India’s Reliance Industries said it would stop processing Russian oil at part of its giant Jamnagar oil refinery as US sanctions force the company to shy away from dealings with Moscow, Bloomberg reported.  

The export-focused part of the refinery took its last shipment of Russian crude on Thursday, the company said in statement adding that some purchases bought before the US put sanctions on Russia’s two largest oil companies would discharge at another part of the facility.

Starting Friday, four of Russia’s top producers – accounting for as much as 80% of the country’s exports to India – are under sanction, leaving counterparties at risk of secondary sanctions. 

Reliance’s plant at Jamnagar can process more than 1.4 million barrels a day of crude and in turn supply products to both the domestic market and overseas. 

In a sign that Trump’s sanctions on Russian oil may finally be working by alienting its largest clients, a Bloomberg source said that Reliance isn’t currently buying Russian oil and hasn’t taken a view yet on whether it will resume doing so.

Last month, the Trump admin announced sanctions on Russian oil giants, Lukoil and Rosneft, meaning a swath of Russia’s flows are pumped by blacklisted firms. This week Intercontinental Exchange Inc. said that it would not allow diesel from refineries served by ports that receive Russian crude to be used in the settlement process for January ICE gasoil futures contracts.

As Bloomberg notes, a deadline to wind down deals with the two firms is set to pass on Friday, putting pressure on the companies and countries that had continued to buy barrels from Moscow. And while Indian refiners have been booking ships for alternative cargoes over recent weeks, sending tanker rates soaring, the impact on oil prices of the sanctions has been relatively muted, suggesting there’s little panic in the market.

Separately, Bloomberg reports that at least 7.7 million barrels of Russia’s flagship Urals crude loaded on 11 tankers (full list below), linked to the two sanctioned producers are set to reach India’s shores after the US restrictions take effect today, according to data from Kpler. That raises questions on whether the crude will be able to discharge smoothly, given the deadline.

Most of the tankers are heading either to the Jamnagar refinery or to Rosneft-linked Nayara Energy’s Vadinar port. Delivery dates range from the end of November and into December.  Should the ships fail to arrive by Nov. 21, they could idle off India’s shores while they consider their next moves, which can include ship-to-ship transfers to other tankers and diversions to new destinations such as the waters off Malaysia or even further to China.

It remains unclear if other Indian companies have sought any exemptions from the US to continue buying some crude parcels from Rosneft or Lukoil after the Friday deadline. Earlier in November, Hungary won an exemption on procurement of Russian oil and gas and the US has also extended a waiver for some Lukoil transactions.

Authored by Zachary Stieber via The Epoch Times,

Government agencies are going to pinpoint causes of food allergies, Health Secretary Robert F. Kennedy Jr. said on Nov. 17 at an event held by an organization that funds and promotes research aimed at preventing and treating food allergies.

Kennedy said that while there have been lots of animal studies on food allergies, there has been a dearth of human studies, including research that looks at whether allergies are caused by aluminum-containing vaccines.

“It’s pretty easy to figure this out, and we will figure it out,” Kennedy said at the Washington event held by the Food Allergy Fund.

A number of vaccines contain aluminum salts as adjuvants, or ingredients that help trigger a stronger immune response.

The Centers for Disease Control and Prevention says on its website that aluminum salts “have been used safely in vaccines for more than 70 years,” although it notes that a study from CDC researchers and other scientists in 2022 found a possible link between exposure to aluminum from vaccines and the development of asthma.

A study based on surveys from mothers of homeschooled children, published in 2017, found that vaccinated children were more likely to have allergies than unvaccinated children.

President Donald Trump said in September that the government was removing aluminum from vaccines. No official steps have been taken, but the panel that advises the CDC on vaccines recently said it would analyze the safety of vaccine ingredients such as aluminum, and plans to discuss in a December meeting “adjuvants and contaminants.”

Some experts believe the rise in allergies to peanuts and other substances over the years stems from avoidance of those substances. The American Academy of Pediatrics in 2000 said parents should not expose children to peanuts until they turn 3 years old. Peanut allergies have dropped since those recommendations were reversed, a recent study found.

Kennedy said he does not think the spike in food allergies is due to avoidance, citing that his own home was filled with peanut products, yet five of his children still developed allergies, and that countries where peanut butter was introduced did not see large increases in peanut allergies.

He said that aluminum is one possible cause, but there are others, including pesticides. He questioned why scientists, both within and outside the government, have not been working to rule out possible causes.

