Bitcoin Reclaims $70,000 as Oil Cools
The tape today is a live test of how much geopolitical cooling can reflate the "digital gold" and "on-chain capital markets" trades at the same time. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.BITCOIN JUMPS BACK ABOVE $70,000 AS OIL COOLS:reports that bitcoin (BTC-USD) reclaimed $70,000 and dragged ether (ETH-USD) and XRPhigher after President Trump said the Iran conflict could end "very soon," easing the war-premium pressure that had built up in oil and haven trades.Bloombergadds that bitcoin briefly pushed above $71,000 alongside a bounce in equities as crude backed off recent highs, reversing part of last week's energy-driven risk-off move.Bloombergseparately reports that many Hong Kong-based family offices plan to add exposure to digital assets and private equity over the next three years, signaling that institutional appetite in Asia is firming even as Western retail sentiment remains fragile.SPOT BITCOIN ETFS SNAP BACK TO $167M AS STRIVE AND CIRCLE GET STREET UPGRADES:says U.S. spot bitcoin ETFs pulled in about $167M of net inflows on Monday, reversing roughly $577M of outflows from the prior Thursday and Friday as BlackRock'sIBIT led with $109M and Fidelity's FBTC added $60M. Total spot bitcoin ETF assets sit near $88.3B, even as ether, XRP, and solanafunds logged a third straight day of redemptions. On the sell-side, B. Riley analyst Fedor Shabalin initiated Strive Enterprises (ASST) at Buy rating with a $12 price target, citing a dual-engine model that combines a roughly 13,100 bitcoin corporate treasury with about $2.5B of ETF assets under management across 13 products.TOKENIZED STOCKS TOP $1B AS NASDAQ AND KRAKEN BUILD THE ON-CHAIN EQUITY GATEWAY:Cointelegraphreports that tokenized stocks have crossed $1B in outstanding on-chain value for the first time, with Ondo Finance controlling about 60.5% share, roughly $605M, and Kraken's xStocks at about $232M.The Wall Street Journalcontinues to cover Nasdaq's (NDAQ) partnership with Kraken parent Payward to build an issuer-sponsored equity-token gateway using xStocks, which has processed more than $25B in cumulative volume since its June 2025 launch and now counts 85,000-plus on-chain holders. The tokens are expected to go live through DTCC settlement in the first half of 2027, putting traditional voting and dividend mechanics on-chain.BITCOIN TREASURY PLAYS DIVERGE AS HYPERSCALE STACKS AND EMPERY SELLS INTO STRENGTH:A freshpress releaseshows Hyperscale Data (GPUS) holding 617.16 bitcoin, worth about $40.7M at March 8 prices, plus $42.2M of cash and restricted cash, for total bitcoin-plus-cash of roughly $82.9M, or about 138% of its equity market cap. Empery Digital (EMPD) is running the opposite book, with adisclosing that it sold 102 bitcoin last week at an average of $71,636, raising about $7.3M to fund buybacks and bolster cash, while still holding 3,562 bitcoin and having repurchased 20.175 million shares under a $200M program. On the M&A front,notes that Signing Day Sports (SGN) expects to close its BlockchAIn Digital Infrastructure merger on March 16, with the combined company to trade as "AIB" on NYSE American and operate a 40 MW South Carolina AI/HPC data center.ETHER WHALES REPOSITION AS BITMINE MOVES $19.5M TO COINBASE PRIME:shows Bitmine Immersion Technologies (BMNR) moved 9,608 ether, about $19.5M, into Coinbase Prime in two tranches today, routing through an intermediate wallet in a pattern consistent with institutional custody or staking rather than spot selling. Bitmine still controls more than 1 million ether across tracked wallets and disclosed 4.53 million ether, 195 bitcoin, and $1.2B in cash on March 9, with Chairman Tom Lee telling investors the firm stepped up purchases to about 61,000 ether last week, its largest weekly buy of 2026. Separately, an OG whale address completed a full liquidation by sending its final 5,082 ether, about $10.3M, to Coinbase, closing out a position that traces back to a 23,300 ether withdrawal from Kraken in October 2016 at roughly $10.37 per coin for a roughly 19,383% gain, while a different whale bought 10,158 ether for $21M at around $2,069 and holds about $83.6M in 20x leveraged bitcoin and ether longs with more than $3M in floating profit.Cointelegraphframes all of this against ether's 65% underperformance versus bitcoin since the proof-of-stake transition, with the "ultrasound money" narrative fading as post-Dencun fee burns decline and supply turns modestly inflationary.SEC FILINGS ROUNDUP FROM BULLISH TO PERSHING SQUARE TO SOLUNA:Bullish (BLSH) filed its20-F annual reportshowing $84.1B in February 2026 trading volume, an adjusted revenue jump to $288.5M from $213.9M, adjusted EBITDA of $94.3M, and gross liquid assets of $3.72B, but a statutory net