Global markets were dominated by two contrasting stories: a major AI company filing to list on Nasdaq, and a sharp market reaction in Brazil after presidential election results. Meanwhile, corporate crypto treasuries and market analysts weighed in on Bitcoin’s recent price behaviour and whether the cycle low is behind it.
Anthropic files S-1 for Nasdaq listing
On October 26, 2026, Anthropic, the developer of the Claude family of AI models, filed an S-1 to list Class A shares on Nasdaq under the ticker ANT. Goldman Sachs and Morgan Stanley are named as lead underwriters. The filing did not specify a price range or the number of shares to be offered. Anthropic reported revenue of $16.29 billion for the first half of 2026, up from $1.16 billion a year earlier, and a net loss of $80.7 billion driven largely by a $72.4 billion charge tied to convertible bond valuation. Governance arrangements disclosed in the filing include a trust that will appoint the majority of the board, and an entity controlled by the seven co-founders that will retain 50.1% of shareholder voting power.
Brazil markets plunge after election result
Brazil’s stock market lost over $200 billion in value at the opening on October 26, 2026, after Luiz Inácio Lula da Silva defeated Flávio Bolsonaro with 51.79% to 48.21%. The result surprised prediction markets such as Polymarket and Kalshi, which had given Bolsonaro roughly an 80% chance of winning. The Ibovespa index fell as much as 17% to around 170,000 points, the Brazilian real weakened with the US dollar strengthening up to 12% against it, and the B3 exchange temporarily halted trading for 30 minutes.
Corporate treasury activity: divergent BTC strategies
Public companies that hold Bitcoin showed differing behaviours in recent weeks. One firm, referred to as Strategy, did not purchase any Bitcoin between October 19 and October 25, 2026, breaking a five-week run of buys and leaving its holdings unchanged at 848,517 BTC; the company also repurchased STRC shares for about $204.9 million. Strive added 6,182 BTC between October 17 and October 23, bringing its total to 43,000 BTC and edging close to Metaplanet’s 44,000 BTC; Strive also announced a share issuance programme for SATS valued at up to $1 billion. Separately, BitMine purchased 10,452 Ethereum, increasing its holdings to 6,051,933 ETH, which was reported as 4.95% of the total supply. Market commentator Tom Lee continued to express that a crypto bull market is underway.
Galaxy report: Bitcoin’s bear market may be over
A Galaxy report dated October 26, 2026, by Alex Thorn argues that Bitcoin’s bear market ended in June. The analysis highlights a five-week streak of weekly closes above the 50-week moving average and notes the cycle’s drawdown of 53% as the mildest on record. Thorn points to spot Bitcoin ETFs adding 87,000 BTC since the June low and says the selling of older coins has slowed to about half the rate seen in 2024. The report sets a clear invalidation level: a weekly close below $76,540 that is not recovered within a month would undermine the thesis. Galaxy and Thorn are reported to hold Bitcoin themselves.
Elections and Bitcoin’s cycle timing
An analysis dated October 23, 2026, compared this year’s timing with prior cycles, noting that previous Bitcoin bear-market lows occurred shortly after midterm elections in 2014, 2018 and 2022. In contrast, this year’s low of $57,850 occurred on July 1, 125 days before the November 3 midterms. By October 22 the price had recovered by about 40% to roughly $81,455. The analysis concludes that any price weakness around the elections is more closely connected to Bitcoin’s own internal cycles than to the electoral calendar.
Taken together, the day’s headlines reflected both idiosyncratic corporate-level developments and larger macro-political shocks. Anthropic’s public filing introduces a major AI company to public markets, while Brazil’s market response underscored how elections can trigger sharp capital moves; at the same time, corporate crypto balance-sheet activity and analyst reports continue to shape the debate over whether Bitcoin has moved beyond its cycle low.