Open Range | Global Heavyweights Back Bitcoin As Collateral

Bitcoin just graduated from speculative asset to blue-chip collateral—JPMorgan is now lending against BlackRock’s IBIT shares while Russia launches Bitcoin bonds and new cash-settled Bitcoin futures. Demand for stablecoins continues to rise, acting as a top of funnel and increased liquidity to Bitcoin with Circle's very successful IPO, and increased corporate adoption. Read on for the details, plus Why MIC Is Winner Take All Part 4, Seoul and London’s regulatory pivots, and the latest capital raises for stacking Bitcoin at corporate scale.

Bitcoin Update

Bitcoin’s 1.7% climb this week looks modest beside the tidal pull of JPMorgan collateralizing IBIT shares, deeper penetration into global market exchanges, and persistent corporate bitcoin bids—signals that heavyweight capital is lining up behind the orange coin’s next leg higher.

Early Riders Media

• Early Riders published part four of their Why Multi-Institution Custody Is Winner Take All Series. The report lays out where we are MIC and custody is going. You can read the complete series here.

• Michael, Brian, and Liam are joined by Pierre from flash to discuss the latest in payments technology, merchant adoption, and layer two developments on this week's podcast.

You can find all our episodes on our podcast website as well as listen on YouTube and Spotify.

Industry & Institutional Updates

• JPMorgan will now accept shares of BlackRock’s iShares Bitcoin Trust (IBIT) as collateral for loans. 

• Circle Internet Group, issuer of the USDC stablecoin, had a remarkable IPO, with shares surging nearly 170% on the first day, reflecting strong investor confidence in the sector. 

• Moscow based SPB Exchange began trading cash-settled Bitcoin futures, deepening Russia’s on-shore crypto-market infrastructure.

• Sberbank, Russia's largest bank, launched a structured bond tied to Bitcoin and the USD/RUB exchange rate, offering qualified investors Russia’s first mass-market Bitcoin-linked security.

• Uber confirmed it is again evaluating Bitcoin and major stablecoin payments to lower cross-border fees and speed settlements. 

• Apple, X & Airbnb are in early talks with issuers to integrate stablecoin checkouts, eyeing instant cross-border settlement and lower card fees.

• Trump Media & Technology Group filed for a Bitcoin ETF, partnering with Crypto.com as custodian, aiming to provide investors with direct exposure to Bitcoin through traditional investment vehicles. 

• Strategy announced the pricing of its initial public offering of STRD Stock at $85 per share, with 4x more demand than anticipated, planning to use the proceeds to acquire additional Bitcoin and for general corporate purposes.

• Twenty One Capital, backed by Tether, raised an additional $100 million, bringing its total financing to $685 million, to bolster its Bitcoin treasury holdings.

• Meanwhile Insurance published the first audited BTC-denominated financial statements in history alongside its 2024 annual report, with total assets at 220.4 BTC, and net income of 25.29 BTC.

Regulatory Updates

• Bo Hines, the Executive Director of the President's Council of Advisers for Digital Assets, and Patrick Dewitt, Director, of the Department of Defense's Office of Strategic Capital, both met with El Salvador's Bitcoin Office and President Bukele.

• South Korea elected a new President who has expressed support for crypto ETFs, signaling a favorable regulatory environment for digital assets.

• The UK's Financial Conduct Authority (FCA) plans to lift its ban on crypto exchange-traded notes (ETNs) for retail investors, allowing broader access to the asset class.

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