PA Daily | JPMorgan holds $343 million in BlackRock IBIT, with a 64% increase in holdings in Q3; Bitmine's ETH holdings face a $2.1 billion unrealized loss

Today’s News Highlights:

1. U.S. stocks end a three-week winning streak, with Coinbase and Circle each rising over 3% in a single day.

2. Multiple crypto treasury companies face pressure, including Bitmine, which holds ETH with an unrealized loss of $2.1 billion.

3. Hourglass: The second phase of the Stable deposit vault has closed, with total deposits around $1.8 billion.

4. Hong Kong’s first financial “internet celebrity” was sentenced to prison for establishing a paid social group offering investment advice without a license.

5. Trump Media & Technology Group achieved $15.3 million in Q3 profits through Bitcoin-related securities options premiums.

6. Coinbase released a teaser video, hinting at the possible launch of the Launchpad platform on November 10.

Macroeconomics:

Kazakhstan aims to establish a national cryptocurrency reserve fund valued between $500 million and $1 billion by seizing and recovering overseas assets. According to Central Bank Governor Timur Suleimenov, the fund will include ETFs and stocks of digital currency-related companies, with cautious direct investment in cryptocurrencies. The fund is expected to be operational by the end of this year or January next year.

Previously, Kazakhstan announced the launch of a national crypto reserve fund with an initial investment in BNB; the central bank is also considering using gold and foreign exchange reserves to purchase cryptocurrencies.

U.S. stocks end a three-week winning streak, with Coinbase and Circle each rising over 3%:

According to Jinjia, U.S. stocks closed on Friday with the Dow up 0.16% (down 1.21% for the week), the S&P 500 up 0.13% (down 1.63%), and the Nasdaq down 0.21% (down 3.04%), ending the weekly gains. Coinbase (COIN) rose 4.72%; Circle (CRCL) increased 3.13%; Strategy (MSTR) up 1.99%.

21Shares submits Form 8A for proposed XRP spot ETF to the SEC:

Bloomberg ETF analyst Eric Balchunas tweeted that 21Shares has filed Form 8A with the U.S. SEC to launch an XRP spot ETF, which will undergo a 20-day review.

Hong Kong’s first unlicensed financial “internet celebrity” sentenced to prison:

According to Hong Kong media Hong Kong 01, Judge ruled that Hong Kong East District Magistrates’ Court found influencer Chow Pak-yin guilty of establishing and managing a paid chat group providing investment advice without a license, and sentenced him to six weeks in prison. This is the first case in Hong Kong where unlicensed investment advice has led to imprisonment. The Securities and Futures Commission (SFC) stated that Chow earned HKD 43,680 from members and will continue to crack down on illegal financial influencers.

Opinions:

Arthur Hayes: ZEC has become the second-largest liquid holding in Maelstrom’s portfolio:

BitMEX co-founder Arthur Hayes stated that due to the rapid rise in ZEC’s price, it has become the second-largest liquid position in his family office Maelstrom’s portfolio after BTC.

Columbia University research: Nearly 25% of Polymarket trading volume may be fake:

A recent study from Columbia University indicates that about 25% of Polymarket’s trading volume could be fabricated, involving rapid buy-sell contracts—often trading with oneself or colluding accounts—to inflate activity metrics without changing the market position. Fake volume peaked in December 2024, accounting for nearly 60% of weekly trading, and persisted until October 2025, heavily affecting sports and election markets. Some weeks saw over 90% of trades being fake. The purpose may be to manipulate future incentives rather than profit.

CZ: Surprised by the pardon, has no relation to the Trump family:

Binance founder CZ told Fox News he was surprised by the pardon and denied any connection to the Trump family.

Project Updates:

Strategy: Perpetual preferred stock STRE fundraising increased from €350 million to €620 million:

Official sources state that Strategy’s perpetual preferred stock STRE’s fundraising amount increased from €350 million to €620 million (approximately $715.1 million). The issuance and sale are scheduled to settle by November 13, 2025, subject to usual closing conditions.

