Deputy Attorney General Todd Blanche said the Justice Department will begin publishing a large collection of documents connected to the case, with the initial release scheduled for today to comply with a statutory deadline. Additional document sets are expected to be released gradually as internal reviews are completed.

According to officials familiar with the process, the records may contain investigative materials, visual evidence, and internal correspondence generated during earlier federal inquiries. Portions of the archive could remain restricted or redacted where disclosure may compromise victim privacy or intersect with unresolved investigative matters.

Also Read: How a Supreme Court decision on tariffs may give Costco and other importers money back

The legislation mandating the release faced resistance from President Donald Trump before being signed into law in November. With the first disclosures imminent, the administration is under renewed pressure from lawmakers and legal observers to demonstrate compliance with the law’s transparency provisions.

Trump is expected to address reporters from the White House later today before departing for North Carolina. His remarks are likely to draw questions regarding the timing, scope, and handling of the Epstein document release.

This live blog will provide rolling updates throughout the day as files are published and political, legal, and public reactions emerge.

The U.S. Securities and Exchange Commission has alleged that certain third-party Bitcoin mining hosting arrangements constitute securities, marking a significant enforcement action tied to an alleged $48 million fraud involving mining firm VBit Technologies.

In a civil complaint filed Wednesday in the U.S. District Court for the District of Delaware, the SEC accused VBit founder and former chief executive Danh C. Vo of misleading investors and selling unregistered investment contracts connected to hosted Bitcoin mining operations.

The agency stressed that its allegations apply to the structure and marketing of the contracts sold by VBit — not to Bitcoin mining itself or to individuals who operate mining equipment on their own.

Allegations focus on passive investment structure

According to the complaint, VBit sold “Hosting Agreements” to thousands of retail investors between late 2018 and early 2022. The agreements were promoted as a way to earn Bitcoin mining income without owning, operating, or maintaining mining equipment.

Investors were told they were purchasing mining rigs that would be pooled with others and run entirely by VBit. Returns were described as proportional to each investor’s share of computing power, measured by hashrate, with VBit responsible for sourcing equipment, managing facilities, and distributing mining proceeds.

The SEC alleges that nearly all of VBit’s customers entered into these agreements, which were offered in tiered packages ranging from lower-cost plans to higher-priced options that purportedly included multiple mining rigs.

SEC says equipment claims did not match reality

The complaint alleges that VBit did not have sufficient mining equipment to support the number of hosting agreements it sold.

In 2020, VBit is accused of selling hosting contracts covering more than 3,300 mining rigs while operating fewer than 1,000 machines. In 2021, agreements allegedly covered more than 8,400 rigs, while the company operated roughly 1,643.

As a result, the computing power promised to investors could not be delivered, according to the SEC.

The agency further alleges that investors never owned or controlled specific mining equipment and had no role in operational decisions. Instead, they were entirely dependent on Vo and VBit to generate any returns.

Why the SEC considers the contracts securities

Based on those allegations, the SEC argues the hosting agreements meet the legal definition of investment contracts under federal securities law. The agency says investors contributed money to a common enterprise and were led to expect profits derived primarily from the efforts of VBit and its founder.

Because the contracts were not registered with the SEC and were sold without required disclosures, regulators say the arrangements violated securities registration and anti-fraud provisions.

Alleged misuse of investor funds

The complaint also accuses Vo of misappropriating investor money.

According to the SEC, between December 2020 and November 2021, Vo transferred approximately $48.5 million of investor funds into personal accounts, distributed millions to family members, and used investor money for cryptocurrency trading.

The agency further alleges that investor account balances were misrepresented through an online portal that displayed hypothetical mining returns unrelated to actual Bitcoin production. Any Bitcoin that was mined was allegedly controlled solely by Vo.

Alleged departure, asset transfers, and account shutdowns

According to the complaint, Vo left the United States in 2021 after learning that the SEC was investigating VBit’s operations. Around the same period, VBit announced that it had been sold to a company called Advanced Mining Group.

The SEC alleges that the sale did not reflect a genuine transfer of business operations and instead served to give investors the impression that mining activities were continuing.

By mid-2022, customers were unable to log into their accounts or withdraw funds. The SEC says investors lost access to account information and received no further updates on the status of their mining contracts or assets.

What the SEC is asking the court to order

In its complaint, the SEC is asking the court to permanently bar Vo from violating federal securities laws and to force the return of money it says was improperly taken from investors. The agency is also seeking financial penalties and an order that would prevent Vo from serving as an officer or director of any public company.

The case has been filed as a civil action, and the SEC has requested that the claims be decided by a jury.

Also Read: Senate Committees Prepare January Review of Crypto Regulation Bill

The company is targeting the first calendar quarter of next year to complete the raise. People involved in the discussions said potential participants include large institutional investors and sovereign wealth funds, reflecting the scale of capital being sought. The structure of the round, including investor allocation and governance terms, is still being shaped.

Earlier discussions around the fundraise referenced a lower valuation, closer to $750 billion, indicating that pricing remains fluid as investor interest and capital commitments are assessed.

OpenAI’s capital needs have expanded rapidly over the past year as the company has shifted from primarily training models to operating them at scale. Running large language models in production requires continuous access to high-performance computing, with inference workloads consuming far more resources than early-stage development.

Unlike training runs, which can be scheduled and partially offset through cloud credits and long-term partnerships, inference costs scale directly with user demand. As usage grows across consumer products, enterprise services, and developer tools, those expenses are funded largely through cash rather than credits.

The company has also committed to multi-year infrastructure arrangements tied to data centers and specialized hardware. Several of those agreements involve capacity reservations rather than on-demand usage, increasing fixed costs regardless of short-term revenue fluctuations.

At the same time, OpenAI has accelerated the pace of model releases and expanded its platform offerings, including APIs, enterprise deployments, and custom tooling. Each expansion adds incremental operating and support costs alongside compute spending.

Competition among large AI developers has also driven parallel investment cycles across the sector. Companies building frontier-scale models are committing capital well ahead of monetization timelines, placing pressure on balance sheets and increasing reliance on external funding.

Hardware availability has further shaped spending decisions. Supply constraints in advanced memory components and high-performance accelerators have limited how quickly new capacity can come online. As a result, firms have increasingly sought guaranteed access through pre-purchase agreements and long-term contracts.

In parallel with private fundraising discussions, OpenAI has evaluated additional financing options, including a potential public offering at a later stage. Such a move has not been formally announced and remains exploratory.

The company has also held talks with major technology firms regarding strategic investments that would combine capital contributions with access to proprietary computing hardware. These discussions are separate from the current fundraising effort and have not resulted in disclosed agreements.

OpenAI is reported to be generating annualized revenue of approximately $20 billion, though the company does not publicly disclose profitability. Private-market data indicates OpenAI held more than $64 billion in cash and equivalents following earlier financing activity. Its most recent secondary transaction valued the company at roughly $500 billion.

Discussions around the new funding round are ongoing, and the final size, valuation, and investor mix have not been determined.

Also Read: OpenAI in Talks With Amazon Over $10B Deal and Trainium Chip Access

The markup will be conducted jointly by the Senate Banking Committee and the Senate Agriculture Committee. The legislation addresses how regulatory authority over digital asset markets is divided between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The bill passed the House of Representatives in July with bipartisan support. On the same day, lawmakers approved separate stablecoin legislation that has since been signed into law.

The January session follows several earlier timelines for Senate consideration that were discussed but never formally scheduled. Committee placement is required before the legislation can be considered by the full Senate.

Under the bill, digital assets classified as securities would remain under SEC oversight, while assets and markets classified as commodities would fall under the CFTC’s authority. The legislation introduces statutory definitions intended to reduce situations in which firms are subject to overlapping regulation from both agencies.

Lawmakers backing the bill have said current law does not provide those definitions, leaving firms to navigate inconsistent regulatory treatment across agencies.

Some senators have focused their objections on agency structure rather than asset classification. Those objections relate to the appointment and removal of commissioners at the SEC and CFTC and the enforcement of existing bipartisan seat requirements at independent agencies.

Statements from the White House regarding future regulatory nominations have not addressed those structural concerns. Separately, recent Supreme Court cases involving presidential authority over independent agencies have been cited in Senate discussions related to commissioner tenure and removal protections.

Several Democratic senators involved in negotiations on the bill have not indicated whether they will support the legislation. Their objections focus on agency governance and enforcement authority rather than the bill’s definitions of digital asset categories.

Senate aides have said there is no confirmed Democratic support beyond those discussions. Any effort to advance the bill would therefore require additional commitments during or following committee consideration.

Views within the crypto industry also vary. Some firms have expressed support for clearer statutory boundaries between securities and commodities regulation. Other firms have objected to compliance, reporting, and recordkeeping provisions included in the bill, arguing that those requirements would impose higher relative costs on smaller companies than on larger operators.

During the January markup, committee members are expected to review the bill line by line, consider amendments, and vote on whether to report the legislation to the full Senate. Amendments under discussion include jurisdictional thresholds, compliance timelines, and limits on agency authority.

Committee staff have said issues related to governance and enforcement are likely to be addressed during the markup rather than deferred to later stages of the legislative process.

Also Read: Bitcoin, Ethereum Rise After U.S. Inflation Data Comes in Below Forecasts

The confirmation vote took place Thursday as part of a group of federal nominations approved under Senate Resolution 532. Senators voted 53–43 to confirm Selig to the post.

Selig’s confirmation comes as the Trump administration fills senior regulatory positions that affect oversight of derivatives markets and digital assets.

At the same time, the Senate confirmed Travis Hill as chair of the Federal Deposit Insurance Corporation (FDIC), placing confirmed leadership at two agencies that influence how crypto firms interact with financial markets and the banking system.

CFTC operated without a confirmed chair

Before Selig’s confirmation, the CFTC had been functioning with a limited leadership structure. The agency is designed to operate as a five-member commission, but earlier resignations left only one sitting commissioner for several months.

During that period, Caroline Pham served as acting chair. While the agency continued to carry out its statutory responsibilities, formal commission deliberations were limited with only one seated member.

Coordination with other financial regulators, including the Securities and Exchange Commission, was also limited during this period, as lawmakers continued to debate how oversight of digital asset markets should be divided between agencies.

Previous nominees for the CFTC chair role were withdrawn earlier in the year after failing to secure sufficient political support, extending the period without a confirmed chair.

Interim focus remained on internal operations

While operating under interim leadership, the CFTC focused on administrative and operational matters. The agency worked through enforcement backlogs, reviewed internal compliance processes, and updated regulatory language to better align with blockchain-based markets.

The CFTC also approved a small number of actions related to digital assets, including limited steps connected to spot crypto trading. Broader rulemaking efforts were not advanced during this period.

Selig begins term amid ongoing regulatory debate

Selig takes office with prior experience at the CFTC, having previously served in senior roles at the agency. More recently, he worked as chief counsel to the Securities and Exchange Commission’s Crypto Task Force.

He was nominated in October after the administration withdrew its earlier candidate. His term as CFTC chair is scheduled to run through April 2029.

During his confirmation process, Selig said digital asset oversight would be among his priorities. He also pointed to operational challenges at the agency, including staffing and resource constraints.

The CFTC employs roughly 543 full-time staff, compared with about 4,200 at the SEC. That difference has taken on greater significance as lawmakers consider legislation that would place oversight of crypto spot markets under the CFTC’s authority.

Transition ahead at the commission

Once Selig is sworn in, Acting Chair Caroline Pham is expected to leave the agency and join crypto payments firm MoonPay as chief legal and administrative officer.

Operating with fewer commissioners can allow decisions to move forward more quickly, but lawmakers have said that confirming additional commissioners remains an unresolved issue. Several senators have indicated that filling remaining CFTC seats will be a focus in 2026.

Selig’s confirmation ends a months-long period in which the CFTC operated without a Senate-confirmed chair.

Also Read: Senate Proposes CFTC Regulation of Bitcoin and Ether Trading

Both cryptocurrencies rose before U.S. equity markets opened, with Bitcoin trading near $89,000 and Ethereum approaching $2,980. After the opening bell, prices fluctuated and failed to remain at those levels.

At the time of reporting, Bitcoin was trading around $88,399, down about 1.6% over the past seven days. Ethereum was trading near $2,957, down roughly 6.8% over the same period. Both assets were higher by a little more than 1% on the day.

Inflation data shows slower price growth

Data released by the U.S. Bureau of Labor Statistics showed consumer prices rose 2.7% year over year in November. The reading was lower than forecasts, which had projected a higher annual increase, and marked the slowest pace since July.

Core consumer prices, which exclude food and energy costs, increased 2.6% from a year earlier. That was the lowest annual core inflation rate recorded since March 2021.

The inflation report was released later than scheduled after a government shutdown disrupted the publication of earlier economic data.

Early gains fade after market open

Following the release of the inflation data, Bitcoin and Ethereum rose during early trading hours. After U.S. equity markets opened, prices moved within a narrower range and gave up part of the earlier increase.

Trading conditions in December are often thinner than during other parts of the year, with fewer participants and shorter holding periods. These conditions can result in uneven price action, particularly in assets that already trade with higher volatility.

Lower inflation reduces pressure for further interest rate increases, but digital asset prices did not continue higher during the session.

Regulatory developments remain in focus

Ethereum trading has taken place alongside ongoing discussion in Washington around digital asset regulation. Lawmakers continue to debate proposals that would define oversight and market structure for cryptocurrencies, though no timeline for passage has been set.

Recent public remarks from U.S. political leaders have indicated openness to bipartisan participation in financial regulatory agencies that oversee securities and derivatives markets. At the same time, lawmakers have said that progress on digital asset legislation depends on agreement across party lines.

Rate-cut probabilities adjust modestly

After the inflation data was released, market pricing showed a slightly higher probability that the Federal Reserve could lower its benchmark interest rate at its next meeting. Traders priced in roughly a 26% chance of a quarter-point reduction, up slightly from the previous day.

Bitcoin and Ethereum remained close to recent trading levels through the session as markets digested the inflation data and adjusted interest-rate expectations.

Also Read: Bitcoin and Ethereum ETFs Lose $582 Million in One Day as Funds Pull Capital

The new lineup includes two bowls, a salad, a burrito, and an adobo chicken taco. Each item increases protein portions while reducing or removing rice, beans, and other traditional toppings. According to the company, protein content across the new items ranges from 15 grams to as much as 81 grams per serving.

Chipotle will also begin offering a four-ounce cup of adobo chicken that customers can order on its own or add to an existing meal. The company said the average national price for the chicken cup will be $3.82. A steak version will also be available. The protein cup is the first Chipotle menu item sold as a standalone purchase rather than as part of a full entrée.

Menu items use existing kitchen processes

All proteins used in the new menu items are prepared using the same cooking methods already in place across Chipotle restaurants. Chicken and steak for the protein offerings are cooked in batches alongside proteins used for standard bowls and burritos.

