Circle has announced the launch of StableFX and Circle Partner Stablecoins to create a unified infrastructure stack for institutional FX activity.
StableFX features on-chain settlement with simultaneous payment and delivery, eliminating counterparty risk through 24/7 trading.
Eight regional stablecoin issuers gain integration into Circle’s Payments Network, expanding beyond domestic markets.
USDC stablecoin issuer Circle has launched Circle StableFX, an institutional-grade foreign exchange engine that enables 24/7 stablecoin currency pair trading with on-chain settlement on its Arc blockchain network.
The company simultaneously announced Circle Partner Stablecoins, a program supporting select regional stablecoin deployments on Arc, creating a unified infrastructure stack for global FX activity, according to a press release shared with Decrypt.
The dual offerings is built on Arc’s Layer-1 blockchain, whose public testnet went live last month with over 100 participants, including BlackRock, Visa, Goldman Sachs, Deutsche Bank, Standard Chartered, BNY, State Street, ICE, AWS, Cloudflare, Mastercard, Coinbase, Kraken, Robinhood, and others.
The initiative targets inefficiencies in the foreign exchange market, which still operates on fragmented venues, prefunded accounts, and T+1 settlement cycles.
T+1 settlement means when you trade an asset, the actual transfer of money and ownership happens the next business day, not immediately.
By combining Arc’s programmable settlement infrastructure with stablecoin-powered trading, Circle seeks to enable real-time cross-border currency exchange with reduced counterparty risk and capital requirements.
“With StableFX and Circle Partner Stablecoins, we’re connecting the world’s currencies on Arc,” Circle Chief Product and Technology Officer Nikhil Chandhok said in the press release.
The announcement follows Circle’s strong third-quarter performance, with the company reporting $740 million in revenue and reserve income, surpassing analyst forecasts by 66% year over year.
USDC’s market capitalization has risen from $61 billion at Circle’s June IPO to over $76 billion, according to CoinGecko, still trailing Tether’s USDT, which tops $184 billion.
How StableFX works
StableFX operates through a request-for-quote execution model connecting institutions with multiple liquidity providers, offering competitive pricing with low slippage.
The platform features on-chain settlement, where both payment and delivery occur simultaneously, eliminating the risk that one party fails to deliver funds after receiving the counterparty’s currency.
The all-to-all model removes the need for bilateral agreements with multiple counterparties.
Currently live on Arc testnet, StableFX is available for approved institutions that have completed Know-Your-Business and Anti-Money Laundering verification ahead of Arc’s planned 2026 mainnet launch.
Arc uses USDC for transaction fees, features sub-second finality, and includes opt-in privacy configurations designed for institutional compliance requirements.
During the testnet launch, Circle CEO Jeremy Allaire said the project has shown “remarkable early momentum,” with the firm noting in its Q3 report that it’s exploring the possibility of a native Arc token.
Regional stablecoin partnerships
Circle Partner Stablecoins targets non-USD-pegged stablecoin issuers meeting technical, operational, and reserve management standards.
Initial participants include Avenia (Brazilian real), Forte (Australian dollar), JYPC (Japanese yen), Juno (Mexican peso), Busan Digital Asset Custody Services (South Korean won), Stablecorp (Canadian dollar), Luno (South African rand), and Coins.ph (Philippine peso).
These stablecoins gain integration into Circle’s Payments Network and StableFX, expanding utility beyond domestic markets.
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In an era where digital assets have been experiencing a significant decline, two sectors have managed to maintain their momentum and continue to capture the attention of investors and enthusiasts alike: Web3 gaming and decentralized finance (DeFi). These two areas are not only proving to be resilient but are also paving the way for new opportunities in the blockchain space. This article delves into the reasons why Web3 gaming and DeFi are thriving despite the general market downturn and what the future might hold for them.
The Resilience of Web3 Gaming
Web3 gaming has been at the forefront of the blockchain revolution, offering gamers a new way to engage with digital landscapes through ownership, interoperability, and decentralized networks.
Key Factors Contributing to Web3 Gaming’s Success
Player Ownership: Unlike traditional gaming platforms where game assets are owned by developers, Web3 gaming allows players to genuinely own in-game items. This is achieved through the use of non-fungible tokens (NFTs) that represent unique digital assets.Interoperability: Many Web3 games are built on the Ethereum blockchain or compatible networks, allowing for seamless integration and asset exchange between different games. This creates a more connected and versatile gaming ecosystem.Community Engagement: Decentralized platforms empower players by involving them in decision-making processes. This sense of ownership and participation enhances player satisfaction and loyalty.
