贝莱德 · 3210

Shinhan Asset Management cooperates with Solana Foundation and others to promote the issuance of tokenized funds denominated in Korean won

Comparatively, South Korea's Shinhan Asset Management Co., Ltd. signed a four-party memorandum of understanding with the Solana Foundation, Etherfuse, and Orca to jointly promote proof of concept for the issuance of tokenized funds denominated in Korean won. The fund structure is based on BlackRock's BUIDL fund. Overseas institutional investors purchase a won ultra-short-term bond fund managed by Shinhan Asset Management, and their holdings will be issued in tokenized form. The proof of concept will cover KYC/AML frameworks, security audits, blockchain operations, compliance, and on-chain liquidity design. Lee Seok-won, CEO of Shinhan Asset Management, said that the goal is to have corresponding capabilities as soon as the system is implemented and lead the Korean won digital financial products market. The National Assembly of South Korea passed an amendment to the STO legal framework in January of this year, which will take effect in February 2027.

1d ago

Spot Bitcoin ETF's single-day turnover exceeded 5.3 billion US dollars, and BlackRock contributed more than 4.4 billion

In comparison, according to Watcher.Guru monitoring data, today's spot Bitcoin ETF turnover has exceeded 5.3 billion US dollars. Product turnover was as follows: BlackRock (BlackRock) $4.438 billion, Fidelity $438 million, Grayscale $209 million, Bitwise $107 million, ARK Invest $72.895 million, and VanEck $32.842 million. The remaining product turnover was: Morgan Stanley $14.8016 million, Franklin $11.1747 million, Invesco $5.5934 million, Valkyrie $1.525 million, WisdomTree $6001 million, and Hashdex $269 million, respectively. BlackRock accounts for more than 80% of all spot Bitcoin ETFs in a single day and continues to dominate the market.

1d ago

Broadcom plans to raise more than 60 billion US dollars, and the AI chip financing scale may reach 100 billion US dollars

According to Bloomberg, citing people familiar with the matter, Broadcom is negotiating an AI chip financing deal worth more than $60 billion with several lenders that will help AI companies, including Anthropic, obtain chips and other critical AI infrastructure. According to people familiar with the matter, the financing plan could include about $30 billion in subprime debt and about $60 billion to $70 billion in high-security debt. Broadcom will guarantee part of the advanced guarantee debt. If calculated on the scale currently discussed, the overall financing scale could reach up to 100 billion US dollars. Apollo and Blackstone are in talks with Broadcom to participate in this funding. According to the plan, the relevant debt may be issued by a special purpose vehicle (SPV), the transaction may also proceed in stages, and the specific size and structure may still change. The financing continues the AI infrastructure financing cooperation model previously established by Broadcom, Apollo, and Blackstone. Previously, the three parties had completed a financing of approximately $35 billion through the AI XPV platform. Investors such as Apollo and Blackstone funded the purchase of customized AI chips and then leased the chips to Anthropic, while Broadcom supported most of the debt, enabling advanced debt to receive investment grade ratings and reduce financing costs. The partnership will ultimately support more than 20 gigawatts of computational capacity building, corresponding to the size of infrastructure equivalent to the power generation capacity of about 20 nuclear power plants, and is expected to require hundreds of billions of dollars. This potential funding further highlights the huge demand for capital for AI infrastructure construction. Recently, Nvidia also announced that financial institutions, including BlackRock and Goldman Sachs, are raising more than 500 billion US dollars to support the expansion of the AI industry. The CEO of Broadcom previously said that the company expects AI chip sales to exceed $100 billion in 2027. As Broadcom continues to receive orders for customized AI chips from companies such as OpenAI, it is further expanding its competition with Nvidia in the AI chip and data center infrastructure market.

1d ago
Millions of dollars are rushing into the market, but some are in a hurry to exit: Pharos's high-interest treasury causes a “view of time” collision

Millions of dollars are rushing into the market, but some are in a hurry to exit: Pharos's high-interest treasury causes a “view of time” collision

