Crypto Pulse Media

Canary Capital Group LLC, an investment firm focused on digital asset products, filed a registration statement with the U.S. Securities and Exchange Commission (SEC) on April 8. The filing outlines the proposed Canary PEPE ETF (the Trust), designed to track the price of the PEPE token. The product aims to provide regulated exposure to a meme-based cryptocurrency. The filing states:
The Trust provides investors with the opportunity to access the market for PEPE through a traditional brokerage account without the potential barriers to entry or risks involved with acquiring and holding PEPE directly. The Trust will not use derivatives that could subject the Trust to additional counterparty and credit risks,” the filing explains.
The document explains that the Trust is structured as an exchange-traded product (ETP) issuing shares of beneficial interest that will trade on a public exchange. It details that the Trust will hold PEPE tokens directly as its primary asset and will not engage in derivatives or synthetic exposure. The filing states:
A small portion of the Trust’s assets, capped at five percent, will initially be held in ETH to cover transaction fees on the Ethereum network. The filing indicates that ongoing fees and expenses are expected to gradually reduce the Trust’s PEPE holdings over time, potentially approaching zero. It also notes that these costs and asset reductions could prevent the trust from fully achieving its stated investment objective.
The registration statement highlights risks associated with meme tokens, including speculative demand cycles, limited historical data, and potential market manipulation. “Unlike other digital assets such as bitcoin, the value of PEPE is not primarily related to its utility as a means of transaction and its acceptance in the retail sector is limited,” it describes, adding:
The proposal reflects broader efforts by asset managers to expand crypto investment vehicles into niche and high- volatility digital assets.
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Coinbase’s chief legal officer, Paul Grewal, revealed on Sept. 11 that the company had escalated its legal challenge against the U.S. Securities and Exchange Commission (SEC), citing a watchdog report that confirmed widespread failures in record preservation. Grewal stated on social media platform X:
His comments came as History Associates, representing Coinbase, filed a status report in the U.S. District Court for the District of Columbia.
A Sept. 3 report from the SEC Office of Inspector General (OIG) revealed that nearly a year of former Chair Gary Gensler’s text messages—from October 2022 to September 2023—were permanently deleted under a new device-wiping policy. The missing texts align with the collapse of FTX and the SEC’s increased enforcement actions against crypto firms, including Coinbase. “The SEC OIG report last week revealed texts from October 2022-September 2023 were destroyed. The Gensler SEC did this even though we asked for information about ‘all communications’ within the SEC related to crypto regulatory and enforcement decision-making years ago,” Grewal detailed.
The filing argues the SEC failed to meet its FOIA obligations, delayed searches until April and June 2025, and admitted that many officials’ devices could not be backed up. The OIG found that at least 21 senior SEC officials’ text messages may already be lost and that around 40 additional devices remain at risk. Recovered texts from third parties showed substantive discussions about pending enforcement actions, settlements, and speeches on crypto—contradicting earlier claims that Gensler used texts only for administrative purposes.
Coinbase is pressing for remedies. Grewal declared:
The company contends that the SEC’s approach has undermined transparency, highlighting the irony that the agency has penalized private firms over $1 billion for recordkeeping lapses while engaging in similar conduct itself. Pro- crypto advocates argue that holding regulators to the same accountability standards is essential for preserving public trust in financial oversight
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Global banks are accelerating their integration of blockchain into traditional finance as JPMorgan Chase & Co. has reportedly begun rolling out its deposit token, JPM Coin, to institutional clients, underscoring the rapid institutional adoption of tokenized money. The initiative reflects a broader industry trend toward regulated blockchain-based payment systems following the passage of the Genius Act, which established U.S. oversight of stablecoins.
Naveen Mallela, global co-head of Kinexys, a division within J.P. Morgan focused on digital assets and digital payments, was quoted by Bloomberg as saying:
He explained that JPM Coin represents dollar deposits and operates on the Coinbase Global-affiliated public blockchain Base, enabling real-time, 24/7 transactions.
The rollout followed pilot programs with Mastercard, Coinbase, and B2C2, and JPMorgan plans to expand the token to other currencies and blockchains, pending regulatory approval. The bank has also trademarked the ticker JPME for a potential euro-denominated version and aims to extend accessibility to clients of its clients.
Unlike stablecoins, deposit tokens are claims on commercial bank deposits that can accrue interest, providing a regulated, yield-bearing option for institutional users. Bloomberg added that JPM Coin will be accepted as collateral on Coinbase, broadening its application across digital markets. With its Kinexys Digital Payments network already handling over $3 billion daily, JPMorgan’s move into deposit tokens marks a critical step in linking traditional finance with blockchain-enabled settlement systems.
