Morgan Stanley's Bitcoin ETF Attracts $34M on First Day
Thursday's session picks up where Wednesday's ceasefire rally left off, with bitcoin(BTC-USD)trading near $71,641 and sitting roughly $360 below the $72,000 level that CoinGlass estimates would trigger $2.5B in cascading short liquidations. The derivatives coil arrives as Wall Street's institutional infrastructure build-out accelerates: Morgan Stanley's(MS)spot bitcoin ETF reported first-day results and Bitmine Immersion Technologies(BMNR)is making its debut on the NYSE main board. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.MSBT LOGS $34M IN DAY-ONE INFLOWS AS WALL STREET'S BITCOIN EMBRACE HOLDS:, making it the first such product from a major Wall Street bank and the cheapest in the market at a 0.14% expense ratio.The broader spot bitcoin ETF complex saw $124.5M leave incumbent funds simultaneously, meaning MSBT attracted fresh capital as the cohort faced net outflows.Bloomberg's April 9 newsletterframes the institutional picture more broadly, noting that Wall Street's structural embrace of bitcoin remains intact even as speculative retail enthusiasm has cooled. The newsletter's framing carries weight for equity investors tracking crypto-adjacent names: sustained institutional demand at the infrastructure layer, custody, settlement, and ETF distribution, can support revenue lines at firms like Coinbase even during periods of subdued retail activity.BITMINE UPLISTS TO NYSE MAIN BOARD AND EXPANDS BUYBACK TO $4B:Bitmine Immersion Technologies, the ether(ETH-USD)treasury company chaired by Fundstrat's Tom Lee, began trading on the NYSE main board Thursday after transferring from NYSE American.According to a company release, the company simultaneously expanded its share repurchase authorization from $1B to $4B, described as one of the ten largest buyback programs announced in 2026 per Fundstrat, while holding approximately 4.803M ether, representing roughly 3.98% of total ether supply, with total crypto and cash holdings of $11.4B. The NYSE uplisting is being closely watched as a benchmark for whether an ether treasury strategy can attract mainstream institutional capital at the same scale that Strategy'sbitcoin model has for BTC-denominated proxies.DERIVATIVES COIL TIGHTENS; HYPERLIQUID OIL VOLUME TOPS BITCOIN FOR FIRST TIME:, bitcoin futures open interest climbed 7.01% in 24 hours to $52.04B with Binance leading at $8.73B, signaling that leverage is re-accumulating rapidly in the aftermath of Wednesday's $427M short squeeze. Ether futures open interest surged 11.93% in the same window to $31.62B, creating a fragile leverage stack with an estimated $810M in long liquidations clustered below $1,952, directly relevant to spot ether ETF AUM mechanics and Coinbase's derivatives revenue line.On Hyperliquid, combined WTI and Brent crude perpetuals hit $2.45B in 24-hour volume on Thursday, surpassing bitcoin perpetuals at $2.29B on that platform for the first time, a result reflecting macro traders routing commodity exposure through on-chain perpetual DEXs on a day when oil crashed more than 16% following the U.S.-Iran ceasefire, and positioning Hyperliquid's HYPE(HYPE-USD)token as a live barometer of traditional finance crossover demand for on-chain derivatives infrastructure.BITMEX REPORTS 500%+ SURGE IN TOKENIZED COMMODITY AND EQUITY PERPETUALS:shows that BitMEX's Q1 2026 derivatives report found that tokenized commodity perpetuals surged more than 500% quarter-over-quarter while tokenized equity perpetuals grew 900% to $4.9B in weekly volume, driven by traditional finance crossover demand for on-chain exposure to conventional asset classes. The data provides a quantitative frame for the structural shift that Hyperliquid's oil volume milestone illustrates: traditional financial instruments are migrating to on-chain perpetual venues at an accelerating rate, with direct competitive implications for centralized exchange operators like Coinbase and Bullish(BLSH).BITCOIN DEPOT DISCLOSES $3.6M HACK; BITCOIN BANCORP LAUNCHES CALIFORNIA ATM ROLLOUT:Bitcoin Depot(BTM), operator of approximately 25,000 bitcoin ATMs across North America,disclosed that attackers breached its IT systems on March 23, stealing 50.9 BTC worth approximately $3.665Mby compromising digital asset settlement account credentials before being locked out, at least the company's second known security event following a 2023 user data breach affecting 58,000 customers. The disclosure arrives on the same day that Bitcoin Bancorpannounced an expansion into the space. Bitcoin Bancorp, one of only three publicly traded bitcoin ATM operators and holder of foundational bitcoin ATM patents, launched the initial Southern California deployment of its licensed ATM network as the next phase of its national expansion strategy.SOLUNA COMMISSIONS 48MW PROJECT KATI; BITGO POWERS ANDX U.S. LAUNCH:Soluna Holdings(SLNH)reported that its Project Kati 1 K1A Galaxy