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  1. 1

    MSCI finalizes rules that could exclude Strategy and other bitcoin treasury firms from its indexes

    MSCI has finalized rules treating 'non-operating companies' as ineligible for its Global Investable Market Indexes. The rules target firms that mainly hold investments rather than running a real business, which would reach bitcoin treasury companies such as Strategy and Metaplanet. Removal forces index funds to sell, hitting share prices, and weaker demand could make it harder for these firms to raise money for purchases. Strategy's shares fell nearly 10% on Friday, according to Yahoo Finance. Its founder Michael Saylor and CEO Phong Le asked MSCI to withdraw the test, calling it discriminatory. JPMorgan analysts warned of substantial outflows, while Fundstrat's Sean Farrell said the market can absorb the selling.

    Key facts

    • MSCI will treat 'non-operating companies' as ineligible for its Global Investable Market Indexes.
    • MSCI will name affected companies Nov. 11; changes take effect after the close of Nov. 30.
    • Companies failing a core screen face five financial ratios; four or more failures make them ineligible.
    • JPMorgan analysts estimated about $2.8 billion in outflows from Strategy's stock if it is excluded.
    • Fundstrat's Sean Farrell estimated selling across MSCI-linked products at around $2 billion.

    Commentary

    The rule's real target is the financing model, not the bitcoin: exclusion would hit the share price that companies use to raise money for purchases. Analysts disagree on how much forced selling follows, so the outcome depends on how much index funds sell and how the market absorbs it. Firms that rely on stock sales to buy more bitcoin would feel the pressure first.

    Sources: CoinDesk, Decrypt, Bitcoin Magazine, Yahoo Finance, StockStory

  2. 2

    Coinbase and Marqeta expand partnership to offer stablecoin-backed cards to businesses

    Payments company Marqeta is expanding its six-year partnership with Coinbase so businesses can offer payment cards funded by customers' stablecoin holdings. The companies said on Friday that Coinbase will hold the stablecoins and handle conversions between digital and traditional currencies, while Marqeta will issue the cards, process payments and manage relationships with banks and card networks. Settlement will run on Coinbase's Base blockchain. The service targets Marqeta's business customers, both crypto and non-crypto firms, which can fund card programs around the clock. Cardholders could spend stablecoins at millions of merchants that accept cards. Coinbase and Marqeta have not disclosed fees, a launch date or which stablecoins will be supported.

    Key facts

    • Marqeta was named processor for Coinbase's U.S. debit card launched in October 2020, which let users spend USDC.
    • Coinbase CEO Brian Armstrong told Bloomberg Television in September that stablecoin payments will be a key revenue driver.
    • Coinbase expanded its partnership with Citi last month to bring stablecoin payments to businesses.
    • Marqeta CEO Mike Milotich described stablecoin-backed cards as part of Marqeta's strategy in an August earnings call.
    • Yahoo Finance reported Coinbase shares trading at around $183, largely flat that day.

    Commentary

    The real shift is Coinbase taking custody and conversion, which positions Marqeta as a card-issuing layer on stablecoin balances rather than a crypto-only processor. Undisclosed fees and timing leave the economics unproven, but the focus on non-crypto businesses suggests Coinbase is betting that its payments push will reach firms well beyond its own customer base.

    Sources: The Block, Business Wire, Yahoo Finance, PYMNTS.com, bloomingbit

  3. 3

    Circle plans to expand USDC stablecoin into new emerging markets

    Circle, the company behind the USDC stablecoin, plans to expand into dozens of emerging and developing markets as demand for digital dollars grows. CEO Jeremy Allaire told Reuters that businesses and individuals in Southeast Asia, Latin America and the Middle East increasingly use stablecoins for payments, which he described as a shift from early adoption to mainstream scaling. The push puts Circle in direct competition with banks and payment companies for cross-border money, in regions where Tether's USDT has traditionally dominated. Circle has backed the plan with its acquisition of Singapore-based payments firm Tazapay, a new blockchain called Arc and U.S. federal trust bank approval. Allaire also welcomed clearer regulation, including the GENIUS Act, and said banks are developing their own digital currencies.

