Did Coinbase just become a stockbroker?

Coinbase just became a stock broker, an AI advisor, and a pre-IPO market. Spot trading is at a 2.5-year low. And bitcoin ETFs bled Monday while everything else gained. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tuesday, June 16, 2026 Coinbase introduces AI advisor, stock options and pre-IPO markets in finance push At a Manhattan event Tuesday, Coinbase unveiled what CEO Brian Armstrong called the company's push to become an "everything exchange" — announcing a sweeping product expansion that takes it well beyond crypto. The new lineup includes U.S. stock and ETF trading on Coinbase Advanced, equity and crypto options, thematic and pre-IPO perpetual futures, and tokenized stocks backed one-for-one by U.S. equities for international users. On the AI side, Coinbase launched Coinbase Advisor — an SEC-registered automated investment advisory tool offering portfolio recommendations, tax-loss harvesting, and market analysis — as well as automated AI trading agents under the Coinbase for Agents banner. Consumer finance additions include a USDC-backed credit card, bitcoin travel rewards, and a new borrowing product against staked Solana. The announcement positions Coinbase directly against Robinhood, which launched its own Agentic Trading product in May, and against Morgan Stanley's E*Trade crypto expansion. The competitive subtext: as TradFi enters crypto and crypto enters TradFi, the "everything exchange" strategy is a direct bet that platform breadth beats specialization. Read the full story → Sponsored Research Spot trading at lowest since November 2023 as volumes fall for fourth straight month Combined exchange spot volumes fell 3.45% in May to $4.41 trillion — the lowest monthly total since November 2023 and the fourth consecutive monthly decline. The data points to sustained retail disengagement from crypto markets, with capital rotating into AI stocks, IPO opportunities, and traditional fixed income rather than digital assets. One notable counter-trend: RWA perpetual futures volumes rose 10.4% against the grain, hitting a new all-time high and underlining that institutional-grade onchain products are finding demand even as broader spot activity contracts. Read more → Markets Bitcoin ETFs bled cash Monday while every other crypto ETF gained Bitcoin ETFs recorded net outflows Monday — driven almost entirely by Grayscale's GBTC, which continued its structural bleed as investors migrate to lower-fee IBIT and FBTC — while ether, XRP, Solana, and Hyperliquid funds all posted net inflows. Bitcoin fell below $66,000 intraday as SpaceX rallied sharply on news of its Cursor acquisition agreement, drawing risk capital back into the AI trade. The divergence is a clean summary of the current macro: bitcoin is losing its claim to the dominant risk-on trade, while the altcoin and tokenization ETF ecosystem is quietly building a broader, more diverse institutional base. Glassnode data shows buyers added over 250,000 BTC between $59,000 and $67,000 during the recent accumulation phase, with the Accumulation Trend Score reaching its strongest level of the current drawdown — a structural bullish signal even as the near-term price action remains choppy heading into the FOMC decision later today. Read live updates → 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.

[Research] New Era for Tokenomics

io.net's new tokenomics model ties burns to real GPU demand — live as of June 11, 2026. Most DePIN networks share a structural flaw: they pay contributors with newly minted tokens on a fixed schedule, whether or not anyone is using the network. Supply runs ahead of real demand, operators unplug when the token price falls, and the network spirals down. io.net's Incentive Dynamic Engine (IDE) — live as of June 11, 2026 — is one of the first serious attempts to break that loop. This CoinDesk Research report, commissioned by io.net, examines the IDE's mechanics, its stress-test results, and the conditions under which the model turns net-deflationary. Download Report Key findings: Fixed emissions are DePIN's original sin: IO launched on a schedule that releases tokens at a fixed pace regardless of network activity — creating structural inflation when demand is low and pushing operators into a "negative spiral" when price falls. The IDE pays suppliers in stable dollar terms: Each epoch, the engine calculates the dollar payout owed to all active GPU suppliers and releases only as many IO tokens as needed at the live price — more when cheap, fewer when expensive. Surplus gets burned, not distributed: Once supplier payouts are covered, at least 50% of the remaining surplus is used to buy back and permanently destroy IO — targeting retirement of at least 115M of the 231M non-emitted reward pool. Stress-tested against a 55% demand drop and a 50% price crash: CryptoEcon Lab's simulations showed supplier income held in both scenarios, with the engine drawing on reserves rather than dumping tokens on the market. An $8M enterprise contract is already live: Contributing ~$650K/month in network earnings, with at least 12M $IO projected for burning in year one. The signal to watch: the sustainability ratio holding at or above 1. io.net: GPU Compute at 70% Below Cloud Prices io.net aggregates idle GPU capacity from data centres, miners and independent operators across 138 countries and bundles them on demand into clusters for AI and machine-learning workloads — undercutting AWS on-demand pricing by roughly 70%. Daily network earnings have been trending upward since March 2026, averaging ~$35–36K per day and moving broadly in line with IO's token price. The Incentive Dynamic Engine: How It Works The IDE replaces fixed token emissions with a demand-linked model. Two reserves back the engine: a Reward Vault (Block Rewards), drawn first, and a Fee Vault (Client Payouts), used as backup. When the network earns more than it owes suppliers — a sustainability ratio above 1 — at least half the surplus buys back and permanently destroys IO. The burn mechanism is already active at launch: at a ratio of exactly 1, the engine is already burning at least 50% of block-reward emissions. It turns net-deflationary once the profit margin above a ratio of 1 grows large enough that burning 50% of the combined surplus exceeds the full emission rate. Stress-Tested: Supplier Income Across Three Scenarios CryptoEcon Lab stress-tested the IDE against a 55% demand drop and a 50% price crash. In both cases, supplier income in dollar terms held — the engine drew on reserves rather than flooding the market with new tokens. In a sustained zero-demand scenario, the system scales down with activity: because compensation is tied to participation rather than fixed commitments, obligations fall alongside the active GPU base, preventing the accumulation of permanent liabilities. Download Report This report was commissioned by io.net and produced by CoinDesk Research. It does not constitute any form of investment advice or recommendation. Any redistribution of charts appearing in this report must cite CoinDesk Research as the sole provider and creator. CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

🚀 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