VanEck Launches First BNB Spot ETF, Opening New Capital Pool
VanEck's debut of VBNB as the first physically backed U.S. spot ETF tied to BNB Chain's native token opens a top-five crypto asset to a new pool of equity-market capital, extending the spot-ETF playbook established in January 2024. The launch lands on a day when bitcoin itself is under pressure, with ETF outflows and geopolitical unease combining to push prices to a five-week low. Separately, corporate crypto treasury disclosures, a Grayscale ETF filing amendment, and an infrastructure equity transaction round out a busy cycle. 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.VANECK LAUNCHES SPOT BNB ETF: VanEck launched VBNB, the first U.S. spot ETF providing physically backed exposure to BNB, the native asset of BNB Chain, which processes over 14M daily transactions,announced. The listing marks the first time U.S. ETF investors can access BNB through a regulated, physically settled wrapper, a structural expansion of the crypto-ETF universe beyond bitcoinand ether. The VBNB launch follows the spot-ETF approval pathway established in January 2024, when 11 bitcoin funds were approved simultaneously, with BlackRockand its iShares Bitcoin Trust subsequently emerging as the dominant product in that cohort. The relevant read-through is whether BNB Chain's transaction-volume scale translates into durable ETF demand or whether the market remains concentrated in bitcoin and ether products.BITCOIN ETF OUTFLOWS HIT TAPE:Bitcoin fell to a five-week low as renewed geopolitical tensions and approximately $1.5B in cumulative May outflows from U.S. spot bitcoin ETFs weighed on prices,. BlackRock's IBIT recorded approximately $528M in single-day outflows on May 27, its second-largest daily redemption on record, according to the same report. The IBIT outflow figure is particularly notable because the fund has served as the dominant price-support mechanism for bitcoin throughout 2025 and into 2026, with inflow streaks repeatedly cushioning drawdowns. A single-day redemption of this scale from the market's largest spot bitcoin ETF is a sentiment signal equity participants in crypto-adjacent equities, miners, and infrastructure names should track closely.GRAYSCALE HYPE ETF ADVANCES:Grayscalefor the Grayscale HYPE ETF, a proposed spot ETF tracking Hyperliquid's HYPE (HYPE-USD) token. Lion Group Holdingalso, reaffirming it holds all 193,775 HYPE tokens it originally acquired, valued at approximately $11.9M as of May 25, with zero sales since the position was established. Lion Group Holding currently represents one of the most direct Nasdaq-listed HYPE-proxy equities alongside the prospective GHYP product.EIGHTCO TREASURY DISCLOSURE:Eightco Holdingsreported total treasury holdings of approximately $374M as of May 27, including approximately 283,452,700 Worldcointokens, 11,068 ether, a $90M indirect OpenAI stake, and approximately $144M in cash and stablecoins,. The scale of the WLD position, combined with the indirect OpenAI exposure, makes Eightco an unusually diversified digital-asset treasury vehicle relative to peers that hold primarily bitcoin or ether.HYPERSCALE ENDS ATM OFFERING:Hyperscale Dataterminated its at-the-market stock offering program effective June 8, after cumulative sales of approximately 137.6M shares generating approximately $24.7M in gross proceeds at an average of roughly 17.9c per share,. The termination ends near-term equity dilution for a company holding approximately 700 BTC on its balance sheet and signals management's intention to grow its bitcoin treasury without further share-count expansion.ANIMOCA MERGER UPDATE:Currenc Groupfiled with the SEC,with Animoca Brands, with exclusivity extended through June 30, and no definitive agreement signed as of the most recent prior filing on May 6. A completed transaction would create one of the largest publicly listed diversified digital-asset companies on Nasdaq, with exposure to over 600 Web3 and crypto companies in Animoca's portfolio.EXODUS EXPANDS DISTRIBUTION:Exodus Movementannounced that Bitget Wallet, which serves 90 million users, integrated Exodus's XO Swap cross-chain aggregator, expanding the company's enterprise B2B revenue channel across nearly 100 blockchains,. The integration represents a significant new distribution surface for Exodus's infrastructure suite at a moment when cross-chain swap aggregation is becoming a core feature battleground among wallet providers.AMBER AND FUTU EARNINGS:Amber International Holdingreleased, with the company's FY25 revenue having reached $66.1M, up 784% vs. the prior year, and the company holding liquid digital assets on its balance sheet. Futu Holdingsseparatelyof $746.9M, up 25% vs. last year, driven by surging trading volumes on its crypto-enabled Moomoo brokerage platform.PRICE ACTION:As of time of writing, bitcoin was trading at $72,841.72, while ether was trading at $1,988.10,.
