PA Daily | Ark Invest increases holdings in Coinbase, Circle and other encryption stocks; Google launches new generation AI model Gemini 3

Today's news reminders:

Ark Increases Investment in Crypto Stocks: Boosts Holdings in Coinbase, Circle, and Bullish

Google launched Gemini 3, integrating multimodal AI and intelligent agent features.

Ondo Finance has been approved by the EU to provide on-chain US stocks and ETFs to retail investors in 30 countries.

Cloudflare: The massive outage last night was caused by an internal configuration error, not a network attack.

Vitalik: Innovation should shift to Layer 2, completing the transition to quantum-resistant encryption within 4 years.

The Bitcoin spot ETF had a total net outflow of 373 million dollars yesterday, continuing a net outflow for 5 days.

Data: Huang Licheng was liquidated 71 times on Hyperliquid in November.

Macroeconomics

Google launched Gemini 3, integrating multimodal AI and intelligent agent capabilities.

According to the official Gemini account @GeminiApp, Google has officially launched the next generation AI model Gemini 3, which features a million-token context window, multimodal understanding capabilities, and supports unified analysis of video, audio, images, and text. The new version introduces Gemini Agent, which can complete multi-step tasks under user guidance, currently available for testing to Ultra users in the United States. Gemini 3 has been launched globally, and student users can try the Pro plan for free for one year.

Block calls for a $600 tax exemption for Bitcoin payments to promote everyday use.

According to PYMNTS, Block, a company founded by Jack Dorsey, has launched the “Bitcoin is Everyday Money” initiative, calling for U.S. legislation to establish a tax-free threshold for Bitcoin payments under $600 to simplify the tax burden on everyday small transactions. Current tax law treats Bitcoin payments as asset sales, requiring the declaration of capital gains tax. Block has also launched a merchant product under its Square brand that supports zero-fee Bitcoin payments, aiming to build an intermediary-free, low-cost payment rail.

Cloudflare: The large-scale outage last night was due to an internal configuration error, not a network attack.

According to an analysis report on the massive outage event released by Cloudflare's official blog on November 18, this outage, the most severe since 2019, was caused by an erroneous configuration file generated after a database permission adjustment, leading to abnormalities in the core proxy system. This affected multiple products including CDN, security services, Workers KV, Turnstile, and Access. The team mistakenly judged it to be a DDoS attack, and ultimately restored all services by rolling back to old files at 01:06 Beijing time on the 19th. Cloudflare stated that such outages are unacceptable and will accelerate system resilience upgrades.

Opinion

Wintermute's letter to the SEC: Traders should be allowed to autonomously manage on-chain settlement processes, and self-trading in DeFi should not require registration.

Wintermute's latest opinion letter submitted to the SEC's Cryptocurrency Assets Special Working Group clearly outlines two main assertions: 1. Allow self-managed on-chain settlement processes: Wintermute calls on the SEC to make it clear that regulated dealers should not be considered in violation of rules when settling on-chain for their own accounts by circumventing traditional clearing institutions. As long as the trading counterpart can independently manage their wallet and execute on-chain delivery, and the dealer fulfills their obligations in a timely manner, they should be exempt from the application of the Customer Funds Protection Rule. This method can significantly reduce intermediary layers and improve blockchain settlement efficiency. 2. No need to register as a dealer for proprietary trading on DeFi: Wintermute emphasizes that engaging in proprietary trading (including providing liquidity) solely on DeFi protocols, without interacting with customers, bearing market-making obligations, providing advice, or custodial services, should be considered as “traders” rather than “dealers”, and thus should not require registration. This position continues the legal tradition of the “trader exemption” and resonates with the judicial trend following the court's repeal of the “dealer rules” in 2024. Wintermute stresses that under the current legal framework, it is essential to ensure that innovation and regulation coexist, and to avoid imposing inappropriate regulatory burdens on the decentralized financial ecosystem.

Vitalik: Innovation should shift to Layer 2, complete the transition to quantum-resistant encryption within 4 years.

Vitalik Buterin stated at the Devconnect conference that he hopes Ethereum will gradually “ossify” its underlying protocol, reducing core changes and prioritizing stability and security. He emphasized that innovation should shift towards Layer 2, wallets, privacy tools, and other peripheral ecosystems, rather than frequently modifying the main chain. Although he acknowledged that this shift might weaken the early spirit of exploration, he believes it is healthier for the entire ecosystem. Additionally, he warned that elliptic curve cryptography might be broken by quantum computing before 2028, and Ethereum must complete its transition to quantum-resistant cryptography within four years.

