Crypto World
Australia’s Hostplus weighs crypto access for members
Hostplus is reviewing whether to add crypto exposure to its investment menu after member interest in digital assets continued to grow.
Summary
- Hostplus is studying crypto access after members asked for digital assets in retirement portfolios.
- Any crypto option would likely launch through Choiceplus, pending approval and consumer protection checks.
- Growing SMSF crypto activity shows rising interest in digital assets among Australian retirement savers.
A Bloomberg report said the fund is considering a model that would give access through its Choiceplus option, though the plan still needs regulatory approval and further design work.
Hostplus is one of Australia’s largest super funds by member count. It has about 2.2 million members, and it ranks among the country’s biggest retirement funds by assets under management, according to Canstar.
Its chief investment officer, Sam Sicilia, said member requests helped keep the issue on the table. He said,
”There’s certainly a demand from some of our members who write in and say, ‘Why can’t I have access to cryptocurrency?’” according to Bloomberg.
Choiceplus could be the path for a launch
The report said any crypto access would likely sit inside Hostplus’ Choiceplus option. That part of the fund allows members to manage parts of their retirement savings more directly than standard investment options.
Sicilia said the offer could arrive as soon as the next financial year if the structure is approved. He also said, ”We’d love to get regulatory tick-off, even if it means waiting another six months,” showing the fund is willing to wait for formal clearance.
In addition, the proposal is still at an early stage. It would need regulatory approval before any launch, and the fund also needs to address consumer protection issues tied to crypto access in retirement products.
Australia’s superannuation market remains large and tightly watched by regulators. APRA said it supervises financial institutions with about A$10.1 trillion in assets, while industry reporting has placed total superannuation assets near A$4.5 trillion by late 2025.
Broader crypto interest is growing in retirement markets
Large super funds have moved slowly on direct crypto access, but some parts of the market have already taken steps. AMP introduced Bitcoin futures exposure in May 2024 as part of its investment approach, according to the report.
Self-managed super funds remain a major route for Australians who want crypto in retirement portfolios. BTC Markets said SMSF registrations on its platform rose 69% year over year in the 2024–2025 financial year, pointing to continued interest from retirement-focused investors.
Bitcoin started the day with a promising chance for a breakout, but the rally fizzled out at a familiar brick wall that has kept a lid on prices for more than two months.
After briefly topping $76,000 — a key resistance level — the largest crypto reversed course, slipping below $74,000 later in the session. It still held onto a 1.3% gain over the past 24 hours, recently changing hands near $74,300.
Ether (ETH) followed a similar path, pulling back from above $2,400, but still outperformed, advancing 2.5% daily.
Traditional markets saw no such reversal, with the Nasdaq closing at its session high, up 2%. The S&P 500 rose 1.2% and now stands within a handful of points of hitting a new record high — a sharp contrast to bitcoin, which remains about 40% below its record of $126,000.
Still, the conditions are ripe for a squeeze higher in crypto even as Tuesday’s breakout didn’t hold.
According to Vetle Lunde, head of research at K33 Research, funding rates on Binance’s bitcoin perpetuals have remained negative for 11 consecutive periods despite the recent rally, signaling traders are still leaning bearish even as prices push higher. At the same time, open interest has been rising, suggesting new short positions are being added rather than closed, he said.
That combination has historically set the stage for sharp upside moves, he said.
The 30-day average funding rate has now been negative for 46 straight days, Lunde added, matching the extended bearish positioning seen during past market stress periods, such as after the FTX crash in late 2022 and the mid-2021 bear market when China banned bitcoin mining.
“Comparable risk-off regimes have historically been attractive entry points for BTC,” Lunde said, as crowded short trades were forced to unwind.
U.S. equities closed sharply higher on Tuesday, with the Nasdaq Composite climbing 1.96% and locking in gains for 10 consecutive trading days, underscoring renewed risk appetite in big‑cap technology.
Summary
- Nasdaq jumps nearly 2% to log 10 straight days of gains.
- Dow and S&P 500 also close higher, powered by mega‑cap tech.
- Chinese tech stocks rally, with iQIYI and JD.com surging in U.S. trading.
