Crypto Daily | Coinbase Rolls Out Tokenized Stocks for Apple, Nvidia; Morgan Stanley Boosts Bitcoin Holdings Anew

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Coinbase debuts tokenized stocks on Base network, joining race to bring equities on blockchain

Coinbase debuted tokenized U.S. stocks on its Base blockchain on Monday, joining rival crypto exchanges, including Kraken and Binance, in the race to bring stock trading onchain.

The rollout starts with some of the biggest names in the U.S. market: Apple (AAPL), Nvidia (NVDA), Meta (META) and Alphabet (GOOGL). The tokens are available to eligible investors outside the U.S. and represent shares held 1:1 with Alpaca, a regulated broker and custodian, according to a Base blog post.

The stock tokens are issued under Abu Dhabi Global Market (ADGM) regulation, where Coinbase recently established its international tokenization hub.

Coinbase said more stocks will follow the initial batch.

Morgan Stanley increased its holdings by about 100 BTC again, and its total holdings exceeded 7,000 BTC for the first time

About six hours ago, Morgan Stanley increased its holdings of approximately 100.297 $BTC through its spot Bitcoin exchange-traded fund, MSBT, spending $7.9 million. As of now, its total Bitcoin position has surpassed 7,000 for the first time, reaching 7,096 $BTC, with a value exceeding $573 million.

Arthur Hayes: The US Treasury Secretary is replicating Yellen's money-printing strategy, and Bitcoin will benefit from the rise

PANews on August 25 reported that Arthur Hayes wrote in his latest article “More of the Same” that regardless of public rhetoric, the US Treasury Secretary will ultimately choose to print money. He cited Bessent’s recent announcement of increased long-term Treasury buybacks as an example, saying that the move is essentially the same as Yellen’s operation at the end of 2023 of releasing reverse repo funds by increasing short-term Treasury issuance: when the 10-year Treasury yield approached 5%, printing money was used to suppress yields and inject dollar liquidity into the market.

Hayes recalled that Yellen released about $2.4 trillion in liquidity at that time, which propelled Bitcoin up from its post-FTX-collapse bottom. He believes Bessent’s first round of buybacks was insufficient, but market pressure will force him to gradually increase buybacks and use Treasury account funds. Whether fast or slow, liquidity will be injected into the market, and Hayes expects Bitcoin to continue rising.

Bitcoin & Ethereum Spot ETF Flow

According to SoSoValue data, Bitcoin spot ETF saw a total net inflow of 337.56M USD yesterday (Eastern Time, August 24th).

The Bitcoin Spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a daily net inflow of 208.93M USD, and the total historical net inflow of IBIT currently stands at 62.64B USD.

The second highest was Fidelity's ETF FBTC, with a daily net inflow of 104.57M USD, and the total historical net inflow of FBTC currently stands at 10.28B USD.

As of the time of publication, the total net asset value of Bitcoin Spot ETFs is 98.56B USD, with an ETF net asset ratio (market capitalization relative to the total Bitcoin market cap) of 6.22%. The historical cumulative net inflow has reached 54.04B USD.

According to SoSoValue data, on August 24 (EDT), the total net inflow of Ethereum spot ETFs was $116 million.

The Ethereum spot ETF with the highest single-day net inflow yesterday was BlackRock's ETF ETHA, with a single-day net inflow of $90.9162 million, bringing ETHA's cumulative net inflow to date to $12.261 billion. Second was Grayscale's Ethereum Mini Trust ETF $ETH, with a single-day net inflow of $12.4965 million, bringing $ETH's cumulative net inflow to date to $1.862 billion.