Project Updates

Hyperliquid launches “HIP-3 Growth Model”, reducing fees by 90% to explore new markets.

According to CoinDesk, the on-chain decentralized exchange Hyperliquid has launched a new feature that allows anyone to deploy new markets without permission and at ultra-low costs to enhance liquidity and incentivize new market makers. This upgrade is referred to as the “HIP-3 Growth Model,” which reduces the overall taker fees for newly launched markets by over 90%. Deployers are not required to undergo centralized reviews and can activate assets individually without permission. The essence of this upgrade is to lower the barriers to entry and trading costs, aiming to deepen Hyperliquid's liquidity, expand asset supply, and solidify its position as a competitor to centralized channels. To qualify, deployers must set the fee percentage (referring to the portion of user trading fees retained before any discounts) between 0 and 1. Additionally, growth model markets must avoid overlapping with perpetual contracts operated by existing validators to prevent “parasitic” trading volume, and must be entirely different assets. Once the growth model is activated for a certain asset, it must be locked for 30 days before any changes can be made to ensure market stability.

Hold at least 245 Binance Alpha points to receive 175 GAIB airdrop.

According to the official announcement, Binance Alpha is the first platform to launch GAIB (GAIB), with Alpha trading starting on November 19, 2025, at 18:00 (UTC+8). After trading begins, users holding at least 245 Binance Alpha points can claim airdrop of 175 GAIB tokens. First come, first served. If the event is not over, the score threshold will automatically decrease by 5 points every five minutes. Please note that claiming the airdrop will consume 15 Binance Alpha points. Users must confirm their claim on the Alpha event page within 24 hours, otherwise it will be considered as forfeiting the airdrop.

Ondo Finance has received EU approval to offer on-chain US stocks and ETFs to retail investors in 30 countries.

Ondo Finance announced that its subsidiary Ondo Global Markets has received approval from the Financial Market Authority (FMA) of Liechtenstein to offer tokenized U.S. stocks and ETFs within the European Economic Area (EEA). This regulatory recognition means that Ondo can compliantly provide on-chain stock and ETF products to over 500 million retail investors across 30 markets, including all EU countries, Iceland, Liechtenstein, and Norway.

Injective: Will launch a new $INJ community buyback tomorrow.

Injective will launch a new $INJ community buyback tomorrow.

Filecoin launches Onchain Cloud, ushering in an era of verifiable, decentralized cloud.

According to an announcement from the Filecoin Foundation, Filecoin Onchain Cloud (FOC) has officially launched, marking the expansion of the Filecoin network into fully composable cloud services. FOC combines verifiable storage, on-chain payments, and an open architecture, enabling developers to deploy AI, DeFi, and Web3 applications without the need for centralized intermediaries. Initial partners include ENS, Monad, Safe, and others. The mainnet is set to launch in January 2026.

Drift updates token economics: over half of DRIFT has been unlocked for circulation, with a current circulation cap of 750 million tokens.

According to the official announcement from Drift, since the TGE in May 2024, 55.6% of the total supply of DRIFT (approximately 556 million tokens) has entered circulation, and the lock-up period for major investors has ended. The current circulation cap is 750 million tokens, and the tokens continue to be released according to the original 5-year emission plan. The community and trading incentives account for 43%, the team and development fund account for 25%, and strategic investors hold 22%. The total trading volume of Drift has exceeded $120 billion and is progressing towards the launch of Drift v3.

Revolut has integrated Polygon as the main infrastructure for cryptocurrency payments.

According to the official Polygon blog, fintech company Revolut has chosen Polygon as its preferred tech stack for stablecoin transfers, payments, and trading. As of November 2025, the transaction volume processed within the Revolut app via Polygon has exceeded $690 million. Revolut has over 65 million users in 38 countries, and this integration allows participating users to seamlessly send and receive funds through the Polygon network without incurring high fees or being subject to geographical restrictions. The first phase of the collaboration between Revolut and Polygon Labs is currently underway.

Important Data

Data: Huang Licheng was liquidated 71 times on Hyperliquid in November.

According to Lookonchain statistics, since November 1, the top three users with the most liquidations on the Hyperliquid platform are: Machi Big Brother (@machibigbrother), with 71 liquidations; James Wynn (@JamesWynnReal), with 26 liquidations; and Andrew Tate (@Cobratate), with 19 liquidations.

