Jane Street · 255

Stanley Druckenmiller buys Bitdeer and Hyperliquid Strategies shares for $87.8 million

According to news, Duquesne Family Office founder Stanley Druckenmiller bought 4.1 million shares of high-performance computing company Bitdeer Technologies Group (BTDR) in the second quarter, with a position value of over $64.7 million, with an average purchase price of $12.26. The company produces cryptocurrency mining hardware and operates data centers in the US and beyond. Additionally, Druckenmiller bought 2.9 million shares of HYPE digital asset treasury company Hyperliquid Strategies (PURR), holding positions worth $23.1 million, and indirectly gained HYPE exposure. Hyperliquid Strategies aims to provide US and institutional investors with HYPE token-related investment channels. Druckenmiller's operation is similar to Jane Street and Citadel's increase in BTDR over the same period. Jane Street currently holds shares worth more than $112 million in BTDR. BlackRock, State Street, and Citadel also increased their PURR holdings in the second quarter; HYPE previously rose to record highs due to related compliance developments.

16h ago

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

$21 billion AI chip upstart Etched questioned: performance has not been verified by a third party so far

Comparing the news, AI News, Etched has caught the attention of the chip community after having just completed $700 million at a valuation of 21 billion US dollars. The Tiny Corp, an AI computing team founded by famous hacker George Hotz, the team behind tinygrad, an open source deep learning framework, publicly questioned Etched's technical propaganda: there are many photos of investors, orders, and hardware, but too little data to actually verify performance. One of Etched's core selling points is LVI, which allows the chip to run AI inference at lower voltages. Etched claims that this allows the trillion-parameter sparse MoE to reach over 80% of its theoretical peak computing power. Chip design practitioner Wesley Yue questioned that a high ratio does not mean absolute performance is strong. MFU (model computing power utilization) measures the ratio of actual computational power to the theoretical peak. If the chip itself has lower peak computing power, even if the utilization rate reaches 80%, it may not be able to outperform its rivals. Etched has yet to disclose full FLOPs, power consumption, and third-party benchmarks. The official website still only writes that early customer tests have reached the leading level, and that detailed performance data will be published later. However, there is currently no evidence that Etched was a fraud. The Wall Street Journal and Reuters have both confirmed that their chips have been shipped. Jane Street got its first complete rack last month, and deployment has already begun. The biggest question now is not whether there is a chip or not, but whether this chip has been advertised that well.

3d ago

After losing 10 billion US dollars in three months, why did DAT's stock price not fall but rise?

Author: Eric, Foresight News Original title: After losing 10 billion US dollars in 3 months, DAT began to return to rationality. The financial reporting season, which had just ended, the Crypto Treasury Company (DAT) handed over a seemingly terrible answer. Strategy's net loss for the second quarter was US$8.22 billion, of which 8.32 billion was a reduction of the fair value of Bitcoin holdings; Strive had a net loss of US$258 million, with over 90% falling prices of Bitcoin and STRC preferred shares held by it; Sharplink's net loss of US$394 million; Metaplanet's net loss of 182.8 billion yen (about US$1.15 billion) in the first half of the year, of which about US$430 million in the second quarter; Bitmine, due to the fiscal year ending in August, It lost only $83.6 million in the March-May fiscal quarter, but the cumulative net loss over the past nine months has exceeded $9 billion. The five companies combined had a net loss of about 10 billion US dollars in the second quarter, and accumulated more than 30 billion US dollars in the first half of the year. A year ago, such a statement was enough to trigger a panic sell-off. But what actually happened was a different story. Strategy's stock price closed up 4.73% on the day the earnings report was released, while the options market originally fluctuated 8% in both directions. From the low at the end of June, Bitmine rebounded about 36%, Sharplink rebounded about 37%, Strategy and Strive rose more than 10%, and Metaplanet also rebounded about 15% from its late-June low. Losses are real, but everyone knows that DAT's second-quarter earnings report must have been a huge loss, the difference between 10 billion and 9.9 billion dollars. Large DAT companies have their own dashboards, or at least there are people who continuously count relevant data. Every financing, every time Bitcoin or Ethereum is being watched by the world with a magnifying glass. Therefore, everyone in the market can see how much money was lost in the second quarter. The financial report simply confirmed what had already happened. What has caused the stock prices of these DAT companies to “bottom up” is that both the market and the company have returned to rationality. In the second quarter, Strategy raised $8.4 billion in a single quarter, surpassing any quarter of last year; in May, it repurchased $1.5 billion of convertible bonds at a face value of 9.2 billion, reducing total convertible bonds from 8.2 billion to 6.7 billion dollars; and in June, Sharplink completed a targeted increase of $75 million at a price higher than net asset value, while using an average price of $4.70 to buy back its shares. In the performance guidance and earnings call, most of these companies invariably gave the same direction: focus on increasing the “content” of each share of crypto assets. Last year, DAT told a story of growth. Whoever buys coins faster will rise. The tide receded this year, and the surviving companies all exchanged KPIs for the same indicator, the number of crypto assets corresponding to each share. Strategy's Bitcoin content per share increased 5% month-on-month in the second quarter; Metaplanet's fully diluted Bitcoin holdings increased 9.6% in the first half of the year; Sharplink repeatedly emphasized the increase in ETH content per share. Accompanying this goal is discipline. Metaplanet clearly implements a set of capital allocation policies. When MNaV is above 1x, it issues additional shares to buy coins, stops issuing additional shares when it is less than 1x, and instead uses preferred shares and credit instruments, and even repurchases stocks. In the second quarter, just because its MNaV fell below 1 times, the company voluntarily abandoned targeted increases from third parties, preferring to slow down the growth rate of its holdings rather than dilute shareholders at a discount. Sharplink and Strategy have also launched repurchases. Treasury companies are no longer brainlessly expanding, but are returning to a simple question: how to make each share more money behind it. Strategy even went against its promise to “never sell coins” for this goal, and its stock price also had the lowest rebound among mainstream DAT companies. This is a pain that must be experienced from “above” to rationality. A new tool for STRC model apprentices to achieve this goal is STRC, invented by Strategy in July of last year, a perpetual preferred stock with a face value of 100 dollars anchored and dividends adjusted monthly. The logic is simple, use around 12%...