Insiders: Former Alameda co-founder Lantern Ventures is gradually liquidating its fund:

Two insiders revealed that Lantern Ventures, a London-based trading firm founded by former Alameda Research members including SBF, is gradually liquidating its fund after seven years. The firm is returning funds to investors and shutting down external funds, with some staff potentially losing jobs. Negotiations are ongoing with potential buyers, or a restart under a family office structure is possible. At its peak, Lantern managed over $600 million under the management of crypto trader and former Alameda co-founder Tara Mac Aulay, who declined to comment. The October 10 crypto market crash has made raising funds more difficult for institutions.

Crypto payment card provider Dupay announces shutdown:

According to Mobile Payment Network, crypto payment card provider Dupay announced it will cease operations on November 30, 2025, due to compliance issues and liquidity obstacles. A large frozen fund has not been unfrozen; Dupay has advanced the funds. Users who haven’t withdrawn should act quickly before server shutdown; late requests can still be handled via email.

Coinbase adds Aster (ASTER) to its listing roadmap:

Official announcement states Coinbase will list Aster (ASTER) on its asset listing roadmap.

Balancer issues on-chain message to hackers, demanding return of funds by November 9 for bounty:

Balancer tweeted that it sent an on-chain message on November 5 to all known attacker addresses, offering a way to contact and return funds for a bounty. The message states that Balancer prefers to resolve without escalation; cooperation is requested before November 9, 5:00 UTC+8. Failure to respond will be considered unwilling to cooperate, and the issue will be escalated. The proposal is to return funds to a multi-signature DAO address in exchange for a bounty, with details negotiated privately. Once funds are confirmed returned, no legal or investigative action will be taken. If not accepted or no reply, Balancer will pursue legal and technical measures to identify and hold attackers accountable, with bounties awarded to verified informants.

Previously, Balancer’s losses from the attack increased to $116.6 million.

Pieverse announces native token PIEVERSE with a total supply of 1 billion:

Pieverse, a Web3 payment infrastructure startup, released its tokenomics for PIEVERSE, its native utility and governance token. Total supply is 1 billion tokens, allocated as follows: community development 27.6%, ecosystem and marketing 27.4%, team and advisors 20%, investors 15%, and foundation 10%. All team, advisors, investors, and core contributors’ tokens are locked for 12 months, then vested linearly.

On October 24, Pieverse announced a $7 million strategic funding round led by Animoca Brands and UOB Venture, with participation from 10K Ventures, Signum Capital, Morningstar Ventures, and others. On October 30, Pieverse secured an additional $3 million from CMS Holdings to expand on BNB Chain. Total funding, including seed and strategic rounds, now exceeds $10 million.

Hourglass: Second phase of Stable deposit vault closed, total deposits about $1.8 billion:

Hourglass tweeted that the second phase of the Stable deposit vault has closed, with total deposits around $1.8 billion and approximately 26,000 participating wallets. KYC links will be distributed in the coming hours; once active, wallets have 72 hours to complete verification.

Binance Alpha and Binance Contracts to launch Janction (JCT) on November 10:

Official announcement states Binance Alpha will list and open trading for Janction (JCT) at 18:00 (UTC+8) on November 10. Additionally, Binance Contracts will launch JCTUSDT perpetual contracts at 18:30 (UTC+8) on the same day, with leverage up to 40x.

Coinbase releases teaser video, possibly launching Launchpad on November 10:

Coinbase posted a video on X with the caption “It doesn’t have to be like this,” mentioning Launchpool and Launches repeatedly, hinting at a possible Launchpad platform launch. When asked if something will happen on November 10, Coinbase responded, “It seems so.”

Important Data:

American Bitcoin increased holdings by 139 BTC over the past two weeks, total holdings now 4,004 BTC:

According to PR Newswire, American Bitcoin Corp. (Nasdaq: ABTC) has added approximately 139 BTC since October 24, 2025. As of November 5, the company holds about 4,004 BTC, obtained through mining and strategic purchases, including BTC held or staked under agreements with Bitmain.

Crypto treasury companies under pressure, Bitmine ETH unrealized loss of $21 billion:

CryptoQuant tweeted that Bitcoin is under pressure, and treasury companies holding Bitcoin are also affected. For example, Evernorth’s XRP position shows an unrealized loss of $78 million after just 2.5 weeks. Strategy’s stock has fallen 53%, trading near its Bitcoin-based lower bound of $221. The Metaplanet fund holds 30.8 BTC at an average buy-in of $106,000, with an unrealized loss of about $120 million, down 80% from its all-time high. Since the October 10 market crash, Bitmine added 442,000 ETH to its portfolio but faces an unrealized loss of approximately $21 billion.