Portioning for the protein cup relies on existing serving tools, and the company has not announced changes to kitchen layouts, staffing levels, or preparation procedures related to the launch. Inventory requirements remain largely unchanged, as the menu does not introduce new sauces or specialty ingredients.

The protein cup introduces a lower-priced purchase option compared with full meals, which have risen in price in recent years. Customers can now make smaller purchases without ordering a full bowl or burrito.

Sales declined through much of the year

Chipotle reported a 0.4% decline in same-store sales during the first quarter of 2025, followed by a 4% drop in the second quarter. In the most recent quarter, same-store sales increased 0.3%. Company filings show that the increase came from higher menu prices, while transaction counts continued to fall.

Fewer customer visits offset higher average ticket sizes, limiting overall sales growth during the period. Chipotle’s share price has fallen nearly 40% during 2025.

Visit frequency fell across income groups

Company disclosures show that customer visit frequency declined across multiple income levels. The reduction was more pronounced among households earning $100,000 or less, which account for about 40% of Chipotle’s total sales.

Customers in this group visited restaurants less often during the year. Higher menu prices did not offset the decline in transactions tied to fewer visits.

Chipotle also reported fewer visits from customers aged 25 to 35. This group visited stores less often during 2025 as household expenses rose.

Protein cup adds a new price point

At an average national price of $3.82, the four-ounce protein cup sits below the cost of a standard entrée. Customers can purchase the item on its own or add it to an existing order to increase protein content without buying a second meal.

Unlike temporary promotions or discounts, the protein cup has a fixed portion size and price. Because the item uses existing proteins, food costs can be managed using current supply and preparation systems.

Chipotle has not said whether the protein cup will be bundled with other menu items or offered as part of limited-time promotions.

Customer substitution and menu scope

Some customers may choose the lower-priced protein cup instead of ordering a full bowl or burrito. Chipotle has not disclosed expected sales volumes for the new items or confirmed whether they will remain on the menu beyond the initial rollout.

The additions do not alter Chipotle’s core menu, which continues to focus on customizable bowls, burritos, and tacos. The new items rely on existing proteins, portioning methods, and kitchen processes already in use across the chain.

Chipotle has not provided guidance on how the new menu items are expected to affect traffic or average order size.

FAQs

Also Read: Crypto Isn’t Just for Trading Anymore — Here’s Where You Can Actually Use It

Trump Media & Technology Group has announced plans to merge with a privately held nuclear fusion company in an all-stock transaction valued at more than $6 billion, expanding the media company’s operations beyond social networking and into advanced energy development.

The merger would result in one of the few publicly traded companies focused on nuclear fusion, a field that aims to produce power by combining light atomic particles rather than splitting heavy atoms. Fusion has long been studied as a potential source of large-scale, low-emission energy, though commercial deployment remains under development.

Under the proposed structure, shareholders of Trump Media and the fusion company would each hold approximately half of the combined business. The agreement places a value of $53.89 per share on the fusion company’s common stock.

Shares of Trump Media, which have declined sharply over the past year, rose more than 20% in premarket trading after the announcement, reflecting renewed investor interest following the disclosure of the deal.

Expansion beyond social media operations

Following completion, Trump Media & Technology Group will operate as a holding company overseeing its Truth Social platform alongside the fusion business and its subsidiaries. Those subsidiaries include units working on power systems technology and applied life-science research tied to the company’s core fusion work.

For Trump Media, the merger adds an asset whose prospects are tied to long-term research and engineering progress rather than advertising revenue and user engagement. The company has faced ongoing volatility as a stand-alone social media operator, making diversification a central feature of its future structure.

About the fusion technology

Nuclear fusion produces energy by forcing atomic nuclei together at extremely high temperatures, releasing energy in the process. The same reaction powers stars, including the sun. Unlike conventional nuclear power, fusion does not rely on uranium or produce long-lived radioactive waste, but maintaining stable reactions at scale has proven technically difficult.

The fusion company involved in the deal has spent decades developing reactor designs, plasma control systems, and supporting technologies. Its operations also include work on related applications that could reach commercial use earlier than grid-scale fusion power.

While fusion remains years away from widespread deployment, interest in the sector has grown as governments and investors look for long-term energy sources that reduce dependence on fossil fuels.

Ownership and leadership structure

The merged company will be jointly led, reflecting the equal ownership arrangement between the two shareholder groups. No cash will be exchanged as part of the transaction, linking the future valuation of the combined business to progress in both media operations and fusion development.

The deal brings a research-heavy energy company into public markets, where it will face regular disclosure requirements and investor scrutiny that private fusion developers have largely avoided.

Whether the combined company can deliver sustained value will depend on execution across two distinct areas — maintaining an active social media platform while advancing complex energy technology toward commercial readiness.

Also Read: Trump Media’s Crypto.com Deal Puts Presidential Business Ties Under Scrutiny

According to a notice issued by the Office of the U.S. Trade Representative, the revised duties take effect from November 14, the date when the changes were first announced. Under the updated tariff schedule, covered goods from the two countries will be charged either the applicable most-favored-nation rate or a 15% duty, depending on which produces the higher levy.

The changes affect a defined set of imports rather than all cross-border trade. Products impacted include certain agricultural items, materials classified as natural resources that are not widely available within the United States, and aviation-related goods such as aircraft and component parts. The revised rules also extend to generic medicines, their active pharmaceutical ingredients, and chemical inputs used in drug manufacturing.

U.S. officials linked the tariff adjustments to an interim trade framework negotiated with Switzerland in November. The administration has set March 31 as the target date to complete and formally adopt the agreement. If talks fail to conclude by that point, the United States said it will reassess whether the tariff structure should remain in place or be modified.

Under the November agreement in principle, the United States agreed to cut tariffs on Swiss imports that had previously reached as high as 39%, lowering them to a maximum of 15%. In exchange, Swiss companies committed to expand investment in the United States, with total planned investment valued at $200 billion by the end of 2028.

Swiss companies have indicated that planned investments will be directed primarily toward U.S. manufacturing and pharmaceutical operations, sectors where Swiss firms already maintain large facilities and workforces. U.S. officials said the tariff structure will remain subject to review until a final agreement is completed.

Also Read: U.S. Announces New Import Tariffs on 66 Countries, Impacting Consumer Prices and Trade

The talks, which remain unresolved, place OpenAI’s valuation near $500 billion, according to reporting that cites individuals aware of the negotiations. The proposed agreement would also give OpenAI access to Amazon’s Trainium AI chips, expanding its computing options beyond Nvidia’s dominant hardware.

Such access would be a significant boost for Amazon’s semiconductor ambitions. While Nvidia still controls the bulk of the AI accelerator market, Amazon has invested heavily in Trainium to reduce reliance on external chip suppliers and attract large AI developers to its cloud platform.

A continuation of deepening ties

The discussions follow a major agreement signed in November, when OpenAI committed to purchasing $38 billion in computing capacity from Amazon Web Services. OpenAI chief executive Sam Altman described that deal at the time as necessary to secure large-scale, dependable compute for future growth.

Since completing a corporate restructuring in October, OpenAI has moved quickly to lock in capital and infrastructure partnerships. That restructuring was designed to give the company more flexibility in negotiating large strategic investments rather than relying on a single backer.

OpenAI has since announced or entered into infrastructure and funding arrangements totaling more than $1.4 trillion in commitments, involving chipmakers such as Nvidia, AMD, and Broadcom. The scale of those agreements has drawn attention to how aggressively the company is securing long-term compute supply.

Pressure on the AI investment cycle

The pace of dealmaking has revived concerns about excess spending across the AI sector, particularly where capital investment appears disconnected from near-term revenue. Those concerns sharpened last week after Oracle shares dropped sharply following earnings that highlighted rising AI-related costs without matching returns.

A potential Amazon investment would further concentrate OpenAI’s relationships with major infrastructure providers, while also positioning Amazon more directly against Microsoft, which remains OpenAI’s largest strategic partner through Azure.

Also Read: MoEngage Raises $180M More Weeks After $100M Round, Valuation Nears $1B

The latest funding includes $123 million in secondary transactions, allowing existing shareholders and employees to sell stock, alongside $57 million in new capital going directly into the business. As part of the secondary component, the company ran a $15 million employee tender, giving liquidity to 259 current and former staff members.

The round was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital and existing shareholders TR Capital and B Capital. Several early investors exited partially or fully through the secondary sale, including Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast.

Valuation and financial position

The transaction values MoEngage at more than $900 million post-money, according to a person involved in the deal. The company is also tracking toward $100 million in annualised recurring revenue this year, though it has not publicly disclosed financial figures.

MoEngage expects to reach EBITDA profitability this quarter, according to co-founder and chief executive Raviteja Dodda, and is targeting around 35% compound annual growth over the next three years.

Where the primary capital is going

The fresh capital entering the business will be directed mainly toward product development and artificial intelligence, rather than sales expansion or market blitzes.

MoEngage plans to invest further in its Merlin AI suite, including the use of AI agents designed to help marketing, product, and engineering teams make faster decisions using customer data. The company is also bundling analytics, engagement, and transactional messaging into a broader product aimed at increasing contract sizes and expanding beyond traditional marketing teams.

Customer engagement, Dodda said, is no longer limited to marketing. Product and engineering teams increasingly rely on the same data to understand user behaviour, retention, and conversion.

Acquisition plans in the West

MoEngage is also setting aside capital for select acquisitions, primarily in the United States and Europe. The focus is on software companies that either complement its engagement platform or bring specialised AI capabilities. The company is also open to acquiring small AI teams to strengthen internal product development.

A global business built with Indian cost discipline

Founded 11 years ago, MoEngage is headquartered in Bengaluru and San Francisco and operates across 75 countries. More than 30% of its revenue comes from North America, around 25% from Europe and the Middle East, and the remaining 45% from India and Southeast Asia.

One factor cited by investors is the company’s ability to compete globally while maintaining an India-based cost structure, which has helped it price competitively in the U.S. market without sacrificing margins.

Liquidity without pressure to list

The heavy use of secondary transactions allows MoEngage to provide returns to early shareholders and employees without forcing a near-term public offering. Dodda said the company does not face pressure to list immediately and expects to consider an IPO in a couple of years, depending on market conditions.

Including this round, MoEngage has now raised about $307 million in primary capital since inception. Avendusadvised the company on the transaction.

Also Read: STMicroelectronics Shipped Over 5 Billion Chips for Starlink Over 10 Years

The pledge was announced Wednesday and represents a direct allocation of sovereign digital asset reserves to a domestic infrastructure project. The government said the Bitcoin will be reserved specifically for GMC and will not be sold as part of the initiative.

King Jigme Khesar Namgyel Wangchuck addressed the project during his National Day speech, stating that the development is intended to benefit citizens across the country rather than a single region.

Under the plan, land tied to the project will be treated under a shareholder-style framework. Because most land is state-owned, the government said citizens from all districts will have a stake in the city’s long-term performance.

Bitcoin held for development, not liquidation

GMC board director Jigdrel Singay said the Bitcoin allocation will remain ring-fenced for the project and managed as a long-term reserve.

According to Singay, the government is evaluating multiple ways to use the holdings without selling them, including collateral-based structures, conservative yield strategies, and treasury management approaches designed to preserve value over time.

No final structure has been selected, and officials said decisions will be made in stages as the project advances.

One of the largest sovereign crypto commitments to infrastructure

The allocation ranks among the largest known cases where a government has committed digital assets directly to infrastructure development rather than treating them solely as financial reserves.

Bhutan has accumulated Bitcoin over several years, primarily through mining operations powered by domestic hydroelectric resources. The country currently holds 5,984 BTC, worth more than $520 million, placing it among the top sovereign Bitcoin holders globally, according to blockchain data.

This year, GMC formally designated Bitcoin, Ethereum, and BNB as strategic reserve assets. The city has also partnered with Binance Pay to enable cryptocurrency payments across parts of the tourism sector.

Separately, Bhutan integrated its national digital identity system with Ethereum, becoming the first country to anchor population-scale identity records on a public blockchain.

Recent digital asset initiatives at GMC

Last week, GMC introduced TER, a gold-backed digital token issued on Solana, with DK Bank acting as the exclusive distributor. The token is positioned as a regulated digital asset tied to physical gold reserves.

Officials said the issuance is intended to support controlled experimentation with digital assets while maintaining oversight and transparency standards.

The government said all digital asset initiatives connected to GMC will operate under defined governance rules, with an emphasis on long-term stewardship rather than short-term market activity.

Also Read: Bitcoin and Ethereum ETFs Lose $582 Million in One Day as Funds Pull Capital

Bitcoin spot ETFs saw net redemptions of $357.6 million over the session, according to ETF flow data. The selling was spread across multiple products, including offerings from Fidelity, Ark Invest, and Bitwise. BlackRock’s Bitcoin ETF ended the day with little change.

Ethereum spot ETFs followed a similar pattern. Net outflows reached nearly $225 million, marking the biggest single-day reduction since early in the month.

ETF flows weaken despite stable crypto prices

The withdrawals came even as Bitcoin and Ethereum prices remained within their recent trading ranges. That divergence suggests the selling was driven by portfolio rebalancing rather than sharp moves in crypto markets themselves.

Spot ETFs have become the fastest way for large investors to adjust digital asset exposure. When equity markets come under pressure, these products are often used to reduce risk quickly.

December flows remain negative for Bitcoin ETFs

So far this month, Bitcoin ETFs have recorded more money leaving than entering. December redemptions total roughly $705 million, compared with about $480 million in inflows, leaving the segment with a net decline of around $225 million.

Ethereum ETFs have shown a more even pattern. Inflows and outflows have been close to balanced, leaving total exposure near flat for the month.

Equity and rate pressures weigh on positioning

The latest ETF outflows coincided with renewed uncertainty around U.S. interest rates and a pullback in technology stocks. Yields on 10-year U.S. Treasury notes climbed to around 4.2%, the highest level since early September, tightening financial conditions across markets.

As equity volatility increased, crypto ETFs were sold alongside other risk assets. Unlike earlier selloffs driven by forced liquidations, recent withdrawals reflect deliberate position trimming by institutions.

Crypto demand remains muted in the near term

Despite avoiding a sharp price breakdown, crypto markets have struggled to attract consistent new buying. Trading activity has remained thin, and price rebounds have been met with selling.

ETF holdings remain substantial overall, but recent flow data shows that institutional investors are prioritizing flexibility and liquidity while macro conditions remain unsettled.

Also Read: Trump Media’s Crypto.com Deal Puts Presidential Business Ties Under Scrutiny

Crypto.com spent more than a year under scrutiny by U.S. financial regulators, facing the prospect of enforcement action tied to its operations in the cryptocurrency market. That risk faded after Donald Trump returned to the White House. Within months, the company emerged not only free of investigation but tied financially to Trump’s media business.

The crypto exchange later committed roughly $1 billion in digital assets to a joint venture with Trump Media & Technology Group, the parent company of Truth Social. The arrangement has drawn attention from legal scholars and ethics specialists, who say it highlights concerns about business relationships involving companies overseen by federal regulators and a sitting president whose family controls private enterprises.

