Nvidia co-founder Jensen Huang resigned as president, chief executive and board member, effective immediately, with CFO Colette Kress named interim CEO. Nvidia shares fell as much as 14%, to a low of $148.80, and recently traded around $165, roughly 5% below the previous close. The resignation follows media reports about Huang’s personal conduct. Investors now face uncertainty over succession and strategy at the chipmaker whose processors underpin much of the AI industry, which often acts as a proxy for crypto sentiment. Bitcoin miners-turned-AI data center firms including Cipher Digital, IREN and TeraWulf fell 5%–10%. Bitcoin barely reacted at first, then dropped toward $71,000 after Cleveland Fed President Beth Hammack called for tighter monetary policy.
Bitcoin slipped to around $73,400 as a selloff in tech stocks spread, and U.S. spot bitcoin ETFs lost another $299.9 million on Wednesday, according to SoSoValue. It was a fifth straight day of outflows, about $1.44 billion since Nov. 5, with BlackRock’s IBIT accounting for $269.7 million and a ninth straight session of redemptions. CME FedWatch priced about a 90% chance of a Fed hike on Dec. 9. In options, one-week put skew rose to roughly 11%, a sign of demand for downside protection. The article was written before Nvidia announced Huang’s resignation, which followed reports that its board was preparing to remove him.
Index provider MSCI confirmed it will remove Strategy, the largest public holder of bitcoin, from its global equity indexes after the close on Nov. 30, under a new screen for “non-operating” companies. Funds tracking MSCI’s indexes hold about 13 million Strategy shares, roughly 3.1% of the total and less than a day’s trading volume, worth about $1.6 billion; JPMorgan earlier estimated $2.8 billion of outflows, based on an earlier proposal. The exclusion doesn’t force Strategy to sell bitcoin, but analysts say losing passive demand could squeeze the stock’s premium over its bitcoin holdings (mNAV, now about 1.08x), making stock sales to fund purchases less effective. Last week Strategy raised $283.8 million in stock but put only $81.9 million toward bitcoin. Some analysts say the move is largely priced in.
Zcash just turned 10, and it’s not slowing down: an upgrade designed to produce blocks three times faster just went live.1 Grayscale’s Zcash offering has evolved alongside the network—from an investment vehicle launched in 2017 to The Zcash ETF (ticker: ZCSH).
The first US-listed exchange-traded product dedicated to the network’s native token, ZCSH offers exposure through the brokerage accounts investors already use, without having to buy, store, or safeguard ZEC.
Why ZCSH?
First to Market. Years in the Making. ZCSH combines almost a decade of operating history with a sizable existing asset base.2
Bitcoin’s Blueprint. Zcash’s Own Path. Zcash began with Bitcoin’s open-source code, then added optional privacy through innovative zero-knowledge cryptography.
Convenient Exposure, Plus Options. Buy shares through many traditional brokerage and investment accounts, with options available for investors seeking added flexibility.
The Zcash ETF (“ZCSH”), an exchange-traded product, is not registered under the Investment Company Act of 1940 (“40 Act”) and therefore is not subject to the same regulations and protections as 40 Act-registered ETFs and mutual funds. An investment in ZCSH is subject to a high degree of risk, heightened volatility, and is not suitable for an investor who cannot afford the loss of their entire investment. An investment in ZCSH is not a direct investment in ZEC.
1 Zakura NU7 Dashboard, as of November 5, 2026. The upgrade reduces the target block interval from 75 seconds to 25 seconds. Block speed subject to change.
2 ZCSH was a private placement from 10/24/2017 until 8/25/2026, when it uplisted to an ETP.
This information must be preceded or accompanied by a prospectus, which may be obtained by clicking here. Please read the prospectus carefully before investing in The Zcash ETF (the “Fund”).
This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.
There is no guarantee that a market for the shares will be available which will adversely impact the liquidity of the Fund. The value of the Fund relates directly to the value of the underlying digital assets, the value of which may be highly volatile and subject to fluctuations due to a number of factors. Digital assets represent a new and rapidly evolving industry. The value of the Fund depends on the acceptance of digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset.
Zcash’s privacy-enhancing cryptography could fail, and could be used to facilitate unlawful activity, exposing businesses that facilitate ZEC transactions to liability or loss of services. Either could negatively affect the price of ZEC and the value of the shares.
While Zcash shares certain structural similarities with Bitcoin, there are several key differences between the Zcash network and the Bitcoin network beyond privacy features, including, among others, differences in supply issuance, governance, development funding, consensus mechanisms, and network adoption. Zcash should not be viewed as equivalent to, or a substitute for, Bitcoin.
