Tokyo-listed Bitcoin treasury company Metaplanet has secured a $100 million loan backed by its Bitcoin holdings.
The funding, disclosed in a Tuesday filing, was borrowed on October 31 under a credit agreement that allows the company to use its Bitcoin as collateral for short-term financing, amid BTC dropping in the last week.
Metaplanet did not reveal the lender’s identity but confirmed the loan carries a benchmark US dollar rate plus a spread and can be repaid at any time.
The company described the structure as conservative, noting it holds 30,823 BTC, valued at roughly $3.5 billion as of the end of October.
Metaplanet said this position is large enough to maintain strong collateral coverage even if Bitcoin’s price declines.
Loan Proceeds to Support Bitcoin Purchases and Share Buybacks
Proceeds from the credit line may be deployed in several areas, the company said.
These include additional Bitcoin purchases, its Bitcoin income business — where holdings are used to earn option premiums — and share repurchases, depending on market conditions.
Shares in Metaplanet fell 2% following the announcement.
The move comes just days after the company unveiled a 75 billion yen ($500 million) share buyback program.
Like the recent loan, the buyback program is also backed by Bitcoin-collateralized financing.
Metaplanet said the program is designed to restore investor confidence after its market-based net asset value (mNAV) fell below 1.0.
mNAV Dip and Company’s Acquisition Plans
The mNAV, a metric comparing the company’s market value to its Bitcoin holdings, briefly dropped to 0.88 last month.
It has since rebounded to above parity, according to the company.
During the dip, Metaplanet temporarily paused new Bitcoin purchases but reiterated its commitment to acquire 210,000 BTC by 2027.
The company expects the financial impact of the $100 million drawdown on its 2025 fiscal results to be minor.
It also pledged to disclose any material changes to investors should they arise.
Market Context: Bitcoin Treasury Companies
Metaplanet’s move occurs amid wider scrutiny of Bitcoin treasury firms.
Last week, S&P Global Ratings assigned a “B-” speculative-grade rating to Michael Saylor’s Bitcoin treasury company, Strategy.
S&P cited heavy Bitcoin concentration, limited liquidity, and a narrow business focus as key weaknesses.
Critics have increasingly questioned the crypto treasury model.
A report from 10x Research noted that some Bitcoin treasury companies have seen their net asset values collapse, erasing billions in paper wealth.
Analysts argued that the boom in Bitcoin treasury firms, which issued shares at multiples of their actual Bitcoin value, has “fully round-tripped,” leaving retail investors with losses while firms accumulated real Bitcoin.
Investor Takeaways
Metaplanet’s $100 million Bitcoin-backed loan and share repurchase program reflect a broader strategy to maintain investor confidence and expand its BTC holdings.
The company’s large Bitcoin position provides a buffer against market volatility, allowing it to secure financing while continuing operations.
Investors should note, however, that Bitcoin treasury companies carry inherent risks, including high concentration in a single volatile asset and dependency on market sentiment.
The recent attention from credit rating agencies and research firms underscores the importance of monitoring liquidity, collateral coverage, and net asset value trends.
The Ethereum Foundation (EF) has restructured its long-running grants initiative, replacing the open application system with a more focused model under the Ecosystem Support Program.
Announced in a blog post Monday, the new structure will channel funding through two avenues: a “wishlist” of focus areas identified by EF teams, and formal requests for proposals (RFPs) addressing specific ecosystem needs.
A Shift Toward Strategic Coordination
The previous open grants process, paused earlier this year, had stretched the Foundation’s administrative capacity due to high demand.
According to EF, the revamped program will better align funding decisions with Ethereum’s long-term priorities by coordinating directly with internal technical and research teams.
“The previous open grants program successfully supported hundreds of projects that contributed key building blocks across Ethereum,” the Foundation said. “But the growing volume of applications limited our ability to pursue strategic opportunities.”
The first batch of wishlist items and RFPs is now available, covering areas such as cryptography, privacy, scalability, and community growth.
