TheStreet Roundtable

Digital Asset CEO says Treasury will issue bills on-chain within five years (3:52)
Yuval Rooz, co-founder and CEO of Digital Asset, which built the Canton Network, told TheStreet Roundtable at Token2049 that the Treasury will issue bills directly on blockchain rails, and that it could happen within two to five years.
“A hundred percent,” Rooz said when asked whether the Treasury would issue on-chain instead of relying on secondary tokenized markets.
Related: Gold moves up 24 places on Roundtable 100 despite analyst warning
Why treasuries went on-chain first
Rooz says Treasuries were the natural starting point because they drive the funding, financing and repo markets that keep the economy running. They are also a simpler asset to tokenize.
“Stocks have corporate actions, they have proxy votes, they have issuers,” Rooz said. “(Treasuries are) a much simpler asset.”
Treasuries already sit behind stablecoins and money market funds as the main reserve asset. Tokenized U.S. Treasuries surged 2.5 times in the last year.
The repo math crypto misses
Rooz says crypto natives often doubt Canton’s numbers. The network handles $300 billion to $400 billion in repo every day, more than all crypto trading volume combined, much of it coming through Broadridge’s Distributed Ledger Repo platform.
“I explain, that’s nothing,” Rooz said, pointing to the U.S. Treasury repo, which he put at about $13.5 trillion a day. The Office of Financial Research sized the full U.S. repo market at about $12.6 trillion in average daily exposures in the third quarter of 2025.
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DTCC brings Treasuries to Canton
The Depository Trust and Clearing Corporation (DTCC) plans to mint a subset of DTC-custodied Treasuries on Canton. The settlement giant is also working with other tokenization firms, as Ondo became the first tokenization company on DTCC’s Fund/SERV.
Rooz expects native on-chain creation and redemption of money market funds and stablecoins, which today only happens during operating hours.
Institutions remain cautious though. Rooz compared the hesitation to banks’ early resistance to online banking.
“We also as an industry need to prove that we can operate what we would call systemically critical infrastructure,” Rooz said. “When that happens, you’re just going to see these assets issued natively into these networks.”
Until then, tokenized Treasuries will keep running alongside the old system rather than replacing it.

Most of the AI tools businesses have adopted so far handle low-risk work, such as drafting emails, summarizing calls and cleaning up slide decks.
The material companies would most like to hand over is the material they guard most closely.
That includes financial research before it’s published, legal files covered by attorney-client privilege and internal data on pricing, products and deals.
What holds that work back is usually not what the models can do. It’s what happens to the data once it leaves the building.
Sending a confidential document to an AI model means trusting the cloud provider, the chip operator and the AI company not to see it. Most of the time, that trust rests on a privacy policy.
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The pressure is showing up in corporate budgets. In Cisco’s 2026 Data and Privacy Benchmark Study, 90% of the more than 5,200 IT and security professionals surveyed said their privacy programs have expanded because of AI. Cisco puts it plainly:
“AI ambition is outpacing readiness.”
The cost of getting it wrong is rising too. IBM’s 2026 Cost of a Data Breach Report puts the average breach at $4.99 million, a record. Attacks that pull sensitive data back out of AI models cost even more, at $6 million on average.
NEAR AI, the AI arm of the NEAR ecosystem, is building its business around replacing that policy with proof.
On October 15, the company announced that Leo, the AI assistant built into the Brave browser, now runs on private inference from NEAR AI Cloud.
Inference is the step where a model reads a prompt and produces an answer, and it’s where user data is most exposed.
A locked room the operator can’t enter
According to NEAR AI, Leo conversations on the GLM 5.3 Flash model run inside trusted execution environments, or TEEs.
A TEE is a walled-off section of a processor where code and data are shielded from the rest of the machine. NEAR AI says its TEEs are built on Intel TDX and NVIDIA Confidential Compute.
The company says the cloud host, the GPU operator and NEAR AI itself are “cryptographically locked out.” Leo encrypts each prompt in the browser with a protocol called Oblivious HTTP, using a key that exists only inside the enclave.
Brave’s relay strips the user’s IP address before passing the request on. NEAR AI says memory stays encrypted while the model runs, and every response is signed inside the enclave.
The bigger point is who does the checking. Before Leo receives the enclave’s key, Brave’s own open-source verifier checks the hardware against Intel’s signature and NVIDIA’s attestation service.
Attestation is a cryptographic proof of what hardware and software are running.
The verifier also rebuilds NEAR AI’s code from public source to confirm it matches what is deployed. As the post puts it: “No pass, no key.”
NEAR AI’s Trust Center puts it in business terms. It says privacy is “enforced by hardware, not policy,” and verifiable through attestation “checked against Intel and NVIDIA, not NEAR AI.”
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Brave’s reach as a distribution channel
Distribution may matter as much as the technology. Privacy tools usually struggle because users have to go find them. Inside a browser, private inference becomes a setting.
Brave currently serves over 130 million monthly active users. That figure shows the size of the potential audience.
Private inference applies only to Brave Leo users who choose GLM 5.3 Flash in the model settings.
The rollout came in stages. Brave began testing NEAR AI’s TEEs in November 2025 with DeepSeek V3.1 in Brave Nightly, its experimental build. The October release takes it to the full production browser.
Brendan Eich, co-founder and CEO of Brave, called the integration “a first for AI chats in browsers.” Illia Polosukhin, co-founder of NEAR, framed it as a question of ownership.
“Browsers are a primary computing interface that handles all of our personal information, so it’s critical that AI is introduced in a user-owned way,” Polosukhin said.
NEAR AI says Brave joins Venice AI, Abound and the Government of Bermuda among organizations running production workloads on NEAR AI Cloud.
That mix of consumer apps and a public-sector user hints at the same distribution model at work: privacy delivered through software people already use, rather than a standalone product.
Guarantees that stop at the model
For businesses weighing sensitive workloads, the fine print matters. The privacy guarantee in the
Brave announcement covers one model in one deployment. NEAR AI describes GLM 5.3 Flash as an open-weights model under the MIT license, meaning its underlying parameters are public.
NEAR AI’s Trust Center specifies that open-weight models hosted by NEAR AI run inside the TEEs. Third-party models are also offered, but NEAR AI says those are “proxied without revealing the customer’s identity and processed under the provider’s own data terms.”
In other words, the hardware guarantee applies only where NEAR AI controls the hardware.
That distinction will likely shape how companies buy. A guarantee tied to a named model, a named deployment and an attestation anyone can check gives them something to audit.
NEAR AI also says a hardware-attested deployment log confirms that the model a user picks is the one answering.
Publishing open-source verification and relying on chipmakers’ attestation services rather than its own word lets NEAR AI’s approach be tested from outside.
For businesses that have kept their most sensitive files away from AI, that offers a way to bring them in without taking anyone’s word for it.
Related: $13 trillion brokerage giant offers cheapest ways to trade crypto

A sign is posted at a Charles Schwab bank office on July 21, 2026 in Los Angeles, California.
Wall Street’s biggest brokerages have spent 2026 racing to let everyday investors buy crypto next to their stocks and retirement funds. Now the competition is moving to price.
Charles Schwab, which oversees $13.33 trillion in client assets and 40.3 million brokerage accounts as of Sept. 30, 2026, said on Nov. 9 that clients with Schwab Crypto accounts can now buy and sell Solana, Avalanche, and Chainlink.
Until now, the accounts only offered Bitcoin and Ethereum.
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Solana and Avalanche are blockchain networks that developers use to build apps and payment tools.
Chainlink is a network that feeds real-world data, like prices, into blockchains.
The company said the new tokens fit its plan to add established cryptocurrencies that match what clients are asking for.
A 75-basis-point price tag
Schwab charges 0.75% on each crypto buy and sell, with a $0.01 minimum.
That’s 75 basis points.
A basis point is one-hundredth of a percentage point. A $100 trade costs 75 cents, and a $1,000 trade costs $7.50.
The firm also says it charges no spread, which is the gap between the price to buy a coin and the price to sell it.
Schwab says it adds no markup to crypto quotes either.
Schwab calls its pricing “among the lowest in the industry,” citing an April 2026 Barclays report.
Morgan Stanley charges less, at 50 basis points, or 50 cents per $100, on its ETrade platform, which added crypto trading in May.
“We continue to expand Schwab Crypto to give clients greater choice and flexibility in how they invest in digital assets alongside their broader investments,” said Joe Vietri, Head of Digital Assets at Charles Schwab.
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Solana trades sit next to stocks on Schwab’s apps
Schwab gave some clients early access to Schwab Crypto in May 2026 and opened it to all eligible retail clients in October.
Clients trade on Schwab.com, Schwab Mobile and thinkorswim.
Trading runs nearly around the clock, apart from a monthly maintenance window of up to two hours.
Orders range from $1 to $2 million, and anything above $1 million must be a limit order, which only executes at a price the client sets.
Charles Schwab Premier Bank holds the coins, with Paxos Trust Company providing sub-custody.
Most of the crypto sits in cold storage, meaning offline wallets kept away from hackers.
Five coins, with limits
The accounts aren’t available in New York, Louisiana or U.S. territories.
Clients also can’t name a beneficiary on a Schwab Crypto account.
Schwab warns that its crypto isn’t FDIC-insured or SIPC-protected, and that investors could lose their entire principal.
Related: Roundtable 100 holds Solana at No. 5 following Alpenglow upgrade