The S&P 500 added 1.1%, while the Dow Jones Industrial Average rose 0.66%, according to market data from Gate.
Chipmaker Nvidia and e‑commerce giant Amazon each advanced 3.8%, extending a powerful rebound in U.S. growth stocks that have led major indices back toward record territory. Electric‑vehicle maker Tesla also gained more than 3%, adding further momentum to the tech‑heavy Nasdaq’s winning streak.
The performance of these mega‑cap names continues to exert an outsized influence on U.S. benchmarks, with investors rotating back into longer‑duration growth assets as earnings optimism builds. Their simultaneous surge helped push the Nasdaq to its 10‑day run, a relatively rare stretch that points to strong short‑term bullish sentiment in the sector.
The Nasdaq Golden Dragon China Index, which tracks Chinese companies listed on U.S. exchanges, closed up 2.3% on the day. Within the basket, streaming platform iQIYI jumped 11%, while e‑commerce heavyweight JD.com soared nearly 8%, signaling renewed investor interest in U.S.‑traded Chinese tech.
The sharp move in Chinese ADRs highlights how global growth and tech narratives are increasingly intertwined across U.S. and Asian markets. As Wall Street’s rally broadens beyond U.S. mega‑caps, moves in indices such as the Golden Dragon China suggest investors are again willing to add exposure to higher‑beta internet and platform plays listed in New York.
TLDR
- High Roller Technologies announced plans to launch a U.S. prediction market in partnership with Crypto.com.
- The company will offer event-based contracts across finance, sports, and entertainment sectors.
- Crypto.com Derivatives North America will provide the infrastructure as a CFTC-registered exchange and clearinghouse.
- High Roller’s stock surged by as much as 130% following the announcement.
- The shares later traded about 65% higher at $8.32 during the same trading session.
High Roller Technologies Inc. announced plans to launch a U.S. event-based prediction market with Crypto.com. The announcement triggered a sharp rise in the company’s stock price. Investors responded immediately as shares surged during early trading.
ROLR Shares Surge After Prediction Market Plan
High Roller Technologies revealed its intention to introduce event contracts for U.S. customers. The Las Vegas-based online casino operator plans to offer contracts across finance, sports, and entertainment sectors.
The company confirmed that Crypto.com Derivatives North America will provide the event contracts. CDNA operates as a CFTC-registered exchange and clearinghouse in the United States.
Following the announcement, High Roller’s stock climbed as much as 130% during trading. Shares later stabilized, trading 65% higher at $8.32.
Company representatives emphasized regulatory compliance and operational readiness. A spokesperson stated, “This collaboration expands our product offering while adhering to U.S. regulatory standards.”
High Roller did not disclose a specific launch date for the prediction market. However, the company indicated that preparations for the rollout are already underway.
Market participants viewed the development as an expansion of High Roller’s digital gaming services. The company aims to integrate prediction markets into its existing customer platform.
Crypto.com Collaboration and Market Outlook
The partnership with Crypto.com strengthens High Roller’s entry into regulated prediction markets. Crypto.com’s affiliate, CDNA, will supply the infrastructure and clearing services.
Crypto.com’s CRO token reacted positively to the announcement. The token gained approximately 3% and traded near $0.07 following the news.
Prediction markets have evolved into platforms that aggregate probabilities of real-world events. Leading participants include Kalshi, a regulated U.S. exchange, and Polymarket, a decentralized marketplace.
High Roller stated that the prediction market sector could exceed $1 trillion in trading volume by 2030. The company highlighted increasing institutional and retail interest in event-based contracts.
Industry data indicates steady revenue growth within prediction markets. A recent Citizens report estimated annualized revenue above $3 billion.
The same report projected that revenues could reach $10 billion by 2030. These figures reflect expanding adoption across finance, sports, and entertainment categories.
High Roller reiterated its commitment to regulatory compliance and customer engagement. The company plans to provide accessible event contracts through its digital gaming ecosystem.
Crypto.com confirmed its role as infrastructure provider for the initiative. CDNA will manage trading and clearing operations once the platform becomes operational.
