FBTC · 360

Morgan Stanley Q2 sharply increased its Circle holdings to 8.32 million shares and increased Bitcoin and Ethereum ETFs

Comparing news, Morgan Stanley's latest 13F filing with the US SEC shows that as of June 30, it held approximately 16.5 million shares of BlackRock IBIT, up 23% from 13.4 million shares in the first quarter. However, due to the fall in Bitcoin prices during the quarter, the market value of this position fell from US$667 million to US$549 million, a decrease of about 18%. In the same period, Morgan Stanley also held 2.57 million shares of MSBT worth about US$43.3 million, and increased its holdings of Grayscale Bitcoin Mini Trust, Bitwise Bitcoin ETF, and Fidelity FBTC, with FBTC holdings increasing by nearly 38%. On the Ethereum side, its ETHA holdings increased by about 202% to 4.6 million shares, and Grayscale Ethereum-staked Mini ETF holdings increased by about 26% to 5.1 million shares. In addition, Morgan Stanley has also opened new positions in the Grayscale Solana Staking ETF and the Fidelity Solana Fund, with market capitalization of approximately $4.25 million and $2.26 million, respectively. In terms of individual stocks, Circle (CRCL) held by Morgan Stanley increased sharply from about 1.46 million shares to 8.32 million shares, while increasing the holdings of mining companies and infrastructure companies such as Cipher Digital, Core Scientific, Hut 8, and Bitdeer; on the other hand, it reduced its holdings of Coinbase by about 550,000 shares, reduced its holdings of CleanSpark by more than 3.1 million shares, and cleared about 8 million Bitfarms shares.

8d ago
Goldman Sachs spent $2.25 billion, and crypto followed the trend

Goldman Sachs spent $2.25 billion, and crypto followed the trend

Goldman Sachs is entering the ETF market again. On August 12, Goldman Sachs announced that it had reached an acquisition agreement with asset management company NEOS Investments, with a transaction consideration of up to US$2.25 billion, paid in cash and shares, and linked to some performance and service commitments. Currently, the transaction has not been completed, and regular conditions such as regulatory approval are still required. Delivery is expected in the first quarter of 2027. Because NEOS has three Bitcoin and Ethereum-related ETFs, the deal was quickly labeled “Goldman Sachs adds encryption.” But if you take a look at NEOS's asset composition, you'll find that crypto is actually only a small part of this deal. What Goldman Sachs really wants to buy is NEOS' ability in active ETFs, especially in options income strategies. With assets of 30 billion US dollars, crypto accounts for only about 4% NEOS was founded in 2022. Currently, it manages about 30 billion US dollars in assets, and has 19 option-type income ETFs. Its core strategy is uncomplicated: it superimposes options on top of asset exposures such as stock indices, bonds, gold, and Bitcoin, and earns additional income by charging option fees. What really supports the scale of NEOS is not Crypto. As of August 11, its two largest products — the S&P 500 High Income ETF (SPYI) and the Nasdaq-100 High Income ETF (QQQI) — had assets of about US$11.36 billion and US$13.87 billion respectively, totaling more than US$25.2 billion, accounting for more than 80% of NEOS's total size. In contrast, the net assets of the three crypto-related products BTCI, XBCI, and NEHI are about US$1.1 billion, US$111 million, and US$77.67 million respectively, totaling about US$1.29 billion, which is only about 4% of NEOS's total assets. So, this is not a “Goldman Sachs spent $2.25 billion to buy a crypto ETF” transaction, let alone $2.25 billion about to flow into Bitcoin and Ethereum. If the deal is finally completed, these three products will enter Goldman Sachs Asset Management's product portfolio, but they are more like a puzzle piece of NEOS's many strategies. What really interests me is the active ETF business, why is Goldman Sachs willing to pay up to $2.25 billion for an ETF company with only four years of history? The core is growth and charging capacity. According to Morningstar data, the current asset size of global derivatives yield ETFs has reached about 180 billion US dollars, with a compound annual growth rate of more than 70% since 2021, making it one of the fastest growing categories in the ETF market. This type of product also has a real appeal for asset management companies: the rates are much higher than traditional index ETFs. Currently, many ordinary S&P 500 ETFs have reduced their rates to a few basis points, while NEOS' two largest funds, SPYI and QQQI, have management fees of 0.68%. According to estimates, these two products account for more than 80% of NEOS's assets and may contribute about 200 million US dollars in revenue each year. This is the key that Goldman Sachs is willing to pay a high price. Goldman Sachs has been expanding its asset and wealth management business over the years, hoping to increase more stable management fee income and reduce its dependence on cyclical businesses such as investment banking, mergers and acquisitions, and transactions. In the second quarter of this year, the net revenue of Goldman Sachs's asset and wealth management business was 4.6 billion US dollars, an increase of 20% over the previous year. Jefferies analysts believe that the acquisition of NEOS not only seizes the trend of accelerating the popularity of derivative yield ETFs, but also further increases Goldman Sachs's more sustainable asset management revenue. And NEOS isn't an isolated deal. Earlier this year, Goldman Sachs completed the $2 billion acquisition of Innovator Capital Management, which also focuses on options and buffer ETFs. Successive moves are clearly complementing active ETFs, yield strategies, and risk management product lines rather than a sudden shift to betting on cryptocurrencies. After the transaction is completed, Goldman Sachs's active ETF scale is expected to reach about 80 billion US dollars, and the entire global ETF platform will reach about 130 billion US dollars, and rank among the top eight active ETF management agencies in the US. The three crypto ETFs are still worth watching. Currently, the price of Bitcoin is about US$63,500 and Ethereum is about US$1,625, all of which have clearly declined from previous highs. In a bull market, what investors are most concerned about is how much the price will rise; however, after entering a phase of high volatility, shock, or even decline, “whether revenue can be obtained from the fluctuation itself” becomes attractive. For example, NEOS' BTCI will gain price exposure through Bitcoin ETP, and at the same time, combine a bullish option strategy to try to turn Bitcoin's high volatility into a monthly one...

