Crypto News

Tether froze more than $4.5 million in USDT linked to a security breach at Brazilian crypto exchange Mercado Bitcoin, CEO Paolo Ardoino said. The freeze was part of coordinated action by security researchers and stablecoin issuers that Specter said had blocked more than $9 million across nine digital assets, including USDC, PAXG and RLUSD. Arkham Intelligence reported that wallets linked to the attacker still held about $46 million in crypto, including ETH, BTC and PEPE. Mercado Bitcoin said it had contained an incident involving an internal system and temporarily suspended deposits and withdrawals during its investigation. The exchange said customer funds and personal information were unaffected, but has not disclosed the total loss or whether its reserves were impacted. The freezes may limit the attacker’s ability to move assets, but the remaining funds and unanswered questions keep exchange security in focus. For traders, the incident adds custody risk to the outlook for Mercado Bitcoin; the freezes alone do not establish a direct price impact on the tokens involved.

Trade.xyz restored its GitBook documentation by 9:15 a.m. ET on November 2 after detecting unauthorized activity. The company is still investigating and has urged users not to click links in the documentation until it lifts the warning. It has not explained how access was gained or confirmed whether any links or pages were changed. So far, Trade.xyz has reported no confirmed user losses, trading interruptions or disruption to on-chain settlements. The issue has been described as affecting documentation; there is no reported evidence that Hyperliquid’s smart contracts or settlement infrastructure were compromised. The Trade.xyz incident is therefore a documentation security risk, not a confirmed breach of its trading platform. Users should rely on verified channels for updates. The incident follows Intercontinental Exchange’s strategic investment in Trade.xyz and plans to develop a US market for 24/7 Hyperliquid perpetual futures, subject to CFTC approval. Trade.xyz says its existing markets have recorded more than $650 billion in cumulative trading volume in just over a year.

Gate data showed USDCNH at 6.66088 on 3 November, up 0.1% over 24 hours. In a later update on the same date, the US dollar-to-Chinese yuan pair rose above 6.670 to 6.67056, with its 24-hour gain widening to 0.4%. The reports gave no reason for the move. USDCNH tracks currency-market conditions that traders may monitor alongside broader risk sentiment, but the update does not establish a direct effect on cryptocurrency prices.

Binance is gradually restoring cryptocurrency withdrawals after a reported $6.3 billion hack. The first phase began on Nov. 1, covering 15 networks, including Bitcoin, Ethereum, BNB Smart Chain and Solana. Binance said deposits remain open, that balances for 10 major assets are fully backed, and that it has covered about 95% of the amount affected while absorbing losses rather than passing them to customers. A second withdrawal phase is scheduled to start at 04:00 UTC on Tuesday. It will reopen additional assets across BNB Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base as security and readiness checks are completed. Binance says assets will be prioritized according to user demand. The staged Binance withdrawals may ease concerns about access to funds, but delays and continued scrutiny of exchange security could weigh on market confidence and trading activity.

Binance will begin restoring withdrawals for more assets from 04:00 UTC on 3 November (12:00 Beijing time), following the first reopening phase on 1 November. The exchange says it will prioritise assets based on user demand over the past week and reopen each asset and network only after security checks. Binance withdrawals will resume gradually, so availability may vary and high traffic could cause delays. Deposits remain open. Binance says it will absorb the financial losses from the theft rather than pass them on to users.

Anthropic’s IPO filing shows revenue accelerating while costs and long-term computing commitments grow. In the first half of 2026, the company reported $16.29 billion in revenue and $16.98 billion in operating expenses. Compute and infrastructure cost $8.95 billion, while sales, marketing and partner expenses reached $3.17 billion, largely due to channel-partner fees. The operating loss narrowed to $693 million, and the second quarter produced $974 million in operating profit. The later filing showed a sharp reversal in the third quarter: revenue reached $16.96 billion, up 1,127% year over year, but net loss widened to $23.29 billion. Compute and infrastructure costs rose to $9.86 billion, about 58% of quarterly revenue, and the company reported a $567 million operating loss, despite positive adjusted operating profit. Anthropic also disclosed about $895.4 billion in computing purchase and lease commitments, nearly half due by the end of 2030. For traders, the Anthropic IPO highlights the tension between strong AI demand and the capital required to build computing capacity. The figures may influence investor appetite for AI and technology listings and raise questions about infrastructure spending and future margins. Anthropic has no directly associated cryptocurrency, so the filing does not by itself point to a specific token-price impact.