Goldman Sachs has filed with the US Securities and Exchange Commission (SEC) to launch a Bitcoin-linked exchange-traded fund designed to generate income while limiting exposure to the cryptocurrency’s volatility, according to a preliminary prospectus dated April 14.
The proposed Goldman Sachs Bitcoin Premium Income ETF would aim to deliver current income alongside capital appreciation by investing primarily in spot Bitcoin exchange-traded products (ETPs) and related options, rather than holding Bitcoin (BTC) directly.
The fund would generate yield by selling call options on Bitcoin-linked ETPs, a strategy that can produce premium income but may cap upside in rising markets.
According to the filing, the actively managed fund would maintain at least 80% exposure to Bitcoin-linked assets and could allocate as much as 25% of its holdings through a Cayman Islands subsidiary, a structure commonly used to gain commodities exposure under the US Investment Company Act.
The fund expects to vary its options “overwrite” strategy — that is, selling call options against its holdings — between roughly 40% and 100% of its Bitcoin exposure depending on market conditions, and may distribute a significant portion of returns as income or return of capital.
It would gain exposure through a mix of spot Bitcoin ETPs and derivatives, combining direct holdings with options-based positions. The strategy may perform better in flat or moderately rising markets but could underperform during strong rallies as upside is capped.
Eric Balchunas, ETF analyst at Bloomberg, described the product as “Boomer Candy” in a post on X, suggesting the structure may appeal to investors seeking income and lower volatility over full upside exposure.
Separately, Goldman Chair and CEO David Solomon told analysts on Monday that the company last week closed on its acquisition of Innovator Capital Management, an issuer of defined outcome exchange-traded funds. The addition of Innovator’s 170 ETFs puts Goldman in the top 10 of global active ETF providers, Solomon said on the first-quarter earnings call.
Related: Bitcoin ETFs clock $291M outflows as BTC blasts past $74K
Active crypto ETFs gain traction as strategies evolve beyond price tracking
The filing from Goldman Sachs comes as asset managers move beyond basic price-tracking crypto funds, with more complex and actively managed strategies gaining traction across the ETF market.
In January, Bitwise Asset Management launched an actively managed ETF designed to hedge against currency debasement. The fund allocates across assets including Bitcoin, precious metals and mining equities, reflecting a broader push to integrate digital assets into diversified, macro-focused portfolios.
In March, T. Rowe Price amended its filing with the SEC for a proposed actively managed crypto ETF that would invest directly in digital assets. The updated prospectus outlines a portfolio that may include assets such as Bitcoin, Ethereum (ETH) and Solana (SOL).
Fund issuer 21Shares is also expanding into more sophisticated strategies. In February, the company launched a Europe-listed ETP tied to Strategy’s preferred stock (STRC), offering exposure to a yield-generating instrument linked to the company’s Bitcoin-focused capital strategy.
Speaking to Cointelegraph, 21Shares President Duncan Moir said the shift reflects broader demand for more advanced products, noting that crypto is “particularly well-suited to active management.”
According to a March report compiled by Morningstar and Goldman Sachs Asset Management, active ETFs held nearly $1.8 trillion in assets globally at the end of 2025, with flows significantly outpacing passive products.
Magazine: Should users be allowed to bet on war and death in prediction markets?
Goldman Sachs has filed with the U.S. Securities and Exchange Commission to launch a Bitcoin Premium Income ETF that aims to deliver current income while shielding investors from Bitcoin’s full volatility. The preliminary prospectus, dated April 14, outlines a vehicle that would invest primarily in spot Bitcoin exchange-traded products (ETPs) and related options rather than holding BTC directly.
According to the filing, the actively managed fund would generate yield by selling call options on Bitcoin-linked ETPs. This “overwrite” strategy can produce premium income but may cap upside in a strong rally. The fund would maintain at least 80% exposure to Bitcoin-linked assets and could allocate as much as 25% of its holdings through a Cayman Islands subsidiary, a structure commonly used to access commodities exposure under the U.S. Investment Company Act.
