The FSB recommends stronger reserve checks and clearer redemption rights, but its review creates no new legal obligations.
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The November 10 filing implies a June–August profit driven by unrealized crypto gains, alongside $17.557 million in operating cash outflow.
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A judge said state rules could apply even if its sports contracts were swaps; Novig appealed the preliminary denial.
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Glassnode’s seven-day observations through November 9 show narrow accumulation, while completed ETF sessions through November 10 still record withdrawals.
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Bitcoin is facing a fresh liquidity squeeze as mounting losses among recent buyers threaten to derail its recovery. Stablecoin supply has contracted by $14.2 billion over the past month, its sharpest decline since June 2022, while Bitcoin’s apparent demand has fallen by 284,000 BTC, approaching levels last seen during the March 2025 market turmoil. The…
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The appointment follows the launch of Phase’s Layer 1 blockchain mainnet and AI agent services, backed by $45 million in founder funding.
SAN FRANCISCO, November 11, 2026 — Phase, a technology company building the operating layer for the AI agent economy, today announced that Yana Prikhodchenko, former CEO of Cointelegraph, has joined the company as co-founder and CEO. She will lead strategy, global expansion and commercial development, working alongside founder Kirill Eves, as Phase scales its decentralized infrastructure for autonomous AI agents.
Prikhodchenko joins Phase after nearly five years at Cointelegraph, where she served as CEO, leading a global team of more than 200 people and transforming the company from a crypto news platform into a diversified group spanning media, marketing, research, acceleration and industry events. Before joining Cointelegraph, she spent more than a decade in senior leadership roles at major banking and insurance companies, including Allianz.
Phase is building the operating layer for the AI agent economy, giving AI agents everything they need to operate autonomously, from accessing the open web and orchestrating AI models to performing computing tasks and making payments. These services run on Phase’s Layer 1 blockchain, powered by a decentralized network of everyday devices whose owners earn rewards for validating transactions and contributing connectivity and computing power.
“AI agents are moving from answering questions to performing real tasks on our behalf, but the infrastructure they depend on was not built for autonomous systems. Phase is building an open, decentralized network that anyone can participate in. My focus is to bring this technology to developers and businesses worldwide and build the ecosystem needed to support the next generation of AI agents,” said Yana Prikhodchenko, co-founder and CEO of Phase.
“Yana brings extensive leadership experience across media, technology and financial services, along with the operational expertise and industry relationships needed to take Phase into its next stage of growth. As we bring our technology to market, she will lead the company’s commercial development and global expansion,” said Kirill Eves, founder of Phase.
About Phase
Phase is a technology company building the operating layer for the AI agent economy, with four integrated services that give AI agents everything they need to operate autonomously, from accessing the open web and orchestrating AI models to performing computing tasks and making payments. The platform runs on its own Layer 1 blockchain, powered by a decentralized network of everyday devices. Phase has received $45 million in funding from its founder, Kirill Eves.
Phase Proxy enables AI agents acting on behalf of users to access websites that restrict automated traffic through mobile and residential internet connections. Phase Router intelligently directs requests across leading AI models to optimize quality, performance and cost. Phase Compute harnesses the processing power of devices across the network to run open-weight AI models, while on-chain settlement enables autonomous payments using stablecoins and PHASE, the network’s native token. Phase is building its own AI model to serve as the platform’s central intelligence, capable of advanced reasoning, solving complex tasks independently and orchestrating other AI models.
Unlike most blockchain networks that require dedicated servers or token staking, Phase allows anyone to become a validator simply by downloading the app, without specialized hardware or upfront investment. Its reputation-based consensus and randomized validator selection secure the network and prevent control from concentrating in the hands of a few powerful operators. Phase rewards device owners with PHASE tokens for validating blocks and contributing connectivity and computing power, enabling millions of people to help build the AI economy and share in the value it creates.
For more information, visit phase.xyz.