David Schwartz, CTO Emeritus at Ripple, speaks during the Annual Non-Fungible Token (NFT) Event in New York, U.S., on Thursday, Nov. 4, 2021.
Getty Images
David Schwartz, Ripple Labs CTO Emeritus and one of the founding architects of XRP Ledger, recently disclosed that he threw the letter 6174 from the U.S. Internal Revenue Service (IRS) “right in the trash” he had received only a few days ago.
The Ripple veteran made the remark in response to the crypto tax expert Clinton Donnelly claiming that the IRS was “dramatically” increasing the number of letter 6174 notices being sent to crypto traders.
The “large-scale mailing campaign” is designed to put pressure on crypto taxpayers to review their past filings and take corrective action but it’s not an audit, Donnelly assured.
Schwartz said the letter is “just a reminder to follow the law,” so he threw it “right in the trash.”
Understanding Ripple, XRP and XRPL (3:17)
Understanding IRS letter 6174
Virtual currency is considered property for federal income tax purposes in the U.S. and all transactions involving them must be reported to the IRS.
The IRS sends the letter 6174 as a reminder to American taxpayers holding virtual currencies, including cryptocurrencies like Bitcoin (BTC) and Ether (ETH), to report related transactions to the agency.
The letter asks the recipients to file amended or delinquent returns if they didn’t accurately report their virtual currency transactions on a federal income tax return.
In short, the letter 6174 is nothing but a “crypto is taxable, so you better report it” reminder from the IRS.
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Schwartz says he paid $1.7 million in capital gains tax on XRP sales in 2025
When a social media user enquired Schwartz about his tax payments on XRP sales in 2025, the Ripple veteran said he sold approximately 2.5 million XRP tokens — received in 2020 and 2023 — last year and paid approximately $1.7 million in capital gains tax on those sales.
He also revealed that he hadn’t bought XRP in a long time because of his discomfort with risk. He said he has sold nearly all of his digital asset holdings and only holds “quite a bit” of Ripple stock which “alone is more risk than I wish I had.”
Schwartz also said he sells XRP using a written sales plan to avoid being accused of using inside information such as XRP Ledger bug reports to make trades. He was referring to the Rule 10b5-1 trading plan under U.S. securities law.
In simple terms, it is a pre-arranged written plan that allows company insiders, such as CEOs, executives, and directors, to sell their company shares according to a predetermined schedule.
The shareholder must establish the plan when they are not aware of material non-public information and specify the amount, price and timing of trades, or provide an objective formula for determining them. In short, the Rule 10b5-1 is designed to prevent insider trading.
The Roundtable 100
If you follow our market coverage, don’t miss the Roundtable 100. Updated every Friday, it’s a power ranking of the 100 most investable tech stocks, including digital assets. Check out the latest RTB 100 rankings at roundtable100.com.
Related: Roundtable 100 holds Solana at No. 5 following Alpenglow upgrade

Why tokenized deposits will not replace stablecoins, according to Solana's Jamal Raees (4:13)
XRP has reached a make-or-break zone.
Crypto analyst Ali Charts said on X that the token has touched the lower boundary of the descending channel that has defined its price action over the past month.
“XRP looks ready to bounce,” the crypto analyst wrote.
If $1.14 holds as support, XRP could rebound toward the channel’s upper boundary at $1.30. That would be a gain of about 13% from current levels.
“XRP has reached the lower boundary of the descending channel that has defined its price action over the past month,” he shared.
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Whales are buying the dip
In a separate X post, Ali Charts pointed to large holders stepping in. While XRP dropped from $1.34 to $1.15, whales accumulated more than 16.46 million XRP over five days.
The buying is modest, roughly $19 million at current prices. In September, TheStreet reported that whale wallets picked up about 1.54 billion XRP, worth close to $2.2 billion, in just 96 hours.
Whale accumulation is also no guarantee of a rebound. It shows only that some large buyers are willing to take the other side of the selling.
What Ali Charts has flagged before
The analyst has been tracking this price structure for weeks. Last month he shared that XRP was trading inside a parallel channel on the hourly chart. That pattern pointed to a drop toward the lower boundary near $1.25.
A few days later, he warned of further pressure. He identified $1.26 as the lower edge of a channel XRP had traced since August, citing Santiment data that showed whales stepping back.
A break, he said, could send the price toward $1.11 first. The channel pattern ultimately pointed to $0.98, about 22% below $1.26.
XRP has since traded below $1.26, and the focus has moved to the new, lower boundary.
The levels now are simple. A hold at $1.14 keeps the $1.30 target in play. A break below it would bring back the $1.11 and $0.98 targets he flagged earlier.
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Roundtable 100 analyst is bullish on Solana (2:32)
Solana (SOL) retained its No. 5 spot on the Roundtable 100 in the Nov. 6 ranking, maintaining its place among the top five assets.
The Solana blockchain network is built for fast, low-cost transactions and its native token, SOL, is the seventh-largest cryptocurrency with a market cap of more than $51 billion.
Roundtable 100 analyst bullish on Solana after later upgrade
Published with TheStreet, The Roundtable 100 ranks the top 100 publicly traded technology growth assets. Each is scored from 0 to 100 by the analysts of the Blue Ribbon Committee on five variables, Team, Safety, Value, Innovation, and Market Dominance, with the average forming the asset’s Power Ranking. The list refreshes every Friday after the U.S. market close.
The Blue Ribbon Committee committee’s analysts rank a company on the basis of its potential to grow in the future, not its current dominance.
The RTB 100 analyst John Divine, who leads institutional crypto execution at BlockFills, highlighted that the Solana blockchain network’s recent Alpenglow consensus upgrade reducing transaction finality from approximately 12.8 seconds to under one second is part of its push to capture growing demand for stablecoin payments, cross-border transfers, and 24/7 trading.
According to Divine, the expansion of tokenized stocks and round-the-clock trading could reshape how investors access financial markets. While traditional equity markets operate during regular trading hours, tokenized stock markets remain open throughout the week, including on weekends and holidays.
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The RTB 100 analyst took two recent developments to argue how Wall Street is embracing tokenization and is not hesitant to use blockchain technologies for the purpose.
Last month, the Depository Trust & Clearing Corporation’s (DTCC) launched its tokenization service and the Intercontinental Exchange (ICE) joined hands with Trade[XYZ] to develop a regulated U.S. market for perpetuals built on the Hyperliquid blockchain network.
Divine cautioned that moving traditional financial markets toward 24/7 trading could introduce new risks such as weekend volatility. But Solana’s faster transaction finality could give it an important advantage as trading activity grows in the future, he opined.
See the full ranking.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investments are subject to market risk. Always conduct your own research before making any investment decisions.
Disclosure: RTB Digital, Inc. (Nasdaq: RTB), publisher of the Roundtable 100, is itself a ranked constituent of the index. The Roundtable 100 is published for informational purposes only and is not investment advice, an offer, or a recommendation to buy or sell any security, commodity or digital asset. Rankings reflect the views of Roundtable analysts as of the ranking date. Investing involves risk, including loss of principal.
Related: U.S. Treasury, Fed scrap $250 transaction reporting proposal