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BlackRock to Report Q2 Earnings on July 15
- Earnings Release Date: BlackRock is set to report its Q2 2023 earnings on July 15, with significant market attention expected, which could impact its stock price.
- Earnings Expectations: Analysts forecast an EPS of $12.55, indicating strong performance in asset management, which may bolster investor confidence.
- Revenue Projections: The anticipated revenue of $6.63 billion for Q2 reflects BlackRock's robust growth in the market, potentially attracting more investor interest in its stock.
- Stock Performance: As of July 8, BlackRock's stock closed at $995.73, nearing the $1,000 mark, and if the earnings report exceeds expectations, it could further drive the stock price upward.
BlackRock Launches iShares Nasdaq-100 ETF
- New ETF Launch: BlackRock has announced the launch of the iShares Nasdaq-100 ETF (IQQ), designed to provide investors with cost-effective access to innovative companies across sectors such as technology and healthcare, with an initial NAV of $24 per share and expected trading to begin on July 9, enhancing investor flexibility.
- Expense Ratio Advantage: The ETF features a gross expense ratio of 0.12%, which is reduced to 0.10% through a waiver until July 31, 2027, allowing investors to benefit from lower costs over the long term, thereby enhancing potential investment returns.
- Strong Market Demand: This year has seen record demand for U.S. large-cap and technology stocks, attracting over $270 billion in net inflows year-to-date, indicating strong investor interest in innovation-driven companies and further propelling the expansion of iShares products in the market.
- Global Asset Management Strength: With two decades of experience managing Nasdaq-100 investment products globally and over $6 trillion in iShares assets, BlackRock's new ETF launch will further solidify its market leadership and meet investors' needs for diversified portfolios.
BlackRock: U.S. Stocks to Dominate AI Race
- Investment Preference: BlackRock Investment Institute maintains a neutral stance on Chinese stocks while staying overweight on U.S. equities, indicating a belief that U.S. companies will dominate the AI race, reflecting confidence in the U.S. market.
- Market Performance Comparison: While the Nasdaq Composite has gained over 12% this year, China's ChiNext index has surged more than 20%, indicating strong short-term performance of Chinese tech stocks; however, the overall MSCI China index has fallen over 10%, reflecting market uncertainty.
- Policy Support and Challenges: Beijing has rolled out policies to support domestic AI development amid U.S. restrictions on high-end technology, yet the unclear profitability of companies in the context of slower economic growth and fierce competition highlights market complexities.
- Investment Opportunities: BlackRock analysts see potential in physical AI, emphasizing the integration of AI technology into hardware, while recommending stocks exposed to scarce industry inputs, showcasing a focus on infrastructure investments.
OUSD Stablecoin Poses Existential Threat to Circle
- Launch of New Stablecoin: A coalition of over 140 financial, tech, and retail giants, including Visa, Mastercard, and Coinbase, has backed the new stablecoin Open USD (OUSD), which poses a direct threat to Circle's USD Coin (USDC), causing Circle's stock to drop by 7.21%.
- Revenue Model Disruption: OUSD challenges Circle's traditional revenue model, which relies on cash and U.S. Treasury holdings, by sharing reserve income with ecosystem partners, potentially leading to a significant decline in Circle's market share and revenue.
- Decentralized Governance Advantage: Unlike USDC, which is managed solely by Circle, OUSD is governed by an independent board, making it more appealing to companies that prefer not to be controlled by a single entity, which could accelerate the loss of USDC users.