Marvell’s proposed all-stock acquisition of Lumentum values the optical-components maker at about $115 billion. Each Lumentum share would convert into 4.5 Marvell shares, a fixed exchange ratio that leaves the deal’s value exposed to changes in Marvell’s share price. Although the offer implies a premium of nearly 24%, the latest reported close saw Marvell shares fall 11.2% and Lumentum shares drop 18.11%. Marvell investors are weighing dilution, deal pricing, financing and execution risks; after closing, expected in the first half of 2028, Marvell shareholders would own about 67% of the combined company and Lumentum shareholders 33%. The companies aim to combine Marvell’s custom AI chips and connectivity technology with Lumentum’s lasers and optical communications products to serve demand for faster, more energy-efficient AI data-centre links. They estimate a potential addressable market of about $550 billion by 2030, forecast more than $1 billion in annual cost savings, and expect the acquisition to add to Marvell’s adjusted earnings per share in its first year after closing. The transaction remains subject to shareholder and regulatory approval. For crypto traders, the Marvell-Lumentum deal is an indirect signal of investment in AI computing and data-centre infrastructure, not a direct catalyst for cryptocurrency prices. Any longer-term relevance to crypto would depend on how demand for computing and networking capacity develops, including in mining.

Arthur Hayes said on X that US dollar liquidity is recovering, but expects Bitcoin (BTC) to weaken until the Federal Reserve and/or banks begin expanding their balance sheets. The comments add no specific timeline or new market data, but highlight liquidity conditions as a key factor for BTC’s near-term outlook. Traders may watch central-bank and banking-sector balance sheets alongside BTC price action.

Ripple and Water.org are expanding their partnership, using Ripple Payments, the RLUSD stablecoin and wallet services to support Water.org’s WaterCredit programme, which works with local financial institutions to provide small loans for water and sanitation improvements. Ripple says the earlier initiative moved more than $3.2 million across four markets, cutting cross-border transaction fees by up to 66%. In Mexico and Brazil, settlement reportedly fell from two or three days to the same day. These are partner-reported payment results, not independently verified measures of household impact. Ripple has awarded Water.org a $1.25 million grant in RLUSD through its Stablecoin Impact Fund to support WaterCredit disbursements in Indonesia, the Philippines and Uganda. Ripple has also committed $6 million over three years to Water.org’s financial inclusion programmes, and Water.org plans to use Ripple’s Wallet-as-a-Service technology. The expansion highlights potential efficiency gains from stablecoin settlement, but does not by itself demonstrate increased demand for XRP: Ripple Payments, RLUSD and XRP are distinct, and the service does not necessarily use XRP for settlement.

Blockstream transferred 300 BTC to the Liquid Federation wallet on November 2, reducing Liquid Network’s Bitcoin reserve shortfall to 250 BTC. The wallet now holds 4,018.95 BTC against 4,268.95 L-BTC in circulation, a backing ratio of 94.14%. The deposit advances recovery from a September 6 exploit that drained about 4,000 BTC; roughly 3,400 BTC was later returned, and Blockstream pledged to cover the remaining deficit. Liquid’s reserves are still below the amount of L-BTC outstanding, so peg-outs to native Bitcoin remain frozen until full backing is restored. Traders will be watching for the final 250 BTC deposit and the resumption of withdrawals.

Swan Bitcoin founder Cory Klippsten says AI poses a nearer-term security threat to Bitcoin than quantum computing. He warns that hackers may use large language models and only a few prompts to uncover vulnerabilities. Klippsten estimates quantum computers capable of threatening Bitcoin’s cryptography are at least a decade away, giving developers time to consider quantum-resistant protections; he cautions that acting too early could add unnecessary complexity. The comments come amid reported crypto security incidents: Mercado Bitcoin suspended deposits and withdrawals after a breach, with researchers estimating more than $46 million had left its wallets. Binance also reportedly suffered a $6.3 billion hack on 29 October, which the FBI attributed to North Korean hackers. The incidents may raise short-term concern about exchange security and custody, but there is no report that Bitcoin itself was compromised. For traders, the Bitcoin security debate is a longer-term risk to monitor rather than evidence of an immediate threat to the network.

