pan

U.S. Treasury Secretary Janet Yellen stated that Nvidia (NVDA) is an outstanding company that can continue to grow without relying on its founder.

According to Bloomberg, Kraken's parent company Payward reported an adjusted EBITDA of $60 million for the third quarter, a 67% year-over-year decline, but a 163% increase compared to the second quarter. The platform's total revenue was $487 million, a 12% year-over-year decline, but a 12% increase quarter-over-quarter; the platform's total trading volume decreased by 30% year-over-year to $353 billion.While trading volume declined, the number of funded accounts at Payward increased by 37% year-over-year to 7.1 million, defined as accounts with a balance greater than zero. Bitcoin surged about 40% from mid-August to early October, but subsequently fell again due to concerns about inflation and the impact of the U.S. midterm elections on the industry. Trading fees are a major source of revenue for many cryptocurrency trading platforms, and falling coin prices often suppress trading activity.To broaden its revenue sources, Payward is expanding its stock tokenization business and plans to offer on-chain perpetual contracts to U.S. customers after obtaining regulatory approval. The company reached an agreement to acquire Saldo Bank in October; Kraken also plans to enter the UAE market after receiving full approval from Dubai regulators. The shareholder letter also disclosed that Payward plans to enter the prediction market and issue its own token, but no timeline was provided.Earlier this year, Payward laid off about 150 employees under the pretext of using AI to improve efficiency. According to previous reports from Bloomberg, its IPO may not occur until 2027. The performance of other exchanges has also shown divergence: Gemini's revenue in the third quarter decreased by 19% year-over-year, but losses narrowed; Coinbase's revenue decreased by 35% year-over-year, but it returned to profitability.

a16z recently released a comprehensive overview of the Agent economy. a16z partners Olivia Moore and Justine Moore pointed out in the accompanying article that as AI Agents begin to select products, subscribe to services, and complete purchases for users, the infrastructure for payments, identity verification, and anti-fraud will face new demands.The "Payments and Checkout" section of the map includes crypto-related projects such as Kite, Crossmint, Privy, Turnkey, and Catena Labs, covering stablecoin payments, wallets, and expense management. Among the aforementioned projects, Kite is currently the only one that has issued a tradable native token.

MSCI announced that starting from November 30, it will include the UK Bitcoin treasury company The Smarter Web Company (SWC) in the micro-cap index, just a few days after removing Strategy (MSTR).

According to Dow Jones, citing informed sources, Kimi's large model developer Moonshot AI is considering an IPO in Hong Kong in early 2027. The report states that Moonshot AI is dismantling its overseas holding structure to pave the way for the listing.Previously, Bloomberg reported that Moonshot AI had completed its final round of private financing, with a valuation of approximately $50 billion, and is considering raising up to $5 billion in the IPO, having secretly submitted a listing application to the Hong Kong Stock Exchange. Moonshot AI previously responded to the media by stating that it does not comment on market rumors or speculation.

According to BBX data, yesterday and in recent days, global cryptocurrency treasury companies have intensively released their Q3 2026 financial reports, disclosing the latest on-chain asset reserves and operational data. The core information is as follows:· Bit Digital (NASDAQ: $BTBT) disclosed that it holds over 163,000 ETH in Q3, with a market value of $439 million: The Ethereum treasury company Bit Digital released its Q3 financial report showing that its balance sheet currently holds approximately 163,725.9 ETH. Based on the price of about $2,684 per ETH at the end of the reporting period, the total market value of its holdings is approximately $439.4 million. During the third quarter, the company did not purchase new ETH but sold 1,625 ETH at an average price of about $2,114.62 for regular cash flow and operational expenses.· Hyperion DeFi (NASDAQ: $HYPD) reduced its HYPE holdings to repay debts, with a total holding value of approximately $167.9 million: The HYPE treasury company Hyperion DeFi disclosed that as of September 30, it holds approximately 1.848 million HYPE on its balance sheet. This figure has decreased from 2.04 million at the end of Q2, and the company clearly stated that the main reason for the reduction was to sell HYPE to repay debts. Based on a market price of $90.83 per HYPE, the current value of its HYPE treasury is approximately $167.9 million (with an average holding cost of $40 per HYPE), and the company's overall net asset value is approximately $182.4 million.· BTCS (NASDAQ: $BTCS) is deeply involved in the DeFi ecosystem, with ETH holdings reaching 49,571: The Ethereum treasury company BTCS released its Q3 financial report showing that as of September 30, it holds 49,571 ETH (with a fair value of approximately $133.1 million), a decrease from 70,787 ETH at the end of 2025. Notably, BTCS has invested the majority of its assets into decentralized finance networks to generate returns: among these, 2,880 ETH is used for node staking, and 46,607 ETH is deposited in DeFi protocols (with most held as collateral in Aave). This year, BTCS has also exchanged some ETH for stablecoins for DeFi borrowing and liquidity pool deployment, and as of September 30, its liquidity pool position has reached $40.95 million.

