The US Treasury Department Meets with Three Crypto Companies to Discuss Bitcoin Reserve Custody Solution

According to Marvell's announcement, the company has reached a definitive agreement with Lumentum to acquire the latter in an all-stock transaction. Under the terms, Lumentum shareholders will receive 4.500 shares of Marvell common stock for each Lumentum share they hold. The transaction implies an enterprise value of approximately $115 billion for Lumentum, equivalent to around $1,132 per share, representing a premium of roughly 23.9% over the unadjusted closing prices of both companies on October 28, unaffected by prior rumors. Upon completion, existing Marvell shareholders will hold approximately 67% of the combined entity, while Lumentum shareholders will own about 33%. The two firms stated that the merger will integrate Marvell's capabilities in electrical and optical interconnects, switching, and custom chips, as well as Lumentum's strengths in high-performance lasers, optical transceivers, and optical circuit switches. The goal is to build a full-stack connectivity portfolio for AI infrastructure and expand the addressable market to around $550 billion. The transaction is expected to generate over $1 billion in annual operational cost synergies and is projected to boost Marvell's non-GAAP earnings per share in the first full year after closing. Closing is anticipated in the first half of 2028, pending approval from both companies' shareholders and regulatory authorities. Post-closing, Matt Murphy will remain Chairman and Chief Executive Officer, and three Lumentum directors, including Chief Executive Officer Michael Hurlston, will join Marvell's board of directors.

According to data from BIT Stock Platform, U.S. optical module leader Marvell announced an all-stock acquisition of optical chip leader Lumentum. After the news broke, MRVL rose 3.42% in pre-market trading, and is currently trading at $203.

According to AMBCrypto, sell-offs in AI-related US stocks—driven by concerns over high AI spending, rising debt, and uncertain returns—spilled over into the crypto market, triggering a notable correction in AI-themed crypto segments in October. Data from CoinPaprika shows the segment’s total market capitalization fell from around $16.32 billion on October 3 to approximately $13.72 billion on October 31, erasing roughly $2.6 billion, a decline of about 16%. The segment had previously surged around 54% in September, far outpacing the overall crypto market’s 24% gain in the same period. NEAR, the largest AI-linked crypto asset by market cap, dropped over 16% over the same timeframe, wiping more than $200 million off its valuation and erasing nearly half of its roughly 178% September gain. Over October, Nvidia’s stock fell more than 10%; on October 30, the Nasdaq dropped 2.86%, Nvidia fell 4.2%, AMD fell 10.9%, and the Nasdaq 100 index declined over 5.8% for the month. Earnings reports from Intel and Amazon also missed expectations. Looking ahead to November, Apple’s earnings report, US midterm elections, and key economic data may act as the next triggers: a strong Apple performance could reinforce the AI narrative, while a disappointing result would likely keep AI-themed crypto tokens under pressure.

According to the New York Post, US President Donald Trump said in an interview with the paper’s podcast Pod Force One that if the Democrats take control of Congress after the midterm elections and launch investigations or prosecutions against people close to him such as Elon Musk, “we will have to protect these people.” When asked about claims from Democrats that Musk and others could be arrested, Trump stated, “That won’t happen, it’s just talk,” but added, “If that does happen, we will protect them.” Trump also said he is willing to follow Biden’s example and issue preemptive pardons to all those who have worked for him if necessary, noting, “I did that for the January 6th incident.” Also per related reports, Trump said he does not believe Musk’s warning about a Democratic “sweep” is wrong. Musk posted on X on October 30 that if the Democrats win control of the House, Senate, and presidency in 2028, they could push for statehood for Washington, D.C. and Puerto Rico to expand their Senate majority. Earlier, former Labor Secretary Robert Reich called on Democrats to “lay the groundwork” for the nationalization of SpaceX. Trump also publicly defended Musk on October 23, saying Musk “never does anything wrong.”

Following Strategy’s Q3 2026 earnings call, Mizuho reaffirmed its "Outperform" rating and $165 price target for the firm, which implies nearly 27% upside from the current $130 level. Analyst Dan Dolev highlighted the company’s stronger balance sheet: it holds 848,517 BTC, with net leverage falling from 8.4% to 2.4%, and its $5.1 billion in USD assets are sufficient to cover 3.4 years of dividend and interest payments. However, the company’s per-share Bitcoin holdings have dropped 3.7% year-to-date (YTD), sparking market concerns over equity dilution.

According to official data, Trade.xyz acquired the MELI stock ticker for 586.42 HYPE tokens, valued at approximately $50,365. MELI is the US stock symbol for MercadoLibre, Latin America’s leading e-commerce and fintech giant, a move that may signal Trade.xyz is set to launch stock perpetual contracts on Hyperliquid.