➡️ Evernorth: Pioneering XRP-Linked Investments in the Public Market

🚀 Evernorth, a company based in Nevada, has announced its plans to go public in Q1 2026 through a special purpose acquisition company (SPAC) merger with Armada Acquisition Corp II. The company will debut on Nasdaq under the ticker XRPN with an initial capital of $1 billion, which includes $200 million from Japan-based SBI and additional investments from notable firms like Ripple, Kraken, and Pantera Capital.

💼 Evernorth aims to operate as a digital asset treasury (DAT) focused on XRP, offering investors a "regulated, transparent, and liquid exposure" to this cryptocurrency. However, it plans to set itself apart from traditional exchange-traded products (ETPs) by implementing "active" strategies to increase its XRP per share. These strategies include institutional lending, liquidity provisioning, and leveraging decentralized finance (DeFi) yield opportunities.

XRP represents a rare opportunity, being one of the few digital assets with clear U.S. regulatory standing, deep liquidity, and a proven role in powering global payments,

said Asheesh Birla, CEO of Evernorth.

➡️ Ripple CEO Brad Garlinghouse is expected to serve as a strategic advisor for Evernorth. He emphasized that this venture could enhance the XRP ecosystem by bringing more use cases and confidence to it.

📈 Evernorth's entry into the public market is significant as it tests the demand for an XRP-based DAT. Most DAT companies have primarily focused on acquiring Bitcoin and Ethereum; if successful, Evernorth could pave the way for other businesses to adopt similar strategies with different digital assets.

🔍 The future of Evernorth will depend on market reception and its ability to navigate the challenges of a public DAT initiative. The company's approach could demonstrate the feasibility of viewing XRP as a digital reserve asset.

🚀 Crypto Legislation Momentum in Washington

🌟 Momentum is building in Washington as lawmakers approach the potential passage of significant crypto market structure legislation. This could provide unprecedented regulatory clarity, invigorate digital asset markets, and establish the United States as a leader in crypto innovation.

➡️ Lawmakers and crypto industry leaders are optimistic that comprehensive market structure legislation will be enacted by the end of the year. This would represent a major step towards regulatory clarity for digital assets in the U.S. Recent meetings on Capitol Hill included venture capitalist David Sacks and senior executives from the crypto sector, such as Coinbase CEO Brian Armstrong and White House Crypto Council Executive Director Patrick Witt.

After productive meetings with leading Democratic members,

Sacks stated on social media,

he believes lawmakers are in excellent position to pass market structure legislation with bipartisan support this year.

He emphasized that this measure will finally bring much-needed regulatory clarity to the crypto industry.

💬 Armstrong echoed this sentiment, saying,

DC may be shut down, but momentum for market structure clarity is at an all-time high.

He noted that both Senate Democrats and Republicans are eager to finalize the legislation, indicating that they are close to reaching an agreement.

🗓 Sources suggest that committee action on the bill could occur before Thanksgiving, paving the way for its passage by the end of the year. Coinbase is actively campaigning in Washington to expedite this process. Armstrong remarked,

Coinbase is continuing to push for clear rules that protect innovation in DeFi and your right to earn stablecoin rewards.

📢 The crypto exchange has launched the "Clari-Tea" initiative, encouraging citizens to support the Clarity Act and advocate for comprehensive crypto regulation. Proponents argue that passing this legislation would stabilize the market and reinforce U.S. leadership in digital finance. However, critics caution that rushing the process could weaken oversight.

📈 Bitcoin Surges Past $116K Amid Positive U.S.-China Trade News

🚀 On Monday morning, Bitcoin exceeded $116,000, driven by optimistic news about trade talks between China and the U.S. Recent inflation data was lower than anticipated, and there are expectations of interest rate cuts, which may have also played a role in this surge.

During a month where it reached all-time highs and also faced sharp price drops, bitcoin is retaking its winning track as good news regarding trade wars and the local U.S. economy start piling in.