“You make a list of all the potential culprits that fit those criteria, and then you begin eliminating them. But those studies have never been done. We are going to do them now, and we will identify what is causing these allergies,” he said.

Dr. Jeffery Taubenberger, acting director of the National Institute of Allergy and Infectious Diseases, said later it was a trial funded by the institute that discovered early peanut exposure could prevent peanut allergies.

“What we need to do now and to go forward is to think about more research on prevention, and that is the back to this key of how do we shape the developing immune system early in life so that it doesn’t have these kind[s] of allergic responses but has more of a tolerant response,” Taubenberger said.

Some of the factors could include changes in the microbiome, he said.

National Institutes of Health Director Dr. Jay Bhattacharya, Taubenberger’s superior, asked Taubenberger how the government could study the hypothesis that aluminum exposure contributes to the development of allergies.

“This would require clinical trials, prospective clinical trials—well-designed—and they would have to be long-term,” he said. “It would be expensive, but these are things that should be discussed.”

Millions of prisoners are detained in America, but incarceration rates vary widely by state.

Overall, detaining inmates costs an estimated $182 billion each year across 1,566 state prisons, 3,116 local prisons, and 98 federal facilities.

Despite being the world’s largest economy, America has the fourth-highest incarceration rate globally.

This graphic, via Visual Capitalist’s Dorothy Neufeld, shows prisoners per 100,000 people by state, based on data from the Prison Policy Initiative.

Incarceration Rates Are Highest in the South

Below, we rank states by incarceration rates, using 2021 state-level data applied to the 2024 national prison population:

With 1,067 prisoners per 100,000 people Louisiana has a staggeringly high rate of people behind bars.

Not only is this nearly double the national average, it is more than 12 times higher than in Canada.

Despite being the “incarceration capital of the world”, it has the second-highest murder rate in the country, after Mississippi.

Making matters worse, several prisoners, including juveniles, face life sentences in Louisiana without the chance of parole.

As we can see, Southern states make up eight of the 10 highest incarceration rates, disproportionately impacting people of color. Over the past 25 years, penalties for non-violent offenses have also become increasingly severe, with detainees serving longer sentences.

By contrast, Massachusetts, Vermont, and Rhode Island have the lowest rates in the nation—however, they remain higher than most countries.

To learn more about this topic, check out this graphic on the cost per prisoner by U.S. state.

Authored by Debra Heine via American Greatness,

Rep. Sheila Cherfilus-McCormick (D-Fla.) is facing suspension from Congress and up to 53 years in prison after being indicted on federal charges for stealing $5 million in FEMA disaster relief funds.

The funds were allegedly overpayments to Trinity Health Care Services, a family-run company she previously led, which had a state contract for COVID-19 testing and vaccinations.

McCormick allegedly laundered the proceeds to support her 2021 congressional campaign.

Prosecutors claim she and her brother, Edwin Cherfilus, conspired to funnel the money through multiple accounts and used it for campaign contributions and personal benefit.

She faces additional charges along with her tax preparer for allegedly filing a false federal tax return by inflating deductions and charitable contributions.
If convicted, she could face up to 53 years in prison.

“Using disaster relief funds for self-enrichment is a particularly selfish, cynical crime,” Attorney General Pam Bondi said in a statement.

“No one is above the law, least of all powerful people who rob taxpayers for personal gain. We will follow the facts in this case and deliver justice.”

Republican Rep. Greg Steube, a fellow Floridian, stated Thursday that he will file a resolution to expel McCormick later today. In response to her indictment Wednesday night, Steube had initially indicated he would be moving to censure her.

“On second thought, I have decided to skip censure and move straight to expulsion,” the Republican posted on X, Thursday morning.

“Defrauding the federal government and disaster victims of $5 million is an automatic disqualifier from serving in elected office,” he added.

“Cherfilus-McCormick needs to be swiftly removed from the House before she can inflict any more harm on Congress, her district, and the State of Florida.

I’ll be filing the resolution today. If she refuses to resign and save Congress the embarrassment of having to expel her, I will bring this resolution to the floor for a vote.”

Cherfilus-McCormick, who has been under House Ethics Committee investigation since 2023, denies the charges, calling the indictment “unjust” and “baseless,” and has pledged to fight the allegations in court.

Cherfilus-McCormick is the third Democrat member of Congress to be under current federal indictment.

Rep. Henry Cuellar (D-Texas) and his wife, Imelda Cuellar, were indicted in May 2024 on federal charges including bribery, money laundering, conspiracy, and acting as agents of foreign principals.