In 2024, the Foundation awarded around $3 million to 105 projects and initiatives, continuing its mission to foster open-source innovation since the program’s 2018 launch.
Ethereum’s Technical Upgrades Continue
The update comes just after Ethereum’s Fusaka upgrade went live on its final testnet, Hoodi, ahead of a mainnet launch expected December 3.
Fusaka introduces EIP-7594 (PeerDAS), allowing validators to access smaller data chunks from layer-2 networks, improving efficiency and scalability.
Additional proposals, EIPs 7825 and 7935, aim to increase gas limits and boost performance in preparation for Ethereum’s shift to parallel execution — a critical milestone that will allow multiple transactions to process simultaneously.
Ethereum’s last major upgrade, Pectra, launched on May 7, introduced staking optimizations and wallet enhancements, underscoring the network’s ongoing technical evolution.
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Market Background: When Mining Meets the AI and ESG Wave
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Bitcoin’s onchain data is signaling renewed investor demand, with both institutional buyers and miners increasing their holdings despite a sluggish market backdrop following October’s $19 billion crypto crash.
Over the past week, Bitcoin’s realized capitalization — which measures the aggregate value of all coins based on their last moved price — rose by more than $8 billion to surpass $1.1 trillion.
BTC’s realized price also climbed above $110,000, indicating growing accumulation across the network.
The uptick is being driven primarily by Bitcoin exchange-traded funds (ETFs) and corporate holders such as MicroStrategy, according to Ki Young Ju, CEO of analytics platform CryptoQuant.
ETF and Institutional Momentum Slows, But Could Rebound
Ju noted on X (formerly Twitter) that “demand is now driven mostly by ETFs and MicroStrategy, both slowing buys recently. If these two channels recover, market momentum likely returns.”
He added that the slowdown in ETF inflows and corporate purchases has temporarily capped Bitcoin’s price recovery, even as onchain metrics show consistent inflows.
Miners Expand Operations Amid Hashrate Growth
Bitcoin’s rising hashrate — the measure of total computational power securing the network — also points to optimism among miners.
Ju described this trend as a “clear long-term bullish signal,” emphasizing that miner expansion indicates confidence in the cryptocurrency’s future profitability.
Major mining companies, including American Bitcoin, which has ties to the Trump family, have recently announced large-scale hardware purchases.
In August, the firm acquired 17,280 application-specific integrated circuit (ASIC) mining units worth approximately $314 million.
Analysts See Potential for $140K Bitcoin
Despite the positive onchain data, broader market sentiment remains cautious, with the crypto fear index still in “fear” territory since the early October sell-off.
However, analysts from Bitfinex believe the next catalyst could come from macroeconomic factors, including potential monetary easing by the U.S. Federal Reserve.
“Our base case sees Bitcoin rising towards $140,000, with total ETF inflows between $10 and $15 billion not being surprising,” Bitfinex analysts said.
They added that possible Fed rate cuts, combined with renewed ETF demand and typical Q4 seasonal strength, could help Bitcoin reach new all-time highs by November.
Still, risks remain tied to global trade tensions and the lingering effects of Trump’s tariff policies, they warned.
Coinbase’s Chief Policy Officer, Faryar Shirzad, has rejected accusations from U.S. Senator Chris Murphy that the exchange is part of a “corruption factory” connected to Donald Trump’s administration.
In a Thursday post on X, Murphy claimed Coinbase had contributed to political action committee (PAC) Fairshake and helped fund Trump’s 2025 inauguration, implying a link between the donations and the SEC’s decision to drop a previous enforcement action against the company.
Coinbase Pushes Back Against Accusations
Responding to the allegations, Shirzad denied any political bias or wrongdoing.
He explained that Coinbase was “proud to have supported the building of a new ballroom through the Trust for the National Mall,” emphasizing that many companies contributed to the same fund.
“Note that we’re not the general contractor, so we’re not the right target if you’re unhappy about how the project is proceeding,” Shirzad said.
He added that Fairshake was “non-partisan,” stressing that many public donations have supported inauguration events for past administrations.
