Crypto World
Blackstone (BX) Executes Triple Play: Data Centers, Automotive Assets, and Cancer Research
TLDR
- Blackstone plans to debut a publicly accessible investment vehicle dedicated to acquiring AI-focused data center infrastructure with multi-billion dollar ambitions
- Initial capital raising efforts target sovereign wealth funds and major institutional investment partners
- Both Blackstone and Brookfield submitted competing proposals valued at minimum €8 billion to acquire Volkswagen’s heavy-duty engine division, Everllence SE
- A collaborative funding arrangement between Blackstone Life Sciences and Johnson & Johnson will support development of bleximenib, an experimental AML treatment
- RBC Capital launched research coverage on February 23 with Outperform designation and $179 share price objective
The private equity heavyweight is preparing to introduce a fresh publicly traded acquisition platform dedicated exclusively to AI data center assets. The initiative aims to democratize access to AI infrastructure investments — a sector where Blackstone seeks commanding market position.
The initial phase focuses on securing commitments from sovereign wealth entities and major institutional capital providers. Following this foundation, the firm intends to attract investment capital measuring in the tens of billions from a wider investor universe.
The strategy demonstrates significant ambition. However, skepticism exists regarding market timing.
Certain market participants have questioned whether massive AI training complexes constructed in remote locations might face obsolescence risks as technological capabilities advance. Blackstone appears prepared to address these reservations directly.
This initiative represents a component of the firm’s larger objective to expand beyond its established pension fund and endowment client relationships. Individual investors now represent an increasingly important strategic focus.
Volkswagen Unit Bid
Regarding transaction activity, Blackstone and Brookfield Asset Management (NYSE: BAM) have each presented acquisition proposals exceeding €8 billion ($9.4 billion) to secure controlling ownership in Volkswagen’s Everllence SE division.
Everllence specializes in manufacturing marine propulsion systems and industrial power generation turbines. Volkswagen has pursued divestiture of this operation as component of broader corporate restructuring and margin enhancement initiatives.
Additional competing bidders include Advent International, Bain Capital, EQT AB, and CVC Capital Partners — all successfully advancing to subsequent bidding stages.
Transaction completion remains uncertain. Bloomberg sources indicated negotiations continue without final determination.
Biotech and Analyst Coverage
On February 23, Blackstone Life Sciences revealed a collaborative financing agreement with Johnson & Johnson supporting clinical progression of bleximenib, an experimental oral medication designed to treat acute myeloid leukemia.
AML represents the most prevalent acute leukemia diagnosis among adult patients and demonstrates the poorest survival outcomes across all leukemia classifications. Company leadership characterized this condition as presenting exceptional therapeutic challenges.
This marks the inaugural co-funding partnership between BXLS and Johnson & Johnson, representing a significant milestone for Blackstone’s healthcare investment division.
Simultaneously, RBC Capital established research coverage of Blackstone with an Outperform recommendation and $179 price objective.
RBC communicated to investors that Blackstone maintains a “first-mover advantage” as the pioneering alternatives manager to establish a dedicated private wealth distribution team. The investment bank positions the firm as a long-term beneficiary of expanding retail investor participation and stabilizing commercial real estate conditions.
Blackstone conducts operations through four primary business segments: Real Estate, Private Equity, Credit and Insurance, and Hedge Fund Solutions.
BX stock declined 3.88% on February 27, coinciding with public disclosure of the AI data center platform and Volkswagen competitive bid developments.
The combination of both metrics suggests the current regime is consolidative or mid-cycle bearish, with definitive capitulation likely to occur soon.
Current market dynamics point to a reset in motion, with Bitcoin undergoing deleveraging. However, the leading digital asset is yet to form a bottom for this bear cycle, despite cooling market conditions.
According to a report from CryptoQuant, metrics such as falling open interest and Bitcoin basis compression on the Chicago Mercantile Exchange (CME) indicate ongoing deleveraging.
More Pain For BTC?
The CME basis compression is a futures yield curve that reflects demand for leveraged long exposure. The curve has been in a downward trend since 2025, following patterns that preceded the 2019 and 2022 bear markets. However, the slope remains positive to this day. While the curve’s current slope suggests leverage demand and risk appetite are cooling, the market has not yet reached conditions historically associated with capitulations. It confirms gradual ongoing deleveraging, but not capitulation.
The yield curve compression currently signals weaker demand for leveraged long exposure, as market participants become less willing to pay a premium for bitcoin (BTC) exposure. This points to weakening bullish conviction and a more neutral or bearish backdrop. However, longer-dated contracts are still trading at a premium to spot and short-dated futures.