    Key facts

    • Reuters, Yahoo Finance and PYMNTS reported Circle will enter 40 new markets; CoinDesk reported about 50.
    • CoinDesk and Yahoo Finance put USDC circulation at $72.6 billion; a CoinDesk summary said $73.3 billion.
    • USDC holds roughly a quarter of the stablecoin market, while Tether's USDT holds nearly 60 percent.
    • Circle agreed to buy Singapore-based Tazapay for $400 million, gaining access to networks in over 100 markets.
    • Binance is investing $100 million in Circle under a five-year agreement to promote USDC in emerging markets.

    Commentary

    The harder test is not how many markets Circle enters but whether it can displace Tether where USDT already dominates, which it is attempting by buying local payout rails and relying on Binance's promotion. That strategy leans on partners the company also competes with, so its success may depend on the banks and payment firms it is challenging.

    Sources: CoinDesk, Yahoo Finance, PYMNTS.com

  4. 4

    Quantum Alliance forms as warnings grow over risk to bitcoin holdings

    Nine crypto companies unveiled the Quantum Alliance on Thursday to develop common security standards for bitcoin, Ethereum and other blockchains. The concern is that future quantum computers could reverse-engineer a wallet's public key to reach its secret key and steal funds, though the Alliance says existing machines cannot do this yet. Opinions on timing differ: Richard Carback called a near-term date realistic, while Bryn Bennett of The Vault said nobody knows when the threat will arrive. The sharpest dispute concerns vulnerable coins, with some urging freezes and others, including Carback, preferring they be moved or placed in a trust. Critics say freezing bitcoin breaks the promise that no one can confiscate it.

    Key facts

    • The Alliance estimates 6.4 million bitcoin, 30.2% of supply, have exposed public keys.
    • Satoshi Nakamoto's estimated 1.1 million bitcoin is among the coins at risk.
    • No existing quantum computer can yet steal these coins, the Alliance clarified.
    • Postquant Labs CTO Richard Carback said 2028 is a realistic date for such a machine.
    • Changpeng Zhao suggested freezing Satoshi's coins if they stay untouched as quantum technology advances.

    Commentary

    The sharper fight is over who decides, not over the cryptography: a freeze would be a network governance choice that custodians say they cannot make alone. Holders whose keys are lost cannot migrate their coins at all, so the Alliance's standards may matter less to them than to holders who can still move funds.

    Sources: CoinDesk, Yahoo Finance

  5. 5

    Deutsche Bank prepares to launch bitcoin and ether custody within weeks

    Deutsche Bank is weeks away from launching a crypto custody service for corporate and institutional clients, Reuters reported, quoting corporate banking co-head Gerald Podobnik. The service will initially support bitcoin and ether, with later services helping clients move money into and out of stablecoins. The bank first announced the plan in September, saying it was subject to completing the regulatory timeline. A Deutsche Bank spokesperson expects approval in October under the Markets in Crypto-Assets Regulations (MiCA), and Cointelegraph reported that BaFin authorization appeared in the European Securities and Markets Authority's interim register on Monday. Podobnik said the bank plans to take the platform into Asia, with Reuters placing that in next year and CoinGape and bloomingbit in 2027.

    Key facts

    • Deutsche Bank expects its crypto custody service to launch within weeks.
    • Initial custody will cover bitcoin and ether, followed by services for moving money into and out of stablecoins.
    • A Deutsche Bank spokesperson expects MiCA regulatory approval for the custody offering in October.
    • BaFin authorization appeared in the ESMA interim MiCA register on Monday, according to Cointelegraph.
    • Deutsche Bank plans to expand the custody platform into Asian financial centres after the German launch.

    Commentary

    What moved is timing: a September plan conditioned on regulation now has a launch measured in weeks, leaving the regulator as the remaining gate. The stablecoin and Asia steps are where the schedule is least settled. Podobnik's push for tokenized solutions suggests custody is an entry point rather than the goal.

    Sources: Bitcoin Magazine, NewsCord

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