Article: Sanqing, Foresight NewsSharos Network joined forces with Vault infrastructure agreement R25 and credit asset management agency Axil to launch Axil Prime Credit Vault (APC), an institutional consumer credit RWA wealth management product issued by Pharos on July 15. The products were launched simultaneously with Binance Wallet, TopNod, OKX Wallet, Bitget Wallet, and KuCoin Wallet, with a total fundraising limit of 100 million USDC, with a target annualization of about 14.3%. As of the closing of the deposit window, a total of $45.39 million had been deposited. This year, there have been frequent security explosions in Web3 on-chain strategies. User funds are looking for new stable income sources, and project parties are also there. Binance Wallet is now offering an additional $300,000 PROS as an incentive to explore RWA Vault's market space, causing the Vault to generate a lot of discussion in the market. The launch time coincided with the redemption period of the Pharos TGE pre-deposit campaign. The previous treasury required the submission of a redemption application about half a month before the end of the lockdown period, stop accruing interest on July 20, and complete the redemption within 7 days. Users accustomed to DeFi T+0 looked back and found that they couldn't help but missed the redemption period and began to question the redemption time and asset safety. R25 and Axil then held an AMA at Binance Square. Well-known KOLs such as Haotian and Tianqing participated in discussions, detailing the differences between RWA assets and DeFi Vault, the role of fund managers (Curators), why consumer credit is worth allocating, and risk management methods from pre-investment to post-investment. In complex asset logic and mixed social media discussions, some users put in one million funds on the last day, while others sought early redemptions from the project party. On July 23, Pharos issued an announcement: Users who submitted applications on time in the previous issue have received all principal and interest, breaking the “financial security” concerns; funds that missed the window will automatically be carried forward to the next three-month cycle according to the treasury's preset rules, and interest will continue to be accrued at 14% USDC per annum. The controversy revealed more important issues than the redemption itself. Although the RWA TVL has exceeded $38 billion, non-institutional chain users are clearly dissatisfied when investing in RWA products. Institution-driven, stable, and high interest rates, but often require longer lockdown periods and complex understanding costs. From DeFi to RWA, is the market really ready? High yield, low threshold, and high liquidity. BlackRock's “impossible triangle” of RWA's BUIDL threshold is $5 million. It is only open to qualified buyers, yet it can be redeemed almost instantly through the stablecoin channel; the APC threshold is so low that ordinary users can buy it at will; instead, it must be locked for three months. Liquidity has never been determined by how high or low the threshold is, but rather how quickly the underlying assets can be realized. The bottom layer of BUIDL is US treasury bonds, and the world's deepest secondary market can take over at any time; the bottom layer of APC is hundreds of thousands of emerging market consumer loans, and few people are ready to buy large amounts of capital at any time. This has formed a triangle that RWA cannot bypass at this stage: high yield, low threshold, and high liquidity; the three can only take two. For example, Franklin Templeton's BENJI starts at $20 (low threshold) and supports daily redemption (high liquidity), and the annualization is only 3% to 5%; if you want double-digit returns, you have to accept non-standard assets and a lock-up period. This is the liquidity premium. A significant portion of the excess income is the consideration for abandoning liquidity. APC, on the other hand, is a combination of high returns and a low threshold, and the cost is liquidity. There is nothing wrong with this trade-off itself; it also explains the full source of this controversy. Retail investors have obtained assets that were originally only open to institutions, and they have also taken over the agency's time rules that focus on long-term matching. The period of use of institutional funds is scheduled before investment, and the lockdown period is a predictable cost; private equity credit and closed-end funds already have redemption restrictions. However, most ordinary users on the chain are not the same; most of the latter's first appeal is to go in and out. So the current “retail” RWA is mostly just distribution-side retailing, to be precise. Web3 wallets and low initial investment amounts have contributed to a low threshold, but the liquidity structure is still designed according to institutional logic. Having understood this triangle, the remaining questions became specific: why must the liquidity side be sacrificed, a high income of 14.3%...

2d agoForesight News#WEB3

Data: BlackRock customers bought $122 million worth of ETH 2 hours ago, the biggest single transaction in the past 7 months

Comparatively, according to Arkham's monitoring, BlackRock's customers have just bought $122 million worth of ETH, the largest single purchase in nearly 7 months. According to the data, BlackRock's previous biggest single ETH purchase occurred on January 15 of this year, when the purchase volume reached US$149 million. The size of this purchase was second only to this transaction.

2d ago

The flow of capital shows that billionaire Ken Fisher's institutions bucked the trend with $4 billion to bottom long-term US debt

Comparing the news, billionaire Ken Fisher's company of the same name appears to be betting that the longest-tenured US Treasury bonds will rise, bucking the trend and seeking to profit from the opportunities presented by yields close to a 20-year high. Earlier this month, Fisher Investments was the main driver behind BlackRock's record $4 billion in exchange-traded funds (ETF) investing in 20-year US Treasury bonds and above. Meanwhile, BlackRock's other US Treasury bond fund with a shorter average term experienced an outflow of funds of a similar scale, indicating a shift in related funds to the longer end of the yield curve. A Fisher Investments spokesperson said the company was unable to comment on individual securities due to fiduciary obligations to customers. (Financial Services Association)

2d ago

Robinhood CEO: Tokenization will reshape the entire financial system, traditional assets, or fully on-chain

Comparing news, Robinhood CEO Vlad Tenev said that asset tokenization (tokenization) will become an important trend in future financial markets and ultimately change the entire global financial system. In an interview with CNBC's “Squawk Box,” Tenev said that tokenization not only applies to crypto assets, but will also cover traditional financial assets such as stocks, private equity, and real estate. Blockchain technology can improve asset transaction efficiency, reduce intermediate costs, and allow more investors to obtain market opportunities that were difficult to participate in before. Tenev also discussed the future direction of financial services such as predictive markets and intelligent trading agents (Agentic Trading). He said Robinhood is transforming from a simple trading platform to a wider range of financial infrastructure providers and hopes to use blockchain technology to drive the next generation of capital markets. “Tokenization will eat up the entire financial system.” Tenev has previously stated that the tokenization trend is like an unstoppable high-speed train, and financial assets may gradually migrate to on-chain operation in the future. Robinhood has continued to advance its tokenization strategy in recent years, including exploring the tokenization of private company equity to enable retail investors to access private equity markets traditionally dominated by institutions. Tenev believes that consumers have a strong demand for private equity investment, and tokenization can be an important bridge between traditional finance and crypto infrastructure. Bloomberg Additionally, Industry insiders believe that as financial institutions such as BlackRock and Robinhood accelerate the deployment of real-world asset (RWA) tokenization, the on-chain integration of traditional stocks, bonds, funds, and other financial assets is becoming an important trend in the fintech sector. However, issues such as regulatory frameworks, asset ownership confirmation, and investor protection remain key challenges that need to be addressed in large-scale popularization. (CNBC) This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

