On 09 December, Bitcoin-native firm Twenty One Capital began trading on the NYSE under ticker XXI after completing its SPAC merger with Cantor Equity Partners. Its shares fell by nearly 20% on the first day. CEO Jack Mallers has emphasized plans to build Bitcoin-related utility services and multiple business lines. The stock trades at a steep discount to its more than $3.97 billion Bitcoin treasury as mNAV valuations for Digital Asset Treasuries come under growing scrutiny.

Bitcoin’s strongest rally of 2024 occurred before April’s halving event, adding weight to the argument that global liquidity—not programmed supply cuts—remains the primary force behind Bitcoin’s major bull cycles. Analyst Shanaka Anslem Perera says 16 years of market data show no statistical evidence that halvings trigger rallies, while liquidity expansions consistently align with Bitcoin’s biggest price surges.

On December 11, 2025, India reported ₹1,096 crore in crypto TDS across FY23–FY25, with Maharashtra contributing ₹293 crore in FY25. Bitcoin slipped under $90,000 after a Federal Reserve rate cut. SpaceX moved nearly $95 million in BTC. Twenty One Capital (XXI) debuted on the NYSE as BTC traded around $92,156.

The Australian Securities and Investments Commission has approved class relief that removes separate Australian Financial Services licensing requirements for intermediaries distributing certain stablecoins and wrapped tokens. The measures also permit the use of omnibus account structures, which industry participants say will lower costs, improve efficiency and support broader real-world stablecoin use cases. The shift comes as global stablecoin market capitalization exceeds $300 billion.

U.S. federal prosecutors have charged 26-year-old Canadian citizen Nathan Gauvin with running an alleged $42 million fraud scheme linked to Gray Digital Capital Management and its Gray Fund products. According to an indictment in the Eastern District of New York, he is accused of using Discord to promote misleading crypto and traditional finance investments, diverting investor funds for personal expenses, and securing more than $800,000 in credit by misrepresenting his finances. Authorities say much of the money raised did not go into legitimate investment activity and was instead used to repay earlier investors and cover luxury spending. The SEC has filed parallel civil charges and the FBI has asked additional potential victims to come forward.

XRP is trading lower across all measured periods, with losses of 3.1% over 24 hours, 7.1% over the past week, nearly 19% over the past month and almost 12.5% since the start of the year. BNB briefly overtook XRP by market capitalization before XRP moved back into fourth place. Network fees have fallen 89% to 650 XRP on a 90‑day SMA basis, the lowest level since December 2020, according to CoinGecko.

State Street and Galaxy Asset Management plan to launch the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) on Solana in early 2026, offering institutional investors an onchain liquidity product, according to the firms. The fund will support subscriptions and redemptions in PYUSD stablecoin, target Qualified Purchasers, and has secured a roughly $200 million seed commitment from Ondo Finance. The product is structured as a multi-chain solution, with Stellar and Ethereum integration to follow. It is designed to simplify institutional cash and real-world asset management on public blockchains.

On Wednesday, SpaceX moved more than $94 million in Bitcoin across two transactions, extending a roughly two‑month pattern of nearly $100 million in weekly BTC transfers. The company holds 8,285 BTC valued at about $770 million. It is reportedly preparing a 2026 IPO that could raise over $30 billion at a potential $1.5 trillion valuation. Analysts are tracking the on‑chain shifts, while SpaceX has not explained the purpose or tied them to listing plans.