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Morgan Stanley Investment Management has launched the Morgan Stanley Bitcoin Trust (MSBT), an exchange-traded product designed to track the performance of bitcoin, marking a significant step into digital assets for a U.S. bank-affiliated asset manager.  The launch positions Morgan Stanley as the first U.S. bank-affiliated firm to offer a cryptocurrency ETP, reflecting growing institutional demand for regulated access to digital assets. MSBT tracks bitcoin using the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, which aggregates trading activity across major spot exchanges.  “ETPs remain a powerful way for investors to gain exposure to new asset classes within a transparent and regulated…

Kevin Warsh, US President Donald Trump’s pick to lead the Federal Reserve to replace Chair Jerome Powell, has reported millions of dollars in assets ahead of his confirmation hearing, including investments in crypto and AI companies.In a filing with the US Office of Government Ethics, Warsh reported Excepted Investment Funds (EIFs) in Compound, Dapper Labs, Kinetic, as well as AI companies Delphi, Conversion, Factory, Glue and others ahead of his confirmation hearing in the Senate. While the prospective Fed chair’s assets amounted to more than $100 million, none of his crypto and AI investments included a value range, Reuters reported…

Soybeans are trading with losses of 6 to 7 cents so far on Monday morning. Soon to expire August soybean futures popped 18 ¼ cents in very thin trading on Friday, while the rest of the bean contracts settled 4 ¾ to 6 cents lower. Soymeal futures were down $5.60 to $9.00 per ton despite the strike in Argentina and potential disruptions to exports of meal and oil. Soy Oil futures settled 20 to 38 points higher.   In addition to the Argentine situation, there is an investigation underway to determine if used cooking oil being imported for renewable biodiesel conversion is really…

The promise of joining the euro is politically powerful but economically conditional: adopting the euro is not a switch one can flip following an election win—it is a multi-year process bound by very-strict convergence criteria. Hungary could credibly set a path toward membership, but presenting it as a near-term deliverable risks overselling what is, in reality, a disciplined and externally monitored transformation. The experience across central and eastern Europe displays that even highly motivated governments cannot shortcut the process without risking market backlash or EU pushback. At the same time, the signal from Tisza does matter. Committing to euro adoption…

Michael Saylor’s Strategy, the world’s largest public holder of Bitcoin (BTC), added a large haul of Bitcoin to its stash last week, edging toward 800,000 BTC in total holdings.Strategy acquired 13,927 Bitcoin for $1 billion between April 6 and 12, according to an 8-K filing with the US Securities and Exchange Commission on Monday.The purchases were made at an average price of $71,902 per coin, marking another purchase below the company’s average acquisition price of $75,577.Strategy now holds 780,897 BTC on its balance sheet, acquired for a total cost of $59.02 billion. The company has 19,103 BTC left to reach…

The S&P 500 Index ($SPX) (SPY) on Friday closed down -0.11%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -0.56%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.14%.  June E-mini S&P futures (ESM26) fell -0.12%, and June E-mini Nasdaq futures (NQM26) rose +0.12%.Stock indexes gave up an early advance on Friday and settled mixed, with the Nasdaq 100 posting a 6-week high.  Easing inflation concerns were bullish for stocks on Friday after US consumer prices rose less than expected last month.  Also, hopes that this weekend’s negotiations between the US and Iran will lead to a diplomatic solution to the war…

U.S. headline inflation accelerated sharply in March, driven by a surge in energy prices, further complicating the Federal Reserve’s policy path.  Data from the Bureau of Labor Statistics showed consumer prices rose 0.9% month over month, up from 0.3% in February, with energy costs jumping nearly 11% during the period. On a year-over-year basis, headline inflation increased 3.3%.  Core inflation, which excludes food and energy, remained more contained, rising 0.2% for the month and 2.6% annually. Over the past year, the energy index climbed 12.5%, while food prices increased 2.7%, highlighting the outsized role of energy in the latest inflation spike.  The data comes as the Federal…

The United States government must pass the CLARITY Act, which aims to provide the crypto industry with clearer regulatory oversight, soon, or risk waiting almost another four years to move the industry forward, according to US Senator Cynthia Lummis.“This is our last chance to pass the Clarity Act until at least 2030,” Lummis, a well-known crypto advocate, said in an X post on Friday.“We can’t afford to surrender America’s financial future,” she added. The comments come as crypto industry participants begin to worry that the bill’s chances of passing this year are narrowing, with US midterm elections in November potentially…

The non-listed business development company (BDC) market has surpassed $200 billion in aggregate net asset value, even as redemption activity intensifies across both public and private segments.  According to Robert A. Stanger & Company, Inc., the market reached $203.9 billion in Q4 2025, with private placement BDCs now accounting for 35.7% of total assets. At the same time, private placement REITs expanded their share to 25.1% of the $120.5 billion non-listed REIT market, highlighting continued growth in semi-liquid alternative structures.  New data on private placement BDCs suggests redemption trends are closely tracking those seen in publicly registered NAV BDCs. Among 19 private…

The dollar index (DXY00) on Friday fell by -0.15%. Friday’s reports that showed a smaller-than-expected increase in US March consumer prices and a plunge in the University of Michigan’s US Apr consumer sentiment index to a record low weighed on the dollar. Also, hopes that this weekend’s negotiations in Pakistan between the US and Iran will lead to peace are reducing safe-haven demand for the dollar.The dollar recovered some of its losses Friday when Iran said there must be an immediate ceasefire in Lebanon and all Iranian blocked assets must be released “before any negotiations begin.”  Also, the New York…