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In a rapidly evolving digital-asset landscape, institutional Bitcoin strategies are increasingly under the spotlight. One company gaining attention is (AQSE:HODL) B Hodl, which recently expanded its holdings to 155 Bitcoin as it pushes toward becoming one of the largest Bitcoin treasuries on the Aquis exchange. But as the company grows its position, investors are asking an important question: How does B Hodl generate yield while managing risk in such a volatile market?

On The Watch List, CEO Freddie New sat down with host Ricky Lee to unpack the company’s approach to yield generation, treasury security, and long-term sustainability.

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A Self-Custodial Approach to Bitcoin Yield

With yield strategies across the crypto industry often tied to lending, leverage, or third-party platforms, each carrying its own risks, Freddie New was quick to emphasize that B Hodl chooses a different path.

“The way that we generate revenue from our Bitcoin is via the Lightning Network, and we do it in an entirely self-custodial and secure way,” he explained.

The Lightning Network, Bitcoin’s second-layer payment system, facilitates fast, low-cost transactions by routing payments through liquidity channels. To keep those channels functioning efficiently, liquidity must be locked into them, this is where B Hodl steps in.

Their business model is straightforward:

1. Raise equity
2. Buy Bitcoin
3. Deploy that Bitcoin into Lightning Network channels
4. Earn routing fees, similar to how Visa and Mastercard earn interchange fees

Crucially, this setup avoids the typical counterparty risks associated with lending or staking.

“If anything goes wrong and the channel is closed, the Bitcoin comes directly back to us,” New emphasized. “We’re not lending it to anyone.”

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Best-in-Class Safeguards and Risk Management

Risk management is a major focus for B Hodl, and according to New, the team was intentionally built around deep experience surviving crypto bear markets.

The company’s core safeguards include:

Ultra-lean operations

B Hodl maintains very low operating expenses. Following its IPO, the company reports four years of cash runway, giving the team breathing room to continue building during market downturns.

Multi-signature, multi-jurisdiction cold storage

All Bitcoin held by the company is protected through a multi-sig, multi-device, multi-jurisdiction security protocol, the same one used by well-established UK exchange CoinCorner.

No counterparty exposure in yield generation

Because Lightning Network channels are non-custodial, capital always returns to B Hodl’s wallet when channels close.

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Targeting Consistent, Predictable Bitcoin Yield

When asked about the future contribution of Lightning yield to operating cash flow, New revealed early results that exceeded expectations.

“Our initial results have been throwing off about 6% annualized yield,” he said. “We were initially modeling slightly lower than that.”

Maintaining a consistent yield through different market environments is a priority, and B Hodl is already preparing multiple complementary strategies on the Lightning Network. Only the first of these strategies has been publicly announced so far, with additional details coming soon.

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Looking Ahead

As institutional interest in Bitcoin infrastructure deepens, B Hodl is positioning itself as a disciplined treasury manager focused on security, sustainability, and real utility on the Lightning Network.

The combination of self-custody, low operating risk, and Lightning-based revenue could set a new benchmark for publicly listed Bitcoin treasury businesses.

For updates and deeper insights into the company’s growth, visit https://bhodl.com/.

Unilever (LSE:ULVR) announced on Monday that it has reached a deal to sell its Graze snack business to Katjes International.

The better-for-you snacking brand—acquired by Unilever in 2019—will join the Candy Kittens group in the UK. The companies did not disclose financial details of the transaction.

During its time under Unilever, Graze shifted away from being mainly a Direct-to-Consumer operation and built a strong footprint across UK retail shelves. The brand also refreshed its visual identity, enhanced profitability, and continued to expand within the grocery channel.

The move fits with Unilever’s strategy of sharpening its focus on three core global food categories: Condiments, Cooking Aids & Mini Meals, and Unilever Food Solutions. The company has emphasized that its goal is to achieve sustained, market-leading performance by concentrating investment and resources where it has established strengths.

“Graze has transformed into a retail-focused brand which continues to redefine healthy snacking with innovations that stay a step ahead on nutrition, never compromise on taste, and remain true to its distinctive and much-loved style,” said Georgina Bradford, UKI Foods General Manager at Unilever.

Completion of the sale is expected in the first half of 2026, pending customary closing requirements.

