The broker said the company's full-cap bitcoin strategy is maturing, as preferred equity drives accretion and a new S&P credit rating expands its investor base.

[Federal Reserve's Goolsbee: Current Rate Cut Threshold Higher Than the Previous Two Meetings] Federal Reserve's Goolsbee stated that although declining inflation might support a rate cut, he remains uneasy about cutting rates prematurely. He pointed out that inflation data is still concerning, and no specific actions have been decided for the Fed's next meeting. He emphasized that the current threshold for a rate cut is higher than during the previous two Federal Reserve meetings.

[Federal Reserve's Goolsbee Says Final Stable Rate Will Be Far Below Current Level] Federal Reserve's Goolsbee stated that the final stable level of interest rates is expected to be far below the current level and believes the economy still has the potential to achieve a 'soft landing,' paving a golden path forward.

[U.S. Stock Market's Three Major Indexes Open Higher, Cryptocurrency Concept Stocks Mostly Decline] On November 3, the U.S. stock market opened with the Dow Jones Industrial Average up 0.28%, the S&P 500 Index up 0.53%, and the Nasdaq Composite Index up 0.96%. Amazon opened with a rise of approximately 4.5% after the company signed a $38 billion agreement with OpenAI to provide NVIDIA chip computing power support. NVIDIA rose 2.7%, and the U.S. approved Microsoft's first export of the latest NVIDIA chips to the UAE. Cryptocurrency concept stocks mostly declined, with MSTR down 1.59%, CRCL down 2.14%, COIN down 2.56%, SBET down 4.37%, and BMNR down 5.29%.

[Tokenized U.S. Treasury Total Market Value Surpasses $8.6 Billion, BlackRock Leads] As of late October 2025, the tokenized U.S. Treasury market has reached a scale of $8.6 billion, showing significant growth compared to $7.4 billion in mid-September. BlackRock's BUIDL tokenized product ranks first with a market value of $2.85 billion, followed by Circle's USYC ($866 million) and Franklin Templeton's BENJI ($865 million). Additionally, Fidelity's recently launched tokenized money market fund has performed strongly, with its market value growing to $232 million.