Crypto Daily｜JPMorgan Says Saylor’s Strategy Adds New Risk to Bitcoin Market; StanChart Becomes First Global Bank With Direct Institutional USDC Access

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JPMorgan Says Saylor’s Strategy Adds New Risk to Bitcoin Market

JPMorgan Chase & Co. warns that Michael Saylor’s financing overhaul at Strategy has shaken up the dynamics of the Bitcoin market by introducing the risk that one of the cryptocurrency’s biggest buyers could also become a seller, adding a new source of uncertainty for investors.

Strategy’s new policy of selectively selling Bitcoin to fund preferred-stock dividends and manage its balance sheet had created an “avoidable” two-way flow risk for the market, the bank wrote in a report late Wednesday. While maintaining larger cash reserves would reduce the likelihood of future sales, JPMorgan argued the company would need enough liquidity to cover two to three years of dividend payments before investors are confident that it won’t need to monetize its Bitcoin holdings.

Standard Chartered Becomes First Global Bank to Offer Direct USDC Access to Institutions

Standard Chartered announced Wednesday that it has launched a service allowing institutional clients to mint and redeem USDC, the stablecoin issued by Circle Internet Group, directly through the bank rather than opening separate accounts with the crypto firm.

The bank said the launch makes it the first Global Systemically Important Bank licensed to offer institutional clients integrated access to USDC minting and redemption through a single onboarding and service experience, without requiring clients to hold direct accounts with Circle.

Securitize Begins Trading on NYSE as Tokenized Shares Land on Solana, Avalanche

Shares in BlackRock-backed tokenization firm Securitize (SECZ) are up more than 8% in their trading debut, recently changing hands at $12.75. 

The firm began trading on the New York Stock Exchange (NYSE) Thursday, eight years after its founding, thanks to a merger with a Cantor Fitzgerald-backed blank check firm. 

While its shares hit traditional equity markets on Thursday, they also landed on the blockchain, with tokenized versions of $266 million worth of SECZ issued—a mark the firm said makes it the largest tokenized stock in the world.

Bitcoin & Ethereum Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Thursday was $262.15 million. The total net asset value of Bitcoin spot ETFs is $73.39 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 2.39%.

The Bitcoin spot ETF with the highest net inflow on July 2 was Fidelity Wise Origin Bitcoin Fund, with a net inflow of $165.96 million, according to SoSoValue.

Source: SoSoValue