Crypto.com confirmed that a regulatory inquiry into the company was closed earlier this year. Public records show that, during the same period, the firm increased its political spending, including donations to committees aligned with Trump and payments to a lobbyist with close ties to the president.

From investigation to partnership

Under the previous administration, regulators had warned Crypto.com that enforcement action was under consideration. The inquiry was later dropped after Trump’s election victory. The company says the decision was based on a lack of evidence, not politics.

Shortly afterward, Trump Media announced a new venture focused on managing reserves for Crypto.com’s Cronos token. Trump Media contributed limited capital to the project but received a significant ownership stake, according to regulatory filings. The bulk of the assets backing the venture came from Crypto.com.

Trump Media, which has reported large operating losses since launching in 2021, has been expanding beyond social media into financial services and digital assets. The Cronos treasury deal marks one of its largest crypto-related moves to date.

Political spending and access

Campaign finance disclosures show that Crypto.com donated $1 million to Trump’s inauguration fund and $10 million to a political action committee supporting his candidacy. The company also hired a lobbyist who worked closely with Trump allies and later contacted regulators on crypto policy matters.

Crypto.com says the lobbyist had no role in the investigation and denies any link between its political contributions and the outcome of the regulatory review.

Ethics experts argue that the sequence of events creates an appearance problem, even if no rules were broken. Modern presidents have typically taken steps to separate themselves from private business dealings to avoid such situations, said former government ethics officials.

Trump Media’s move into crypto

Trump Media was created to support Truth Social, a platform launched after Trump was removed from major social networks following the January 6 Capitol attack. The company later went public and has since struggled to reach profitability, reporting losses exceeding $400 million last year.

After the listing, Trump Media broadened its ambitions. It announced plans for a streaming service, financial products, and digital-asset ventures. Trump’s own views on cryptocurrency have also changed over time. After dismissing Bitcoin as a scam in 2021, he later embraced the sector during his campaign and pledged to ease oversight.

Members of Trump’s family have launched separate crypto businesses and token projects. Some companies and individuals involved in those efforts later benefited from regulatory decisions, including paused investigations or presidential pardons, according to public records.

Structure of the Crypto.com deal

The Cronos venture is structured so that Crypto.com supplies most of the funding in the form of its own digital tokens. Trump Media’s contribution consists largely of branding rights and intellectual-property licenses, filings show. A third partner, a financial firm that has previously worked with Trump Media, is providing credit support.

All parties are expected to hold majority interests, though exact ownership percentages have not been disclosed.

Critics say the economics of the deal raise questions about whether the arrangement would have been possible without the regulatory outcome. Supporters counter that the partnership reflects market confidence and shared commercial interests.

Official responses

The White House has said the president placed his business assets into a trust overseen by his sons and that neither he nor his family engages in conflicts of interest. Trump Media has rejected claims that the deal is improper, dismissing reporting on the matter as politically motivated.

Crypto.com maintains that its regulatory case was closed on the merits and that its political activity played no role. Regulators have not commented publicly on the specifics of the decision.

What remains clear is that the deal places a major cryptocurrency firm and a company controlled by the president’s family in a shared financial venture—an arrangement that continues to fuel debate over ethics, influence, and oversight in Washington’s approach to digital assets.

Also Read: Trump Media Partners With Crypto.com to Launch Truth Predict Market on Truth Social

The offering could raise about $300 million, according to Chinese media reports, a figure confirmed by one of the sources. Two of the people said the company could begin the IPO process as early as this month, with trading expected in January.

Biren, based in Shanghai, is among a group of domestic chipmakers aiming to supply advanced processors to Chinese customers as access to U.S.-made semiconductors remains restricted. The company focuses on graphics processing units (GPUs) used in artificial intelligence workloads.

A notice published on Monday by the China Securities Regulatory Commission (CSRC) showed that Biren plans to issue up to 372.5 million shares in Hong Kong. Existing shareholders will also convert 873.3 million mainland-listed shares into Hong Kong-listed stock as part of the transaction.

The sources declined to be identified because the information is confidential. Biren did not respond to a request for comment.

Biren’s listing comes after recent GPU IPOs

Biren’s planned Hong Kong listing follows recent IPOs by Chinese GPU developers Moore Threads and MetaX, both of which attracted heavy demand from investors. Moore Threads’ shares climbed more than 400% during its Shanghai debut earlier this month.

Founded in 2019, Biren was set up by Zhang Wen, a former president at facial recognition firm SenseTime, and Jiao Guofang, who previously worked at Qualcomm and Huawei.

The company drew market attention in 2022 after unveiling its first products, including the BR100 chip, which Biren said was designed for large-scale AI computing workloads comparable to Nvidia’s H100.

In 2023, Biren was placed on the U.S. Commerce Department’s Entity List, cutting off its access to advanced manufacturing services from Taiwan Semiconductor Manufacturing Company. The move forced the company to adjust its production strategy.

Before a funding round in the first half of 2025, Biren was valued at about 14 billion yuan ($2 billion). It raised roughly 1.5 billion yuan in that round, with participation from government-linked investors in Shanghai and Guangdong.

Other shareholders include Qiming Venture Partners, IDG Capital, Hillhouse Investment’s venture arm, the Russia-China Investment Fund, Country Garden Venture Capital, and New World Group, according to the company’s disclosures.

Bank of China International, CICC, and Ping An Securities are acting as joint sponsors on the IPO. Ping An declined to comment, while the other banks did not respond to requests for comment.

Also Read: SpaceX Reaches $800 Billion Valuation and Outlines Plan for 2026 IPO

Bitcoin fell below $86,000 on Monday for the first time in two weeks, extending a slide that has pushed the cryptocurrency closer to its lowest levels of the year.

The world’s largest digital asset dropped as much as 3.7% to $85,171 before recovering modestly during Asian trading on Tuesday. Prices later slipped again to around $85,575 in Hong Kong. Bitcoin is now down roughly 30% from its record high above $126,000 reached in early October.

Market participants said selling has continued to emerge near the upper end of Bitcoin’s recent range, particularly from investors who bought near the peak and are using any rebound to exit positions. That has kept the token confined to a broad band between roughly $85,000 and $94,000.

Trading activity has remained subdued across crypto markets. Volumes have stayed low, and price moves have lacked follow-through, according to derivatives data.

Bitcoin’s weakness has also stood out relative to other risk assets. While stocks and bonds have shown intermittent rebounds in recent weeks, Bitcoin has failed to participate, breaking its typical tendency to move higher alongside broader markets. Traders pointed to thin liquidity and reduced appetite for risk, even after the Federal Reserve cut interest rates last week.

The broader macro backdrop remains uncertain. The final full trading week of 2025 opened with uneven moves in equities, bonds, and currencies as investors awaited economic data expected to influence the Fed’s next policy decisions.

Unlike previous selloffs, Bitcoin’s latest decline has not been driven by large-scale forced liquidations. Instead, market participants said positioning in spot and derivatives markets has played a larger role. Liquidation data suggests many overleveraged trades were already unwound earlier, leaving selling that is slower but more persistent.

One notable exception to the broader retreat has been Strategy Inc., the Bitcoin-focused treasury company formerly known as MicroStrategy. The firm disclosed on Monday that it purchased nearly $1 billion worth of Bitcoin for a second straight week.

Most of the purchases were funded through at-the-market sales of the company’s Class A common stock, along with sales of three of its four classes of perpetual preferred shares. Critics of the strategy have warned that repeated equity issuance could dilute existing shareholders and reduce the premium at which the stock trades relative to its Bitcoin holdings, now valued at roughly $59 billion.

Losses extended beyond Bitcoin. Ether, Dogecoin, and XRP each fell about 5% on Monday, while shares of crypto-related companies also declined. Strategy shares dropped more than 9% at one point, and Coinbase Global fell around 7%.

Despite the absence of widespread forced selling in Bitcoin, the broader market downturn triggered liquidations of approximately $520 million in bullish positions across all cryptocurrencies over the past 24 hours, according to data from Coinglass.

Bitcoin last touched a low for 2025 in April, when prices fell to around $74,400 after President Donald Trump’s initial tariff proposals disrupted global financial markets.

Also Read: Bitcoin Could Reach Multi-Million Levels in 15 Years — How Much Would You Need to Retire?

The fund, called My OnChain Net Yield Fund, or MONY, will open to qualified investors this week. JPMorgan is seeding the fund with $100 million of its own capital, according to the bank, before making it available through its Morgan Money platform.

Access is limited to high-net-worth clients. Individuals must hold at least $5 million in assets, while institutions need $25 million or more. The minimum investment is $1 million, keeping the product firmly aimed at professional investors.

At its core, MONY functions like a traditional money-market fund. What’s different is how ownership works. Investors receive a token issued on Ethereum that represents their stake in the fund. That token can be held on-chain while continuing to earn yield, rather than sitting inside a conventional custody account.

Why JPMorgan built MONY on Ethereum

JPMorgan selected Ethereum to issue and settle MONY because the network already supports institutional-grade token issuance, custody, and settlement at scale.

Money-market funds rely on frequent settlement and precise record-keeping. By issuing fund shares as tokens on Ethereum, ownership can be recorded directly on-chain, reducing the need for internal reconciliation across multiple systems. Investors hold the token itself, rather than relying solely on back-office entries to track their position.

The structure allows yield to accrue while the token remains on-chain, without changing how the underlying fund operates. From the investor’s perspective, the exposure remains the same; what changes is how ownership is represented and transferred.

The fund is supported by JPMorgan’s Kinexys Digital Assets infrastructure, which the bank introduced last year to handle blockchain-based issuance, custody coordination, and settlement for institutional products.

Money-market funds move first onto public blockchains

Money-market funds have become one of the first traditional products to move onto public blockchains because of how they operate.

They hold short-dated assets, generate predictable returns, and settle frequently. That makes them easier to issue and track on-chain than products with complex pricing or long lock-up periods.

Several large asset managers have already placed cash and government bond funds on public networks, using blockchain settlement instead of closed internal systems. These products do not change how the funds invest; they change how ownership is recorded and transferred.

JPMorgan said the structure fits money-market funds because investors focus on liquidity and accurate settlement, not active trading features.

JPMorgan is testing more than one blockchain

Although MONY runs on Ethereum, JPMorgan’s blockchain work is not limited to a single network.

In recent weeks, the bank has outlined plans for structured notes linked to Bitcoin’s price and has explored the use of deposit tokens on blockchain infrastructure used by crypto-native firms. It has also arranged the issuance of tokenized commercial paper on Solana for institutional clients, using public blockchain rails to settle short-term corporate debt.

Each project focuses on moving familiar financial instruments—cash deposits, money-market funds, or commercial paper—onto blockchain systems, rather than creating new crypto-only products.

What JPMorgan is actually changing

MONY does not alter how a money-market fund earns yield or manages risk. What it changes is how ownership is recorded and transferred.

Instead of relying on internal databases and delayed settlement, fund shares exist as tokens on a public blockchain. Transfers can be reflected immediately, with ownership visible on-chain rather than reconciled later through back-office processes.

Access to MONY remains limited to qualified investors, but the structure mirrors how traditional funds could operate if tokenized settlement becomes standard.

MONY adds another example of Ethereum being used to record and settle regulated financial products, rather than for trading or speculative activity.

Also Read: Bitcoin Could Reach Multi-Million Levels in 15 Years — How Much Would You Need to Retire?

An independent review of retirement expenses in almost 100 countries translated those costs into Bitcoin instead of local currencies. In many lower-cost countries, the total comes out well below one Bitcoin. In wealthier countries, higher living expenses push the required amount much higher.

The estimates are based on holding Bitcoin over time and selling small portions to cover retirement spending, rather than trading frequently or selling all holdings at once.

High-cost countries require more Bitcoin

In countries with high housing, healthcare, and service costs, retirement expenses remain elevated even after leaving the workforce.

The study estimates that people in countries such as Switzerland, Norway, Ireland, Luxembourg, Australia, New Zealand, Singapore, and Bermuda may need between one and five Bitcoins, depending on age and expected retirement length.

Younger individuals face higher requirements because they are expected to spend more years in retirement, increasing total lifetime costs.

Moderate needs in North America, Europe, and East Asia

In major developed economies, the estimated Bitcoin requirement is lower than in the most expensive jurisdictions but remains substantial.

• United States and United Kingdom: generally around 0.5 to 1 Bitcoin

• Canada: starting near 0.3 Bitcoin for older age groups

• Germany, France, Spain, Italy: typically below one Bitcoin, supported by public pension systems

• Japan and South Korea: moderate requirements, reflecting lower retirement spending despite long life expectancy

State pensions and national healthcare systems reduce the amount of private savings needed across much of Europe and East Asia.

Lower thresholds across Latin America, Southeast Asia, and Eastern Europe

In many middle-income regions, lower daily expenses lead to much smaller retirement funding needs.

Countries such as Mexico, Brazil, Colombia, Peru, Chile, Poland, Romania, Hungary, Thailand, Vietnam, Indonesia, Malaysia, and the Philippines show estimates well below one Bitcoin for most age groups.

Outside major cities, some projections fall closer to 0.1 to 0.3 Bitcoin, reflecting lower housing and service costs.

The smallest amounts appear in low-cost economies

The lowest Bitcoin requirements appear in countries with very low living costs.

In parts of Africa and South Asia, including Bangladesh, Nepal, Sri Lanka, Nigeria, Cameroon, Ethiopia, and South Sudan, the study suggests that retirement for some age groups could be supported with as little as 0.01 to 0.05 Bitcoin.

These figures reflect daily expenses rather than income security, and outcomes vary widely depending on access to healthcare and inflation conditions.

Estimated Bitcoin Needed for Retirement by Country

Why age changes the calculation

Age is one of the most important factors in the study.

People closer to retirement require less Bitcoin because they are expected to draw funds for a shorter period. Younger individuals require more because retirement may span several decades.

The study does not assume early retirement and is based on standard retirement ages in each country.

The long-term Bitcoin price assumption

To convert retirement costs into Bitcoin, the research uses a long-term price assumption based on Bitcoin’s historical lifespan and past growth behavior.

Bitcoin is currently under 17 years old. Using the same historical framework, the study estimates that Bitcoin’s price could reach the multi-million-dollar range over the next 15 to 20 years. The estimate is not a forecast of timing and does not account for market cycles or short-term volatility.

How location changes the retirement math

The numbers make one thing clear: retirement costs look very different once they are measured against local prices rather than headline Bitcoin forecasts.

In countries where housing, food, and healthcare remain relatively affordable, the amount of Bitcoin needed to cover decades of expenses stays low. In higher-income economies, those same costs continue to add up long after retirement begins, pushing the required Bitcoin balance much higher even before inflation is considered.