US senators Elizabeth Warren and John Curtis have asked prediction markets Kalshi and Polymarket to explain how they prevent insider trading and market manipulation in election contracts ahead of the 2026 midterm elections. They requested details on controls to stop suspicious trades, suspected violations detected after trading, and how platforms review and enforce their rules, with written responses due by November 3. The senators also questioned whether candidates, campaign staff and election officials with non-public information can trade, and challenged the platforms’ distinction between financial products and gambling. Their letter cited disputed cases involving a candidate betting on his own campaign, alleged bets by former congressman George Santos, and claims of wash trading on Polymarket in 2024. Researchers estimated that traders with advance knowledge of political events—including the timing of an Israeli strike on Iran—made a combined $143 million on Polymarket from 2024 to 2026. Kalshi says it bans insider trading and market manipulation and bars candidates and campaign staff from trading; Polymarket did not comment. The inquiry increases regulatory and reputational risks for prediction markets, but no enforcement action or direct crypto-price impact was reported.

Securitize has added 13 US-listed companies to its tokenized stocks platform, bringing the total to 25 less than a month after launch. The new listings include Exxon Mobil, Johnson & Johnson and Uber. Each token is backed 1:1 by shares held in custody, which Securitize says are not lent out. The tokens trade on Solana and settle in USDC, with liquidity support from Jump Trading. They carry applicable shareholder rights, including dividends and voting rights. Issued through Securitize Markets, an SEC-registered broker-dealer and FINRA member, the tokens are structured as security entitlements under UCC Article 8. The offering is limited to eligible investors in the US, EU and other permitted jurisdictions. Trading currently extends beyond standard US market hours, and 24/7 trading is planned. StoneX analyst Mark Palmer said the DTCC’s permissioned tokenization service could validate, rather than threaten, Securitize’s approach. The services target different markets: DTCC focuses on controlled institutional networks, while Securitize uses public blockchains such as Solana. The expansion broadens access to tokenized US equities and connects them more closely to DeFi infrastructure, although eligibility and jurisdictional limits remain.

Brazilian crypto exchange Mercado Bitcoin reported that attackers transferred more than $46 million from its wallets. The exchange paused deposits and withdrawals, but funds continued moving from addresses linked to the incident for hours afterward. CertiK said the activity crossed eight smaller networks, including Base, Optimism and Arbitrum, and involved thousands of small ETH transfers. Security firms said the theft used ordinary transactions rather than a smart-contract exploit. Tether and Circle froze about $6.2 million by 16:42 UTC. Around $20 million was sent to newly created wallets, while more than $20 million—including 106 BTC—remained in addresses identified by Mercado Bitcoin. The exchange said customers suffered no losses and no data was exposed. The investigation is ongoing, with no group identified. The incident puts a spotlight on exchange wallet security and operational controls, but no direct impact on BTC or ETH prices was reported.

An earlier report said Super League, Metaplanet’s US-based Bitcoin treasury subsidiary, had made its first purchase of 1 BTC. A later update from Bitcoin Treasuries on X reported an 8 BTC purchase, putting Super League’s total holdings at 15 BTC. The reports do not provide a purchase price or further transaction details. The expansion strengthens Metaplanet’s US Bitcoin treasury presence and could help it access capital markets across two continents. The acquisition is a modest corporate Bitcoin treasury signal and is unlikely, by itself, to materially affect BTC’s market price.

Animoca Brands has received final approval to manage collective investment funds for non-retail clients in Abu Dhabi Global Market (ADGM). The Financial Services Regulatory Authority granted the permission to its subsidiary, Animoca Asset Management (AD) Limited. It took effect on Oct. 13, 2026, following in-principle approval in November 2025. The authorization excludes retail clients and does not permit the firm to hold or control client assets. The ADGM approval adds a regulated fund-management route as Animoca Brands expands its institutional presence in the UAE. Separately, a Dubai entity received a VARA licence in February to provide virtual asset brokerage and investment management services to institutional and qualified investors. Animoca has highlighted institutional interest in stablecoins, tokenized real-world assets and treasury management, but has not announced a specific fund, investment amount or product terms. The approvals broaden its regulated operations; their market significance will depend on any funds and services launched.

