Morgan Stanley's Bitcoin ETF Attracts $34M on First Day
Thursday's session picks up where Wednesday's ceasefire rally left off, with bitcoin(BTC-USD)trading near $71,641 and sitting roughly $360 below the $72,000 level that CoinGlass estimates would trigger $2.5B in cascading short liquidations. The derivatives coil arrives as Wall Street's institutional infrastructure build-out accelerates: Morgan Stanley's(MS)spot bitcoin ETF reported first-day results and Bitmine Immersion Technologies(BMNR)is making its debut on the NYSE main board. 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.MSBT LOGS $34M IN DAY-ONE INFLOWS AS WALL STREET'S BITCOIN EMBRACE HOLDS:, making it the first such product from a major Wall Street bank and the cheapest in the market at a 0.14% expense ratio.The broader spot bitcoin ETF complex saw $124.5M leave incumbent funds simultaneously, meaning MSBT attracted fresh capital as the cohort faced net outflows.Bloomberg's April 9 newsletterframes the institutional picture more broadly, noting that Wall Street's structural embrace of bitcoin remains intact even as speculative retail enthusiasm has cooled. The newsletter's framing carries weight for equity investors tracking crypto-adjacent names: sustained institutional demand at the infrastructure layer, custody, settlement, and ETF distribution, can support revenue lines at firms like Coinbase even during periods of subdued retail activity.BITMINE UPLISTS TO NYSE MAIN BOARD AND EXPANDS BUYBACK TO $4B:Bitmine Immersion Technologies, the ether(ETH-USD)treasury company chaired by Fundstrat's Tom Lee, began trading on the NYSE main board Thursday after transferring from NYSE American.According to a company release, the company simultaneously expanded its share repurchase authorization from $1B to $4B, described as one of the ten largest buyback programs announced in 2026 per Fundstrat, while holding approximately 4.803M ether, representing roughly 3.98% of total ether supply, with total crypto and cash holdings of $11.4B. The NYSE uplisting is being closely watched as a benchmark for whether an ether treasury strategy can attract mainstream institutional capital at the same scale that Strategy'sbitcoin model has for BTC-denominated proxies.DERIVATIVES COIL TIGHTENS; HYPERLIQUID OIL VOLUME TOPS BITCOIN FOR FIRST TIME:, bitcoin futures open interest climbed 7.01% in 24 hours to $52.04B with Binance leading at $8.73B, signaling that leverage is re-accumulating rapidly in the aftermath of Wednesday's $427M short squeeze. Ether futures open interest surged 11.93% in the same window to $31.62B, creating a fragile leverage stack with an estimated $810M in long liquidations clustered below $1,952, directly relevant to spot ether ETF AUM mechanics and Coinbase's derivatives revenue line.On Hyperliquid, combined WTI and Brent crude perpetuals hit $2.45B in 24-hour volume on Thursday, surpassing bitcoin perpetuals at $2.29B on that platform for the first time, a result reflecting macro traders routing commodity exposure through on-chain perpetual DEXs on a day when oil crashed more than 16% following the U.S.-Iran ceasefire, and positioning Hyperliquid's HYPE(HYPE-USD)token as a live barometer of traditional finance crossover demand for on-chain derivatives infrastructure.BITMEX REPORTS 500%+ SURGE IN TOKENIZED COMMODITY AND EQUITY PERPETUALS:shows that BitMEX's Q1 2026 derivatives report found that tokenized commodity perpetuals surged more than 500% quarter-over-quarter while tokenized equity perpetuals grew 900% to $4.9B in weekly volume, driven by traditional finance crossover demand for on-chain exposure to conventional asset classes. The data provides a quantitative frame for the structural shift that Hyperliquid's oil volume milestone illustrates: traditional financial instruments are migrating to on-chain perpetual venues at an accelerating rate, with direct competitive implications for centralized exchange operators like Coinbase and Bullish(BLSH).BITCOIN DEPOT DISCLOSES $3.6M HACK; BITCOIN BANCORP LAUNCHES CALIFORNIA ATM ROLLOUT:Bitcoin Depot(BTM), operator of approximately 25,000 bitcoin ATMs across North America,disclosed that attackers breached its IT systems on March 23, stealing 50.9 BTC worth approximately $3.665Mby compromising digital asset settlement account credentials before being locked out, at least the company's second known security event following a 2023 user data breach affecting 58,000 customers. The disclosure arrives on the same day that Bitcoin Bancorpannounced an expansion into the space. Bitcoin Bancorp, one of only three publicly traded bitcoin ATM operators and holder of foundational bitcoin ATM patents, launched the initial Southern California deployment of its licensed ATM network as the next phase of its national expansion strategy.SOLUNA COMMISSIONS 48MW PROJECT KATI; BITGO POWERS ANDX U.S. LAUNCH:Soluna Holdings(SLNH)reported that