9d agoWendy#ETF #original #Fund #takeovers #Goldman Sachs

Bitcoin ETF had a net outflow of $144.6 million yesterday and an Ethereum ETF net outflow of $14.6 million

According to Farside Investors monitoring, the net outflow of US Bitcoin spot ETF was US$144.6 million yesterday, including IBIT net outflow of $53.6 million, FBTC net outflow of US$40.3 million, BITB net outflow of US$28.4 million, net GBTC outflow of US$52 million, and net inflow of Grayscale BTC of US$37.1 million. The Ethereum ETF had a net outflow of $14.6 million yesterday, and ETHA had a net outflow of $23.8 million.

11d ago

BlackRock: Bitcoin's correlation with US stocks is weakening, and market sentiment is improving

Comparative news, according to The Block, Robert Mitchnick, head of digital assets at BlackRock, said that Bitcoin market sentiment has improved markedly but subtly in the past month, and the correlation between Bitcoin and US stocks is weakening. This is a healthy argument that Bitcoin is a tool for diversifying portfolios and hedging tail risks. He pointed out that Bitcoin's performance significantly outperformed when the AI sector pulled back sharply in July, which is a reflection of this decoupling. Despite Bitcoin falling nearly 30% during the year, down about 50% from a year ago, ETF investors continued to buy — the US spot Bitcoin ETF recorded an inflow of $853.5 million last week, the best weekly performance since mid-April. Among them, BlackRock IBIT contributed $693.7 million (accounting for more than 80%) and Fidelity FBTC contributed $116.4 million. Bloomberg analyst Eric Balchunas pointed out that after the Coldcard vulnerability came to light, many funds recorded daily net inflows, and “it's hard not to think of it as a causal relationship.”