U.S. President Donald Trump jokes with new Chairman of the Federal Reserve Kevin Warsh during his swearing-in ceremony on May 22, 2026
Roberto Schmidt/Getty Images
On Nov. 6, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board withdrew a proposed change to the “Travel Rule.” The change would have required financial institutions to keep and pass along information on money transfers of $250 or more that start or end outside the U.S., down from $3,000 now.
The agencies proposed the lower threshold on Oct. 27, 2020, as a change to their rules under the Bank Secrecy Act, the main U.S. anti-money-laundering law.
‘Crypto must earn trust’: Crystal Intelligence CEO on scams and security (5:25)
The proposal would have lowered the threshold from $3,000 to $250 for fund transfers and transmittals outside the U.S.. Additionally, it would have clarified the meaning of “money” to ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currencies, such as cryptocurrencies.
FinCEN had argued back then that malicious actors were laundering illicit money using very small transactions.
But the FinCEN and Fed Board jointly withdrew the rule proposal last week, saying the agencies received nearly 3,000 comments from depository institutions, money services businesses, trade associations, individuals, etc. who opposed the proposal to reduce the thresholds.
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Opposition to threshold reduction to $250
The agencies said the comments argued a $250 reporting threshold would:
impose a significant regulatory burden on financial institutions, particularly smaller financial institutions,
disrupt the ability of consumers to send remittances overseas and drive them into less regulated marketplaces,
increase the liability exposure of financial institutions required to maintain personally identifiable information, and
significantly increase the number of transactions subject to reporting.
Many comments also said that some potentially illicit transactions under the $3,000 threshold were already being reported to FinCEN and some argued the agencies didn’t provide sufficient analysis or data to justify the threshold reduction, the agencies said.
They also noted that several commenters asked for the threshold to be increased instead of reduced as the original threshold was adopted in 1995.
Agencies withdraw proposal amid industry developments
The FinCEN and Fed Board said they have decided to withdraw the rule proposal in light of the comments because there have been significant recent developments in the convertible virtual currency industry since the issuance of the proposal and new legal frameworks are emerging.
The proposal has been withdrawn.
The Roundtable 100
If you follow our market coverage, don’t miss the Roundtable 100. Updated every Friday, it’s a power ranking of the 100 most investable tech stocks, including digital assets. Check out the latest RTB 100 rankings at roundtable100.com.

Why tokenized deposits will not replace stablecoins, according to Solana's Jamal Raees (4:13)
U.S. stock markets still close at 4 p.m. ET and stay shut on weekends. Formation Securities wants to change that, and it’s turning to the Solana blockchain to do it.
On Monday, the New York–based firm said it has notified the U.S. Securities and Exchange Commission that it plans to run what it calls the first tokenized securities venue on Solana.
A tokenized stock is a share of a company issued as a digital token on a blockchain. Solana is a high-speed blockchain built for fast, low-cost transactions. Formation expects trading to begin in early 2027.
The plan relies on the SEC’s Innovation Exemption, released in September 2026.
Under the exemption, a tokenized share must give holders what a regular share does, such as votes and dividends. Trading has to run through permissioned automated liquidity pools on venues that qualify.
Related: Samsung Wallet users can now send USDC on Solana
Galaxy, Exodus and Forward lined up first
Formation says it expects to list tokenized shares of three companies at launch:
Exodus Movement (NYSE: EXOD)
Forward Industries (NASDAQ: FWDI)
Galaxy Digital (NASDAQ: GLXY)
Superstate and Securitize, two firms that turn traditional securities into blockchain tokens, are expected to supply the shares.
“Tokenized stocks will succeed only if public companies see the value in them,” said Christopher Montagano, president of Formation Securities. He said the company plans to build the market alongside issuers.
Buyers would keep the tokens in crypto wallets and could swap them for stablecoins, digital tokens pegged to the U.S. dollar.
Payment and delivery would happen at the same moment onchain, which Formation argues cuts the risk of a failed trade.
Companies keep their direct relationship with shareholders, according to the release.
Their transfer agent, the firm that keeps a company’s official record of who owns its shares, keeps that record, and every trade shows up in real time on Solana’s public ledger.
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Solana’s head start in tokenized assets
Formation says it picked Solana for its speed, low costs and track record with tokenized assets.
Citing data from RWA.xyz, it says the network holds more than $5 billion in tokenized real-world assets.
The company also says Solana’s token tools let issuers control which wallets can hold or transfer a security.
The venue runs on trading technology licensed from Orca, a Solana-based trading platform.
It builds on Project Open, a proposal that Orca, Superstate and the Solana Policy Institute submitted to the SEC’s Crypto Task Force in April 2025.
“This is the moment we’ve been building toward since we started Superstate,” said Robert Leshner, Superstate’s co-founder and CEO.
Securitize CEO Carlos Domingo said venues like Formation “should be able to focus on execution and liquidity.”
He said each of Securitize’s tokens is backed by a real share held by its broker-dealer.
Access won’t be open to everyone at first. Only verified investors can trade, through Formation’s own platform and partners including Alpaca, Anchorage Digital, BitGo, Fireblocks and Jito’s JTX interface.
The venue will also face the exemption’s limits on which securities it lists and how much volume it can handle.
Related: Analyst warns Bitcoin should be down 40% after two weeks of chaos

