platform should closely resemble the application experiences users are already familiar with, adopting a free, simple username and mobile-first approach, while allowing users to decide the extent of data sharing. PCF plans to provide the first mobile-centric solution through the Polkadot App, which will support private messaging and digital cash payments. dotStables starts with dotUSD, which tracks the US dollar and is supported by DOT; the Polkadot Technical Fellowship will oversee dotUSD and other dotStables, in conjunction with independent audits and risk management.The new strategy also specifies the allocation of shared funds and resources, advocating a shift from general marketing services to incentive activities directly linked to measurable user engagement, ensuring that spending serves the product growth authorized by DOTDAO. Products on the product platform are designed to attract users, and user activities will create demand for the stable value asset dotStables supported by DOT. According to the authorization, the design of dotStables should ultimately convert this demand into demand for DOT.

OpenAI disbanded its independent robotics research team, integrating researchers into the core research team and application departments, aiming to accelerate the development of general-purpose robots. OpenAI stated that general AI models like GPT-6Astra have demonstrated capabilities in robotic applications.NVIDIA's research shows that agents equipped with Astra achieved a success rate of 74.8% in simulated tests. OpenAI plans to conduct the first public demonstration of humanoid robots in 2027.

According to SEC filings, GRAM (formerly TON) treasury company TON Strategy (Nasdaq: TONX) announced its financial report for the third quarter of 2026. As of September 30, the company held 235,126,342 GRAM, with a fair value of $348 million and a cost of $745 million, of which 232,865,523 were in a pledged state.In the third quarter, the company received staking rewards of 9,430,881 GRAM, with staking income of $13.07 million, resulting in a quarterly total staking yield of 4.09%. During the same period, the fair value change loss of digital assets was $27.23 million, leading to a net loss attributable to the company of $23.97 million, with a loss per share of $0.42.The cumulative net loss for the first three quarters was $38.26 million; the company sold GRAM for $7.56 million and repurchased 1,786,928 shares through a market buyback agreement, costing $5.74 million. As of September 30, cash and cash equivalents amounted to $25.30 million. The original businesses Market.live, Go Fund Yourself, and Lyvecom were announced to be gradually shut down in July.In addition, the documents show that from October 1 to November 12, the company sold another 2 million GRAM, generating $2.32 million. Based on the price on November 11, the value of the GRAM held as of September 30 decreased to $268 million.

According to The Block, the latest 13F filing submitted by JPMorgan to the U.S. Securities and Exchange Commission shows that as of September 30, the bank held approximately $540 million in BlackRock Bitcoin ETF IBIT, an increase of 9.6% from the previous quarter. During the same period, JPMorgan increased its holdings in the common stock of Bitcoin Strategy by 36%, to 848,932 shares. The same document shows that the IBIT holdings amounted to 11,408,930 shares, with a market value of approximately $539.98 million, compared to 10,407,635 shares and a market value of approximately $355.73 million at the end of the previous quarter. The market value of the Strategy holdings is approximately $131.3 million, with 624,387 shares and a market value of approximately $57.9 million at the end of June. This document was submitted on November 12.

According to Bitcoin Magazine, trading giant Jane Street Group increased its holdings in MicroStrategy (MSTR) by 53.8% in the third quarter, bringing the total to 4,119,097 shares. The 13F filing submitted on Thursday shows that this position as of September 30 increased by 1,441,475 shares from the 2,677,622 shares disclosed on June 30, when the position was valued at $232.8 million. Based on the September 30 share price of $153.09, the newly added position is valued at $630.6 million; however, based on Thursday's closing price of $114.41, the same position is valued at approximately $471 million.The filing also lists call options covering 13,573,000 shares of MicroStrategy and put options covering 13,991,800 shares, both of which are more than three times the size of the common stock holdings, with the former valued at $2.08 billion and the latter at $2.14 billion. Since Jane Street is a large market maker in the fields of stocks, ETFs, and options, part of the common stock holdings may be hedges against options and market-making books, and the 13F filing did not specify the exact proportions. The report consolidates the holdings of seven managers including Jane Street Capital, Jane Street Options, and Jane Street Global Trading, listing a total of 14,764 records with a total value of $1.19 trillion.In the 13F submitted on Thursday morning, Jane Street's increase was the highest among large MicroStrategy holdings. Capital International Investors increased its holdings by 4.5% to 36,467,109 shares, valued at approximately $4.17 billion based on Thursday's closing price; Invesco increased its holdings by 10.9% to 10,362,698 shares; Renaissance Technologies reduced its holdings by 41% to 1,515,560 shares and liquidated its previously disclosed spot Bitcoin ETF position. The above data is as of September 30, prior to MSCI's decision to remove MicroStrategy from its U.S. index, a change that will force index funds to sell before November 30.

