It's been an eventful few weeks for digital assets, so I wanted to share a few points worth having on your radar.
SpaceX listed on Nasdaq last week under the ticker SPCX, raising $75bn in the largest IPO in history. Beyond the headline, two points stood out.
- Standard Chartered has suggested that some recent pressure on bitcoin and broader digital assets may have reflected institutions building cash ahead of the offering. With the IPO now complete, that potential overhang has cleared
- SpaceX came to market holding 18,712 BTC as a strategic reserve. Combined with Tesla's 11,509 BTC, Michael Saylor was quick to note that "25% of the "Mag8" now hold bitcoin on their balance sheets".
Our CIO Matt Hougan's latest memo asks whether the crypto market has bottomed. His view: the bottom is likely to come this year if it has not already, and we are closer to the bottom than the top. The structural case for Bitcoin remains intact.
"...if you don't have a meaningful position in blockchain assets you are expressing a huge short in AI." - Dan Morehead, Pantera's Founder
In short, the market remains challenging but is far from dormant. We are starting to see green shoots especially with the continued Tokenisation and Agentic economy adoption trends.
------------------------------
Ray Dillet
Head of Financial Institutions
------------------------------