Key Highlights

  • Bitcoin lost about 1.25% on November 10, 2026, to roughly USD 73,800, then hovered near USD 73,400 early on November 12, not far from its lowest since August.
  • Redemptions at iShares Bitcoin Trust (NASDAQ:IBIT) stretched to eight sessions in a row, and Strategy is set to drop out of a major global index family after November 30.
  • Riot Platforms received an upgrade to Buy, with its target lifted to USD 28 from USD 13, because of the worth of its AI Data Center sites.
  • Profits at MARA Holdings and Trump Media came from digital asset gains, while the underlying operating businesses stayed softer.

1. iShares Bitcoin Trust (NASDAQ:IBIT)

Because iShares Bitcoin Trust (NASDAQ:IBIT) follows the Spot Price closely, it offers the cleanest exposure of the five and depends on bitcoin more than any of them. On November 10, US spot bitcoin funds shed about USD 95 million in net terms for a fourth day running, and IBIT made up about USD 78 million of that, its eighth consecutive session of redemptions. Ether funds gave up about USD 145 million. Interest rates are behind the pressure. October consumer prices climbed 0.4% when 0.3% was forecast, futures now show close to 90% odds of a December Fed hike, and the dollar sits at its highest since April 2025. Higher real yields make an asset with no income more expensive to hold. Bitcoin dipped about 1.25% on November 10 to roughly USD 73,800, bounced 1.12% to about USD 74,440 on November 11, then eased to near USD 73,400 early on November 12 as Nasdaq futures sagged on Nvidia's turmoil. The fund itself gained 1.34% to about USD 42.24 on November 11. Support just above USD 73,000 is the level to watch. More than USD 1 billion of long positions were liquidated earlier in November, so Leverage is lower and forced selling may be limited. Daily inflows returning would be the strongest sign that Demand is steadying.

2. Strategy (NASDAQ:MSTR)

Strategy (NASDAQ:MSTR) holds more than 850,000 coins, making it the biggest corporate owner of bitcoin, and it will be removed from the Equity indexes of a major global provider after the close on November 30. Rules adopted in October judge non-operating companies by their operating Assets and five financial measures, and with a relatively small software arm, Strategy fails that test. Metaplanet and Upexi are facing comparable removals. When an index drops a name, passive funds must sell. One earlier market estimate put possible forced selling at about USD 2.8 billion, yet the company says index-linked funds own about 13 million shares, or 3.1% of basic shares outstanding, which is less than a day of ordinary trading volume. After hours on November 11 the stock slid about 2.6% to around USD 119.06, a muted reaction suggesting traders had already priced in much of the risk. The bigger concern is how the model works. Strategy funds more bitcoin purchases through equity and convertible securities, so fewer index holders could lift its Cost of Capital and narrow the premium its shares command over its holdings. The result is a leveraged bet on bitcoin carrying extra funding risk, and the operating company most tied to bitcoin in this group.

3. Riot Platforms (NASDAQ:RIOT)

A research house moved Riot Platforms (NASDAQ:RIOT) to Buy from Hold on November 10 and more than doubled its target to USD 28 from USD 13, and the stock gained 2.38% to near USD 17. That note sees Riot less as a bitcoin miner and more as a builder of power-rich sites for AI computing. Using a 10% discount rate and assuming nothing after the Lease expires, it puts the Corsicana campus in Texas alone at about USD 16 per share. In other words, the market is paying very little for the Rockdale site, the Mining operations or future leases. Dated milestones, not bitcoin prices, anchor the thesis: Credit support at Rockdale, Corsicana financing in 2027 and first rent from a data center tenant in September 2027. Every step trims uncertainty, and first rent is when a development story turns into a Cash Flow story. Risks include delays in power delivery, equipment or tenant fit-out, the cost of project Debt with the 10-year Yield near 5%, and fierce competition for tenants as many miners chase the same pivot. Some of the value still hinges on mining and so on bitcoin, though less than at any other company here.

4. MARA Holdings (NASDAQ:MARA)

MARA Holdings (NASDAQ:MARA) posted third-quarter Earnings of USD 1.28 per share when a loss of about USD 0.10 was expected, but an unrealised mark-to-market gain of USD 885.3 million on its bitcoin holdings produced the profit. It counts as genuine accounting income without being cash, and it can vanish fast. Bitcoin has fallen since the quarter closed, so the fourth quarter may look quite different. The core Business was weaker. Revenue declined 34.9% to USD 164.2 million, short of a USD 176.1 million forecast, and a 37% fall in the average price of mined bitcoin removed about USD 94.8 million of revenue. Costs for miners, chiefly power and equipment, are mostly fixed, while higher network difficulty and the 2024 halving shrink what each miner earns. This is why many are moving capacity toward hosting AI workloads, where revenue is steadier. MARA has a large treasury and a strong balance sheet, giving room to invest or return capital, and it is expanding into AI and energy infrastructure. At present, both reported earnings and mining revenue follow bitcoin, so mining margins in a flat market are what matter most.

5. Trump Media (NASDAQ:DJT)

Trump Media (NASDAQ:DJT) climbed about 9.85% by late morning on November 10 after revenue grew 205% to USD 3.0 million from USD 1.0 million, thanks to subscriptions for a data API and a paid streaming tier, plus about USD 0.2 million in ETF management fees. A small base explains the large growth rate. Net Income of USD 409.7 million came almost entirely from USD 496.1 million of gains on digital assets and equity securities, so the profit reflects treasury investments, among them a big bitcoin position, not operations. The adjusted EBITDA loss shrank to USD 12.3 million from USD 29.1 million, aided by legal fees dropping to USD 2.4 million from USD 20.3 million. Total assets were about USD 2.5 billion, of which roughly USD 2.3 billion were financial assets, and that Balance Sheet is the chief source of value. Shareholders vote on December 14 on a Merger with fusion energy developer TAE Technologies, which would bring in a capital-intensive energy business. Since the quarter ended, bitcoin's slide points to smaller gains, or losses, in the fourth quarter. Retail traders and political sentiment sway the stock heavily, and Volatility will likely stay high around the vote.

Where Things Stand

Of the top 5 crypto-linked stocks, Riot Platforms depends least on bitcoin's price, since its upgrade rests on data center leases and dated financing milestones, not the token. Trump Media's value lies in a balance sheet loaded with digital assets, MARA's earnings and mining revenue both follow bitcoin, Strategy is a leveraged Holding Company facing index selling, and the spot fund simply mirrors the price. Canadian investors should watch the December 9 Fed decision and any return of fund inflows as the next signals for the group.