Bitcoin Treasuries posted on platform X that JPMorgan disclosed an increase in holdings of Strategy by 224,545 shares, with a transaction amount of 25.5 million USD.After the increase, JPMorgan holds a total of 848,932 shares of Strategy, valued at 97.1 million USD, with a 36% increase in holdings.

On November 5, 2026, Michael Saylor, the founder of Strategy, connected remotely to the Oranje Summit 2026 held in São Paulo, Brazil. He stated that cutting-edge AI models would enhance the attack capabilities of hackers, and complex software used for transferring funds, such as exchanges and wallets, is particularly vulnerable to attacks. He believes that the design of the Bitcoin network can withstand AI threats, and that Satoshi Nakamoto's decision to limit underlying functions was wise, as complex software would expand the attack surface. He also mentioned that Bitcoin, supported by its strong computing power and security, would prevail in the competition for the global digital capital standard.

MSCI announced that MicroStrategy (MSTR.O) will be removed from the MSCI Global Standard Index.

Solid Intel stated that if MSCI removes the Strategy from its index, the Strategy may face a sell-off of up to 2.8 billion dollars from passive funds.

TON Strategy Company (TONX), listed on NASDAQ, announced its Q3 2026 financial report, with revenue of $13.1 million, primarily from staking rewards of its GRAM treasury, down from $15 million in Q2. As of the end of the quarter, the company held approximately 235.1 million GRAM (formerly Toncoin), valued at $348.5 million, of which 232.9 million were staked, with an annualized gross yield of about 16%. During the same period, the company repurchased $5.7 million in stock and supported the TON network upgrade while launching the native Gram Wallet on Telegram.The financial report showed that TON Strategy had a net loss of $24 million for the quarter, which included an unrealized loss of $27.2 million on its GRAM holdings, compared to an unrealized gain of $82.8 million in the previous quarter. The company stated that it has made progress in cost structure efficiency after ending the business inherited from VERB. CEO Kevin Wilson mentioned that GRAM has been integrated into several existing services of Telegram, including advertising payments and creator monetization, with TON supporting on-chain ownership and transfer of Telegram usernames and gifts; the expansion of access to the native wallet is expected to make GRAM more convenient for payments and transfers, bringing more opportunities for consumer-grade applications based on TON.TON Strategy was formerly Verb Technology Company, which raised approximately $560 million in a deal led by Kingsway Capital in August 2025, transforming into a treasury company for The Open Network's native token, which was renamed Gram earlier this year. Pavel Durov, founder and CEO of Telegram, stated on X on Monday that over 700,000 self-custody wallets were created on Telegram in the past 48 hours. TONX's stock price rose 2.4% on Tuesday, with an annual increase of nearly 25%.