These features not only create a more dynamic gaming experience but also offer investment opportunities through NFTs and in-game economies. As a result, Web3 gaming projects continue to attract significant interest despite the broader economic challenges.
DeFi: Revolutionizing Financial Systems
While traditional financial systems have faced scrutiny and turbulence, DeFi is carving out its own path by providing innovative solutions that offer transparency, accessibility, and control.
Core Elements Driving DeFi’s Growth
Decentralization: DeFi platforms operate on smart contracts, eliminating the need for intermediaries like banks and brokers. This leads to reduced costs, faster transactions, and increased security.Accessibility: With just an internet connection, individuals from all over the world can access DeFi services, thereby democratizing financial systems and offering opportunities to the unbanked.Yield Opportunities: DeFi has gained popularity through yield farming and liquidity mining, allowing users to earn rewards on their crypto holdings.Innovative Financial Products: From synthetic assets to decentralized exchanges, DeFi continues to expand with diverse offerings that cater to varying financial needs.
This combination of factors has positioned DeFi as a key player in the financial landscape, particularly in times of economic uncertainty. As trust in traditional systems wavers, DeFi is stepping up to provide viable alternatives.
Challenges and Opportunities Ahead
Despite the positivity surrounding Web3 gaming and DeFi, they are not without their challenges. Regulatory scrutiny remains a significant hurdle as governments globally are still determining how to approach these evolving technologies. Additionally, technological barriers like scalability and user experience continue to pose challenges for widespread adoption.
However, these obstacles also present opportunities. As the industry evolves, there is a growing focus on developing solutions to these challenges, such as layer-2 scaling solutions and enhanced infrastructure for blockchain platforms. This focus on improvement perpetuates innovation and attracts investment in the sector.
The Future Landscape of Web3 Gaming and DeFi
Integration with Traditional Systems: As trust grows, there is potential for greater integration with traditional finance systems, providing enhanced hybrid models that leverage the strengths of both worlds.Enhanced User Experience: With ongoing technological advancements, expect improved interfaces and user experiences that lower entry barriers for new users.Expanded Use Cases: As adoption grows, both sectors could expand beyond their current scope, offering new functionalities and potentially revolutionizing other industries, like supply chain or insurance.
Ultimately, as Web3 gaming and DeFi navigate the nuances of the digital age, their resilience in the face of adversity highlights their potential to redefine the landscape of digital interactions and financial systems. With continued innovation and adaptation, they stand poised not only to survive but also to lead in a world that increasingly values decentralization and digital autonomy.
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Revenue rose 51% to $30.3 million, with exchange-provider volume reaching $1.75 billion in the third quarter.
Exodus ended the period with $314.7 million in digital and liquid assets, including 2,123 BTC and 2,770 ETH.
The update follows a slowdown in corporate Bitcoin buying, with companies adding 14,447 BTC in October, the smallest monthly increase of 2025.
NYSE-listed Exodus Movement reported a stronger third-quarter performance this week as firms across the sector leaned more heavily on Bitcoin-driven activity while broader corporate accumulation cooled.
The company reported a 51% year-over-year rise in revenue to $30.3 million in the third quarter, supported by higher swap activity and increased exchange-provider volumes.
Net income rose to $17 million, up from $800,000 a year earlier, according to the company’s Q3 filing. Exchange-provider volume reached $1.75 billion, up 82% from the prior year.
Exodus ended the quarter with 2,123 BTC, 2,770 ETH, and $50.8 million in cash, USDC, and Treasury bills, for total digital and liquid assets valued at $314.7 million.
Chief Financial Officer James Gernetzke told Decrypt that 60% to 65% of monthly revenue is paid in Bitcoin by third-party liquidity providers that process user swaps.
“As transaction volume increases, particularly on the B2C side, which is our core business, we earn more Bitcoin-based revenue,” he said.
Exodus uses part of that Bitcoin to cover operating expenses, including salaries and vendor bills, and adds the rest to its treasury. The company occasionally converts Bitcoin to USDC to meet liquidity requirements.
Exodus also announced the acquisition of Grateful, a Latin America-based stablecoin payments platform. The company said the deal will expand its payments capabilities and support planned growth in emerging markets.