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TL;DR: Disclosed ARK Invest trading activity points to sales of shares in crypto-linked companies Block and Bullish alongside changes elsewhere in its portfolios. A fund manager selling shares is not the same as investors redeeming money from a spot Bitcoin ETF, and the trades should not be treated as a categorical forecast for crypto prices.
Crypto markets generate several types of selling headlines, but they do not all describe the same thing. One involves investors moving money into or out of exchange-traded products. Another involves a fund manager changing which companies it owns inside a portfolio. ARK Invest’s latest trade disclosures belong to the second category.
ARK’s trade-notification service provides information about purchases and sales by its exchange-traded funds. Reporting of the November 9 trades indicates reductions in shares of Block and Bullish, both businesses tied to the wider digital-asset economy.
Trade data published for the session should be checked against the original ARK notification for exact fund allocations and amounts. Public summaries can combine activity across several ETFs, while dollar-value estimates change with the share price used for calculation.
A growth-oriented fund might sell shares to rebalance position weights, manage liquidity, fund purchases of other holdings or respond to company-specific developments. A share sale alone cannot reveal which of those motives dominated.
For that reason, it would be a mistake to describe ARK’s selling as proof that the manager has abandoned Bitcoin. The sale may reflect a view on the risk and valuation of individual equities rather than the future value of the underlying cryptocurrency.
Block’s exposure to digital assets is also different from Bullish’s. Their revenue drivers, regulation and business models are not interchangeable merely because both are routinely grouped under the label ‘crypto stock.’ Investors comparing them need to look beyond the common theme.
NewsBTC has recently tracked sizable outflows from US spot Bitcoin funds and earlier daily Bitcoin ETF withdrawals. Those figures measure net investor flows into or out of specific products, rather than an ETF manager switching between equity holdings.
Even within ETF reporting, transactions can be misunderstood. Selling shares in a listed company held by an actively managed ETF does not necessarily imply the ETF itself suffered a redemption. Likewise, a Bitcoin ETF net outflow does not automatically show why an individual investor chose to redeem.
Those distinctions become especially important in a market where the same financial firm may own Bitcoin directly, operate a fund holding mining or exchange equities, and manage entirely different technology-sector positions.
Shares of trading venues, payment companies and miners are often affected by crypto prices but can also move on earnings results, borrowing costs and capital spending. A mining company pursuing AI infrastructure may be valued on its power contracts as much as its Bitcoin output. A brokerage might add accounts while earning less from crypto transactions.
That mixture means crypto-equity portfolio changes sometimes convey a different message from spot-token trading activity. They are better read as part of ongoing active management than as standalone signals to buy or sell a coin.
The strongest verifiable facts are the securities traded, the direction of the trade and the number of shares reported for each fund. If later reporting establishes exact price-weighted values, those should be dated and described as estimates where appropriate.
ARK’s trading notices offer a window into portfolio decisions, not a complete explanation of motive. Their value for readers comes from knowing precisely what changed and avoiding the temptation to translate every share sale into a broad claim about the Bitcoin market.
Written by the News Desk and edited by Samuel Rae.
After invite-only early access, the desktop app from the team behind Brevis is now open to anyone on Mac and Windows.
HONG KONG, November 11, 2026: Arca, a new desktop app from the team behind Brevis, opened to the public today. Arca pays people for the AI sessions they’d otherwise throw away. It finds the session history their AI tools already keep on their computer, lets them choose which sessions to submit, strips sensitive details on the device before anything is uploaded, and pays for the sessions that are approved. Starting today, anyone can sign up with an email address, with no invite and no waitlist.
Much of today’s knowledge work runs through AI tools. People steer a model through a task, correcting it, throwing out what fails and keeping what holds up. Every one of those sessions leaves a detailed record of real work: the back-and-forth, the dead ends, the fix that finally worked. These records pile up by the thousands on people’s computers, and once the window closes, they’re worth nothing to the person who did the work. Arca gives that work a value.