Foreside Fund Services, LLC is Marketing Agent and Grayscale Securities, LLC is Advertising Review and Filing Agent for the Grayscale ETPs.
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Bitcoin dropped below a key level, reversing a September signal that had convinced analysts a new bull run had begun. Specifically, the price of the largest cryptocurrency fell below its 50-week simple moving average, recently changing hands below $73,400, a discount to the average of $75,153. This marks a failed breakout, a pattern technical analysts often take to represent renewed seller dominance in the market. In September, prices convincingly topped the 50-week average, prompting several analysts, including Galaxy Digital’s research head Alex Thorn, to call it evidence of the start of a new bull run. Thorn’s analysis showed that in four of the five previously completed bear markets, the first weekly close above the 50-week average led to bull runs, with the lone exception the 2021–22 cycle, in which two brief reclaims were followed by a deeper selloff. For now, that bullish view stands invalidated, and it’s happening alongside large outflows from spot ETFs that recently highlighted weak institutional demand. Wintermute said it stays cautious while bitcoin sits under its 50-week average, with $68,000 the next level down and a reclaim of $80,000 changing that view. Elsewhere, the Dollar Index briefly topped 103, the highest since March 2025, and sustained dollar strength makes bitcoin and the wider crypto market less attractive, though some observers say the dollar’s rally may be ending, with a Fed rate increase in December pretty much baked in. LMAX Group’s Joel Kruger said Fed commentary and Friday’s U.S. producer price inflation report are the next tests for that view, and that the conflict with Iran remains a swing factor through the price of oil, but that if those catalysts give the dollar little reason to extend its gains, he sees scope for bitcoin to lead a recovery. Meanwhile, some observers worry that MSCI’s exclusion of Strategy from its indexes could hamper its ability to raise money for bitcoin purchases, though Marex analysts note the company still holds 850,364 BTC and reported no sales, so the cleaner near-term trade is pressure on MSTR liquidity and relative value, not an automatic BTC disposal. Stay alert.
Nvidia shares plunge 10% to June 2025 levels as Jensen Huang resigns
Nvidia shares fell 10% to $156, returning to levels last seen in June 2025, after Jensen Huang resigned as president, chief executive and board member, effective immediately, the company said. Chief Financial Officer Colette Kress will become interim CEO. CoinDesk notes that the departure follows mounting scrutiny of Huang and reports that directors were considering his future, and that investors now face uncertainty over succession, strategic continuity and the implications for confidence across the broader AI sector, which often acts as a proxy for the crypto market. Bitcoin showed little initial reaction to the news, trading just under $72,500, 1.7% lower over the past 24 hours.
Polymarket trims workforce under investor pressure as Kalshi surges ahead
Prediction market platform Polymarket has cut jobs and ended contractor agreements as it reshapes its business amid investor pressure and growing competition from rival Kalshi. The company confirmed the cuts but did not say how many people were affected, Bloomberg reported, and said the changes involved new hires, changes in personnel and letting some people go. It also confirmed that an email circulating on X describing a company-wide reduction in force is real, and more than half of those affected were contractors. The cuts follow pressure from investors on founder Shayne Coplan to bring more discipline to the business, according to the report. Polymarket now trails Kalshi in monthly trading volume, according to DefiLlama data, and in September named former Amazon finance chief Warren Jenson as its first chief financial officer. Polymarket did not immediately respond to CoinDesk’s request for comment.
Gemini sells UK and European operations to stablecoin payments firm KAST for under $10 million
Gemini Space Station, the New York-based holding company that operates the crypto exchange founded by Cameron and Tyler Winklevoss, sold its U.K. and European operations to stablecoin payments company KAST for less than $10 million, according to a person familiar with the matter. The deal was referenced about a month ago in a KAST recruitment listing for a European general manager to oversee the transition of Gemini’s U.K. and EU staff. Gemini declined to comment, and a KAST spokesperson would not discuss the deal but said the company is actively in the market for M&A. The sale follows Gemini’s decision in February to wind down operations in the U.K., the EU and Australia and cut about 25% of its global workforce, while retaining its U.S. and Singapore businesses, and CoinDesk previously reported that potential buyers were examining the shuttered businesses to obtain their regulatory permissions. Singapore-based KAST, founded by former Circle executive Raagulan Pathy, provides accounts, cross-border transfers and payment cards for holding and spending stablecoins and raised $80 million in March. Crypto M&A totaled $2.2 billion across 67 announced transactions in the third quarter, down 83% by value from the previous quarter, according to advisory firm Architect Partners. Gemini is scheduled to report third-quarter results after the U.S. market close on Thursday.
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L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal.
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