JPM Coin is a blockchain-based deposit token by JPMorgan representing dollar deposits, designed for real-time, 24/7 institutional transactions.
Unlike stablecoins, JPM Coin is backed by commercial bank deposits and can earn interest, making it a regulated, yield-bearing instrument.
JPM Coin operates on the Base blockchain, affiliated with Coinbase Global Inc., supporting fast and secure institutional payments.
JPMorgan plans to add more currencies and blockchains, including a potential euro-denominated version under the trademark JPME.
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J.P. Morgan, a global financial institution, announced on Dec. 11 that it arranged a U.S. commercial paper issuance on the Solana blockchain for Galaxy Digital Holdings LP, involving purchases by Coinbase and Franklin Templeton and marking one of the earliest debt issuances executed on a public blockchain.
Today’s transaction is an important step toward understanding the role blockchain will play in the future of financial markets,” Scott Lucas, head of markets digital assets at J.P. Morgan, commented. “This trade demonstrates institutional appetite for digital assets and our capability to securely bring new instruments on-chain using Solana. As a client-centric business, we remain focused on meeting the evolving demand for digital asset exposure while preserving the integrity of traditional markets.”
J.P. Morgan detailed that it created the on-chain USCP token, structured the issuance, and settled the transaction in USDC stablecoins. Galaxy said the structure improves its short-term funding capabilities, while leaders from Coinbase, Solana, and Franklin Templeton emphasized the increasing institutional shift toward public blockchain infrastructure as real-world assets begin moving into programmable, transparent markets supported by digital rails.
Sandy Kaul, head of innovation at Franklin Templeton, opined:
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Global integration of digital assets into regulated markets is gaining momentum, with Europe emerging as a central hub for innovation. Deutsche Börse Group, one of the region’s largest market infrastructure providers, announced on Sept. 30 that it signed a memorandum of understanding with Circle Internet Group Inc. (NYSE: CRCL) to collaborate on deploying Circle’s products, including its EURC and USDC stablecoins, across Deutsche Börse’s ecosystem. The agreement is the first of its kind between a European exchange operator and a global stablecoin issuer, underscoring the momentum around Europe’s Markets in Crypto Assets Regulation (MiCAR).
It also marks a key step in advancing the regulated adoption of stablecoins across European markets,” the announcement adds.
The initial focus will be on listing and trading Circle’s products through Deutsche Börse’s 360T platform and 3DX digital exchange, combined with custody and settlement solutions delivered by Clearstream and supported by Crypto Finance. The collaboration leverages MiCAR’s regulatory clarity, which Circle was the first global issuer to comply with, and aims to integrate tokenized payments into a fully regulated environment.
Deutsche Börse Group, an international exchange organization and market infrastructure provider, is headquartered in the Frankfurt/Rhine-Main financial center. It maintains a global presence with offices in Luxembourg, Prague, Cork, London, New York, Chicago, Hong Kong, Singapore, Beijing, Tokyo and Sydney.
Circle’s co-founder, chairman and CEO Jeremy Allaire also highlighted the expected impact: “Together with Deutsche Börse Group, we’re planning to advance the use of regulated stablecoins across Europe’s market infrastructure—reducing settlement risk, lowering costs, and improving efficiency for banks, asset managers, and the wider market.” The executive continued:
While critics warn that widespread stablecoin adoption could add systemic risks, advocates argue that the combination of compliance, trusted infrastructure, and institutional-grade custody provides safeguards. Supporters see the Deutsche Börse–Circle tie-up as a step toward a future where digital assets and traditional securities coexist seamlessly within Europe’s capital markets.
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Morgan Stanley Investment Management announced on April 23 the launch of the Stablecoin Reserves Portfolio (MSNXX), a government money market fund. The product is part of the Morgan Stanley Institutional Liquidity Funds trust. It is designed to align with stablecoin reserve investment requirements under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
Fred McMullen, co-head of Global Liquidity at Morgan Stanley Investment Management, said:
The Stablecoin Reserves Portfolio provides payment stablecoin issuers with an eligible money market fund option for investing required reserves backing outstanding payment stablecoins. The fund seeks preservation of capital, daily liquidity, and maximum current income while maintaining a stable $1.00 net asset value. It allocates assets only to cash, U.S. Treasury bills, notes, and bonds with maturities of 93 days or less. It also includes certain overnight repurchase agreements collateralized by U.S. Treasury securities or cash. McMullen highlighted growth in the sector, noting the increase in stablecoin issuers and the expanding volume of assets held in stablecoins.