The charges stem from allegations that between December 2014 and November 2021, the couple accepted approximately $600,000 in bribes from an oil and gas company controlled by the government of Azerbaijan and a bank headquartered in Mexico City.

These payments were allegedly funneled through sham consulting contracts to shell companies owned by Imelda Cuellar, who performed little to no legitimate work.

The indictment includes multiple counts such as conspiracy to commit bribery, honest services wire fraud, violations of the Foreign Agents Registration Act (FARA), and money laundering, with potential penalties totaling up to 204 years in prison if convicted.

Cuellar, who denies any wrongdoing, continues to serve in Congress and is running for re-election.

LaMonica McIver (N.J.) was indicted in June for allegedly interfering with federal officers during a scuffle outside an immigration detention facility in Newark on May 9.

An online video shows McIver,  a member of the House Homeland Security Committee, screaming at law enforcement officers as they tried to break through their blockade,  throwing punches and shoving the officers as they tried to regain control.

US Attorney Alina Habba announced on X that a Newark federal grand jury had returned a three-count indictment charging McIver with “forcibly impeding and interfering with federal law enforcement officers.”

A federal judge last week dismissed McIver’s bid to have the federal charges dismissed, rejecting her claims that she was conducting congressional oversight and is just the victim of selective prosecution.

“Defendant has not met her burden of establishing that her predominant purpose in physically opposing the Mayor’s arrest was to conduct oversight or gather information for a legislative purpose. No genuine legislative purpose was advanced by Defendant’s alleged conduct,” U.S. District Court Judge Jamel K. Semper wrote.

The N.J Democrat faces up to 17 years in prison for her aggressive conduct.

Chicago homeowners are demanding answers as property taxes rise without visible improvements, according to Fox News. In Lawndale on Chicago’s West Side, residents told ABC7 Chicago they’re paying more but seeing little change. Community leaders and the Lawndale Christian Development Corporation held a “property tax bonfire” to voice frustrations.

Resident Milton Clayton said, “There’s been a divestment in this community for the most part, but it seems like now that people have found an interest in reclaiming the neighborhood, now it’s like we’re being taxed for prosperity.”

Fox News writes that another resident, Thomas Worthy, said his bill rose by $977 and added, “The tax increase is tied to a TIF that I have no idea why… It’s collecting money from our neighbors and our streets, but we’re not being notified for why it’s in the bill.”

He also said, “We understand utilities are going up… but it’s a valuation issue,” noting the neighborhood lacks quality schools and economic investment.

The Illinois Policy Institute reports that over half of a Chicago property tax bill goes to public schools and that “Illinoisans pay the second-highest property tax rate in the U.S… more than double the national rate.”

Mayor Brandon Johnson is facing pushback over a proposal to shift $1 billion from TIF districts to help balance the 2026 budget, raising concerns about delaying improvements in long-neglected areas.

Cook County Treasurer Maria Pappas said homeowners can use extended payment plans, telling residents, “You do not have to pay your bill on Dec. 15… You hear that? You don’t have to pay it… We went to Springfield last year and set up a payment plan.”

2025 is shaping up to be the year when more Americans than ever recognize that riots (remember anti-ICE L.A. riots in the summer) and or protests, echoing the BLM chaos, aren’t organic at all, but bankrolled by far-left billionaires using a sprawling constellation of nonprofit entities running a sinister color-revolution-style operations targeting President Trump, with the mission to derail the America First movement. 

🚨#BREAKING: Multiple self-driving Waymo cars, collectively worth upwards of $600,000 each have been destroyed and light on fire by rioters

📌#LosAngeles | #California

At this time, Los Angeles police are urgently requesting Waymo to shut down its self-driving car app as… pic.twitter.com/eU4ANqPfyt

— R A W S A L E R T S (@rawsalerts) June 9, 2025

Whatever the cause – pro-Marxist, pro-gender confusion, anti-Trump, anti-police, anti-capitalist, anti-American, or any combination of these nation-killing agendas – it all comes packaged as “strengthening democracy.” In reality, the objective is to destabilize and hollow out America and the West from within. 