The update comes as corporate Bitcoin accumulation across the broader market has slowed.
Companies added 14,447 BTC in October, the smallest monthly increase of 2025, after acquiring more than 38,000 BTC in September, Decrypt recently reported.
Total tracked holdings across corporations, governments, and ETFs still reached a record 4.05 million BTC, valued at roughly $444 billion, according to a recent report from BitcoinTreasuries.net. Selling remained limited, with firms offloading only 39 BTC during the month.
Several treasury-focused companies have shifted toward capital-efficiency measures such as buybacks and credit facilities as equity valuations soften and financing conditions tighten.
Analysts estimate that public companies now account for about 5% of Bitcoin’s illiquid supply, with long-term holders making up a growing share of the asset’s base.
Gernetzke said Bitcoin-denominated revenue remains central to Exodus’s operating model, with the company aiming to integrate the Grateful acquisition as it expands its payments offering.
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Franklin Templeton is extending its Benji tokenization platform to the Canton Network for regulated fund issuance.
Canton Network estimates it processes over $6 trillion in tokenized assets and $280 billion in daily repo transactions.
Canton’s utility token dropped around 30% after launch despite major exchange listings and a $540 million investment.
Franklin Templeton has expanded its proprietary Benji Technology Platform to the Canton Network, a private blockchain for regulated institutions, in a move aimed at deepening its role in the fast-paced market for tokenized financial products.
The integration allows the $1.5 trillion asset manager to offer its tokenized funds and investment vehicles to banks, market makers, and trading firms active on Canton’s Global Collateral Network.
It’s meant “to deliver a private blockchain option alongside the interoperability clients expect,” Roger Bayston, head of digital assets at Franklin Templeton, said in a statement shared with Decrypt.
Benji is Franklin Templeton’s blockchain-native infrastructure for issuing, recording, and settling tokenized fund shares. It supports real-time transfers between approved wallets, enforces compliance at the protocol level, and allows assets to settle in stablecoins or cash equivalents.
While initially deployed on public chains such as Stellar, Polygon, Arbitrum, Avalanche, and Aptos, Benji’s expansion to Canton marks a shift toward permissioned, purpose-built infrastructure designed for institutional-grade privacy, composability, and regulatory alignment.
Benji was initially presented to the U.S. Securities and Exchange Commission in 2019 and launched publicly in 2021 with the Franklin OnChain U.S. Government Money Fund (FOBXX), the first SEC-registered fund to process transactions and record ownership on a public blockchain.
The product has since accrued over $844 million in distributed asset value, according to data from RWA.xyz.
Canton Network, meanwhile, is touted as a “public-permissioned” hybrid approach to blockchain design built for institutional coordination, according to its Whitepaper.
While Bitcoin and Ethereum are considered permissionless—meaning anyone can join and use the network—Canton distinguishes itself by synchronizing with other domains in its ecosystem in parallel to overcome scaling bottlenecks.
Its Global Synchronizer maintains consensus across those connected sub-ledgers, allowing real-time, privacy-preserving settlement of tokenized assets without exposing counterparty positions.
The network supposedly processes over $6 trillion in tokenized U.S. Treasury activity and supports $280 billion in daily repo transactions, according to its own estimates. Average daily transactions have reached around 807,000, according to data on the digital asset terminal The Tie.
Canton Coin, the Canton Network’s native token, powers transactions, governance, and participation across its regulated blockchain.
Hours after its market debut on Monday, the token plunged roughly 30% despite a wave of exchange listings on KuCoin, Bybit, and MEXC, and buzz around its tokenized-treasury ecosystem, following a $540 million private investment from publicly-listed Tharimmune Inc.
The token opened trading at roughly $0.14 with a $5 billion market cap, according to CoinGecko data. Its price has since recovered to about $0.12, with trading volume topping $54 million and a market cap of $4.3 billion.
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# Discover Top 10 Cryptos This Week Featuring MOBU’s Leading Presale
In the ever-evolving landscape of digital currency, catching the hottest trends and potential breakout stars is crucial for any investor or enthusiast. This week, we’ve spotlighted the **Top 10 Cryptocurrencies** that are making waves and set to reshape portfolios. From established giants to promising newcomers, these digital currencies are ones to watch.
## The Cryptos Taking Center Stage
This week’s spotlight not only includes household names like Ethereum (ETH), Solana (SOL), and Litecoin (LTC) but also features the rising star MOBU, currently leading with its impressive presale activities.
