Galaxy Digital Launches OTC Prediction Markets Trading Desk
Galaxy Digital becomes one of the first major crypto firms to offer institutional OTC access to prediction markets, MoneyGram rolls out a native stablecoin on the Stellar blockchain, HIVE Digital posts a 158% revenue surge, and Charles Schwab brings near-24/7 crypto futures to thinkorswim. 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.GALAXY ENTERS PREDICTION MARKETS OTC:Galaxy Digitallaunched an institutional OTC prediction markets trading desk through its Global Markets division, offering derivatives exposure to contracts on Kalshi and Polymarket, as the company. The desk revealed a $10M inaugural trade with crypto hedge fund Arca tied to outcomes associated with the passage of the CLARITY Act, illustrating that legislative risk is now being actively hedged in institutional size.framed the move as Galaxy Digital applying derivatives infrastructure already common in rates and commodities markets to an emerging asset class. The development broadens Galaxy Digital's Global Markets offering into prediction markets and adds a business line linked to event contracts rather than only spot crypto trading, a meaningful distinction given that bitcoin dropped as much as 3% to $69,500 on Tuesday, its lowest level since April 8, on Iran-war anxiety, per.MONEYGRAM LAUNCHES NATIVE STABLECOIN:MoneyGram Internationallaunched MGUSD, a native USD stablecoin built on the Stellar blockchain, issued by Bridge, and integrated with Fireblocks custody and M0 smart contracts, the company. The release confirmed the stablecoin deploys initially in the U.S. market with global expansion planned, positioning MoneyGram's nearly 500,000-location global agent network as on-chain rails rather than legacy wire infrastructure. The move reflects a broader pattern of incumbent payment and remittance companies replacing correspondent banking relationships with self-issued stablecoins. The question is whether MoneyGram can convert its agent network into a distribution moat before fintech competitors and crypto-native platforms capture the same corridors.HIVE REPORTS 158% REVENUE SURGE:HIVE Digitalreported FY26 total revenue of $297.8M, up 158% vs. last year, with bitcoin mining contributing $278.3M and its BUZZ HPC division adding $19.5M, up 94%, as the earnings release. The company mined 2,885 bitcoin during the fiscal year and carries $35M in contracted HPC annualized recurring revenue, with management guiding toward $660M ARR by year-end 2028. To fund a planned 320 MW sovereign AI infrastructure campus in the Greater Toronto Area targeting approximately $360M annualized ARR, HIVE Digital closed a $115M private placement of 0% Exchangeable Senior Notes due 2031, netting approximately $109.5M in proceeds. The 0% coupon and capped-call structure, which limits dilution up to a 125% share-price premium, represents a convertible financing template increasingly common among mining operators transitioning to AI infrastructure.SCHWAB OPENS NEAR-24/7 CRYPTO FUTURES:Charles Schwabactivated near-24/7 crypto futures trading on its thinkorswim platform covering bitcoin, ether, solana, and Ripple products, alongside expanded fractional share trading, the company. The rollout narrows the product gap between Charles Schwab's retail brokerage offering and the around-the-clock access that crypto-native platforms already provide, competing directly for the active retail segment.MINERS AND AI PIVOTS:SOLAIcompleted the acquisition of a 51% stake in Singapore-based personal AI node manufacturer Neuraland for approximately $9.18M in newly issued shares, the company. Separately, Cipher Digitalheld its annual meeting of stockholders with governance votes covering board composition and auditor ratification, asshowed Cipher Digital advancing an $11.4B hyperscale revenue pipeline anchored by AWS and Google datacenter leases.TREASURY AND PLATFORM NOTES:Hyperscale Datadisclosed its subsidiaries held 704.3405 bitcoin valued at approximately $51.8M as of May 31, based on a $73,579 closing price, with no new open-market purchases during the week, the press release. KIDz AIannounced it is winding down its solana treasury exposure and repositioning around the Hyperliquidecosystem and yield-bearing USD stablecoins, the release. OCC-chartered BitGo Holdingspartnered with institutional DeFi protocol Concrete to launch an on-chain asset growth platform combining custody with DeFi yield optimization, the companies. Perpetuals.comreported $4.5B in UpsideOnly platform volume and signed a listing agreement with Datavault AIto tokenize real-world commodity assets on its platform, the announcement.PRICE ACTION:As of time of writing, bitcoin was trading at $67,961.30, while ether was trading at $1,937.81,.