ZEC briefly hits $750, up nearly 39% in 24 hours:

ZEC briefly reached $750, currently at $721.91, with a 24-hour increase of 38.93%.

A new wallet withdrew 2.5 million $TRUMP from Binance within 12 hours, becoming the largest individual holder:

On-chain analyst Yu Yan monitored that a new wallet withdrew 2.5 million $TRUMP (worth about $18.85 million) from Binance in the past 12 hours, becoming the largest holder excluding project lock-up contracts, liquidity pools, and CEX addresses.

Whale closes Bitcoin and ZEC short positions, overall loss over $40 million in a week:

On-chain data shows that the “whale” with a 100% win rate closed its Bitcoin and ZEC short positions this morning. ZEC shorts resulted in losses, while BTC shorts saw slight gains. Over the past week, the overall position loss exceeded $40.76 million.

Ethereum spot ETF saw net outflows of $46.62 million yesterday; BlackRock’s ETHA led with $34.43 million inflow:

According to SoSoValue, on November 7 (Eastern Time), Ethereum spot ETFs had a net outflow of $466.245 million. The ETF with the largest inflow was BlackRock’s ETHA, with $344.326 million, bringing its total net inflow to $13.87 billion. Invesco’s QETH saw a $2.59 million inflow, with total net inflow of $23.93 million. Fidelity’s FETH had the largest outflow of $722.28 million, with total net inflow of $2.577 billion. As of press time, Ethereum ETF assets totaled $22.664 billion, with a market share of 5.42%, and total net inflows reaching $13.86 billion.

Bitcoin spot ETF experienced a net outflow of $558 million yesterday; no ETFs had net inflows:

According to SoSoValue, on November 7, Bitcoin spot ETFs had a net outflow of $558 million. The ETF with the largest outflow was Fidelity’s FBTC, with $257 million. Its total net inflow is $12.003 billion. The second was Ark Invest and 21Shares’ ETF ARKB, with a $144 million outflow, totaling $1.905 billion in net inflows. As of press time, Bitcoin ETF assets totaled $138.082 billion, with a market share of 6.67%, and total net inflows of $59.966 billion.

Funding / Acquisitions:

Stripe-supported startup Tempo leads $25 million funding for crypto infrastructure firm Commonware:

According to Fortune, Stripe and Paradigm-backed payment blockchain Tempo made its first strategic investment, leading a $25 million funding round for crypto infrastructure company Commonware. The project will collaborate with Commonware to develop faster blockchain payment processing methods.

Institutional Holdings:

JPMorgan holds approximately 1.97 million shares of Ethereum treasury company Bitmine, with about a 22% loss:

According to JPMorgan’s 13F-HR filing as of September 30, JPMorgan held 1,974,144 shares of Ethereum reserve company BitMine Immersion Technologies, valued at $102 million at the time. The current value is approximately $79.41 million, representing a 22% loss.

JPMorgan reports a 64% increase in its holdings of BlackRock’s IBIT ETF:

Bitcoin Magazine reports JPMorgan disclosed holding 5,284,190 shares of BlackRock’s Bitcoin ETF “IBIT,” valued at $343 million, a 64% increase from the previous disclosure.

Forbes: Trump bought Bitcoin at a poor time, personal wealth shrank by $490 million:

Forbes reports that Bitcoin recently fell below $100,000. They mockingly note, “Buying at high prices doesn’t necessarily make you richer.” It mentions Trump was skeptical of crypto but became a “chief crypto advocate.” This summer, he spent $2 billion on Bitcoin via Trump Media, with an estimated purchase cost of $115,000 per BTC. The initial performance was decent, but over the past month, Bitcoin fell 17%, and Trump Media’s stock dropped 24%, indirectly reducing Trump’s personal wealth by $490 million.

Trump Media & Technology Group achieved $15.3 million in Q3 profits via Bitcoin-related securities options premiums:

According to Jinjia, Trump Media’s assets reached $3.1 billion at the end of Q3, generating $15.3 million from Bitcoin securities options premiums. The quarter also earned $13.4 million in interest from other financial investments, with operating cash flow of $10.1 million, and a net loss of $54.8 million for the quarter.