Amy Oldenburg, head of Digital Asset Strategy for Morgan Stanley, emphasized expanding access to digital investment solutions across the firm. She noted efforts to develop new ways to work with stablecoin issuers as part of broader financial infrastructure modernization. The initiative aims to improve institutional client experience while supporting evolving market structures. The Stablecoin Reserves Portfolio adds to the firm’s ongoing digital asset strategy. In April, Morgan Stanley Investment Management also introduced its first cryptocurrency exchange traded product, the Morgan Stanley Bitcoin Trust, which seeks to track bitcoin performance.
The firm has also advanced tokenization initiatives earlier this year. It introduced DAP Class shares within its Treasury Securities Portfolio, designed for participation in BNY’s mirrored record tokenization initiative. These shares are accessible through BNY’s LiquidityDirect and Digital Asset platforms, with values represented on a blockchain while official records remain maintained by BNY. McMullen said:
The Stablecoin Reserves Portfolio builds on efforts to expand digital asset offerings and address institutional demand.
This launch followed the debut of Morgan Stanley Bitcoin Trust, a bitcoin exchange-traded product tracking BTC performance. The product carried a 0.14% sponsor fee and used the Coindesk Bitcoin Benchmark 4PM NY Settlement Rate. Prominent financial advisor Ric Edelman said Morgan Stanley’s 16,000 financial advisors could support new crypto asset flows through the firm’s ETF strategy, highlighting how advisor access may influence distribution. The fee structure also positioned the product competitively within the bitcoin ETF segment as firms continue adjusting offerings amid evolving investor demand and increasing market participation.
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A coordinated global regulatory shift and institutional investment in infrastructure are accelerating stablecoins toward mainstream adoption, reshaping how digital money functions at scale. Mastercard shared on July 17 in a post authored by Jesse McWaters, Executive Vice President and Head of Global Policy, that stablecoins are moving closer to mass-market use as legal clarity and technical integration align.
The U.S. Congress’s approval of the GENIUS Act, alongside the now-active European Union’s Markets in Crypto-Assets (MiCA) framework, has created a regulatory foundation that encourages adoption. Countries like Singapore, Hong Kong, and the United Arab Emirates are implementing similar frameworks, forming a global blueprint. Mastercard stated:
Mass adoption, however, depends on more than legal structure—it requires infrastructure that supports security, trust, and ease of use. Mastercard highlighted how stablecoins are already facilitating faster, lower-cost cross-border payments and enabling flexible compensation for gig workers and content creators. Yet to expand beyond niche use, McWaters explained they “need to be embedded in systems that people trust,” emphasizing the need for built-in user protections and cross-platform operability.
The goal is to make stablecoin use as seamless and dependable as mainstream payment methods.
To that end, Mastercard has developed products like the Mastercard Multi-Token Network and Mastercard Crypto Credential to support stablecoin transactions at scale. These tools are built to manage settlement, enhance safety, and ensure compliance, enabling stablecoins to operate within global financial norms. McWaters concluded:
Despite ongoing scrutiny of crypto markets, Mastercard’s structured approach demonstrates how digital assets can become part of everyday commerce under the right regulatory and technical conditions.
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Access to financial services has become a focal policy concern as federal regulators scrutinize industry practices. Federal Trade Commission (FTC) Chairman Andrew N. Ferguson issued warning letters on March 26 to Paypal, Stripe, Visa, and Mastercard, addressing customer access and compliance with the FTC Act.
Regulatory attention centers on whether platform decisions to restrict users align with contractual obligations and consumer expectations. The correspondence highlights reported instances in which customers were denied services tied to political or religious positions, raising potential concerns about unfair or deceptive conduct. Ferguson wrote:
The warning signals that actions inconsistent with stated terms or reasonable expectations could trigger investigations or enforcement measures.
Concerns outlined in the letters extend to the broader financial ecosystem, including the role of payment networks in enabling or restricting transactions. Companies are cautioned that facilitating third-party decisions to remove users from services may also fall within regulatory scope if such conduct conflicts with disclosed policies. Ferguson stressed:
Enforcement history reinforces the agency’s posture, as the FTC has pursued cases against payment platforms over misleading fee disclosures, contract terms, and conduct that enabled fraud. The latest outreach underscores that similar scrutiny could apply to account restrictions or service denials if they diverge from representations made to users. Officials also referenced a 2025 executive order emphasizing that denying services based on political affiliation, religious belief, or lawful activity is unacceptable, framing expectations for compliance across major payment providers.