If we take cryptocurrencies as a barometer of investor sentiment, December began with a sharp blow to risk appetite: Bitcoin price fell back below $90,000. As for what triggered this sudden wave of pessimism, it wasn’t that the odds of a rate cut suddenly changed course again. According to crypto analysts, the decline stemmed more from sector-specific concerns, including:

• S&P downgrading USDT’s stability rating to its lowest level over fears that a drop in BTC prices could leave the stablecoin insufficiently backed.
• Comments from MicroStrategy’s CEO, who said the company might sell some of its bitcoin holdings if its valuation fell below the value of its BTC reserves.

That said, while the negative headlines may have played a role, the market actually started falling well after these news items came out. This suggests that the decline may have been driven more by technical factors.

Does this mean the pessimism shouldn’t spread to U.S. stocks?

S&P 500 and Nasdaq futures have already opened the week in the red. However, for a more widespread decline in US stocks to occur, clear triggers would be needed. Assuming that the ADP private sector employment report for November, initial jobless claims, and September PCE data do not disappoint this week, and that the Fed cuts rates on December 10, other risks could weigh on confidence.

One of these is the potential bursting of the AI bubble. 

Beyond Michael Burry’s allegations of accounting fraud by large technology companies, The Economist notes that while companies plan to invest around $5 trillion in AI, actual adoption is only between 10% and 12%, raising questions about whether these investments can yield a return. To reach the break-even point, annual revenue generated by AI would have to increase from the current $50 billion to around $650 billion.

Another risk is a repeat of the yen carry trade crisis. If yen loans become expensive, a large number of leveraged positions will begin to falter. When those trades cease to be profitable, there will be massive liquidations and margin calls.

Jerome Powell, who is scheduled to speak today, could offer a potential lifeline. Today also marks the official end of the Federal Reserve’s quantitative tightening program. If the central bank signals a shift toward a new round of quantitative easing, that could provide some support for risk assets.

European equities slipped on Monday, pulling back after a solid performance at the end of November driven by hopes for forthcoming U.S. interest rate cuts.

By mid-morning, the German DAX Index was down 1.3 percent, the French CAC 40 had fallen 0.7 percent, and the U.K.’s FTSE 100 was off 0.2 percent. Traders were cautious ahead of key U.S. economic releases and early readings on Black Friday and Cyber Monday spending.

In company news, Airbus (EU:AIR) slumped in Paris after the manufacturer confirmed it had recalled thousands of A320-family aircraft due to potential ELAC control-system failures linked to intense solar flares.

EasyJet (LSE:EZJ) also traded lower after revealing it had finished installing software updates across its A320 fleet over the weekend.

Melrose Industries (LSE:MRO), a major name in aerospace and defense, saw a sharp drop in London following its announcement that Ross McCluskey will take over as the company’s new CFO.

Defense stocks broadly weakened as well, pressured by comments from U.S. President Donald Trump, who said Sunday there was a “good chance” of reaching a deal to end the war in Ukraine.

U.S. equities look set to open lower on Monday, with futures suggesting the market may pause after a strong multi-day rebound last week.

The pullback appears driven by profit-taking, as traders look to capture gains after the major indices bounced sharply from their early-November declines. All three benchmarks have logged five straight days of advances, putting them back within reach of their record peaks.

Improved sentiment in recent sessions has been fueled by growing expectations of lower interest rates, supported by dovish signals from senior Federal Reserve officials. According to CME Group’s FedWatch Tool, there is now an 87.4% probability that the Fed will cut rates by 25 basis points at next week’s policy meeting.

Even so, upcoming U.S. economic releases could sway the Fed’s thinking and inject fresh volatility into markets throughout the week.

Friday recap

Following the Thanksgiving holiday, trading resumed on Friday with a half session, and stocks continued their pre-holiday momentum. Each of the major averages ended higher for the fifth day in a row, closing just shy of their session highs.

• Dow Jones Industrial Average: +289.30 points (+0.6%) to 47,716.42
• Nasdaq Composite: +151.00 points (+0.7%) to 23,365.69
• S&P 500: +36.48 points (+0.5%) to 6,849.09

Weekly performance:

• Nasdaq: +4.9%
• S&P 500: +3.7%
• Dow: +3.2%

Despite the strong recovery, the Nasdaq still ended November down 1.5%, though that was a substantial improvement from earlier in the month when it sat more than 7.7% below its highs. The Dow and S&P 500 each managed modest gains of 0.3% and 0.1% for the month.