The Trump administration recently received a report from the Capital Research Center that explained George Soros’ Open Society Foundations (OSF) empire quietly funneled “$80 million to pro-terror groups.” The administration has voiced concern about OSF, with even President Trump calling for RICO against the rogue nonprofit that “strengthens democracy”… 

OSF has denied CRC’s money mapping report, while Seamus Bruner, Director of Research at the Government Accountability Institute, dropped a bombshell in front of Trump on live television at the recently held Antifa roundtable, explaining to the president and his top officials, the NGO crisis doesn’t stop with OSF, the network of chaos is massive:

• George Soros, the Open Society Network

• Arabella Funding Network (now Sunflower Services)

• The Tides Network

• Neville Roy Singham and his network

• Johann Georg “Hansjörg” Wyss a billionaire donor in Switzerland

• Additional Foreign Cash

“We have identified dozens of radical organizations, not just the decentralized Antifa organizations, but dozens of radical organizations that have received more than $100 million from the Riot Inc investors,” Bruner told Trump. 

Way more than $100M of US taxpayer money

— Elon Musk (@elonmusk) October 8, 2025

NGO scrunity from the Trump administration has been turned up this year as the administration begins to understand radical leftist nonprofits are working in unison – and even possibly with foreign influence operations (read here) – on advancing anti-American agendas … 

Panic unfolds…  

• “Panic Unfolds”: Nonprofit Sector Battered By 419% Surge In Job Losses And Grantmaking Freeze

• After Gates Foundation Cuts Ties, Arabella Advisors “Ceases Operations,” Reemerges As “Sunflower Services”

On Thursday night, Elon Musk responded to Alex Soros, George’s radical leftist son left in charge of OSF, saying, “Can you stop trying to destroy civilization for like 5 mins? That would be great.” 

Can you stop trying to destroy civilization for like 5 mins? That would be great 👍

— Elon Musk (@elonmusk) November 19, 2025

OSF claimed on X that it “improves lives in the United States and across the world,” yet which lives? 

OSF also stated it “stands firm in the face of any challenges”, referring to the pressure the Trump administration has put on the leftist org. 

The masks have already come off this year. Americans are waking up to globalist scams, from the climate grift to, more importantly, the “strengthening democracy” evil scheme. It’s nothing more than a cover to undermine the country, collapse it from within, and install a socialist one-party state with woke gone wild, much like the failing models playing out in California, Illinois, Maryland, and beyond.

We’ll leave you with Jennica Pounds, known as Data Republican on X, and her question to Alex Soros.

Hello Alex,

You say your work is dedicated to strengthening democracy. I have one simple question for you.

In your 30th anniversary publication, you had an article from your longtime head of Open Society Fund-Serbia, Sonja Licht. She also happens to be one of the most… pic.twitter.com/psCGXNvn6e

— DataRepublican (small r) (@DataRepublican) November 19, 2025

Pounds: “Are you prepared for when your mask gets ripped off and everyone sees your version of ‘democracy’ for the façade it is?”

Investigators with the National Transportation Safety Board have released frame-by-frame images showing the left engine of the UPS McDonnell Douglas MD-11F freighter separating from the aircraft during a straight-out departure earlier this month in Louisville, leading to a horrific crash.

NTSB’s preliminary report showed the left engine (No. 1) and entire pylon assembly tore away from the wing immediately after rotation, igniting into a massive fireball.

With the wing on fire, the air freighter managed only about 30 feet AGL before losing lift. It cleared the blast fence on Runway 17 Right at Louisville Muhammad Ali International Airport but struck the roof of a UPS warehouse with its left main gear, then crashed into a nearby industrial park.

In total, three pilots died and 11 people on the ground. Twenty-three others on the ground were injured.

UPS has since grounded all MD-11 air freighters operating in its fleet. The Federal Aviation Administration issued emergency directives grounding all MD-11/MD-11F and later DC-10 series aircraft pending inspection due to a similar wing design.

The NTSB pointed back to a similar crash in 1979 when American Airlines Flight 191, a DC-10, experienced a catastrophic engine-pylon separation on takeoff.

*  *  * GRAB A MULTITOOL! (Christmas is right around the corner… maybe get a few for the volume discount)

Christmas is right around the corner… pic.twitter.com/TXc7STNYQW

— ZeroHedge Store (@ZeroHedgeStore) November 3, 2025

Now that we’re making progress on Epstein – after President Trump and Mike Johnson were forced to cave under overwhelming pressure for DOJ disclosure – a logical next step is to look into who was funding the notorious sex-trafficker. 

On Thursday morning, Sen. Ron Wyden (D-OR) called for an investigation into whether JPMorgan Chase deliberately concealed suspicious transactions by Epstein. 