⚡️ The cryptocurrency surpassed the crucial $116K mark after China and the U.S. announced a significant progress in their trade discussions. Delegations from both nations celebrated an agreement to adopt a framework that would facilitate a trade deal ahead of an upcoming meeting between President Trump and President Xi.

📉 Earlier this month, Bitcoin's price fell to $104K due to Trump's announcement of 100% tariffs related to China's rare earth export control policies. However, it has since rebounded significantly. Bitcoin's price movement aligns with a trend known as "Uptober," which refers to the cryptocurrency market's tendency to rise during this month.

Earlier, Glassnode hinted at a reversal of the sentiment toward bitcoin, stating that for the first time since October 10, “aggressive selling pressure has subsided over the last several days.”

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🚨 Nigerian SEC Warns: Gambling and Crypto Trading Undermine Infrastructure Funding

⚠️ The Nigerian Securities and Exchange Commission (NSEC) has raised alarms over the increasing trend of gambling and cryptocurrency trading among Nigerians, which it claims is diverting essential funds from the capital markets needed to address the country's $150 billion infrastructure deficit.

▶️ NSEC Director General Emomotimi Agama pointed out a significant discrepancy in investment behaviors. He noted that approximately 60 million Nigerians (about a quarter of the population) gamble an estimated $5.5 million daily, while less than three million are actively investing in the capital market. This trend is further exacerbated by a Bloomberg report indicating that young Nigerians conducted $50 billion in crypto transactions from July 2023 to June 2024, which deprives the capital markets of vital funding.

“An appetite for risk clearly exists, but not the trust or access to channel that energy into the productive sector,”

Agama summarized the situation.

📉 The shift towards high-risk assets is largely attributed to a lack of confidence in the traditional financial system, driven by high inflation and a depreciating local currency. These factors have led many financially strained Nigerians to seek alternatives like crypto trading and gambling instead of relying on banks.

🌟 Initially, Nigeria took a strict stance against cryptocurrencies, but this approach proved ineffective due to strong demand from residents. As a result, the government has started to adapt to this new reality by passing a law that regulates crypto companies under the NSEC and introducing amendments for taxing crypto transactions.

🔍 Despite these regulatory measures, Agama asserts that gambling and crypto trading remain major obstacles to increasing local investor participation, which is crucial for closing the infrastructure funding gap. To combat this issue, the regulator plans to introduce new financial products and leverage innovative technology to attract more investments, although a specific timeline for these initiatives has not been disclosed.

🗣 Sam Bankman-Fried's Controversial Claims About FTX's Bankruptcy

🗓 Sam Bankman-Fried, the fallen founder of FTX, has resurfaced on X to assert that his collapsed exchange was never actually insolvent. He argues that external lawyers pressured the company into filing for bankruptcy. In a document shared on X on October 30, 2025, he stated,

FTX was never bankrupt, even when its lawyers shoved it into bankruptcy.

✅ This statement follows a recent interview where Bankman-Fried maintained that FTX's assets always exceeded its liabilities and that all customers could have been compensated by late November 2022. He blames lawyers and bankruptcy officials, particularly John J. Ray III and the firm Sullivan & Cromwell (S&C), for allegedly taking control of FTX and forcing it into bankruptcy. He claims they then sold its assets at significantly reduced prices, resulting in a loss of over $100 billion in potential value. According to him, the so-called “liquidity crisis” of November 2022 was merely a temporary cash issue, and FTX was supposedly securing $8 billion in financing to address it.

💬 Bankman-Fried stated,

Over $120 billion of lost value so far—$120 billion that would have gone to FTX’s stakeholders if the Debtors had simply done nothing at all.

He argues that the post-bankruptcy team exaggerated the insolvency narrative, removed knowledgeable personnel, and sold valuable assets like Solana, Anthropic, and Robinhood shares for a fraction of their current worth. His 15-page document claims,

Were it not for their intervention, FTX would have made good on all of its liabilities in November 2022.