### 1. Ethereum (ETH)Ethereum, the second-largest cryptocurrency by market capitalization, continues to make headlines with its scalability upgrades. The anticipated transition to Ethereum 2.0, featuring the full rollout of proof-of-stake mechanisms, is set to make ETH more energy efficient and secure. This week’s performance reflects investor confidence with ETH maintaining a steady growth trajectory.
### 2. Solana (SOL)Known for its high-speed transactions and robust infrastructure, Solana ranks as one of the top choices for developers and investors alike. As decentralized finance (DeFi) applications continue to surge, Solana’s ability to process thousands of transactions per second underscores its position as a strong competitor to traditional financial systems.
### 3. Litecoin (LTC)Litecoin, often referred to as the ‘silver to Bitcoin’s gold,’ offers a faster and cost-effective solution for online payments. With its recent price surge, driven by its adoption in various e-commerce platforms, LTC remains a preferred choice for those intrigued by the idea of low-fee transactions.
## Rising Stars in the Crypto Arena
### 4. MOBUEmerging as a highlight this week is **MOBU**, primarily due to its groundbreaking presale rounds that have attracted significant attention. MOBU is revolutionizing the world of tokenized securities by providing a compliant platform for security token offerings (STOs). This ensures that investments are legally secure, transparent, and efficient.
#### Advantages of MOBU:– **Regulatory Compliance**: Enabling smoother experiences for investors by aligning with necessary legal frameworks.– **Market Accessibility**: Allowing smaller investors to access lucrative security token offerings.– **Innovation**: Offering advanced, user-friendly platforms for both enterprises and individual investors.
### 5. Avalanche (AVAX)Avalanche continues to grab attention with its rapid settlement times and lower costs, which set it apart from many of its competitors. Its unique consensus protocol and scalable infrastructure make it a go-to option for developers looking to build tailored dApps, giving AVAX a strong position in the crypto hierarchy.
### 6. Cardano (ADA)Cardano remains a key player due to its focus on sustainability, scalability, and transparency. Its ongoing project updates and partnerships enhance its credibility as a secure and reliable blockchain platform.
## Emerging Trends and Technologies
### 7. Polygon (MATIC)As Ethereum faces scalability issues, **Polygon** emerges as a solution by creating a multi-chain system akin to other major blockchains. It acts as an add-on layer rather than a competitor, offering improved functionality and lower transaction fees.
### 8. Polkadot (DOT)Polkadot’s multi-chain approach, enabling different blockchains to inter-operate seamlessly, is fundamentally changing how blockchain ecosystems interact. With its cross-chain compatibility, DOT is poised to unlock new potentials in decentralized applications.
## Newcomers on the Horizon
### 9. Ripple (XRP)Amidst regulatory challenges, Ripple continues to be a formidable force in enabling cross-border transactions with minimal fees. Its resilience and commitment to innovation ensure it remains in the top tier of crypto choices.
### 10. Chainlink (LINK)Chainlink’s role as a leader in the decentralized oracle network makes it indispensable for smart contract applications needing reliable, real-world data. Its consistent advancements and applications across new sectors demonstrate its growing utility.
## Key Takeaways
As the digital currency market continues to evolve at a rapid pace, investors need to keep an eye on these top contenders. Beyond gaining financial returns, understanding the intrinsic utilities and technological advancements of these tokens is vital.
### **Why Diversification Matters:**– Provides exposure to both stability with established coins and growth potential with emerging coins.– Minimizes risk by spreading investments across a variety of promising projects.
### Potential Impact of Innovations:– **Speed and Efficiency**: Projects like SOL and AVAX are setting high standards in processing and reducing transaction times.– **Security and Regulation**: Coins such as MOBU emphasize compliance, which may attract more traditional investors into the crypto world.
Engaging with the right set of cryptocurrencies can be a game-changer for portfolios. With robust infrastructure and advanced innovations, these cryptocurrencies are well-positioned to meet the emerging needs of both novice and seasoned investors alike. Stay informed and make strategic choices to leverage the best of what this digital frontier has to offer.
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Canary Capital proposed XRP ETF could begin trading this week.
A Rex-Osprey XRT fund debuted last month and now manages over $138 million in assets.
A number of fund managers have applied for altcoin ETFs.