The gap does not come from Bitcoin itself but from differences in daily living costs and how long retirees are likely to draw on their savings. That range explains why a fraction of a coin may cover retirement in some countries, while several coins may still fall short in others.

Also Read: A Crypto Trading Below $1 Is Quietly Beating the Market

The chips are installed in customer terminals on the ground, where they handle communication between user equipment and Starlink’s low-Earth orbit satellites. STMicro began supplying SpaceX around 2015, when Starlink was still in development, and volumes have grown steadily as the network expanded.

Remi El-Ouazzane, who heads STMicroelectronics’ microcontrollers and digital integrated circuits business, said the number of terminals produced over the past decade could be matched again within the next two years, reflecting continued growth in satellite internet deployments. He did not provide shipment forecasts.

The antenna chips are manufactured using BiCMOS technology, which combines bipolar and CMOS processes to support high-frequency data transmission. El-Ouazzane said similar chip designs are being considered by other companies developing low-Earth orbit satellite systems.

Starlink currently operates in more than 150 markets and reports about 8 million users worldwide, according to information published by SpaceX. The network is part of a broader expansion of commercial satellite broadband services, alongside projects led by Eutelsat’s OneWeb and Amazon.

The spread of these satellite networks has increased demand for semiconductors that can operate in harsh environments while handling large volumes of data. STMicroelectronics supplies components designed for such conditions across several space-related programs.

In addition to chips used in Starlink user terminals, STMicro is supplying components for SpaceX systems that enable satellites to exchange data directly through laser links. The company is also working with European aerospace groups, including Thales and Eutelsat, on satellite projects such as the European Union’s Iris² constellation.

STMicroelectronics’ role in these programs places the company among a small group of chipmakers supplying hardware used in large-scale commercial satellite networks.

Also Read: SpaceX Reaches $800 Billion Valuation and Outlines Plan for 2026 IPO

The proposed facility is valued at about 10 trillion won ($6.8 billion) and would refine zinc, antimony, germanium, and other minerals that are essential inputs for semiconductors, telecommunications equipment, and military hardware. Korea Zinc is the world’s largest zinc smelting company, and the project would mark one of its most significant investments outside South Korea.

According to people briefed on the plan, the smelter would be designed to process raw materials sourced outside China, addressing concerns in Washington about supply concentration and export controls. China currently dominates global production and processing of antimony and germanium, two minerals that have drawn increased attention from defense planners and chipmakers.

Shares of Korea Zinc rose about 11% in morning trading after reports of the board discussion. The market reaction came despite strong opposition from major shareholders who are pressing for changes in the company’s leadership.

Investment structure under review

People familiar with the proposal say U.S. government entities and U.S. defense-related companies would invest roughly 1 trillion won in the joint venture. In addition, the U.S. side would acquire around a 10% stake in Korea Zinc. Such an arrangement would be unusual, as the U.S. government rarely takes equity positions in foreign industrial companies, particularly in the mining and smelting sector.

Most of the remaining capital needed for the project would be raised through borrowings, according to the same sources. The scale of the financing makes the project one of the largest overseas industrial investments by a South Korean metals producer.

Korea Zinc has not issued an official comment. The people discussing the matter asked not to be identified because the board has not yet made a decision.

Major shareholders oppose proposal

The proposal has intensified an ongoing dispute between Korea Zinc’s management and its largest shareholders. Young Poong Group, together with private equity firm MBK Partners, controls about 41% of the company’s voting rights.

Young Poong has criticized the U.S. smelter plan, arguing that management is seeking strategic allies to reinforce its position rather than addressing governance concerns raised by shareholders. Earlier this year, Young Poong and MBK attempted to secure a majority of board seats but failed, leaving control with the current leadership.

The disagreement has kept corporate governance and capital allocation under scrutiny as Korea Zinc evaluates large, long-term investments.

China export restrictions on key minerals

China’s dominance of critical minerals has become a central issue for governments and manufacturers. Antimony and germanium are used in infrared optics, satellite systems, semiconductors, and military communications equipment.

In December 2024, China restricted exports of antimony and germanium to the United States following U.S. measures targeting China’s chip industry. Although those restrictions were later suspended, the move highlighted the vulnerability of supply chains that depend on a single country.

Korea Zinc has already taken steps to address these risks. In August, the company agreed with Lockheed Martin to produce germanium from 2028 using raw materials sourced outside China, signaling a shift toward alternative supply routes.

The proposal would add U.S.-based processing capacity for zinc, antimony, and germanium and expand Korea Zinc’s operations beyond China-linked supply chains.

Also Read: South Korea, U.S. Finalize Foreign Exchange Deal for $350B

Despite that performance, Tron continues to trade at around $0.25, a price that suggests a small or speculative project. That assumption does not line up with the network’s actual scale or activity.

Tron isn’t small — it’s ignored

Tron operates a full Layer-1 blockchain with its own validator set, smart-contract system, and developer ecosystem. The network processes millions of transactions per day, driven largely by stablecoin transfers rather than speculative trading.

In particular, Tron has become one of the primary rails for USDT (Tether). Large volumes of dollar-pegged transactions move through the network daily, especially in regions where banking access is limited and transfer fees matter. This usage is consistent, transactional, and utility-driven — not dependent on short-term hype cycles.

That activity places Tron among the most heavily used blockchains in the world. Yet it remains largely absent from U.S. crypto conversations, analyst coverage, and institutional narratives. The gap between usage and visibility is unusually wide for a top-10 cryptocurrency.

Why the U.S. market matters

Cryptocurrency pricing remains heavily influenced by U.S. capital flows. Liquidity, derivatives markets, ETF exposure, and media attention are still concentrated there. Projects that fail to gain traction in the U.S. often see their valuations stall, regardless of global usage.

Tron fits that pattern. Its user base is international, but its exposure to U.S. investors is limited. As a result, TRX trades at levels that reflect regional utility rather than global relevance.

If Tron gains stronger footing in U.S. exchanges, corporate usage, or public markets, the current pricing framework would need to adjust. That adjustment would not require a change in technology — only a change in where demand comes from.

Justin Sun changes the equation — for better or worse

Tron’s strategic direction remains closely tied to its founder, Justin Sun. Sun has built a reputation for aggressive expansion, high-profile deals, and public visibility. That approach has kept Tron in circulation during periods when many older blockchains faded from relevance.

More recently, Sun’s political alignment with Donald Trump and the creation of Tron Inc., a Nasdaq-listed company, have brought Tron closer to U.S. financial infrastructure than at any point in its history. Public markets introduce a different level of disclosure, scrutiny, and accountability — but they also open access to capital and legitimacy that crypto-only projects often lack.

This concentration of influence also creates risk. Tron’s perception, regulatory exposure, and expansion efforts are directly tied to Sun’s decisions. Investors are not betting on a decentralized narrative alone; they are betting on leadership.

The part investors can’t ignore

Tron launched in 2018, and its all-time high remains below $0.50. The token has never crossed $1, and it has spent years trading in a narrow range. That history places a hard ceiling on expectations.

At the same time, Tron’s current performance contradicts the idea that it is a stalled project. In a year when the two largest cryptocurrencies are down, Tron has posted gains while maintaining high network activity and stablecoin dominance.

That combination — low price, high throughput, real usage, and renewed U.S. exposure — is rare among large-cap cryptocurrencies.

Tron does not need a narrative shift to justify attention. The data already exists. What remains unanswered is whether the market chooses to notice it.

Also Read: Ripple, Circle and Other Crypto Firms Win Initial Approval to Form National Trust Banks

What Emerged From Trump’s Meeting With Warsh

Trump met with Warsh this week, and according to people familiar with the discussion, Warsh argued that borrowing costs should come down.
Warsh, who served on the Federal Reserve Board during the 2008 crisis, has kept a strong presence in monetary-policy circles through research and commentary. His experience at the central bank is viewed by some investors as a point of stability during a period of economic uncertainty.

Hassett, who leads the National Economic Council, has been part of Trump’s economic team since the first term. Several executives who have spoken with the administration say Hassett is seen as more open to faster rate cuts.

Trump said he expects to choose a nominee “within the next few weeks.”

How Trump Described the Role of the Next Fed Chair

Speaking later at the White House, Trump said the person he appoints should keep him informed about how the committee is thinking about interest rates. While he acknowledged that the Fed would still make its own decisions, he made clear he wants more direct communication on policy matters than previous presidents have requested.

Trump has repeatedly said that rates should fall far below current levels and argued this week that a policy rate near 1%would be appropriate.

How Investors Are Reading the Two Candidates

Banks and asset managers are evaluating what each contender would mean for the timing of future rate changes. At a private event for investment leaders in New York, JPMorgan CEO Jamie Dimon said Hassett appears more inclined to support near-term cuts, according to people familiar with the conversation.
Dimon also spoke favorably about Warsh’s earlier work at the Fed and said he would be a capable chair.

Their reactions underscore how market participants are tracking the search, given the stakes for credit costs, bond yields, and business investment.

Fed Policymakers Remain Split After Latest Rate Move

The Fed lowered its benchmark rate on Wednesday for the third meeting in a row, bringing the target range to 3.5%–3.75%. Three officials dissented, showing that the committee is divided on how quickly to ease.

The next chair will inherit an institution working through uneven inflation data, slowing job growth, and pressure from the White House for deeper cuts — conditions that will shape one of the most consequential early decisions of Trump’s second term.

Also Read: Trump May Replace Fed Chair Jerome Powell: Kevin Warsh and Waller Top List

Strategy shifted its identity in 2020 when it began directing its capital toward buying Bitcoin rather than expanding its legacy software operations. Since then, its market value has moved in near lockstep with the cryptocurrency. While the company still sells software, those revenues play a minimal role in shaping its stock price. Instead, investors see Strategy as a publicly listed vehicle for gaining exposure to Bitcoin, sometimes referring to it as a “corporate Bitcoin fund” rather than a technology firm.

This unusual position places Strategy in a category that traditional benchmarks were not designed to accommodate. The Nasdaq 100 tracks the largest non-financial companies listed on the exchange by market value. Strategy qualifies on size alone, but its business model blurs the line between an operating company and a digital-asset holding entity. That tension has raised questions about whether inclusion should depend solely on market capitalization or on the nature of a company’s economic activity.

The decision to keep Strategy in the index comes during a broader review by global index providers. MSCI, which manages widely used international benchmarks, has said it is evaluating whether companies whose valuations depend primarily on cryptocurrency holdings are appropriate for traditional equity indexes. MSCI will issue its decision in January, and the outcome may influence how other index builders update their rules as more companies adopt similar treasury strategies.

The latest Nasdaq reshuffle removed companies such as Biogen, GlobalFoundries, Lululemon Athletica, On Semiconductor, CDW, and The Trade Desk. Added to the index were Seagate Technology, Western Digital, Ferrovial, Alnylam Pharmaceuticals, Insmed, and Monolithic Power Systems. These changes take effect December 22.

Fund managers say the issue is less about Strategy in particular and more about what its inclusion represents. If companies whose value is driven by a single volatile asset remain eligible for major benchmarks, indexes could end up more exposed to cryptocurrency swings than intended. That exposure would flow into pension funds, ETFs, and retirement accounts that track these benchmarks automatically.

Index providers say the core issue is classification. Equity benchmarks sort companies based on their primary source of business activity, and Strategy’s filings show that its operating revenue plays a limited role in determining its market value. Because most of its valuation now reflects Bitcoin held on its balance sheet, index committees are reviewing whether it should remain grouped with technology companies or placed in a separate category.

MSCI’s upcoming January review is expected to address this directly. People familiar with the process say the firm is examining whether Bitcoin-treasury companies should be treated like traditional operating businesses or flagged as balance-sheet-driven entities, similar to how some commodity-holding firms are classified. The outcome could influence how other benchmarks evaluate similar companies later this year.

Also Read: Michael Saylor Firm Raises STRC Dividend to 10.5 Percent

The new valuation reflects a per-share price of $421, nearly twice the level used during SpaceX’s mid-2025 tender offer, when investors bought and sold shares at $212. At that time, SpaceX was valued at roughly $400 billion.

The updated figure pushes SpaceX well ahead of OpenAI’s recent $500 billion valuation and restores its position as the world’s highest-valued private company.

How SpaceX Plans to Use Future IPO Money

In the memo to investors, Chief Financial Officer Bret Johnsen said SpaceX is planning for an IPO in 2026 to support several large-scale programs already in motion. These include:

• A much higher launch cadence for Starship, the company’s fully reusable heavy-lift rocket

• Storage and computing systems placed in orbit to run AI workloads in space

• Early development tied to a long-term lunar base project

Johnsen described these plans as requiring capital far beyond what the company raises through its twice-annual share tenders.

Record-Breaking Offering Under Consideration

SpaceX is evaluating an offering that would raise well above $30 billion, Bloomberg reported earlier this week. A transaction of that size would surpass every public listing to date.

According to the memo, SpaceX aims for a $1.5 trillion valuation at the time of the offering. If achieved, it would place the company near the level reached by Saudi Aramco during its record 2019 IPO.

The memo noted that both the timing and valuation remain uncertain, and SpaceX could still choose not to proceed depending on market conditions.

SpaceX did not comment publicly on the details.

Why Investor Interest Remains High

SpaceX has built two core businesses that dominate their sectors:

Falcon 9 Launch Program: Falcon 9 conducts more orbital missions than any other rocket, carrying commercial satellites, Starlink payloads, cargo for NASA, and crewed missions. The repeated reuse of Falcon 9 boosters has lowered launch costs and made it the preferred option for companies around the world.

Starlink Internet Service: Starlink’s constellation now includes thousands of satellites and serves millions of customers. The service has become a major revenue driver and has been adopted in residential markets, aviation, maritime operations, and remote regions.

These two businesses provide the cash flow and operational base underpinning SpaceX’s work on Starship, satellite manufacturing, and expanded commercial services.

New Details Shared With Investors

SpaceX’s memo included information that had not been part of its earlier tender updates. The company explained that work tied to Starship, Starlink production, and several long-term infrastructure projects now requires a multi-year financing schedule, which is why shareholders were given a defined IPO year. The update also outlined new internal reporting steps and audit requirements SpaceX has begun preparing for, measures that are necessary before a privately held company can enter public markets. The timeline remains flexible, but the memo shows SpaceX aligning major engineering and financial programs around the same target year.

Also Read: Elon Musk’s SpaceX preparing 2026 IPO that could raise over $25 billion, source says

On Friday, the OCC issued conditional approvals for Ripple and Circle to create new national trust banks. The agency also approved applications from BitGo, Paxos, and Fidelity to convert their existing state trust banks into national ones. These preliminary approvals do not allow the firms to open immediately; each applicant must meet additional requirements before receiving a full charter.

This is the first time multiple digital-asset companies have advanced this far through the federal banking approval process at the same time.