The prospectus indicates the fund will vary its overwrite policy between about 40% and 100% of its Bitcoin exposure depending on market conditions, and it may distribute a substantial portion of returns as income or a return of capital. Exposure would be gained through a mix of spot Bitcoin ETPs and derivatives, combining direct holdings with options-based positions. The strategy is described as potentially stronger in flat or moderately rising markets, but it could underperform during sharp rallies when upside is capped.
Bloomberg ETF analyst Eric Balchunas described the product as “Boomer Candy” in a post on X, suggesting the structure could attract investors seeking income and lower volatility relative to full upside exposure to BTC. Eric Balchunas noted the appeal lies in capturing yield while mitigating some of Bitcoin’s amplitude, a dynamic that may resonate with risk-managed portfolios.
Separately, Goldman Chair and CEO David Solomon told analysts that Goldman had recently closed its acquisition of Innovator Capital Management, an ETF issuer known for defined-outcome products. Solomon said the acquisition, which adds Innovator’s 170 ETFs to Goldman’s lineup, places the bank in the top 10 of global active ETF providers, a signal of the bank’s broader push into more sophisticated ETF strategies.
Cointelegraph’s coverage of related developments underscores a broader shift in the crypto ETF landscape—from passive price-tracking products to actively managed and outcome-oriented strategies. Bitcoin ETFs have drawn attention as asset managers experiment with yield-generating approaches and macro-linked allocations, reflecting demand for crypto exposure that blends returns with risk controls.
In a related trend report, Bitwise Asset Management in January launched an actively managed ETF designed to hedge against currency debasement, allocating across Bitcoin, precious metals, and mining equities. In March, T. Rowe Price amended its filing for a proposed actively managed crypto ETF that could hold directly in digital assets such as Bitcoin, Ethereum and Solana. Meanwhile, 21Shares has been expanding into more sophisticated active-management structures, including Europe-listed instruments tied to the firm’s Bitcoin-focused strategies. Duncan Moir, 21Shares President, frames these moves as a response to growing demand for active crypto products that can operate within diversified portfolios.
Morningstar and Goldman Sachs Asset Management published a March report examining why active ETFs are gaining momentum, noting that active ETFs globally held nearly $1.8 trillion in assets at the end of 2025, with flows significantly outpacing passive equivalents. The report highlighted a shift in investor appetite toward products that can adapt to changing market regimes, rather than simply tracking an index.
Key takeaways
- Goldman Sachs’ proposed Bitcoin Premium Income ETF would invest primarily in spot Bitcoin ETPs and related options, not hold Bitcoin directly, and would target at least 80% exposure to Bitcoin-linked assets with up to 25% via a Cayman Islands subsidiary.
- The fund would generate yield by selling call options on Bitcoin-linked ETPs, with an overwriting strategy that could range from 40% to 100% of Bitcoin exposure depending on market conditions, potentially distributing income or return of capital.
- The product represents a broader move toward active crypto ETFs, reflecting a demand for income-focused and risk-managed crypto exposure beyond simple price-tracking funds.
- Industry momentum behind active crypto strategies is supported by data showing growing assets in active ETFs (nearly $1.8 trillion globally by end-2025) and continued expansions from Bitwise, T. Rowe Price, and 21Shares, among others.
Active strategies expanding beyond price tracking
The Goldman filing sits within a wider pattern of asset managers exploring active and outcome-focused crypto funds. Bitwise Asset Management, for instance, debuted an actively managed ETF aimed at hedging against currency debasement, while T. Rowe Price has amended its filing to pursue direct crypto holdings in an actively managed format. 21Shares has pushed into more sophisticated strategies, including Europe-listed products tied to its Bitcoin-centric approach.
Industry participants say the shift toward active management reflects investors’ preference for instruments that can adapt to macro conditions and provide additional income streams. Duncan Moir of 21Shares noted that crypto assets are particularly well-suited to active management given their structural volatility and evolving use cases. A March Morningstar-Goldman Sachs Asset Management report reinforces the trend, showing high growth in active ETF assets and suggesting continued momentum for active products in digital-asset markets.