facility, a 48 MW bitcoin hosting and mining site, was fully commissioned ahead of schedule in March, while the company is in active hyperscaler negotiations for the AI and HPC-focused Project Kati 2, with its total development pipeline now surpassing 4.3 gigawatts.According to a press release, BitGo(BTGO)announced its OCC-regulated Crypto-as-a-Service platform now underpins the U.S. launch of AndX, an AI-native Web3 trading platform, providing custody, compliance, and settlement infrastructure with $250M insurance coverage across all 50 states.GREENLANE HOLDS 32% OF BERA SUPPLY AND AUTHORIZES $2M BUYBACK:, Greenlane Holdings(GNLN)reported holding 77.9M BERA tokens, representing approximately 32% of the circulating supply of the Berachain native asset as of April 7, with 50M tokens deployed to validators to generate staking yield, while its board simultaneously authorized a new $2M common stock buyback. Greenlane's concentrated BERA position makes it one of the most direct public-market proxies for the Berachain ecosystem, and the buyback authorization mirrors the capital return discipline shown by Empery Digital(EMPD)the prior session, contrasting with the equity issuance posture of most smaller crypto-adjacent names.BITWISE LISTS HYPERLIQUID STAKING ETP IN FRANKFURT; BLACKROCK ETF WALLETS MOVE $49M TO COINBASE:, Bitwise launched the Bitwise Hyperliquid Staking ETP under the ticker symbol 'BHYP' on Deutsche Börse Xetra in Frankfurt, offering regulated access to the HYPE token with an expected net staking yield of approximately 1% and a total expense ratio of 0.85%, marking Bitwise's seventh staking ETP; on-chain data also shows a purchase of 67,648 HYPE tokens for approximately $2.6M by large wallets flagged byLookonchainWednesday, confirming active accumulation. Separately,Arkham Intelligence data showedBlackRock'sIBIT and ETHA ETF wallets transferred 416.65 BTC and 8,513 ETH, a combined value of approximately $49M, to Coinbase Prime during Wednesday's session, confirming that Coinbase's custody and settlement operations are handling significant flow mechanics on volatile sessions and supporting the revenue case for Coinbase independent of spot trading volumes.PRICE ACTION:As of time of writing, bitcoin was trading at $71,490.96, while ether was trading at $2,190.08,.
Trade with 70% Backtested Accuracy
Analyst Views on MS
About MS
About the author
Morgan Stanley Invests in 932 MW Power Project
- Investment Overview: Morgan Stanley Infrastructure Partners announces an investment in the 932-megawatt gas-fired combined cycle power generation project, Greenlight, located in Sturgeon County, Alberta, reflecting its strategic focus on North American electricity markets.
- Ownership Structure: Morgan Stanley and Pembina Pipeline Corporation will each hold a 47.5% stake in the Greenlight project, while Kineticor Asset Management retains the remaining 5%, facilitating effective project management and execution.
- Market Demand Response: The project is expected to provide long-term, reliable power to meet the growing electricity demand driven by artificial intelligence and data centers, further solidifying Morgan Stanley's position in critical infrastructure investments.
- Construction Management Advantage: Pembina will serve as the construction and operations manager, leveraging its local expertise in delivering large-scale infrastructure projects to ensure the efficient implementation and operation of the Greenlight project.
Vertex Acquires Crinetics for $10 Billion to Expand Rare Disease Portfolio
- Acquisition of Crinetics: Vertex Pharmaceuticals is acquiring Crinetics Pharmaceuticals for $10 billion, aiming to expand its business into endocrine diseases, with the potential to add up to $5 billion in annual revenue over the long term, although the market reacted negatively in the short term, pushing the stock down about 2%.
- Strategic Fit: Vertex CEO Reshma Kewalramani praised the acquisition as an excellent strategic fit, as Crinetics focuses on serious diseases in specialty markets with significant unmet needs, and it is expected to contribute revenue immediately through the ongoing launch of the Palsonify medicine.
- Revenue Growth Potential: The growing demand for therapeutics in endocrine diseases provides Vertex with a clear runway for double-digit revenue growth in the coming years, with Crinetics in the portfolio further solidifying its market position.
- Strong Market Performance: Since February 2022, Vertex's stock has outperformed the S&P 500 by 45%, demonstrating strong investor appeal, particularly in the current market environment.
Rocket Lab Acquires Iridium, Poised for Significant Growth
- Massive Market Potential: Morgan Stanley forecasts that the global space industry could exceed $1 trillion by 2040, positioning Rocket Lab as a promising player in this rapidly growing sector with significant revenue opportunities over the coming decades.