🚀 Chainlink Price Eyes $30 Rebound as FTSE Russell Collaboration and Supply Squeeze Fuel Optimism

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🌟 Bitcoin Plummets Below $100K Amid AI Bubble Fears and Political Uncertainty

📉 Bitcoin recently dropped below the $100K mark, triggering approximately $470 million in liquidations as long investors faced significant losses. Just days before the dip, Geoffrey Kendrick from Standard Chartered Bank remarked,

A dip below 100k seems inevitable... It may be the last time Bitcoin is EVER below 100k.

This prediction seemed validated when Bitcoin fell 6% to $99.9K before recovering slightly.

📊 The decline in Bitcoin's value was accompanied by a drop in stock markets, attributed to fears of an AI bubble. Major indices like the S&P 500, Nasdaq, and Dow all experienced losses, with Palantir leading the way with a 7% decline despite exceeding revenue expectations. This was largely due to its high price-to-earnings (PE) ratio of 623.50, which raised concerns among investors about its valuation compared to Nvidia's more reasonable 53.81 PE ratio.

✨ Adding to the market's unease is the upcoming mayoral election in New York City, where Zohran Mamdani, a self-proclaimed “Democratic socialist”, is poised to win. His potential election raises questions about how socialist policies might impact Wall Street and investor sentiment. Many economists predict a negative outlook for markets under a socialist mayor, which could be contributing to the current risk-off sentiment affecting Bitcoin.

📉 As of the latest reports, Bitcoin was priced at $101,138.07 after a 5.47% decline over the past 24 hours. The digital asset has seen a nearly 12% drop since last week, with trading volume increasing by 40.24% to $93.36 billion despite a decrease in market capitalization to $2.02 trillion. The total value of Bitcoin futures open interest also fell by 3.59% to $67.37 billion, highlighting the significant liquidations that occurred as long investors faced $438 million in losses due to the recent price dip.

🌟 Kazakhstan's Ambitious Crypto Reserve Fund Initiative

🔔 Kazakhstan is set to establish a crypto reserve fund valued at up to $1 billion by early 2026. This fund will be financed through seized, repatriated, and mining-related assets, as reported by Bloomberg. The primary focus of the fund will be on investing in ETFs and crypto-focused companies, while steering clear of direct bitcoin holdings to mitigate volatility risks.

💪 Officials have stated that this initiative aims to "repurpose" confiscated digital assets to enhance economic sovereignty and formalize the country's digital strategy. The Astana International Financial Centre (AIFC) will manage the fund, ensuring compliance with Kazakhstan's digital and financial regulations. Once operational, the fund may also include foreign partners, showcasing Kazakhstan's growing ambition to institutionalize crypto finance and integrate blockchain-driven investment models into its national economic framework.

🔍 In summary, Kazakhstan's crypto reserve fund represents a strategic move to bolster its economy through innovative financial mechanisms while navigating the complexities of the digital asset landscape.

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💰 Strive Expands Bitcoin Treasury Amid Nasdaq Listing

📈 Strive, backed by Vivek Ramaswamy, has increased its bitcoin holdings by acquiring 1,567 BTC at an average price of $103,315, bringing its total to 7,525 BTC as of November 10, 2025. This aggressive accumulation coincides with the company's Nasdaq listing of SATA, a variable-rate perpetual preferred stock aimed at enhancing its bitcoin exposure.

We’ve quickly shown the market both the speed and precision our team operates with to drive long-term value to our shareholders, with bitcoin as our hurdle rate,

said Chairman and CEO Matt Cole.

💪 Despite a recent dip in bitcoin prices below $100,000, investor interest in Strive’s SATA offering remained robust, leading to an upsized IPO of 2 million shares. Priced at $80 per share, the offering reflects market confidence in Strive’s bitcoin-centric capital strategy.

📊 Strive’s preferred equity aims to finance further bitcoin purchases through non-dilutive mechanisms, effectively creating a “bitcoin amplification toggle” to enhance long-term shareholder value without issuing more common shares. CIO Ben Werkman described it as an “attractive yield opportunity” backed by disciplined risk management.

Strive’s bitcoin-first strategy positions it alongside other digital asset treasuries like Strategy, which pioneered perpetual preferred equity issuance earlier this year.