The Bitcoin spot ETF had a total net outflow of 373 million dollars yesterday, continuing a net outflow for 5 days.

According to SoSoValue data, as of November 18, Eastern Time, the total net outflow of Bitcoin spot ETFs reached $373 million, marking the fifth consecutive day of net outflow. The Grayscale BTC ETF had the highest single-day net inflow at $140 million, followed by Franklin EZBC with a net inflow of $10.7563 million; BlackRock's IBIT recorded the highest single-day net outflow at $523 million. So far, the total net asset value of Bitcoin spot ETFs is $122.294 billion, accounting for 6.61% of the total BTC market capitalization, with a historical cumulative net inflow of $58.224 billion.

Coinbase has included World Mobile Token (WMTX) in its listing roadmap.

Coinbase has announced that it will list World Mobile Token (WMTX) on its roadmap and disclosed that its contract address on the Base network is 0x3e31966d4f81C72D2a55310A6365A56A4393E98D. Coinbase stated that the trading launch of the relevant asset depends on market-making support and the establishment of technical infrastructure, and an announcement will be made to launch trading once the conditions are met.

Investment and Financing / Acquisition

Tether announces a strategic investment in the Bitcoin-backed loan market Ledn.

According to an official announcement, Tether has announced a strategic investment in the Bitcoin collateral loan market Ledn to expand opportunities in Bitcoin collateral loans. It is reported that Ledn's infrastructure includes custodial, risk management, and clearing systems. Since its establishment, Ledn has issued over $2.8 billion in Bitcoin collateral loans, with over $1 billion issued in 2025, setting the strongest annual performance to date. In the third quarter of 2025 alone, Ledn issued $392 million in loans, nearly matching the total for the entire year of 2024. The company now reports that its annual recurring revenue (ARR) has exceeded $100 million, highlighting the growing market demand for secure Bitcoin collateral loan products.

The cryptocurrency banking fintech company Deblock has completed a €30 million Series A financing round, led by Speedinvest.

According to TFN, French crypto banking fintech company Deblock has completed a €30 million Series A financing round to support its expansion in Europe, with Germany becoming its next core market. This round of financing was led by Speedinvest, with CommerzVentures and Latitude participating, along with existing investors 20VC, Headline, Chalfen Ventures, and Kraken Ventures. Since its launch in France in April 2024, Deblock has gained over 300,000 users. It has launched Europe's first fully on-chain banking solution, which includes a regulated EMI euro account and a 100% self-custody crypto wallet, allowing users to manage fiat and digital assets on a single platform, trade over 100 cryptocurrencies without restrictions, and use it for everyday payments such as rent, shopping, and cross-border transfers.

Sources: xAI is in high-level negotiations with investors to raise $15 billion.

According to the Wall Street Journal: Sources say that xAI is in high-level negotiations with investors to raise $15 billion, which would bring xAI's valuation to $230 billion. Insiders reveal that Musk's wealth manager, Jared Birchall, disclosed the terms of the new financing round to investors on Tuesday evening. CNBC had previously reported on xAI's funding plans, but Musk denied it, stating that the “information is incorrect.”

Kraken receives a $200 million investment from Citadel Securities, raising its valuation to $20 billion.

According to Fortune, the American cryptocurrency exchange Kraken has received a strategic investment of $200 million from Citadel Securities, raising its valuation to $20 billion. This financing follows its $600 million funding completed in September when its valuation was $15 billion, with investors including Jane Street, DRW, and Oppenheimer. Kraken plans to use the raised funds for global expansion and payment product development, as well as to prepare for an IPO next year. Citadel founder Ken Griffin has always been cautious about the cryptocurrency market, and this move is seen as a key signal of his changing attitude toward digital assets.

Institutional Holdings

Ark Increases Investment in Crypto Stocks: Boosts Holdings in Coinbase, Circle, and Bullish

According to The Block, Ark Invest bought approximately $3 million worth of Coinbase and about $3.1 million worth of Circle combined in ARKK and ARKF on Tuesday; ARKF also purchased approximately $1.1 million worth of Bullish. At the end of the day, Coinbase fell 0.82% to $261.79, while Circle rose 0.013% to $76.6.

A suspected BitMine wallet address received 21,045 ETH from the Kraken exchange, worth approximately 64.3 million USD.