You really just need to look at Exhibit A in Wyden’s memo (dated Wednesday) based on unsealed court records: the number of transactions flagged as suspicious between 2002 – 2016, vs. a flurry of almost $1.3 billion in suspicious transactions that the bank scrambled to file right after Epstein died in jail awaiting trial. 

Wyden writes: 

The unsealed court records include copies of SARs that JPMC filed on Epstein’s accounts between 2002 and 2019. Between 2002 and 2016, JPMC filed 7 SARs flagging only $4.3 million in suspicious transactions from Epstein’s accounts.¹ Only after Epstein was arrested on federal sex trafficking charges did JPMC report the full extent of Epstein’s suspicious financial activity. In August and September of 2019, JPMC filed two SARs flagging more than 5,000 suspicious wire transfers moving approximately $1.3 billion in and out of Epstein’s accounts.² This is the strongest evidence yet that JPMC should face an investigation for failure to appropriately monitor and report Epstein’s financial activity.

According to internal bank emails, JPMorgan may have held off on filing the SARs (suspicious activity reports) because it wanted “to continue working with Epstein,” who was a great source of referrals despite firing him as a client in 2013, the report found.

The bank said in late October that “it was flagging about 4,700 transactions, totaling more than $1 billion, because they were potentially related to reports of human trafficking involving Mr. Epstein. It also mentioned Mr. Epstein’s wire transfers to Russian banks and sensitivities around “his relationships with two U.S. presidents.” Mr. Epstein at times was close with President Trump and former President Bill Clinton,” according to the NYT.

Wyden said in a statement that it was “clear that JPMorgan Chase ought to face criminal investigation for the way it enabled Epstein’s horrific crimes,” and that both Congress and the DOJ should investigate the bank – which has repeatedly issued statements of regret for working with Epstein, and claims it did all it could with the information it had at the time.

“The second the government finally made public the sex trafficking details in 2019 — information they clearly had for years — we identified for law enforcement a range of Epstein’s past transactions intended to assist with the investigation,” said bank spokeswoman Patricia Wexler on Thursday. 

Will Wyden actually follow the money?

Related:

The Overlooked Shell Company Operated By Epstein’s Accomplices

Epstein’s Inbox Lays Out Gift Networks, PR Tactics, And Strange Habits

Revelation Of Epstein Investment Tied To Peter Thiel Adds To Growing Concerns About Palantir

Victoria’s Secret Boss Wexner Swears He Didn’t Know About Epstein Penchant For Pedophilia

Authored by Kimberley Hayek via The Epoch Times,

Five people pleaded guilty on Nov. 19 to terrorism-related charges after facing accusations of supporting Antifa in a July shooting that wounded a police officer outside a Texas immigration detention center.

The Justice Department prosecution followed President Donald Trump’s executive order designating Antifa as a domestic terrorist organization. Antifa, short for “anti-fascists,” is a militant group that functioned as the violent arm of the communist party in Germany, giving the modern Antifa movement its nickname and symbols that are still in use today.

FBI Director Kash Patel described the Texas charges as the first time that material support to terrorism has been applied to Antifa. The incident took place on July 4 outside the Prairieland Detention Center near Dallas. Prosecutors allege a “North Texas antifa cell” attacked the facility with gunfire and fireworks.

Nathan Baumann, 20; Joy Gibson, 30; Seth Sikes, 22; Lynette Sharp, 57; and John Thomas, 32, each entered guilty pleas to one count of providing material support to terrorists during a hearing in federal court in Fort Worth. They each face up to 15 years in prison.

Erin Kelley, an attorney for Sharp, told The Associated Press the plea was just one “step one in a long process” before the final sentence is determined.

Attorneys for the other defendants couldn’t be reached.

Proceedings against other suspects involved in the shooting remain ongoing. A federal grand jury recently indicted nine additional individuals on charges such as rioting, using explosives, obstruction, and the attempted murder of federal officers.

Those indicted are Cameron Arnold (also known as Autumn Hill), Zachary Evetts, Benjamin Song, Savanna Batten, Bradford Morris (also known as Meagan Morris), Maricela Rueda, Elizabeth Soto, Ines Soto, and Daniel Rolando Sanchez-Estrada. Their arraignments are scheduled for next month.

Court documents lay out a tumultuous scene at the detention center, a facility used by U.S. Immigration and Customs Enforcement (ICE) to hold individuals awaiting deportation.

Prosecutors allege group members clad in “black bloc” attire—dark clothing and face coverings—arrived late at night. They allegedly vandalized vehicles, a guard shack, and a security camera, as well as launched fireworks at the building.

