Big Banks Test Tokenized Stocks

Good Morning,

Here's a quick preview of today's content: Treasury freezes $131M in Iran crypto wallets, Japan recognizes crypto as financial product, Stripe makes $53B bid to buy PayPal, Cantor and Securitize collaborate on blockchain IPOs, US Senator blasts AG for Trump's CZ pardon, and so much more

Happy Thursday - Let's dive in.

Market Snapshot

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• Bitcoin jumps over $65,500 to a three-week high as soft inflation data guts the Fed rate-hike trade

  • BTC breaks resistance on the lowest CPI since 2020

  • BlackRock's crypto assets fall -39% despite $15B of net inflows

• Rally cools as investors digest inflation data, with Middle East tensions and oil countering the CPI boost

Prediction Markets

• Bettors on Polymarket are predicting Ballon d'Or winner 2026?

• Track and trade live odds on any event, only on Polymarket

Headline Roundup
^{_{The major headlines driving crypto markets}}

• BlackRock, Goldman, and JPMorgan try tokenized stocks (DC)

• Trump meets with senators to work on crypto bill (CD)

• US Senator blasts AG for Trump's CZ pardon (CT)

• Circle suspends Tether fund over manipulation concerns (TB)

• OpenAI uses AI to strengthen against attacks (DC)

• Base creator Jesse Pollak steps back from app (DC)

• Strategy says company isn't going anywhere as buyer (TB)

• BlackRock outlines vision for crypto-TradFi convergence (TB)

• Study says Bitcoin prediction markets enable manipulation (CT)

• Robinhood Chain launchpad gives away its revenue (CD)

• TeraWulf falls after pause on data center permits (TB)

• Cantor and Securitize collaborate on blockchain IPOs (CD)

• Kraken taps Upshift for yield vaults (TB)

• Keel consolidates Bitcoin sites into AI campus (BM)

• Tradable brings $1B of private credit to Stellar (TB)

• Hyperliquid treasury Hyperion enters bond agreement (TB)

Venture Capital

• Stabledash, a crypto and Web3 startup, raises $38M led by Dragonfly and FirstMark (X)

• Cyclops, a stablecoin payments startup, raises $20M led by Nava Ventures (CR)

• Crypto clearinghouse Glacis Labs raises $6.8M led by Lightspeed Faction, with participation from Franklin Templeton, Coinbase Ventures, and others (TB)

Access the complete VC deal flow on Fundable.

M&A Announcements

• Payments firm Stripe makes $53B bid to buy PayPal (CD)

Launches

• Aave launches V4 on Avalanche (CT)

Regulation

• Japan recognizes crypto as financial product (TB)

• UK fraud review calls for training on crypto laundering (DC)

• UK plans first G7 digital sovereign bond (CD)

• Czech Republic moves to block Polymarket (TB)

• Revolut receives UAE approval for crypto services (CT)

Cybersecurity

• Treasury freezes $131M in Iran crypto wallets (DC)

• DEX Ostium loses $18M in oracle attack (DC)

Extra Reads

• The firms running the world's largest pools of capital now list crypto products next to their stock and bond funds, but they're mostly building them for clients, not betting their own balance sheets - Here's how asset managers are investing in crypto

Chart of the Day

Bitcoin reaches its most oversold level against gold

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn't include fees. See more here.