In essence, the curve reflects an environment where price rallies may face resistance until a definitive cyclical bottom forms. Past cycle bottoms have formed only when the yield curve slope turned negative, signaling backwardation and acute deleveraging. This means that BTC still has more downside to come.
Cyclical Bottom Coming Soon
Additional proof that the Bitcoin market is undergoing a gradual reset in positioning rather than the acute stress needed to form a bottom is the decline in futures open interest. This metric has fallen sharply from its 2025 peak, following a trend seen during the 2022 bear market.
CryptoQuant found that the CME Bitcoin futures open interest has plummeted by 47%, similar to the 45% plunge witnessed in 2022. Such a move reflects a major unwind of leveraged positions following a period of increased participation. This unwind is characterized by prolonged liquidation, reduced speculative demand, and lower hedging activity, confirming an ongoing deleveraging cycle.
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The combination of a declining open interest and a positive yield curve suggests the current regime is consolidative or mid-cycle bearish, with definitive capitulation likely to occur soon.
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Bitcoin is looking to reclaim $64,000 on possible short squeeze after earlier falling to as low as $63,000 following U.S. and Israeli strikes on Iran.
At the same time, perpetual futures funding rates dropped to -6%, according to CoinGlass, marking the second lowest level in the past three months. The last time funding was this negative was on Feb. 6, when bitcoin bottomed near $60,000.
Perpetual funding rates represent the periodic payments exchanged between traders in perpetual futures markets. When rates are positive, traders holding long positions pay those holding shorts. When rates turn negative, shorts pay longs.
Deeply negative funding typically signals aggressive short positioning and bearish sentiment, as traders are willing to pay a premium to maintain downside bets.
Meanwhile, coin margined open interest rose from 668,000 BTC to 687,000 BTC over the past 24 hours.
Measuring open interest in BTC terms removes the distortion caused by price swings. Rising open interest alongside negative funding suggests growing participation, with an increasing share of traders positioned for further downside.
In the past 24 hours, more than $500 million in crypto positions have been liquidated, according to CoinGlass data. The bulk of those liquidations were long positions, which accounted for over $420 million, highlighting the scale of forced selling as prices moved lower.
Stablecoin issuer Tether has reportedly frozen roughly $4.2 billion worth of its USDt tokens connected to suspected criminal activity over the past three years.
Most of the blocked funds were restricted since 2023, as regulators and law enforcement agencies intensified scrutiny of crypto-related fraud and sanctions evasion, the El Salvador-based firm reportedly told Reuters on Friday.
Tether’s dollar-pegged USDt (USDT) token is the largest stablecoin in circulation, with more than $180 billion outstanding, up sharply from about $70 billion three years ago.
Tether can freeze tokens directly on the blockchain by blacklisting wallet addresses when requested by authorities.
Related: Tether-backed Oobit adds crypto-to-bank transfers for local payment networks
Tether helps governments freeze funds
On Tuesday, Tether announced that it has assisted the US Department of Justice in seizing nearly $61 million in USDt tied to “pig-butchering” scams, a scheme in which criminals build relationships with victims before persuading them to send money.
Earlier this month, the company also froze approximately $544 million in cryptocurrency at the request of Turkish authorities, blocking funds tied to an alleged illegal online betting and money-laundering operation.
According to blockchain analytics firm Elliptic, by late 2025, stablecoin issuers Tether and Circle had blacklisted around 5,700 wallets holding about $2.5 billion, with roughly three-quarters of the addresses containing USDt when they were frozen.
Related: Tether USDT supply set for biggest monthly decline since 2022 FTX collapse
USDt supply shrinks
As Cointelegraph reported, USDt is on track for its largest monthly supply drop in three years, with circulating supply falling about $1.5 billion in February after a $1.2 billion decline in January, according to blockchain data. The contraction echoes the period following the FTX collapse in late 2022 and may point to tighter liquidity in crypto markets.
Tether said the figures reflect short-term distribution changes rather than weakening demand, noting USDC (USDC) also saw a multibillion-dollar reduction during the same period.
Magazine: Bitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author
What started as an Israeli strike on Iran hours earlier has escalated into the broadest Middle Eastern military conflict in decades, posing a risk to financial markets, including cryptocurrencies.
Per reports on Bloomberg, CNN and Reuters, Iran launched waves of missiles and drones targeting not just Israel but U.S. bases and interests across the Gulf. Bahrain confirmed an American military base had been attacked. Qatar and the UAE said they intercepted missiles over their territory. Explosions were heard in Dubai. Bahrain closed its airspace entirely.
