HashKey Group is advancing plans for a Hong Kong public share offering aimed at raising approximately $200 million. The firm recorded $167 billion in spot trading volume as of September. Hong Kong regulators this week cleared the listing to proceed after reviewing the exchange's application.

AlphaTON Capital filed a $420.69 million shelf registration with U.S. securities regulators, enabling on-demand capital raising for TON ecosystem expansion. The Nasdaq-listed firm plans to deploy proceeds across AI compute infrastructure, mini-app acquisitions, and blockchain payment platforms. AlphaTON manages substantial Toncoin reserves and maintains strategic partnerships with BitGo, Animoca Brands, and other institutional players.

Grayscale's GLNK, the first U.S. exchange-traded product tracking Chainlink, drew more than $41 million in inflows during its debut trading session. The fund closed its first day with approximately $64 million in assets under management. Analysts described the performance as notably strong for a new crypto ETP focused on oracle infrastructure.

Bitcoin is trading above $92,000 following a mid-week recovery that has shifted market sentiment from persistent selling pressure to a more balanced structure. Analyst Michaël van de Poppe suggests BTC could target $100,000–$105,000 if the $92,000 support level holds, while a positive Coinbase premium has returned over the past week, indicating strengthening U.S. demand. Altcoins continue to lag behind Bitcoin, though this pattern has historically preceded broader market rallies.

Bitcoin climbed nearly 7% in a single trading session, pushing its market capitalization above $1.86 trillion. The rally followed the Federal Reserve's decision to end its quantitative tightening program, which had removed approximately $2.4 trillion from the financial system since mid-2022. Major institutions including Vanguard and Bank of America have introduced crypto-friendly policies, with Vanguard announcing on December 2 it will permit trading of crypto-focused ETFs across Bitcoin, Ethereum, XRP, and Solana.

The U.S. Securities and Exchange Commission is launching regulatory reforms to restore competitiveness in American capital markets, with blockchain firms serving as initial test cases. Chair Paul Atkins outlined a strategy prioritizing IPO pipeline expansion and introducing an "innovation exemption" framework that allows crypto companies to release products under supervision before completing full compliance reviews. The reforms are expected to commence within one month following delays caused by the government shutdown.

The Federal Deposit Insurance Corporation is advancing the first regulatory framework for stablecoin issuers under federal banking supervision. The FDIC's proposal establishes qualification requirements and approval mechanisms for companies issuing dollar-pegged tokens under the GENIUS Act. The rule is expected to be submitted to the House Financial Services Committee before the end of the month.

XRP trades below the 21-period exponential moving average across six shorter timeframes but holds support on the monthly chart. Market strategist EGRAG CRYPTO notes the monthly timeframe remains above key moving average levels. The first dedicated XRP exchange-traded fund from 21Shares launched December 1, 2025, offering regulated exposure to institutional investors.

Bitcoin fell 6% intraday to $85,653 on December 1, 2025, while the broader cryptocurrency market capitalization declined more than 5% to $2.92 trillion. The Coinbase Bitcoin Premium Index moved into negative territory, reflecting reduced buying pressure from U.S. investors compared to offshore exchanges.