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Payments giant Visa announced on July 31 that it is extending its stablecoin settlement infrastructure by integrating more digital currencies and blockchain networks, a move aimed at scaling global payment capabilities. The company confirmed:
The new additions include the Global Dollar (USDG) and Paypal USD (PYUSD), both dollar-pegged stablecoins supported through a partnership with Paxos, as well as Circle’s euro-backed EURC. Stellar and Avalanche have also been added to Visa’s list of supported blockchains, joining Ethereum and Solana.
Visa also supports USD Coin (USDC). On March 29, 2021, the payments giant launched a pilot to settle transactions using USDC over the Ethereum blockchain, initially with Crypto.com. This marked Visa as a pioneer in integrating stablecoins for payment settlement, aiming to modernize its global payment network and streamline cross-border money movement.
By diversifying both its digital asset and blockchain exposure, Visa now enables transactions with four different stablecoins across four blockchain ecosystems. This development is part of the firm’s larger push to provide seamless interoperability and settlement flexibility for crypto-native and traditional payment platforms. Rubail Birwadker, Visa’s Global Head of Growth Products and Strategic Partnerships, emphasized the firm’s long-term commitment to supporting digital currencies at scale.
Support for both USD- and EUR-backed stablecoins allows participating partners to tap into multi-currency settlement using blockchain infrastructure. The strategy complements an existing network that already facilitates settlement in more than 25 fiat currencies. While some observers continue to raise concerns about regulatory clarity and digital asset volatility, proponents argue that stablecoins—backed by trusted platforms and deployed at scale—could meaningfully improve cross-border and onchain payments.
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Stablecoins are becoming an increasingly common tool in financial markets, viewed as faster, cheaper, and more globally accessible than traditional settlement systems. Coinbase reinforced this perspective on Aug. 19, 2025, posting on social media platform X:
The message was in response to Bullish’s announcement that it had completed a $1.15 billion initial public offering (IPO) and elected to receive the proceeds in multiple stablecoins rather than conventional cash settlement.
The proceeds were distributed across a wide range of stablecoins. The majority were settled in USD Coin (USDC) and EUR Coin (EURC). Additional allocations included USD Coinvertible (USDCV) and EUR Coinvertible (EURCV) issued by Societe Generale-FORGE, Global Dollar (USDG) from Paxos, Paypal USD (PYUSD) from Paxos, Ripple USD (RLUSD) on the XRP Ledger, USD1 from World Liberty Financial, Agora Dollar (AUSD) from Agora, and EURAU from Allunity.
Most of these tokens were minted on the Solana blockchain. Jefferies coordinated the minting, conversion, and delivery as the IPO’s billing and delivery agent. Bullish CFO David Bonanno described the strategy:
He also emphasized their operational benefits: “We leverage them for rapid and secure global fund transfers, especially on the Solana network.”
Industry figures underscored the broader significance of the settlement model. Lily Liu, President of the Solana Foundation, stated: “ Bullish’s use of stablecoins in its IPO merges public market infrastructure with blockchain rails.” Coinbase executive Greg Tusar described the transaction as “a historic moment” that showcases stablecoins’ role in modernizing financial systems, particularly as regulatory clarity improves.
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Stablecoin settlement is now moving deeper into institutional credit. Coinbase Asset Management announced on April 30, 2026, the launch of Coinbase Stablecoin Credit Strategy, a tokenized credit fund for qualified investors and institutions. The strategy, called CUSHY, offers credit exposure through onchain infrastructure, tokenized shares, and stablecoin-focused market access.
CUSHY allows eligible investors to hold tokenized shares with transparency and 24/7 onchain utility. The fund runs on Superstate’s FundOS platform, which supports fund tokenization. Coinbase Asset Management said:
The strategy focuses on public credit, private and opportunistic credit, and structural alpha. Those categories include liquid credit instruments, asset-based lending for digital and traditional borrowers, and opportunities tied to tokenization, protocol incentives, rewards, and onchain market structures.
The company said stablecoin transaction volume exceeded $33 trillion in 2025, with an average of 89 million addresses holding stablecoins daily across major blockchains. It added: “To meet the evolving needs of these sophisticated investors, Coinbase Asset Management is proud to introduce CUSHY – a digital credit strategy, designed to bridge the gap between traditional credit markets and the growing digital asset ecosystem.” CUSHY is supported by Coinbase Prime, Superstate, and Northern Trust, with Base, Solana, and Ethereum listed as supported networks.