Iran’s semi-official Tasnim news agency said all U.S. bases and interests in the region would be targeted.
President Trump said the U.S. had begun “major combat operations in Iran” aimed at eliminating the country’s missile inventory, navy, and nuclear infrastructure. “The lives of courageous American heroes may be lost and we may have casualties,” he said. “That often happens in war.”
Bitcoin, which had already fallen below $64,000 on the initial Israeli strikes, held above $63,000 as the retaliatory wave hit. The relative stability is partly mechanical. Weekend liquidity is thin, and many leveraged positions that would amplify a sell-off were already flushed during the week’s slide from $70,000.
But the real test comes when traditional markets reopen on Monday. Bitcoin tends to absorb the first wave of geopolitical selling because it’s the only large liquid asset that trades on a Saturday afternoon.
Equities, oil, and bonds don’t have that option until Sunday evening futures or Monday’s open. If those markets gap sharply lower, bitcoin could face a second wave of risk-off selling as portfolio managers de-risk across all asset classes simultaneously.
That could potentially open a path to $60,000 or lower.
Previous Middle East escalations have followed a pattern where bitcoin drops on the initial shock and recovers once traditional markets absorb the news and the situation appears contained. Iran’s retaliatory strikes on Israel in April 2025 played out that way. So did earlier tensions in 2020.
This time the containment thesis is much harder to make. Missiles landing in Dubai, Kuwait, and Bahrain isn’t a bilateral exchange. It’s a regional war touching some of the most economically sensitive territory on the planet.
The downside risk is straightforward. If the conflict broadens, oil prices could surge on both sides of the Atlantic, potentially leading to global risk aversion and deeper losses in bitcoin. While the cryptocurrency is often seen as digital gold, it has historically traded more like a risk asset, not a safe haven.
The $60,000 floor that held during the Feb. 5 crash becomes the next line of defense, and it will be tested under far more severe conditions than a leverage flush.
TLDR:
- U.S. authorities seized over $580M in crypto linked to Southeast Asia fraud networks.
- “Pig butchering” scams used social engineering to target Americans via U.S. platforms.
- Scam compounds often involve human trafficking and generate massive regional revenue.
- Multi-agency Strike Force aims to recover stolen crypto and pursue criminal leaders.
The U.S. Attorney’s Office in Washington, D.C. has frozen and seized more than $580 million in cryptocurrency. The funds are tied to “pig butchering” scams run by Southeast Asia–based criminal groups.
These schemes used social engineering to lure Americans into fake crypto investments. The seizures mark a significant step in U.S. efforts to combat cross-border crypto fraud.
Scam Center Strike Force Targets Southeast Asian Crypto Networks
The Scam Center Strike Force focuses on Chinese transnational criminal organizations operating in Myanmar, Cambodia, and Laos. These groups run cryptocurrency investment frauds designed to steal Americans’ life savings.
Victims are approached through U.S. social media platforms and text messages to gain trust. They are then tricked into transferring funds to fake crypto platforms.
Many operations take place in compounds where workers are often human trafficking victims. Armed guards and abusive conditions control these employees as they target Americans.
The scams generate revenue so large that it can equal nearly half of the local GDP. Authorities emphasize that freezing crypto is a key method to disrupt these organized networks.
The Strike Force is a collaboration between the U.S. Attorney’s Office, the Department of Justice, the FBI, and the U.S. Secret Service.
Other contributors include the IRS Criminal Investigation Unit and district offices across Washington, Rhode Island, and beyond. These agencies coordinate to identify leaders and recover stolen funds. The goal is to pursue forfeiture and return assets to victims where possible.
Law enforcement emphasizes the speed and scale of these operations. Within three months, the Strike Force froze over $580 million, showing rapid progress against fraud. Officials describe the fraud as highly organized, targeting Americans regardless of location or status.
The effort also highlights the growing role of cryptocurrency in transnational criminal activity.
Crypto Seizures as a Strategic Deterrent
Cryptocurrency seizure teams focus on identifying wallets and accounts used by scam networks.
Agencies employ cross-jurisdictional collaboration to track funds from Southeast Asia to the U.S. The U.S. Secret Service and FBI handle investigations through field offices in multiple states, ensuring coordination. This approach allows authorities to respond quickly to new scam operations.
Targeting high-value leaders remains a top priority for investigators. Seized funds provide data to trace wider criminal networks and identify co-conspirators.