AI infrastructure debt issuance reached about $466 billion through September 2026, up from $101 billion in the same period a year earlier, according to Morgan Stanley. The bank estimates full-year AI-linked borrowing could reach $570 billion. But issuance slowed sharply: September’s $23 billion was less than half August’s total and far below June’s $113 billion record. The slowdown comes as investors question whether data centers and other AI infrastructure can generate enough revenue to cover financing costs. Octus put outstanding below-investment-grade AI infrastructure debt at $184 billion as of October 16, up from $125 billion in June. CoreWeave bond yields topped 16% during October’s selloff, while some Oracle-related data-center loans lost value. AI-related bond spreads were about 115 basis points, compared with roughly 78 basis points for the broader investment-grade market. AI infrastructure debt financing often involves developers, cloud providers, banks and private-credit lenders, spreading exposure across borrowers and investors. If AI demand or customer revenue falls short, highly leveraged operators could struggle with operating costs and debt payments. Shareholders would generally be exposed before creditors, while lender losses would depend on collateral, guarantees and priority. Highly rated technology firms still have financing access, but infrastructure operators face higher borrowing costs and refinancing risks. The credit pressure could affect bond funds, pension funds and insurers, and weigh on technology stocks and wider risk sentiment, although it would not automatically cause a broader financial crisis. For crypto traders, the news is an indirect risk indicator: any broader risk-off response could influence crypto sentiment, but the reports identify no direct cryptocurrency exposure.

Brent crude’s decline deepened in the later report. An earlier update put the drop at 5.2%, initially citing $112 a barrel and later quoting $110.64. Gate data subsequently showed Brent crude down 7.5% from the previous session’s close to $107.94, below $108. Neither report explained the fall, and neither identified a direct effect on cryptocurrency prices or trading activity.

Base’s Denim upgrade is scheduled to activate on mainnet on November 5, 2026, at 18:00 UTC. The date adds precision to the earlier November target. Denim will replace Flashblocks’ transaction preconfirmations with five complete, canonical blocks per second, cutting block intervals from two seconds to 200 milliseconds. The upgrade is already live on Base Sepolia testnet, and Base expects mainnet to remain operational during the maintenance window. Node operators must install the required release before activation. The Base Denim upgrade also adds millisecond-aware time information while retaining existing seconds-based fields. Developers, indexers and trading platforms may need to adapt data feeds, ordering logic and monitoring—especially if they rely on Flashblocks or assume timestamps uniquely identify blocks. Base has warned that infrastructure may see substantially more block events and RPC activity, with indexers and data services potentially handling roughly ten times as much activity. Faster block updates could make transaction progress appear sooner, but do not by themselves change finality or guarantee faster end-to-end settlement. The scheduled infrastructure change is part of Base’s 2026 performance roadmap. Base is an Ethereum layer-2 built with the OP Stack and has no native token.

Trade.xyz restored its GitBook documentation to its previous state by 9:15 a.m. ET on Nov. 2 after detecting unauthorized activity. The investigation is ongoing, and Trade.xyz has warned users not to click links in the docs or assume they are safe. The company has not disclosed how access occurred, whether users were affected or whether funds were lost. The incident was limited to documentation, with no reported breach of Hyperliquid’s trading infrastructure, service disruption or market loss. Trade.xyz did not link the event to other recent DeFi website attacks. Traders should avoid documentation links and verify information through official channels. No direct impact on HYPE trading or its market price has been reported.

tZERO has agreed to merge with FG Imperii Acquisition Corp. at a pre-money equity valuation of $350 million, with a NYSE American listing under ticker TZRO planned after closing, currently expected in early 2027. The agreement includes $325 million in stock consideration and up to $25 million in shares tied to performance milestones. tZERO shareholders are expected to roll over all their equity. FG Imperii’s trust could provide up to $231 million before redemptions and transaction costs, so the cash available at closing remains uncertain. Both boards approved the deal, and holders of about 62% of tZERO’s fully diluted capital have signed support agreements. Closing still depends on shareholder and regulatory approvals, an effective Form S-4 and NYSE American listing approval. A key update is that the CFTC approved tZERO DCO as a derivatives clearing organization in October, while tZERO’s separate application to operate a derivatives exchange remains pending. Some milestone shares depend on progress in its derivatives business, including approvals, a commercial launch or a qualifying partnership; others require positive adjusted EBITDA in two quarters during the first year after closing. tZERO says it will explore onchain trading, custody and other services, but has not confirmed they will be available at listing. The proposed tZERO listing could raise the profile of tokenized securities, but traders should watch regulatory decisions, redemptions and execution: the deal does not guarantee a new crypto token or immediate product launch.