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US Stocks Plunge Sharply, Tech Sector Under Pressure
- Market Decline: The S&P 500 fell 2.64% and the Nasdaq 100 dropped 4.77%, indicating a significant loss of investor confidence in tech stocks, particularly as AI infrastructure and semiconductor companies faced sell-offs, which could impact future investment strategies.
- Strong Employment Data: US nonfarm payrolls rose by 172,000 in May, significantly exceeding expectations of 88,000, while the unemployment rate held steady at 4.3%, potentially prompting the Fed to consider a rate hike at the upcoming meeting, thereby affecting market liquidity and investor sentiment.
- Rising Bond Yields: The 10-year Treasury yield climbed to 4.55%, a two-week high, reflecting heightened expectations for future rate hikes, which may lead to capital outflows from the stock market, further exacerbating market volatility.
- Tech Stock Retreat: Following Broadcom's disappointing chip sales outlook, Marvell and Micron stocks plummeted over 16% and 13%, respectively, suggesting that the market's overly optimistic sentiment towards tech stocks may be correcting, impacting investor confidence.
US Stock Markets Plunge as Tech Stocks Retreat
- Market Weakness: The S&P 500 index fell by 1.00% and the Nasdaq 100 dropped by 2.08%, both reaching two-week lows, indicating a significant investor rotation out of AI infrastructure and semiconductor stocks, which could impact future investment strategies.
- Strong Employment Data: US nonfarm payrolls rose by 172,000 in May, significantly exceeding expectations of 88,000, with April's figures revised up to 179,000, demonstrating economic resilience that may prompt the Fed to consider a rate hike in the upcoming meeting.
- Rising Bond Yields: The 10-year Treasury note yield reached a two-week high of 4.54%, reflecting heightened market expectations for a Fed interest rate increase, which may lead investors to reassess risks in the stock market.
- International Market Declines: European and Asian stock markets are generally lower, with China's Shanghai Composite falling to a seven-week low, indicating that global economic uncertainties could have a ripple effect on the US market.
US Stocks Decline as Tech Sector Pulls Back
- US Stock Index Decline: The S&P 500 index fell by 0.90%, the Dow Jones Industrial Average dropped by 0.32%, and the Nasdaq 100 decreased by 1.85%, indicating investor rotation away from AI infrastructure and semiconductor stocks, which pressured the market and pushed it to a 1.5-week low.
- Employment Data Impact: US May nonfarm payrolls rose by 172,000, exceeding expectations of 88,000, while April's figures were revised up to 179,000, leading the 10-year T-note yield to rise to a two-week high of 4.54%, intensifying speculation about a Fed rate hike.
- Tech Sector Pullback: Following Broadcom's disappointing chip sales outlook, chipmakers and AI infrastructure stocks retreated for a second day, with ON Semiconductor and ARM Holdings both down over 8%, reflecting concerns over excessive optimism in the AI trade.
- International Market Weakness: Overseas stock markets were generally lower, with the Euro Stoxx 50 down 0.17% and China's Shanghai Composite falling to a seven-week low, highlighting the impact of global economic uncertainty on market sentiment.
Morgan Stanley Partners with Galaxy for Crypto Lending Arrangement
- New Crypto Lending Model: Morgan Stanley Wealth Management has partnered with Galaxy to allow eligible clients to lend cryptocurrency and receive shares of exchange-traded products (ETPs) linked to spot crypto, marking a significant step in bridging traditional finance with decentralized finance, which is expected to attract more investors to diversify their portfolios.
- Lowered Transaction Minimums: Galaxy is reducing the lending transaction minimum for Morgan Stanley-referred clients from $25 million to $5 million, expanding access to qualified clients and further promoting the adoption of digital assets in the investment landscape.
- Accelerated Onboarding Process: The newly established referral capability may reduce onboarding times by up to 75%, enhancing client experience and lowering transaction costs, which could increase client acceptance of digital assets as part of their investment strategies.