Trump’s Ballroom Project and Controversy
Trump first announced plans in July to construct a 90,000-square-foot ballroom on White House grounds, estimating the cost at $200 million and assuring the project wouldn’t affect the East Wing.
However, recent photos revealed the East Wing had been demolished as part of the construction, and Trump later said costs had risen to $350 million.
Murphy’s criticism focused on what he saw as corporate favoritism — but Coinbase maintains its involvement was part of a broader civic project, not political influence.
Coinbase’s Growing Political Footprint
The ballroom funding issue isn’t the first time Coinbase’s relationships with Washington have drawn scrutiny.
In June, the company was listed among sponsors for a U.S. Army 250th anniversary parade coinciding with Trump’s birthday. Coinbase said its participation was a one-time contribution to America250, a nonpartisan initiative marking the nation’s semiquincentennial.
Coinbase CEO Brian Armstrong also recently visited lawmakers in Washington to discuss crypto regulation as the U.S. government shutdown entered its 31st day. The visit focused on advancing the “Responsible Financial Innovation Act,” aimed at providing clearer crypto market structure rules.
While the bill was expected to move forward by late October, the ongoing shutdown has stalled legislative progress, leaving Coinbase’s regulatory ambitions uncertain.
Bitcoin’s price dipped to $109,200 on Wednesday, marking a notable decline ahead of the U.S. Federal Reserve’s latest policy announcement.
The Fed confirmed a 25-basis-point interest rate cut, aligning with market expectations, but Bitcoin’s 6% slide from its Monday rally to $116,400 caught traders off guard.
Analysts attributed the drop to short-term risk aversion before Fed Chair Jerome Powell’s press conference, despite the anticipated cut.
Market Expectations vs. Reality
According to the Fed’s latest dot plot, policymakers expect three additional cuts in 2025.
Analysts at Goldman Sachs project at least two more 25-basis-point cuts by mid-2026, potentially bringing the benchmark rate down to the 3–3.25% range.
This outlook should theoretically support risk assets like Bitcoin, yet the crypto’s near-term movements diverged from expectations.
“Recent history has shown that the FOMC leads to a price drop in BTC, followed by a move up,” said analysts at Hyblock, a crypto analytics firm. “If price does dip post-FOMC and signs of bullish confluence emerge, such as bid-heavy orderbooks, it would likely present good opportunities for investors.”
Investors Eye Broader Economic Concerns
With rate cuts largely priced in, traders are now focusing on broader macroeconomic risks.
These include the rise in U.S. layoffs, the potential long-term impact of President Trump’s tariff measures, and uncertainty around whether the booming artificial intelligence sector represents a sustainable trend or a speculative bubble.
These factors could play a more significant role in shaping Bitcoin’s medium-term trajectory than Wednesday’s Fed decision itself.
End of Quantitative Tightening
One key takeaway from the FOMC’s statement was confirmation that the Fed will end its balance sheet reduction on December 1, marking the conclusion of its quantitative tightening program.
This policy shift may inject additional liquidity into markets over the coming months, potentially supporting risk assets like Bitcoin — though near-term volatility is expected to remain high.
Citigroup is reportedly preparing to become one of Wall Street’s first major banks to offer stablecoin payment services, signaling a major step toward mainstream adoption of blockchain-based financial infrastructure.
According to Bloomberg, Citi has partnered with Coinbase to expand its digital asset operations, starting with solutions to streamline fund transfers between fiat currencies and cryptocurrencies.
Debopama Sen, Citi’s head of payments, said that corporate clients increasingly seek faster, programmable, and more efficient payment options available around the clock.
“We’re exploring solutions to enable onchain stablecoin payments for our clients,” Sen said.
“Stablecoins will be another enabler in the digital payment ecosystem and it’ll help grow the space, it’ll help grow functionality for our clients.”
Stablecoins Becoming Central to Wall Street Strategy
The move comes just months after the passage of the U.S. GENIUS Act, which established a legal framework for stablecoin issuance and operations, effective in 2027.
