According to PANews, digital asset treasury (DAT) companies listed in the United States and Canada have seen their stock prices drop by a median of 43% this year, contrasting with Bitcoin's approximate 6% decline since the beginning of the year. SharpLink, an Ethereum treasury company, has experienced an 86% decrease in its stock value from its peak, with its market capitalization now lower than the value of its digital token holdings. The company's stock is currently valued at about 0.9 times its Ethereum holdings. SharpLink previously shifted from its gaming business to issuing stock and purchasing Ethereum, causing its stock to surge over 2600% within days. However, compared to Greenlane, SharpLink remains relatively fortunate; Greenlane's stock has plummeted over 99% this year despite holding approximately $48 million in BERA crypto tokens. Additionally, Alt5 Sigma, a DAT company once supported by U.S. President Donald Trump's two sons, has seen its stock fall about 86% since its peak in June. Some DAT companies have managed to maintain a market capitalization above their underlying holdings' value, but most investors who bought near peak levels have incurred losses, with 70% of company stocks likely to end the year below their initial levels. The worst performers are those that avoided Bitcoin in favor of smaller, more volatile tokens. The volatility of these stocks is partly attributed to companies borrowing heavily to acquire cryptocurrencies. Meanwhile, lesser-known small DAT companies face dwindling opportunities to raise funds as cryptocurrency prices decline and investor enthusiasm wanes.

Looking at the actions of the thirteen ministries and seven associations, what they demonstrate is a resolute attitude, but also a rational approach to regulation.

CRA collects $100 million from cryptocurrency audits while criminal cases are delayed. source: https://www.cryptopolitan.com/cra-pulls-in-100m-from-crypto-audits/

SHIB fans often joke about catching the next moonshot before breakfast, but here is a question worth asking. source: https://coindoo.com/moonbull-drives-the-next-1000x-crypto-presale-frenzy-while-shib-and-floki-power-up-their-ecosystems/

Treasury Secretary Scott Bessent stated that the U. S. economy is strong and holiday spending has been robust. source: https://www.cryptopolitan.com/bessent-says-u-s-economy-is-strong/

The US economy is caught in a vicious cycle of debt and inflation, and data from 2025 has already sounded the alarm. Looking ahead to 2026, the US economy faces three major challenges: debt, inflation, and growth.

According to PANews, Japanese publicly traded company Metaplanet has not increased its Bitcoin holdings since September 30. The company's Bitcoin reserves remain at 30,823 units.

On December 5, two Bitcoin Casascius coins moved a total of 2,000. 0027811 BTC after being dormant since 2011–2012. source: https://www.cryptopolitan.com/two-bitcoin-casascius-move-13-2-years/

Seven major Chinese financial industry associations jointly issued a risk warning, marking the most comprehensive crypto crackdown since the 2021 ban that drove all crypto exchanges out of the country. The associations cover banking, securities, funds, futures, payment clearing, listed companies, and internet finance. They stated that all crypto-related business activities, including stablecoins, airdrops, mining, and, notably, real-world asset (RWA) tokenization, are illegal in China. RWA Tokenization Enters Regulatory Crosshairs The statement, which was issued on Dec 5, explicitly noted that Chinese financial regulators have “not approved any real-world asset tokenization activities,” marking the first official prohibition of RWA in the country source: https://beincrypto.com/china-escalates-anti-crypto-crackdown/

Jinse Finance launches its daily cryptocurrency and blockchain news bulletin, "Jinse at 8 AM," issue 2902, providing you with the latest and fastest news on the digital currency and blockchain industry.

Looking ahead, it's worth paying attention to how blockchain technology, prioritizing privacy and focusing on payments, will develop.

A research report was released on December 4 by a team of analysts at JPMorgan Chase (led by senior strategist Nikolaos Panigirtzoglou).

Projects, agents, and crypto agents are the next major trend. Golden Finance reports that AgentFi automatically optimizes returns and simplifies trading strategies.

In November 2025, MS published an article titled "Financial Inclusion via FinTech: From Digital Payments to Platform Investments".

The foreign exchange market is not at all the "currency exchange market" I thought it was. To be more precise, most of the massive daily trading volume of $7.5 trillion is not "currency exchange" at all—but rather a vast and invisible global dollar lending network.

In the West, finance is a means of social mobilization, and it can only be effective when the "state-society" is separated or even opposed. However, in large Eastern countries where the state and family are structurally similar, social mobilization relies on water conservancy projects and governance capabilities.

For two consecutive Fridays, the Chinese government and industry organizations have launched a crackdown on cryptocurrencies, particularly defining and clarifying the stance on stablecoins and RWA, shaking the industry. What has it banned, what has it preserved, and will closing one door open another window?