Nvidia’s logo is displayed at their headquarters on August 26, 2026 in Santa Clara, California.
Getty Images
Nvidia-linked crypto trading topped $189 million over 24 hours through late Sunday, even while Wall Street was closed.
The activity came as CEO Jensen Huang admitted to an affair and the chipmaker’s board opened an independent investigation into reporting that he was targeted by a foreign intelligence effort.
A review of the contract’s 25 largest positions identified three accounts that opened new shorts totaling about $9.1 million on Sunday afternoon. These positions profit if the contract’s price falls.
Nvidia CEO Jensen Huang.
Getty Images
How crypto traders can short Nvidia
Blockchain analytics account Lookonchain flagged one of the trades on Sunday night, reporting that a whale used 10x leverage to short Nvidia exposure equivalent to about 30,000 shares, a $5.44 million position, on Hyperliquid.
Hyperliquid is a crypto exchange that runs around the clock, including weekends, and it is best known for perpetual futures.
A perpetual future is a contract that lets traders bet on whether a price will rise or fall without owning the asset itself, and it has no expiry date. The exchange’s xyz markets list these contracts for traditional assets such as US stocks, so a crypto trader can take a position on Nvidia’s share price without buying a single share. A position that profits when the price falls is known as going short.
Data from Hypurrscan, a public explorer that tracks Hyperliquid wallets, put the position’s entry at $181.33. The contract traded near $178.89 as of about 10:56 p.m. ET on Sunday, leaving the trade up roughly $73,000 on paper.
With 10x leverage, the wallet controls exposure ten times larger than the margin, the collateral it put up, so gains and losses are magnified tenfold.
The wallet runs on cross margin shared with its other positions, so Hypurrscan’s liquidation estimate near $290 is a snapshot that moves with the account’s collateral, not a fixed trigger.
The same wallet is also short 200 Bitcoin worth about $15 million at 30x leverage, Hypurrscan data shows. That position was up about $90,700 in the same snapshot.
From the archives: Crypto’s mysterious movers that make or break markets (Jan. 28, 2026). This video explains how large crypto traders position for volatility; it does not cover the current Nvidia trades.
Crypto’s mysterious movers that make or break markets (4:24)
Nvidia shorts beyond the $5.4 million trade
Two other accounts opened positions of about $1.8 million each, beginning at 3:38 p.m. and 4:52 p.m. ET Sunday. The $5.4 million position began at 5:51 p.m., making it the largest new Sunday short verified among the 25 positions reviewed.
At about 11:23 p.m. ET, 14 of the 25 largest positions listed by Hypurrscan were shorts and 11 were longs. This is a snapshot of the largest positions, not a count of every trader on Hyperliquid or a tally of shorts opened after Huang’s statement.
The largest short in that group was worth about $9.8 million and dated to Nov. 3. It therefore cannot be counted as a new position opened in response to Sunday’s developments.
Hyperliquid data showed about $189.3 million in trading over the rolling 24 hours through 11:20 p.m. ET Sunday. Separately, the contract recorded about $12.6 million over the full ET calendar day on Saturday, Nov. 7.
Trading volume includes both buyers and sellers. It is not the amount of new short exposure, and the available records do not establish that the activity was driven entirely by the Huang news.
Nvidia board backs Huang as it opens investigation
Nvidia’s board said in a statement that a committee of independent directors, assisted by outside counsel, will oversee the investigation, and that it “has confidence in Jensen and his leadership team.”
“While the Board has no reason to believe that either national security or NVIDIA secrets were compromised, the Board’s inquiry will examine all available information,” the statement said.
“I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry,” Huang wrote in the email, which Nvidia posted on its newsroom.
“NVIDIA’s Board of Directors has initiated an independent investigation. I support the investigation and will cooperate fully,” Huang wrote in the same email.
On Thursday, the chairmen of three House committees asked Huang to brief Congress on Nov. 18 on his ties to a suspected Chinese intelligence asset, giving him until Nov. 11 to respond, according to a House press release.
How foreign intelligence targets tech executives
US counterintelligence officials have warned businesses for years that foreign intelligence services target American technology companies and the people who run them. In a January 2022 speech, then-FBI Director Christopher Wray said the bureau had more than 2,000 active investigations tied to the Chinese government’s efforts to steal US information and technology, and was opening a new related counterintelligence case about every 12 hours.
The approach is often patient and personal. In one documented case, an officer for China’s Ministry of State Security used aliases, front companies and university invitations to recruit aviation engineers, paying their travel and stipends to visit China before asking for proprietary files, according to the Justice Department.
A jury convicted the officer, Yanjun Xu, in 2021, and he was sentenced to 20 years in prison in 2022, the first Chinese intelligence officer extradited to the US to stand trial. Justice Department records show President Joe Biden commuted his sentence to time served in November 2024.
“We consistently see that it’s the Chinese government that poses the biggest long-term threat to our economic and national security,” Wray told business leaders in London in July 2022, speaking alongside the head of Britain’s MI5. He said China’s intelligence service targets companies “from Fortune 100s to start-ups” working on everything “from aviation, to AI, to pharma,” often through intermediaries who spot and recruit sources.
Whether any such effort reached Huang is the question Nvidia’s investigation now examines. The board said it has no reason to believe national security or company secrets were compromised.
Nvidia stock was already sliding
Nvidia shares closed Friday at $186.64, down from about $215 in late October as AI stocks sold off, per Yahoo Finance data. In overnight trading on Blue Ocean, a venue for trading US stocks outside regular market hours, the stock fell another 3.6% to about $179.87 late Sunday.
TheStreet reported last week that five longtime tech stalwarts have tumbled more than 50% from their highs.
The first regular test for Nvidia shares comes when US markets open at 9:30 a.m. ET on Monday.
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Michael Novogratz, chief executive officer of Galaxy Investment Partners, during the Future Investment Initiative (FII) Priority Summit conference in Miami, Florida, US, on Thursday, March 26, 2026.
Getty Images
Galaxy Digital CEO Mike Novogratz bought roughly $9.9 million of his own company’s stock this week.
Novogratz acquired 760,000 Class A shares on Thursday in two batches, a regulatory filing shows. He bought 528,757 shares at a weighted average price of $12.694 and another 231,243 at $13.632, paying about $9.86 million in total, or an average of roughly $12.98 per share.
Company officers and large shareholders must publicly report trades in their own stock within two business days under SEC rules, which is what the filing, known as a Form 4, discloses.
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Who Mike Novogratz is
Novogratz is the founder and chief executive of Galaxy Digital. Before that, he was a partner at Goldman Sachs and later chief investment officer of the Fortress Macro Fund.
Before Wall Street, he served as a helicopter pilot in the US Army and studied economics at Princeton.
Mike Novogratz’s Galaxy share purchase and the company’s buybacks. Source: SEC Form 4, filed Nov. 5, 2026, and Galaxy’s third-quarter 2026 results, Oct. 27, 2026.
A personal buy, not a buyback
The purchases were made through Galaxy Group Funding ECI U LLC, an entity wholly owned by Galaxy Group Investments LLC, which Novogratz controls, according to the filing.
That makes the buys a personal investment by the chief executive rather than a share repurchase by Galaxy itself. Individual fills ranged from $12.34 to $13.87 across the two batches, footnotes in the filing show.
Novogratz also directly holds another 440,338 Class A shares. Most of that figure, 327,065 shares, is tied to restricted stock units, a form of compensation that converts into shares only as it vests.
The filing lists Novogratz as a 10% owner of Galaxy, making him one of its largest shareholders even before this week’s purchases.
Why the buy stands out
The filing does not say why Novogratz bought, and he has not publicly explained the purchases.
The buy adds to money already flowing into the stock from the company itself.
Galaxy repurchased 9.8 million of its own shares in the first nine months of the year, more than offsetting dilution from equity-based pay, and its board approved an additional $200 million buyback authorization, according to its third-quarter results.
The company is coming off a profitable quarter.
The Nasdaq-listed firm, a crypto financial services provider that has been expanding into AI data centers, reported third-quarter net income of $323 million in late October, up from $85 million in the prior quarter, with adjusted earnings per share of $0.83 and adjusted EBITDA of $455 million.
Much of the momentum came from its newest business
Galaxy’s data center arm rose to $69 million of adjusted EBITDA from $11 million a quarter earlier as its Helios campus in Texas delivered its first full quarter of revenue under a lease with CoreWeave.
A second phase is fully financed through a $3.5 billion senior secured note offering, with data hall deliveries scheduled to begin in the second quarter of 2027, and Galaxy is marketing another 830 megawatts of approved capacity to prospective tenants.
The balance sheet behind the stock is substantial.
Galaxy ended the quarter with $4.9 billion in cash, stablecoins and U.S. Treasuries, total equity of $3 billion and an average institutional loan book of $1.8 billion, up 27% from the prior quarter.
Open-market purchases by a chief executive are closely watched because they commit personal capital at the same prices available to any investor.
Related: Galaxy Digital’s Zac Prince questions Bitcoin treasury firms

Bitmain mining machines at a Canada Computational Unlimited Inc. computation center in Joliette, Quebec, Canada, on Friday, Sept. 10, 2021.
Keel Infrastructure sold 2,520 bitcoin for $192 million in the third quarter as the former Bitfarms shifts from cryptocurrency mining to developing AI data centers.
The sale brings cash into a business that expects its first high-performance computing revenue in 2027. Keel is still negotiating leases at three near-term sites, rather than collecting rent from signed AI tenants there.
The company’s Nov. 5 earnings release says the bitcoin sold included its entire 2,261-coin treasury position and 259 newly mined coins. Holdings at Sept. 30 were described as nominal, not zero.
Bitcoin produced by the remaining Quebec operation will be sold daily. Keel says that policy effectively removes exposure to price changes on treasury holdings, but it does not eliminate the effect of bitcoin prices on the revenue of its remaining mining business.
A different company for shareholders
Keel sold its 2,261-coin treasury and 259 newly mined bitcoin for $192 million in Q3 2026, leaving nominal holdings at Sept. 30. Source: Keel Infrastructure Q3 2026 results, Nov. 5, 2026.
The transformation began before this quarter’s sale. Bitfarms became Keel in April after moving its parent company from Canada to the United States, with its principal executive office in New York.
Each outstanding Bitfarms common share was exchanged for one Keel share. The change in name accompanied a shift in what management intends the company to own and earn money from.
Instead of retaining mined bitcoin and benefiting if its price rises, Keel plans to develop buildings and energy infrastructure for AI computing customers. Its remaining mining business is shrinking before the new rental business starts producing revenue.
Third-quarter revenue from continuing operations fell 59% to $27.6 million from $68 million a year earlier. The company attributed the decline mainly to shutting its U.S. bitcoin mining operations during the second quarter and a lower average bitcoin price.
The comparison covers its continuing North American portfolio. Argentina and Paraguay operations are classified as discontinued operations following their disposal, so those figures should not be treated as total historical revenue for every business Bitfarms once owned.
Where the AI plans stand
Keel says Moses Lake in Washington received all necessary permits and began construction in September. It expects the site to be its first energized location generating high-performance computing revenue in 2027.
The company is also advancing Sharon and Panther Creek in Pennsylvania. Across those two sites, it reported three permits cleared and four environmental permits outstanding, two of them in draft form.
The broader development pipeline is 2.2 gigawatts. That describes potential development, not completed computing capacity, signed customer demand or revenue already being earned.
A separate secured-capacity figure stands at 478 megawatts. Studies at Panther Creek and Scrubgrass could increase that to as much as 1,928 megawatts, but the studies are not expected to finish until the first quarter of 2027.
The Pennsylvania expansion has a longer history than the rebrand. The March 2025 Stronghold acquisition added power assets and a Pennsylvania growth pipeline, with the company already evaluating sites for possible AI conversion at that time.
That acquisition was a stock-for-stock transaction. It supplied the predecessor business with sites and energy infrastructure, not an automatic conversion of those assets into leased AI data centers.
Why Pennsylvania permits matter
Keel says it revised the Sharon and Panther Creek plans to comply with Pennsylvania’s new data-center rules without meaningful changes to tenant costs or schedules.
Gov. Josh Shapiro’s Aug. 18 executive order removed AI data-center projects from the state’s fast-track permitting program and imposed new requirements for local approvals and public engagement.
The state’s GRID requirements call for developers to pay the full cost of electricity infrastructure needed for their projects without shifting it to households and businesses. They also cover community engagement, local workers and environmental protections, including water conservation.
Keel’s statement that its designs comply does not mean all remaining environmental permits have been issued. Its own quarter-end update still lists approvals outstanding.
Keel reported $27.6 million of revenue and $42.2 million of cost of revenue from continuing operations in Q3 2026. Source: Keel Infrastructure Q3 2026 results, Nov. 5, 2026.
Keel’s reported operating loss narrowed to $7.7 million from $18.5 million. But the operating result included a $73.6 million gain from changes in the value of its digital assets, as well as a $32.2 million realized loss on bitcoin sales.
The bitcoin sale’s $192 million of cash proceeds and its $32.2 million accounting loss measure different things. Proceeds show cash received, while the loss compares sales with the coins’ carrying value.
The underlying revenue and cost figures remained weak. Cost of revenue was $42.2 million against revenue of $27.6 million, producing a $14.6 million gross loss before general and administrative expenses.
Adjusted EBITDA fell to negative $27.4 million from positive $19.2 million. The company-defined measure removes several accounting items, including bitcoin revaluation and sale gains or losses, and does not replace operating income or cash flow.
General and administrative expenses doubled to $34.3 million. Keel cited senior hires, professional fees and higher stock-based compensation as it moved into project management.
Its loss from continuing operations widened to $62.4 million from $11 million, driven mainly by a $55.3 million noncash loss on capped-call derivatives associated with its 2025 convertible notes. Total net loss, including discontinued operations, was $62.7 million.
Cash now, financing later
Chief financial officer Jonathan Mir said Keel had about $780 million of unrestricted cash on Nov. 4 and “no current need for debt or equity financing before signing a lease.”
The last five words limit that claim. Management is not saying the entire development pipeline can be completed without additional financing.
"Capital we deploy ahead of a lease becomes part of our equity contribution to a project's financing," Mir said.
Keel’s risk disclosures warn that its AI development strategy may not become profitable, leases may not be signed on acceptable terms and construction could face delays or cost overruns. The company also expects to need substantial additional capital for data-center development.
The next disclosed milestones are lease agreements, remaining Pennsylvania permits and the first-quarter expansion studies. The first AI revenue remains a management expectation for 2027, while the cash-producing legacy business is already smaller.

