Ethereum developers have officially set December 3, 2025, as the target date for the highly anticipated Fusaka mainnet upgrade, according to an announcement made during Thursday’s All Core Devs call. They also mentioned that the decision is to go to mainnet after Fusaka has been deployed on all major testnets, which is the last step before its activation on the Ethereum main network.
The researchers from the Ethereum Foundation said that the Fusaka hard fork will be compatible with previous versions and will bring about a dozen of Ethereum Improvement Proposals (EIPs). These changes are meant to improve scalability, reduce energy consumption, and make Ethereum both a Layer 1 and a Layer 2 ecosystem more efficient. Developers were pointing to this day as their target since mid-September, subject to the successful completion of test phases.
The mNAV multiple of the enterprise, which is the ratio of the company’s market value to its bitcoin reserves, went down to nearly 1.2×, thus it was at the lowest level of the period since March 2023. A drastic drop is noticeable from as far back as last November, when the mNAV hit 3.9× at the time of Donald Trump’s election victory, and a sudden rise of bitcoin to almost $100,000 leading to a skyrocket in Strategy’s valuation.
Despite the fact that Strategy is still the one with the largest corporate bitcoin stash, it was able to add roughly 43,000 BTC in the third quarter alone. Consequently, the total amount of Bitcoins held stands at 640,808 BTC, which at the moment is worth a bit less than $69 billion based on the current market prices, as per SaylorTracker. The rate of buying has dropped from 69,000 BTC in Q2 and more than 80,000 BTC in Q1, as lower premiums have made it less profitable for the company to issue new shares.
The Strategy has increased the dividend on its STRC preferred stock to 10.5% for November from 10.25% in the previous month in order to keep investor interest. These preferred instruments—branded under the tickers STRC, STRF, STRK, and STRD—are still the main tool for the company to raise funds, thus it can continue to do the bitcoin buying program without issuing additional common shares.
It was mentioned by the company that these high-yield instruments are still very attractive to investors despite the tightening of the premiums and the payouts are mostly funded through ongoing preferred and equity issuances rather than cash flow. This arrangement allows Strategy to continue accumulating bitcoin even if the market is cooling and valuation multiples are declining.
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