- Critical Role of Coinbase: Coinbase's partnership with OUSD raises concerns as it may not renew its revenue-sharing agreement with Circle, further weakening Circle's income sources, prompting investors to closely monitor its future performance.
OUSD Stablecoin Challenges USDC Market Dynamics
- New Stablecoin Launch: A coalition of over 140 financial, tech, and retail giants, including Visa, Mastercard, and BlackRock, has launched the OUSD stablecoin, aiming to challenge Circle's USDC by offering shared yields and zero-cost minting, which could significantly impact USDC's market share.
- Decentralized Governance Advantage: Unlike USDC, which is solely managed by Circle, OUSD is governed by an independent board of partners, appealing to companies that prefer not to be dominated by a single entity, potentially reshaping the stablecoin market landscape.
- Potential Revenue Sharing Risk: Coinbase's partnership with OUSD raises concerns as it may choose not to renew its revenue-sharing agreement with Circle after August 18, which could lead to a substantial decline in Circle's revenue and further impact its stock performance.
- Market Expectations and Valuation Pressure: Analysts project Circle's revenue to nearly double from 2025 to 2028, but the introduction of OUSD may force them to lower growth expectations for Circle, making its current valuation appear overstretched, prompting investors to carefully assess their timing for investment.
Micron Technology and GM Forge Strategic Agreement for Memory Solutions
- Strategic Customer Agreement: On July 1, Micron Technology and General Motors signed a Strategic Customer Agreement to ensure a stable, long-term supply of memory and storage solutions essential for GM's large-scale vehicle manufacturing and delivery, enhancing collaboration in automotive and semiconductor supply chains.
- Deepening Technical Collaboration: The agreement not only secures dedicated supply but also involves joint development of future storage and memory technologies necessary for next-generation vehicles, covering system optimization and validation of cutting-edge memory technologies to promote U.S. production and innovation.
- Capital Investment Assurance: Micron's $2 billion investment to upgrade its Manassas, Virginia facility enhances supply guarantees and ensures undistorted product availability, addressing the growing demand for advanced storage and memory in AI-driven vehicles.
- Future Technology Validation: As vehicles transition to AI-led and software-based systems, GM will ensure the provision of certain products while validating future technologies, emphasizing the importance of storage and memory efficiency, scalability, and robustness for advanced features.
BlackRock to Report Q2 Earnings on July 15
- Earnings Release Date: BlackRock is set to report its Q2 2023 earnings on July 15, with significant market attention expected, which could impact its stock price.
- Earnings Expectations: Analysts forecast an EPS of $12.55, indicating strong performance in asset management, which may bolster investor confidence.
- Revenue Projections: The anticipated revenue of $6.63 billion for Q2 reflects BlackRock's robust growth in the market, potentially attracting more investor interest in its stock.
- Stock Performance: As of July 8, BlackRock's stock closed at $995.73, nearing the $1,000 mark, and if the earnings report exceeds expectations, it could further drive the stock price upward.
BlackRock Launches iShares Nasdaq-100 ETF
- New ETF Launch: BlackRock has announced the launch of the iShares Nasdaq-100 ETF (IQQ), designed to provide investors with cost-effective access to innovative companies across sectors such as technology and healthcare, with an initial NAV of $24 per share and expected trading to begin on July 9, enhancing investor flexibility.
- Expense Ratio Advantage: The ETF features a gross expense ratio of 0.12%, which is reduced to 0.10% through a waiver until July 31, 2027, allowing investors to benefit from lower costs over the long term, thereby enhancing potential investment returns.
- Strong Market Demand: This year has seen record demand for U.S. large-cap and technology stocks, attracting over $270 billion in net inflows year-to-date, indicating strong investor interest in innovation-driven companies and further propelling the expansion of iShares products in the market.
- Global Asset Management Strength: With two decades of experience managing Nasdaq-100 investment products globally and over $6 trillion in iShares assets, BlackRock's new ETF launch will further solidify its market leadership and meet investors' needs for diversified portfolios.