4d agoForesight News#DAT

Etched raised $700 million and valued at $21 billion

Comparing news, AI chip startup Etched raised $700 million in a funding round led by Jane Street, bringing the company's valuation to $21 billion. Etched has signed Jane Street as its first customer and has begun shipping chips.

4d ago#financing

Jane Street reveals holding more than $990 million in Bitcoin ETF

Comparatively, according to Bitcoin Magazine, Wall Street giant Jane Street revealed in a filing with the US Securities and Exchange Commission (SEC) that it holds more than $990 million in Bitcoin ETF-related assets. The disclosure shows Jane Street's large-scale allocation of spot Bitcoin ETFs as a traditional financial institution, further reflecting the trend of institutional capital continuing to flow into the Bitcoin market.

4d ago

AI fund Situational Awareness pulls back Jane Street, losing $15 billion in July

Comparatively, Wall Street quantitative trading giant Jane Street lost about $15 billion in the July market sell-off due to investments in AI-themed hedge fund Situational Awareness and other tech stocks. People familiar with the matter revealed that despite a major pullback in July, Jane Street's transaction revenue has exceeded 40 billion US dollars since this year, far higher than the world's major banks and other market makers, and exceeds its trading revenue of 39.6 billion US dollars for the whole year of 2025. Jane Street confirmed in an internal memo to employees that July was a “bad month” for the company. The company said that the AI-themed hedge fund Situational Awareness, which it invests in, previously expanded its position due to strong performance in the first half of the year, but there was a sharp retracement during the sharp decline in AI stocks, causing the earnings of Jianjie-related investments to basically return to a flat level this year, but they are still more profitable than when they were initially invested. Situational Awareness was founded by Leopold Aschenbrenner, a former OpenAI researcher, and has received market attention due to heavy holdings in AI-related stocks. After the AI sector was drastically adjusted in July, the fund sold most of its stock positions to Citadel, a subsidiary of billionaire Ken Griffin, due to triggering margin requirements. Jane Street said the loss also came from long positions in Asian non-AI stocks, which had previously performed well earlier this year. According to the company, many large storage and semiconductor stocks fell by about 50% in July, causing its previously well-performing trading portfolio to retreat. (Reuters)

6d ago

Jane Street lost $15 billion in a single month, and AI funds plummeted, causing top trading giants to suffer rare losses