Risk controls are central to the product. Coinbase Asset Management said CUSHY uses standards for underwriting, diversification, liquidity, and credit quality review. Coinbase stressed:
The launch positions tokenized credit as a link between stablecoin settlement, institutional lending, and digital asset infrastructure.
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Robinhood Markets Inc. reported a 27% increase in fourth-quarter revenue, reaching $1.28 billion compared to $1.01 billion in the same period last year. While the growth highlights the company’s expanding scale, the results fell short of the $1.34 billion target set by Wall Street analysts. The quarter was characterized by a 34% decline in net income attributable to common stockholders, which dropped to $605 million from $916 million a year prior.
The year-over-year dip in quarterly profit was primarily tied to a significant shift in tax accounting. In the fourth quarter of 2024, Robinhood benefited from a $358 million income tax credit. In contrast, the company recorded a tax provision of $56 million for the final quarter of 2025.
Operational expenses also weighed on the quarter, surging 38% as the firm ramped up investments. Management noted that the increased spending was largely driven by aggressive marketing, growth-oriented initiatives, and costs associated with recent acquisitions. Despite these pressures, the company saw growth across all its primary revenue streams, supported by a massive influx of new capital. Net deposits for the quarter reached $15.9 billion, representing a 19% annualized growth rate relative to assets at the end of the previous quarter.
Reflecting on the full-year performance, CFO Shiv Verma described 2025 as a “record year” that saw the company achieve new highs in net deposits, trading volumes, and Gold subscription numbers. Total annual revenue jumped 52% to $4.47 billion, while full-year net income rose to $1.88 billion. Verma expressed optimism for the year ahead, noting that 2026 is already off to a strong start with a continued focus on driving profitable growth for shareholders.
We are incredibly excited about our plan and momentum for the year ahead as we focus on shipping great products for customers and driving profitable growth for shareholders,” Verma said.
Chief Executive Officer Vlad Tenev emphasized that the company remains committed to its long-term vision of becoming a “financial superapp.” This strategy appears to be gaining traction with users; over the past twelve months, Robinhood attracted $68.1 billion in net deposits, a 35% growth rate relative to the platform’s total assets at the end of 2024.
The company also continued its capital return program, repurchasing $653 million worth of Class A common stock during the year. This translated to 12 million shares at an average price of $54.30. Since the buyback program was initiated in mid-2024, Robinhood has repurchased approximately 22 million shares for a total value of $910 million.The company also continued its capital return program, repurchasing $653 million worth of Class A common stock during the year. This translated to 12 million shares at an average price of $54.30. Since the buyback program was initiated in mid-2024, Robinhood has repurchased approximately 22 million shares for a total value of $910 million.
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Retail trading platform Robinhood (Nasdaq: HOOD) announced on social media platform X on June 27 the launch of new futures products, including micro XRP futures, as part of an expansion of its cryptocurrency derivatives offerings. The company stated:
These contracts are cash-settled and available for trading nearly 24 hours a day, from 6 p.m. to 5 p.m. ET. Micro XRP futures are structured with a 2,500-unit multiplier and a minimum tick size of 0.0005, giving each tick a value of $1.25. This design provides a smaller-scale alternative to Robinhood’s standard XRP futures contract, which uses a 50,000-unit multiplier and a $25 tick value. The reduced contract size aims to make XRP futures more accessible to retail traders, allowing for more precise risk management and capital efficiency.
The timing of Robinhood’s new product launch coincides with a pivotal development in the XRP ecosystem as Ripple has announced the withdrawal of its cross-appeal in the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). The SEC is expected to follow suit. This move comes after a federal judge rejected a joint motion to reduce Ripple’s penalty and lift an injunction, prompting Ripple to consider ending its appeal. The anticipated resolution would uphold the court’s earlier determination that XRP sales on public exchanges do not constitute securities transactions, while Ripple’s institutional sales did violate securities laws. This legal clarity is poised to enhance market confidence and could lead to increased trading volumes in XRP-related products.
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A strategic leap toward crypto treasury innovation is unfolding as Webus International Ltd. (Nasdaq: WETO) announced that it has secured capital to strengthen its XRP-driven financial framework across key international markets. The company stated on July 1 that it “signed a conditional Securities Purchase Agreement with Ripple Strategy Holdings for a senior equity line of credit of up to US$100 million.”