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TeraWulf reported nearly $710 million in quarterly profit while posting an $88.2 million operating loss, as a large noncash accounting gain drove its bottom line.
The former bitcoin-focused business now gets most of its revenue from data-center leases. Its next expansion depends on completing buildings, securing financing and turning signed contracts into rent.
The company’s third-quarter results, released Nov. 6, show $709.9 million in net income attributable to TeraWulf, compared with a $455.1 million loss a year earlier. Revenue rose about 51% to $76.2 million.
Those figures describe different parts of the business. Revenue measures sales, operating income accounts for the costs of running the business, and net income also includes financing costs and gains or losses outside operations.
What produced the profit
TeraWulf reported $709.9 million of net income attributable to the company and an $88.2 million operating loss in Q3 2026. Its results included a $728.4 million noncash gain on warrant and derivative liabilities. Source: TeraWulf Q3 2026 results, Nov. 6, 2026.
The largest positive item was a $728.4 million change in the value of warrant and derivative liabilities. Warrants give their holders a right to buy shares under specified terms, and changes in the value of these obligations can produce accounting gains or losses without bringing in cash.
The same income-statement line produced a $424.6 million loss in the third quarter of 2025. This quarter’s positive figure therefore does not represent money collected from AI customers.
TeraWulf also recorded a $95 million gain on the sale of its 50.1% stake in the Abernathy joint venture. Neither item forms part of revenue from its mining or data-center businesses.
Its operating loss widened from $24.7 million to $88.2 million. Total operating costs and expenses reached $164.5 million, more than twice quarterly revenue, including $29.6 million of depreciation and $9.7 million of property and equipment impairments.
Adjusted EBITDA was negative $12.8 million, compared with positive $18.1 million a year earlier. That company-defined measure removes interest, taxes, depreciation and several other items, including warrant-value changes, and is neither net income nor cash flow.
For the first nine months of 2026, TeraWulf still reported a $657.6 million loss attributable to the company. A profitable third quarter did not erase losses earlier in the year.
AI rent has overtaken bitcoin revenue
Data-center lease revenue grew from about 14% to 83% of TeraWulf revenue between Q3 2025 and Q3 2026. Bars show revenue shares, not relative total revenue. Source: TeraWulf Q3 2026 results, Nov. 6, 2026.
Data-center lease revenue rose to $63 million from $7.2 million in the comparable quarter. Its share of company revenue increased from about 14% to 83%, based on the reported figures.
Bitcoin-mining revenue moved the other way, dropping to $13.2 million from $43.4 million, a decline of about 69%. TeraWulf is repurposing parts of its Lake Mariner mining infrastructure in New York for AI and other high-performance computing customers.
The company develops and operates the buildings, power connections and related infrastructure. It says its model does not depend on buying the AI computing hardware itself.
At Sept. 30, Lake Mariner had 102 megawatts of critical IT capacity online and generating revenue. Critical IT capacity measures the power available to computing equipment, rather than the total electricity supply secured for an entire campus.
Another 336 megawatts were under construction at Lake Mariner. The company expects phased delivery and rent commencement for CB-4 in the fourth quarter, with CB-5 beginning phased delivery in early 2027.
Its disclosed construction-cost guidance is $8 million to $10 million per critical IT megawatt for WULF Compute. These are development costs incurred ahead of the future rental income.
What Google is backing
The largest announced lease is with Anthropic at the Justified campus in Hawesville, Kentucky. TeraWulf puts the initial 20-year commitment at roughly $19 billion for about 401 megawatts of critical IT capacity.
That $19 billion is contracted revenue over two decades, not money received this quarter, cash already available for construction or a measure of profit.
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Under agreements announced Nov. 4, Google provides contractual credit support for anticipated project debt financing. TeraWulf says the arrangement strengthens its ability to obtain competitive financing, rather than announcing that all of that financing has already closed.
Fluor’s construction agreement covers three buildings, including engineering, procurement, construction, testing and commissioning. Phased completions are expected to start in late 2027 and continue through the second quarter of 2028.
The agreement includes delivery milestones and cost reporting. TeraWulf says guaranteed maximum pricing is being established as engineering and procurement progress, so the announcement should not be read as a final fixed price for every part of construction.
The cash needed before rent arrives
The cash-flow statement shows $178.9 million used in operating activities over the first nine months, compared with $35 million a year earlier. Purchases of and deposits on plant and equipment totaled $2.23 billion, up from $445.2 million.
Those are nine-month figures, not third-quarter spending. They show why a noncash earnings gain cannot substitute for construction funding.
TeraWulf ended September with $1.60 billion in cash and cash equivalents, plus roughly $753 million of restricted cash. The combined $2.36 billion figure is often rounded to $2.4 billion, but the restricted portion is separately identified on the balance sheet.
Image used for representational purposes only.
The Abernathy sale provided $250 million during the quarter. Another $150 million is expected by Dec. 31 and about $130 million, subject to adjustments, by April 30, 2027.
The company subsequently increased committed revolving credit from $250 million to $400 million. A further $150 million expansion feature is uncommitted and conditional, not another $150 million already available.
At Muskie in Kentucky, contracted power has doubled to one gigawatt, subject to state approval, with the second 500-megawatt phase expected in 2029. Contracted power there should not be confused with the 102 megawatts already earning revenue at Lake Mariner.
Chairman and CEO Paul Prager said Lake Mariner is delivering capacity and generating revenue, while Justified has the customer and construction framework to proceed. The next scheduled tests are nearer-term Lake Mariner deliveries, followed by Justified’s first completed buildings in late 2027.