The latest upswing has pushed the indexes well above their recent lows, as investors set aside earlier concerns over stretched valuations. Hopes for easier monetary policy have been a major driver of the rebound, reversing worries from earlier in November that the Fed might keep rates unchanged.

Trading volumes stayed muted on Friday due to the holiday weekend. An early market close, a brief outage at the Chicago Mercantile Exchange, and a quiet economic calendar also kept activity subdued.

Sector performance

Hardware makers led the session, with the NYSE Arca Computer Hardware Index jumping 2.5%. SanDisk (NASDAQ:SNDK) rallied 3.8% after being added to the S&P 500 ahead of Friday’s open.

Gold-related stocks also moved higher as bullion prices surged, lifting the NYSE Arca Gold Bugs Index by 2.1%.

Semiconductors, energy names, and software stocks posted solid gains, while pharmaceutical shares were among the weaker performers.

European equities nudged lower on Monday, with sentiment softening as traders stepped into the final month of the year and weighed a busy slate of regional economic indicators.

By 09:17 GMT, the Stoxx 600 was down 0.1% at 575.62. Germany’s DAX declined 0.6%, France’s CAC 40 eased 0.2%, and the UK’s FTSE 100 dipped 0.1%.

A wave of upcoming data releases is expected to shape expectations for the European economy as 2026 approaches. Manufacturing gauges across the Eurozone slipped back into contraction in November, with both Germany and France also reporting weaker factory activity.

Concerns around the artificial intelligence sector—particularly the risk of a speculative bubble—remain a key talking point, although some of that anxiety appeared to cool toward the end of November.

In the background, retailers’ performance over Black Friday and Cyber Monday in the U.S. and abroad continued to influence broader market sentiment.

Airbus (EU:AIR) shares were among the notable decliners after the company disclosed it had recalled 6,000 aircraft for immediate software repairs—a move affecting more than half of its global fleet.

Defense stocks also lost ground after reports that U.S. and Ukrainian officials held “productive” discussions regarding a potential peace agreement in the ongoing conflict with Russia. The European defense index slid more than 2%, with names like Hensoldt (TG:HAG), Rheinmetall (TG:RHM), and Leonardo (BIT:LDO) posting declines.

Oil climbs as OPEC+ keeps output stable

Crude prices gained more than 1% on Monday, supported by OPEC+’s reaffirmed stance to maintain current production levels during the first quarter and by renewed geopolitical risks to supply.

As of 04:12 ET, February Brent futures were up 1.92% to $63.57 per barrel, while West Texas Intermediate (WTI) crude rose 2.12% to $59.76.

OPEC+ reiterated on Sunday that it will extend its pause on production increases into early next year, continuing voluntary cuts totaling about 3.24 million barrels per day. The group indicated it is taking a measured approach as it weighs unpredictable demand patterns and the possibility of oversupply in 2026.

Crude also found support after several attacks over the weekend on Russian energy infrastructure disrupted export flows. The Caspian Pipeline Consortium—one of the key routes for Kazakh and Russian crude via the Black Sea—halted shipments following a naval drone strike that significantly damaged equipment at its Novorossiysk terminal.

Gold hovered close to its highest level in six weeks on Monday, lifted by a weakening U.S. dollar and growing conviction that the Federal Reserve could lower interest rates at its upcoming meeting.

Spot gold edged up 0.2% to $4,240.55 an ounce at 02:32 ET (06:32 GMT), after briefly touching $4,256.2 earlier in the session. February gold futures in the U.S. advanced 0.5% to $4,274.55.

Last week, bullion rallied more than 4%.

Dollar slide, Fed outlook underpin gold

The U.S. Dollar Index fell to a two-week low, making gold more affordable for overseas buyers. Broader risk aversion in financial markets also contributed to steady safe-haven demand.

Market pricing now suggests an 87% chance that the Fed will deliver a 25-basis-point rate cut in December. That expectation has been supported by weaker U.S. data and signs that inflation continues to cool.

Even so, investors remain cautious. The extended government shutdown has reduced the flow of official economic data, and remarks from Fed officials in recent days have offered mixed signals about the timing and scale of future policy easing.

Politics also entered the picture after U.S. President Donald Trump said on Sunday that he already knows who he intends to nominate as the next Federal Reserve Chair—though he declined to name the individual.

