Strive Raises SATA Dividend: Bitcoin US Session Roundup

This is the Bitcoin US Session Roundup for November 12, 2026, covering the period from 12:00 UTC to 23:59 UTC. The roundup covers eleven stories. The lead: Strive Asset Management raised the annual dividend rate on its SATA Variable Rate Series A Perpetual Preferred Stock to 13.25%, effective December 1, as the company's Bitcoin treasury stood at 43,153 BTC, even as Bitcoin traded roughly $6,000 below the price of Strive's most recent purchase.

Key Takeaways

• Strive lifted its SATA preferred dividend from 13% to 13.25%, effective December 1, 2026, with a combined annual dividend obligation of approximately $288 million across SATA and SATS.
• Hedge funds cut net short CME Bitcoin futures by 89% from their December 2024 peak, compressing the annualized basis trade to 4.8%.
• Bitcoin mining difficulty is projected to fall 6.4% to 7.8% around November 13, the largest cut since June 2026, as blocks averaged roughly 10 minutes 46 to 50 seconds.
• Rumble (RUM Group) sold approximately 198 BTC, reducing its treasury by about 68%, while reporting record Q3 revenue of $96.6 million.
• BlackRock's IBIT recorded nine consecutive days of outflows totaling approximately $2 billion since October 30,.
• JPMorgan's Q3 2026 13F showed its Strategy (MSTR) stake rose 36% and its Bitcoin ETF holdings reached approximately $549 million.
• Bitcoin fell below its 50-week simple moving average of $75,153, trading near $69,292, erasing a September 2026 bullish breakout signal.
• Barclays increased its IBIT holdings by 48.3% in Q3 2026 to 3,942,900 shares valued at approximately $186.66 million, per an SEC 13F filed November 6.
• Ethereum neared $2,000 with a four-week loss of 14.7%, outpacing Bitcoin's 9.9% decline; U.S. Ether ETFs saw a fifth consecutive session of withdrawals.
• U.S. spot Bitcoin ETFs lost $299.8 million on November 11, extending a five-session outflow streak to approximately $1.44 billion.
• Coinbase published a children's book titled "If You Find A Penny," with a $50 Bitcoin QR code included in each physical copy sold in the United States.

Strive Tests Its Bitcoin Treasury Strategy With a Higher SATA Payout

Strive Asset Management (NASDAQ: ASST) announced it was raising the dividend rate on its SATA Variable Rate Series A Perpetual Preferred Stock from 13% to 13.25%, with the new rate taking effect December 1, 2026, according to Crypto Briefing. As of November 6, 2026, Strive held 43,153 BTC. Its most recent purchase was 29 BTC acquired at approximately $75,721 each, a price roughly $6,000 above where Bitcoin traded during this session. For related coverage, see Bitcoin-Denominated Life Insurer Raises $37.5M Led by Bain.

SATA has paid more than 109 consecutive daily dividends. Strive also carries a fixed-rate SATS preferred share series launched through a $630 million gross offering that closed October 20, 2026, with reserves reported to cover approximately 18 months of dividends. The combined annual dividend obligation across both SATA and SATS stands at approximately $288 million. Context on this theme: Strive Buys 2,822 BTC for $235M, Holdings Reach 35,595.

The rate increase places Strive's preferred payout obligation in direct tension with a Bitcoin price that has moved below the company's most recently disclosed cost basis. The question for investors monitoring this Bitcoin treasury strategy is whether the $288 million annual obligation remains sustainable if BTC prices stay compressed. Strive has not provided public guidance on a floor price for treasury sustainability.

Hedge Funds Unwind Bitcoin Basis Trade as CME Net Shorts Fall 89%

CME Bitcoin net short positions held by leveraged funds fell 89% from their December 2024 peak to 2,591 contracts, equivalent to approximately 12,955 BTC, as of November 3, 2026, according to Crypto Briefing. The annualized basis, the spread between spot and futures prices that made the trade attractive, compressed to 4.8%, barely exceeding U.S. Treasury yields.

Nine hedge funds, identified by the report as including Millennium Management and Brevan Howard, reduced their combined spot Bitcoin ETF exposure by approximately 68,000 BTC, valued at roughly $5.4 billion, between September 2025 and June 2026, according to the same report. That figure is drawn from a single source and has not been independently verified against primary 13F filings. In August 2026, leveraged funds briefly flipped net long on CME futures before the basis compressed further.

The near-collapse of the basis trade removes a structural demand layer that emerged after U.S. spot Bitcoin ETFs launched in January 2024. Hedge funds running the trade simultaneously held long ETF positions and short CME futures; as they unwind both legs, selling pressure appears on the ETF side while futures shorts decline. That dynamic partially explains why IBIT outflows accelerated even as quarterly 13F filings from other institutions showed accumulation.