Investors will likely have a second option to purchase shares in an XRP-focused exchange-traded fund this week after Canary Capital submitted a regulatory filing that could allow its fund to list on the Nasdaq exchange.
Nashville, Tennessee-based Canary filed an 8-A form on Monday, a U.S. Securities and Exchange requirement for companies registering securities. The Canary XRP ETF would track the spot price of the fourth largest digital asset by market capitalization.
“Canary filed 8A for XRP ETF last night, which points to launch tomorrow or Thursday (today is holiday),” wrote Bloomberg Senior ETF Analyst Eric Balchunas in an X post Tuesday, adding: “Not done deal but all boxes being checked. Stay tuned.”
Canary filed 8A for XRP ETF last night, which points to launch tomorrow or Thursday (today is holiday). Thursday was the day we thought they’d be on track for but when they did the 8A for HBAR they launched the next day. Not done deal but all boxes being checked. Stay tuned.. pic.twitter.com/gVt9c3psmu
— Eric Balchunas (@EricBalchunas) November 11, 2025
The fund would be the second giving U.S. investors exposure to an XRP-tracking ETF, following the debut of the Rex-Osprey XRP ETF (XRPR) in September. That fund generated $38 million in its first day, surpassing expectations, and now manages more than $138 million in assets.
etf.com Senior Analyst Sumit Roy told Decrypt the Canary products also has the potential to attract significant inflows because of investors’ strong interest in XRP, and other altcoin-focused ETFs, including the successful introduction of Bitwise’s Solana fund two weeks ago.
“While Solana is arguably more popular than XRP, Bitwise’s Solana ETF managed to become a $500 million fund in two weeks, which suggests that there is demand for funds that provide exposure to crypto assets beyond Bitcoin and Ethereum,” he said, adding that over $100 million in inflows for the the short-term wasn’t out of the question.
Rex-Osprey’s XRPR offers investors exposure to the altcoin via a subsidiary registered in the Cayman Islands that is wholly owned and controlled by the fund.
Canary Capital’s application follows the success of Bitcoin and Ethereum ETFs, which debuted last year and now manage about $139 billion and nearly $21 billion in assets, respectively. Those ETFs and a friendlier U.S. environment strengthened demand for other crypto-focused funds. The SEC is currently weighing more than 90 funds based on single cryptocurrencies, combinations of tokens and different strategies.
XRP’s price recently stood at $2.40 per coin after dropping 6.`% over a 24-hour period, according to crypto markets data provider CoinGecko. The coin is now over 30% below its July all-time high of $3.65.
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AlphaTON Capital (Nasdaq: ATON), the digital asset treasury company building and accelerating the TON ecosystem, today announced the appointment of William De’Ath as Chief Partnership Officer.
A globally-recognised commercial strategist with more than three decades of leadership experience across Fortune 500 corporations, a FINMA-regulated advisory firm, blockchain enterprise solutions, and AI ventures, joins AlphaTON to lead global partnerships, ecosystem expansion, and the advancement of the company’s high-growth verticals. Leveraging his deep expertise in digital innovation, strategic alliances, and emerging technologies, De’Ath will be pivotal in propelling AlphaTON’s next phase of international growth and ecosystem leadership — including the newly announced TON Mastercard program, to be built in collaboration with Pago Pay and ALT5 Sigma.
Proven Builder of Institutional-Grade Blockchain Adoption
Throughout his career, De’Ath bridged traditional industries with emerging digital technologies:
Enterprise → Crypto Bridge: From ExxonMobil, Chevron, and SGS to Hedera’s Hashgraph Association, Noumena Digital, and Consensus Capital.
Institutional Traction: Led the HBAR custody and staking integration with Taurus SA for State Street, Deutsche Bank, Crédit Agricole, and Swissquote — driving hundreds of verified institutional introductions for Hedera’s GTM.
Founder Mindset: As Co-Founder & CEO of GBC.AI, pivoted AI/ML to detect and counter crypto scams, secured funding, and launched a consumer product with thousands of users within months.
Commercial Impact: Delivered $28M ARR at PETRONAS through global partnerships and Fortune 500 contracts.