loss of $785.5M driven by digital-asset impairments. Teucrium Commodity Trust alsoregisteredits 7RCC Spot Bitcoin and Carbon Credit Futures ETF on NYSE Arca, targeting an 80/20 split between bitcoin and regulated carbon credit futures.The Wall Street Journalreports that Bill Ackman's Pershing Square filed its N-2 IPO registration for a closed-end fund planning to list on the NYSE under ticker 'PSUS', with $2.8B already committed toward an anticipated $5B-$10B raise, and the filing includes "cryptocurrency," "blockchain," and "digital asset" within its risk factors and investment universe language. A Lazard Fundsdisclosurerevealed holdings in Coinbase (COIN), Riot Platforms (RIOT), CleanSpark (CLSK), and MARA Holdings (MARA). Soluna Holdings (SLNH) filed an8-Ka day after putting a $1B shelf registration on file, advancing its 83 MW wind-powered bitcoin mining facility in Texas with a projected 3.5 EH/s hashrate and $17M to $20M in annual revenue, plus a 350 MW Tier 3 AI campus on more than 500 acres. BitGo Holdings (BTGO) CEO Mike Belshe is presenting at the Canaccord Genuity Digital Assets Symposium today, fresh off announcements that BitGo will provide stablecoin infrastructure for SoFiUSD, the first stablecoin from a U.S. nationally chartered bank, and completed the first tokenized equity trades with Figureon the Provenance blockchain.PRICE ACTION:As of time of writing, bitcoin was trading at$71,354.18, while ether was trading at $2,068.70,.
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BlackRock vs Blackstone: A Comparative Analysis of Investment Strategies
- BlackRock's Market Performance: In FY 2025, BlackRock reported revenues of approximately $24.2 billion, an 18.7% increase year-over-year, with a net income of about $5.6 billion, although its net margin decreased from 31.2% to 22.9%, indicating pressure on profitability that may affect future investment appeal.
- Blackstone's Growth Potential: Blackstone generated around $13.1 billion in revenue for FY 2025, marking a 21.6% increase, with a net income of $7.1 billion and a net margin of 54%, reflecting strong performance in the alternative asset management sector that attracts more institutional investors.
- Risks and Challenges: BlackRock faces risks from market volatility and global regulatory pressures, particularly in integrating large acquisitions that could impact growth, while Blackstone must manage the effects of interest rate changes on real estate asset values and investor redemption requests.
- Future Outlook: BlackRock aims to achieve $35 billion in revenue by 2030 with a 45% operating margin, while Blackstone anticipates revenues nearing $15 billion in 2026, a 15% increase, highlighting distinct strategic directions and market positions that investors must consider based on their risk preferences.
JPMorgan Appoints New Head of Workplace Solutions
- New Leadership Appointment: JPMorgan has appointed insider Ben Walter to lead its Workplace Solutions business, succeeding Vince La Padula, who is leaving after 23 years for a senior role at the IRS, highlighting the bank's commitment to nurturing internal talent.
- Business Context: The Workplace Solutions division provides global equity compensation and share plan services, formerly known as Global Shares, which was acquired by JPMorgan in 2022; Walter's appointment aims to drive business integration and growth.
- Walter's Experience: Walter previously led Chase for Business, serving over 7.4 million small businesses in the U.S., bringing extensive market experience and leadership skills that are expected to inject new growth momentum into Workplace Solutions.
- La Padula's Contributions: Over his 23 years at JPMorgan, La Padula significantly expanded the bank's lending franchise and laid the groundwork for Workplace Solutions post-Global Shares acquisition, doubling assets and participants in just three years, underscoring his impact on the company's long-term growth.
BlackRock Announces June 2026 Cash Distributions for iShares ETFs
- Cash Distribution Announcement: BlackRock Asset Management Canada has announced the June 2026 cash distributions for iShares ETFs listed on the TSX or Cboe Canada, demonstrating the company's ongoing commitment to providing returns to investors.
- Distribution Amount Details: For instance, the iShares S&P/TSX Canadian Dividend Aristocrats Index ETF will distribute $0.115 per unit, while the iShares Global Infrastructure Index ETF will distribute $0.439 per unit, reflecting the varying yield capabilities and market performance of different funds.
- Investor Record Date: Unitholders of the applicable iShares ETFs must be on record by June 25, 2026, to receive cash distributions on June 30, ensuring timely returns for investors and enhancing client trust.