Bitcoin Mining Difficulty Set for Largest Cut Since June

Bitcoin's network difficulty is projected to drop between 6.4% and 7.8% at the next adjustment epoch, estimated around November 13, 2026, which would make it the largest downward recalibration since June 2026, when difficulty fell 10.09%, according to Crypto Briefing. The current difficulty stands at 148.36 trillion. The previous adjustment on October 29 had raised difficulty by 5.54%.

Blocks during this epoch averaged approximately 10 minutes and 46 to 50 seconds per block, above the 10-minute target the protocol uses to trigger a downward adjustment. Hashprice was running near $33 to $35 per petahash per day. October miner revenue totaled approximately $1.215 billion, the highest since November 2025.

A difficulty cut of this magnitude signals that some miners have taken capacity offline, likely because compressed margins at current Bitcoin prices make the marginal cost of hashing less attractive. The difficulty adjustment is automatic, protocol-enforced, and applies equally to every miner, making it one of the clearest on-chain indicators of aggregate miner behavior during a price drawdown.

Rumble Sells Two-Thirds of Its Bitcoin as AI Cloud Delivers First Quarter With Positive Adjusted EBITDA

RUM Group, the parent company of Rumble, reduced its Bitcoin holdings from 293.14 BTC at the end of Q2 2026 to 94.68 BTC at the end of Q3 2026, selling approximately 198 BTC, or about 68% of its stack, according to Bitcoin Magazine. The company reported record Q3 revenue of $96.6 million, a 290% increase year-over-year, and its first-ever positive adjusted EBITDA of $4.4 million.

More than 70% of the quarter's revenue, approximately $68.2 million, came from Quake AI, the company's AI cloud unit assembled after acquiring Northern Data in June 2026. GAAP net loss for the quarter was $89.9 million, which included $85.2 million in depreciation and amortization charges. Cash on hand fell from $203.3 million to $134.4 million during the quarter. The primary earnings release on GlobeNewswire returned an HTTP 403 error during research; the figures above are sourced from Bitcoin Magazine's secondary report.

Rumble's decision to liquidate the majority of its Bitcoin treasury while pivoting to AI cloud revenue illustrates how corporate Bitcoin holders are reassessing treasury strategy amid price weakness. Unlike Strategy (MSTR), which has continued adding to its Bitcoin holdings, Rumble used the asset as a funding source rather than a reserve.

BlackRock's IBIT Bleeds $2 Billion in Nine Straight Days of Outflows

BlackRock's iShares Bitcoin Trust (IBIT) recorded nine consecutive trading days of net outflows beginning October 30, 2026, with the cumulative total reaching approximately $2 billion, according to Bitcoin Magazine. The two largest single-day withdrawals this year were $405.3 million on November 2 and $403 million on November 6.

November IBIT outflows totaled approximately $1.77 billion through the session, representing roughly 94% of all U.S. Bitcoin ETF outflows for the month. IBIT's year-to-date 2026 net flows turned negative at approximately $1.42 billion, though its cumulative net inflows since launching in January 2024 remained positive at approximately $64.5 billion.

BlackRock IBIT • nine trading days ~$2 billion Cumulative reported net outflows since October 30, a sharp contrast with the earlier-quarter institutional accumulation disclosed in 13F filings.

IBIT's nine-day streak is the most significant sustained outflow episode since the product launched. It signals that both retail and institutional participants are reducing Bitcoin ETF exposure as prices fall below key technical levels, with the fund absorbing the overwhelming majority of the sector-wide selling pressure.

JPMorgan Lifts Its Strategy Stake 36% and Holds $540 Million in Bitcoin ETFs

JPMorgan's Q3 2026 13F filing, signed by Executive Director Michael T. Lees on November 12, 2026 (filing number 0000019617-26-000404), showed the bank increased its Strategy (MSTR) share count from 624,387 to 848,932, a 36% increase, with the position's market value rising from $57.87 million to $131.3 million, according to Bitcoin Magazine. The 13F reflects holdings as of September 30, 2026, not current November positions.

JPMorgan's spot Bitcoin ETF holdings in the same filing totaled approximately $549 million: $539.98 million in IBIT, $5.76 million in the Grayscale Bitcoin Mini Trust, and $3 million in Bitwise's Bitcoin ETF. The bank also held 1,581,814 Coinbase (COIN) shares valued at $300.58 million, a 13% increase from the prior quarter.

The 13F data creates an apparent contradiction with the IBIT outflow streak: JPMorgan was accumulating through September while IBIT experienced its worst outflow run since launch beginning October 30. The filings are a six-week lag indicator. They show what institutions held at quarter-end, not how they have positioned during November's sell-off.