Driving AlphaTON’s Next Phase of Growth
In his role at AlphaTON, De’Ath is tasked with:
Leading strategic partnerships across the TON / Telegram ecosystem
Overseeing the TON Mastercard business, expanding global adoption and merchant utility
Sourcing and evaluating revenue-generating companies for acquisition and investment
Shaping AlphaTON’s thesis-driven deal flow across DeFi, gaming, and mini-app infrastructure
Coordinating commercial diligence: market sizing, product viability, and unit economics
Building long-term relationships with institutional stakeholders, enterprises, and regulators
Focus on Scalable, Real-World Adoption
“Will hits that rare intersection of enterprise experience, crypto-native insight, and the ability to turn emerging technology into commercial outcomes,” remarked Brittany Kaiser, CEO of AlphaTON Capital. “As we begin to scale the TON Mastercard program and accelerate our global M&A strategy, he brings the perfect blend of leadership, network, and execution power.”
De’Ath added: “AlphaTON is building the foundation for mass adoption inside the world’s fastest-growing messaging ecosystem. Leading partnerships here — especially as we expand the TON Mastercard — is a chance to help bring crypto into everyday life in a way that’s simple, secure, and truly global.”
About AlphaTON Capital Corp. (Nasdaq: ATON)
AlphaTON Capital is a specialized digital asset company focused on developing the Telegram ecosystem and managing a strategic reserve of TON tokens. The Company implements a comprehensive M&A and treasury strategy that combines direct token acquisition, validator operations, and strategic ecosystem investments to generate sustainable returns for shareholders. Through its operations, AlphaTON Capital provides public market investors with institutional-grade exposure to the TON ecosystem and Telegram’s billion user platform while maintaining the governance standards and reporting transparency of a Nasdaq-listed company. Led by Chief Executive Officer Brittany Kaiser, Executive Chairman and Chief Investment Officer Enzo Villani, and Chief Business Development Officer Yury Mitin, the Company’s activities span network validation and staking operations, development of Telegram-based applications, and strategic investments in TON-based decentralized finance protocols, gaming platforms, and business applications.
AlphaTON Capital Corp is incorporated in the British Virgin Islands and trades on Nasdaq under the ticker symbol “ATON”. AlphaTON Capital, through its legacy business, is also advancing potentially first-in-class therapies that target known checkpoint resistance pathways to potentially achieve durable treatment response and improve quality of life for patients. AlphaTON Capital actively engages in the drug development process and provides strategic counsel to guide development of novel immunotherapy assets and asset combinations. To learn more, please visit https://alphatoncapital.com/.
All statements in this press release, other than statements of historical facts, including without limitation, statements regarding the Company’s business strategy, plans and objectives of management for future operations and those statements preceded by, followed by or that otherwise include the words “believe,” “expects,” “anticipates,” “intends,” “estimates,” “will,” “may,” “plans,” “potential,” “continues,” or similar expressions or variations on such expressions are forward-looking statements. As a result, forward-looking statements are subject to certain risks and uncertainties, including, but not limited to: the uncertainty of the Company’s investment in TON, the operational strategy of the Company, risks from Telegram’s platform and ecosystem, the potential impact of markets and other general economic conditions, regulatory considerations, the successful negotiation and execution of definitive agreements with PagoPay, Mastercard program approval, identification of suitable exchange partners, cryptocurrency market volatility, regulatory developments affecting digital assets and payment processing, and other factors. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Investor Relations:
AlphaTON Capital Corp
[email protected]
(203) 682-8200
Media Inquiries:
Richard Laermer
RLM PR
[email protected]
(212) 741-5106 X 216
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SoftBank sold its entire 32.1 million-share Nvidia position for $5.83 billion in October, marking the second time the firm has exited the AI chipmaker.
The asset sales are funding SoftBank’s investment in OpenAI, with $22.5 billion scheduled to close in December following an October agreement amendment.
“As SoftBank’s investment in OpenAI was very large the company had to use its existing assets to finance new investments,” CFO Yoshimitsu Goto told reporters.
SoftBank Group sold all its shares in Nvidia in October, severing ties with the AI chipmaker that powered the sector’s historic rally. The Japanese conglomerate is redirecting capital toward OpenAI, even as the ChatGPT maker faces mounting losses and its CEO’s credibility comes under fire.
The Tokyo-based firm disclosed the complete exit from Nvidia in its financial filing Tuesday, revealing that it and an asset management subsidiary “sold all of Nvidia Corporation shares that they had owned, for $5.83 billion.”
The move came alongside a $9.17 billion partial sale of its T-Mobile stake, part of an “asset monetization” to fund a $40 billion investment in OpenAI by year-end.
