🚀 The biggest IPO ever — a closer look

Watch the latest episode of Public Keys. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  Public Keys From the NYSE New Episode · This Week The biggest IPO ever — with $1.3B in Bitcoin Host Jennifer Sanasie breaks down SpaceX's blockbuster debut, Citi's plan to put private company shares on a blockchain, and Coinbase letting AI agents trade crypto on your behalf. Inside This Episode SpaceX lands in the Bitcoin top 10 SpaceX debuted with 18,712 BTC on its balance sheet — not a Bitcoin company, but a rocket and AI giant treating BTC as a macro reserve asset. GSR's Joshua Riezman on what it signals for corporate treasuries and why the CLARITY Act is a "now or never" moment. Citi brings private shares on-chain Citi's Artem Korenyuk explains how a 100-year-old instrument — the depository receipt — is being reinvented to tokenize and trade shares of late-stage private companies, giving founders control and investors verifiable ownership. Your AI can now trade crypto Coinbase's Lincoln Murr on Coinbase for Agents — connecting assistants like ChatGPT and Claude to your account to trade, access data, and eventually pay autonomously — plus the guardrails meant to keep agents from going rogue. Plus Ponzi Trader's highest-conviction call of the week on 10X, the latest spot BTC and ETH ETF flows, and a Fear & Greed Index crawling back from extreme fear. Watch the full episode now. ►  Watch on YouTube See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.

There's a catch to BlackRock's new bitcoin income ETF

BlackRock filed an ETF that lets institutions earn from BTC’s volatility. There’s a catch. Bitcoin ETFs bled cash Monday while every other crypto ETF gained. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tuesday, June 16, 2026   BlackRock has filed for an IBIT-based covered-call ETF that would let institutions earn cash income from bitcoin’s volatility by systematically selling call options against holdings — and there’s a catch. As more players run the same strategy, they compress implied volatility, reducing the premiums and thus the income the fund can generate. Meanwhile bitcoin ETFs were uniquely weak Monday, bleeding cash even as every other crypto ETF — ETH, SOL, XRP, altcoin baskets — saw inflows. The FOMC meets today and tomorrow in its first session under Chair Warsh, with no cuts expected and rate hike odds running into 2027. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $65,484 −0.06% ETH $1,887 +1.34% SOL $83.51 +0.93% XRP $1.23 +0.82% Prices approximate. Visit coindesk.com/price for live data. What matters today Markets   Story 1 of 3 BlackRock’s new bitcoin ETF lets institutions earn from volatility. There’s a catch. BlackRock filed for a covered-call ETF based on IBIT — its flagship spot bitcoin fund — that would systematically sell call options against BTC holdings and distribute the premiums as cash income to institutional investors. The product is designed to appeal to yield-seeking allocators who want bitcoin exposure with a regular income stream, and IBIT options have become a substantial market since SEC approval in 2024. The catch, as CoinDesk notes, is structural: covered-call strategies are self-defeating at scale. As more players sell calls against BTC, they increase supply of options, depressing implied volatility and thus the premiums available to collect. The fund also caps upside participation above the option strike price, meaning investors give up some of bitcoin’s explosive gains in exchange for income. It is a trade that works well in a low-volatility, range-bound market — and is less attractive precisely when BTC is moving hard in either direction. Read more → Sponsored Research   Story 2 of 3 Spot trading at its lowest since November 2023. Volumes fell for a fourth straight month. CoinDesk Research’s latest exchange analysis shows May combined spot and derivatives volumes fell 3.45% to $4.41 trillion — the lowest reading since September 2024 and the fourth consecutive monthly decline. The retreat reflects a market in which institutional capital is either sitting on the sidelines ahead of the FOMC or has rotated into AI-linked equities rather than crypto spot exposure. One notable exception: RWA perpetual futures volumes rose 10.4% against the trend to hit a new all-time high, underlining that tokenized real-world assets continue to attract structural demand even as broader crypto trading activity compresses. The volume trough, combined with declining implied volatility post-ceasefire, sets up a market that could move sharply in either direction on a single catalyst — with thin liquidity amplifying any directional impulse from this week’s FOMC outcome. Read more → Markets   Story 3 of 3 Bitcoin ETFs bled cash Monday. Every other crypto ETF gained. On the first trading day following the US-Iran ceasefire announcement — a day when ethereum, solana, XRP, and altcoin basket ETFs all recorded net inflows — spot bitcoin ETFs posted net outflows. The divergence is unusual and arguably telling: institutional allocators celebrated the risk-on mood by rotating into higher-beta crypto ETF products rather than adding to their existing BTC positions. Bitcoin’s realized volatility fell below 1% on most days last week — with the exception of the geopolitical news spike — and implied volatility also declined post-ceasefire, reducing the short-term appeal of BTC as a directional trade. Meanwhile the BOJ raised rates by 25 basis points to 1.0% this morning — the highest since 1995 — adding a global macro complexity to the FOMC backdrop: two major central banks tightening simultaneously while the Fed assesses whether to hold or signal hikes into 2027. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