According to "Late Point" reports, as Jensen Huang resigned as CEO of Nvidia due to a personal relationship scandal, he became the 11th CEO of a S&P 500 company to lose his job due to personal relationships since 2000. Data shows that among these 11 CEOs, 8 left after the 2017 MeToo movement. Jensen Huang is the one with the longest tenure (33 years and 7 months) and the largest company market value (approximately $4.18 trillion). Unlike traditional professional managers, Huang holds less than 3.4% of shares and has no super voting rights, making it difficult to counter the board representing public investors.The report points out that in addition to corporate governance factors, geopolitical issues may be another driving force. Semiconductor research firm SemiAnalysis estimates that over 1.5 GW of restricted Nvidia GPUs have flowed into banned markets, believing that the U.S. intelligence community is a significant force behind Huang's departure. After the news was announced, Nvidia's stock price initially fell by 14.4%, closing with a decline of 4.3%.Jensen Huang has always been the absolute leader of Nvidia, directly receiving reports from 60 subordinates, investing in AI GPUs despite shareholder opposition, and establishing the CUDA ecosystem barrier. He is both the top seller and the top buyer, deeply binding customers through investments or guarantees. As of the second quarter, Nvidia's off-balance-sheet guarantees have exceeded $530 billion. Currently, the interim CFO Colette Kress has differing views on some strategies. Nvidia is facing a significant test: how to maintain competitiveness and growth for a giant company that has lost its founder within a wealthy team.

Nakamoto, the Bitcoin treasury company, currently owes the cryptocurrency exchange Kraken 165 million USDT, with the debt exceeding its stock market value of approximately 104 million USD. According to the loan amendment agreement signed by both parties on Wednesday, the repayment deadline for the originally scheduled 60 million USDT due on December 4 has been extended to December 4, 2027, while the remaining 105 million USDT will still be due on June 30, 2027, meaning the company does not need to repay the loan this year.Nakamoto's quarterly report shows that as of the end of September, out of the 4,283 BTC held by the company, 3,030 BTC have been pledged to Kraken, valued at approximately 253 million USD based on the price at that time. At Bitcoin's current price of below 69,000 USD, this portion of collateral is valued at about 208 million USD, which is only equivalent to 126% of the outstanding loan. If the value of the collateral falls below the agreed maintenance level, the company will need to repay part of the loan or add more Bitcoin as collateral. The new agreement also allows Kraken to include the net value of Nakamoto's Bitcoin derivatives account in the calculation of collateral requirements.

Quantum computing company Q-Ctrl announced the completion of a $290 million financing round, led by Salesforce Ventures, with participation from existing investors such as the CIA's venture capital arm In-Q-Tel, Lockheed Martin Ventures, as well as new investors including Jared Kushner's Affinity Partners, AMD Ventures, and the UAE defense group Edge Group.The company's valuation exceeds $1 billion, and it primarily develops quantum sensing and quantum computing software to enhance the stability of quantum computers and reduce computational errors, with future applications expected in fields such as healthcare, finance, and energy.

On November 13, the 100% stablecoin-based exchange UXUY, incubated by Binance Labs and invested by YZi Labs, announced that its App's latest version v2.0.7 has officially launched the Social Trading v1 section, further connecting AI hotspot discovery, opinion exchange, and trading operations.In the UXUY App, the earnings leaderboard covers 7 days, 30 days, and all periods, allowing users to view traders' profit performance and review their opinions and judgment basis at the time of buying and selling, summarizing experiences based on trading results to optimize their own trading strategies. AI insights automatically filter popular tokens and push relevant social hotspot information in real-time, enabling users to publish text or voice opinions around related tokens, exchange market judgments, and complete transactions with one click. The personal homepage supports a centralized display of positions, profit and loss performance, and holding opinions, making it convenient for users to share asset allocation and holding logic.UXUY founder Kevin stated, "We are helping more users understand on-chain trading, understanding the decision-making logic of top traders through real holdings and opinions, lowering the understanding and participation threshold for on-chain trading. At the same time, we are also leveraging AI to filter truly useful market information for users, discover potential profit opportunities, and provide assistance for asset research and trading judgments."