BlackRock: U.S. Stocks to Dominate AI Race
- Investment Preference: BlackRock Investment Institute maintains a neutral stance on Chinese stocks while staying overweight on U.S. equities, indicating a belief that U.S. companies will dominate the AI race, reflecting confidence in the U.S. market.
- Market Performance Comparison: While the Nasdaq Composite has gained over 12% this year, China's ChiNext index has surged more than 20%, indicating strong short-term performance of Chinese tech stocks; however, the overall MSCI China index has fallen over 10%, reflecting market uncertainty.
- Policy Support and Challenges: Beijing has rolled out policies to support domestic AI development amid U.S. restrictions on high-end technology, yet the unclear profitability of companies in the context of slower economic growth and fierce competition highlights market complexities.
- Investment Opportunities: BlackRock analysts see potential in physical AI, emphasizing the integration of AI technology into hardware, while recommending stocks exposed to scarce industry inputs, showcasing a focus on infrastructure investments.
OUSD Stablecoin Poses Existential Threat to Circle
- Launch of New Stablecoin: A coalition of over 140 financial, tech, and retail giants, including Visa, Mastercard, and Coinbase, has backed the new stablecoin Open USD (OUSD), which poses a direct threat to Circle's USD Coin (USDC), causing Circle's stock to drop by 7.21%.
- Revenue Model Disruption: OUSD challenges Circle's traditional revenue model, which relies on cash and U.S. Treasury holdings, by sharing reserve income with ecosystem partners, potentially leading to a significant decline in Circle's market share and revenue.
- Decentralized Governance Advantage: Unlike USDC, which is managed solely by Circle, OUSD is governed by an independent board, making it more appealing to companies that prefer not to be controlled by a single entity, which could accelerate the loss of USDC users.
- Critical Role of Coinbase: Coinbase's partnership with OUSD raises concerns as it may not renew its revenue-sharing agreement with Circle, further weakening Circle's income sources, prompting investors to closely monitor its future performance.
OUSD Stablecoin Challenges USDC Market Dynamics
- New Stablecoin Launch: A coalition of over 140 financial, tech, and retail giants, including Visa, Mastercard, and BlackRock, has launched the OUSD stablecoin, aiming to challenge Circle's USDC by offering shared yields and zero-cost minting, which could significantly impact USDC's market share.
- Decentralized Governance Advantage: Unlike USDC, which is solely managed by Circle, OUSD is governed by an independent board of partners, appealing to companies that prefer not to be dominated by a single entity, potentially reshaping the stablecoin market landscape.
- Potential Revenue Sharing Risk: Coinbase's partnership with OUSD raises concerns as it may choose not to renew its revenue-sharing agreement with Circle after August 18, which could lead to a substantial decline in Circle's revenue and further impact its stock performance.
- Market Expectations and Valuation Pressure: Analysts project Circle's revenue to nearly double from 2025 to 2028, but the introduction of OUSD may force them to lower growth expectations for Circle, making its current valuation appear overstretched, prompting investors to carefully assess their timing for investment.
Micron Technology and GM Forge Strategic Agreement for Memory Solutions
- Strategic Customer Agreement: On July 1, Micron Technology and General Motors signed a Strategic Customer Agreement to ensure a stable, long-term supply of memory and storage solutions essential for GM's large-scale vehicle manufacturing and delivery, enhancing collaboration in automotive and semiconductor supply chains.
- Deepening Technical Collaboration: The agreement not only secures dedicated supply but also involves joint development of future storage and memory technologies necessary for next-generation vehicles, covering system optimization and validation of cutting-edge memory technologies to promote U.S. production and innovation.
- Capital Investment Assurance: Micron's $2 billion investment to upgrade its Manassas, Virginia facility enhances supply guarantees and ensures undistorted product availability, addressing the growing demand for advanced storage and memory in AI-driven vehicles.
- Future Technology Validation: As vehicles transition to AI-led and software-based systems, GM will ensure the provision of certain products while validating future technologies, emphasizing the importance of storage and memory efficiency, scalability, and robustness for advanced features.