What this means for investors and the market
For investors, Goldman’s proposed Bitcoin Premium Income ETF could offer a familiar mechanism—income generation through option premiums—applied to the crypto frontier, with a measured exposure to BTC through a diversified mix of ETPs and derivatives. The upside is that the fund seeks to reduce some volatility by selling calls and by using a Cayman-domiciled subsidiary structure to access commodity-like exposure. However, the trade-off is a capped upside during strong upside runs, which may diminish the potential for dramatic crypto rallies.
Regulatory scrutiny will be a key factor going forward. The filing lays out a framework that, if approved, would give investors a new way to gain crypto exposure through an income-oriented vehicle rather than direct ownership. Market participants will watch how the SEC weighs such designs, and whether additional disclosure or structural tweaks emerge as the product path unfolds.
Beyond Goldman’s filing, the broader trend toward actively managed crypto ETFs points to a more sophisticated ecosystem where macro themes, volatility regimes, and income considerations intersect with digital-asset exposure. As Morningstar and Goldman Sachs Asset Management highlighted, active ETFs have grown to nearly $1.8 trillion in global assets by late 2025, underscoring a shift toward products designed for more nuanced risk/return profiles.
For traders and institutions, the era of crypto ETFs that blend yield generation with strategic exposure may offer new hedging tools and portfolio options. Yet, as with any new financial product, performance will hinge on market regimes, liquidity, and the SEC’s eventual stance on such structures. The ongoing evolution—driven by major banks and dedicated ETF issuers—suggests that 2026 could feature more active crypto wrappers that balance income, risk, and capital appreciation in innovative ways.
As readers monitor next steps, keep an eye on how regulatory clearances shape the rollout of these products and how performance compares with traditional crypto income vehicles. The coming quarters will reveal whether Goldman’s approach, and similar strategies, can deliver reliable income without sacrificing the upside that has powered Bitcoin’s long-run narrative.
In this photo illustration, Apps for online prediction market sites are shown on an electronic device on Feb. 25, 2026 in Chicago, Illinois.
Scott Olson | Getty Images
Prediction market volumes are booming in 2026, on pace to more than quadruple this year alone and reach an estimated $1 trillion in the next four years, according to Bernstein.
Volumes have already surged in the first few months of this year, the investment bank wrote in a report Tuesday, with Kalshi and Polymarket, the two largest platforms, seeing about $60 billion in market volume year-to-date — more than the $51 billion in total prediction market volume in all of 2025.
Growth rates for the platforms rival the artificial intelligence boom, according to Bank of America. Analyst Julie Hoover in a note last week called Kalshi one of the “fastest growing non-AI companies” in the U.S. Weekly trading volume on Kalshi — which controls more than 90% of the U.S. prediction market — has surged to more than $3 billion today from about $100 million a year ago, she wrote.
While prediction market volumes initially jumped in 2024 around the U.S. presidential election, they eventually surpassed those levels in 2025 as sports, cryptocurrency and macroeconomic contracts became popular.
$1 trillion by 2030
Bernstein analyst Gautam Chhugani now estimates that total market volumes in 2026 will reach $240 billion, a 370% increase compared to last year. At a compound annual growth rate of roughly 80% between 2025 and 2030, Chhugani sees prediction market trading volume of $1 trillion a year by the start of the next decade.
Chhugani expects increased regulatory clarity at the federal level will boost the potential market, and that blockchain tokenization and integration with cryptocurrencies is enabling more liquidity. The makeup of traded contracts is also likely to change, he said.
A Polymarket advertisement in a subway station in New York, US, on Thursday, Feb. 5, 2026.
Michael Nagle | Bloomberg | Getty Images
“We expect [the] institutional market to develop around economics, business and political contracts, as investors seek more direct and discrete exposure to events,” he wrote. While sports contracts make up more than 60% of trading volume today, he sees that being cut in half by 2030. “We also expect hedging demand from corporates, [and] insurance firms exposed to specific event risks.”
While Kalshi and Polymarket dominate the space, new names are building a presence. Robinhood, DraftKings and Underdog are all starting or have already launched their own prediction market verticals, Bank of America’s Hoover said.
Public proxies
Robinhood and Coinbase Global are the key public market proxies for the private prediction market companies, Chhugani said. Robinhood’s prediction markets hub is now a year old, generating $350 million in annual recurring revenue, and accounting for some 30% of Kalshi total volume. The market is the digital finance platform’s fastest-growing business, and could encourage Robinhood to develop its own exchange, the analyst said.
