Good morning!

Bitcoin reclaimed $80,000 as Wednesday's post-election rally continued, even as a Democratic Congress narrows the path for crypto's CLARITY Act. Circle posted strong Q3 earnings but cut staff, while Canton Coin won SEC clearance for Wall Street's tokenization push. Nordic crypto also had a busy day, with new entrants, fresh funding and deeper cutbacks.

Some stories in Kaupr Daily:

💎 Ether led gains on Wednesday, climbing more than 6% to a two-week high above $2,400 as bitcoin's rebound pulled altcoins along.

💎 Circle's new ARC token presale alone brought in $242 million last quarter, even as the company trimmed its workforce by 5%.

💎 Bitcoin Suisse's new Nordic desk arrives as a March survey found more than 2.5 million Nordic adults already own crypto.

Finance Norway's payments conference opens today at Fornebu, with AI the dominant theme — we're liveblogging it on kaupr.io.

— Morten

Five of Europe's biggest mobile wallets — including Vipps MobilePay, Bizum and Wero — have formed a joint company to link their payment apps across borders. The latest issue also covers the ECB's first blockchain bond settled in central bank money, and where the Nordic stablecoin picture already works well.

Source: Onchain Money — Kaupr

Bitcoin climbed back above $80,000 on Wednesday, extending its rebound from a $75,700 low earlier in the week as cryptocurrencies rallied alongside US stocks following the midterm elections. Ether led gains among major tokens, climbing more than 6% to a two-week high above $2,400, while bitcoin ETFs also posted gains.

Why it matters: The rebound follows more than $1 billion in spot bitcoin ETF outflows, and analysts say reclaiming $82,000 would be the clearer sign that buying momentum has returned.

Source: Crypto Market Today, Nov. 4: Bitcoin Stages Sharp Recovery as Wall Street Rallies and Regulatory Hopes Return — The Motley Fool

Democrats' takeover of Congress is unlikely to change crypto trading immediately, since Trump-appointed regulators stay in place at the SEC and CFTC, experts told CNBC. But the CLARITY Act's path forward narrows further — Duke's Lee Reiners called the stalled bill dead, though newer products like tokenized stocks could face slower approval.

Why it matters: Agency rules can keep moving without Congress, but as one expert put it, those rules "are much easier to reverse than laws" — which is why the industry wanted CLARITY passed in the first place.

Source: What Democrats' midterm victory means for your crypto investments, according to experts — CNBC Make It

Circle reported $865 million in combined revenue and reserve income for the third quarter, up 17% year over year, while disclosing a roughly 5% workforce reduction in a footnote to its earnings. USDC circulation averaged $73.3 billion in the quarter, even as Circle's stablecoin market share slipped to 27%.

Why it matters: The ARC token presale brought in $242 million of the quarter's "other revenue," showing Circle is leaning on new products as competition for stablecoin market share intensifies.

Source: Circle reports $865 million in Q3 revenue and reserve income, discloses 5% workforce reduction — The Block

The SEC's Division of Corporation Finance said it won't recommend enforcement against Canton Network's validators for minting Canton Coin without registering it, treating the token as a "digital commodity." The staff based its position on Canton's claim that the token has no central party and draws its value from network use.

Why it matters: The relief follows Morgan Stanley's use of a new DTCC tokenization service running partly on Canton, adding momentum to Wall Street's push to put traditional assets onchain.

Source: Canton Coin Gets SEC Nod as Wall Street Tokenization Heats Up — Decrypt

Swiss crypto firm Bitcoin Suisse opened its Nordic operation on November 3, offering trading and custody in Swedish, Norwegian and Danish kronor to high-net-worth individuals, family offices and institutions. The European arm holds a MiCA license from Liechtenstein's regulator, and the Nordic team is led by Ammy Edberg and Kristoffer Nyström.

Why it matters: A March survey found 11.1% of Nordic adults — more than 2.5 million people — already own crypto, a market Bitcoin Suisse says traditional banks still lack the expertise to serve.

Source: Bitcoin Suisse targets wealthy investors in the Nordics — Kaupr

Finland's Kvarn Capital launched Kvarn X Embedded, letting banks, brokers and wallet apps offer trading and custody of more than 300 crypto assets under their own brand through a single API. Kvarn holds the MiCA licence and regulatory responsibility, while partners keep the customer relationship and interface.

Why it matters: The licence is passported across the EEA, so a partner could in principle launch the service in several markets without applying for its own authorisation in each.

Source: Finnish Kvarn lets banks offer crypto without a licence — Kaupr

Swedish issuer Virtune listed a new ETP tracking 13 crypto assets tied to AI agents paying for data, compute and services — equally weighted rather than concentrated in Ethereum and Solana. Chief Sales Officer Andreas Severin said machine-to-machine payments using stablecoins could matter as much to crypto's growth as tokenisation.

Why it matters: Severin also flagged bubble risk, noting actual payment volume on the relevant protocol remains tiny next to the growth forecasts driving the thesis.

Source: Virtune launches AI index for crypto in the agent economy — Kaupr

Norwegian Block Exchange has raised at least NOK 34 million across ten rounds under its equity facility with Los Angeles-based LDA Capital, with the latest NOK 6.8 million round closing November 3. NBX controls the pace and pricing of each drawdown and has used the funds for bitcoin purchases and capital requirements.

Why it matters: The facility allows NBX to raise up to NOK 100 million over several years without a single large dilutive raise.

Source: NBX has raised NOK 34 million from LDA Capital — Kaupr

Norwegian exchange Firi extended staff furloughs to the end of March 2027 — the legal maximum — citing 2026 trading activity running below budget. The company has also hired Dino Cehajic, formerly of Eika, as chief product officer, while three senior employees have left for other companies since September.

Why it matters: The cuts haven't slowed Firi's expansion into Sweden, which launched on schedule in September despite the furloughs being announced the month before.

Source: Firi extends furloughs to 2027, hires new product chief — Kaupr

AI runs through almost every talk at this year's payments conference — as a tool, as an agent, and as a source of uncertainty for the industry. Finance Norway opens the two-day conference at Fornebu today, with the role of central banks and the future of payment infrastructure alongside it. Historian Hans Olav Lahlum closes the first day on democracy and the rule of law in the US, with this week's midterm election as the backdrop. We're liveblogging on kaupr.io.

Source: Kaupr — follow the liveblog on kaupr.io

Kaupr Today comes in two editions

More from Kaupr

Wishing you a great Thursday — and welcome back tomorrow morning for the next edition of Kaupr Daily.

Best regards
Morten Myrstad
Founder & Editor