The agreement, pending regulatory and underwriting approvals, allows Webus to access the funding over a 24-month period with tranche sizes ranging from $250,000 to $3 million. This funding mechanism is designed for controlled, market-sensitive capital deployment, aimed at supporting long-term growth with minimal shareholder dilution. The company outlined its use of proceeds, stating:
Chief Executive Officer Nan Zheng added perspective on the funding’s strategic value: “This $100 million facility reflects strong confidence in our long-term XRP strategy … It provides us flexibility to raise capital strategically, only when needed, while minimizing shareholder dilution. We believe this will help us accelerate the growth across North America and Asia-Pacific, and strengthen our leadership in crypto-powered premium mobility.”
In a parallel move, Webus has implemented a Delegated Digital-Asset Management Agreement with an authorized cap of up to $300 million for XRP-focused treasury operations. This framework enables blockchain-backed liquidity strategies aimed at enhancing the efficiency of cross-border mobility services. Advocates argue that such integration can optimize settlement speed and reduce costs, even as regulatory scrutiny around crypto assets continues to evolve.
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Investor enthusiasm for XRP is fueling the creation of regulated financial products that provide access to its price movements. Asset manager Proshares announced on July 15 the launch of the Proshares Ultra XRP ETF (UXRP) and the Proshares Ultra Solana ETF (SLON), two leveraged exchange-traded funds (ETFs) designed to deliver 2x the daily performance of XRP and solana, respectively. Rather than holding XRP directly, UXRP uses futures and derivatives to replicate the token’s daily movements.
Proshares, which manages over $85 billion in assets and offers one of the largest lineups of ETFs, is expanding its suite of crypto-linked products with this launch. The debut followed a regulatory step forward a day earlier. On July 14, NYSE Arca filed a letter with the U.S. Securities and Exchange Commission (SEC) stating:
Designed for traders seeking short-term directional plays, UXRP gives investors a way to pursue XRP’s volatility without handling the token directly. Though daily-reset leverage introduces additional risk, XRP’s growing use in cross-border payments strengthens its long-term case. Regulated instruments like UXRP enable market participants to engage with digital assets in more traditional frameworks.
UXRP joins a crypto ETF lineup that includes a U.S. bitcoin-linked fund (BITO), an ether-linked ETF (EETH), and short-position products like BITI and SETH. “SLON targets 2x the daily performance of solana, and UXRP targets 2x the daily performance of XRP—two of the world’s largest cryptocurrencies,” Proshares noted. CEO Michael L. Sapir commented:
The chief executive further shared: “SLON and UXRP provide the opportunity to target leveraged exposure to solana and XRP, allowing investors to overcome the challenges of acquiring leveraged exposure to these cryptocurrencies.”
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A sharp divergence in exchange-traded fund (ETF) revenue streams reveals how investor demand for crypto exposure is overtaking traditional equity strategies in fee generation. Blackrock (NYSE: BLK), the world’s largest asset manager, is now estimated to be earning more from its Ishares Bitcoin Trust ETF (IBIT) than from its flagship Ishares Core S&P 500 ETF (IVV), signaling a growing shift toward digital assets in institutional portfolios.
While IBIT’s assets under management are nearly nine times smaller than IVV’s, its 0.25% expense ratio translates into roughly $187.2 million in annual revenue—just above the $187.1 million generated by IVV’s 0.03% fee, according to a Bloomberg calculation. Since its January 2024 debut, IBIT has gathered approximately $75 billion in assets and now holds over 55% of the total market share in bitcoin ETFs.
Increased regulatory clarity has played a pivotal role. U.S. regulators’ approval of spot bitcoin ETFs paved the way for institutional participation, unlocking demand from hedge funds, pension funds, and banks. As Bloomberg Intelligence notes, IBIT ranks among the top 20 ETFs by trading volume. Emphasizing investor willingness to pay more for non-traditional exposures seen as value-adds, Nate Geraci, president of Novadius Wealth Management, was quoted by the news outlet as saying:
Bespoke Investment Group co-founder Paul Hickey explained that bitcoin’s perceived role as a store of value has positioned it as a leader in the cryptocurrency market, outpacing other digital assets. He opined: “It’s an indication of how much pent-up demand there was for investors to gain exposure to bitcoin as part of their overall portfolio without having to open a separate account somewhere else.”
Larry Fink, CEO of Blackrock, has become remarkably supportive of bitcoin, a notable reversal from his earlier skepticism. He now regards bitcoin as a “digital gold” and a viable hedge against inflation and currency debasement, particularly amid rising national debt and geopolitical uncertainty. He stated that if sovereign wealth funds allocate just 2%-5% of their portfolios to bitcoin, its price could rise to “$500,000, $600,000, $700,000 per bitcoin.” Fink believes increased transparency and liquidity will accelerate bitcoin’s acceptance as a mainstream asset class.