- Educational Resource Support: Morgan Stanley Wealth Management will provide clients with educational resources about digital assets, helping them understand the investment potential of cryptocurrencies and facilitating their integration into traditional investments, thereby enhancing the overall wealth management strategy.
Dow Jones Hits All-Time High Amid Mixed Market Performance
- Dow Jones High: The Dow Jones Industrial Average surged 1.49% to reach a new all-time high, demonstrating market resilience driven by strong performance in managed healthcare stocks, despite overall market pressures.
- Tech Sector Decline: Broadcom's stock plummeted over 14% due to disappointing AI revenue forecasts, leading to a broader decline in chipmakers, while CrowdStrike fell more than 8% despite beating Q1 earnings expectations, reflecting market caution towards tech stocks.
- Mixed Economic Data: Initial jobless claims rose to 225,000, a 3.75-month high, indicating a weaker labor market, while Q1 nonfarm productivity was revised down to 0.3%, below expectations, potentially impacting future economic growth outlooks.
- Oil Price Impact: WTI crude oil prices fell over 3% amid a ceasefire agreement between Israel and Lebanon, which lowered inflation expectations and provided support for both stock and bond markets, improving investor sentiment.
Mixed US Stock Market with Tech Stocks Under Pressure
- Tech Stock Decline: Broadcom (AVGO) shares plummeted over 15% after its AI revenue forecast fell short, marking it as the largest decliner in the Nasdaq 100, which reflects growing concerns about the tech sector and may dampen investor confidence.
- Weak Employment Data: Initial jobless claims in the US rose by 13,000 to 225,000, reaching a 3.75-month high, indicating a weakening labor market that could lead to downward revisions in growth expectations.
- Healthcare Stocks Strong: UnitedHealth Group (UNH) surged over 6%, leading gains in the S&P 500, after Bank of America upgraded its rating from neutral to buy with a price target of $450, showcasing resilience in the healthcare sector.
- International Market Volatility: European markets showed mixed results, with Eurozone April retail sales falling 0.4% month-over-month, worse than the expected 0.3%, indicating weak consumer spending that could pressure future economic growth.
US Stocks Plunge Sharply, Tech Sector Under Pressure
- Market Decline: The S&P 500 fell 2.64% and the Nasdaq 100 dropped 4.77%, indicating a significant loss of investor confidence in tech stocks, particularly as AI infrastructure and semiconductor companies faced sell-offs, which could impact future investment strategies.
- Strong Employment Data: US nonfarm payrolls rose by 172,000 in May, significantly exceeding expectations of 88,000, while the unemployment rate held steady at 4.3%, potentially prompting the Fed to consider a rate hike at the upcoming meeting, thereby affecting market liquidity and investor sentiment.
- Rising Bond Yields: The 10-year Treasury yield climbed to 4.55%, a two-week high, reflecting heightened expectations for future rate hikes, which may lead to capital outflows from the stock market, further exacerbating market volatility.
- Tech Stock Retreat: Following Broadcom's disappointing chip sales outlook, Marvell and Micron stocks plummeted over 16% and 13%, respectively, suggesting that the market's overly optimistic sentiment towards tech stocks may be correcting, impacting investor confidence.
US Stock Markets Plunge as Tech Stocks Retreat
- Market Weakness: The S&P 500 index fell by 1.00% and the Nasdaq 100 dropped by 2.08%, both reaching two-week lows, indicating a significant investor rotation out of AI infrastructure and semiconductor stocks, which could impact future investment strategies.
- Strong Employment Data: US nonfarm payrolls rose by 172,000 in May, significantly exceeding expectations of 88,000, with April's figures revised up to 179,000, demonstrating economic resilience that may prompt the Fed to consider a rate hike in the upcoming meeting.
- Rising Bond Yields: The 10-year Treasury note yield reached a two-week high of 4.54%, reflecting heightened market expectations for a Fed interest rate increase, which may lead investors to reassess risks in the stock market.