On November 12, Gate founder and CEO Dr. Han was invited to speak at the Oxford Union, delivering a keynote speech titled "Start Alone," reflecting on his 13 years of entrepreneurial journey since founding Gate alone in 2013. He shared experiences and thoughts on entrepreneurial resilience, rapid innovation, team building, and opportunities for entrepreneurship in the AI era.Dr. Han stated that the founding of Gate stemmed from his early experiences of losses incurred through trading on online forums. To create a more trustworthy digital asset trading platform, he started his business alone without external venture capital support. Since then, Gate has experienced multiple industry fluctuations and significant business challenges, gradually growing through continuous innovation and adjustments. He emphasized that maintaining a strong long-term belief, quickly seizing new opportunities, and continuously improving innovation and execution efficiency are crucial factors for companies to face challenges and achieve long-term development.Regarding the AI era, Dr. Han proposed the "Boss + AI" model, pointing out that AI can significantly enhance information acquisition, knowledge learning, and daily work efficiency, empowering individual entrepreneurs with stronger execution capabilities. At the same time, he emphasized that "Start Alone" does not mean always going it alone; entrepreneurs must have the courage to take the first step independently while also seeking suitable partners and team members during the development process. Through this keynote speech at the Oxford Union, Dr. Han brought Gate's 13 years of entrepreneurial journey into a broader industry discussion and, drawing from years of personal practice, provided insights and inspiration for a new generation of entrepreneurs.

MARA Holdings CEO Fred Thiel stated to shareholders that Bitcoin mining remains the core business of the company. Bitdeer Chief Strategy Officer Haris Basit mentioned that the company does not wish to rely on any single market cycle. Amid the sell-off of artificial intelligence stocks, some large Bitcoin mining companies that had previously shifted towards AI infrastructure are re-emphasizing their cryptocurrency business.After the Bitcoin halving in 2024, mining profit margins are being squeezed, and several mining companies are expanding their business into AI infrastructure. Recently, IREN and CoreWeave's stock prices have plummeted, with CoreWeave's bond yields reaching junk bond levels, and Bitcoin prices have also fallen from the historical high set in October 2025.

In the Huang Renxun incident, the involved company Megaspeed International officially announced that it attaches great importance to complying with U.S. export control laws, stating that compliance is the company's top priority, and it is committed to constructive and transparent cooperation with the U.S. government.Megaspeed has cooperated with the U.S. Department of Commerce's Bureau of Industry and Security (BIS) inspections and is ready to fully cooperate with other relevant U.S. government agencies at any time. To further strengthen its compliance commitment, Megaspeed has hired a well-known U.S. law firm to lead a comprehensive inventory of the company's graphics processing units (GPUs) and independently verify the company's export control compliance practices. Megaspeed stated that it welcomes appropriate government oversight and will demonstrate through concrete actions that the company operates in a responsible and transparent manner while complying with applicable U.S. laws.Megaspeed is a cloud computing and data center company registered in Singapore and is an important customer of NVIDIA. The New York Times previously cited trade data reporting that from June 2024 to February 2026, Megaspeed's affiliated company in Malaysia procured advanced AI servers and other equipment, including NVIDIA chips and related products. Huang Le previously served as the CEO and chairman of the board of Megaspeed and is one of the main controllers; she has appeared alongside Huang Renxun multiple times at public business events.

The New York Federal Reserve report confirms that the U.S. Treasury used approximately 500 million euros equivalent during the coordinated intervention in the foreign exchange market with Japan on July 31. The New York Federal Reserve purchased 79.4 billion yen and sold euros from the "Exchange Rate Stability Fund."This action aimed to address the disorderly fluctuations of the yen exchange rate. The Federal Reserve did not participate in this intervention.