3d agoburnking
Wall Street Q2 holdings revealed: as institutions fall and buy more, ETH outperforms BTC across the board

Wall Street Q2 holdings revealed: as institutions fall and buy more, ETH outperforms BTC across the board

Source: ChainCatcher Author: Zhou Original title: Q2 Wall Street Institutional Crypto Positions: Most institutions bucked the trend, and ETH exposure completely outperformed BTC in the second quarter. ETF capital flows and institutional behavior were decoupled, and the institutionalization of crypto assets deepened; at the same time, institutional differences over crypto-related stock targets are also getting bigger. August 14 is the legal deadline for the US SEC to require institutional investors to submit Q2 13F forms. After the centralized disclosure of documents, Wall Street's crypto holdings were once again spread out on the table. There was a clear contrast between institutional movements and currency price trends this season. The price of Bitcoin fell by about 14.2%, while crypto holdings declared by institutions increased. According to Bitcoin Strategy's calculation of 13F data, institutional Bitcoin holdings increased 7.5% from about 498,000 to about 536,000, up 7.5% month-on-month, while total ETF holdings fell from about 1.297,000 to about 1,211,000 during the same period. According to SosoValue data, the US spot Bitcoin ETF continued to make net redemptions in the second quarter, with net outflows of about 2.4 billion and 4.5 billion US dollars in a single month in May and June, respectively. Among them, June set the worst monthly record since listing. The Ethereum ETF also had a cumulative net outflow of around $700 million over the same period. At the same time, the chips are concentrated on the head. The number of institutions declaring Bitcoin holdings dropped from about 2,000 to about 1,900. According to Bloomberg data, as of August 13, the number of institutional holders of an IBIT product reached about 1,500, with a net worth of about US$47.35 billion. The growth rate of Ethereum on the bank side completely outperformed Bitcoin. Previously, ChainCatcher wrote in the first quarter position review: Institutional interest in Ethereum's allocation is increasing, and Jane Street, Wells Fargo, and J.P. Morgan Chase all added Ethereum ETFs during the outflow phase. In the second quarter, this sign was confirmed on the bank side. According to DWF Labs estimates, in terms of the number of corresponding crypto assets, Morgan Stanley's exposure to BTC increased 3.7% month-on-month and ETH exposure increased 18.6% in the second quarter. J.P. Morgan's BTC exposure increased 12.2%, and ETH exposure increased 67.3%. Both banks are growing at a significantly higher rate of ETH than BTC. The individual level is more intuitive. Morgan Stanley's ETHA increased by about 202% to 4.6 million shares, J.P. Morgan's ETHA increased by about 338% to nearly 1.17 million shares, and Bank of America ETHA increased from about 67,500 shares to about 1.98 million shares, about 29 times the previous one. But in fact, there was an overall net outflow of Ethereum spot ETFs in the second quarter. According to SosoValue data, there was still a net inflow of about 356 million US dollars in April, net outflows of about 541 million and 529 million US dollars in May and June respectively, and a total net outflow of about 714 million US dollars in the second quarter. Jane Street bought it back. Hedge funds moved their positions into options. Last season, Jane Street cut IBIT holdings by about 71%. The market once speculated that it was bearish on Bitcoin. This quarter, it reversed IBIT and added back about 24.9 million shares, a sharp increase of about 324% over the previous quarter, making it one of the biggest buyers of the quarter. Its current spot Bitcoin ETF exposure is approximately $9.9 billion, of which approximately $828 million is in IBIT. As an authorized participant and market maker, its end-of-quarter inventory is related to redemptions and hedging, and a large amount on spot is not equal to a directional bet. It is worth noting that 13F only reported a long spot volume at the end of the quarter. If options were added, the image of several institutions would also reverse. Global macro hedge fund Brevan Howard cut spot IBIT from 24.3 million shares to 7.21 million shares in the second quarter, reducing its holdings by about 70.4%. But it also holds a call option corresponding to approximately 7.23 million IBIT shares and a put option of 5.27 million shares. Graham Capital reduced its current IBIT from about 926,000 shares to 259,000 shares, reducing its holdings by about 72%, while holding down options corresponding to about 1.74 million IBIT shares, with a declared value of about $57.94 million. Multi-strategy giant Millennium reduced current IBIT from about 19.29 million shares to 9.69 million shares, reducing holdings by about...

3d ago22#Wall Street #Bitcoin