Good morning!

Bitcoin broke key support and slipped to $74,000 as regulators and traders questioned its direction. Elsewhere, tokenisation and stablecoin infrastructure keep advancing, bitcoin treasuries are buying through the dip, and Morgan Stanley is building out its wealth infrastructure. In Nordic news, NBX pushes into Pakistan and Goobit closes its rights issue.

Some stories in Kaupr Daily:

💎 Strategy just bought another 1,036 bitcoin, pushing its holdings past 850,000 BTC

💎 A Solana-based venue wants to trade tokenized stocks — with issuers on board this time

💎 Raycash brings private stablecoin payments to Ethereum

Plus: tomorrow's Impact Onchain webinar on what happens after a hackathon, Alexander Hagen on bitcoin's correlation to stocks, and Venkat's latest Trendline read on broken support levels.

— Morten

A Kaupr virtual event with FirstBlock-athon Stockholm · Wednesday 11 November · 11:00–12:30 CET · Live online

Register:

In September, eight teams spent five days building in Stockholm. Then everyone went home.

This event is about what happens next. Not a look back at the hackathon, but a look at what it actually takes to turn five days of building into a project that survives contact with the real world — funding, partners, pilots, and the people who have to say yes.

It is also about blockchain beyond finance more broadly. The question is not limited to the eight challenge areas from September, and neither are the people we are bringing in.

Free, live on Kaupr.io and YouTube, with the recording available afterwards — this time also with a live chat on the landing page.

With us:

Fati Hakim, CEO & Co-Founder of FirstBlock and the initiator of FIRSTBLOCK-ATHON Stockholm.

Hani Baloch, ecosystem builder across the Nordics and the GCC, and one of the people who came up with the idea of a blockathon in the first place.

Watch live →

Bitcoin fell 1.9% to $74,392, extending last week's decline, as investors weighed tighter crypto oversight under a Democrat-led Congress — with Senator Elizabeth Warren tipped to lead the Senate Banking Committee. Spot bitcoin ETFs saw $1.28 billion in outflows last week, their second straight week of losses and the worst since June.

Why it matters: Bitcoin's drop came even as tech stocks broadly rebounded — a sign regulatory uncertainty, not just risk appetite, is now driving crypto's underperformance.

Source: Bitcoin slips to $74k as regulatory uncertainty, ETF outflows weigh — Yahoo Finance (Source: Investing.com)

Ace Digital CEO Alexander Hagen told Kaupr TV that bitcoin still moves with stocks rather than trading independently, after its rise to roughly $87,000 and fall back below $74,000. He sees the 200-day moving average, near $73,000, as a possible floor, calls implied volatility historically low, and views the AI stock sell-off as a normal correction rather than a sign of overvaluation.

Read and watch: Alexander Hagen of Ace Digital: Bitcoin still not decoupled from stocks — Kaupr TV
Watch on YouTube

Bitcoin and Ethereum have both broken key support and extended their declines, Venkat Hrushikesa Varri writes in this week's Trendline. Bitcoin fell below $76,200, now trading in a descending channel with immediate support near $74,500. Ethereum broke its rising trendline from May and fell below $2,330, now watching support near $2,250 and $2,180.

Source: Bitcoin and Ethereum extend their decline as key support levels give way — Kaupr, Trendline by Venkat Hrushikesa Varri

Formation Securities, formed from the merger of Solana-based Orca and Loopscale, told the SEC it plans to run a Solana-based tokenized-stock venue under the agency's innovation exemption. Trading is targeted for early 2027, with Exodus, Forward Industries and Galaxy Digital shares at launch, accessed via Superstate and custodians including Anchorage and BitGo.

Why it matters: Formation is seeking issuer approval upfront — a contrast to rival venue OKXICE, which has drawn objections from 67 public companies over tokenizing their shares without consent.

Source: Formation notifies SEC to operate first tokenized securities venue on Solana — The Block

Raycash, a stablecoin payments startup spun out of confidentiality protocol Zama, launched a private beta on Ethereum mainnet, with more than 75,000 people on its waitlist. Using Zama's Fully Homomorphic Encryption, balances and transaction amounts stay encrypted onchain while stablecoins are wrapped into confidential ERC-7984 tokens; users can also earn private yield via Morpho.

Why it matters: Raycash CEO Valerio Leo says the aim is to let people use stablecoins they already trust without giving up financial privacy, rather than asking them to adopt a new coin.

Source: Zama spin-off Raycash launches confidential stablecoin payments and private yield on Ethereum — The Block

Strategy bought 1,036 BTC for about $81.9 million between 2–8 November, at an average price of $79,012, according to a Monday SEC filing. The company's holdings now stand at 850,364 BTC — more than 4% of bitcoin's total supply cap — funded mainly through at-the-market sales of its MSTR stock.

Why it matters: Strategy remains far and away the largest of nearly 200 public companies holding bitcoin as a treasury asset, more than double its closest rival, Metaplanet.

Source: Michael Saylor's Strategy buys another 1,036 bitcoin for $82 million — The Block

Bitmine Immersion Technologies bought 9,587 ETH last week, bringing its holdings to 6.07 million ETH — 4.97% of Ethereum's total supply, near its target of 5%. Chairman Tom Lee called Ethereum co-founder Vitalik Buterin's comments at Devcon, framing ETH as “a store of value,” a turning point for how the network will capture value.

Why it matters: Lee argues Ethereum was never built to generate cash flow like other tokens — its value instead comes from being the trusted settlement layer institutions are choosing for onchain assets.

Source: Bitmine adds 9,587 ETH as Tom Lee hails “seismic shift” for Ethereum — TradingView (Source: Benzinga)

Morgan Stanley agreed to acquire Vinyl Equity, an SEC-registered transfer agent that digitizes share-transfer and cap-table work for companies going public. The deal, expected to close in the first quarter of 2027, folds into Morgan Stanley at Work, which already serves over 3,400 corporate clients and roughly half the S&P 500.

Why it matters: Morgan Stanley Wealth Management's Jed Finn pointed to blockchain, atomic settlement and tokenization as part of why the infrastructure behind share ownership needs to modernize.

Source: Morgan Stanley to bolster IPO wheelhouse with Vinyl acquisition — Banking Dive

Norwegian Block Exchange (NBX) and Norwegian firm Aprikos Venture have applied to Pakistan's PVARA regulator for a No Objection Certificate to launch crypto exchange Nayapaisa, split 50/50 through Horizon Markets AS. Pakistan ranks third globally in Chainalysis's 2025 crypto adoption index, behind only India and the United States.

Why it matters: NBX's Stig Kjos-Mathisen called Pakistan “one of the most exciting markets outside Europe right now” — a notable bet on a 241-million-person market with no prior licensing regime for crypto exchanges.

Source: NBX and Aprikos Venture seek Pakistan approval for Nayapaisa — kaupr.io

Goobit Group, which runs the BTCX bitcoin exchange and the Futureproof savings platform, fully subscribed its rights issue, raising about SEK 25.1 million before costs. CEO Gustav Buder said the company is now debt-free outside current operating liabilities, with the funds supporting Futureproof's launch; trading in new shares begins week 48.

Why it matters: The raise strengthens Goobit's balance sheet and funds the launch of Futureproof, its new savings platform.

Source: Goobit's rights issue raises SEK 25.1 million — kaupr.io

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

Best regards
Morten Myrstad
Founder & Editor