What These Charters Allow — and What They Don’t

A national trust bank charter would let these crypto firms:

• Hold and manage customer assets, including digital tokens

• Process payments and settlements on a nationwide basis

• Operate under a single federal regulator rather than juggling dozens of state rules

But these charters do not authorize the firms to:

• Accept deposits like a traditional bank

• Issue loans

• Offer full retail banking services

The OCC currently supervises 60 national trust banks. Only one crypto firm — Anchorage Digital — holds a full national trust bank charter today.

OCC Comptroller Jonathan Gould said the additions would expand customer options and bring more activity under federal oversight.

Traditional Banks Objected Strongly

Several major banking associations urged the OCC to deny the applications. Their arguments centered on two points:

1. Regulatory burden: Banks say they must meet much tougher requirements to receive national charters, and allowing crypto firms easier access would create an uneven playing field.

2. Risk exposure: Banks warned that digital-asset companies carry higher operational and market risks, which could spill into the broader financial system if not supervised carefully.

Despite these objections, the OCC moved the applications forward, saying the firms must still meet strict standards before receiving full authorization.

Why Crypto Firms Want National Charters

For years, companies like Ripple, Circle, and Paxos have operated under a patchwork of state money-transmitter laws and limited-purpose trust charters. A national trust bank license would give them:

• A single regulatory home

• The ability to serve customers in every state without additional licensing

• Direct supervision by a federal banking regulator

• A clearer path to offering custody and payment services to large institutions

For firms that already work with stablecoins, institutional clients, or cross-border payment networks, a national trust bank charter removes major operational barriers.

Ripple and Circle in particular stand to gain broader access to the U.S. financial system, as both companies run large-scale payment and asset-management businesses tied to digital tokens.

Trump’s Recent Statements on Crypto Rules

The timing of the OCC’s preliminary approvals comes as President Donald Trump has spoken publicly about changing federal rules for digital assets. During recent events, Trump said he wants clearer federal oversight for crypto firms and has highlighted the industry while campaigning.

The OCC’s approvals are not final, but they show that federal regulators are reviewing how crypto companies can operate under national banking laws. The charters will only take effect after each firm meets the remaining requirements set by the agency.

Also Read: Crypto.com Files U.S. OCC Charter to Operate as National Trust Bank

Key Points

Rivian used its first Autonomy & AI Day to give a detailed look at the software and hardware that will guide its next generation of self-driving and in-car technology. The electric-vehicle maker announced a paid upgrade for advanced assisted driving, revealed its first in-house processor, and introduced a new voice assistant built on its own software platform.

The moves come as competition in driver-assistance technology continues to intensify, and as Rivian tries to set itself apart with a system built entirely around its own tools.

Rivian’s stock dropped more than 6% during the day.

Autonomy+ Brings Hands-Free Driving to Second-Gen R1 Models

Rivian’s new Autonomy+ upgrade will offer hands-free driving on supported roads, backed by a new autonomous driving model the company calls its Large Driving Model (LDM).
The company said LDM is trained in a way similar to large language models, but focused entirely on driving behavior instead of text.

Autonomy+ will be available in early 2026 and priced at:

• $2,500 one-time, or

• $49.99 per month

Rivian’s current cars offer adaptive cruise control and lane-keeping, but the new system is designed to handle more complex driving scenarios. The company says this updated platform is the foundation for its long-term goal of reaching Level 4 automation—where a vehicle can drive itself within approved areas.

CEO RJ Scaringe described a future where a Rivian vehicle could be told to drive itself to pick up a child from school, without a driver in the car. The company did not set a date for Level 4 capabilities.

Rivian Builds Its Own 5nm Processor to Power Future Autonomy

Rivian also introduced its first custom processor, following a strategy used by Tesla and other companies building advanced driver-assistance systems.

The Rivian Autonomy Processor (RAP1):

• Uses a 5nm manufacturing process

• Combines processing and memory in one module

• Will run on Rivian’s Autonomy Compute Module 3 (ACM3)

RAP1 is at the center of Rivian’s next hardware platform. Rivian said the system is now undergoing validation and scheduled to appear in its R2 models toward the end of 2026. Early R2 units, expected in the first half of 2026, will use current-generation hardware until ACM3 is ready.

Rivian also confirmed that lidar will be added to upcoming R2 vehicles, giving them a detailed 3D view of the road. This is a key difference from Tesla, which relies entirely on cameras.

Rivian’s New Voice Assistant Arrives in 2026

Alongside its self-driving upgrades, Rivian introduced Rivian Unified Intelligence (RUI)—its new AI platform that will support software tools inside future vehicles.

The first product built on RUI is the Rivian Assistant, a voice-controlled helper that can:

• Answer questions

• Help schedule tasks

• Coordinate with apps such as Google Calendar

• Assist with service and maintenance planning

The assistant will launch in early 2026 on both Gen 1 and Gen 2 R1 vehicles.

Rivian stressed that its platform is model-agnostic, meaning it can work with various large-model systems, including Google’s Gemini or OpenAI’s ChatGPT. Until now, Rivian used Amazon Alexa for simple commands, but RUI allows the company to run a much wider set of features.

Why Rivian Is Building Its Own Systems

Rivian said it is developing its own processors, driving models, and software so its vehicles can rely less on outside suppliers. By controlling more of the technology inside its cars, the company aims to update features more quickly and match competing systems already on the market. Rivian said this approach will guide the next stages of hands-free driving and its long-term work on higher levels of automation.

Also Read: Rivian Introduces Affordable SUVs and Crossovers in EV Market Revamp

Key Points

The Supreme Court is reviewing the legality of former President Donald Trump’s global tariffs, and large U.S. companies are positioning themselves for what could become one of the biggest refund events in recent trade history. Roughly $88 billion in duties collected through October could be returned to importers if the court strikes down the tariffs, based on data from Customs and Border Protection (CBP).

Retailers, manufacturers, and consumer-goods companies have begun filing challenges to preserve their right to reimbursement. Among the most prominent is Costco, which relies heavily on imported merchandise and could receive a substantial payout if the court invalidates the duties.

How the Court Handled a Similar Refund in 1998

In 1998, the Supreme Court struck down a federal harbor maintenance tax that applied to exports. Companies including Chevron argued that the tax violated the Constitution’s ban on export duties. After the ruling, the government had to return roughly $750 million to thousands of businesses.

The process looked like this:

• Exporters filed claims showing the duties they had paid during the previous five years.

• Payments were eventually sent, but the distribution took almost two years to complete.

• In 2000, a second Supreme Court decision widened eligibility, allowing refunds for duties paid back to 1987, when the tax was created.

Trade policy analyst Jacob Jensen noted that the federal government already has the systems needed to issue repayments when required. He said that if the Court overturns the Trump-era tariffs, a refund effort of similar scale would be manageable.

Why Importers Are Filing Claims Now

Under customs rules, CBP finalizes duty assessments about 10 months after goods arrive in the United States. Once that assessment becomes final, companies have six months to challenge the amount. After that point, recovering money becomes far more complicated unless a court forces the government to issue refunds.

The first round of Trump-era tariffs on Chinese goods began in February, followed by broader duties in April. With those timelines, many importers are nearing the end of their challenge window. Companies that do not file before the deadline risk losing their chance to reclaim duties if the tariffs are later ruled unlawful.

Costco has already filed its challenge. Several other firms — including Revlon, EssilorLuxottica (the parent of Ray-Ban), Kawasaki Motors, and BumbleBee Foods — have done the same to preserve their claims.

Tim Meyer, a trade law professor at Duke University, said the growing number of filings shows that companies do not expect the federal government to run a smooth refund process on its own. Businesses are turning to the courts because they want a clear record of their claims before the deadlines pass.

How Much Money Costco Could Get Back

Costco told investors that roughly one-third of its sales come from imported products, meaning the company paid a large share of the Trump-era duties. Because of that, trade analysts expect Costco to be one of the biggest beneficiaries if refunds are issued.

Peter Harrell, a trade specialist at Georgetown Law, estimated that Costco’s refund could reach about $1 billion, depending on how the Supreme Court rules and how the government handles repayment claims.

Trump Reaffirms Support for Tariffs

Trump has continued to defend his tariff approach while the Supreme Court reviews the challenges. Speaking at a White House event on Monday, he said he was waiting for the ruling and hoped the outcome would support his position.

Later the same day, he said he was considering a 5% tariff on Mexico, accusing the country of failing to meet a water agreement. The remarks show that tariffs remain central to his trade stance.

Importers Prepare in Case Refunds Are Approved

Importers nationwide are gathering records and filing claims so they are ready if the Supreme Court rejects the tariffs. Should the duties be struck down, companies will need to follow the refund steps set by CBP, a process that could take considerable time based on earlier cases.

For businesses that rely heavily on imported goods, the sums involved are too large to ignore. By filing now, companies such as Costco are making sure they keep the right to recover the duties they paid if refunds are eventually permitted.

Also Read: Costco Takes U.S. Government to Court Over Trump Tariff Refund Dispute

Key Points

Disney has agreed to invest $1 billion in OpenAI and give the company permission to use a large group of its characters inside Sora, OpenAI’s video-creation tool. The three-year deal allows Sora users to make short videos featuring more than 200 characters from Disney, Marvel, Pixar, and Star Wars.

Disney clarified that the agreement covers only fictional characters. It does not allow Sora to use the faces or voices of real actors.

How Disney Plans to Use OpenAI Inside the Company

Disney will introduce ChatGPT to employees to help with internal tasks and early-stage development work.
The company also plans to show a selection of Sora-made videos on Disney+, which will be the first time Disney hosts fan-made AI videos that legally use its characters.

Disney CEO Robert Iger said the company wants to test new tools while keeping control over how its characters are used.

Why Disney Chose to License Characters Now

Sora has exploded in popularity because it can create convincing short videos from a few words of text. After the release of its newest version, many online videos appeared using copyrighted characters and public figures without permission.

Disney chose to license its characters to OpenAI so the company can control where and how its brands show up in AI videos instead of watching unlicensed clips spread online.

Why Disney Stepped In on Unapproved Sora Videos

After the newer version of Sora became available, users began posting videos online that included copyrighted characters and well-known figures without permission. Some clips used Disney characters, while others showed public figures such as Martin Luther King Jr.

Disney noticed these videos spreading across social platforms and wanted a way to stop its characters from being placed in unapproved content. The new agreement with OpenAI lets Disney set clear rules for which characters Sora can use and under what terms, instead of leaving users to upload clips on their own.

The deal does not settle ongoing copyright disputes around AI, but it does give Disney a workable system for controlling which of its characters show up in Sora-made videos.

Also Read: Disney Restores ABC, ESPN and Other Channels to YouTube TV After Two-Week Dispute

Fed T-Bill Buying Becomes the Key Detail for Traders

Swan Bitcoin’s John Haar said the part of the Fed meeting that caught trading desks by surprise was not the rate cut itself but the announcement that the central bank will buy about $40 billion in Treasury bills over the next month. The Fed has not added to its balance sheet in a meaningful way since quantitative tightening began in 2022, aside from its brief response to the 2023 banking scare.

Because traders expected liquidity to tighten, the decision to restart T-bill purchases stood out, and many read it as a sign that the Fed wants additional short-term funding in the system.

The Rate Cut Was Already Expected

The cut itself was not the problem. Markets had anticipated the move for weeks, so there was no surprise to drive fresh buying.
Data from Myriad, a prediction platform owned by Decrypt’s parent company, showed sentiment turning more cautious:

• Probability of a “Santa rally” fell to 17%.

• Chances of Bitcoin reaching $100,000 instead of dropping to $69,000 fell by 5 percentage points overnight.

Traders were not waiting for the cut — they had already moved on to what comes next.

Fed Projections for 2026 Pulled Confidence Down

The updated Fed dot plot reduced the number of expected rate cuts in 2026. That detail was one of the main drivers behind Bitcoin’s drop.
Fewer expected cuts means traders now assume:

• borrowing costs may stay higher for longer

• the current easing cycle could slow sooner than hoped

Tim Sun of HashKey Group said Bitcoin fell because traders adjusted to these projections immediately, not because of Wednesday’s cut itself.

Political and Fiscal Shifts in 2026 Are Adding Pressure

Sun also noted that 2026 is a key year in U.S. politics. The midterm elections will take place, and a Trump administration would likely aim for:

• increased federal spending

• a softer stance from the Fed

While that combination may support short-term growth, it often pushes prices higher, which in turn forces long-term interest rates up. When long-term rates climb, assets that rely on abundant liquidity — including Bitcoin — tend to weaken.

AI Infrastructure Costs Limit Room for Fed Rate Cuts

Tim Sun said spending on AI infrastructure has risen sharply, with companies allocating more money to data centers, power supply, and specialized hardware. These projects have kept certain input costs firm, slowing the pace at which prices are easing. If these costs stay high, the Fed may have less room to reduce rates, which has direct implications for assets like Bitcoin.

Also Read: Bitcoin Near $94K Before Fed Decision on Rates

Do Kwon, the cryptocurrency developer whose TerraUSD and Luna projects unraveled in 2022 and erased an estimated $40 billion in value, is scheduled to be sentenced on Thursday in federal court in Manhattan. The case marks one of the most prominent prosecutions tied to the digital asset turmoil that swept through the industry two years ago.

Kwon, 34, co-founded Terraform Labs and led the design of TerraUSD, a token promoted as a stablecoin meant to hold a steady value even during market swings. He later acknowledged in court that he misrepresented how the coin maintained its price and admitted to misleading investors about the technology behind it. Prosecutors say those assurances concealed practices that artificially supported TerraUSD’s value during moments of stress.

Sentencing Request and Charges

U.S. District Judge Paul A. Engelmayer will preside over the sentencing hearing, which begins at 11 a.m. in New York. Federal prosecutors argue that Kwon’s conduct fueled one of the largest losses in crypto history and have asked the court to impose a prison term of at least 12 years.

Kwon’s legal team has urged the judge to impose no more than five years, saying he intends to return to South Korea afterward to address pending charges there.

Earlier this year, the U.S. Department of Justice charged Kwon with nine criminal counts, including securities fraud, wire fraud, commodities fraud, and a money-laundering conspiracy. The case centers on statements Kwon made in 2021, when TerraUSD began losing its $1 peg. At the time, Kwon claimed that the blockchain algorithm known as the “Terra Protocol” had stabilized the coin.

What Prosecutors Say Actually Happened

Court filings state that rather than relying solely on the algorithm, Kwon enlisted a high-frequency trading firm to buy large quantities of TerraUSD in secret to push the token back toward $1. That intervention, which prosecutors say effectively masked failing mechanics in the stablecoin’s design, was never disclosed to investors.

In August, Kwon pleaded guilty to conspiracy to defraud and wire fraud, admitting that his public statements about TerraUSD’s recovery were incomplete and misleading.

“I failed to disclose the role of a trading firm in restoring the peg,” Kwon said at the hearing. “My statements were false, and I accept responsibility.”

Civil Penalties and Future Proceedings

Kwon also reached a major civil resolution in 2024 with the U.S. Securities and Exchange Commission. Under the settlement, Kwon and Terraform Labs agreed to pay $4.55 billion, including $80 million personally, and he accepted a prohibition from participating in crypto-related activities.