The sale comes as Wall Street questions whether AI infrastructure spending will pay off and as OpenAI CEO Sam Altman faces scrutiny for publicly denying he sought federal loan guarantees just days after his company explicitly requested them in a letter to the White House.
SoftBank’s Vision Fund posted a blowout investment gain of $23.4 billion (¥3.54 trillion) for the quarter, $14.3 billion (¥2.16 trillion) of which came from marking up its OpenAI holdings to a pre-money valuation of $260 billion.
The gains helped the company more than double net income to $19.3 billion (¥2.924 trillion), up 190.9% from the previous year.
The Nvidia sale marks SoftBank’s second exit from the chipmaker, after an initial $4 billion stake bought in 2017 and sold in early 2019. The group later re-entered before offloading its position again in October.
Following the money trail
To finance its OpenAI investment, SoftBank issued $4.1 billion (¥620 billion) in yen bonds, $4.2 billion in foreign debt, and arranged bridge loans of $8.5 billion for OpenAI and $6.5 billion for ABB Robotics.
“As SoftBank’s investment in OpenAI was very large the company had to use its existing assets to finance new investments,” the firm’s Chief Financial Officer Yoshimitsu Goto said in a press briefing, as cited in a CNBC report.
SoftBank agreed on March 31 to invest up to $40 billion in OpenAI, with $30 billion of its own capital, with $10 billion funded in April and $22.5 billion set for December, according to the filing.
The robotics acquisition aligns with SoftBank’s stated mission to “realize artificial super intelligence (ASI) for the advancement of humanity,” focusing on AI chips, robots, data centers, and energy, and investing in leading generative AI firms, according to the filing.
SoftBank’s sale of its Nvidia stake is a “strong, but hugely unexpected, move away from hardware and toward AI projects and the data that fuels them,” Jiahao Sun, CEO of decentralized AI platform FLock.io, told Decrypt.
Market warning signs
Taiwan Semiconductor Manufacturing Co, Nvidia’s main supplier, posted 16.9% revenue growth for October, its slowest pace since February 2024.
Short-seller Michael Burry’s Scion Asset Management disclosed bearish wagers on Nvidia last week, even as Meta, Alphabet, Amazon and Microsoft plan to collectively spend over $400 billion on AI infrastructure in 2025.
Nvidia (NVDA) shares dipped 1.46% in pre-market trading after closing at $199.05, while SoftBank Group (SFTBY), which ended the prior session at $72.40 up 2.74%, was little changed before market open, according to Yahoo Finance data.
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The burgeoning world of cryptocurrency exchange-traded funds (ETFs) continues to capture the attention of investors worldwide. November 2025 has been a particularly riveting month in terms of ETF flows, revealing distinctive investor behaviors and emerging market trends. This detailed analysis is crucial for understanding where the landscape of digital assets might be headed.
Understanding Crypto ETFs
Crypto ETFs have become a preferred vehicle for both retail and institutional investors who wish to gain exposure to the cryptocurrency market without holding the underlying assets. These financial instruments mirror the performance of digital currencies or indexes, providing an accessible, regulated entry point into the often volatile world of crypto investing.
The Significance of ETF Flows
ETF flows provide invaluable insights into investor sentiment and market dynamics. For instance, a surge in inflows typically indicates increased investor confidence in specific assets or sectors, whereas outflows often reflect the opposite. In this context, the patterns observed in November 2025 offer a rich narrative on the shifting priorities and tactics of market participants.
Key Trends Observed in November 2025
Increased Institutional Participation:– November 2025 witnessed a notable uptick in institutional involvement within crypto ETFs. Large-scale investors are increasingly allocating resources to digital assets to hedge against macroeconomic uncertainties and capture potential upside in this high-growth sector. Diverse Portfolio Preferences:– Investors are not restricting their focus to traditional cryptocurrencies like Bitcoin and Ethereum. Instead, there is a growing appetite for ETFs covering a broader spectrum of digital currencies, including altcoins and DeFi assets. Rise in Thematic ETFs:– Themed ETFs focused on specific sectors or use cases, such as blockchain technology, play-to-earn gaming, and metaverse applications, have seen significant inflows. This suggests a strategic pivot towards emerging sectors believed to have enduring growth potential.
