On 9 December 2025, Strive Asset Management launched a $500 million at-the-market preferred stock offering to fund bitcoin purchases and other corporate purposes. The company holds about 7,525 bitcoin with an average purchase price of $113,383 per coin. It reports an unrealised loss of roughly 18 percent following the latest market decline. Strive's ASST shares rose around 3.6 percent after the announcement as it continues to pursue a bitcoin-focused treasury strategy.

On December 10, the Federal Reserve cut rates by 25 bps to 3.50–3.75% and outlined $40 billion of U.S. T‑bill purchases over the next thirty days. Bitcoin fell 2.14%, slipping under $90k as traders balanced added short‑term liquidity against longer‑term risks, including a potential pause in 2026 cuts.

Ark Invest CEO Cathie Wood says Bitcoin’s traditional four-year cycle may be weakening as institutions and spot ETFs absorb and hold more circulating supply. The April 20, 2024 halving cut miner rewards to 3.125 BTC and reduced daily issuance by about 450 BTC, a change some analysts view as modest relative to total market size and ETF inflows, according to these commentators.

Bitcoin’s drawdown has narrowed from –35% to roughly –27% since its October peak near $125,000, with 67% of circulating supply still in profit—signals that point to a stabilizing market rather than deep capitulation, according to analyst Axel Adler Jr. Short-term momentum is beginning to turn upward as BTC consolidates around the $90,000 level.

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 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.

Ark Invest CEO Cathie Wood said on Tuesday that rising institutional participation is reshaping how Bitcoin trades and weakening its traditional four‑year halving cycle, in an interview with Fox Business. She argued that the historic 75%–90% crashes are becoming less likely as large institutions accumulate and hold Bitcoin. Wood cast Bitcoin as a risk‑on asset in contrast to gold’s risk‑off role. Ark has been increasing its crypto exposure through Coinbase, Circle, and the ARK 21Shares Bitcoin ETF (ARKB).