South Korean authorities have separately charged Kwon in connection with the same events. As part of his plea agreement in the United States, prosecutors said they would not oppose a request for Kwon to transfer abroad after completing half of whatever sentence the judge imposes.

Also Read: 3 Altcoins Near Breakout Levels Before Christmas

Monero (XMR)

Monero is showing one of the stronger formations among major altcoins. XMR trades near $397, maintaining support at $387 while testing an area near $417. The token sits about 18% below its all-time high of $471, leaving room for further movement if buying interest continues.

The Chaikin Money Flow (CMF) has been rising, reflecting increased participation from buyers. If this continues, XMR could advance to $417, then aim for $450—a level that has drawn significant activity in past cycles.
Surpassing $450 would bring the all-time high back into focus.

If XMR falls below $387, attention would shift to $361, indicating a deeper pullback and slowing the pace of any upward move.

Rain (RAIN)

RAIN is trading near $0.0075, leaving it roughly 14% below its all-time high of $0.0086. The Parabolic SAR remains in a position that supports an upward trend, indicating RAIN still has short-term strength.

A move above $0.0079 would be an important signal. Turning that level into support would show buyers are willing to absorb supply and could encourage additional participation. Under those circumstances, RAIN would have a clearer path toward retesting its previous high.

If RAIN falls under $0.0074, the setup weakens. That decline may expose $0.0068, reducing the chances of any attempt at a recovery in the near term.

Undead Games (UDS)

UDS trades around $2.54, positioned just under a resistance area at $2.59. The token is still about 36% below its all-time high of $3.44, giving it space to move upward if buyers regain control.

Signals from the Ichimoku Cloud point to improving conditions for an upward continuation. If UDS breaks above $2.59, the next areas to monitor are $2.73 and then $3.00, which has historically acted as a psychological point for traders.

Movement below $2.48 would shift attention to $2.29. A deeper decline toward $2.12 would limit near-term recovery attempts.

Also Read: 3 Altcoins to Watch This Week: Sonic, THORChain, and Sky Network Prepare for Key Upgrades

Shares of Dropbox slid more than 5% in morning trading following the leadership update.

Tennenbaum, who currently serves as president at Avalara and previously held its CFO role, will formally assume the CFO position at Dropbox on December 16. His arrival comes at a time when the company is directing more resources toward AI features, including Dropbox Dash, a tool designed to connect services such as Google Workspace and Slack to streamline file organization.

Regan joined Dropbox in 2016 as chief accounting officer and played a central role in the company’s 2018 initial public offering. He became CFO in 2020 and will remain with the company as a non-executive employee through March 15, 2026, ensuring a transition period as Tennenbaum steps into the role.

The San Francisco–based company reaffirmed that its fourth-quarter and full-year financial results remain on track with the guidance previously issued. Dropbox expects Q4 revenue between $623 million and $626 million on a constant-currency basis.

The company also lifted the midpoint of its 2025 annual revenue forecast by $18 million, now projecting a midpoint of $2.51 billion, compared with the prior midpoint of $2.49 billion.

Earlier this year, Half Moon Capital, an activist investor, urged Dropbox to eliminate its dual-class share structure, which grants CEO Drew Houston enhanced voting power. A spokesperson for the firm said it intends to continue discussions with Dropbox leadership once the current transitions conclude.

Also Read: Microsoft to Invest $17.5 Billion in India Data Centers

SpaceX has remained privately held since its founding in 2002, shielding its financials and strategy from the quarterly scrutiny faced by publicly traded companies. But industry chatter and recent internal activity suggest that the company may finally be taking early steps toward an initial public offering, potentially in 2026.

Below is a detailed look at what SpaceX does, who owns it, why investors are eager for an IPO, and what’s known about its valuation.

What SpaceX Actually Does

SpaceX was created by Elon Musk with the goal of reducing the cost of launch and enabling long-distance human exploration. The company introduced reusable rockets, a concept long considered impractical in the launch industry, and turned it into a reliable business model.

Key operations today include:

1. Falcon 9 Launch System

• The Falcon 9 has become the world’s most frequently flown rocket.

• It supports commercial clients, national security payloads, weather satellites, scientific missions, and cargo flights to the International Space Station (ISS).

• NASA also relies on SpaceX for its Crew Dragon missions that ferry astronauts to and from the ISS.

2. Starlink Satellite Network

• Starlink is SpaceX’s global broadband service, enabled by a rapidly expanding constellation of low-Earth-orbit satellites.

• The company has deployed about 9,000 satellites — far more than any other operator.

• Millions of customers subscribe to Starlink in remote, rural, maritime, and aviation markets.

3. Government and Defense Contracts

• The U.S. government is one of SpaceX’s largest customers.

• Contracts include classified national security launches and specialized missions for the Department of Defense.

• NASA uses SpaceX for cargo deliveries, astronaut flights, and deep-space mission support.

Where SpaceX Is Based: Starbase, Texas

SpaceX’s main development and flight-test hub is Starbase, located in South Texas near the Gulf Coast and the U.S.–Mexico border.
In May 2025, voters in Cameron County approved a measure allowing Starbase to operate as its own self-governed city — a rare arrangement inside the aerospace industry.

Starship Program at Starbase

• Starbase is home to Starship, the world’s tallest and most powerful launch system at about 400 feet.

• The vehicle is undergoing a series of flight tests; the 11th test, conducted in mid-October, was one of the most successful to date.

• Earlier 2025 tests saw multiple failures, but each provided data that helped SpaceX refine the system.

• NASA’s Artemis program plans to use a modified Starship vehicle to land astronauts on the lunar surface.

Musk has repeatedly said that Starship is central to his long-term ambition of enabling a human mission to Mars.

Is SpaceX Preparing to Go Public?

Investors have chased SpaceX shares through private markets for years, pushing up secondary-market valuations even though the company has never issued stock to the public. That dynamic may begin to change.

What is known about the potential IPO:

• The company has held early exploratory discussions with major banks regarding a public listing, according to people familiar with those talks.

• A possible timeline under consideration is mid to late 2026, though no filing has been made and the company has not formally confirmed plans.

• Internally, SpaceX has a history of avoiding public reporting requirements in order to move quickly on engineering and testing decisions. The fact that the company is evaluating an IPO marks a significant shift.

This would be the first time SpaceX sells newly issued shares directly to the public.

What Is SpaceX Worth Right Now?

SpaceX’s value has risen steadily as Starlink grows and the launch cadence accelerates.

Valuation highlights:

• Private discussions around the potential offering suggest the company may seek to raise over $25 billion when it eventually lists.

• Depending on the structure of the offering, SpaceX’s valuation could approach or exceed $1 trillion, placing it in rare territory among U.S. private firms.

• The company has also explored secondary share sales to give early employees and investors liquidity, though Elon Musk has disputed some valuation figures previously circulated in the media.

Musk has publicly stated that SpaceX is cash-flow positive and performs twice-yearly buybacks of private shares.

Revenue

• Musk estimated that SpaceX’s 2025 revenue will be roughly $15.5 billion.

• About $1.1 billion of that is tied to work NASA contracts.

• A rapidly growing share comes from Starlink subscriptions, which analysts expect to become the company’s largest revenue driver.

There has been a lot of press claiming @SpaceX is raising money at $800B, which is not accurate.

SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors.

Valuation increments are a…

— Elon Musk (@elonmusk) December 6, 2025

Can You Buy SpaceX Stock Today?

Not yet.
Because SpaceX is still a private company, only accredited investors can trade private shares through platforms that handle restricted stocks. These trades do not involve SpaceX issuing new shares; they are sales between existing investors.

Retail investors cannot purchase direct equity until SpaceX completes an IPO.

What About Musk’s Personal Wealth?

Elon Musk’s net worth is heavily tied to Tesla and SpaceX.
Recent shareholder approvals at Tesla allow for future compensation packages worth trillions under specific performance targets, but Musk is not a trillionaire today.

As of 2025, he is estimated to be worth more than $490 billion, making him the world’s richest individual.

Will SpaceX Ever Become Public?

An IPO now appears more realistic than at any time in the company’s history.
SpaceX’s expanding launch business, fast-growing Starlink network, and increasing government contracts have created the type of financial scale that typically precedes a public listing.

While the timeline is not confirmed, 2026 is emerging as the earliest plausible window for a debut on public markets.

Until then, SpaceX remains one of the world’s most valuable private companies—operating at the center of national security, global internet infrastructure, and the next generation of human spaceflight.

Also Read: SpaceX Plans Insider Share Sale at Up to $800 Billion Value

A 25-basis-point cut is anticipated at Wednesday’s conclusion of the Fed’s policy meeting. Futures and prediction markets indicate increased expectations that Jerome Powell’s comments could look ahead to a cautious stance in January, with officials still focused on inflation while employment data softens.

Crypto analysts say the tone of Powell’s remarks may guide the next major move in Bitcoin.

Nic Puckrin, co-founder of Coin Bureau, wrote on Tuesday that a hawkish press conference could weigh on digital assets into year-end. “Despite new buying by Strategy, Bitcoin has not regained upward strength. A finish under $100,000 for 2025 is still possible,” he said.

Puckrin added that political developments in 2026 could revive sentiment. President-elect Donald Trump is expected to nominate a new Fed chair once Powell’s term ends in May. Former White House economic adviser Kevin Hassett has been viewed as a leading candidate and is seen by the industry as favorable toward digital asset growth.

Recent trading ranges show Bitcoin stuck between $81,000 and $94,000 following its sharp drop from October’s record near $126,000.

Compass Point analyst Ed Engel cautioned that a breakout above the current range appears unlikely until buyers return at higher volumes. Engel estimates that investors who entered the market in the past six months have a cost basis near $103,000. With prices below that level, he said traders are more inclined to sell rebounds than accumulate dips.

Bitcoin is currently down about 2% in 2025, setting up its weakest full-year result since 2022, when the market lost more than 60%. The divergence from U.S. equities has widened as the S&P 500 posts a strong annual gain.

Also Read: Fed Meeting Live Updates: Expected Third Rate Cut and New 2026 Forecasts

Thank you, PM @narendramodi ji, for an inspiring conversation on India’s AI opportunity. To support the country’s ambitions, Microsoft is committing US$17.5B—our largest investment ever in Asia—to help build the infrastructure, skills, and sovereign capabilities needed for… pic.twitter.com/NdFEpWzoyZ

— Satya Nadella (@satyanadella) December 9, 2025

India is seeing rapid demand for locally hosted computing systems as companies shift software and storage to cloud services and follow domestic data rules. The new spending will support:

• Construction of additional data centers for Azure and enterprise clients

• Upgrades to networks and on-premise hardware linked to Microsoft services

• Facilities built to match India’s data security and compliance requirements

Microsoft has not published the rollout timeline or listed which regions will receive the new build-outs. Analysts expect the projects to involve Indian contractors and technology providers once work begins.

The company has been active in India for over 30 years. This planned investment is one of its largest financial allocations in the country and signals a long-term expansion of core operations rather than short-term upgrades.

Also Read: Microsoft Exits Pakistan After 25 Years of Operations - Key Reasons Behind the Exit

Futures data from CME Group currently imply about a 90% chance that the Fed will cut its benchmark rate by 0.25 percentage points at this meeting. If that happens, it would be the third rate cut this year.

Along with the decision, the Fed will release its latest Summary of Economic Projections (SEP). This report includes policymakers’ forecasts for economic growth, inflation, and the expected path of interest rates over the next several years.

Back in September, the SEP showed a median projection of three rate cuts in 2025 and only one cut in 2026. Any changes to that 2026 path will be a key focus for markets on Wednesday.

Also Read: Fed to Decide Interest Rates This Week With S&P 500 Close to Its Peak

The vote details will also matter. At the October meeting, two FOMC members dissented, opposing the quarter-point cut. Today’s vote will show whether those divisions are widening or narrowing.

This live blog will be updated throughout the meeting with:

• The Fed’s statement and projections

• Powell’s remarks and Q&A highlights

• Market reaction in stocks, bonds, and the dollar

Stay tuned for real-time updates as the Fed releases new information.

The company will join the benchmark on December 22, becoming part of the consumer discretionary grouping. Its inclusion reflects a sustained improvement in profitability and market value following a period when Carvana’s survival was openly questioned by lenders and investors.

In late 2022, the business was navigating liquidity concerns amid softening vehicle demand and a sharply higher cost of capital. Carvana’s shares briefly traded below $4, and a large proportion of its stock had been sold short as doubts mounted over its ability to refinance debt.

Since then, the retailer has cut operating expenses, renegotiated portions of its borrowings and redirected investments toward areas that more directly support its online-first model. These measures have helped lift profit per vehicle sold and allowed the company to generate positive earnings on an annual basis for the first time.

Carvana reported record revenue and record units sold in the third quarter. The company has maintained target ambitions of reaching annual sales of roughly 3mn vehicles over the next decade, implying a continuation of market share gains against traditional used-car chains.

Analysts at Bank of America, who raised their price target on Monday, said the company now meets index admission requirements relating to profit and liquidity. They highlighted continued gains against CarMax — the largest U.S. competitor — particularly in attracting customers willing to purchase and sell vehicles entirely through digital channels.

More than 30 per cent of Carvana buyers now complete purchases without direct staff interaction until the vehicle is collected or delivered, according to recent disclosures. Over 60 per cent of sellers use a similar online-only process.

Entry into the S&P 500 is likely to broaden the group of institutional owners. Index-tracking funds are required to purchase the stock, and Carvana’s presence in passive investment products can improve share turnover and reduce reliance on short-term speculative trading.

The move also places the business under closer attention from fund managers who evaluate corporate governance, leverage and consistency of profitability more intensely once companies enter major benchmarks. Carvana ended last year with its first consolidated annual profit, but remains exposed to financing conditions and fluctuations in used-car affordability.

Analyst coverage has shifted markedly over the past two years. Eighteen firms now recommend buying the stock, compared with only a small number of bullish views during its downturn. Six firms advise holding the shares, and two continue to recommend selling.

Carvana’s chief executive, Ernie Garcia, has acknowledged the difficult period that preceded the recovery, characterising the past two years as a test of resilience for the business. The index addition underscores the scale of the rebound — though sustaining it will require continued financial discipline as growth ambitions expand.

Also Read: Dollar Tree and Dollar General Stocks Beat Nvidia This Year

XRP has been in the spotlight since a federal court ruled in July 2023 that secondary market sales of the token are not securities. That decision cleared the path for companies to seek product approvals tied to the asset. The first ETF launched on Oct. 29, followed by several competitors over the next month. Canary’s ETF has become the largest so far, reporting over $350 million in holdings within a short period. More issuers have funds pending with regulators.