Citi is joining other major financial institutions — including JPMorgan and Bank of America — that are developing or testing their own stablecoin-related services.
Even JPMorgan CEO Jamie Dimon, long critical of cryptocurrencies, recently confirmed that the bank “plans to be involved” in the stablecoin sector.
Citi’s Market Forecast Reflects Rapid Growth
In September, Citigroup sharply raised its projection for the stablecoin industry, forecasting a market size of up to $4 trillion by 2030 — a dramatic increase from the current valuation of around $315 billion.
The stablecoin market’s growth has been explosive, expanding from less than $5 billion in 2020 to more than $315 billion today, according to DefiLlama data.
Investor Enthusiasm Grows After Circle’s IPO
Investor interest in the sector has surged following Circle’s public listing earlier this year.
The USDC issuer’s shares jumped 167% on their debut, pushing its market capitalization to approximately $35 billion.
With regulatory clarity and growing institutional participation, Citigroup’s upcoming stablecoin payment platform could mark the beginning of a new era for global finance — one where traditional banking and blockchain technology converge.
U.S. President Donald Trump is preparing to nominate Michael Selig as the next chair of the Commodity Futures Trading Commission (CFTC), following the withdrawal of Brian Quintenz’s nomination.
Bloomberg first reported the development, citing an unnamed official within the Trump administration.
An official announcement has not yet been made.
Selig’s Crypto Background and Role at SEC
Michael Selig currently serves as chief counsel for the Securities and Exchange Commission’s (SEC) crypto task force and senior adviser to SEC Chair Paul Atkins.
He has earned a reputation as a “pro-crypto” regulator, a label welcomed by many in the digital asset community.
Selig’s potential appointment is being viewed by industry participants as a sign of continuity in Trump’s growing focus on cryptocurrency regulation.
Analysts believe that his experience bridging financial regulation and crypto innovation could help define the next phase of U.S. digital asset policy.
Nomination Shift After Quintenz Withdrawal
The CFTC nomination process has faced delays since September.
Brian Quintenz, Trump’s initial pick, withdrew his name following reported pressure from the Gemini crypto exchange co-founders, Tyler and Cameron Winklevoss.
Quintenz later confirmed he would return to the private sector, ending speculation about his role in the administration.
Trump has considered transferring greater responsibility for cryptocurrency oversight to the CFTC since early 2024.
Under his administration’s “Working Group on Digital Assets,” the CFTC and SEC are expected to share joint responsibility for regulating various types of crypto assets.
Policy Framework for Digital Assets
The Working Group’s July report recommended assigning oversight of spot crypto markets to the CFTC, recognizing most cryptocurrencies as commodities rather than securities.
In contrast, digital assets categorized as securities — such as tokenized bonds or stock-like instruments — will remain under SEC jurisdiction.
This split aims to clarify how different types of tokens are regulated and prevent overlapping mandates.
Joint SEC–CFTC Cooperation Intensifies
In September, the two agencies issued a joint statement pledging to “harmonize” their crypto regulatory frameworks.
Legal experts described the move as a major step toward reducing uncertainty and building a more cohesive approach to U.S. crypto oversight.
The CFTC also launched a “crypto sprint” in August to fast-track policy actions based on the White House Working Group’s recommendations.
These initiatives have fueled speculation that the SEC and CFTC could eventually merge into a single body.
However, SEC Chair Paul Atkins dismissed that notion, clarifying that only Congress or the U.S. president has the authority to merge the agencies.
XRP may be gearing up for a 35% price breakout as technical indicators align with new bullish momentum from Ripple’s expanding institutional strategy.
The token traded around $2.60 on Saturday after rebounding from a key support level, supported by renewed confidence from CEO Brad Garlinghouse.
XRP Holds Key Support Zone
XRP has maintained a strong base at the lower trendline of its long-term ascending triangle — a technical pattern that has historically preceded major rallies.
Earlier in 2025, similar rebounds from this support zone led to price jumps of 70–80%.
