Bitcoin extended its November collapse on Friday, sliding below $85,000 for the first time since April as cascading liquidations and deteriorating sentiment delivered the worst monthly drawdown since the 2022 crypto winter.

Kalshi raised $1 billion at an $11 billion valuation as the regulated prediction market platform closes in on crypto-native rival Polymarket's reported $12-15 billion target.

Metaplanet unveiled a new bitcoin-backed capital structure, launching MERCURY preferred shares to raise $150 million as its stock trades 80% below all-time highs.

Top stories in the Crypto Roundup today:

• Bitcoin Extends Decline Below $85K as Liquidations Surpass $1B
• Kalshi Raises $1B at $11B Valuation as Prediction Race Continues 
• Metaplanet Launches $150M Bitcoin-Backed Preferred Equity 

Bitcoin Extends Decline Below $85K as Liquidations Surpass $1B

Bitcoin extended its November decline on Friday, sliding below $85,000 for the first time since April as cascading liquidations and deteriorating sentiment delivered the worst monthly drawdown since the 2022 crypto winter.

BTC briefly touched $81,600 before stabilizing near $84,000, erasing year-to-date gains. Ether dropped below $2,750, down nearly 14% in a week, while Solana slid over 10% in 24 hours. Major tokens have retraced 20-35% from November highs.

The selloff triggered nearly $2 billion in liquidations over 24 hours, with Bitcoin accounting for $964 million and Ether $407 million, according to CoinGlass data. Roughly 396,000 traders were liquidated, including a single $36.7 million BTC position on Hyperliquid.

U.S. bitcoin ETFs saw over $900 million in net outflows Thursday, their second-worst day since launching. The Crypto Fear & Greed Index fell to 11 on Monday—deep in "extreme fear" territory and its lowest reading since late 2022.

Kalshi Raises $1B at $11B Valuation as Prediction Race Continues

Kalshi closed a $1 billion funding round at an $11 billion valuation, according to TechCrunch, bringing the CFTC-regulated platform closer to rival Polymarket's reported $12-15 billion valuation target.

The round was led by returning investors Sequoia Capital and CapitalG, with participation from Andreessen Horowitz, Paradigm, Anthos Capital, and Neo. The milestone comes just one month after Kalshi announced a $300 million round at a $5 billion valuation.

Kalshi operates under CFTC regulation and offers event contracts using fiat currency on topics including inflation rates and political outcomes. Polymarket uses blockchain infrastructure and operates as a decentralized platform where users trade with cryptocurrency.

The platforms represent different structural approaches to prediction markets. Kalshi follows a traditional regulated exchange model, while Polymarket operates through decentralized protocols. Both have attracted significant investor interest as the prediction market sector expands.

Metaplanet Launches $150M Bitcoin-Backed Preferred Equity

Metaplanet has announced  a new dual-tier equity structure to support its bitcoin acquisition strategy. The company introduced MARS as its senior Class A preferred shares and is raising $150 million through MERCURY, a Class B perpetual preferred offering.

MERCURY features 23.61 million shares at 900 yen apiece and provides investors with a 4.9% annual dividend. Shareholders also receive potential bitcoin-linked gains through a conversion feature into common stock at 1,000 yen, along with liquidation priority at the same price.

The financing comes during a sharp decline in Metaplanet's stock price, which sits at 387 yen—down more than 80% from peak levels. The company's market capitalization has dropped to 0.96 times its bitcoin holdings, trading below the value of its crypto assets.

Metaplanet joins Strategy and Strive as the third bitcoin treasury company to issue perpetual preferred equity. The firm currently holds 30,823 BTC, ranking as the fourth-largest corporate bitcoin treasury globally. A shareholder meeting scheduled for December 22 will vote on expanding authorized shares to 3.83 billion to support future capital raises.

State of the Crypto by Top Tier Exchange Volume

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