Early Riders | Open Range Weekly | 11.2.25
Bitcoin fell 3% on the week to a total market capitalization of $2.2 trillion.
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Michael, Brian, and Liam discuss the latest in capital formation, market structure, and latest deals on this week's podcast.
You can find all our episodes on our podcast website as well as listen on YouTube, Apple, and Spotify.
Industry & Institutional Updates
MicroStrategy posted its Q3 earnings presentation, which detailed plans for the company to enter markets in Europe and Canada with its preferred financial instruments.
ARK Labs launched the Arkade public beta, a Bitcoin Layer-2 focused on instant payments and off-chain transactions.
Ledn posted a record Q3, citing growth in BTC-backed credit and institutional services.
IBM unveiled “Digital Asset Haven,” an enterprise platform to manage wallets and digital assets across 40+ chains.
SoFi planned to launch bitcoin and crypto trading this year, expanding its consumer finance suite.
Lava launched a bitcoin backed line of credit to its customers with a 7.5% interest rate.
Coinbase reported Q3 results in its shareholder letter, detailing an improvement in its revenue and adjusted EBTIDA.
Coinbase & Citi collaborated to explore next-gen payment rails, combining bank connectivity with crypto infrastructure.
Regulatory Updates
France proposed creating a national bitcoin reserve (up to ~2% of supply), signaling a sovereign-level accumulation framework.
Germany proposed establishing a national bitcoin reserve, escalating the sovereign-reserve debate in Europe.
Scott Bessent posted an X tweet commending the resiliency of the bitcoin network on the anniversary of the whitepaper launch.
What We’re Watching
The average sell side price projection from wall street analysts is $156k by the end 2025, and $180k by the end of 2026. For institutional managers looking to get bitcoin exposure, check out https://onrampbitcoin.com/products/institutional.
Chart of the Week
The hashrate of the bitcoin network exceeded 1.1 zetahash/second this past week, highlighting the ~50% growth of hash rate over the past year.
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