While Chhugani’s long-range estimates assume the resolution of long-term regulatory risk, in the near-term state and federal regulators and the prediction markets themselves are engaged in a pitched battle. “Legal action is now pending in 14 states, plus another 4 congressional bills [are] also pending amid concerns around insider trading,” Hoover wrote.
The Commodity Futures Trading Commission headquarters in Washington, D.C.
Ting Shen | Bloomberg | Getty Images
Some states have begun legal action against prediction markets, citing their authority to regulate sports betting, while the Commodity Futures Trading Commission is fighting states, claiming it has the only authority to regulate prediction markets.
Still, Chhugani has faith that this won’t derail the multi-year outlook.
“Despite ongoing state-level legal challenges, we expect platforms like Kalshi, Polymarket, and public proxies (HOOD, COIN) to benefit from increasing regulatory clarity and growing alignment with federal regulators (SEC, CFTC) — a key driver of market legitimacy and mainstream adoption,” he wrote.
Disclosure: CNBC and Kalshi have a commercial relationship that includes a CNBC minority investment.
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Bitcoin price is approaching $75,000 right now as the bears are running out of room, and our prediction model still says that the rally might not be over just yet. The move represents a sharp reversal from Sunday’s $70,000 capitulation low, a 6% swing in under 24 hours that caught overleveraged shorts badly offside.
The catalyst came at this AM. US President Donald Trump claims that Iran reached out for potential peace talks, even as a naval blockade of the Strait of Hormuz remained active. Risk assets rallied hard on the news, Asian equities climbed, oil expectations eased, and Bitcoin led the charge.
“Bitcoin is following the rally in broader risk assets,” said Damien Loh, chief investment officer at Ericsenz Capital, adding that BTC “continues to trade better than broader risk assets.” Ethereum joined the move, up 5.5% to over $2,370.
Bitcoin has now outperformed significantly since the US-Iran conflict began in late February, up more than 10%, while gold has shed nearly 10% and the S&P 500 sits roughly flat. The macro setup is shifting.
Discover: The best crypto to diversify your portfolio with
Bitcoin Price Prediction: $80,000 in the Picture
Bitcoin is at $74,600, still the strongest bounce in a month. The 24-hour structure shows conviction: analysts had identified roughly $6 billion in leveraged shorts clustered between $72,200 and $73,500, and the move through that band likely triggered a cascade of forced buying.
We flag $80,000 as the defining resistance test for the next major leg. Above that sits the 200-day moving average, just above $83,000. The technical line separates the downtrend from confirmed recovery.
Current price sits just 10% below the $80K level and 15% below the 200-DMA. Prior attempts at $80K have stalled under selling pressure, making a clean break structurally significant.
If Geopolitical de-escalation holds, shorts might continue to get squeezed, and BTC could clear $80K and target $83,000–$94,000. Standard Chartered and Bernstein both target $150,000 by year-end.
The next seven days appear decisive. Macro conditions remain fragile, and a “significant move higher” may not materialize until the US passes the Clarity Act regulatory framework. Price could move fast in either direction.
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Bitcoin Hyper With Early-Mover Upside Potential as BTC Breaks Resistance
Bitcoin at $74,000+ sounds bullish, until you price in the math and look at your capital size. A return to the $126K all-time high from here still requires a 69% move.
Institutional capital chasing that return at the current market cap faces diminishing leverage. Early-stage exposure to Bitcoin’s infrastructure layer is where asymmetric upside has historically lived.
Bitcoin Hyper ($HYPER) is positioning directly inside that infrastructure gap. It claims the title of the first-ever Bitcoin Layer 2 with Solana Virtual Machine (SVM) integration, targeting the core limitations that have held Bitcoin back: slow transactions, high fees, and near-zero programmability.
The pitch is sub-Solana latency on a Bitcoin-secured network, with a decentralized canonical bridge handling BTC transfers natively.
