Sorare scales back: New York office closed and staff cuts despite growth
A paradox at the French unicorn? While the “Sorare 26” plan is showing promising results – revenue up 22% and trading volumes up 25% since the migration to Solana – Sorare is announcing a major restructuring. The stated aim is to accelerate the path to profitability. This strategic refocus involves the permanent closure of the New York office and the full repatriation of activities to the Paris headquarters. Direct consequence: nearly a 30% reduction in headcount (around thirty departures) and the operational withdrawal of cofounder Adrien Montfort, who takes a place on the board of directors. Is this a step back before leaping forward? Even with engagement metrics in the green, Sorare is opting for caution to streamline its costs. All eyes now turn to 2026, a pivotal year with the World Cup and new products promised by CEO Nicolas Julia.
Grayscale pushes DOGE and XRP onto Wall Street from this Monday
This is a major step for the integration of altcoins: Grayscale’s spot ETFs on Dogecoin ($GDOG) and XRP ($GXRP) today began trading on NYSE Arca. While XRP products already exist (Bitwise, Canary), the arrival of a spot ETF on the famous memecoin DOGE is a genuine first. Crash test or mass adoption? In a crypto market that is currently in retreat, these launches will be watched closely. Will they offer an exit door to current holders or attract fresh institutional capital?
China plugs the rigs back in: clandestine mining captures 14% of global hashrate
The 2021 blanket ban on crypto mining appears to have been short-lived. At the end of October 2025, China staged a spectacular comeback, seizing 14% of global computing power and climbing to third place behind the United States and Russia. An unexpected resurrection for an activity that was supposed to have disappeared. The explanation is pragmatic: miners are tapping surplus (and cheap) renewable electricity in regions such as Xinjiang and Sichuan. Demand is real: manufacturer Canaan Creative now generates over 50% of its revenue on Chinese soil. A turn toward economic pragmatism? This underground resurgence coincides with signs of openness, such as stablecoin regulation in Hong Kong. For analysts, the sector’s economic profitability could well force Beijing to turn this tacit tolerance into more nuanced regulation.
Tether turns its reserves into a fortress: 116 tonnes of gold, on a par with central banks
Tether’s appetite for the yellow metal is not waning. With 116 tonnes of gold in stock ($13.7bn), the issuer of USDT is now playing in the same league as the central banks of Greece, Hungary or Qatar. In Q3 alone, the company soaked up 2% of global demand, adding 26 tonnes. This massive strategy aims to diversify the collateral backing USDT (104 tonnes of gold provide its cover) and to support its XAUt stablecoin. To orchestrate this accumulation, Tether has even hired two specialists from HSBC. While CEO Paolo Ardoino describes gold as “natural bitcoin”, this strategic shift enables Tether to ride the historic highs of the precious metal. A diversification move that secures 7% of the giant’s reserves, at a time when the global economic environment is anything but certain.
It threatens to derail Michael Saylor’s well-oiled machine. Strategy, arguably the company most exposed to the current cryptocurrency slump, is facing a danger: exclusion from the benchmark indices (MSCI USA, Nasdaq 100) that cemented its place in mainstream portfolios.
If the axe falls – a decision is expected by January 15 – the consequences will be immediate and brutal. In a widely discussed note, JPMorgan analysts warn: removal from the MSCI index could automatically trigger $2.8bn in capital outflows. Add to that the domino effect if other index providers follow suit, and nearly $9bn in exposure via passive funds could evaporate.
For a company that built its meteoric rise by “wrapping” bitcoin into a listed stock, the stakes go far beyond mere liquidity. Exclusion would be a stab at its institutional credibility.
The success of Strategy was built on a simple, almost magical loop: sell shares, buy bitcoin, ride the bull rally, and repeat. At the height of its glory, the company’s market capitalization soared well above the actual value of its bitcoin holdings.
The company’s valuation now flirts with the bare value of its crypto reserves. The mNAV ratio (enterprise value to bitcoin holdings) has collapsed to just above 1.1. The message from investors is clear: belief is fading. The loop – finance => buy => appreciate => refinance – is no longer running at full speed. Article that explains the mNAV ratio in detail: Crypto companies face the fatal trap of Bitcoin.
An identity crisis: Company or Fund?
As recently as September, optimists were betting on Strategy entering the S&P 500. Everything seemed on track: market cap, profitability, liquidity.
But behind the scenes, the very definition of the company is causing problems. In a note dated October 10, MSCI dropped a bombshell: companies whose digital assets account for 50% or more of their total assets could be reclassified. They look more like investment funds… and funds are not eligible for indices. While MSCI does not officially “speculate” on future changes, the threat of a rule overhaul looms.
Strategy’s share price has plummeted over 60% since its record last November, erasing the premium that made it the darling of “momentum” traders.
However, stress is now spreading to new financing vehicles:
The moment of truth
Inclusion in indices is an invisible driver of modern markets, channeling trillions of dollars and offering silent legitimacy. However, when the narrative breaks down, that same mechanism amplifies the fall.
With bitcoin down over 30% since its October peak and the crypto market losing $1 trillion in value, things are starting to hurt. Strategy defined the “digital asset treasury” model — a directory that is now showing its limitations. This story is not about “pro-bitcoin” versus “anti-bitcoin.” It’s about the gravity of index flows versus the weightlessness of a narrative. For four years, Strategy showed that you could turn a ticker into a proxy for bitcoin — and capture the magic of the rally. The question is now the opposite: can it remain a proxy for bitcoin and survive the administrative reality of indices, the rise in the cost of capital, and the mood of investors who are no longer paying for the promise? All this in a world where Bitcoin Spot ETFs have been capturing increasing flows since 2024.
If the exclusion is confirmed, Strategy will lose more than just flows: it will lose the institutional buffer that made its strategy possible on a large scale. If it stays, it will be at the cost of regaining trust — and re-anchoring its model.