Bitcoin Weakness Erases September's Bullish Signal

Bitcoin fell below its 50-week simple moving average, then at $75,153, to trade near $69,292 during the session, according to CoinDesk. That level had served as the basis for a bullish breakout in September 2026 that Galaxy Digital's Alex Thorn described as evidence of the start of a new bull run. The November decline erased that signal.

Trading firm Wintermute noted, according to CoinDesk, that it remained cautious while Bitcoin sat under its 50-week average, with $68,000 identified as the next support level. The U.S. Dollar Index briefly topped 103 during the session, its highest level since March 2025, adding macro headwind to Bitcoin's technical pressure.

Bitcoin traded near $69,340 with a 24-hour decline of 6.03%, per CoinGecko data as of this writing, against a market capitalization of approximately $1.39 trillion. The Fear and Greed Index registered 20, in the Extreme Fear category.

Bitcoin • 24-hour change -6.03% Bitcoin was quoted near $69,340 in a sharply weaker 24-hour session.

Barclays Boosts Bitcoin ETF Holdings by 48% in Q3 2026

Barclays increased its IBIT position from approximately 2.66 million shares to 3,942,900 shares during Q3 2026, a 48.3% increase, with the position valued at approximately $186.66 million, per an SEC 13F filing submitted November 6, 2026, according to Bitcoinist. The same report noted that Citigroup also increased its IBIT position by approximately 50% and held a new Fidelity Bitcoin ETF position worth approximately $119 million, though those Citigroup figures have not been independently verified against the primary SEC filing.

As with JPMorgan's 13F, Barclays' filing reflects September 30 positions and does not indicate how the bank positioned during November's sell-off. The contrast between Q3 institutional accumulation and the subsequent IBIT outflow streak illustrates the lag inherent in quarterly disclosure requirements.

Ether Nears $2,000 as Weekly Loss Outpaces Bitcoin's

Ethereum approached $2,000 on November 12, 2026, posting a four-week loss of 14.7% that outpaced Bitcoin's 9.9% decline over the same period, according to The Defiant. U.S. Ether ETFs recorded a fifth consecutive session of net withdrawals during the period.

Ethereum's steeper drawdown relative to Bitcoin adds broader context to the session's market tone, suggesting a wider risk-off environment rather than Bitcoin-specific selling. When ETH underperforms BTC during drawdowns, it typically reflects reduced appetite for higher-beta digital assets, with capital either exiting the sector or rotating toward Bitcoin as the lower-volatility reference asset.

Bitcoin ETFs Lose $299.8M as Five-Session Outflow Streak Reaches $1.44 Billion

U.S. spot Bitcoin ETFs collectively recorded $299.8 million in net outflows on November 11, 2026, extending a five-session streak covering November 5, 6, 9, 10, and 11 to a combined $1,437.9 million, according to NewsBTC. IBIT accounted for $269.7 million of the November 11 total, while GBTC saw $39.1 million in outflows. Morgan Stanley's MSBT was the sole positive performer that session, with $9 million in inflows; MSBT charges a 0.14% sponsor fee.

The five-session, $1.44 billion outflow streak represents the most sustained period of aggregate Bitcoin ETF redemptions since the products launched. IBIT drove the majority of the five-session outflow total, reinforcing its outsized role as both the dominant inflow and outflow vehicle in the U.S. Bitcoin ETF market.

Coinbase Publishes First Children's Book, Includes $50 Bitcoin Code

Coinbase published a children's book titled "If You Find A Penny" on November 12, 2026, priced at $21.01 per physical copy, according to Crypto Briefing. Each physical copy sold to U.S. buyers includes a QR code redeemable for $50 in Bitcoin. A free digital version is available at ifyoufindapenny.com. Physical shipping is scheduled to begin December 18, 2026, and the Bitcoin redemption code expires January 31, 2027.

The book's release aligns with the U.S. halting penny production. Coinbase pays out more per physical copy than it collects in revenue, using the negative-margin structure as a family user-acquisition channel. The campaign represents a low-friction Bitcoin introduction for a demographic that is not yet active on the exchange.

What to Watch Next

• Bitcoin network difficulty adjustment projected around November 13, 2026, expected to fall 6.4% to 7.8%.
• Strive's SATA dividend rate of 13.25% takes effect December 1, 2026.
• Coinbase physical book shipping begins December 18, 2026; Bitcoin QR codes expire January 31, 2027.

This roundup summarizes reporting published from 12:00 UTC on November 12, 2026 to 23:59 UTC on November 12, 2026. Each item links to its original source.

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