- Acquisition Fuels Growth: Rocket Lab's acquisition of Iridium Communications for $8 billion, which serves 2.55 million subscribers globally, enhances its competitive edge in satellite manufacturing and launch services, directly challenging SpaceX's Starlink business segment.
- Launch Capability Enhancement: The development of Rocket Lab's Neutron rocket, designed for larger payloads, is underway and expected to launch in 2026, with 70 missions already booked, indicating strong market demand and growth potential.
- Optimistic Financial Outlook: Rocket Lab is projected to generate approximately $1.8 billion in revenue by 2026, including Iridium's contributions, showcasing robust growth prospects in the space economy, despite its current market cap of $58 billion reflecting a high valuation that may impact short-term performance.
Rocket Lab's Iridium Acquisition Fuels Growth Potential
- Reusable Rocket Advantage: Rocket Lab's Neutron rocket positions the company to compete more effectively against SpaceX, enhancing its market share and strengthening its standing in the launch services sector.
- Revenue Growth Potential: The acquisition of Iridium Communications is expected to boost Rocket Lab's total revenue to approximately $1.8 billion in 2026, including Iridium's $871 million revenue, indicating strong growth prospects.
- Launch Mission Innovation: Rocket Lab has booked more launch missions in the first quarter of 2026 than in all of last year, with a current manifest of 70 missions, marking an all-time high and reflecting robust market demand.
- Market Valuation Challenges: Despite Rocket Lab's market cap of $58 billion, which is over 30 times its estimated 2026 revenue, the rapid growth of the space economy presents significant opportunities for the company, potentially yielding substantial returns for investors.
Market Update: SpaceX and Coca-Cola Reach New Highs
- SpaceX Joins Nasdaq: SpaceX was fast-tracked into the Nasdaq-100 on Tuesday, closing its first trading day at $160.95, approximately 30% below its June 16 high of $225.64, indicating strong market interest despite the decline.
- Financial Sector Surge: The S&P Financials sector surged 4.5% in the past week and 7.6% over the month, with 82 out of 85 stocks rising last week, led by Robinhood's impressive 43% increase over three months, reflecting renewed investor confidence in financial stocks.
- Coca-Cola Hits New High: Coca-Cola shares have risen 7.4% over the past three months, reaching a new high, while the S&P Staples sector remained flat, showcasing Coca-Cola's robust performance and stable consumer demand in a challenging market.
- Cybersecurity Stocks Reach All-Time Highs: CrowdStrike, Fortinet, and Palo Alto Networks all achieved record highs on Monday, with CrowdStrike up 100%, Fortinet up 97%, and Palo Alto Networks up 121% over three months, highlighting strong market interest and investment in cybersecurity solutions.
Analysis of Honeywell's Post-Split Performance
- Honeywell Stock Performance: Following its split, Honeywell's combined stock trades around $240, reflecting a 6% increase since late June, indicating market confidence in its future growth, particularly in the aerospace sector.
- Strong Aerospace Division: Honeywell Aerospace shares have surged 15% over the past three sessions, currently priced at approximately $220, with analysts setting a target of $285, highlighting its attractiveness for long-term growth.
- Tech Sector Rebound: As investors rotate back into AI themes, technology stocks, including semiconductors, are rebounding, boosting overall market sentiment against a backdrop of capital outflows from healthcare and consumer retail sectors.
- Goldman and Wells Fargo Performance: Goldman Sachs shares rose over 2%, ranking first in global M&A fees for the first half of 2026, while Wells Fargo's price target was raised, reflecting investor optimism about its trading revenues and upcoming earnings.
Morgan Stanley Invests in 932 MW Power Project
- Investment Overview: Morgan Stanley Infrastructure Partners announces an investment in the 932-megawatt gas-fired combined cycle power generation project, Greenlight, located in Sturgeon County, Alberta, reflecting its strategic focus on North American electricity markets.
- Ownership Structure: Morgan Stanley and Pembina Pipeline Corporation will each hold a 47.5% stake in the Greenlight project, while Kineticor Asset Management retains the remaining 5%, facilitating effective project management and execution.
- Market Demand Response: The project is expected to provide long-term, reliable power to meet the growing electricity demand driven by artificial intelligence and data centers, further solidifying Morgan Stanley's position in critical infrastructure investments.
- Construction Management Advantage: Pembina will serve as the construction and operations manager, leveraging its local expertise in delivering large-scale infrastructure projects to ensure the efficient implementation and operation of the Greenlight project.