The token has climbed more than 8% from its recent low, aligning with the 50-week exponential moving average (EMA) of $2.33.
If momentum holds, XRP could rise toward the triangle’s upper boundary near $3.45 by December — a 35% upside from current levels.
However, a breakdown below support could push the token back toward June lows near $1.65.
Ripple Prime Adds Institutional Strength
Ripple strengthened its market position on Friday by acquiring Hidden Road and rebranding it as Ripple Prime, positioning the firm as the first crypto company to operate a global, multi-asset prime brokerage.
The company said: “Ripple’s foundational digital asset infrastructure across payments, crypto custody and stablecoin, as well as the use of XRP, will complement the services offered within Ripple Prime.”
CEO Brad Garlinghouse called the move “another step toward building an Internet of Value,” adding that “XRP sits at the center of everything Ripple does.”
Market Reaction and Analyst Expectations
Analysts view Ripple Prime as a major step in XRP’s institutional adoption story.
Trader Credibull Crypto said Ripple’s massive XRP holdings give it a strong incentive to drive the token’s success, since higher valuations directly benefit the company’s balance sheet.
Ripple also announced plans to buy $1 billion worth of XRP to create a new treasury fund, which will trade on Nasdaq under the “XRPN” ticker.
Another analyst, Zeiierman Trading, said XRP could surpass $3 in the short term due to the Hidden Road acquisition, noting that “the token is now positioned at the center of institutional adoption.”
With strong technical support and a growing institutional push, XRP could continue its upward trajectory as Ripple expands its global footprint.
Ether (ETH) maintained its rebound toward the $4,000 mark on Friday as bullish traders increased their bets on a breakout, supported by growing confidence in the broader crypto market.
ETH/USD was last trading near $3,940 after reaching an intraday high of $4,025, according to data from Cointelegraph Markets Pro and TradingView.
Key Resistance and Trader Optimism
Analysts say a move above $4,100 would mark a critical turning point.
“To get things going again, you’d want to break back above $4.1K, which has been the cycle high for a long time,” trader Daan Crypto Trades said.
“This is a key area to get back above to turn this recent flush into a big deviation. Possibly followed by a real breakout after.”
Market sentiment remains optimistic ahead of the release of the September Consumer Price Index (CPI), expected to show inflation at 3.1%.
While elevated inflation may raise concerns, most traders expect the Federal Reserve to continue leaning toward interest rate cuts, with odds exceeding 94% according to the CME FedWatch Tool.
Trader’s $131 Million Long Bet Draws Attention
Market watchers took note of one anonymous trader with a 100% win rate who reportedly expanded their long position to 33,270 ETH, worth around $131 million at current prices.
The trader also opened a 4x long on 80 Bitcoin, valued at $8.9 million, with an entry price of $110,900 per BTC.
“In the past two weeks, he’s already pocketed $16M in profit,” said X user Discover, adding, “Looks like he’s betting big on the next Ethereum pump.”
Large-scale Ethereum holders — or “mega whales” — have also been accumulating ETH between 10,000 and 100,000 tokens, further signaling bullish confidence in a breakout beyond $4,000.
Bullish Predictions Strengthen
Several analysts are forecasting significant upside for ETH if the $4,000 resistance level is cleared.
Master of Crypto highlighted that Ethereum’s exchange reserves recently hit their lowest level in years, suggesting a looming supply squeeze.
“More and more ETH is leaving exchanges every day. Exchange reserves just hit their lowest level in years,” he wrote. “People are holding, not selling. When this happens, prices usually explode.”
Another analyst, Crypto Zee, described Ether’s current formation as a “textbook continuation” pattern.
“Look for a steady climb through the $4,250 resistance, followed by the primary goal, the $4,750 Demand Zone,” he said.
Fellow trader Jelle maintained a long-term price target of $10,000 as long as ETH continues to hold its previous highs.
Market data from Cointelegraph also supports the bullish case, showing a potential rally toward $4,500 by the end of October, backed by positive MVRV metrics and a confirmed bull flag breakout.