📉 With approximately 7,525 BTC under management, Strive is now among the largest public corporate holders of bitcoin, signaling that Ramaswamy’s bet on digital reserves is gaining momentum.

🛡 Anthropic Warns: AI Reaches a Critical Juncture in Cybersecurity

🔍 Anthropic, the AI company behind Claude, has raised alarms about a significant shift in cybersecurity capabilities due to advancements in artificial intelligence (AI). Their recent investigation reveals that AI systems' cyber capabilities have doubled in just six months, enabling them to conduct major cyber operations—both defensive and offensive—on an unprecedented scale.

🚨 The report highlights the first documented case of an AI-orchestrated cyber espionage campaign. In September 2025, Anthropic's Threat Intelligence team identified and disrupted a large-scale operation attributed to a Chinese state-sponsored group known as GTG-1002. This group utilized Claude Code for various tasks including reconnaissance, vulnerability discovery, and data exfiltration, often without human intervention.

Claude autonomously executed 80% to 90% of the tactical operations,

the report states. Human operators were only involved in strategic oversight, approving major steps like escalating from reconnaissance to active exploitation.

🔗 The attackers employed an autonomous framework that broke down multi-stage attacks into smaller, seemingly legitimate tasks. This allowed them to convince Claude that their operations were defensive security tests rather than offensive campaigns.

📊 According to the investigation, Claude independently mapped attack surfaces, scanned live systems, built custom payloads, harvested credentials, and pivoted through internal networks. It also analyzed stolen data and generated detailed operational documentation for persistent access.

Even so, Anthropic says the actor compensated through validation steps, demonstrating that fully autonomous offensive operations remain feasible despite imperfections in today’s models,

the report notes.

⚡️ TeraWulf's Strategic Shift: From Bitcoin Mining to HPC Infrastructure

✅ TeraWulf is targeting 250-500 MW of new High-Performance Computing (HPC) signings each year while planning to mine Bitcoin through at least the end of 2026. During its Q3 2025 earnings call, the company hinted at a potential new operating model for Bitcoin miners, suggesting that some are transitioning into energy-infrastructure providers for the AI era.

📈 In August, TeraWulf secured two HPC lease deals with Fluidstack totaling 360 MW, backed by Google. This marked a significant shift in the mining sector, as it brought institutional credibility to what was previously seen as speculative crypto infrastructure. By November, TeraWulf reported over 520 MW in contracted HPC IT load, one of the largest in the Bitcoin mining sector.

✨ A key aspect of this shift is the Abernathy joint venture with Fluidstack, which involves co-developing a 240 MW HPC campus with potential expansion up to 600 MW. This venture is structured differently from typical industry deals, featuring a 25-year lease with Fluidstack backed by a $1.3B Google credit enhancement. TeraWulf retains up to 51% controlling interest and rights for an additional 200 MW buildout.

🔄 During the earnings call, CEO Paul Prager revealed that it was Google who requested to anchor the joint venture. This indicates a shift in hyperscaler priorities, focusing on grid access and site control rather than the mining label itself.

🎯 TeraWulf has raised its annual target for HPC signings from 100-150 MW to 250-500 MW, potentially translating to $465M – $930M in incremental revenue per year. While there are execution risks, management is confident in reaching these targets, supported by a scaled-up development team and part of their $5.2B capital raised.

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📉 Bear market? Perp DEXs are still racing ahead!

2025 shifts the battle from performance → ecosystem growth.

🚀 Highlights:

- Hyperliquid: Developer-driven B2B2C, $1.5-2.5B daily volume, high retention
- Aster: Socially-driven retail, multi-chain, ~$1B daily volume
- Lighter: L2, low fees, HFT & quant adoption
- GRVT: Privacy + compliance, institutional-focused

💡 Key insight: Winners now compete on trust, ecosystem depth, and token sustainability, not just speed. Even in a bearish market, these Perp DEXs are quietly shaping the next era of on-chain finance! 🌊

📖 Full Analysis on CoinEx📲: https://www.coinex.com/s/4EG8

CoinEx- Your Crypto trading expert.