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Bitcoin exchange-traded funds (ETFs) are again posting broad positive flows, signaling renewed institutional demand for BTC exposure through regulated products. On April 23, Bloomberg Intelligence analyst Eric Balchunas said the category had turned positive across every rolling period he tracks, a notable shift after months of uneven momentum. The setup matters because spot ETF flows remain one of the clearest indicators of how traditional finance is positioning around bitcoin.
Balchunas explained that bitcoin ETF flows are now “back in the high life,” meaning the category has returned to a stronger and more consistent inflow trend. His main point was that every major rolling window has moved back into positive territory, including short-term and longer-term periods, a pattern the market had not seen in months. He also emphasized the scale of Blackrock’s Ishares Bitcoin Trust (IBIT), saying its roughly $3 billion in year-to-date inflows places it in the top 1% of all ETFs. At the same time, he said the group still needs a few billion dollars more to move past its prior high in cumulative lifetime net flows, which stands at $62.8 billion. That framing presents the current move as a meaningful recovery, but not yet a fresh record for the category.
The table he posted shows that improvement clearly. Total net flows reached $335.82 million over one day and $1.28 billion over one week, then climbed to $2.16 billion over one month. Over three months, net flows stood at $1.85 billion, while year-to-date flows also came in at $1.85 billion. IBIT was the clear leader across nearly every period, with $246.88 million in daily inflows, $907.97 million over one week, $1.92 billion over one month, $2.17 billion over three months, and $3.08 billion year-to-date. Fidelity Wise Origin Bitcoin Fund (FBTC) added another layer of support, posting $56.69 million in daily inflows and $170.92 million over one week. Those figures show the rebound is being driven by large, established products rather than scattered one-day moves.
The rest of the table shows where pressure still remains and how flows are being distributed across the market. Grayscale Bitcoin Trust (GBTC) continued to record outflows, with $16.56 million leaving in one day, $77.08 million over one week, $255.86 million over one month, and $960.43 million year-to-date. Smaller funds—including Bitwise Bitcoin ETF (BITB), ARK 21Shares Bitcoin ETF (ARKB), Vaneck Bitcoin Trust (HODL), Invesco Galaxy Bitcoin ETF (BTCO), and Franklin Bitcoin ETF (EZBC)—posted modest positive figures across several periods. That mix suggests demand is broadening, but capital is still concentrating heavily in IBIT and, to a lesser extent, FBTC. For investors and the broader crypto market, the message is direct: spot bitcoin ETFs have regained momentum across all tracked windows, yet the category still needs more inflows before it can claim a new cumulative record.
$USDC
$XRP
$BNB

SBI Group, one of Japan’s most prominent financial conglomerates, announced on May 1, 2026, that it has begun issuing the SBI Visa Crypto Card and its Gold version, which automatically convert spending points into a user-selected asset from BTC, ETH, or XRP. The cards are designed to link routine payments with crypto accumulation.
Users must select one asset at the time of application, choosing from BTC, ETH, or XRP. The announcement states, as translated from Japanese:
Once selected, points earned from card spending are automatically converted into the chosen asset on a monthly basis without exchange fees. Users must hold an account with SBI’s crypto asset service to receive rewards, though existing account holders do not need to open a new account. The structure keeps accumulation consistent and directly tied to spending activity.
The cards also extend into investing through SBI Securities’ credit card investment trust accumulation service. The company stated: “First in Japan! Earn cryptocurrency with credit card investment trust savings!” This feature enables crypto accumulation alongside monthly investment contributions.
The two cards differ in base rewards, fees, and benefits. Standard users can earn up to 0.8%, while Gold users can earn up to 1.3% under normal conditions. The standard card is free in the first year, then costs ¥1,650 annually, with the fee waived after ¥100,000 in yearly spending. The Gold card is also free in the first year, then costs ¥6,600 annually. Users who spend at least ¥2 million per year on the Gold card receive crypto equal to the annual fee.
Both cards include theft and loss protection, while the Gold version adds travel accident insurance, shopping protection, and airport lounge access, capped at three uses yearly. These benefits apply independently of the promotional campaign.
The launch campaign runs for users who apply between May 1 and May 31, 2026. Spending through Aug. 5 determines campaign rewards. Standard users can receive up to 2.5%, capped at 1,500 points, while Gold users can receive up to 10%, capped at 5,000 points. The promotion temporarily increases reward rates above standard levels.