His comments reignited speculation around potential candidates such as Kevin Hassett, former Fed Governor Kevin Warsh, and current Governor Christopher Waller, any of whom could influence expectations for 2026 rate cuts.

Against this backdrop, gold has continued to attract defensive inflows, with investors seeking shelter from volatility in both equity and currency markets.

Silver hits new all-time high; copper trades flat

Precious and industrial metals posted mixed movements on Monday.

Silver futures increased 0.4% to $56.65 per ounce after hitting a record $57.815. Platinum futures rose 0.7% to $1,700.60.

Copper was steady, with benchmark LME futures unchanged at $11,207.20 a ton and U.S. copper futures flat at $5.30 a pound.

Fresh PMI readings from China showed factory activity contracting for an eighth straight month, underscoring persistent weakness in both domestic demand and export orders.

Crude prices moved higher by more than 1% during Monday’s Asian session, lifted by OPEC+’s renewed commitment to keep output unchanged through the first quarter and by escalating concerns over potential supply disruptions tied to geopolitical tensions.

As of 20:52 ET (01:52 GMT), February Brent futures were up 1.2% at $63.13 a barrel, while West Texas Intermediate (WTI) futures climbed 1.2% to $59.27.

OPEC+ confirms no output increase

The Organization of the Petroleum Exporting Countries and its partners (OPEC+) reiterated on Sunday that they will stick to their plan to refrain from increasing production until at least the end of the first quarter, keeping voluntary cuts totaling about 3.24 million barrels a day in place.

The alliance signaled that it is choosing caution as it faces inconsistent demand patterns and what it views as the potential for oversupply in 2026.

The group also agreed to a process for assessing each member’s production capacity between January and September 2026, setting the stage for determining baseline quotas for 2027.

“This could certainly lead to disagreement among members, with countries keen to secure higher baselines,” ING analysts said.

Supply fears intensify

Market participants also weighed fresh risks emerging from U.S. President Donald Trump’s recent comments on Venezuela, including his suggestion that he may close off U.S. airspace to the country.

“This escalation between the US and Venezuela has the US carrying out strikes on boats it claims are carrying drugs, while also building its military presence nearby,” ING analysts said.

“Venezuela exports around 800k b/d, of which most of the crude oil will head to China. Clearly, any further escalation puts this supply at risk.”

Crude also found support from weekend attacks on Russian energy infrastructure, which caused interruptions to export flows.

The Caspian Pipeline Consortium (CPC), a major route for transporting Kazakh and Russian crude through the Black Sea, halted loadings after a naval drone damaged a mooring point at its Novorossiysk terminal.

“Shipments from the CPC terminal have averaged around 1.48m b/d so far this year, up roughly 200k b/d from last year, as the expansion of the Tengiz field in Kazakhstan supported exports,” the ING note added.

U.S. stock futures slipped early Monday as traders opened the books on December, weighing signs of cooling risk appetite tied to ongoing unease in the artificial intelligence sector. Despite the cautious tone, the S&P 500 remains up roughly 16% this year, and December has historically been a supportive month for the index. Online Black Friday spending surged to record levels even as doubts grow about the resilience of U.S. consumers. Meanwhile, oil prices advanced after OPEC+ confirmed it will keep supply unchanged through the first quarter of 2026.

U.S. futures soften

Futures pointed lower to start the week, with investors monitoring profit expectations in the AI space and evaluating the likelihood of a Federal Reserve rate cut later in December.

By 03:16 ET, Dow futures were down 234 points (0.5%), S&P 500 futures fell 41 points (0.6%), and Nasdaq 100 futures retreated 189 points (0.7%).

Friday’s holiday-shortened session ended on a positive note, though trading volume remained subdued. All three major indexes finished the week more than 3% higher. The S&P 500 and Dow booked a solid November, while the Nasdaq Composite shed 1.51% amid renewed doubts about extended tech valuations and heavy AI-related spending that is frequently debt-financed.

Elsewhere, shares of CME Group inched higher after the exchange operator faced a brief outage that froze futures trading across multiple markets ahead of Friday’s open.

Black Friday spending hits new highs

Even as consumer confidence dropped to its weakest level in seven months, Americans spent aggressively during Black Friday, using AI-powered search tools to track discounts and optimize purchases.

Adobe Analytics reported that online sales hit a record $11.8 billion, up 9.1% from last year, with AI-driven traffic to retail sites soaring more than 800%.