Mark Moss, co-founder of Bitcoin Opportunity Fund, stated in the Cointelegraph podcast Trade Secrets that Wall Street's and the U.S. government's acceptance of Bitcoin has created "the best buying opportunity in history." Moss first bought Bitcoin in 2015 at around $300, when the risks were extremely high, and now there is consensus from the U.S. government and Wall Street, but most people still view it as a scam. This skepticism is precisely the source of the buying opportunity. He believes Bitcoin is crossing the "chasm" between early adopters and mainstream investors, with banks and ETFs lowering the barriers to entry, and financial advisors may also persuade hesitant clients to enter the market.In terms of market conditions, Bitcoin briefly surged above $80,000 after the U.S. midterm elections, then retraced its gains alongside tech stocks, dropping to $74,762 on Friday, the lowest since August, and further dipping to around $73,500 on Sunday. Moss pointed out that the price did not significantly drop after the $6.3 billion Binance hack, indicating that selling pressure is waning. The capital flow for U.S. spot Bitcoin ETFs fluctuated sharply during election week, with a net inflow of about $75 million on Wednesday and a net outflow of $430 million on Thursday. He cited data going back to 2014, stating that Bitcoin averaged a 53% increase in the 12 months following previous U.S. midterm elections, and he expects it to reach an all-time high by 2027.Moss believes the most worthwhile Bitcoin treasury company to hold is MicroStrategy (MSTR), which has been buying Bitcoin since 2020 and held 849,327 BTC as of November 2, accounting for over 4% of Bitcoin's maximum supply. However, he stated that he would not exchange his held Bitcoin for its stock. According to his model, under the conditions where Bitcoin competes for investor wealth against stocks, bonds, gold, and real estate, the price is expected to reach $1 million, potentially by 2030, or at the latest by 2032.

According to official news, HIVE Protocol announced that it will officially launch on November 12 at 08:08 (UTC+8). This is an on-chain micro-strategy experiment based on the Web3 framework, aimed at exploring the community-built asset aggregation path for BNB.The protocol is initiated by DBCC (DAOBase Chinese Community), built on BEE, and receives technical and transparency support from DAOBase's "Build on BEE" policy, but it is not an official product of DAOBase. The protocol uses BNB as the core reserve asset and executes through smart contracts, featuring real-time verification of on-chain data, liquidity permission destruction, and mechanism automation, driven by community consensus to promote asset aggregation.According to the project plan, HIVE Protocol has a clear lifecycle, and after completing phase goals, the reserve assets will flow back into the ecosystem. The project positions this experiment as a practice of DAOBase's concept of "not just an aggregation engine for BNB, but also a builder of the BNB ecosystem," and will subsequently be subject to market and community evaluation.

According to official news, Morgan Stanley has reached an agreement to acquire Vinyl Equity. Vinyl Equity is a digital equity transfer agency and shareholder record management platform registered with the U.S. Securities and Exchange Commission (SEC).This acquisition will add equity transfer agency services to Morgan Stanley's Morgan Stanley at Work, integrating equity structure management, equity incentive management, share transfer, and wealth management services, providing integrated services for enterprises and shareholders covering both private and public markets. Morgan Stanley stated that this acquisition will also strengthen its digital asset ecosystem, providing critical infrastructure for future asset tokenization plans. Vinyl's digital technology is expected to drive upgrades in the recording, transfer, and management of equity ownership, aligning with the development of blockchain technology, atomic settlement, and asset tokenization. The transaction is still subject to customary closing conditions and is expected to be completed in the first quarter of 2027.

According to official news, Strategy bought 1,037 BTC last week, increasing its holdings to 850,364 BTC.

The largest asset management company in Europe, Amundi, with a management scale of 2.9 trillion USD, disclosed that it has increased its holdings in Strategy by 584,053 shares, valued at 72.3 million USD.Amundi currently holds a total of 1.92 million shares of Strategy, valued at 238.3 million USD, with an increase in holdings of 43.7%.

According to the information released by the SEC, MicroStrategy (MSTR) director Patten Jarrod M sold 4,750 shares of the company's stock on November 4 at an average price of $141 per share, for a total value of approximately $669,800. After the transaction, his direct holdings decreased to 72,741 shares.

According to The Defiant, Bitcoin fell below an average purchase cost of $75,451 per coin on November 8, Eastern Time. The trading price of BTC-USD on Coinbase at 05:54 on November 9, Beijing Time, was $74,862.89.Strategy previously disclosed that as of November 1, it held 849,327 BTC, with a purchase cost of $64.08 billion (including fees). Based on the above quote, the value of the holdings is approximately $63.58 billion, about $500 million lower than the purchase cost.In its quarterly report for the period ending September 30, Strategy stated that none of its held Bitcoins were pledged as collateral. As of November 1, the company also had $4.79 billion in reserves to support preferred stock dividends and interest payments.