Simply put
- BlackRock’s Bitcoin ETF (IBIT) has surged to $97 billion in assets over just 21 months, becoming its most profitable fund in terms of annual fees.
- S&P Global has unveiled its first hybrid index, the “Digital Market 50,” consisting of 35 blockchain-related stocks and 15 major cryptocurrencies.
- Coinbase has received permission to provide staking services for Ethereum, Solana, and Cosmos in New York, making it the first major exchange to do so.
Public keys offer a weekly overview. Track major publicly traded crypto firms. This week, BlackRock launches its top-performing ETF, S&P Global enters the scene, and Coinbase rolls out staking in New York.
Bitcoin rules at BlackRock
BlackRock’s iShares Bitcoin Trust is now the firm’s most lucrative ETF, generating $12 trillion in annual fees. As of the most recent market close, its assets amount to $97 billion, according to ishares.
Remarkably, this new ETF is already outperforming funds that have been around for 25 years, like the iShares Russell 1000 Growth ETF and the iShares MSCI EAFE ETF.
Even before Friday’s statistics, inflows into IBIT reached $2.5 billion this week, compared to last week’s $1.8 billion.
Analysts suggest that institutional flows could help reduce market volatility, despite President Trump’s intentions to introduce “significant” tariffs on Chinese imports.
On Friday, IBIT managed to avoid the losses faced by many other stocks; it closed the day at $65.85, down by about 4%.
Interestingly, BlackRock CEO Larry Fink highlighted the reasons behind Bitcoin’s recent rise during a recent appearance, mentioning people’s fears about currency devaluation. “You buy Bitcoin to hedge against currency dilution,” he noted, admitting he’s come to believe in its value.
S&P Crypto Mixer
The landscape of crypto assets has expanded to include the S&P Global Index, merging both crypto stocks and assets.
This week, S&P Global launched the “Digital Market 50” index, designed to track 35 blockchain-related companies and 15 cryptocurrencies globally. This index represents a significant step in blending traditional finance and digital assets.
The index encompasses major players like Bitcoin, Ethereum, XRP, BNB, Solana, and Tron.
This allows asset managers easier access to a wide range of leading cryptocurrencies without the hassle of choosing specific assets.
Cameron Drinkwater from S&P Dow Jones Indices emphasized that digital assets are transitioning into a more recognized role in global finance, and this new index delivers a structured way to evaluate these assets.
On another front, Coinbase’s staking services are gaining momentum.
This week, cryptocurrency exchanges reached a pivotal agreement with state regulators to provide staking services for New York residents after a lengthy struggle.
The specifics about how this agreement was reached remain somewhat unclear. There has been no immediate communication from the New York State Department of Financial Services regarding this milestone.
Coinbase chose not to elaborate further beyond what was stated in their announcement.
The staking service will be available for Ethereum, Solana, and Cosmos, while other exchanges have yet to announce similar options for New York.
Meanwhile, Gemini has maintained its position, clearly stating in its customer agreement that staking is, well, not available to New York residents. Kraken and other platforms also have restrictions in place.
For now, it seems like Coinbase holds a unique position within New York’s crypto staking market.
Other keys
More about Morgan Stanley: Morgan Stanley is now allowing all wealthy clients to access Bitcoin, Ethereum, and Solana through its E*Trade platform.
Minor surge: Bitcoin miners experienced a stock increase this week after Bitcoin reached a record high of over $125,000.