Comparative news, according to the Financial Times, Wall Street quantitative trading giant Jane Street experienced significant losses due to investing in the AI hedge fund Situational Awareness, which lost about $15 billion in a single month in July. People familiar with the matter revealed that Jane Street released the loss data when disclosing the financial situation to creditors. This disclosure is related to a private debt financing transaction of about $146 billion. The deal, led by J.P. Morgan Chase, involved transferring approximately $11 billion of public debt to private investors, including Pacific Investment Management (Pimco). The loss stemmed from a sharp correction in US AI stocks in July. Situational Awareness is an AI-themed hedge fund founded by former OpenAI employee Leopold Aschenbrenner and has received investment from Jane Street. The fund was hit hard during the market reversal and forced to sell part of its public stock positions to Citadel due to its previously concentrated and highly leveraged bets on AI stocks. Despite huge losses in a single month, Jane Street has maintained strong profitability in recent years. According to the data, the company's net transaction revenue for the first quarter of 2026 reached a record of US$161 billion, and net transaction revenue for the full year of 2025 was approximately US$40 billion. Market sources pointed out that this loss is rare for a proprietary trading agency that has been low-key for a long time and has occupied an important position in the global market. Jane Street's subsequent shift to private debt market financing will also reduce the scope of its disclosure of financial information to the public market.

7d ago

At a time when Bitcoin is sluggish, institutional giants are bucking the trend to grab these crypto concept stocks

Source: Daily Planet Daily Author: Wenser Original title: Crypto Bear Market, Which Crypto Concept Stocks Are Institutional Giants Making Up Their Positions? The agency is scrambling for funding: the full list of leading stocks on each track is here! Core view: Despite the fluctuating Bitcoin price and poor performance of crypto concept stocks, institutions such as Amundi, Pioneer Group, and State Street Group, the largest European asset management company, bucked the trend and increased their holdings of crypto stocks such as Strategy and Coinbase through 13F documents in Q2 2025, showing that institutional capital is quietly laying out leading targets at their own pace, rather than the “collapse of institutional belief” as market rumors say. Key factor: 1. France's Amundi increased 148% of Strategy shares to 1.32 million shares (worth US$127.7 million). Previously, it cut its position by nearly 90% in Q1, which is a low base correction. 2. In July, Pioneer Group's funds increased their holdings of MSTR by about 610,000 shares, with total holdings exceeding 12.6 million shares, worth more than 1.2 billion US dollars; State Street Group increased its holdings by 506,000 shares, with a total holdings of 7.52 million shares. 3. The pension fund signal is remarkable: the Michigan retirement system increased its MSTR holdings by 141%, the Louisiana and New Jersey pension funds simultaneously increased their positions, and conservative funds expanded their exposure to crypto assets. 4. Bitmine's entry into the Russell Index triggered forced purchases by passive funds such as BlackRock (holding 27.3 million shares) and State Street, which made unactive decisions; Circle received an investment of US$131.8 million from the Norwegian Sovereign Fund and opened a position with the Swiss National Bank. 5. ARK Invest operates on frequent bands such as Coinbase, Block, and Circle. For example, it bought 59,668 COIN shares (worth US$9.16 million) on August 7, reflecting an active dipping strategy. 6. The shareholding ratio of Robinhood institutions exceeds 93%. A large number of small and medium-sized pension funds have scattered positions, indicating that they have entered the regular allocation pool of conservative funds. There was a 45-day disclosure delay in the 7.13F document. Institutional position adjustments were flexible, and retail investors should not directly follow orders, but institutions are more sensitive to the bottom of the market and the racetrack. Recently, France's Amundi, the largest asset management company with an asset management scale of 2.9 trillion US dollars, disclosed that it has increased its share of Strategy by 148% and currently holds 1.32 million shares worth US$127.7 million. Looking back at recent data, although BTC continues to fluctuate and the price performance of many crypto concept stocks is not impressive, there are still quite a few institutions that choose to buck the trend and increase their holdings and wait for the market to rebound to generate profits. Today, claims about the “DAT model bankruptcy” and “the collapse of institutional cryptographic beliefs” are rampant, but the 13F documents that are mandatory to be disclosed by the US SEC every quarter reveal the truth about the time difference — a number of investment institutions with asset management scales of 100 billion and trillion dollars are quietly increasing their positions at their own pace. Strategy (MSTR): Asset management giants and public funds have made up MSTR with the most solid data in this round of institutional holdings increases. Buyers include various institutions such as asset management companies, large banks, and public funds. Amundi's position of about 1.32 million shares mentioned at the beginning of the article was not the result of continuous unilateral purchases. It cut Strategy's stock position by nearly 90% in Q1 this year, and the Q2 increase was to make up for the low base position of about 530,000 shares. After all, the Q1 market performance in the crypto market is hopeless, and asset management giants also need to review the current situation and trade. Asset management giant Vanguard Pioneer Group's VOE fund previously announced an increase of 83,093 MSTR shares, worth $8.16 million, to 2.12 million shares worth $209 million; on July 27, its VTSAX fund increased its holdings of 5291 million MSTR shares worth $50 million and increased its holdings to 10.5 million shares worth $994 million. State Street Corporation (State Street Group), the world's fourth largest asset management company, recently disclosed that it has increased its holdings of 506,635 MSTR shares, involving an amount of about US$51 million, with a total holdings of 7.52 million shares, with a position value of about US$758 million, and a 7.2% increase in holdings. Growth ETF (CGGR) under Capital Group, the world's largest active fund management company with an asset management scale of $3.3 trillion, disclosed an increase in MSTR in July...