its Project Kati 1 K1A Galaxy facility, a 48 MW bitcoin hosting and mining site, was fully commissioned ahead of schedule in March, while the company is in active hyperscaler negotiations for the AI and HPC-focused Project Kati 2, with its total development pipeline now surpassing 4.3 gigawatts.According to a press release, BitGo(BTGO)announced its OCC-regulated Crypto-as-a-Service platform now underpins the U.S. launch of AndX, an AI-native Web3 trading platform, providing custody, compliance, and settlement infrastructure with $250M insurance coverage across all 50 states.GREENLANE HOLDS 32% OF BERA SUPPLY AND AUTHORIZES $2M BUYBACK:, Greenlane Holdings(GNLN)reported holding 77.9M BERA tokens, representing approximately 32% of the circulating supply of the Berachain native asset as of April 7, with 50M tokens deployed to validators to generate staking yield, while its board simultaneously authorized a new $2M common stock buyback. Greenlane's concentrated BERA position makes it one of the most direct public-market proxies for the Berachain ecosystem, and the buyback authorization mirrors the capital return discipline shown by Empery Digital(EMPD)the prior session, contrasting with the equity issuance posture of most smaller crypto-adjacent names.BITWISE LISTS HYPERLIQUID STAKING ETP IN FRANKFURT; BLACKROCK ETF WALLETS MOVE $49M TO COINBASE:, Bitwise launched the Bitwise Hyperliquid Staking ETP under the ticker symbol 'BHYP' on Deutsche Börse Xetra in Frankfurt, offering regulated access to the HYPE token with an expected net staking yield of approximately 1% and a total expense ratio of 0.85%, marking Bitwise's seventh staking ETP; on-chain data also shows a purchase of 67,648 HYPE tokens for approximately $2.6M by large wallets flagged byLookonchainWednesday, confirming active accumulation. Separately,Arkham Intelligence data showedBlackRock'sIBIT and ETHA ETF wallets transferred 416.65 BTC and 8,513 ETH, a combined value of approximately $49M, to Coinbase Prime during Wednesday's session, confirming that Coinbase's custody and settlement operations are handling significant flow mechanics on volatile sessions and supporting the revenue case for Coinbase independent of spot trading volumes.PRICE ACTION:As of time of writing, bitcoin was trading at $71,490.96, while ether was trading at $2,190.08,.
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Saudi MGC Aims to Raise $799 Million in IPO
- IPO Scale: Saudi Mutlaq Al-Ghowairi Contracting Co. is seeking to raise up to 3 billion riyals ($799 million) through an initial public offering, marking the Gulf region's first major IPO of 2026 and indicating signs of recovery in capital markets.
- Share Offering: The company’s shareholders are offering 240 million shares, representing a 30% stake, at a price range of 11 to 12.5 riyals per share, which would value MGC at approximately 10 billion riyals ($2.67 billion) at the top end, reflecting market confidence in its infrastructure projects.
- Market Context: This IPO comes as the first large listing since the U.S.-Iran conflict disrupted regional trade and energy markets, yet Saudi Arabia's stock market has outperformed several regional peers, supported by higher oil prices and a diversified export infrastructure.
- Financial Performance: MGC reported a profit of 420 million riyals during the six months ended 2025, with a net profit margin of 28.1%, showcasing strong profitability in its water and transportation infrastructure projects, which further boosts investor confidence.
Alphabet's TPUs Could Capture 20% of AI Infrastructure Market
- Market Share Forecast: Gil Luria from DA Davidson estimates that Alphabet's TPUs could capture 20% of the AI infrastructure market, which is projected to reach $900 billion, highlighting Alphabet's potential and strategic significance in the AI sector.
- Sales Model Shift: Alphabet plans to transition from historically renting TPUs through Google Cloud to directly selling them to select customers, a strategic change that will expand its addressable market and further drive cloud revenue growth.
- Competitive Landscape Analysis: While Alphabet's TPUs offer cost advantages, Nvidia still dominates with over 80% of the AI accelerator market share due to its robust software ecosystem and developer base, underscoring its leading position in the industry.
- Future Growth Expectations: Morgan Stanley anticipates that Alphabet's TPU sales will grow at an annual rate of 60% through 2028, reflecting strong market demand for its AI accelerators and indicating Alphabet's strategic positioning in the AI infrastructure space.
Alphabet and Nvidia's Competitive Landscape in AI
- Market Share Competition: With a market cap of $4.6 trillion for Alphabet and $5.1 trillion for Nvidia, both companies have deep roots in AI, but Alphabet's expansion into the TPU market poses a significant threat to Nvidia's dominance.
