Hacks
Macro
Hedge funds hold $2 trillion in US debt, but their next trade could require fewer bonds
Washington has grown used to hedge funds buying its debt, even though those purchases depend on trades that can become less attractive.
Banking
Kraken wants to be your bank, but who will protect your money?
Your savings and Bitcoin might one day live inside the same Kraken app without enjoying the same legal protections.
Trading
NYSE’s owner is backing 24/7 stock tokens without Wall Street’s usual price rules
Trading stocks around the clock is easy to sell, but finding a competitive price is a completely different business.
Tokenization
Wall Street’s $359 billion-a-day repo market has found a use for blockchain
Billions of dollars move through Wall Street every morning just to cover the hours between payments, and blockchain is now making those temporary loans easier to arrange.
Analysis
Ethereum staking yield is losing to cash rates, so why are investors still lining up?
Ethereum's staking boom looks difficult to justify as an income trade, but the investors committing billions may be playing a different game.
Politics
Crypto doesn’t need your party to win, just its candidates
Crypto's election spending crosses party lines because the industry needs allies wherever financial rules get written.
Analysis
Prediction markets have a major problem as most Americans reject betting on elections
Prediction markets have found an audience for their numbers without securing universal approval for their bets.
Regulation
The crypto privacy rule Trump’s Treasury proposed, and Trump’s Treasury buried
Trump's first Treasury wanted names and home addresses behind crypto wallet transfers. His second buried the plan, with the president's family now billions richer from crypto.
Analysis
Who opened your crypto wallet before it reached your hands?
The hackers didn't need to break Ledger's security when they could just get to the wallets before their owners.
Stablecoins
Stablecoin cards are booming, but who makes money when you swipe?
Every stablecoin card purchase sends money through a chain of businesses most customers never see.
Digital Asset Treasuries
The hidden trade behind Strive’s 16.7% Bitcoin income offer
Investors are paying $90 for Strive's $100 preferred-stock claim, but the difference isn't free money.
Analysis
Bitcoin’s inflation hedge has a hidden cost, and leverage makes it worse
Inflation gives Bitcoin investors a reason to buy, while high interest rates make some of them pay dearly to wait.