With a market value around $130 billion at current prices, XRP ranks among the largest digital assets. The portion now inside ETFs is small relative to supply, so the shift has not changed market pricing in a noticeable way. What has changed is who controls a growing share of XRP. Rather than moving in and out of trading venues at high frequency, the coins backing ETF shares are stored in institutional custody accounts until clients sell those shares.

That storage approach reduces the amount of XRP that is available for short-term speculation. How meaningful that becomes depends on whether the funds continue to grow. If they do, ETFs will hold a larger share of the asset outside day-to-day trading, while at the same time opening the door to investors who previously stayed away from crypto custody risk.

XRP is used in some cross-border transaction solutions promoted by Ripple, and software developers have continued to introduce new applications for the XRP Ledger, including tokenized financial assets. Wider availability of regulated investment vehicles could eventually connect these two sides — usage in financial infrastructure and ownership through traditional markets — but for now the change is primarily about access.

The early response suggests there was pent-up interest from investors waiting for a regulated path to participate. That demand reduces reliance on crypto exchanges and marks a shift toward the types of investment structures already common in other asset classes.

Also Read: Bitcoin, Ethereum & XRP Gain After Major Short Liquidations

What the Fed Will Decide This Week

The Federal Reserve meets this week to set interest rates for the final time this year. Many economists expect a small cut because recent data shows slower hiring and lower inflation. Lower rates make loans cheaper for families and businesses.

The key moment comes on Wednesday, when Fed Chair Jerome Powell will explain the decision and what it means going forward. Investors want to know if this is the beginning of a series of cuts or just a one-time move.

The Fed will also release new projections that show how officials see the economy performing next year — including jobs, growth, and inflation. This meeting is significant because the group of policymakers who vote on interest rates will change in the new year, which could affect future decisions.

Stocks Hold Firm While Bonds Price in More Risk

Equities have stayed near record territory, but the bond market is signaling tighter conditions ahead. The yield on the 10-year Treasury climbed again on Friday, capping a week of sharp swings. Higher yields reflect concern that inflation may not slow quickly enough to justify aggressive rate cuts next year.

That matters for companies and households. Longer-term rates influence borrowing costs for mortgages, business credit, and capital spending — areas that are still running above pre-pandemic levels. Even a small rise in yields can limit the boost that lower short-term policy rates would normally provide.

The split leaves investors weighing two scenarios: a mild economic slowdown that allows the Fed to ease gradually, or a downturn that forces more urgent action later. Powell’s comments this week may help decide which side gains the upper hand.

A Year-End Rally Awaits Direction From the Fed

Stocks have climbed in recent weeks on the expectation that interest rates are set to move lower. What markets still lack is clarity on why the Fed is ready to cut. If policymakers argue that inflation progress has improved enough to justify cheaper borrowing, equity gains may hold. But if Powell indicates the Fed is reacting to slower hiring and weaker demand, it would shift the focus to growth risks heading into next year.

The message delivered on Wednesday will help determine whether the rally extends through December or fades as investors reassess the outlook.

Bitcoin No Longer Moving With the Market

Bitcoin is not tracking the stock market the way it has in recent years. Major U.S. stock indexes have risen this year, but bitcoin is still trading below its level at the start of the year. The two have often moved in the same direction when investors take on more risk. Now, cryptocurrency trading is reacting to different forces, including regulatory uncertainty and reduced participation from large investors. As a result, bitcoin has not followed the gains in equities and remains on its own path.

Schedule of Economic Data and Earnings

A number of government reports and company results are due this week that provide updated information on jobs, business activity, and consumer spending.

Tuesday

• JOLTS job openings (Sept & Oct): Read on labor demand after recent layoff increases
• Small business sentiment: View into hiring and pricing plans among smaller employers
• Earnings — AutoZone, GameStop, Campbell Soup: Indicators of household spending priorities

Wednesday

• Fed rate decision + Powell briefing: Sets the direction for borrowing costs entering 2026
• Employment cost figures / mortgage demand: How pay and housing activity are responding
• Earnings — Oracle, Adobe: Outlook on corporate tech budgets and cloud spending

Thursday

• Weekly unemployment claims: First signal of any pickup in job loss
• Wholesale trade data: Insight into retail restocking and demand
• Earnings — Broadcom, Costco, Lululemon: Data points on enterprise chips, consumer staples, and discretionary spending

Friday

• No major economic releases
• Earnings — Rent the Runway: Apparel demand among younger consumers

What the Fed Will Explain on Wednesday

The Federal Reserve will outline its latest interest rate decision this week and give an update on how it views the job market, inflation, and borrowing conditions. Powell’s comments will show whether the recent slowdown in hiring and cooling prices are enough for the central bank to begin easing policy, or whether more evidence is needed.

Also Read: Trump Says Tariffs Could Fund $2,000 Payments and Cut U.S. Debt, but Revenue Falls Short

Dollar Tree and Dollar General, both built around low-price shopping essentials, have seen their stock prices surge roughly 55% and 65% this year. Nvidia, one of the market’s top tech gainers, is up about 35% by comparison.

The latest earnings reports from the two discounters reveal why: more Americans are turning toward cheaper stores as everyday expenses stay high.

Dollar General reported a 2.5% increase in same-store sales for the third quarter. Dollar Tree posted a 4.2% rise. Meanwhile, several mainstream retailers are struggling — Target most recently reported a 3.8% decline in same-store sales.

Dollar Tree also added 3 million new customers, lifting its total shopper count to around 100 million. The majority of these new visitors come from households earning above $100,000 a year — a major shift for a chain historically driven by lower-income traffic.

Company leaders say the pattern is unmistakable:

• Higher-income families are trading down to stretch their budgets
• Lower-income families are relying on discount stores at record levels
• Spending by lower-income customers is rising faster than higher-income groups

Dollar General sees similar behavior. More shoppers are walking through the doors, but they are buying fewer items per trip — a classic sign of budget strain.

These trends aren’t likely to reverse anytime soon. Food, rent, healthcare, and basic necessities continue to cost more, even as the top of the economy looks strong on paper. Stock portfolios and home prices may be lifting wealthier households, but confidence among most consumers remains weak.

Discount chains have become a clear indicator of the pressure many Americans feel. Their stock momentum reflects that reality — and suggests this shift in spending is far from temporary.

Also Read: Sandisk Added to S&P 500 After Valuation Reaches $31 Billion

Warner Bros. remains one of the most active producers in U.S. entertainment. Its film divisions support large crews, and HBO develops many writer-led dramas. Because of that role, unions are asking regulators to carefully review how the sale might affect jobs and production levels.

The Writers Guild of America said the merger could leave fewer buyers for scripts and fewer television series going into production each year. The union argued that the deal would likely reduce employment across writing, acting, and production departments. Other labor groups raised similar concerns and asked the government to examine effects on working conditions.

Netflix was not the only company seeking a purchase. Paramount and Comcast also made offers. Paramount wanted the entire business, including linear television networks, but Warner Bros. selected Netflix’s proposal instead. Paramount disputed the fairness of the process before being removed from further negotiations.

If regulators approve the deal, Netflix would gain control of major franchises, a large content library, and a steady pipeline of projects already underway at Warner Bros. It would also gain revenue from licensing shows to other networks, something Netflix has not traditionally done.

Government officials are reviewing how the acquisition might affect subscription pricing and access to programming. Senator Elizabeth Warren said the combination could give Netflix too much influence over the streaming market. The review will also consider whether media consolidation leaves workers and independent producers with fewer options.

If the U.S. blocks the deal, Netflix must pay Warner Bros. a termination fee of $5.8 billion under the current contract terms.

One point of close attention in Hollywood is film distribution. Warner Bros. has seen strong ticket sales this year from major theatrical releases. Netflix’s releases generally spend only a short period in theaters before being available online. Filmmakers and theaters want clear decisions on how films funded under Warner Bros. budgets will reach audiences.

On a call with investors, Netflix executives said shows currently in development for other networks will continue moving forward. They said the company plans to keep HBO operating with its existing focus on premium scripted programming. They did not outline changes to film release windows but said those decisions will be made after regulators complete their review.

People who work with Warner Bros. say they will continue production schedules already approved, but several producers noted they need timely direction from Netflix, especially for projects that take multiple years to complete.

Many in the industry see this acquisition as part of a broader reduction in the number of major studios ordering scripted films and television. Decisions about the sale will affect not only studio executives but also thousands of workers who depend on a steady flow of productions to stay employed.

Also Read: Netflix to Acquire Warner Bros. in $82.7B Deal After WBD Split

Retailers seek to protect refund eligibility before ruling

Costco has filed a lawsuit to ensure it receives a full refund if the Court decides the tariffs were imposed without proper authorization. Court filings show similar lawsuits from Bumble Bee Foods, EssilorLuxottica, Kawasaki Motors, Revlon, and Yokohama Tire, reflecting a broad mix of industries: food, eyewear, machinery, cosmetics, and automotive parts.

The Justice Department has stated that businesses would likely be owed refunds if the tariffs are ruled unlawful. Treasury officials have said a repayment could involve about half of the total tariffs collected under the disputed program — representing billions of dollars.

Companies are filing lawsuits now because they do not know whether refunds will apply only to firms that have challenged the tariffs in court. Importers say they are acting early to protect their claims before the Supreme Court issues a decision.

Sharp tariff swings created immediate operational strain

Los Angeles-based Greenbar Distillery imports key ingredients that cannot be sourced in the U.S., including juniper berries and several spices. In 2025, its tariff rates shifted repeatedly:

Co-founder Melkon Khosrovian expects tariff costs this year to reach $75,000–$125,000, compared with $25,000–$50,000 in earlier years. The unpredictable increases forced the company to import automated bottling equipment and begin preparing for staff cuts among its 15 employees to avoid pushing prices beyond what customers will accept.

“We reviewed every expense. The tariffs still changed the numbers too quickly,” Khosrovian said.

Higher import bills erased profits for mid-sized manufacturers

In North Carolina, Thompson Traders makes handcrafted kitchen fixtures and cannot shift production to the U.S. without losing the craftsmanship customers expect. President Clifford Thompson said this year’s tariff obligations will exceed $1 million, enough to eliminate the company’s expected profit.

The firm has taken on short-term debt and made measured price increases as a result.

“We can manage this because we’ve been in business for decades,” Thompson said. “Startups and newer producers do not have that margin for error.”

Businesses brace for prolonged policy shifts

Both companies are members of We Pay the Tariffs, a coalition that represents import-dependent industries, including consumer goods, electronics, and specialty manufacturing. The coalition has asked the Supreme Court to uphold lower-court opinions that raised legal concerns about how the tariffs were enacted.

Even if refunds are granted, executives say the money will be handled cautiously. Hiring or expansion decisions would depend on whether tariff policy becomes more predictable. Industry advisers note that other trade statutes could be used to reinstate similar duties.

“Companies are planning as if tariffs will remain part of the operating environment,” said strategist Drew DeLong.

Price changes depend on each firm’s cost exposure

Tariff-related costs have been absorbed in different ways:

• Some firms raised prices and would need time to re-adjust contracts

• Others borrowed to protect prices and may prioritize debt reduction first

• Companies tied to specialized international suppliers face limited alternatives

As a result, consumer prices are unlikely to shift uniformly even if the Court rules against the tariffs.

Retailers say a ruling that clarifies the rules and refund process would allow them to make long-term decisions instead of reacting to sudden cost changes.

Also Read: Costco Takes U.S. Government to Court Over Trump Tariff Refund Dispute

SpaceX is preparing an insider share sale that would place the company’s value between $750 billion and $800 billion, according to people familiar with the talks. The plan was reviewed by the board this week at Starbase in Texas.

The share price under consideration is above $400. The level may change based on interest from employees selling stock and investors buying it. In July, SpaceX priced shares at $212, giving the company a $400 billion valuation.

SpaceX did not respond to a request for comment. If completed, the new valuation would exceed the $500 billion figure previously linked to OpenAI.

Shares of EchoStar Corp. rose after the news. The satellite and wireless company has agreed to sell spectrum licenses to SpaceX in deals worth $2.6 billion and $17 billion.

SpaceX is the leading commercial launch provider through its Falcon 9 rockets. It also operates Starlink, a low-Earth-orbit network with more than 9,000 satellites, ahead of Amazon’s Kuiper project.

Raising funds at valuations above $100 billion while staying private is uncommon. A future listing at $800 billion would place SpaceX among the largest publicly traded companies worldwide, near Musk’s Tesla.

Selling 5% of SpaceX at that value would require a stock sale of $40 billion, larger than Saudi Aramco’s record IPO in 2019.

Public investors have delivered mixed outcomes for space companies this year. Karman Holdings has gained since its debut, while Firefly Aerospace and Voyager Technologies have fallen.

Executives have discussed the idea of a separate Starlink listing since 2020. Timelines have shifted, and the company has said such a move would come later, not immediately.

The Information reported that SpaceX has told investors it is aiming for a public offering of the entire company in the second half of next year.

A secondary sale would offer liquidity to early shareholders while SpaceX continues development of Starship, its heavy-lift vehicle designed to transport large payloads and future crews.

Also Read: SpaceX Asks Trump Administration for Tariff Exemptions on Chinese Equipment

Holdings in silver-backed ETFs have climbed sharply this week, with additions over the past four sessions already exceeding any full week since July. The buying has pushed prices higher even as momentum gauges show stretched conditions. The 14-day relative strength index has stayed close to 70 throughout the week, a level traders use to track overheated markets.

The price of silver has doubled this year, supported first by a physical squeeze in London and now by tightening availability elsewhere. Stocks held in China have dropped to their lowest level in about ten years, adding pressure to secure supply.

“Silver is no longer trading in gold’s shadow,” said Hebe Chen, analyst at Vantage Markets in Melbourne. “Industrial demand is expanding at a pace the supply side is struggling to match.”

Expectations of a Federal Reserve rate cut next week have also kept buyers active. Lower policy rates reduce the opportunity cost of holding metals that do not generate yield. Market pricing remained steady after U.S. jobless-claims data showed filings falling to a three-year low.

Analysts at Citigroup, including Max Layton, see scope for prices to reach $62 per ounce within three months, citing investment flows and a physical shortfall.

Silver plays a key role in electronics, solar equipment and medical applications. Global use has exceeded mine output for five straight years, driving competition for available material.

By late trading in New York, silver was holding above $59, up more than 4.5% this week after last week’s 13% jump. Gold, platinum and palladium also gained. The Bloomberg Dollar Spot Index slipped marginally.

Also Read: Silver Price Reaches New Record Above October Peak

Researchers examined the 1,000 largest U.S. 401(k) plans from 2009 to 2013, a period when federal rules required detailed disclosure of how record-keepers — the companies that operate the plans — are paid. The study found that more than half of these plans included investment funds that direct a portion of their fees back to the record-keeper. These “revenue-sharing” structures increase fund expenses for workers without producing consistently stronger performance.

The influence behind fund selection

The plans studied offered workers an average of 22 different investment options from around seven firms. However, researchers found a clear pattern: plans were more likely to add funds that sent payments to the record-keeper, and less likely to remove them once they were added.

