"Metaplanet borrows another $130 million to buy BTC" Nov 25, 2025

Today's blockchain and cryptocurrency news ETF outflows and macro data keep traders guarded as bitcoin's 'gentle recovery' extends: analysts Metaplanet borrows another $130 million against its bitcoin holdings to buy more BTC TD Cowen says Strategy's bitcoin premium heading toward 'crypto winter' lows Binance faces new lawsuit ###Gemini Card Disclosure: The Gemini Credit Card is issued by WebBank. In order to qualify for the $200 crypto intro onus, you must spend $3,000 in your first 90 days. Terms Apply. Some exclusions apply to instant rewards in which rewards are deposited when the transaction posts. This content is not investment advice and trading crypto involves risk. For more details on rates, fees, and other cost information, see Rates & Fees. The Gemini Credit Card may not be used to make gambling-related purchases. ### For 40% off your order, head to Udacity.com/DCR and use code DCR. Learn more about your ad choices. Visit megaphone.fm/adchoices

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  Welcome to the 50th Hunger Games.

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  Witness the beginning of the revolution.

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  Hey Mitch, you've been trying to take down these games from the start.

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  Film for IMAX.

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  Make them remember you.

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  The Hunger Games: Sunrise on the Leaping, November 20th, rated PG-13.

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  It's 8 a.m. Eastern, November 25th, and this is your daily crypto report. Bitcoin is up slightly at $87,687. ETH is up 1% at $2,928. XRP is up slightly at $2.20.

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  Welcome to the 50th Hunger Games.

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  Witness the beginning of the revolution.

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  Hey Mitch, you've been trying to take down these games from the start.

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  Film for IMAX.

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  Make them remember you.

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  The Hunger Games: Sunrise on the Leaping, November 20th, rated PG-13.

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  Bitcoin extended its cautious rebound to about $88,000 this week, stabilizing in a tight range after last week's washout. Total crypto market cap has recovered to roughly $3 trillion. MetaPlanet has pulled another $130 million from its $500 million Bitcoin-backed credit line, bringing total borrowing to $230 million as it continues leaning fully into a Bitcoin collateral strategy. The loan executed November 21 carries a floating USD rate, renews daily, can be repaid anytime, and is secured by the firm's 30,823 BTC reserve, worth about $2.7 billion. MetaPlanet said its BTC stack provides more than enough collateral coverage, though a price drop could require more to be pledged.

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  The new funds will go toward buying more Bitcoin, expanding its BTC income generation business, including selling Bitcoin options for premium income and potential share buybacks. The firm expects minimal financial impact for 2025 and will disclose any material changes. MetaPlanet is the fourth-largest public Bitcoin treasury, but its stock has taken a hit, down 81% since June. Its BTC holdings sit on an unrealized loss of roughly $600 million. "Strategy's Bitcoin premium keeps falling and is now approaching the levels last seen during the 2021-2022 crypto winter," according to TD Cowan's Lance Vitonta. The firm said "Strategy didn't issue new shares or buy Bitcoin on Monday," putting extra attention on how compressed the premium has become.

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  "The premium reflects how much Strategy's stock trades above or below the net asset value of its BTC holdings. It has dropped sharply from last year's highs." Despite the slide, TD Cowan remains bullish. The analysts kept their buy rating in $535 price target, roughly triple the current $180 share price, arguing that by the end of 2027, Strategy could hold around 815,000 BTC, worth about $185 billion, equating to roughly $540 intrinsic value per share. Their target assumes no premium at all. The analysts also warned that Strategy is likely to be removed from MSCI indices in February, a move they say is misguided but expected. They estimate about $2.5 billion in passive fund exposure sits in MSCI linked holdings.

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  Holdings of MSTR with another $5.5 billion tied to indexes that could follow MSCI's lead. Forced selling from index removals could weigh further on the stock. Still, TD Cowan argues that strategy's long-term thesis remains intact. It continues to accumulate Bitcoin faster than liabilities and should trade at a premium if BTC becomes more integrated into global finance. And finally, Binance is facing a new US lawsuit accusing the exchange of knowingly enabling Hamas and other US-designated terrorist groups to move funds in the years leading up to the 2023 attack on Israel. The case filed in federal court in North Dakota was brought by more than 300 victims and families of the attack. The complaint claims Binance knowingly facilitated illicit transactions by allowing them to

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  transfer and conceal hundreds of millions of dollars. Plaintiff argue this materially contributed to the October 7th attack and later incidents. The lawsuit also alleges Binance intentionally structured its operations to obscure fund flows and enable FTO-linked accounts, including after its 2023 settlement with US authorities. Binance has several similar FTO-related lawsuits pending in the US. A spokesperson said the firm cannot comment on ongoing litigation, but emphasized compliance with international sanctions and noted that Treasury officials have said Hamas does not heavily rely on crypto. That's all for us today. Visit us at dailycryptoreport.io and listen to us everywhere else you podcast under Daily Crypto Report.

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  Did you know that if your spouse goes missing and you don't tell anyone, that's not necessarily a crime? That surprising fact is at the heart of the brand-new season of Bear Brook, the critically acclaimed true crime podcast from New Hampshire Public Radio. I'm your host, Jason Moon. In this season, Bear Brook investigates another New Hampshire mystery. A Christmas tree farmer with dementia vanishes. His wife never reports him missing. Can he still be found? Don't miss it. Follow Bear Brook wherever you get your podcasts.