Source publication: November 7, 2026, at 13:43:34 UTC+8. This article summarizes the historical reporting and analysis in Odaily’s original market review.
Crypto’s links to centralized finance were under pressure on several fronts in Odaily’s November 7 review: a reported Binance theft, sanctions affecting MEXC’s access to the U.S. financial system, ETF withdrawals and weaker financing conditions for listed digital-asset treasuries.
These were distinct exposures. Exchange asset security and banking access concerned trading platforms, while treasury-company shareholders faced financing and asset-valuation risks. The review also described miners increasingly exposed to AI infrastructure spending rather than bitcoin prices alone.
Exchanges: asset security and financial access
Odaily reported that a $6.3 billion Binance theft remained an active concern, citing Elliptic’s assessment that $3.1 billion of the stolen funds had not yet been laundered. Its weekend watchlist included progress toward restoring Binance withdrawals.
The supplied report did not establish how customer losses would be allocated or what recovery customers could expect. The theft figures and withdrawal concerns should therefore not be read as a determination of customer recoveries or the exchange’s overall financial position.
Separately, Odaily said the U.S. Treasury’s Office of Foreign Assets Control had cut MEXC off from the U.S. financial system over $16 billion in transactions allegedly linked to Iran, North Korea and Russia. The review interpreted the action as increasing compliance pressure and dollar-access risk for offshore exchanges.
It also reported additional U.S. sanctions against 45 targets associated with the Prince Group crypto-fraud network. In a separate policy development, the review said Treasury had withdrawn a proposed “Travel Rule” measure, easing the proposed anti-money-laundering data-reporting requirements.
Strategy: bitcoin holdings are not an equity valuation
According to company disclosures cited by Odaily, Strategy held 849,327 BTC. Between October 26 and November 1, it added 811 BTC for a reported $65.5 million, at an average price of $80,846 per coin.
During the same period, the company repurchased $208 million of STRC preferred shares and sold $164 million of common stock through its at-the-market program.
The review compared Strategy’s $54.45 billion Nasdaq market capitalization with approximately $64.396 billion of bitcoin holdings, valued at $75,820 per BTC. That produced a market-capitalization-to-bitcoin-value ratio of 0.846 times.
Crucially, this was a simple comparison that did not deduct debt or account for preferred shares. It was not a complete measure of the claims against the company’s assets. Odaily separately cited CoinDesk’s June reporting that Strategy’s enterprise-level mNAV had fallen below one.
The review’s interpretation was that a discount weakened the premium-based equity issuance model used to finance bitcoin purchases. It argued that issuing common shares below the value of bitcoin held per share would dilute, rather than increase, that exposure.
Strategy’s reported third-quarter operating profit of $21 billion and diluted earnings per share of $44.75 were attributed primarily to bitcoin fair-value changes, according to the October 29 Business Wire release cited by Odaily. Those accounting gains should be distinguished from cash flow.
Other treasuries: financing costs and revaluation gains
The report highlighted several other listed treasury companies:
- Strive: The Block reported $509 million in third-quarter profit from appreciation in bitcoin holdings, alongside continued leveraged purchases. Odaily also noted a November 2 purchase of 124 BTC.
- Bitmine: Citing 24/7 Wall St., the review said the company held 4.9% of ETH’s total supply, emphasizing its concentration in a single asset.
- Hyperliquid Strategies: Third-quarter revenue was $13.3 million, while its $620.6 million profit came mainly from unrealized revaluation of HYPE holdings. The company had applied to become a CFTC-registered futures commission merchant; approval was not reported.
- DDC Enterprise: The company issued perpetual preferred shares carrying a 13.5% coupon and SAVOR preferred shares at $20 each. Odaily interpreted the financing as a sign that common-equity funding was becoming harder to access, rather than establishing that interpretation as a disclosed company explanation.
ETF withdrawals and payment-platform developments
For November 5, the review reported $430.2 million of net outflows from U.S. spot bitcoin ETFs, with total crypto ETF outflows exceeding $530 million. It also said IBIT had recorded five consecutive days of outflows. Market-wide crypto liquidations exceeded $1 billion as bitcoin briefly reached an 11-week low on November 5.
Among listed platforms, Odaily cited Bloomberg’s reporting that Morgan Stanley saw less certainty around Coinbase’s earnings recovery, while Ark Invest continued buying after the share-price decline.
Circle reported $865 million in combined third-quarter revenue and reserve income and announced a 5% workforce reduction. The review also noted USDC’s launch in Samsung Wallet on Solana and Citi’s selection of Circle as its preferred stock in stablecoins and digital payments. These were operating and distribution developments, not a reserve or customer-protection assessment.
Miners’ changing source of exposure
Odaily reported that mining shares rose 8%–20% on a day when bitcoin fell approximately 0.4%, interpreting the divergence as demand for AI and high-performance-computing exposure.
The review cited Riot’s previously announced $28 billion AI lease agreement at its Corsicana campus. It also cited The Block’s reporting that TeraWulf’s bitcoin-mining revenue fell 69% year over year while HPC leasing revenue rose with Anthropic-related construction, and that IREN’s mining revenue fell 58%, with a planned exit from bitcoin mining by year-end.
The review’s central distinction was that these companies were becoming more dependent on AI infrastructure spending. Their share performance could therefore no longer be understood solely as leveraged exposure to bitcoin.
The broader backdrop remained weak: the Nasdaq finished the week down 3.37%, its fourth consecutive weekly decline. Odaily linked that pressure to prospective AI regulation and stronger expectations of a December interest-rate increase, while noting that the content and timing of potential AI legislation remained uncertain.