The presale numbers are concrete. $HYPER is currently priced at $0.0136, with $32 million raised to date. Staking is live with a high 36% APY bonus. The project has sustained momentum through Bitcoin’s recent volatility as a signal worth watching.
For traders monitoring Bitcoin’s $80K test, research Bitcoin Hyper here before the next price stage activates.
The post Bitcoin Price Prediction: $80K Coming to Wreck Bears appeared first on Cryptonews.
Tokenized pre-IPO Anthropic shares trading on Jupiter now imply a market capitalization of $851 billion, more than double the company’s last official funding valuation.
The synthetic tokens, launched via PreStocks on the Solana-based DEX aggregator, climbed from roughly $122 per share in October 2025 to approximately $900 by April 14, 2026.
Secondary Markets Price Anthropic Far Above Its Last Funding Round
Anthropic closed a $30 billion Series G round in February 2026 at a $380 billion post-money valuation. The gap between that figure and the $851 billion implied on Jupiter reflects aggressive investor positioning ahead of a potential IPO.
Traditional secondary platforms echo the trend. Shares on Hiive, a major pre-IPO marketplace, traded above $849 on April 14, closely matching the on-chain price.
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The PreStocks tokens are structured instruments backed 1:1 by SPV exposure to actual Anthropic shares.
Holders gain price exposure but receive no voting rights, dividends, or legal ownership in the company, much like how it happens for Bitget is doing with SpaceX pre-IPO.
AI IPO Wave Looms Over Public Markets
Anthropic is reportedly in discussions for a Q4 2026 listing that could raise over $60 billion. Goldman Sachs and JPMorgan Chase are among the banks competing for underwriting roles.
It is not the only AI giant approaching public markets. SpaceX filed confidentially with the SEC in early April, targeting a valuation above $1.7 trillion. OpenAI is also preparing a listing at roughly $1 trillion.
Combined, these three debuts could introduce more than $3 trillion in new market capitalization, a volume that would dwarf total US IPO proceeds over the past decade.
The post Anthropic’s Tokenized Shares on Jupiter Imply $850 Billion Valuation appeared first on BeInCrypto.
Crypto World
TAO Token of Bittensor Tumbles by 20% Post Governance Conflict Triggers Sell-Off in Market
Key Insights
- The TAO token of Bittensor falls over 20% post-exit of Covenant AI, citing governance issues.
- Fears of centralization impact the sentiment of the crypto market negatively.
- Currently, TAO is testing the $250-$263 support level, which requires a recovery above $280.
Price Plunge for TAO Due to Governance Issues
The native coin of Bittensor named TAO fell dramatically by more than 20% to reach approximately $273. This dramatic price plunge came as a rude shock to many traders after witnessing steady gains by the token.
The reason behind this selloff could be the unexpected departure of Covenant AI from the Bittensor network. Although departures happen all the time in blockchain projects, the reason why this departure became noteworthy was due to the substantial reputation that Covenant AI holds in the ecosystem.
Changes in Market Sentiment Happen Quickly
The news about Covenant AI being accused spread quickly throughout cryptocurrency circles, leading to a swift change in market sentiments. Investors who used to consider Bittensor a potential decentralized AI platform started rethinking the possible dangers related to governance transparency and sustainability in the long run.
Apart from damaging the reputation of the project, the departure of Covenant AI also led to negative changes in terms of finances. The organization is said to have liquidated a significant number of TAOs, putting additional pressure on the already falling price of the asset. Moreover, as soon as traders saw how Covenant AI sold its tokens, they rushed to do the same to avoid losses.
Thus, the market sentiment worsened quickly. The governance mechanism of Bittensor was accused of centralization and failing to distribute governance among many members of the network.
Liquidity Puts Downward Pressure on TAO Price
This led to massive selling by leveraged investors whose trades depended on further increases in the price. Their exits accelerated the downward trend. In other words, forced liquidations added further pressure on the TAO price as new sell orders entered the market after the positions were liquidated.
In addition, breaking below $300 was particularly important as it showed how strong bullish sentiment had been before the breakdown. Notably, just a few days earlier, the price was above $340.
Critical Support Zone Comes Into Focus
TAO is now attempting to stabilize in the mid-$260 range, an area that aligns with previous support levels and technical retracements. The immediate support zone between $250 and $263 has become crucial for short-term price action.
