Trump Media and Technology Group reported a net loss of $54.8 million in the third quarter, up from $19.3 million the same time last year.
The company operates the Truth Social social media platform and saw revenues decline to $972,900 from over $1 million a year ago.
Shares ended trading down 1.73% at $13.10 and rose slightly after hours to $13.20.
Crypto Holdings and Strategy
Trump Media held 11,542 Bitcoin as of September 30.
The company first began buying Bitcoin in late July and has indicated plans to acquire more, alongside exploring other cryptocurrencies.
Bitcoin holdings generated $15.3 million of realised income from options investments.
Additionally, the company posted $33 million in unrealised gains from holding Cronos tokens.
The company said it acquired Bitcoin as part of an investment strategy launched in May after raising $1.5 billion from stock sales and $1 billion from bonds.
Expansion and Treasury Moves
CEO Devin Nunes stated the quarter was crucial to Trump Media’s expansion plans.
He said the company has “secured our financial future with a massive Bitcoin treasury, and expanded our existing platforms.”
The company also formed Trump Media Group CRO Strategy, a digital asset treasury company aimed at buying up to $1 billion in Cronos tokens, representing over 6.3 trillion units.
“With these financial assets now earning income, alongside our second consecutive quarter of positive operating cash flow, we’re well-poised to act on our mergers and acquisitions strategy,” Nunes said.
Financial Assets and Stock Challenges
Trump Media’s financial assets grew from $274 million in March 2024 to $3.1 billion as of September 30.
Despite this, the company’s stock has struggled, losing 61% year-to-date.
The large cryptocurrency holdings have provided income, but the operating business continues to face pressure.
Binance co-founder Changpeng “CZ” Zhao has denied claims that his presidential pardon from Donald Trump was influenced by financial or political ties, saying he was as surprised as anyone when the news broke.
Speaking to Fox News on Friday, CZ revealed that he had never personally met Trump before or after the pardon was issued in October.
“I never physically met or spoke with Trump,” he said, adding that the only interaction with the Trump family was a single encounter with Eric Trump during the Bitcoin Middle East and North Africa conference in Abu Dhabi.
“There is no business relationship between me, Binance, and World Liberty Finance,” Zhao stated.
He explained that he was unaware of the pardon’s progress throughout the process, saying: “I did not know when or if it was going to happen. I believe my lawyers submitted the petition in April, and it took a few months. I didn’t know the progress. There was no indication of how far it went along, etc. Then, it happened one day.”
Mixed Reactions and Political Backlash
The pardon drew polarized reactions.
Supporters within the crypto community hailed it as a positive signal for digital assets and a break from what they described as the Biden administration’s anti-crypto stance.
However, Democratic lawmakers quickly criticized the decision, accusing Trump of corruption and self-interest.
During a press briefing following the pardon, Trump said he didn’t know CZ personally but was informed that the case against him was politically motivated.
“He had a lot of support, and they said that what he did is not even a crime, it wasn’t a crime. He was persecuted by the Biden administration,” Trump remarked.
Democrats Question Pardon Motives
Representative Maxine Waters led accusations that Trump’s decision may have been linked to financial contributions from the crypto sector.
Waters claimed Trump engaged in a “pay-to-play” arrangement, suggesting the pardon was in exchange for potential investments in ventures tied to the Trump family, such as World Liberty Financial (WLFI).
Several Democratic senators, including Elizabeth Warren and Bernie Sanders, signed a letter addressed to Attorney General Pam Bondi, calling for an investigation into the circumstances surrounding the pardon.
The lawmakers demanded transparency about communications between Trump’s campaign, Binance, and associated financial entities.
While speculation continues, CZ maintains that his pardon was handled legally through his attorneys and that no financial arrangements were made or discussed.
Bitcoin hovered around $102,000 on Thursday, as traders struggled to push the price beyond the $105,000 resistance level amid rising sell pressure.
Selling Pressure Builds Around $105,000
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin’s rebound losing steam following the daily open.
Analyst Skew noted that Bitcoin’s price appeared capped by a cluster of sell orders just above $105,000, adding that this was “not surprising.”
He warned that the increase in sell-side liquidity could be a deliberate attempt to suppress prices during Asian trading hours.
Trading analytics platform Material Indicators highlighted that the significant ask liquidity had not yet caused a price correction, suggesting the seller could be trying to drive Bitcoin down toward the $98,000 to $93,000 range.
“If price hits $105k, I’d expect part if not all of those asks to get pulled,” the group said, noting that Bitcoin’s bounce from its 50-week simple moving average still carries “macro bullish implications.”
Traders Eye Potential Dip
Market commentator Exitpump described the $105,000 sell wall as “insane,” while other analysts suggested the liquidity might not be genuine.
Meanwhile, veteran investor Kyle Chasse cautioned that another short-term price drop could occur, pointing to a buildup of bid liquidity below current levels.
“Confidence could get wiped in a heartbeat,” he said, referencing CoinGlass data showing clusters of liquidations awaiting lower price zones.
External Market Factors at Play
Bitcoin’s latest movements also coincided with cooling momentum in U.S. equities, which have been retreating from all-time highs.
Speculation around the Supreme Court possibly overturning international trade tariffs added uncertainty to broader markets.
Analysts believe that if the Court strikes down the tariffs, it could trigger a rally in equities — but potentially divert short-term liquidity away from Bitcoin.
As of Thursday afternoon, Bitcoin remained volatile, trading narrowly between $101,500 and $103,500, with traders keeping a close watch on the critical $105,000 resistance zone.
Spot Bitcoin and Ether exchange-traded funds (ETFs) extended their losing streak on Tuesday, posting their fifth straight day of outflows amid broader market uncertainty.
Data from Farside Investors showed that spot Bitcoin ETFs recorded $578 million in net outflows — the steepest daily withdrawal since mid-October.
BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s FBTC led the exodus, signaling a pause in institutional accumulation.
Ether ETFs saw similar pressure, with $219 million in redemptions. Fidelity’s FETH and BlackRock’s ETHA were hit hardest, pushing total Ether ETF outflows close to $1 billion since late October.
Solana Defies Trend With Six Days of Inflows
While Bitcoin and Ether funds struggled, Solana-based ETFs continued to attract capital.
Spot Solana ETFs logged $14.83 million in net inflows on Tuesday — their sixth consecutive day of gains.
Bitwise’s BSOL and Grayscale’s GSOL led the charge, suggesting that investors are rotating toward newer, yield-generating assets despite the risk-off environment.
Institutions Reduce Exposure Amid Macro Uncertainty
Vincent Liu, chief investment officer at Kronos Research, told Cointelegraph the outflows are more about macroeconomic stress than fading belief in crypto.
“Straight days of redemptions show institutions are trimming risk as leverage unwinds and macro jitters rise,” Liu said. “Until liquidity conditions stabilize, capital rotation will keep the ETF bleed alive.”
He added that a stronger U.S. dollar and tightening liquidity have triggered broad risk aversion.
Solana’s Story Gains Momentum
Liu noted that Solana’s continued inflows represent a mix of curiosity and opportunity.
“Solana’s strength is partly fresh flow meets fresh story, a new ETF with yield appeal pulling in curious capital,” he explained. “Its speed, staking, and story keep momentum tilted upward.”
However, Liu warned that Solana’s growth remains niche. “It’s a narrative-driven move by early adopters chasing yield and growth. The broader market is still in risk-off mode,” he cautioned.
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.
Cathie Wood’s ARK Invest has expanded its investment in Bullish, the digital asset exchange that recently made its public debut on the New York Stock Exchange under the ticker BLSH.
According to trade disclosures filed Friday, ARK Innovation ETF (ARKK) purchased 72,537 Bullish shares, ARK Next Generation Internet ETF (ARKW) acquired 21,354 shares, and ARK Fintech Innovation ETF (ARKF) bought an additional 11,122 shares.
The combined purchases amount to over $5 million in new exposure to Bullish, further strengthening ARK’s position in the exchange. This move follows an earlier $8.27 million investment made in mid-October across ARK’s funds.
Since Bullish’s $1.1 billion listing, ARK has accumulated roughly $172 million worth of shares across multiple ETFs, underscoring its growing confidence in the platform’s long-term potential.
Bullish Shares Rebound After Market Volatility
Bullish stock closed at $50.57 on Friday, marking a 1.24% increase and a recovery from recent market turbulence.
The exchange, founded by Block.one and led by CEO Tom Farley, has quickly become one of the most watched digital asset platforms following its NYSE debut.
Farley, the former president of the New York Stock Exchange, has been steering Bullish’s expansion strategy to position it as a leader in regulated crypto trading.
Celebrating the U.S. Expansion
The timing of ARK’s latest purchase coincides with Bullish’s U.S. launch celebration in New York, where the firm hosted an event featuring leading figures in the digital asset industry.
“The energy in the room said it all — the future is Bullish,” the company posted on X following the event.
Earlier in October, Bullish officially began operations in 20 U.S. states after securing both a BitLicense and a money transmission license from New York regulators.
Its first U.S. clients include BitGo and Nonco, which began spot trading on the platform as part of Bullish’s initial market rollout.
Global Growth and Trading Volume
Since its international launch in 2021, Bullish has processed more than $1.5 trillion in trading volume and now ranks among the top 10 exchanges globally for Bitcoin and Ether transactions.
The exchange’s rapid growth and its regulatory approval in the U.S. suggest that it could become a major player in bridging traditional finance with the digital asset ecosystem.
Bitcoin’s price slipped to $109,200 on Wednesday, falling more than 6% from its Monday peak of $116,400, as traders awaited the Federal Reserve’s widely anticipated 25 basis point interest rate cut.
The drop surprised some analysts, given that most expected the rate decision to be priced into markets.
Despite the modest policy shift, risk appetite weakened as investors grew cautious about the Fed’s future trajectory and broader economic conditions.
Fed Signals End of Balance Sheet Reduction
The Fed’s statement confirmed that quantitative tightening would end on December 1, marking a significant policy shift after months of balance sheet contraction.
This change, often viewed as supportive for markets, did little to immediately lift crypto sentiment.
The central bank’s updated “dot plot” now points to three interest rate cuts in 2025, with Goldman Sachs analysts forecasting two more 25 basis point cuts by March and June 2026.
If realized, the Fed’s benchmark rate would settle between 3% and 3.25%, suggesting a gradual easing cycle ahead.
Analysts Expect Short-Term Volatility
According to Hyblock, a crypto analytics platform, Bitcoin’s post-FOMC reactions often follow a familiar pattern: short-term declines followed by recovery.
“Recent history has shown that the FOMC leads to a price drop in BTC, followed by a move up,” the firm noted.
“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.”
Despite that, sentiment remains cautious.
Traders are looking beyond the rate cuts to evaluate the broader economic landscape—especially the impact of U.S. layoffs, ongoing trade tensions under President Trump’s renewed tariff push, and questions surrounding the sustainability of the artificial intelligence boom.
Broader Economic Concerns Cloud Bitcoin Outlook
While Wednesday’s rate cut was fully expected, the market is now focused on Powell’s upcoming remarks at the FOMC press conference.
Investors hope for clarity on how the Fed plans to navigate slowing growth, lingering inflation risks, and market liquidity conditions heading into 2026.
For now, Bitcoin’s reaction underscores continued sensitivity to macroeconomic developments, particularly as the Fed transitions from tightening to a more accommodative stance.
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.