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Bitcoin briefly reclaimed $79,000 late Sunday following reports that Iran had submitted a proposal to the U.S. aimed at reopening the Strait of Hormuz. Market data show the cryptocurrency rose from just under $78,000 to a session high of $79,490 within three hours. It stayed above $79,000 until the early hours of April 27, when it plummeted to $77,500, effectively wiping out the gains made hours earlier.
The retreat erased more than $30 billion from bitcoin’s value and dragged its market capitalization back to $1.55 trillion. The price volatility, which Coinglass data showed exceeded 2.63%, resulted in approximately $56.8 million in bitcoin short liquidations over 12 hours, compared to $38 million in longs.
As reported by several media outlets, Iran delivered its proposal via Pakistani mediators, suggesting an extended ceasefire and the reopening of the strait in exchange for a pause in the U.S. naval blockade. While the U.S. Military’s initial strikes and pressure campaign may not have achieved desired results, the naval blockade of Iranian ports has seemingly turned the tables by depriving the country of a vital revenue source.
By seeking an end to the blockade and an extension of the ceasefire, Iran signaled it may be ready to make a giant concession to end a war that has devastated the global economy. However, some observers noted that Tehran’s proposals appear to relegate a key issue that led President Donald Trump to launch strikes: the nuclear program. The Strait of Hormuz and the U.S. blockade, they say, are products of the war that both parties might use to exit a conflict that lacks a clear off-ramp for the U.S.
While Middle East tensions have fueled bitcoin’s rise in recent weeks, some analysts believe the price action indicates the cryptocurrency is exiting a bear market. Michaël van de Poppe, founder of MN Fund, said a breakout above $84,000 and $87,000 would be evidence that “we’re done with the bear market.”
If you look at the statistical impact of the previous crash to $60,000, there’s been only one scenario where the markets have hit new lows: the fourth quarter of 2022 during the FTX collapse,” van de Poppe said.
Although he conceded a cataclysmic event similar to FTX could happen again, van de Poppe asserted that, statistically, a new all-time high is typically reached in less than 12 months following such a collapse.
As of 3:30 a.m. EDT on April 27, market data show bitcoin has gained approximately 15% since the start of the month. The rally has helped narrow the cryptocurrency’s year-to-date losses to 11%, down from a peak of more than 20% seen at the end of March
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Hours after reclaiming the $79,000 threshold, bitcoin tumbled well below $77,000 as the earlier enthusiasm sparked by reports that Iran had submitted a peace plan to end the Middle East war permanently dissipated. In fact, Bitstamp data show that bitcoin experienced two sharp price drops on April 27, first shortly after it tapped an intraday high of $79,490 around midnight.
After appearing to consolidate below $77,800, the top cryptocurrency briefly topped $78,000 before a sell-off saw it shed approximately $1,500 in under one hour to reach a session low of $76,567. Subsequent attempts to reverse the losses stalled shortly after it breezed past $77,000; at the time of writing, the cryptocurrency traded around $76,700.
With this price action, bitcoin’s 24-hour losses mounted, reaching 1.7%, which helped drag down its market capitalization from around $1.56 trillion observed in the early morning session to $1.54 trillion at 12:45 p.m. EDT.
While bitcoin has spent much of the last few weeks in a tight correlation with global risk assets, Monday’s slide marked a notable decoupling. The cryptocurrency’s decline appeared little more aggressive than the action in European and U.S. equities, which remained largely range-bound and flat.
This downward pressure on the top cryptocurrency stood in stark contrast to the bullish momentum in the Asia-Pacific region. Leading the charge, South Korea’s Kospi index surged to a historic milestone, breaching the 6,600 level for the first time in its history. This regional rally was not entirely uniform, however; Hong Kong’s Hang Seng index emerged as a minor outlier, paring gains to close with a marginal 0.2% retreat.
Asian stocks surged alongside bitcoin following reports that Iran submitted a proposal to the Trump administration. However, Western commentators noted that the offer avoids the critical nuclear issue. Although the administration is reportedly reviewing the document, analysts argue that because the conflict originated from disagreements over Iran’s nuclear enrichment, Washington is unlikely to accept the current terms.
Still, with Brent Crude oil prices climbing back above $100 per barrel, some observers suggest the administration may be incentivized to negotiate to reopen the Strait of Hormuz. Restoring access to the strait could drive oil prices below $90, providing consumer relief and tempering global recession fears.
Meanwhile, bitcoin’s continued slide on Monday saw $110 million in long bets get liquidated, versus $59 million in shorts. Overall, the crypto economy saw $454 million in leveraged positions wiped out, with long bets accounting for $284 million of the total.
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