- Market Impact: The announcement of these cash distributions not only boosts investor confidence in BlackRock but may also attract more capital into iShares ETFs, further solidifying its leadership position in the global asset management market.
BlackRock Reduces Bitcoin Exposure Amid Market Shift
- Bitcoin Investment Adjustment: Rick Rieder stated that BlackRock is maintaining a 'moderate exposure' to Bitcoin (BTC) and has reduced its IBIT position after identifying more compelling investment opportunities, reflecting a shift in market conditions.
- Market Environment Analysis: Rieder framed Bitcoin's drawdown as a tactical issue rather than a break in investment thesis, expressing optimism that Bitcoin prices will 'considerably rise', indicating a positive outlook for future market performance.
- Capital Flow Trends: Rieder noted that capital is currently rotating away from Bitcoin into AI and technology sectors, reflecting a growing market focus on emerging technologies, which may impact Bitcoin's short-term performance.
- IBIT Market Performance: IBIT was trading at $37, down over 1% from its highs, while retail sentiment around IBIT remained in the 'bearish' zone, indicating a cautious market attitude towards Bitcoin.
BlackRock Launches Bitcoin Income ETF to Capture Upside and Generate Income
- Launch of Bitcoin Income ETF: BlackRock has announced the launch of the iShares Bitcoin Premium Income ETF (NASDAQ:BITA), designed to provide investors with upside participation in bitcoin while generating monthly option premiums, addressing a significant demand for income generation among clients.
- Portfolio Structure: BITA gains bitcoin exposure through a combination of spot bitcoin and the world's largest traded bitcoin ETF (IBIT), aiming to write call options on IBIT representing approximately 25% to 35% of the portfolio, thereby generating distributable income while preserving the majority of bitcoin exposure.
- Tax Efficiency Advantages: BITA's structure is designed for tax-efficient growth by holding bitcoin and IBIT directly, benefiting from a blended tax rate of 60/40, allowing investors to pass through capital losses to offset other investment gains, enhancing its appeal to investors.
- Market Scale and Liquidity: BITA leverages BlackRock's digital asset platform, combining over $3 billion in ETF assets and utilizing IBIT's average daily trading volume of approximately $3.7 billion, ensuring competitive advantages and diverse choices for investors in the bitcoin market.
BlackRock Cuts 200 Jobs in Latest Workforce Optimization Round
- Job Cut Scale: BlackRock is eliminating approximately 200 jobs, representing nearly 1% of its workforce, marking the third round of layoffs in the past 18 months, which underscores the firm's commitment to continuous organizational optimization.
- Layoff Scope: The cuts span various roles including investment, operations, and technology, and also affect the private financing arm that was bolstered by the $12 billion acquisition of HPS Investment Partners last year, indicating the firm's agility in responding to market changes.
- Ongoing Review: A spokesperson for BlackRock stated that the firm is consistently reviewing staffing across its divisions to better serve clients, reflecting its adaptability and foresight in a dynamic market environment.
- Historical Context: After pausing layoffs during the pandemic, BlackRock resumed job cuts in 2023, having conducted two major rounds last year, each trimming about 1% of its workforce, demonstrating the firm's ongoing adjustment capabilities in response to economic challenges.
BlackRock vs Blackstone: A Comparative Analysis of Investment Strategies
- BlackRock's Market Performance: In FY 2025, BlackRock reported revenues of approximately $24.2 billion, an 18.7% increase year-over-year, with a net income of about $5.6 billion, although its net margin decreased from 31.2% to 22.9%, indicating pressure on profitability that may affect future investment appeal.
- Blackstone's Growth Potential: Blackstone generated around $13.1 billion in revenue for FY 2025, marking a 21.6% increase, with a net income of $7.1 billion and a net margin of 54%, reflecting strong performance in the alternative asset management sector that attracts more institutional investors.
- Risks and Challenges: BlackRock faces risks from market volatility and global regulatory pressures, particularly in integrating large acquisitions that could impact growth, while Blackstone must manage the effects of interest rate changes on real estate asset values and investor redemption requests.
- Future Outlook: BlackRock aims to achieve $35 billion in revenue by 2030 with a 45% operating margin, while Blackstone anticipates revenues nearing $15 billion in 2026, a 15% increase, highlighting distinct strategic directions and market positions that investors must consider based on their risk preferences.
JPMorgan Appoints New Head of Workplace Solutions
- New Leadership Appointment: JPMorgan has appointed insider Ben Walter to lead its Workplace Solutions business, succeeding Vince La Padula, who is leaving after 23 years for a senior role at the IRS, highlighting the bank's commitment to nurturing internal talent.
