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The US Securities and Exchange Commission has closed its multi‑year investigation into New York–based tokenization platform Ondo Finance without bringing enforcement action, lifting a key legal risk for the firm. The inquiry, which began in October 2023 under former SEC Chair Gary Gensler and continued into 2024, examined whether certain tokenized real‑world assets and the ONDO token complied with federal securities laws. With the case now resolved, attention is shifting to how quickly regulators will provide detailed rules that could enable large‑scale tokenized equity and bond offerings in the U.S. market.

On December 9, 2025, Fitch Ratings cautioned that U.S. banks expanding into crypto and digital-asset services face reputational, liquidity, operational, and compliance risks that could weigh on their ratings. The report cited initiatives at large institutions including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. It highlighted that rapid stablecoin growth may threaten financial stability and affect U.S. dollar and Treasury markets. Moody's has likewise flagged systemic risks if USD-linked stablecoins see widespread adoption.

From 2024 through mid‑2025, investors are combining regulated Bitcoin ETFs with self‑custody. Multiple months saw $4B–$6B in spot ETF inflows, with net assets nearing $140B by July 2025, according to SoSoValue. AMBCrypto reported 171 negative days in 2025 and over 1 million BTC held by corporate treasuries.

On Dec. 8, 2025, Strategy said it purchased 10,624 BTC, one of its largest weekly buys in recent months, funded mainly with new MSTR common stock and STRD preferred equity. It now holds 660,624 BTC at an average cost of $74,696 per coin. MSTR trades around $178 near a one‑month low amid continued equity dilution and an upcoming MSCI index decision.

A 43,033 BTC transfer worth about $3.9 billion was flagged on Sunday by Whale Alert and represents settlement capital for Twenty One (XXI), led by Jack Mallers. The funds were moved from escrow into the company’s custody ahead of its NYSE listing on December 9. Bitcoin traded around $92,100 after the move.

Whale Alert flagged an on-chain transfer of 43,033 BTC worth about $3.93 billion, with intelligence dashboards clustering the receiving address to Twenty One. Jack Mallers said the firm plans to start trading on December 9 and will move "over 43,500 Bitcoin out of escrow and into our custody," describing the shift as a custody realignment.

On December 8, 2025, Harvard Management Company signaled a reshaping of its endowment. The allocation puts Bitcoin ahead of gold. BlackRock's spot Bitcoin ETF is the largest single holding, while exposure to SPDR Gold Shares ranks below major tech stocks. The tilt shows a two-to-one preference for the digital asset.

On December 7, 2025, Robinhood Markets agreed to acquire PT Buana Capital Sekuritas and PT Pedagang Aset Kripto in Indonesia. The transactions are expected to close in the first half of 2026, subject to approval by the Indonesian Financial Services Authority (OJK). The move targets a large local retail base, with 19 million capital market investors and about 17 million crypto investors in the country.

China recorded a $1.1 trillion trade surplus, with November exports up 5.9% and imports rising 1.9%, producing a $112 billion monthly surplus. Shipments to the U.S. fell 29% in November, while demand from the EU and Africa strengthened. Retail investors piled into chip IPOs, with MetaX and Onmicro oversubscribed roughly 2,986x and 2,899x.

Public companies holding cryptocurrency in their treasuries posted a median 43% stock decline year-to-date, underperforming Bitcoin's 7% drop and major equity indexes. More than 100 firms borrowed billions through convertible bonds to buy digital assets, creating mismatches between interest-bearing debt and non-yielding holdings. The financing structure has raised concerns about sustainability as volatility persists across the sector.