- TPU Market Potential: Alphabet's TPUs are projected to account for 20% of AI infrastructure sales, potentially creating a $900 billion market, highlighting Alphabet's growth potential in AI hardware.
- Cloud Revenue Growth: Alphabet's cloud revenue has accelerated for four consecutive quarters, driven by strong demand for TPUs and Gemini models, indicating the company's increasing competitiveness in the AI market.
- Investor Sentiment: While Nvidia maintains an advantage in its CUDA software ecosystem, analysts believe Nvidia's stock is undervalued with an expected earnings growth of 43% over the next three years, compared to Alphabet's anticipated 16% growth.
Is It Time to Reload Your Underinvested Portfolio?
- Shopify Stock Fluctuations: Shopify's stock has dropped 40% since last October, currently valued at $154 billion; despite pressures from slowing sales growth and rising interest rates, its Q1 revenue growth rate of 34% highlights its significance in the future of e-commerce.
- Nice's Customer Service Technology: Nice Ltd, with a market cap of $5.4 billion, derives only 14% of its cloud revenue from AI, yet its Q1 recurring revenue grew 66% year-over-year, showcasing its strong performance and growth potential in the customer service market.
- Viking Therapeutics' Drug Development: Viking Therapeutics is conducting phase 3 trials for its GLP-1 weight-loss drug VK2735, currently valued at $3.8 billion; analysts unanimously rate its stock as a strong buy with a target price of $95.40, reflecting confidence in its market potential.
- Investor Focus on Emerging Stocks: Despite overall market volatility, investor interest in Shopify, Nice, and Viking indicates optimism towards these growth stocks, particularly in the long-term growth prospects within the e-commerce and health sectors.
Analysis of Shopify's Stock Price Decline
- Shopify's Stock Decline: Shopify's shares have fallen 40% since October, driven by slowing sales growth, rising interest rates, and potential threats from AI, although these concerns may be overstated.
- Nice Ltd's Customer Service Edge: Nice Ltd's platform facilitates over 20 billion interactions annually, and while AI accounts for only 14% of its cloud revenue, its annualized revenue has reached $345 million, indicating strong growth potential.
- Viking Therapeutics' Market Potential: Viking Therapeutics' VK2735 is in phase 3 trials and could disrupt the $200 billion obesity drug market, with analysts setting a target price of $95.40, representing a 200% upside from current levels.
- Cautious Investor Sentiment: Despite stocks remaining above late-March lows, many investors are on the sidelines due to concerns about a market pullback, particularly in the current economic climate, which challenges confidence in reinvesting.
OpenAI Set to File Confidential IPO Soon
- IPO Filing Expected: OpenAI is reportedly set to file a confidential IPO within weeks, with the listing anticipated to be one of the most closely watched tech offerings, potentially targeting September, indicating the company's strategic growth in the AI sector.
- Intensifying Competition: This IPO would position OpenAI ahead of rival Anthropic PBC, which is also planning a public offering later this year or early next, highlighting the intensifying competition in the AI market.
- Valuation Comparison: OpenAI's current valuation stands at $852 billion, while Anthropic recently raised $65 billion, achieving a valuation of $965 billion, surpassing OpenAI, reflecting rapid changes and investor interest in the AI industry.
- Underwriter Negotiations: OpenAI is in talks with banks including Citigroup and JPMorgan, which may join Goldman Sachs and Morgan Stanley in supporting the upcoming IPO, further solidifying its market position and potential for a successful public offering.
Saudi MGC Aims to Raise $799 Million in IPO
- IPO Scale: Saudi Mutlaq Al-Ghowairi Contracting Co. is seeking to raise up to 3 billion riyals ($799 million) through an initial public offering, marking the Gulf region's first major IPO of 2026 and indicating signs of recovery in capital markets.
- Share Offering: The company’s shareholders are offering 240 million shares, representing a 30% stake, at a price range of 11 to 12.5 riyals per share, which would value MGC at approximately 10 billion riyals ($2.67 billion) at the top end, reflecting market confidence in its infrastructure projects.
- Market Context: This IPO comes as the first large listing since the U.S.-Iran conflict disrupted regional trade and energy markets, yet Saudi Arabia's stock market has outperformed several regional peers, supported by higher oil prices and a diversified export infrastructure.
- Financial Performance: MGC reported a profit of 420 million riyals during the six months ended 2025, with a net profit margin of 28.1%, showcasing strong profitability in its water and transportation infrastructure projects, which further boosts investor confidence.