Various weights of gold bars are arranged for a photograph at the offices of Gold Bullion Australia, in the Gold Coast, Australia, on Tuesday, May 17, 2011.
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Coinbase said Friday that customers who hold PAX Gold, a token backed by physical gold, can now borrow against it on the exchange, stretching its lending business beyond cryptocurrencies for the first time.
PAXG holders can pledge the token and instantly borrow USDC, a stablecoin designed to hold a one-to-one value with the U.S. dollar, the company announced Friday morning.
The loans are powered by Morpho, an onchain lending protocol, and built on Base, the blockchain backed by Coinbase.
The feature is available in the United States, excluding New York, the company said. Eligibility and terms vary by jurisdiction and market conditions.
How Coinbase’s PAX Gold loans work. Source: Coinbase, Nov. 6, 2026; Paxos; Morpho.
How the loans work
PAX Gold is issued by Paxos Trust Company, a federally regulated custodian.
Each token is backed by one fine troy ounce of a London Good Delivery gold bar held in custody, and Paxos calls it the largest OCC-regulated gold-backed token, with roughly $2 billion in circulation and monthly attestation reports.
A customer holding PAXG can lock it as collateral and receive USDC without selling the gold position.
There are no credit checks, since the collateral itself secures the loan, and Coinbase sponsors the network fees, per its product page.
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Borrowed USDC can be converted to dollars, spent or moved onchain, but Coinbase’s terms bar using loan proceeds to trade on its own platform.
The wider crypto-backed loan product has limited availability in the U.K. and Canada, but Coinbase has not said whether the gold token option extends beyond the U.S.
Rates are variable, liquidation is the risk
The loans have no monthly due dates and can be repaid in part or in full at any time. Interest rates are set by supply and demand in Morpho’s open lending market rather than by Coinbase.
"Rates are variable and subject to change," the company said in a note on eligibility and market conditions.
Instead of a fixed schedule, the loans rely on a collateral buffer. If the value of the pledged gold falls too far against the debt, the position can be liquidated, meaning the collateral is automatically sold to cover the loan.
A one-time processing fee is added to the principal each time a user borrows, and interest accrues on the combined amount.
Loan originations already past $1 billion
The gold option extends a product Coinbase first launched through Morpho in January 2025, starting with Bitcoin and carrying the same New York carve-out.
Onchain loan originations on the exchange passed $1 billion by October 2025, the company said in a report on its Bitcoin business.
Borrowing caps on the existing product run as high as $5 million in USDC against Bitcoin and $1 million against Ether, with limits for PAXG shown in the app. The collateral list already covers tokens including XRP, Dogecoin, Solana and Cardano, but PAXG is the first tied to a physical commodity.
Morpho, the protocol underneath, is software on the blockchain that matches lenders and borrowers through pooled funds, with no bank in the middle. It describes itself as an open credit network with more than $16 billion in deposits, counting Coinbase, Robinhood and Société Générale among the firms building on it.

November 2, 2010. Fast food giant McDonald’s is bringing back a sandwich — the McRib — that gained cult acclaim over the last three decades, in a move lauded by fans known to travel great distances in the hunt for the coveted treat.The boneless pork chop between a bun and slathered with tangy BBQ sauce, topped with onions and pickles, was first launched in 1981, and with rare exceptions has only been offered for sale in select McDonald’s for a few weeks at a time. From Tuesday, it will be available nationwide, and for an entire month. AFP Photo/Paul J. Richards (Photo by Paul J. RICHARDS / AFP) (Photo by PAUL J. RICHARDS/AFP via Getty Images)
DDC Enterprise, the Asian food platform that recast itself as a Bitcoin treasury company, is seeking to sell a new class of preferred shares, and its chief executive is confronting the stock’s decline head-on.
Founder, Chairwoman and CEO Norma Chu announced the SAVOR Series A 13.5% Perpetual Preferred Shares this week and used a letter to shareholders to address what she called the decline in the company’s share price since July.
The preferred shares are expected to trade on NYSE American under the ticker SVOR if the offering is completed.
Each carries a stated value of $25 and is structured to pay a cumulative dividend of 13.5% a year, or $3.375 per share, accruing daily and payable in cash every business day out of funds legally available, according to the offering terms.
Terms of DDC’s proposed SAVOR preferred shares. Source: DDC Enterprise offering announcement, Nov. 4, 2026, and Bitcoin strategy tracker, Nov. 6, 2026.
What buyers would actually get
The dividend is a fixed coupon on the stated value, not a guaranteed return.
Payments depend on DDC having funds legally available, and a missed payment accrues additional dividends rather than disappearing.
A segregated reserve account is meant to hold at least 12 months of dividends.
The company says the reserve balance will be published daily on a public tracker, which on Friday showed holdings of 2,899 Bitcoin worth about $219.6 million and a DDC share price of 13 cents.
Holders would also collect one-time bonus dividends tied to Bitcoin’s price, paid if the cryptocurrency holds at certain levels for ten consecutive trading days.
$0.75 per share at or above $180,000
$1.25 per share at or above $250,000
$2 per share at or above $350,000
The bonuses top out at $4 per share.
The same tracker put Bitcoin near $75,750 on Friday, so the first trigger requires the price to more than double and hold there for ten consecutive trading days.
The shares are perpetual, carry no maturity date and cannot be converted into ordinary stock.
They would rank ahead of DDC’s ordinary shares but behind its existing and future debt, and the company could redeem them at 105% of stated value in the first three years and at stated value afterward.
Holders can demand redemption at stated value plus accrued dividends if the company undergoes a fundamental transaction, is delisted or breaches its obligations under the share terms.
Where the money would go
DDC said it may direct up to 20% of gross proceeds toward repaying part of its outstanding convertible note, a debt that can be swapped into ordinary shares and has hung over the stock.
The rest would fund the dividend reserve and general corporate purposes, which may include buying more Bitcoin.
Retiring that note is the priority, Chu wrote, with the offering proceeds potentially supplemented by Bitcoin-backed financing and negotiated arrangements.
She cautioned that completion depends on how much the offering raises, financing availability and final agreements, and promised to tell shareholders when the note is fully extinguished.
The public offering, led by Maxim as sole book-running manager, is expected to price at $20 per share, with underwriters holding a 45-day option to purchase 15% more shares.
It is being made under a shelf registration the SEC declared effective in August 2025, and DDC warned the offering is subject to market conditions and may not be completed on the expected terms or at all.
Separately, institutional and accredited investors have agreed to buy at least 1.2 million of the preferred shares at the same $20 price in a registered direct deal, representing at least $30 million in stated value and roughly $24 million in expected gross proceeds before expenses.
The share-price problem
Chu’s letter is unusual for how directly it takes on the stock’s performance. DDC shares have fallen sharply since July, and rather than leaving the decline unaddressed, she devotes a section of the letter to it.
She framed the swings as part of life at a digital asset treasury company, noting the stock has moved more than 30% in a single day in both directions, and said the company cannot control daily trading.
"I remain convinced that Bitcoin is the right long-term reserve asset for DDC," Chu wrote. "Our treasury strategy is unchanged."
The priority now, she wrote, is to strengthen the capital structure underneath the treasury so the company can expand its Bitcoin accumulation from a stronger base when it judges the timing right. The company’s tracker shows it has been buying an average of 5.45 Bitcoin per day.
"We recognize that shareholder confidence must be earned through execution," she wrote.
The offering lands as DDC’s original business shows signs of life. Its portfolio of Asian food brands generated $39.2 million in fiscal 2025 revenue and its first positive adjusted EBITDA.

The characters that started as stickers on the LINE messaging app are getting a crypto payment option.
IPX, the company formerly known as LINE FRIENDS, plans to let shoppers pay with a token called minicoin at its online and offline stores.
The rollout is planned in phases in the first half of 2027, across stores in Korea and abroad. The company has not confirmed a U.S. launch, and nothing changes at checkout today.
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What IPX is planning
The service will let customers buy physical merchandise with minicoin at LINE FRIENDS stores. IPX says it is meant to make digital asset payments a natural extension of the fan experience, linking character merchandise to a Web3-based ecosystem.
Minicoin is a utility coin developed and issued by Mini Labs, not by IPX itself. Mini Labs operates under an official license from IPX to use the company’s minini characters.
IPX says the coin’s blockchain-based ecosystem is designed to record fan activity, including creation, consumption and transactions, and link it to settlement.
IPX points to K-POP SQUARE, the store it opened in Seoul’s Hongdae district in June 2025. The location drew more than one million visitors in its first year, and about 80% of them were international fans from more than 90 countries.
The company expects demand from overseas visitors as digital assets become more common as payment methods.
"This service rollout marks an important step toward using digital assets to purchase physical merchandise, beyond trading and use within specific platforms," an IPX official said in the announcement.
The business behind the characters
LINE FRIENDS began with characters including BROWN, CONY and SALLY, created as stickers for the LINE messaging app and its 200 million active users. The company rebranded as IPX and says it now operates in 18 markets and on eight online sales platforms.
Its portfolio includes BT21, created with BTS, and ZO&FRIENDS, created with G-DRAGON. IPX has also partnered with Netflix on an original animated series and with game developer HoYoverse. None of those partnerships covers minicoin, which is Mini Labs’ project under the minini license.
IPX has not named which stores or countries beyond Korea will be first, and the first-half-2027 target could move.