11d ago

Data: Bitcoin spot ETFs have net inflows of $8.54 billion this week, BlackRock IBIT tops the list with net inflows of $694 million

According to SosoValue data, Bitcoin spot ETF had a net inflow of US$854 million on this week's trading day (August 3 to August 7, EST). The Bitcoin spot ETF with the highest net inflow this week was Blackrock (Blackrock) ETF IBIT, with a weekly net inflow of US$694 million. Currently, IBIT's total historical net inflow of US$61.17 billion is followed by Fidelity (Fidelity) ETF FBTC, which has a weekly net inflow of US$116 million. Currently, the total historical net inflow of FBTC has reached US$10.04 billion. The Bitcoin spot ETF with the highest net outflow this week is VanEck ETF HODL, which has a weekly net outflow of $53.4753 million. Currently, the total net inflow in HODL history has reached $1.09 billion. As of press time, the total net asset value of Bitcoin spot ETFs was $79.5 billion, the ETF net asset ratio (market capitalization compared to Bitcoin's total market capitalization) reached 6.1%, and the cumulative historical net inflow had reached $52.18 billion.

12d ago

Bloomberg Analyst Says Coldcard Hacking Incident May Signal a Turning Point for the BTC Market

According to Twitter, Bloomberg's senior ETF analyst Eric Balchunas posted an article on the X platform that Bitcoin spot ETF recently recorded the strongest capital inflow week since April this year, with a net weekly inflow of about 1 billion US dollars. It is the third best performance since the “Silent IPO” incident in October last year. BlackRock's Bitcoin ETF iShares Bitcoin Trust ETF (IBIT) and Fidelity Wise by Fidelity by Fidelity Wise Many products, such as Origin Bitcoin Fund (FBTC), have received capital inflows for several consecutive trading days since the Coldcard wallet incident occurred. Eric Balchunas added that although the causal relationship cannot be fully confirmed, the high correlation between the flow of funds and the timing of the incident is “difficult to ignore”, and it would be ironic if it were to finally prove that the Coldcard incident became the starting point for the next round of Bitcoin's upward market — because the attack on the Bitcoin cold storage wallet is generally regarded as one of the worst security incidents, but market sentiment may have changed as a result. The recent continued return of ETF funds indicates that institutional investors' demand for Bitcoin allocations is recovering, and the market is re-evaluating the impact of previous security incidents. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

14d agoburnking

Bloomberg Analyst: Five Bitcoin ETFs, including IBIT, have accumulated inflows of $6.2 billion after the Coldcard hack

On Twitter, Bloomberg senior ETF analyst Eric Balchunas wrote on the X platform that since the Coldcard wallet security incident this weekend, including iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), Bitwise Bitcoin ETF (BITB), ARK 21Shares Bitcoin Many Bitcoin ETFs, including ETF (ARKB) and ProShares Bitcoin ETF (BITO), recorded capital inflows for multiple consecutive trading days, with a cumulative net inflow of approximately US$620 million. Analysts said that it is currently impossible to confirm a direct link between the Coldcard incident and ETF capital inflows, but in the long run, some users may switch to Bitcoin investment products managed by large financial institutions due to concerns about self-custody security. This capital inflow is also seen as a demonstration of the value of traditional finance (TradFi) Bitcoin products in terms of security and custodial capabilities. Market participants pointed out that for some investors, choosing an ETF with a mature risk control system and institutional custodian capabilities may be more attractive than relying on small wallet vendors to guarantee asset security on their own. According to this view, with the gradual institutionalization of the Bitcoin market, secure custody, asset recovery mechanisms, and compliance guarantees are becoming important factors for investors to choose investment channels. The competitive advantage of traditional financial institutions in the field of digital assets is being further demonstrated. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

16d agoburnking

Bitcoin spot ETF had a net outflow of $11.6 million yesterday, and an Ethereum spot ETF net inflow of $11.7 million

According to Farside Investors data, the total net outflow of US spot Bitcoin ETFs yesterday was $11.6 million. Among them, BlackRock IBIT had a net outflow of $8.8 million and Fidelity FBTC had a net outflow of $2.8 million; the rest of the Bitcoin ETFs had zero capital flows for the day. Ethereum spot ETFs had a total net inflow of $11.7 million yesterday. Among them, BlackRock ETHA had a net inflow of $11.7 million in a single day, and all other Ethereum ETFs had zero capital flows on the same day.

25d ago