8d ago22#Circle #Coinbase #Robinhood #Strategy #invests

[Comparative Daily News Picks] Manus: It will resume operations as an independent company, and some user data will be deleted; Google Gemini app has more than 1 billion monthly active users; Bloomberg: Despite the “Clarity Act” impasse, the US SEC is preparing to announce a major crypto regulation plan; 10x Research: Bitcoin may break its correlation with the S&P 500, and Bitcoin and gold are expected to benefit if employment weakens in summer

Daily AI · Cryptography · Macro · Market News, Bitpush helps you set priorities ↓ AI · News [Manus: Will resume operations as an independent company, some user data will be deleted]. On August 11, Manus published “A Letter to Manus Users”. Manus said it will soon resume operating as an independent company as part of resuming independent operations. At the same time, in order to comply with the regulatory requirements of specific jurisdictions, data generated by some users on or after December 29, 2025 will be deleted from 08:00 on August 23 to August 24 (SGT). Affected users can back up data from now until 08:59 (SGT) on August 23, 2026, and restore data from 08:00 (SGT) on August 25, 2026. During this time, unaffected users can use Manus as usual without taking any action. [Google Gemini app has more than 1 billion monthly active users] Compared to Twitter news, the Google Gemini app has more than 1 billion monthly active users, making it the fastest growing product in Google history. [CoreWeave's second-quarter revenue doubled, and the stock price surged 12% after the market] Compared to news, Coreweave (CRWV.O) rose 12% in post-market trading on Tuesday. It previously announced second-quarter revenue of US$2.58 billion, up 112% year over year, exceeding Wall Street expectations, indicating that the market's demand for AI computing power is still growing rapidly; the net loss is US$626 million, up from US$290 million in the same period last year; currently, order reserves have reached US$104 billion, and the project capacity under construction is 1.5 gigawatts. CoreWeave is speeding up the expansion of its data center business, competing with cloud computing giants such as Amazon, Google, and Microsoft to compete for the data center market where chips are deployed and can run generative artificial intelligence models. However, CoreWeave is currently unprofitable. By the end of the quarter, the company's balance sheet debt reached $35 billion to cover Nvidia GPU and other equipment procurement costs. This quarter, Meta said it would invest an additional $21 billion into CoreWeave. Additionally, CoreWeave also announced a multi-year cooperation agreement with Anthropic and received $6 billion in committed funding from quantitative trading company Jane Street. Crypto · Market [Bloomberg: Despite the “Clarity Act” at an impasse, the US SEC is preparing to announce a major crypto regulation plan]. According to Bloomberg, despite the impasse in the “Clarity Act”, the US SEC is preparing to announce a major crypto regulation plan. [CME and Silicon Data plan to launch computing power futures in October] According to comparison news, the US CME (CME) and Silicon Data have confirmed that they will launch ComputeFutures (ComputeFutures) on October 5 this year. These innovative trading tools will provide hedging and investment tools for businesses that want to control computational costs. The two contracts, Silicon Data H100 Rental Index Futures and Silicon Data B200 Rental Index Futures, will track an index that measures the hourly rental cost of image processors (GPUs). The two new contracts will be listed on CME and are subject to New York Mercantile Exchange (NYMEX) rules, and will not take effect until approved by the Supervisory Authority. [Polymarket reorganizes the team and introduces multiple executives to accelerate compliance and US expansion, and welcome the fall forecasting market boom] Comparing news, the prediction market platform Polymarket is undergoing organizational upgrades for the upcoming fall trading peak, preparing for the expansion of the US market by introducing multiple executives, restructuring the marketing system, and strengthening compliance teams. Polymarket recently hired Travis VanderZanden, founder of electric scooter sharing company Bird and a former Uber and Lyft executive, as Chief Growth Officer, responsible for building the company's growth strategy and marketing system. VanderZanden said the forecasting market is at a critical stage of rapid development, and the company needs to further improve its management team to support long-term growth. Macro · Agency [Trump: Iran likes to play tricks, face one set behind the other] To compare the news, US President Trump recently stated, “If we don't attack Iran, it will acquire nuclear weapons. So,...

11d agoWendy#Compare Daily Picks