TLDR Crypto 2026-11-11

MARA Holdings posted Q3 net profit of $634.4 million, up from $123.1 million a year earlier, as nearly $885 million in fair-value gains on digital assets offset a 37% drop in mining revenue driven by the April halving, pushing total revenue down 35% year-over-year to $164.2 million. After quarter-end, the company sold 13,597 BTC for roughly $1.1 billion, using $750 million to fully retire its bitcoin-collateralized loans and cutting total debt 37% year-to-date to $1.4 billion. MARA slipped to fifth among corporate bitcoin treasuries after Strive passed it, and is redirecting from infrastructure expansion toward securing customer leases, free cash flow generation, and AI/high-performance computing. CEO Fred Thiel framed the shift as moving from asset accumulation to execution discipline.

Elizabeth Warren will take the Senate Banking gavel in January after Democrats win the Senate, with priorities of affordability, AI, prediction markets, a looming financial crisis, and accountability. An aide says Trump family crypto businesses and others should “preserve their documents.” She has pressed Kalshi and Polymarket on insider trading and election bets, and has sought probes into Trump's memecoin and World Liberty Financial's UAE ties.

The New York Stock Exchange selected Avalanche as the exclusive settlement blockchain for a new 24/7 tokenized US equities trading platform. NYSE cited Avalanche's transaction speed, throughput, and compliance capabilities as key selection criteria. The platform targets a Q4 launch pending regulatory approval, and will offer instant settlement with stablecoin-based funding. The selection places AVAX at the core of NYSE's equity tokenization infrastructure, marking a direct integration between the US' largest stock exchange and a public layer-1 network for securities settlement.

Securitize agreed to acquire River One, a New York institutional financing firm backed by Framework Ventures and Maple Finance, to extend its tokenization platform into the $6.1 trillion asset-backed finance market. The deal adds warehouse financing capabilities, allowing clients to borrow against pooled loans ahead of refinancing, as the ABF market is projected to exceed $9 trillion by 2029 per KKR. Q3 results released alongside the announcement showed revenue of $18.6 million (+13% YoY), average tokenized assets of $5 billion (+39%), and transaction volume of $4.3 billion (+20%), with $300 million in cash and no debt on the balance sheet. The acquisition moves Securitize beyond fund and equity tokenization into private credit's largest sub-segment, deepening its utility for institutional clients including BlackRock, Apollo, KKR, Hamilton Lane, and VanEck.

Vitalik Buterin contends that ETH's value proposition is better grounded in store-of-value than in fee-burning mechanics, arguing that optimizing for burn would require trade-offs that undermine decentralization and capture resistance. EIP-1559's burn mechanism stays intact, but Buterin treats it as incidental, stating fee burn below 10% of breakeven is acceptable long-term since ETH's value comes from elsewhere. The SoV case rests on Ethereum's CROPS properties, which produce protocol-level stability, the attribute users placing assets in the network value most. Buterin cites the AI disruption era as the demand context where protocol-level stability becomes a concrete SoV advantage for ETH.

This article examines the terms of three merchants of record (Whop, Commas, and Dodo Payments) after seeing merchants report frozen funds and shut accounts. None explicitly names the processor or acquiring bank, so a decision made several layers up can freeze a merchant who has no direct relationship with the decision-maker. Terms allow holds of 180 days or longer, Whop reserves up to 100% for up to 180 days, and Commas calls some risk decisions final. Other sellers' fraud or disputes can also tighten rules for everyone on the platform. Although the MoR model works and saves real compliance work, the label covers different arrangements, so merchants should ask who processes payments, how risk is assessed, what the reserve terms are, who can release funds, and plan for a long hold.

OpenFX CEO Prabhakar Reddy says the company started by converting currencies and delivering funds in under an hour, 24/7. After seeing customers park money with it overnight, it launched Global Accounts and Send in October so customers can hold funds and pay anyone in its markets. He says revenue grew faster than volume despite lower prices, and that licenses in the US, EU, UK, Canada, and UAE took two years. He expects cross-border settlement to consolidate into one or two companies, wants to be one of them, and hints at credit as a third layer. The company has nearly 200 staff and is hiring.

Chain INK frames Avalanche as five layers. Consensus saw Helicon cut block verification to 2ms in September. There are 71 active L1s, including Evergreen, Spruce, Dinari, and FIFA. BlackRock's BUIDL reached $486.5M on Avalanche in Q3, with Apollo, Franklin, and Janus Henderson also onchain. Payments include Wyoming's FRNT stable token, the Avalanche Card (record $10M Q3 spend), and Bergen County property deeds. On November 9, NYSE picked Avalanche for tokenized stock clearing, pending approval. The opening line notes Schwab listing SOL and LINK as well. Pro-AVAX framing, with figures unverified.

Strategy added 1,036 BTC for $81.9 million last week, bringing total holdings to 850,364 BTC at an average cost of $75,456 per coin, representing 4.05% of the 21 million hard cap.

Greece's parliament enacted a 10% flat tax on cryptocurrency capital gains, effective January.

South Korea's largest exchange by volume will list Hyperliquid's HYPE token.

Looking across the market, we see USDC supply rates on Aave V4 at 6.20% on Base (Coinbase Stocks), 5.65% on Ethereum Main and Forex, 5.28% on Avalanche; Aave V3 on Monad at 5.64%; and Morpho on Base (Grove x Steakhouse and Gauntlet USDC Prime V2) at about 5.00%.