Although these funds cost more to own, the study found no evidence that they delivered better returns than similar, lower-cost alternatives.

Clemens Sialm, a finance professor at the University of Texas at Austin and co-author of the study, said this dynamic may go unnoticed by many savers.

“Employees often assume their plan menu has been built to prioritize performance and cost efficiency,” Sialm said. “But there can be incentives in place that favor funds with higher internal fees.”

Smaller balances over time

Fee differences that may appear insignificant early in a career become more significant after decades of compounding. Even an additional 0.30% in annual costs can reduce the value of a typical retirement account by tens of thousands of dollars by the time withdrawals begin.

Because the added charges are built directly into fund expenses, they do not appear as separate deductions on participant statements. That structure makes it difficult for workers to understand how much they are paying or why certain funds cost more than others.

A transparency gap

The researchers focused on 2009–13 filings because they offered unusually clear data on how plan providers were compensated. Regulatory changes since then have reduced the amount of fee-sharing information available to the public.

As a result, the issue remains in the retirement system, but it has become harder for employers and participants to identify when investment menus prioritize administrative incentives over cost-effective fund performance.

Discussion of potential improvements

The study highlighted several actions that could better align plans with savers’ interests:

• Employers could pay administrative costs directly rather than through fund expenses

• Workers could receive clearer explanations of how each fund charges fees

• Investment menus could be reviewed regularly to remove funds that charge more without producing stronger results

Sialm said that workers typically rely on their employers to manage retirement plan quality, making transparency especially important.

Also Read: Should Parents Open a Trump Account for Their Child? Who Qualifies and What Families Need to Know

Under the terms released by the companies, Netflix will purchase Warner Bros. for $27.75 per share, giving the equity portion of the transaction a value of $72 billion.

The closing timeline depends on Warner Bros. Discovery’s plan to separate into two publicly traded companies — one focused on cable networks and the other on film and television production. That division is now expected to be completed in the third quarter of 2026.

Once the separation takes effect, Netflix would assume ownership of Warner Bros., HBO’s programming arm, and the Max streaming service.

What Netflix gains under the agreement

Netflix will take ownership of Warner Bros.’ studio operations, including:

• Ongoing film production

• Television production units

• The Max streaming platform

• Rights to distribute Warner Bros. and HBO programming

The company confirmed that existing theatrical release commitments for Warner Bros. films will remain in place during the review and transition period.

The acquisition also places management of content scheduling and distribution for Warner Bros. and HBO under Netflix’s control once the deal is completed and approvals are secured.

Warner Bros. Discovery’s corporate separation

Warner Bros. Discovery announced earlier this year that it will divide into two publicly traded companies. One will include CNN, TNT Sports, and other cable networks under the Discovery Global name. The other will house Warner Bros. studio operations, HBO programming, and the Max streaming service.

The company stated that the split is planned for the third quarter of 2026. Netflix’s acquisition of the studio and streaming assets is contingent on that structure being completed.

Regulatory Process

The companies stated that the acquisition will be subject to a government review once Warner Bros. Discovery completes its corporate separation in 2026. Netflix expects that process to determine when the transaction can officially close.

During this period, Warner Bros. and HBO will continue to operate as they do today. No integration steps will take place until approvals are granted.

Key review elements included in the timeline:

• Approval must be granted before Netflix assumes ownership

• The review is factored into the 12–18 month closing window

• Warner Bros. remains under current leadership during evaluation

• Distribution and production plans stay unchanged throughout the review

• Both companies continue operating independently until a decision is made

The companies did not provide a specific completion date, noting that the review outcome will set the final schedule.

Stock Performance After the Announcement

Warner Bros. Discovery’s stock has posted sharp gains in recent months, reflecting growing expectations that the studio business would draw bidders. The confirmation of Netflix’s agreement kept the stock stable on Friday, with investors already pricing in a potential transaction.

Netflix shares moved lower following the news, trading down 2.8% to $100.50 in early U.S. activity. The decline came as the company outlined a closing schedule tied to Warner Bros. Discovery’s planned 2026 separation.

Trading remained orderly for both companies as the market absorbed the deal terms and estimated timeline.

What Still Needs to Happen Before Closing

Also Read: Investing in Netflix Stock in 2025 Could Make You a Millionaire

Congress approved the program as part of a broader strategy to increase long-term household savings and encourage families to invest early in U.S. financial markets.

Who qualifies for the $1,000

A child is eligible for the government-funded $1,000 if:

• The child is a U.S. citizen

• The child is born from January 1, 2025 to December 31, 2028

Families can also open accounts for children who were born before 2025 or after 2028, as long as they are under 18 — but those accounts do not receive the federal starter deposit.

There is no income limit. Families at any earning level may open one account per child.

When accounts can be created

• Account creation opens early 2026

• Families may start adding their own contributions July 4, 2026

• Treasury will send activation instructions for government-funded accounts May 2026

Parents or legal guardians control the account until the child reaches age 18.

Contribution limits

• Up to $5,000 per year per child

• Employers may add up to $2,500 tax-free, included in the $5,000 total

• Donations from governments and nonprofits do not count toward the limit

The cap will adjust annually beginning in 2028 to reflect inflation.

How the money is invested

Funds must be placed in Treasury-approved investment products, including:

• Broad-market U.S. equity index mutual funds

• U.S. equities-focused exchange-traded funds

Annual fees are capped at 0.1%, below typical retail investment charges.

The structure is designed to:

• Keep costs low
• Maintain market exposure
• Reduce high-risk investment choices for minors

Withdrawal rules

Funds are locked until age 18, except for:

• Full transfer to another Trump Account

• Approved transfer to an ABLE account at age 17

• If the child dies

After 18, the account adopts standard IRA withdrawal rules, meaning early withdrawals can trigger taxes depending on the purpose.

Where Trump Accounts offer value

• The federal $1,000 is guaranteed if eligibility rules are met
• Low fees help long-term returns
• Automatic market exposure encourages investing from birth
• Can later support multiple adult needs: housing, retirement, business capital

Where the program falls short

• Less tax benefit than 529 plans
• Contribution limits may be restrictive for higher-saving families
• No access if money is needed for major expenses before adulthood

The financial bottom line for parents

This program works best for a specific group:

Families who want to accept the $1,000 and then save modestly over time without needing the funds early.

Parents who plan to save aggressively for education or want full spending flexibility may prefer:

• A 529 plan for tuition goals

• A custodial brokerage if money may be needed sooner

• A Roth IRA once a child has income from work

Some Rules Are Still Unclear

Although Trump Accounts are set to open in 2026, several operational rules are not yet published. Financial institutions that plan to offer the accounts say they are still waiting on instructions from the Treasury Department regarding eligibility verification, fee monitoring, and how custodians should report contributions over an 18-year span.

States are reviewing how the federal program will interact with existing college savings incentives, particularly in places where 529 tax benefits are linked to local investment plans. State treasurers have asked for coordination to avoid conflicting requirements once enrollment begins.

Record-keeping is another unresolved aspect. Once beneficiaries turn 18, the federal rules shift to standard retirement-style taxation, meaning income reporting will depend on accurate files kept since the child’s birth. Providers say implementation decisions made next year will determine how straightforward that transition will be.

Families with children born in 2025 will be among the first to see how these rules take shape when applications open. The Treasury’s remaining guidance is expected to define how easy — or complicated — participation becomes.

Also Read: Senate to Review New Laws to Protect Kids and Teens Online

Trump told officials that tariff collections will grow as more imports are subject to higher fees, describing federal debt as small compared with the revenue he expects. He also repeated his ongoing statement that income tax could eventually be removed entirely.

Customs revenue data shows tariffs are generating more money than during any previous administration. The U.S. collected $31.4 billion in October alone — the highest monthly figure ever recorded. Total collections this fiscal year reached $195.9 billion by August and are expected to pass $300 billion within the year.

Even with those gains, tariffs represent only a fraction of federal finances. The national debt sits above $35 trillion and continues to rise because of entitlement costs, defense spending, and other mandatory obligations. The government paid $1.22 trillion in interest on the debt last year. Interest alone is more than three times higher than tariff income.

Interest costs are also growing rapidly. In the first months of fiscal 2026, the Treasury has already paid more than $100 billion in interest as higher rates remain in effect.

Economists and fiscal analysts say the gap between federal spending and tariff revenue is too wide for the policy to support both a debt reduction plan and direct payments to citizens.

Revenue Projections Have Been Reduced

The Congressional Budget Office recently reviewed projected tariff revenue and lowered its long-term estimate. The agency now expects tariff policies to lower deficits by about $3 trillion over the next decade. Earlier projections had suggested a reduction of $4 trillion.

The change followed updated import data and modified tariff rules. According to the CBO, increased duties on select products were outweighed by lower charges across many others.

Cost of a Dividend Program

Trump has mentioned a public dividend multiple times when speaking about tariffs. He said the amount would be at least $2,000 per person each year. A population-wide program of that size would cost the federal government about $600 billion annually. That figure does not include administrative costs or eligibility limits.

Treasury Secretary Scott Bessent has said legislation would be required before any payments could begin. He has also linked the benefit to tax changes already proposed by the administration — including removing taxes on overtime pay, tips and Social Security income.

Nonpartisan budget analysts estimate that a yearly dividend of $2,000 could expand federal deficits by about $6 trillion over 10 years if paid directly from the Treasury.

Current Use of Tariff Revenue

Tariff payments are collected by U.S. Customs when imported goods enter the country and are deposited into the U.S. Treasury. These funds are applied to existing federal obligations already approved in the budget.

According to current Treasury accounting rules, tariff revenue contributes to:

• Total federal receipts recorded in the general fund
• Ongoing spending authorized in the current budget cycle
• Repayment of Treasury borrowing obligations as they come due
• Refund payments when tariff charges are legally contested and reversed

Any program that distributes tariff revenue directly to citizens would require Congress to pass a law that assigns those funds to a new budget category.

Tariff Collections and Pricing

Tariffs are paid to U.S. Customs by importers when goods enter the country. Treasury records list these payments as federal revenue. Financial reports from retailers and manufacturers show higher import costs for products affected by tariff rates, and pricing changes have appeared in items with high dependence on foreign supply. These changes are documented in recent trade and retail data.

Budget Requirements Still Not Defined

The administration has not released a plan showing how tariff income would be routed through the federal budget. Any public payment program would require specific authorization from Congress, including the funding source and distribution method. The Treasury has not issued guidance explaining how tariff collections could be applied to both debt obligations and direct payments at the same time.

Also Read: Trump’s $2,000 ‘Dividend’ May Arrive Through Tax Relief, Says Treasury Chief Bessent

Garlinghouse said broader adoption, long-term investment strategies and continued demand for Bitcoin as an asset are key factors in his estimate.

Liu said a price above $100,000 is reasonable within the same period if current participation continues. She noted that Bitcoin markets now react faster to new investment flows than they did in previous years.

Teng did not give a price estimate. He said he focuses on business expansion and regulatory progress instead of short-term market reactions. According to Teng, more regulated institutions entering the sector has changed how Bitcoin responds to changes in global financial policy.

Bitcoin was trading around $93,000 at the time of the event, after recording an all-time high above $126,000 two months ago.

Panel members listed developments that could affect Bitcoin pricing through 2026:

• Growth in trading volumes through exchange-traded products
• Increased participation from large asset managers
• Mining changes following the most recent halving
• Lower borrowing costs if central banks continue rate cuts

Garlinghouse said digital assets with clear legal recognition will draw more investment from traditional firms. Liu added that improvements in network performance and new applications across major blockchains will continue to influence investor decisions.

All three speakers agreed that Bitcoin’s established infrastructure and liquidity keep it in a leading role in the digital asset market.

Also Read: Bitcoin, Ethereum & XRP Gain After Major Short Liquidations

Russian President Vladimir Putin will travel to India this week for a summit that aims to strengthen cooperation in energy, defense and trade. The visit places India’s strategic partnerships in sharp focus as its government maintains strong ties with both Russia and the United States during the ongoing conflict in Ukraine.

Putin is expected to arrive Thursday for a state visit. His meeting with Prime Minister Narendra Modi will take place Friday, where the leaders will assess bilateral progress and finalize commercial and government-level agreements, officials from both nations confirmed.

India continues to purchase discounted Russian crude, despite U.S. pressure to reduce energy links with Moscow. The United States has argued that these purchases help sustain Russia’s wartime revenues. Washington recently increased tariffs on Indian imports to 50%, adding fresh strain in the relationship.

New Delhi maintains that Russian oil remains essential to meet demand from a population of 1.4 billion and to manage fuel prices at home.

The two leaders last held an extended summit in 2021. Modi visited Moscow in 2024, and they met briefly in September at a regional forum in China.

India’s Approach to the Ukraine Issue

India has not condemned Moscow in public statements since the start of the conflict. Instead, New Delhi has repeated that it supports a negotiated outcome based on diplomacy. During this week’s meeting, Modi is expected to present that position again directly to Putin, as India continues engagement with both Russia and Western governments on the matter.

Trade and Industry Talks

India will seek additional market access in Russia for pharmaceutical products, agricultural goods and textiles. Indian officials said the government wants non-tariff barriers removed so exporters can expand shipments already in place.

Talks will also cover fertilizer supply arrangements that India considers necessary for farm production. New Delhi continues to push for long-term pricing and secured delivery commitments from Russian suppliers.

Both governments are also discussing a system that would allow qualified Indian workers to take up jobs in Russian industries under regulated terms. Indian officials said Moscow has identified sectors where it needs skilled labor, and New Delhi wants clear guidelines before any placements begin.

Russian Oil Supplies and Energy Projects

The United States continues to press India to scale down Russian oil purchases. New U.S. sanctions on Rosneft and Lukoil complicate procurement channels, though India intends to keep buying from suppliers that are not sanctioned.

Officials in New Delhi say India will not commit to reducing energy flows that support its economic needs, while also respecting international rules.

Energy cooperation will remain central in the discussions — including India’s investments in Russia’s Far East and progress on the Kudankulam nuclear power plant in Tamil Nadu. Expansion of local production for reactor components and joint work in third countries are also expected to be reviewed.

Defense Deliveries and Equipment Talks

India will ask Russia to speed up delivery of the remaining two S-400 air defense units. Three units have been delivered since the 2018 contract worth about $5.4 billion, but the schedule slowed due to supply issues linked to the Ukraine conflict.

Discussions will also cover upgrades for India’s Su-30MKI fighter fleet and faster delivery of spare parts. Indian officials have said these items are needed to maintain operational readiness.

Russia has proposed additional defense platforms, including the Su-57 fighter jet. India has not committed to any new purchases and continues to compare offers from multiple countries.

Despite procurement changes in recent years, Russia still supplies the largest share of India’s military equipment and remains an important source of air defense and aviation systems.

Also Read: Trump Plans Heavy Sanctions on Russian Oil if NATO Agrees