Bitcoin traded near $77,900 on Monday after recovering from a dip towards $76,000, but remained below the key $80,000 level. Binance-related security concerns and weak U.S. spot Bitcoin ETF flows continued to weigh on sentiment. After withdrawals resumed on November 1, customers withdrew about $4.65 billion and deposited $1.01 billion in the first nine and a half hours, leaving Binance with net outflows of $3.64 billion, or about 2.1% of its reported assets. Binance said withdrawals were stabilising and that it had replenished about 95% of the stolen assets, after previously saying it would cover customer losses. U.S. spot Bitcoin ETFs recorded roughly $643 million in outflows on October 30, their largest single-day withdrawal of the month. The outflows reversed inflows from the previous four sessions and left the week with net withdrawals of about $202 million. Increased derivatives activity and liquidations, alongside limited growth in open interest, suggest traders are mainly adjusting existing positions rather than adding substantial new capital. Bitcoin faces resistance around $78,800–$80,100; a sustained break above this area could improve its short-term outlook. Failure to reclaim it may leave Bitcoin vulnerable to renewed selling, with support around $75,800 and $73,000. Traders are also watching the U.S. midterm elections on November 3 and employment data due November 6. Holding near $78,000 shows some resilience, but ETF outflows and exchange-security concerns could limit a recovery.

Binance faced heavy outflows after resuming withdrawals following an approximately 45-hour suspension linked to the October 29 exploit. The exchange reported $4.649 billion in withdrawals and $1.01 billion in deposits during the first nine and a half hours of reopening on November 1, for net outflows of $3.64 billion. Estimated wallet outflows reached about $6.1 billion in the following 24 hours, equal to roughly 3.6% of Binance’s previously reported $171 billion in assets. Separately, DefiLlama-tracked exchange assets fell about $16.6 billion, from $144.9 billion on October 29 to $128.3 billion on November 2; that decline also reflected falling crypto prices and assets removed from hot wallets, not withdrawals alone. Binance said withdrawal demand was stabilising and that it had replenished about 95% of the assets affected by the estimated $6.3 billion exploit, with less-liquid tokens accounting for most of the remainder. Withdrawals had reopened for 15 assets, including BTC, ETH, USDT, USDC, BNB, SOL, XRP and DOGE, although some users reported continued restrictions. Flow data showed net inflows of about $450 million to OKX and $134 million to Bybit, but did not establish that the funds came from Binance customers. Binance’s full zero-knowledge proof of reserves was due by November 3 UTC, a day later than previously indicated; the exchange said producing it takes 40 to 50 hours. Its latest public reserve snapshot, dated October 31, predates the withdrawal surge. Traders are likely to watch Binance outflows, withdrawal access and the updated reserve proof for signs of stabilising confidence and potential pressure on BNB.

Binance has reopened withdrawals across 15 blockchain networks in stages after a reported $6.3 billion hot-wallet hack on October 29–30. The exchange initially said deposits remained open while withdrawals were paused; it has since restored access and reported that customers withdrew about $4.65 billion and deposited $1.01 billion during a nine-and-a-half-hour period. The resulting $3.64 billion net outflow was about 2.1% of Binance’s reported $171 billion in reserves. Binance says company funds, including its Secure Asset Fund for Users, have covered 95% of the affected amount, with the remaining 5% in less-liquid tokens and no expected customer losses. It has published a proof-of-reserves snapshot and a zero-knowledge verifier for 10 assets. The FBI attributes the attack to North Korea; analytics firms have linked it to the TraderTraitor group. Tether and Circle say they froze about $1.57 billion in USDT and more than $800 million in USDC, while earlier reports put the total frozen by partner exchanges at about $3 billion. Binance has not released a full post-mortem or clarified the status of roughly $3.3 billion in funds that were not frozen. The breach initially pressured crypto markets, with Bitcoin falling about 5% to below $77,000. Traders will be watching further withdrawal activity, reserve disclosures and the security review for signs of lingering confidence risks.