Regional Variations in ETF Flows
Across different geographies, ETF flows in November 2025 reveal varied priorities and strategies:
North America:– In North America, investor interest remained robust in established crypto assets while showing a growing traction towards regulatory-compliant investment structures that offer exposure to DeFi platforms. Europe:– European markets observed a significant increase in environmentally-focused crypto ETFs, reflecting the region’s emphasis on sustainability and green investments. Asia:– Asian investors demonstrated a heightened appetite for risk, as evidenced by substantial fund allocations towards highly volatile but potentially rewarding altcoin ETFs.
Factors Influencing Investor Behavior
Several key factors have shaped investor behavior in November 2025:
Regulatory Developments:– Recent regulatory clarifications and approvals in major markets have given investors more confidence in crypto ETFs, paving the way for diverse and innovative products. Market Volatility:– The crypto market’s inherent volatility has led to strategic shifts in portfolio management, encouraging the adoption of ETFs that can effectively mitigate risks. Technological Advancements:– Innovations within the blockchain ecosystem continue to propel new product offerings and enhance the attractiveness of crypto ETFs.
The Future of Crypto ETFs
As we look ahead, several predictions about the trajectory of crypto ETFs and investor trends can be ventured:
Expansion of Product Offerings:– The ETF market is expected to evolve with more sophisticated product offerings, catering to increasingly nuanced investment strategies. Enhanced Regulatory Frameworks:– Continued development of regulatory frameworks will likely support wider adoption and innovation within the crypto ETF space. Greater Adoption Across Demographics:– As financial literacy around cryptocurrencies improves, adoption of ETF products is likely to widen among different demographic segments, including younger investors and emerging markets.
Conclusion
Investor trends in November 2025 have unveiled a dynamic phase for crypto ETFs, underscored by an increase in institutional participation, diversification in asset preferences, and a palpable interest in thematic investment strategies. These developments underscore a maturing market that is progressively becoming a staple of modern investment portfolios. Understanding these trends is crucial for any investor aiming to navigate the evolving landscape of digital assets successfully.
By staying informed and adaptable, investors can capitalize on the opportunities presented by the ever-expanding universe of crypto ETFs and contribute to shaping their nuances in the years to come.“`
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Bitdeer’s stock fell as the company reported a Q3 net loss.
The company posted a loss per share of $-1.28.
Bitdeer in August told Decrypt that it was working on making mining rigs in the U.S.
Bitcoin miner Bitdeer Technology Group (NASDAQ: BTDR) saw its stock close down 20% on Monday after the company reported a net loss of $266.7 million for its third quarter, marking a 422% decline from the previous year.
BitDeer’s loss per share was -$1.28, down from -$0.35 in Q3 2024 and below Zacks Investment Research’s consensus estimate of -$0.22. The firm, however, nearly tripled its revenue to $169.7 million from $62 million last year, beating Zacks’ forecast.
BTDR closed Monday at $17.64 per share, according to Yahoo Finance data, giving up gains it had made over the past month.
The company’s share price is roughly flat over this period, holding up better than its competitors’, although its stock is still down 22.8% year-to-date.
Rivals MARA Holdings and CleanSpark finished down 1.8% and 3.4% on Monday, while Riot Platforms was up 1.8%. MARA has fallen about 16.4% over the past month, while CleanSpark and Riot Platforms have shaved 22% and 17.5% over the past month, respectively.
Despite the headwinds, BitDeer’s Chief Business Officer, Matt Kong, struck an upbeat tone, highlighting the company’s shift to high-performance computing.
“Q3 marked a quarter of strong execution and financial performance,” Kong said in a statement, adding that Bitdeer would continue to focus on its AI pivot.
“On the AI front, we have intensified our focus and investment to capture the surging global demand for compute,” Kong added.
Bitdeer is among a cohort within the crypto mining sector that sees opportunities in the growing demand for AI.
Bitcoin miners, mostly large industrial operations of specialized computers, have faced increasing pressure over the past 18 months, with rewards for verifying blockchain transactions cut from 6.25 BTC to 3.125 BTC after last year’s halving event and rising operational costs.
A number of miners have reoriented entirely to become crypto treasuries, in a bid to seek alternative means to generate value for shareholders.
In August, Bitdeer told Decrypt that it was focusing on building rigs and investing in U.S. resources. Most mining equipment for the industry comes from China.
The firm said Monday that mass production of its Sealminer A3 machine was underway, while development of a new energy-efficient mining chip, SEAL04, has been delayed.
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