According to Onchain Lens, a newly created wallet received 21,045 ETH from the Kraken exchange, worth approximately $64.3 million. The wallet is suspected to belong to BitMine.

New Hampshire approves the first $100 million municipal bond backed by Bitcoin collateral.

According to Crypto in America, the New Hampshire Business Finance Authority (BFA) has approved the first Bitcoin-backed municipal bond in the United States, totaling $100 million. The bond is held by the private custodian BitGo, which over-collateralizes with BTC, and the BFA acts as a channel party with no repayment obligation. The bond structure is designed in collaboration between Wave Digital Assets and Rosemawr. If the value of BTC falls below 130%, it will automatically liquidate to protect the rights of bondholders. The related proceeds will be injected into the “Bitcoin Economic Development Fund” to promote innovation and development within the state.

The new crypto incubator Obex has raised $37 million in funding to support yield-generating stablecoins.

According to CoinDesk, the new crypto incubator Obex team stated in an interview that it has raised $37 million in funding to support the development of the next-generation yield-bearing stablecoin led by Framework Ventures, LayerZero, and Sky ecosystem. The plan aims to invest and provide funding for projects that introduce real-world asset collateralization strategies on-chain, bringing institutional-grade risk control and underwriting practices to this rapidly evolving field. Obex will become the latest funding allocation partner for Sky, providing financial support to projects to help them scale from the protocol's large reserves and generate yields through strategies. The plan will focus on stablecoins backed by high-quality real-world assets, with a focus on three core areas: computational credit (such as tokenized GPU infrastructure), energy assets (such as municipal-grade solar and battery deployments), and loans to large fintech companies. The incubator will provide funding, technical resources, and access to Sky's infrastructure for early teams in a 12-week project. Teams undergoing risk and governance reviews may be eligible for additional funding support from Sky. Recently, Sky authorized the deployment of up to $2.5 billion in USDS to the Obex project in a governance vote.

Public company Onfolio Holdings raises $300 million to build a digital asset reserve.

According to Globenewswire, Onfolio Holdings Inc. (Nasdaq: ONFO, ONFOW) announced that it has secured up to $300 million in financing through a convertible bond financing arrangement with a U.S. institutional investor. This agreement provides Onfolio with a significant amount of long-term capital to build its digital asset reserve ( including Bitcoin, Ethereum, and Solana ), generate yield through staking, strengthen its balance sheet, and accelerate the growth of its operating businesses. The terms for the first transaction are arranged as follows: approximately $6 million in total proceeds will be raised at the first closing on November 18, 2025 (subject to customary conditions). Approximately 30 days later, at the second closing, it is expected that $2 million will be raised. Subject to certain conditions, future potential batch financing could reach up to $292 million.

Eightco Holdings disclosed that it holds over 272 million WLD and 11,068 ETH.

According to a report by PR Newswire, Eightco Holdings Inc. (NASDAQ: ORBS) disclosed that as of November 17, Eightco's total holdings include 272,253,898 WLD tokens, 11,068 ETH, and a total of $58.2 million in uncollateralized cash and stablecoins. The circulating supply of WLD held by Eightco accounts for more than 10% of the current total circulating supply. In addition to holding Worldcoin reserves, Eightco is also promoting the construction of a universal framework for digital identity and authentication through strategic investments and partnerships.

Bitcoin mining company Bitfury launches a $1 billion investment plan, focusing on AI, quantum computing, and other enterprises.

According to Fortune magazine, on Tuesday, the Bitcoin mining company Bitfury announced the launch of a $1 billion investment plan aimed at supporting mission-driven entrepreneurs. The company plans to invest $200 million next year, with the remaining funds to be gradually invested over the next few years. Bitfury stated that a specific list of investment companies has not yet been determined. However, the company plans to invest in ethical enterprises engaged in fields such as artificial intelligence, quantum computing, and transparent decentralized systems. Additionally, the company plans to invest in the field of self-sovereign identity. Most of Bitfury's revenue comes from its mining business, which includes two companies that were spun off from the parent company and listed on NASDAQ. Cipher Mining (CIFR) operates in the United States with a market capitalization of approximately $5.5 billion; Hut8 (HUT), which originated in Canada, has a market capitalization of about $4 billion. Furthermore, Bitfury has also founded and co-established two companies providing AI infrastructure, namely LiquidStack and Axelera AI.