🌞 STKDAO Crypto Financial Report——2025.11.22

1. U.S. Labor Department: The October CPI report will not be released, and the November report will be released on December 18;

2. Japan approves a $135 billion stimulus plan to ease inflationary pressures, leading to a sharp decline in the yen;

3. Musk claims Trump should not pardon Roger Ver, who has renounced his U.S. citizenship;

4. Terraform is authorized to issue subpoenas to FTX to investigate Terra/Luna short sellers;

5. MSCI plans rules that may exclude companies holding more than 50% digital assets;

6. Grayscale DOGE and XRP ETFs will debut on the New York Stock Exchange on Monday;

7. Bitmine surpasses BlackRock to become the largest holder of Ethereum, holding 3.623 million tokens;

8. Coinbase will acquire the Solana trading platform Vector.fun;

9. GSR will integrate market making, OTC trading, and fund management into the GSR One platform;

10. RateX completes $7 million financing, with participation from Animoca Ventures and others.

📌 Summary:

Japan's approval of the $135 billion stimulus plan has led to a sharp decline in the yen, further undermining the credibility of previous statements about interest rate hikes. As the U.S. financial hub for arbitraging Asian markets, the U.S. also cannot allow interest rate hikes.

MSCI's proposed rule to exclude companies with over 50% digital asset holdings from its index reflects a cautious attitude from the traditional financial system towards the acceptance of crypto assets, directly impacting the valuations and financing capabilities of some smaller listed companies that are trying to capitalize on related concepts. On the other hand, Bitmine has surpassed BlackRock to become the largest institutional holder of Ethereum, but reports have surfaced that it has an unrealized loss of nearly $4 billion. The estimated average holding cost of Bitmine at $4000 per token has limited reference value; the actual cost should be much lower than this average price and cannot be assessed solely based on transfer prices. However, Tom Lee is indeed under pressure from investors, which must be quite challenging.

Coinbase's acquisition of the Solana ecosystem trading platform http://Vector.fun is also a key step in its strategy to build a multi-chain ecosystem. In the future, the path of compliant exchanges will basically refer to Coinbase as an industry benchmark, achieving what SBF's FTX tried and failed to do.