If this range holds, the market could enter a consolidation phase, allowing buyers to regain confidence and potentially rebuild momentum. A move back above $280 would be an early signal of recovery and renewed bullish interest.
However, risks remain elevated. If TAO fails to maintain support above $250, the next downside target could emerge around $233. This scenario would likely confirm continued bearish pressure and prolonged uncertainty.
Prognosis Is Still Unclear
Recent developments in relation to Bittensor show how the issue of governance can affect investor sentiment and confidence, particularly within decentralized networks.
Although the project may still have good prospects for success within the realm of AI-blockchain applications, investor sentiment currently remains highly volatile.
In the meantime, investors will be paying close attention to how the price develops, along with any progress within the network itself. The position taken by the Bittensor development team regarding any governance problems may become critical in determining future moves.
For the moment, however, caution appears to prevail.
Goldman Sachs filed with the SEC on April 14 to launch a Bitcoin Premium Income ETF, the bank’s first proprietary Bitcoin (BTC) fund product.
The filing adds Goldman to a growing list of Wall Street banks building dedicated BTC investment vehicles. Morgan Stanley debuted its own spot Bitcoin ETF just days ago.
How the Goldman Sachs Bitcoin ETF Works
The fund will invest at least 80% of net assets in instruments providing Bitcoin exposure. These include spot Bitcoin exchange-traded products and options on Bitcoin ETP indices.
Goldman’s core strategy relies on a dynamic options overwrite. The fund holds long positions in spot Bitcoin ETPs while selling call options against them, collecting premiums as monthly income.
The overwrite level ranges from 40% to 100% of BTC exposure, adjusted based on market conditions.
It does not hold BTC directly. A wholly owned Cayman Islands subsidiary can hold up to 25% of assets, helping the fund meet regulatory requirements for holding commodities under the Investment Company Act of 1940.
In flat or mildly volatile markets, option premiums may help the fund outperform plain spot Bitcoin ETFs. During strong rallies, the sold calls cap upside participation.
ETF analyst Eric Balchunas noted Goldman may be responding to client demand for lower-volatility BTC exposure.
“Goldman may sense opp to leap frog them and/or is prob hearing from their clients they want bitcoin but with less vol and happy to give up some upside for lower downside and income,” he wrote.
Wall Street’s Bitcoin Product Race Heats Up
Goldman has been steadily expanding its crypto footprint. Its most recent 13F filing showed roughly $1.1 billion in Bitcoin ETF holdings and more than $2.36 billion in total crypto ETF exposure.
The bank also recently acquired Innovator Capital Management, which issues Bitcoin-linked structured products.
The filing comes less than a week after Morgan Stanley launched the Morgan Stanley Bitcoin Trust (MSBT) on NYSE Arca.
“Seeing a global giant like Morgan Stanley highlighting crypto on their homepage like this is such a positive sign…This is how it goes mainstream. TradFi isn’t on the sidelines of crypto anymore. It is actively prioritising and scaling it as a core asset class. Next stop: every large wealth platform in the world treating crypto like just another asset class,” commented Summit Gupta.
That fund tracks BTC’s spot price at a 0.14% expense ratio, making it the cheapest spot Bitcoin ETF on the market. It drew $30.6 million in first-day inflows.
Goldman’s product targets a different audience. While MSBT appeals to investors seeking pure price exposure at low cost, the Premium Income ETF is designed for those willing to trade upside for regular distributions.
Grayscale launched its own Bitcoin Premium Income ETF (BPI) in April 2025 with a 0.66% expense ratio. BlackRock has a similar product at an advanced stage of development. Goldman’s fees have not yet been disclosed.
The filing is a post-effective amendment. The fund could launch roughly 75 days after the April 14 filing date, pending SEC review. A ticker has not yet been assigned.
For traditional portfolio allocators, the entry of a $3.5 trillion asset manager packaging BTC volatility as yield further narrows the gap between crypto and conventional income investing.
The post Goldman Sachs Targets BTC Yield With New Bitcoin Income ETF appeared first on BeInCrypto.
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