According to Cryptopolitan, the security company Island released a study on November 12, revealing 186 counterfeit domains mimicking 27 well-known AI brands. Among them, ChatGPT was the most impersonated, with 25 similar domains, followed by Claude with 18, DeepSeek with 16, and Runway with 12. Some of these similar domains redirect users to advertising pages, while others point to malicious websites.The study states that attackers implement their attacks using a technique called TypoPrompting, exploiting spelling errors made by users when entering AI tool URLs. Island tracked three related pathways: redirecting visitors to a fake Cloudflare verification page and enticing Windows users to execute PowerShell commands; promoting a disguised security check application called Net Guard, which can hijack browsers and run remote scripts; and involving 30 browser extensions that hijack searches, of which 13 have been removed, while the remaining 17 collectively have 972,000 users. Island noted that the 186 fake domains are a count of the number, not confirmed infection cases, and it has not yet been confirmed that this activity has caused any losses.

Reuters reported on November 12, citing three informed sources, that Chinese artificial intelligence companies are attempting to rent Nvidia chip computing power from overseas data centers, concerned that the controversy surrounding Nvidia CEO Jensen Huang may prompt Washington to tighten restrictions on the remote use of advanced processors. The United States has restricted the export of Nvidia's most advanced artificial intelligence chips to China, and Chinese companies can currently use such processors remotely by renting computing power from overseas data centers. A large Chinese cloud service provider has internally discussed whether to secure overseas Nvidia chip capacity, and some companies have contacted data center operators to negotiate reservations. The informed sources declined to be named due to the sensitivity of the matter and did not specify the cloud service provider.Two informed sources stated that smaller artificial intelligence labs are also considering similar arrangements, including reaching out to major computing power rental service providers in Southeast Asia. These companies are concerned that the controversy surrounding Jensen Huang may provide political momentum for the U.S. Remote Access Security Act (RASA). This bill aims to authorize the U.S. Department of Commerce to regulate remote and cloud access to restricted technologies. The U.S. House of Representatives passed the bill in January with a vote of 369 in favor and 22 against, and it is currently awaiting Senate review. Reuters stated that Nvidia's advanced processors are used to train and run the large models behind generative artificial intelligence products like chatbots, and restricting overseas cloud access will make it more difficult for Chinese developers to obtain high-end computing power without directly importing chips.Jensen Huang stated on Sunday that he was unfaithful to his wife. The New York Times reported that the individual involved is Alice Huang, a former executive of Singapore cloud computing company Megaspeed, who U.S. authorities have identified as a Chinese intelligence operative. Reuters stated it was unable to independently verify the allegation, and the Chinese side has denied it. Two informed sources said that Alice Huang has business dealings and investment relationships with Chinese tech companies such as Tencent and Alibaba, which did not immediately respond to requests for comment. Business filings in Singapore reviewed by Reuters show that Alibaba subsidiary Apex Enterprise Solutions had provided financing to Malaysian company Speedmatrix, which is associated with Megaspeed. Megaspeed denied illegally transshipping Nvidia chips subject to U.S. export controls to China. Two other informed sources stated that traders and intermediaries have begun hoarding restricted Nvidia artificial intelligence chips in China's gray market, with buyers concerned that the controversy may prompt the U.S. to take broader action against the smuggling of advanced chips and artificial intelligence servers.

Pando Rings attackers bought 7,548 ETH and transferred 4,000 ETH to Tornado Cash about 7 hours ago.

Noel Walsh, head of Microsoft's Cloud Operations and Innovation department, stated that the company will bear the electricity costs associated with the expansion of data centers, without relying on government subsidies or passing costs onto other electricity consumers. Microsoft plans to invest $117 billion this year in building AI and cloud service computing power.Microsoft is collaborating with Chevron and investment firm Engine No. 1 to advance the large data center and supporting power project Project Kilby in West Texas. The project was previously affected by a local data center approval suspension but is still scheduled to begin construction in 2028 and fully operate by 2031. Chevron stated that the project will create jobs and stabilize tax revenue for the local area; Microsoft indicated that data center construction must bring net benefits to the community where it is located, or it will be difficult to continue.

The Japanese yen fell below the 160 mark against the US dollar for the first time since September, weakening for the third consecutive trading day. The US-Japan interest rate differential exceeded 250 basis points, increasing the pressure on the yen to depreciate.Jun Mimura, an official from Japan's Ministry of Finance, stated that the recent fluctuations in the yen's exchange rate have been "too rapid," and mentioned previous interventions in the foreign exchange market. Japan intervened in the foreign exchange market three times this summer, utilizing a total of 15.4 trillion yen (approximately 96.4 billion US dollars).