- International Market Declines: European and Asian stock markets are generally lower, with China's Shanghai Composite falling to a seven-week low, indicating that global economic uncertainties could have a ripple effect on the US market.
US Stocks Decline as Tech Sector Pulls Back
- US Stock Index Decline: The S&P 500 index fell by 0.90%, the Dow Jones Industrial Average dropped by 0.32%, and the Nasdaq 100 decreased by 1.85%, indicating investor rotation away from AI infrastructure and semiconductor stocks, which pressured the market and pushed it to a 1.5-week low.
- Employment Data Impact: US May nonfarm payrolls rose by 172,000, exceeding expectations of 88,000, while April's figures were revised up to 179,000, leading the 10-year T-note yield to rise to a two-week high of 4.54%, intensifying speculation about a Fed rate hike.
- Tech Sector Pullback: Following Broadcom's disappointing chip sales outlook, chipmakers and AI infrastructure stocks retreated for a second day, with ON Semiconductor and ARM Holdings both down over 8%, reflecting concerns over excessive optimism in the AI trade.
- International Market Weakness: Overseas stock markets were generally lower, with the Euro Stoxx 50 down 0.17% and China's Shanghai Composite falling to a seven-week low, highlighting the impact of global economic uncertainty on market sentiment.
Morgan Stanley Partners with Galaxy for Crypto Lending Arrangement
- New Crypto Lending Model: Morgan Stanley Wealth Management has partnered with Galaxy to allow eligible clients to lend cryptocurrency and receive shares of exchange-traded products (ETPs) linked to spot crypto, marking a significant step in bridging traditional finance with decentralized finance, which is expected to attract more investors to diversify their portfolios.
- Lowered Transaction Minimums: Galaxy is reducing the lending transaction minimum for Morgan Stanley-referred clients from $25 million to $5 million, expanding access to qualified clients and further promoting the adoption of digital assets in the investment landscape.
- Accelerated Onboarding Process: The newly established referral capability may reduce onboarding times by up to 75%, enhancing client experience and lowering transaction costs, which could increase client acceptance of digital assets as part of their investment strategies.
- Educational Resource Support: Morgan Stanley Wealth Management will provide clients with educational resources about digital assets, helping them understand the investment potential of cryptocurrencies and facilitating their integration into traditional investments, thereby enhancing the overall wealth management strategy.
Dow Jones Hits All-Time High Amid Mixed Market Performance
- Dow Jones High: The Dow Jones Industrial Average surged 1.49% to reach a new all-time high, demonstrating market resilience driven by strong performance in managed healthcare stocks, despite overall market pressures.
- Tech Sector Decline: Broadcom's stock plummeted over 14% due to disappointing AI revenue forecasts, leading to a broader decline in chipmakers, while CrowdStrike fell more than 8% despite beating Q1 earnings expectations, reflecting market caution towards tech stocks.
- Mixed Economic Data: Initial jobless claims rose to 225,000, a 3.75-month high, indicating a weaker labor market, while Q1 nonfarm productivity was revised down to 0.3%, below expectations, potentially impacting future economic growth outlooks.
- Oil Price Impact: WTI crude oil prices fell over 3% amid a ceasefire agreement between Israel and Lebanon, which lowered inflation expectations and provided support for both stock and bond markets, improving investor sentiment.
Mixed US Stock Market with Tech Stocks Under Pressure
- Tech Stock Decline: Broadcom (AVGO) shares plummeted over 15% after its AI revenue forecast fell short, marking it as the largest decliner in the Nasdaq 100, which reflects growing concerns about the tech sector and may dampen investor confidence.
- Weak Employment Data: Initial jobless claims in the US rose by 13,000 to 225,000, reaching a 3.75-month high, indicating a weakening labor market that could lead to downward revisions in growth expectations.
- Healthcare Stocks Strong: UnitedHealth Group (UNH) surged over 6%, leading gains in the S&P 500, after Bank of America upgraded its rating from neutral to buy with a price target of $450, showcasing resilience in the healthcare sector.
- International Market Volatility: European markets showed mixed results, with Eurozone April retail sales falling 0.4% month-over-month, worse than the expected 0.3%, indicating weak consumer spending that could pressure future economic growth.