Mastercard SpendingPulse data showed e-commerce sales rising 10.4%.

Oil climbs as OPEC+ keeps supply steady

Crude prices rose more than 1% after OPEC+ reconfirmed it will hold production levels steady in early 2026 and geopolitical tensions resurfaced.

At 20:52 ET (01:52 GMT), February Brent futures rose 1.2% to $63.13 a barrel, while WTI futures gained 1.2% to $59.27.

The alliance reaffirmed voluntary cuts of roughly 3.24 million barrels per day, taking a cautious stance as it faces inconsistent demand trends and potential oversupply next year.

Oil received further support after attacks on Russian energy facilities interrupted shipments. The Caspian Pipeline Consortium suspended exports following a drone strike that damaged a mooring structure at its Novorossiysk terminal.

BOJ’s Ueda raises prospects of rate hike

The yen strengthened after Bank of Japan Governor Kazuo Ueda signaled that policymakers will weigh the “pros and cons” of a rate hike at their December 18–19 meeting.

According to ING analysts, Ueda also suggested that new Prime Minister Sanae Takaichi — long viewed as a supporter of looser policy — may not oppose higher rates.

“This second factor had been crucial for markets, whose basic understanding was that Takaichi was a dovish-leaning influence,” they wrote.

Markets interpreted Ueda’s comments as hawkish, increasing expectations for what could become the BOJ’s first rate hike since abandoning negative rates. Rising Japanese government bond yields further bolstered the yen.

Asian manufacturing reports draw attention

Investors also digested a series of manufacturing surveys across Asia. China’s factory sector contracted for an eighth consecutive month as domestic demand softened and overseas orders weakened under U.S. tariff pressure.

Japan recorded a fifth straight month of contraction—though at the mildest pace since August—while South Korea posted another PMI decline as demand faltered and export strength faded.

European equities experienced sharp swings throughout November as mounting anxiety over a potential AI-fueled market bubble and tightening liquidity conditions triggered the steepest equity pullback since “Liberation day,” Barclays said in its latest European Equity Strategy report.

The bank noted that equity returns were the weakest since March, while performance for a global 60:40 portfolio was essentially flat, weighed down by stock market gains that were “slightly in the red,” according to the report completed on Nov. 30 and published Dec. 1.

Barclays highlighted that markets endured elevated intra-month turbulence as investors reacted to “AI angst and doubts over Dec Fed cuts,” before renewed expectations for rate reductions late in the month helped equities claw back most losses and allowed bonds to eke out a small advantage.

The firm added that Europe “outperformed marginally with periphery doing well as banks outperformed,” although worries about Germany’s fiscal stance created some drag on the region.

In the UK, equities largely moved in step with global peers, while gilts rallied following the government’s budget announcement, boosting domestic stocks and bond-proxy sectors into month-end.

Technology shares were the worst global performers as “AI bubble concerns” spurred selling, while defensive sectors led the gains. Healthcare posted the strongest defensive showing as fears about drug-pricing reforms eased, and financials outperformed on solid earnings and steady yields.

Some assets were hit particularly hard during the sell-off. Bitcoin slumped 17% amid liquidity worries and weak retail engagement, oil prices fell due to oversupply, while gold and industrial metals advanced in part on demand linked to AI capital-expenditure trends.

Investor flows provided a mixed picture. Barclays reported that, despite heightened volatility, equity inflows reached year-to-date highs in November. Hedge funds trimmed exposure, retail investors stayed cautious, and “real money buying was notable across regions.”

Europe and Japan recorded modest inflows, while emerging markets benefited from stronger demand, including renewed foreign investor interest in China.

Factor trends diverged sharply between the U.S. and Europe. In the U.S., momentum weakened significantly, weighing on growth stocks, whereas in Europe momentum unwound only slightly and value continued to “outperform.” Low-volatility defensive names gained from the volatility spike, and weakness in large AI-linked technology firms helped small-caps outperform.

Barclays said that global developed markets beat emerging markets overall, with equities in China, Korea, and Taiwan pressured by pullbacks in AI-related trades after months of strong gains. Japan lagged as proposed fiscal stimulus raised debt concerns and fuelled instability in the bond market.

Overall, Barclays described November as a month marked by abrupt swings driven by the evolving AI narrative and shifting expectations for central-bank easing. Despite the turbulence, most losses were recovered by month-end.