Stablecoin

Cryptocurrency

Komodo

Citadel

As Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) plunged below $90,000 this week, igniting fresh fears that the bull market may be over, hundreds of millions of dollars continued to flow into crypto companies, signaling that institutional appetite for the sector remains strong.
Republic Technologies became the latest company to add Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) to its treasury, securing $100 million in financing under unusually favorable terms for the industry. The deal was structured as a zero-interest convertible note, meaning Republic neither pays interest nor risks defaulting for missed payments — a rare setup in the crypto financing landscape.
“Republic’s raise, while unique, probably won’t spark off a new normal for how funds are raised in the crypto industry, though it is a sign of a maturing market that new forms of money raising are being seen, and that is the trend that is likely to continue,” Komodo chief technology officer Kadan Stadelmann told Cointelegraph.
Elsewhere, crypto exchange Kraken raised a staggering $800 million at a $20 billion valuation as it moves toward going public, with $200 million of that investment coming from Citadel Securities.
This week’s Crypto Biz delves into these and other stories from the business world of digital assets.&nbsp;
<h2 id="republic-technologies-raises-100-million">Republic Technologies raises $100 million</h2>
<a href="https://cointelegraph.com/news/republic-technologies-100m-ethereum-financing" rel="noopener noreferrer nofollow">Republic Technologies has raised $100 million</a> through a zero-interest convertible note facility to expand its Ether holdings — a structure the company says limits shareholder dilution while allowing it to build a sizable position in the digital asset.&nbsp;
Because the notes carry no interest, Republic does not have to spend cash servicing the debt and cannot default due to missed interest payments.
The company contrasted its approach with that of other Ether-focused companies, including <a href="https://cointelegraph.com/news/bitmine-appears-buy-the-dip-while-eth-down-from-peak" rel="noopener noreferrer nofollow">BitMine Immersion</a>, whose recent $365 million raise included 200% warrant coverage. This level could lead to significant shareholder dilution if the warrants are exercised.
Beyond Republic, there are 18 other publicly traded companies holding Ether treasuries, according to industry data.
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 <img src="https://s3.cointelegraph.com/uploads/2025-11/019a926b-dee7-77a3-af53-d747f2d22c7d" title="" alt="Crypto Biz: Is this what a bear market looks like? (Spoiler: No)">
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 Source: <a href="https://x.com/republictech_io/status/1892699682960527364" rel="noopener noreferrer nofollow" target="https://x.com/republictech_io/status/1892699682960527364">Republic Technologies</a>
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<h2 id="michael-saylor-s-strategy-buys-the-dip">Michael Saylor’s Strategy buys the dip</h2>
Business-intelligence-company-turned-Bitcoin-treasurer Strategy made headlines this week after announcing it had acquired an additional 8,178 BTC for $835.6 million, at an average price of $102,171 per Bitcoin. It marks the company’s largest purchase since July.
Strategy now holds nearly 650,000 BTC, cementing its status as the world’s largest corporate Bitcoin treasury by a wide margin. The company is riding out the latest Bitcoin market downturn and could still be <a href="https://cointelegraph.com/news/strategy-bitcoin-treasury-sp500-inclusion-mnav-drawdown" rel="noopener noreferrer nofollow">on track for S&amp;P 500 inclusion by December</a>, according to a new report from Matrixport.
In the meantime, its share price has come under significant pressure, falling to about $207 from a peak of $474.
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 <img src="https://s3.cointelegraph.com/uploads/2025-11/019aa72c-3273-7854-9e1f-5a711d29895b" title="" alt="Crypto Biz: Is this what a bear market looks like? (Spoiler: No)">
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 Source: <a href="https://x.com/Strategy/status/1990411065553731775" rel="noopener noreferrer nofollow" target="https://x.com/Strategy/status/1990411065553731775">Strategy</a>
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<h2 id="tether-broadens-into-the-commodity-lending-business">Tether broadens into the commodity-lending business</h2>
Stablecoin issuer Tether is flexing its financial muscle beyond its core USDt (<a href="https://cointelegraph.com/tether-price-index" rel="noopener noreferrer nofollow">USDT</a>) operations, expanding further into the <a href="https://cointelegraph.com/news/tether-expands-commodity-lending-1-5b-trade-finance" rel="noopener noreferrer nofollow">commodity-trade lending business</a> after deploying $1.5 billion in credit across cash and its stablecoin.
Tether CEO Paolo Ardoino told Bloomberg the company plans to “expand dramatically” into financing commodity trades, including agricultural goods and oil. The activity falls under Tether’s recently created Trade Finance Unit.
Tether has already established a notable presence in the commodities space through its tokenized gold product, <a href="https://cointelegraph.com/news/tether-gold-xaut-market-cap-gold-rally-2025" rel="noopener noreferrer nofollow">Tether Gold</a>, which has gained popularity amid the current bull market. Ardoino also confirmed the company holds more than 100 tons of physical bullion.
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 <img src="https://s3.cointelegraph.com/uploads/2025-11/019aa72c-3876-7840-ba7d-b03612713424" title="" alt="Crypto Biz: Is this what a bear market looks like? (Spoiler: No)">
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 Source: <a href="https://x.com/Cointelegraph/status/1963927695558885499" rel="noopener noreferrer nofollow" target="https://x.com/Cointelegraph/status/1963927695558885499">Cointelegraph</a>
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<h2 id="kraken-files-for-ipo-in-the-us">Kraken files for IPO in the US</h2>
Cryptocurrency exchange Kraken has <a href="https://cointelegraph.com/news/kraken-confidential-ipo-filing-us-markets" rel="noopener noreferrer nofollow">formally moved toward a public listing</a>, submitting a confidential draft S-1 registration statement to the US Securities and Exchange Commission for a proposed initial public offering of its common stock.
The filing comes just a day after Kraken announced it had raised $800 million across two funding rounds, <a href="https://cointelegraph.com/news/kraken-raises-800-million-valuation-20-billion" rel="noopener noreferrer nofollow">valuing the company at approximately $20 billion</a>. The funding included $200 million from Citadel Securities.&nbsp;
Because the S-1 was submitted confidentially, Kraken has not yet disclosed details such as the size of the offering, the share price or the listing exchange.
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Crypto Biz: Is this what a bear market looks like? (Spoiler: No)

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