Alphabet's TPUs Could Capture 20% of AI Infrastructure Market
- Market Share Forecast: Gil Luria from DA Davidson estimates that Alphabet's TPUs could capture 20% of the AI infrastructure market, which is projected to reach $900 billion, highlighting Alphabet's potential and strategic significance in the AI sector.
- Sales Model Shift: Alphabet plans to transition from historically renting TPUs through Google Cloud to directly selling them to select customers, a strategic change that will expand its addressable market and further drive cloud revenue growth.
- Competitive Landscape Analysis: While Alphabet's TPUs offer cost advantages, Nvidia still dominates with over 80% of the AI accelerator market share due to its robust software ecosystem and developer base, underscoring its leading position in the industry.
- Future Growth Expectations: Morgan Stanley anticipates that Alphabet's TPU sales will grow at an annual rate of 60% through 2028, reflecting strong market demand for its AI accelerators and indicating Alphabet's strategic positioning in the AI infrastructure space.
Alphabet and Nvidia's Competitive Landscape in AI
- Market Share Competition: With a market cap of $4.6 trillion for Alphabet and $5.1 trillion for Nvidia, both companies have deep roots in AI, but Alphabet's expansion into the TPU market poses a significant threat to Nvidia's dominance.
- TPU Market Potential: Alphabet's TPUs are projected to account for 20% of AI infrastructure sales, potentially creating a $900 billion market, highlighting Alphabet's growth potential in AI hardware.
- Cloud Revenue Growth: Alphabet's cloud revenue has accelerated for four consecutive quarters, driven by strong demand for TPUs and Gemini models, indicating the company's increasing competitiveness in the AI market.
- Investor Sentiment: While Nvidia maintains an advantage in its CUDA software ecosystem, analysts believe Nvidia's stock is undervalued with an expected earnings growth of 43% over the next three years, compared to Alphabet's anticipated 16% growth.
Is It Time to Reload Your Underinvested Portfolio?
- Shopify Stock Fluctuations: Shopify's stock has dropped 40% since last October, currently valued at $154 billion; despite pressures from slowing sales growth and rising interest rates, its Q1 revenue growth rate of 34% highlights its significance in the future of e-commerce.
- Nice's Customer Service Technology: Nice Ltd, with a market cap of $5.4 billion, derives only 14% of its cloud revenue from AI, yet its Q1 recurring revenue grew 66% year-over-year, showcasing its strong performance and growth potential in the customer service market.
- Viking Therapeutics' Drug Development: Viking Therapeutics is conducting phase 3 trials for its GLP-1 weight-loss drug VK2735, currently valued at $3.8 billion; analysts unanimously rate its stock as a strong buy with a target price of $95.40, reflecting confidence in its market potential.
- Investor Focus on Emerging Stocks: Despite overall market volatility, investor interest in Shopify, Nice, and Viking indicates optimism towards these growth stocks, particularly in the long-term growth prospects within the e-commerce and health sectors.
Analysis of Shopify's Stock Price Decline
- Shopify's Stock Decline: Shopify's shares have fallen 40% since October, driven by slowing sales growth, rising interest rates, and potential threats from AI, although these concerns may be overstated.
- Nice Ltd's Customer Service Edge: Nice Ltd's platform facilitates over 20 billion interactions annually, and while AI accounts for only 14% of its cloud revenue, its annualized revenue has reached $345 million, indicating strong growth potential.
- Viking Therapeutics' Market Potential: Viking Therapeutics' VK2735 is in phase 3 trials and could disrupt the $200 billion obesity drug market, with analysts setting a target price of $95.40, representing a 200% upside from current levels.
- Cautious Investor Sentiment: Despite stocks remaining above late-March lows, many investors are on the sidelines due to concerns about a market pullback, particularly in the current economic climate, which challenges confidence in reinvesting.
OpenAI Set to File Confidential IPO Soon
- IPO Filing Expected: OpenAI is reportedly set to file a confidential IPO within weeks, with the listing anticipated to be one of the most closely watched tech offerings, potentially targeting September, indicating the company's strategic growth in the AI sector.
- Intensifying Competition: This IPO would position OpenAI ahead of rival Anthropic PBC, which is also planning a public offering later this year or early next, highlighting the intensifying competition in the AI market.
- Valuation Comparison: OpenAI's current valuation stands at $852 billion, while Anthropic recently raised $65 billion, achieving a valuation of $965 billion, surpassing OpenAI, reflecting rapid changes and investor interest in the AI industry.
- Underwriter Negotiations: OpenAI is in talks with banks including Citigroup and JPMorgan, which may join Goldman Sachs and Morgan Stanley in supporting the upcoming IPO, further solidifying its market position and potential for a successful public offering.