Arca works with the AI tools people already use, including Claude Code, Codex, Cursor and Claude Desktop. After installing the app, users see the sessions Arca has found on their machine, past ones included. They pick a session to upload, and Arca anonymises it on their computer before it leaves, then returns a quote range. Users either confirm, which sends the session to review, or withdraw, in which case the upload is deleted. Approved sessions are paid weekly.
Arca only reads sessions that are already on the user’s computer, and it lists everything it finds. Nothing uploads in the background, and nothing leaves the device until the user picks a session and confirms. Before a session is uploaded, Arca strips names, file paths, account details and keys, and further anonymising runs on Arca’s side.
“Every AI session is a record of real thinking and real work, and until now the person who did that work got nothing for it,” said Michael, co-founder and CEO of Brevis. “Arca lets people see what their sessions are worth and decide for themselves what to share. We opened it in small batches first to get the experience right. Today it’s open to everyone.”
Arca is built for anyone who does real work with AI, from code to contract reviews, research and long working conversations. Sessions with Claude Opus and Fable, and with the latest GPT models in Codex, qualify today, with more to come. Very short sessions don’t qualify, and every submission is reviewed before it pays. Users can connect GitHub to strengthen their profile, which can raise the value of their sessions, but it isn’t required.
Arca carries the principle behind Brevis’s verifiable computing work into a new domain: things you can verify are worth more than things you have to trust.
Arca first opened on October 13 in invite-only early access, admitting users in small batches. With today’s launch, the invite requirement is gone. Users sign up with an email address or a Google account and can start right away. Arca is free to use and available now for Mac and Windows at arca.market.
Through November 30, the Arca Launch Challenge adds $10,000 in prizes on top of regular payouts for approved sessions.
Arca pays people for the AI sessions they’d otherwise throw away. The desktop app finds the sessions people’s AI tools already keep, lets them choose what to share, anonymises sessions on the device before upload, and pays for approved sessions. Arca is built by the team behind Brevis. Learn more at arca.market.
Brevis builds verifiable computing infrastructure. Its zero-knowledge proving technology, including the open-source Pico zkVM, lets applications prove the results of complex computations. Learn more at brevis.network.
Nicolas Tang
nicolas@brevis.network
TL;DR: Exodus reported third-quarter revenue of around $32.5 million, up 7%, while swinging to an $8.3 million net loss from a profit a year earlier. The wallet company’s expansion into payments and card infrastructure adds a new commercial opportunity but also increases the importance of integration costs and execution.
Exodus built its brand around software that helps people hold and exchange digital assets without relying on a traditional centralized exchange account. Its latest results show that running a wallet business at scale now involves more than downloads and token swaps.
In its November 9 third-quarter report, Exodus said revenue reached about $32.5 million, an increase of roughly 7% year over year. The company nevertheless recorded a net loss of approximately $8.3 million, compared with a net profit of about $17 million a year earlier.
The difference between higher revenue and weaker net income points to costs and accounting items that require as much attention as transaction volume.
Exodus reported around 1.4 million monthly active users and approximately 1.4 million quarterly funded users, reflecting the scale of its consumer product. Those are company-defined measures and may overlap; they should not be added together to imply a larger distinct customer base.
The company also cited roughly $1.1 billion in quarterly swap volume. Transaction volume measures value moved through a service; it is not the same as revenue or profit. The share retained by a platform depends on fees, execution arrangements and the costs of providing the service.
This is a useful distinction across the wallet industry. A product can support heavy activity without retaining a large percentage of the value exchanged. Increased usage can even create more customer-service, compliance and technical costs.
Exodus has been extending its role in the infrastructure around digital payments. Its recent company updates describe a combination involving Baanx and Monavate and a growing emphasis on card and payment services. It has also referenced around 1.6 million active cards and substantial payment volume in the broader business context.
Payment services offer a way to make digital assets useful for routine spending rather than only investment and exchange. But building or combining regulated payment operations brings operational work: issuing relationships, settlement partners, compliance programs, fraud controls and support obligations.