AFP via Getty Images
Bitcoin miner IREN has contracts, land and power for its AI data center buildout. What it does not yet have is all the money.
The company told investors on Nov. 5 that its remaining planned capital spending for fiscal 2027 is $15 billion.
About $9 billion is covered by cash, committed GPU financing and customer prepayments, according to its latest results. The other $6 billion still has to be raised.
A $6 billion funding gap to close
IREN says the remaining $6 billion is expected to come from targeted GPU financing, customer prepayments, data center financing and other corporate-level sources. That funding is subject to market conditions.
The figure is planned future financing, not a current cash shortfall. Even the $9 billion already counted is not all cash on hand. It includes restricted cash, undrawn committed financing facilities and contracted prepayments customers have not yet paid.
The buildout is anchored by a $9.7 billion contract with Microsoft, signed in November 2025. Microsoft prepaid 20% of the five-year deal for access to NVIDIA GB300 GPUs.
Most of IREN’s remaining fiscal 2027 spending is covered, but $6 billion still depends on markets. Source: IREN’s Q1 FY27 results
IREN bought those GPUs and equipment from Dell for about $5.8 billion. They are being deployed in phases through 2026 at its 750-megawatt Childress, Texas campus, across four liquid-cooled data centers known as Horizon 1 to 4.
The first of them, Horizon 1, was delivered to and accepted by Microsoft in August. The site also earned NVIDIA’s Exemplar Cloud status after NVIDIA tested its GB300 NVL72 systems there.
The playbook
To fund the Microsoft GPUs, IREN closed a $3.65 billion GPU financing in June. Fitch and DBRS rated the debt A and A(low), the highest publicly rated investment-grade GPU financing announced and the first of its kind in the U.S. private placement market.
Together with Microsoft’s prepayment, the facility covers $5.59 billion, or about 96%, of the $5.81 billion Microsoft GPU bill at an average financing cost of 3.31%. The blended interest rate on the debt itself is 6%. Goldman Sachs and J.P. Morgan arranged the deal.
IREN also holds $6 billion of data center assets with 20-year useful lives that it says can be separately financed.
The committed money fully funds the 0.3-gigawatt program behind IREN’s target of more than $4 billion in annualized run-rate revenue, subject to conditions on those financing facilities. ARR is an operating metric, not GAAP revenue, and recognized revenue may be materially lower.
That target has already slipped. IREN moved it from the end of 2026 to January 2027 after a customer-requested design change and supplier timing, and says it may extend to the end of February.
Operating ARR still doubled to $1 billion during the quarter, co-founder and co-CEO Daniel Roberts said.
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Contracts keep getting richer
After the quarter ended, IREN signed a five-year contract at about $22 million per megawatt, with the customer prepaying 90% of the associated GPU costs. It also signed a short-term contract at $40 million per megawatt and contracted H100 GPUs at double their previous pricing.
Contracted pricing rose 11% on three-year deals and 12% on five-year deals. IREN also expanded an existing contract with what it calls a leading frontier AI lab.
Revenue backlog rose 22% from the prior quarter to $20.3 billion. About two-thirds sits with investment-grade counterparties, across a customer list that includes NVIDIA, Microsoft and 13 others.
"We own the land, the power and the data centers under all of it, which gives us more ways to fund growth and lets us set its pace," Roberts said in the results release.
Losses narrow as AI revenue nearly triples
IREN reported $228 million in revenue for the quarter ended Sept. 30, up 66% from the prior quarter. AI Cloud revenue nearly tripled to $200 million at an 86% gross margin, while Bitcoin mining revenue fell to $28 million from $67 million.
The AI Cloud split shows where the business is going. Cloud services brought in $135 million and lease revenue added $65 million, after a prior quarter with no lease income at all.
The company posted a net loss of $263 million, narrower than the $684 million loss in the prior quarter. Adjusted EBITDA was $66 million.
What comes next
Horizon 2 through 4 are in late-stage construction at Childress. IREN is targeting 480 megawatts of gross AI Cloud capacity by the end of 2026 and 1.2 gigawatts in 2027.
Beyond Texas, the company is building liquid-cooled sites at its Sweetwater and Mackenzie campuses and secured a civil works license for a 300-megawatt development in Spain. It holds more than 30,000 acres of land with over 5 gigawatts of secured power.
Its wider development pipeline tops 35 gigawatts, though IREN cautions it does not expect a significant portion of those projects to become secured power.

A smartphone screen displays the logos of OpenAI and Anthropic against a blurred backdrop of the American flag, symbolizing the intensifying competition in artificial intelligence between the two US-based companies in Tunis,Tunisia on June 17,2026.
Getty Images
Anthropic, the AI company behind Claude, filed to go public on Oct. 26 but did not give a date or price for its shares in that announcement.
Crypto exchange Kraken is already preparing to let investors request tokenized exposure to Anthropic stock at its IPO price.
The exchange calls the product ANTx, a tokenized version of Anthropic stock offered through its xStocks platform. Investors will be able to request an allocation at the institutional offering price, plus a 5% spread, once the submission window opens.
On a $1,000 request, that spread alone works out to $50, and Kraken says other fees may apply.
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How the Anthropic offer works
Kraken says requests are not guaranteed to be filled.
Anthropic and its underwriters set the final price and decide which requests get filled based on demand, so an investor may receive all, some or none of what they asked for.
Funds for any unfilled part of a request are returned to the investor’s Kraken account.
If a request is filled, ANTx tokens land in the investor’s account when Anthropic lists. The tokens can then be traded around the clock, alongside more than 1,000 other tokenized equities on Kraken, with no lock-up period.
Image for representation purposes. Source: TheStreet
What buyers actually receive
ANTx is not a share.
xStocks are tokenized securities issued by Backed Assets (JE) Limited under an EU-registered prospectus, and they provide price exposure only. Holders get no voting rights and no shareholder rights.
The offer is one of three distinct Anthropic-related products at Kraken. A separate page lets U.S. investors buy regular ANT shares once Anthropic lists, and the exchange’s pre-IPO perpetual futures are cash-settled derivative contracts with up to 5x leverage, not shares, tokenized equity or an IPO allocation.
In the EEA, the tokens are made available by Payward Europe Digital Solutions (CY) Limited, regulated by CySEC. Elsewhere, they are offered by Payward Digital Solutions Ltd., regulated by the Bermuda Monetary Authority.
Kraken’s own page warns visitors not to invest unless they are prepared to lose all the money they invest.
Who cannot take part
The offer is not available in the U.S. or to U.S. persons. Kraken also excludes the United Kingdom, Canada and Australia, and says geographic restrictions apply elsewhere.
That leaves the product aimed mainly at eligible investors in the EEA and other permitted regions.
Kraken lists three completed xStocks IPO offerings before Anthropic: SpaceX, Bending Spoons and Jersey Mike’s. All three windows have closed and the tokens now trade on the platform.
The Anthropic submission window is marked as opening soon. Anthropic said in its Oct. 26 announcement that its registration statement had not yet become effective and that the number of shares and price range had not been determined.
The backlash against tokenized equities
Tokenized equities are drawing fire from the companies they track, Wall Street’s biggest players, and market watchdogs.
OpenAI set the tone in July 2025. After Robinhood gave away “OpenAI tokens” to users in Europe, the company said in a post on X that the tokens “are not OpenAI equity” and urged people to “please be careful,” warning that any transfer of its shares needs its approval.
Anthropic has gone further. Its investor-warning page says any sale or transfer of its stock not approved by its board is “void,” and that anyone claiming to sell Anthropic shares to the public, whether directly, through “forward contracts,” or as “tokenized securities,” is likely offering “an investment that may have no value” because of its transfer restrictions.
Wall Street is pushing back too. Citadel Securities has told the SEC that tokenized securities “must succeed on the merits, rather than via regulatory exemptions,” while the World Federation of Exchanges, the industry group for the world’s biggest stock exchanges, has urged a crackdown on tokens that “mimic equities” without the same investor rights.
Companies now have a formal way to say no. Under the SEC’s September Innovation Exemption, issuers can block third parties from tokenizing their stock, and any tokenized share must carry the same rights as the real thing.
They are using it. OKXICE, the tokenized-stock venture owned by NYSE parent ICE and crypto exchange OKX, says in its latest public notice that 67 issuers, including Apple, Nvidia, Boeing and JPMorgan, had objected to having their shares tokenized as of Nov. 5.
What tokenized equities are, and how fast they are growing
A tokenized equity is a blockchain token designed to track a company’s share price. Some tokens are backed one-to-one by real shares held with a custodian, others are claims on a vehicle that holds shares, and some are purely synthetic contracts, so owning the token is not always the same as owning the stock.
From our achives: Watch our explained on Tokenized stocks below.
What are tokenized stocks? Why do they matter? (12:22)
The market has grown fast. Tokenized stocks were worth about $639 million in late September 2025 and roughly $3.2 billion a year later, a 395% jump, making them the second-fastest-growing category of tokenized real-world assets over that period.
The latest RWA.xyz data, as of Nov. 6, 2026, shows the split: total value keeps rising, up 11% in 30 days to $3.69 billion across 4.75 million holders, while trading activity has cooled sharply, with monthly transfer volume down 57% and monthly active addresses down 81% over the same period.

