Stocks

Strategy (MSTR) holds Bitcoin valued at approximately $60.4 billion as of December 3, while its market capitalization stands at $50.7 billion. The discount means investors can acquire the company's cryptocurrency holdings below market value, with its software operations effectively priced at a negative figure. After adjusting for $8.2 billion in debt, net Bitcoin holdings remain valued at roughly $48.6 billion, according to financial commentary platform The Kobeissi Letter.

Strategy holds approximately $59 billion in Bitcoin and may liquidate portions if its stock price drops below the value of its cryptocurrency assets. CEO Phong Le stated the company raised $1.4 billion in cash reserves to fund dividend and interest payments for up to two years without accessing its Bitcoin holdings. The firm is also exploring Bitcoin lending as an alternative strategy.

Benchmark raised its price target for Strategy (MSTR) to $705, projecting a 183% upside from current levels. The firm would need Bitcoin to crash 86% to $12,700 to face debt coverage issues on its $8.2 billion obligations. Market odds of Strategy selling Bitcoin by mid-2026 stood at 28% as of press time.

Kraken has completed its acquisition of Backed Finance AG to accelerate expansion of its xStocks tokenized equities platform. The platform surpassed $10 billion in trading volume within six months of launch. The deal consolidates issuance, trading, and settlement operations under Kraken's infrastructure.

American Bitcoin (ABTC) shares fell 51% within 30 minutes on December 2, triggering multiple trading halts. The mining company, co-founded by Eric Trump, declined as Bitcoin retreated more than 30% from its October peak. The previous day saw nearly $1 billion in leveraged crypto positions liquidated across the market.

Bank of America has authorized more than 15,000 wealth advisers to recommend Bitcoin exchange-traded funds to clients, the bank told Yahoo Finance. Starting January 5, clients at Merrill, Bank of America Private Bank, and Merrill Edge can access four spot Bitcoin ETFs. The bank recommends a 1–4% crypto allocation for suitable investors, marking a significant expansion of regulated digital asset products within traditional banking channels.

Kraken has entered into an agreement to acquire Backed Finance, the issuer of tokenized assets that powers its xStocks trading service. The acquisition strengthens Kraken's position in real-world asset tokenization as it prepares for a 2026 IPO. The xStocks platform has generated over $5 billion in cumulative trading volume since launch.

The Federal Reserve ended its quantitative tightening program on December 1, injecting $13.5 billion into the U.S. banking system through overnight repurchase agreements. Data show this represents the second-largest liquidity injection since the COVID-19 era, exceeding levels seen during the Dot Com Bubble. The move marks a shift from the balance sheet reduction that began in April 2022.

Bank of America has issued formal guidance advising wealth management clients to allocate 1%–4% of portfolios to digital assets through regulated Bitcoin ETFs. Starting January 5, 2026, over 15,000 advisors across Merrill Lynch, Bank of America Private Bank, and Merrill Edge will gain access to coverage on four Bitcoin exchange-traded funds. The guidance establishes a 1% minimum for conservative investors and a 4% ceiling for clients with higher risk tolerance.

Bank of America has revised its digital asset guidance, now recommending wealth clients include crypto exposure as a standard portfolio component. The bank advises allocations between 1% and 4% based on individual risk tolerance, shifting from its earlier position that treated crypto as an optional consideration investors could disregard.