As an Alvarado Police Department officer responded to a 911 call from correctional staff, one suspect reportedly yelled “get to the rifles” ahead of opening fire, striking the officer in the neck area. The wounded officer fell but shot back. Additional rounds were then shot at the injured officer and an unarmed Department of Homeland Security (DHS) correctional officer, who was seeking cover.

Gibson, Baumann, and Sikes were arrested in the near vicinity shortly after the attack. Sharp and Thomas are accused of assisting the main shooter evade capture until July 15.

The group allegedly acquired over 50 firearms in the Dallas-Fort Worth area ahead of the incident and used encrypted messaging apps with auto-delete features to coordinate the operation, including reconnaissance and discussions on supplies, such as medical kits and explosives.

The indictment alleged that Song was a group leader who distributed weapons and recruited members at gun ranges, combat training sessions, and from ideologically similar groups. Some defendants, such as the Sotos and Batten, are allegedly tied to producing “zines”—insurrectionary pamphlets promoting anti-government and anti-ICE ideas.

Defense attorney Patrick McLain, representing Evetts, stated there is “no evidence that such an organization [as a North Texas antifa cell] ever existed” and that his client is not affiliated with any such group.

Acting U.S. Attorney Nancy E. Larson praised the investigation involving the FBI, ICE, ATF, Texas Department of Public Safety, Alvarado Police, and Johnson County Sheriff’s Office.

“This is the first indictment in the country against a group of violent antifa cell members,” she said in a statement, reaffirming a commitment to safeguarding federal facilities from “organized domestic terrorist cells.”

If convicted on the more severe charges, some defendants face life imprisonment. Others could receive sentences up to 50 years.

Authored by Zoltan Vardai via CoinTelegraph.com,

Concerns are mounting over the sustainability of corporate crypto-treasury firms as BlackRock moves forward with a staked Ether fund that analysts say could compete directly with existing digital-asset treasuries.

BitMine Immersion Technologies, the world’s largest corporate Ether holder, is currently down $1,000 per purchased ETH, implying a cumulative unrealized loss of $3.7 billion on its total holdings, according to a Thursday research report from crypto insights company 10x Research.

The decline in net asset value (NAV) across these firms is making it difficult to attract new retail investors while leaving many existing shareholders effectively “trapped” unless they sell at a steep loss, 10x Research founder Markus Thielen wrote in a LinkedIn post.

“When the premium inevitably shrinks to zero, as it is doing now, investors find themselves trapped in the structure, unable to get out without significant damage, a true Hotel California scenario,” he said.

He added that, unlike exchange-traded funds (ETFs), digital-asset treasury companies, or DATs, “layer on complex, opaque, and often hedge-fund-like fee structures that can quietly erode returns.”

BitMine, Ethereum, right-hand side (RHS) price. Source: 10X Research

The mNAV ratio compares a company’s enterprise value to the value of its crypto holdings. An mNAV above 1 allows a company to raise funds by issuing new shares to accumulate digital assets. Values below 1 make it much harder to expand capital and holdings.

BitMine’s basic mNAV stood at 0.77 while its diluted mNAV stood at 0.92, according to data from Bitminetracker.

BitMine overview, holdings, share metrics. Bitminetracker.io

BitMine holds about 3.56 million ETH valued at roughly $10.7 billion, representing 2.94% of the total Ether supply. The firm’s average cost basis is $4,051 per ETH.

Other DATs also suffered a sharp decrease in their mNAVs, including Strategy, Bitmine, Metaplanet, Sharplink Gaming, Upexi and DeFi Development Corp.

BlackRock steps in with lower-cost competition

BlackRock has registered a new staked Ether ETF offering in Delaware, marking the first step for the $13.5 trillion asset management giant’s diversification into Ethereum-based products, Cointelegraph reported earlier on Thursday.

Source: Eric Balchunas

BlackRock’s proposed Ether staking ETF could offer another low-cost, yield-generating fund, without the hidden costs associated with traditional treasury firms.

This development may threaten the economics of DATs, according to 10x Research.

“With BlackRock now seeking approval to stake ETH in its ETF, offering a low-cost source of yield, the economics of DATs are likely to face increasing scrutiny,” the research report states.

More investors may start reallocating toward a potential staked Ether fund from BlackRock when they realize that the 0.25% management fee is far smaller compared to the embedded costs of DATs, according to 10X.

Asset managers REX-Osprey and Grayscale have already launched staked ETH ETF products in September and October.