A Standard Chartered Plc bank branch in Hong Kong, China, on Friday, July 24, 2026.
Getty Images
Banks moving into crypto keep hitting the same wall. There is barely anyone to insure what they hold.
That gap is the business of Soter Insure, a specialist insurer for digital assets. SC Ventures, the venture arm of Standard Chartered, and Japanese financial group SBI have joined the company’s Series B funding round as strategic investors, the company said Thursday.
The size of the round was not disclosed.
Who is behind the round
The round is led by Galaxy, the crypto financial services firm founded by Mike Novogratz. A first close in July brought in Coinbase Ventures, Franklin Templeton and Brevan Howard Digital, and existing backer Token Bay Capital added more money in this second close.
SC Ventures is Standard Chartered’s in-house venture platform. Since 2018 it has deployed more than $1 billion across over 30 portfolio companies. Token Bay Capital, founded in Hong Kong and now based in Abu Dhabi, has backed Soter since its Series A.
It is not often that a bank-owned venture fund, a Japanese financial conglomerate and crypto-native investors sit on the same shareholder list. Soter argues the mix is the point.
What the insurance covers
Soter was incubated by venture firms Further Ventures and WebN Group. It is headquartered in Abu Dhabi and operates out of Bermuda, with offices in London, New York and Dubai, and it sells policies built for financial institutions, covering risks conventional insurers rarely touch.
Its lineup includes crime coverage, specie coverage for assets in custody, professional indemnity and directors and officers insurance.
Two products are native to crypto. Smart contract failure coverage pays out when the code that moves money on a blockchain breaks.
The other, slashing coverage, protects firms that help run proof-of-stake networks like Ethereum. Validators on those networks post crypto as a security deposit, and the network can destroy part of it if they break the rules, a penalty known as slashing.
Unusually, Soter’s policies can be denominated in digital assets as well as traditional currency, so a firm holding bitcoin can be insured in bitcoin. The coverage is built for institutions, not individual savers, and it is not a government guarantee like deposit insurance.
Why banks care
“Banks can’t scale in digital assets without the risk protection they rely on everywhere else, and today that protection is still scarce,” said Henson Orser, Soter’s founder and CEO, in the announcement.
“With SC Ventures and SBI Group joining Galaxy, Coinbase Ventures and Franklin Templeton, we now have traditional finance and digital asset natives behind the same goal: insurance capacity at institutional scale,” he said.
Herve Francois, a principal in SC Ventures’ digital assets fund, called insurance “a critical but often overlooked part of the digital assets ecosystem.” Yangte Kim, SBI’s representative in the UAE, said such protection will become “an increasingly important part of the ecosystem” as adoption grows.
Soter said the new capital will go toward expanding its insurance capacity, its underwriting and technology, and its reach in Asia-Pacific, Europe and the U.S.
The bigger picture
The release notes that both new backers are already active in digital assets. Their arrival reads as both an investment and a signal that banks want the insurance plumbing in place before they scale further.
Whether capacity catches up with demand is the open question. For now, the pool of capital willing to insure crypto risk remains small, and the institutions arriving keep getting bigger.

U.S. President Donald Trump signs an executive order in the Oval Office of the White House in Washington, DC, on June 22, 2026.
AFP via Getty Images
The Labor Department’s final rule that could open 401(k) plans to alternative assets like private equity, real estate and cryptocurrency reached the White House on Thursday, the last review stop before public release.
The rule, called Fiduciary Duties in Selecting Designated Investment Alternatives, arrived at the Office of Information and Regulatory Affairs on Nov. 5, according to the office’s public regulatory docket. That White House office vets every major federal regulation before it can be published.
The docket shows the review is still pending, with no legal deadline. The final text has not been made public, so the rule’s exact terms are not yet known.
What the 401(k) rule would do
The Labor Department proposed the rule on March 30, and it was published in the Federal Register the next day. It would create a legal safe harbor for the managers who pick the investments on a 401(k) menu.
Image for representation purposes. Source: TheStreet Roundtable
A safe harbor is a legal framework for showing that a manager followed a prudent selection process, not immunity from being sued. Under the proposal, managers who weigh six factors “objectively, thoroughly, and analytically” would fall inside that framework.
Performance
Fees
Liquidity, or how quickly an investment can be turned into cash
Valuation, or how reliably the asset can be priced
Performance benchmarks
Complexity
The rule would not force any employer to offer alternative assets. It also leaves in place the duty to keep monitoring whatever investments a plan already offers.
The Labor Department accepted public comments on the proposal through June 1.
How the rule reached the White House
The rulemaking follows an executive order President Donald Trump signed on Aug. 7, 2025, called Democratizing Access to Alternative Assets for 401(k) Investors. It directed the Labor Department to clarify how plan managers can offer funds that hold alternative assets.
The order defines those assets broadly.
Private market investments that do not trade on public exchanges
Real estate
Actively managed funds that invest in digital assets
Commodities
Infrastructure projects
Lifetime income strategies, including longevity risk-sharing pools
For crypto, that language points to managed funds that invest in digital assets. It does not mean workers would automatically be able to buy bitcoin directly inside a 401(k).
More than 90 million Americans save through workplace plans like 401(k)s, and most have no access to alternative assets today, the Labor Department said when it proposed the rule.
"Our goal is to deliver on President Trump's promise for a new golden age by fostering a retirement system that allows more Americans to retire with dignity," Labor Secretary Lori Chavez-DeRemer said at the time.
Deputy Labor Secretary Keith Sonderling said the department’s “days of picking winners and losers are over,” calling the proposal neutral between asset classes.
The push rolls back years of tighter guidance. In 2022, under President Joe Biden, the department told plan managers to use “extreme care” before adding cryptocurrency to 401(k) menus. It rescinded that guidance in May 2025.
What this means for your 401(k)
Nothing changes right away. The rule must clear White House review, get published in the Federal Register and take effect before plan managers can rely on it.
Even then, your employer decides what appears on your 401(k) menu. The March proposal is built around asset allocation funds, managed products that bundle many investments together, rather than standalone picks.
Costs are the trade-off to watch. The proposal itself notes that alternative assets can carry higher fees, can be harder to sell and can be more difficult to price than the stock and bond funds most savers own today.

Bitcoin falls below $77,000 in the biggest stock selloff since April 2025 (1:32)
Economist Peter Schiff, who forecast the 2008 financial crisis, has warned that Bitcoin is a bubble and urged holders to sell “before the air comes gushing out.”
In a post on X, he said the market is focused on a deflating AI bubble and ignoring Bitcoin’s.
The difference, he argued, is that AI has actual value and Bitcoin has none. He called the midterm elections the final pin.
"While all the attention is focused on the deflating AI bubble, no one is talking about the Bitcoin bubble. The biggest difference between the two is that while AI has actual value, Bitcoin has none,” Schiff wrote.
“The midterms supplied the final pin. Sell now before the air comes gushing out,” he further added.
Politics and market pressure
Schiff said Bitcoin’s fortunes are tied to President Donald Trump, whom he described as the Bitcoin president.
Related: Binance founder issues chilling warning after record crypto heist
Republicans support Bitcoin and Democrats do not, he said, and it would take even larger contributions from crypto whales to win over Democrats than they spent on Republicans.
The Democrats won Congress in the Nov. 3 midterms.
“Because Trump is the Bitcoin president. What's bad for Trump is bad for Bitcoin. Also Republicans support Bitcoin. Democrats don't. It's going to take even larger contributions from whales to buy Democrats then they already paid to buy Republicans,” he wrote in another post.
Schiff’s earlier warnings
Schiff has made similar calls before. Earlier this year, in an interview with TheStreet, the Euro Pacific Capital CEO said Bitcoin was “broken” despite supportive legislation, state-level initiatives and a U.S. strategic reserve. Bitcoin was then near $76,000, well below last year’s highs above $110,000.
He said the policy support should have lifted the price, but it had fallen instead. In his words, “All of this good stuff should have resulted in a higher price for Bitcoin.”
He added that early investors may still profit, but he does not expect new buyers to see similar gains, and that Bitcoin will not replace gold.
Schiff used the collapse of the CLARITY Act to renew his attack on the cryptocurrency, arguing that Bitcoin’s problem was never regulatory ambiguity but the asset itself.
Schiff has been building his case for months. In August, he declared the Bitcoin party over, noting that a broad risk-asset rally had lifted mining stocks and other holdings while Bitcoin barely joined in.
Related: Musk warned America will go 1,000% bankrupt. Now U.S. debt tops $40 trillion and counting