NewsBTC previously covered Visa’s work on stablecoin treasury and settlement infrastructure. Exodus operates in a different part of the market, yet both stories show businesses looking for ways to make digital value move through established financial channels.
Likewise, the growing attention paid to tokenized securities infrastructure reflects a wider focus on how blockchain assets connect with ordinary financial workflows. Neither development should be mistaken for proof that Exodus’s specific payment plans will succeed.
Management cited increased general and administrative spending among the pressures on the quarter. As a company moves from a comparatively focused software product toward a broader financial-services platform, staffing, oversight and integration costs can rise before new lines generate consistent returns.
That does not make the strategy inherently flawed. It means the outcome will depend on whether additional services create more durable recurring earnings than they cost to build and operate.
The useful measures in future results will include transaction and card activity, net revenue retained from those services, the cost of operating the expanded business and whether losses narrow. Users and investors should also pay attention to security, custody arrangements and regulatory disclosures as more payment services are introduced.
Exodus is showing modest revenue growth alongside a more expensive operating model. The next several quarters will help determine whether its payments ambitions create a stronger business or simply add complexity to an already competitive wallet market.
Written by the News Desk and edited by Samuel Rae.
TL;DR: eToro reported third-quarter net income of about $15 million, down from $57 million a year earlier, as crypto-related activity weakened. Its funded-account base continued to grow, highlighting the difference between attracting customers and generating trading revenue from them in any particular quarter.
A trading platform can gain users even when the market becomes less profitable to trade. That tension runs through eToro’s latest financial results, which showed weaker quarterly earnings despite an expanding customer base.
According to the company’s November 10 earnings release, third-quarter net income was approximately $15 million, a decline of about 74% from $57 million in the comparable period. Net contribution came to around $186 million, down 13% year over year, with lower cryptocurrency trading activity contributing to the drop.
At the same time, eToro reported 4.39 million funded accounts, an increase of 18%, and assets under administration of approximately $20.8 billion. It also announced a $250 million share repurchase authorization.
Brokerage and trading businesses earn revenue from a mix of activity, product pricing and other services. When customers trade less frequently, a growing account base may not immediately offset the effect. The relationship is particularly visible in crypto, where transaction volumes can shift quickly as market sentiment changes.
That is why the funded-account figure and the net-contribution figure should be assessed together. One shows a measure of customer acquisition and retention; the other gives more insight into the contribution earned from services in the quarter.
Assets under administration are also distinct from eToro’s own cash and corporate assets. They reflect client-related asset values that can be affected by price movements as well as client activity.
Lower crypto activity at one trading platform does not prove digital assets are in a long-term decline. Users may trade through different venues, switch into other asset classes or simply become less active during a choppy period. The business may also earn different amounts from different types of orders.
Still, eToro’s numbers offer an operating-business perspective on the volatility seen in public-market crypto demand. NewsBTC has been tracking recent Bitcoin ETF outflows as well as uneven demand for spot Ether funds. ETF subscriptions and brokerage transaction revenues are separate metrics, but both help describe how investors are participating in the market.
A fall in net contribution can also reflect conditions in noncrypto products. Readers should avoid attributing every change in a diversified platform’s results to Bitcoin prices alone.
The $250 million repurchase authorization gives eToro permission to buy back shares under its program, subject to the company’s terms. It is not proof that the full amount was repurchased on November 10, nor does it guarantee future share-price gains.
Repurchases can alter the share count and capital allocation over time, but their effect depends on execution price, cash available and how the company balances other investments. They are best evaluated alongside earnings quality and strategic spending.
Investors should watch whether funded-account growth leads to sustained activity and improved net contribution in subsequent quarters. The product mix matters: strength in equities or other services could help offset a quieter crypto market, while increased marketing and operating costs could limit the benefit.
For crypto observers, the report is a reminder that adoption and profitability do not always move together. eToro gained funded accounts, but the softer trading environment made it harder to translate that scale into quarterly profit.
Written by the News Desk and edited by Samuel Rae.