🌼 "Crypto spring is here"

Standard Chartered calls crypto spring. Armstrong says bitcoin bottomed at $60K. And the OpenAI and Anthropic perp markets just went dark. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monday, June 15, 2026 'Crypto spring is here,' says one analyst after bitcoin's key signals turn bullish Standard Chartered's head of digital assets research Geoffrey Kendrick declared "crypto spring" Monday, arguing that bitcoin likely put in its cycle low near $59,000 and that the recovery case is strengthening across multiple signals. His three pillars: Strategy resumed bitcoin purchases, U.S. spot bitcoin ETFs returned to net inflows after weeks of heavy redemptions, and oil prices continued to fall as U.S.-Iran peace deal progress reduced energy inflation pressure. Bitcoin was trading near $66,300 as Kendrick made the call, with a decisive break above the early May high of $83,000 seen as the confirmation signal that a new uptrend is underway. The bullish read has bipartisan support — Coinbase CEO Brian Armstrong separately said Monday that he too believes bitcoin has probably bottomed near $60,000, pointing to the historical four-year cycle pattern and adding that he remains "as bullish as ever." Caution flags are still present: the U.S.-Iran deal still has to hold, the FOMC meets Tuesday-Wednesday with Warsh's tone closely watched, and ETF inflows are returning but remain modest compared to the scale of recent outflows. Read the full story → A message from Bitso Business Stablecoin Conference 2026 by Bitso Business is coming on June 15–16 at the World Trade Center in Mexico City. The event will bring together over 2,500 executives, policymakers, regulators, developers and financial infrastructure leaders from 50 countries to discuss the future of digital money, cross-border payments and financial modernization. Participants include White House officials, Mexican regulators and policymakers, as well as executives from Tether, Visa, Mastercard, Fireblocks, Bridge, Stellar and other leading global organizations. Learn more → Business Hyperliquid loses Anthropic, OpenAI markets as creator shuts down project Ventuals — the project behind Hyperliquid's OPENAI and ANTHROPIC perpetual futures markets — announced Monday it is winding down and folding its team into another Hyperliquid ecosystem project. The OPENAI contract was settled at $1,341.80 and ANTHROPIC at $1,618.90, both pinned to trailing 24-hour time-weighted average prices to prevent last-minute volatility. Ventuals said it traded more than $650 million in total volume and raised over 500,000 HYPE during its run, but there will be no Ventuals token — ending any expectation of a token airdrop for points holders. The shutdown comes as the broader HIP-3 pre-IPO perp ecosystem faces headwinds: the Anthropic contract had already sold off 3.7% after the U.S. government ordered Anthropic to shut down access to Fable 5 and Mythos 5 on national security grounds last Friday, and both OpenAI and Anthropic have warned investors against trading in unauthorized securities tied to their valuations. The closures point to consolidation in one of crypto's hottest new markets — with SpaceX, whose IPO is now live on Nasdaq, the next major test for the pre-IPO perp model. Read more → Markets Coinbase's Brian Armstrong says bitcoin may have bottomed at $60,000 Coinbase CEO Brian Armstrong said Monday that his instinct is that bitcoin has probably found its floor near $60,000, pointing to the historical four-year halving cycle that has marked prior lows and adding that he remains "as bullish as ever" on the asset's long-term trajectory. Armstrong's comments align with Standard Chartered's Geoffrey Kendrick, who made a similar call the same day. The dual endorsement from one of the industry's most prominent executives and one of Wall Street's most closely watched crypto analysts adds institutional weight to a thesis that has been building since bitcoin held its 200-week moving average through the recent sell-off. Armstrong stopped short of a specific price target but cited improving macro conditions — falling oil prices from the U.S.-Iran deal, ETF inflows returning — as the evidence behind his read. FOMC on Tuesday-Wednesday remains the near-term wildcard: if Warsh signals rates are on hold rather than moving higher, the confirmation signal Kendrick is looking for above $83,000 could come faster than the market currently expects. Read more → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.