Vertex Acquires Crinetics for $10 Billion to Expand Rare Disease Portfolio
- Acquisition of Crinetics: Vertex Pharmaceuticals is acquiring Crinetics Pharmaceuticals for $10 billion, aiming to expand its business into endocrine diseases, with the potential to add up to $5 billion in annual revenue over the long term, although the market reacted negatively in the short term, pushing the stock down about 2%.
- Strategic Fit: Vertex CEO Reshma Kewalramani praised the acquisition as an excellent strategic fit, as Crinetics focuses on serious diseases in specialty markets with significant unmet needs, and it is expected to contribute revenue immediately through the ongoing launch of the Palsonify medicine.
- Revenue Growth Potential: The growing demand for therapeutics in endocrine diseases provides Vertex with a clear runway for double-digit revenue growth in the coming years, with Crinetics in the portfolio further solidifying its market position.
- Strong Market Performance: Since February 2022, Vertex's stock has outperformed the S&P 500 by 45%, demonstrating strong investor appeal, particularly in the current market environment.
Rocket Lab Acquires Iridium, Poised for Significant Growth
- Massive Market Potential: Morgan Stanley forecasts that the global space industry could exceed $1 trillion by 2040, positioning Rocket Lab as a promising player in this rapidly growing sector with significant revenue opportunities over the coming decades.
- Acquisition Fuels Growth: Rocket Lab's acquisition of Iridium Communications for $8 billion, which serves 2.55 million subscribers globally, enhances its competitive edge in satellite manufacturing and launch services, directly challenging SpaceX's Starlink business segment.
- Launch Capability Enhancement: The development of Rocket Lab's Neutron rocket, designed for larger payloads, is underway and expected to launch in 2026, with 70 missions already booked, indicating strong market demand and growth potential.
- Optimistic Financial Outlook: Rocket Lab is projected to generate approximately $1.8 billion in revenue by 2026, including Iridium's contributions, showcasing robust growth prospects in the space economy, despite its current market cap of $58 billion reflecting a high valuation that may impact short-term performance.
Rocket Lab's Iridium Acquisition Fuels Growth Potential
- Reusable Rocket Advantage: Rocket Lab's Neutron rocket positions the company to compete more effectively against SpaceX, enhancing its market share and strengthening its standing in the launch services sector.
- Revenue Growth Potential: The acquisition of Iridium Communications is expected to boost Rocket Lab's total revenue to approximately $1.8 billion in 2026, including Iridium's $871 million revenue, indicating strong growth prospects.
- Launch Mission Innovation: Rocket Lab has booked more launch missions in the first quarter of 2026 than in all of last year, with a current manifest of 70 missions, marking an all-time high and reflecting robust market demand.
- Market Valuation Challenges: Despite Rocket Lab's market cap of $58 billion, which is over 30 times its estimated 2026 revenue, the rapid growth of the space economy presents significant opportunities for the company, potentially yielding substantial returns for investors.
Market Update: SpaceX and Coca-Cola Reach New Highs
- SpaceX Joins Nasdaq: SpaceX was fast-tracked into the Nasdaq-100 on Tuesday, closing its first trading day at $160.95, approximately 30% below its June 16 high of $225.64, indicating strong market interest despite the decline.
- Financial Sector Surge: The S&P Financials sector surged 4.5% in the past week and 7.6% over the month, with 82 out of 85 stocks rising last week, led by Robinhood's impressive 43% increase over three months, reflecting renewed investor confidence in financial stocks.
- Coca-Cola Hits New High: Coca-Cola shares have risen 7.4% over the past three months, reaching a new high, while the S&P Staples sector remained flat, showcasing Coca-Cola's robust performance and stable consumer demand in a challenging market.
- Cybersecurity Stocks Reach All-Time Highs: CrowdStrike, Fortinet, and Palo Alto Networks all achieved record highs on Monday, with CrowdStrike up 100%, Fortinet up 97%, and Palo Alto Networks up 121% over three months, highlighting strong market interest and investment in cybersecurity solutions.
Analysis of Honeywell's Post-Split Performance
- Honeywell Stock Performance: Following its split, Honeywell's combined stock trades around $240, reflecting a 6% increase since late June, indicating market confidence in its future growth, particularly in the aerospace sector.
- Strong Aerospace Division: Honeywell Aerospace shares have surged 15% over the past three sessions, currently priced at approximately $220, with analysts setting a target of $285, highlighting its attractiveness for long-term growth.
- Tech Sector Rebound: As investors rotate back into AI themes, technology stocks, including semiconductors, are rebounding, boosting overall market sentiment against a backdrop of capital outflows from healthcare and consumer retail sectors.
- Goldman and Wells Fargo Performance: Goldman Sachs shares rose over 2%, ranking first in global M&A fees for the first half of 2026, while Wells Fargo's price target was raised, reflecting investor optimism about its trading revenues and upcoming earnings.