- Business Context: The Workplace Solutions division provides global equity compensation and share plan services, formerly known as Global Shares, which was acquired by JPMorgan in 2022; Walter's appointment aims to drive business integration and growth.
- Walter's Experience: Walter previously led Chase for Business, serving over 7.4 million small businesses in the U.S., bringing extensive market experience and leadership skills that are expected to inject new growth momentum into Workplace Solutions.
- La Padula's Contributions: Over his 23 years at JPMorgan, La Padula significantly expanded the bank's lending franchise and laid the groundwork for Workplace Solutions post-Global Shares acquisition, doubling assets and participants in just three years, underscoring his impact on the company's long-term growth.
BlackRock Announces June 2026 Cash Distributions for iShares ETFs
- Cash Distribution Announcement: BlackRock Asset Management Canada has announced the June 2026 cash distributions for iShares ETFs listed on the TSX or Cboe Canada, demonstrating the company's ongoing commitment to providing returns to investors.
- Distribution Amount Details: For instance, the iShares S&P/TSX Canadian Dividend Aristocrats Index ETF will distribute $0.115 per unit, while the iShares Global Infrastructure Index ETF will distribute $0.439 per unit, reflecting the varying yield capabilities and market performance of different funds.
- Investor Record Date: Unitholders of the applicable iShares ETFs must be on record by June 25, 2026, to receive cash distributions on June 30, ensuring timely returns for investors and enhancing client trust.
- Market Impact: The announcement of these cash distributions not only boosts investor confidence in BlackRock but may also attract more capital into iShares ETFs, further solidifying its leadership position in the global asset management market.
BlackRock Reduces Bitcoin Exposure Amid Market Shift
- Bitcoin Investment Adjustment: Rick Rieder stated that BlackRock is maintaining a 'moderate exposure' to Bitcoin (BTC) and has reduced its IBIT position after identifying more compelling investment opportunities, reflecting a shift in market conditions.
- Market Environment Analysis: Rieder framed Bitcoin's drawdown as a tactical issue rather than a break in investment thesis, expressing optimism that Bitcoin prices will 'considerably rise', indicating a positive outlook for future market performance.
- Capital Flow Trends: Rieder noted that capital is currently rotating away from Bitcoin into AI and technology sectors, reflecting a growing market focus on emerging technologies, which may impact Bitcoin's short-term performance.
- IBIT Market Performance: IBIT was trading at $37, down over 1% from its highs, while retail sentiment around IBIT remained in the 'bearish' zone, indicating a cautious market attitude towards Bitcoin.
BlackRock Launches Bitcoin Income ETF to Capture Upside and Generate Income
- Launch of Bitcoin Income ETF: BlackRock has announced the launch of the iShares Bitcoin Premium Income ETF (NASDAQ:BITA), designed to provide investors with upside participation in bitcoin while generating monthly option premiums, addressing a significant demand for income generation among clients.
- Portfolio Structure: BITA gains bitcoin exposure through a combination of spot bitcoin and the world's largest traded bitcoin ETF (IBIT), aiming to write call options on IBIT representing approximately 25% to 35% of the portfolio, thereby generating distributable income while preserving the majority of bitcoin exposure.
- Tax Efficiency Advantages: BITA's structure is designed for tax-efficient growth by holding bitcoin and IBIT directly, benefiting from a blended tax rate of 60/40, allowing investors to pass through capital losses to offset other investment gains, enhancing its appeal to investors.
- Market Scale and Liquidity: BITA leverages BlackRock's digital asset platform, combining over $3 billion in ETF assets and utilizing IBIT's average daily trading volume of approximately $3.7 billion, ensuring competitive advantages and diverse choices for investors in the bitcoin market.
BlackRock Cuts 200 Jobs in Latest Workforce Optimization Round
- Job Cut Scale: BlackRock is eliminating approximately 200 jobs, representing nearly 1% of its workforce, marking the third round of layoffs in the past 18 months, which underscores the firm's commitment to continuous organizational optimization.
- Layoff Scope: The cuts span various roles including investment, operations, and technology, and also affect the private financing arm that was bolstered by the $12 billion acquisition of HPS Investment Partners last year, indicating the firm's agility in responding to market changes.
- Ongoing Review: A spokesperson for BlackRock stated that the firm is consistently reviewing staffing across its divisions to better serve clients, reflecting its adaptability and foresight in a dynamic market environment.
- Historical Context: After pausing layoffs during the pandemic, BlackRock resumed job cuts in 2023, having conducted two major rounds last year, each trimming about 1% of its workforce, demonstrating the firm's ongoing adjustment capabilities in response to economic challenges.