RWA tokenization represents claims on real-world assets—including real estate, bonds, private credit, commodities, gold and intellectual property—as blockchain tokens. It can make ownership interests easier to divide and transfer, and may connect traditional assets with DeFi markets. Smart contracts manage token transfers and may automate interest or rental-income distributions, but tokenization does not move the underlying asset on-chain or guarantee liquidity. For traders, transferability is not the same as liquidity. RWA token markets may be shallow or fragmented, resulting in wider spreads, price impact or difficulty exiting positions. DEX aggregators such as 1inch can route trades among available liquidity sources, but cannot create liquidity where activity is scarce. Key risks include uncertain legal rights and asset backing, custody and verification failures, issuer reliability, regulatory uncertainty, smart-contract vulnerabilities and asset-specific risks such as borrower default. Traders should assess these factors alongside actual market depth.

Strategy and Strive bought a combined 935 BTC worth about $75.5 million, extending their corporate Bitcoin holdings as prices weakened. Strategy acquired 811 BTC for $65.5 million at an average price of $80,846, bringing its total to 849,327 BTC. It funded the purchase through MSTR share sales and separately repurchased $208.2 million of STRC preferred shares. Strive bought 124 BTC for about $10 million at an average price of $80,526, taking its holdings to 43,124 BTC. Bitcoin traded near $77,700 on November 2, below both companies’ latest purchase prices. The buying followed a week in which BTC fell about 3.6%, amid broader market pressure and reports of a $6.3 billion Binance security breach. The purchases point to continued corporate demand for Bitcoin, but are modest relative to the market and have not reversed price weakness. Strategy also reported $19.5 billion in third-quarter net income, largely from a non-cash accounting gain as Bitcoin prices rose during the quarter.

Bitbase has launched Bitbase 2.0, a three-stage upgrade that starts with a refreshed logo, visual identity and mascot, BENIE, now featured across its app, website and official social channels. The Bitbase upgrade will next focus on the product interface and user journey, followed by changes to how users engage with the platform. The company has not announced rollout dates or specific new features. Bitbase says its services include spot and derivatives trading, TradFi, wealth management and Earn. It also cites US FinCEN money services business registration, Australian AUSTRAC digital currency exchange registration, monthly proof-of-reserves reports and custody security supported by Fireblocks. The announcement builds on the exchange’s earlier focus on trading infrastructure and longer-term user value, but provides no trading figures or other market-moving financial data.

The Binance hack, attributed by the FBI to North Korea-linked group TraderTraitor, involved more than $6 billion in stolen crypto. Investigators and industry partners are tracing funds moved across chains and have frozen a significant portion. Binance said it had set aside more than $6.34 billion to cover affected assets, absorbed the losses and resumed withdrawals. In the first nine and a half hours after withdrawals reopened, users pulled out $4.65 billion and deposited $1.01 billion, leaving net outflows of about $3.64 billion. Binance later reopened additional crypto and fiat withdrawals. The Binance hack coincided with heavy crypto fund selling. US spot Bitcoin ETFs recorded $643.3 million in outflows on Friday, while Ether ETFs lost $156 million that day and $1.61 billion in October. Bitcoin’s price was near $77,600 in the article’s market snapshot. CFTC Chairman Michael Selig said the breach underscored risks at offshore exchanges and renewed his call for a federal registration framework. Traders are watching for further ETF redemptions, Binance’s recovery of confidence and any purchases needed to replenish its reimbursement pool. A reported potential purchase of about $1.3 billion in BTC, ETH and BNB could provide temporary demand, while continued outflows and security concerns remain risks to market sentiment.

Metaplanet repurchased 96,447,400 shares for ¥25.27 billion ($160 million) between October 14 and 31, about 7.1% of its previously outstanding shares. The Metaplanet buyback has used roughly 42.1% of its ¥60 billion authorization, leaving ¥34.73 billion available through October 2027. The company held 44,000 BTC at the end of September. Its latest filing reported no new Bitcoin purchase. CEO Simon Gerovich said future capital allocation will take into account Bitcoin per share, the share price, market net asset value (mNAV) and market conditions. Metaplanet is also arranging ¥52 billion in zero-coupon convertible bonds. Proceeds may fund debt repayment and further repurchases; the bonds can convert into shares at ¥339 each. While the Metaplanet buyback reduces the current share count and aims to increase Bitcoin backing per share, conversions could dilute shareholders if triggered. The company’s Bitcoin-backed borrowing was 17.7% of Bitcoin net asset value, above its 10% internal guideline. The news concerns corporate finance and Bitcoin-per-share exposure, not a change in BTC holdings or a direct catalyst for Bitcoin’s market price.