The initiative also informs the public about safe crypto practices and emerging scam tactics. Legal procedures aim to return as much of the stolen crypto as possible to affected Americans.
The Strike Force’s efforts reinforce that U.S. law enforcement is actively monitoring cross-border crypto fraud. Seizures demonstrate both technical expertise and legal authority to disrupt complex schemes.
Authorities continue to monitor Southeast Asian networks for future criminal activity. The initiative provides a model for addressing international cryptocurrency fraud systematically.
Crypto World
Can BTC, ETH, and SOL Liquidity Work Together? LiquidChain (LIQUID) Crypto Presale Focuses on Staking and Settlement
Bitcoin, Ethereum, and Solana are three of the largest ecosystems in digital assets. Bitcoin anchors the market with deep liquidity and security. Ethereum supports most decentralized applications and DeFi protocols. Solana offers high-speed execution and low transaction costs for active trading environments.
Individually, each network dominates its niche. Collectively, however, they operate in parallel. Liquidity remains segmented. Applications are often deployed separately across chains. Capital moves, but rarely without added steps, wrapped assets, or bridging mechanisms.
This raises a structural question: can liquidity across BTC, ETH, and SOL operate within a coordinated system rather than remain siloed? LiquidChain (LIQUID) introduces its Layer 3 framework as a potential answer, with its crypto presale structured around staking incentives and cross-chain settlement infrastructure.
How LiquidChain Coordinates Liquidity and Execution
LiquidChain is a Layer 3 settlement environment that sits above major blockchains. However, rather than competing directly with Bitcoin, Ethereum, or Solana, it attempts to connect them through unified liquidity pools and synchronized execution.
At the center of the model are shared liquidity structures. Instead of maintaining separate reserves across multiple ecosystems, assets from BTC, ETH, and SOL environments can be represented within a coordinated framework. The objective is to reduce duplicated liquidity and improve capital efficiency across decentralized markets.
Execution is handled through a high-performance virtual machine built for multi-chain operations. This is designed to process interactions involving multiple ecosystems in real time. By coordinating execution within a single layer, the protocol aims to streamline settlement processes that would otherwise require traditional bridging.
Security considerations are addressed through cross-chain proofs and messaging mechanisms. Bitcoin UTXOs, Ethereum account states, and Solana program states can be verified through cryptographic validation systems integrated into the Layer 3 design. The goal is to minimize additional trust assumptions while maintaining compatibility with the underlying chains.
The framework positions LiquidChain as a settlement coordinator rather than a replacement network. Bitcoin continues serving as a store-of-value backbone. Ethereum retains its smart contract depth. Solana maintains throughput advantages. LiquidChain attempts to aggregate liquidity and align execution across them.
$LIQUID Tokenomics, Staking, and Crypto Presale Structure
The $LIQUID token underpins participation in this coordinated system. Its ongoing crypto presale marks the initial distribution phase ahead of full network deployment. Over $560,000 has been raised already.
The total supply is set at 11,800,000,100 $LIQUID. Allocation includes 35% dedicated to development, supporting continued improvements to the Layer 3 infrastructure. LiquidLabs receives 32.5%, focused on ecosystem expansion and strategic initiatives. AquaVault accounts for 15% allocated toward business development and community activation. Rewards represent 10% of the supply, designated for staking incentives and ecosystem participation programs. Growth and listings account for 7.5%, intended to support exchange expansion efforts.
Staking forms a central component of the token’s early utility. Participants can lock $LIQUID to receive reward emissions distributed proportionally across the staking pool. As more tokens are staked, rewards are shared among a larger base, which gradually reduces annual percentage yields over time.
This reward structure is designed to encourage early buyers without fixing unsustainable returns. Early participants receive a larger proportional share of emissions when the staking pool is smaller. As adoption increases and more tokens enter staking, yields normalize based on total participation.
The crypto presale therefore represents more than token distribution. It serves as a mechanism to bootstrap liquidity alignment, incentivize early adoption, and fund continued protocol development.
A Framework for Cross-Chain Coordination
Bitcoin, Ethereum, and Solana each command big capital and developer ecosystems. Yet fragmentation remains one of decentralized finance’s most persistent structural constraints.
LiquidChain’s thesis centers on coordination rather than competition. By introducing a Layer 3 settlement environment supported by unified liquidity pools and dynamic staking incentives, the protocol seeks to create a shared execution framework across major chains.
Success will ultimately depend on technical implementation, developer integration, and broader ecosystem participation. Infrastructure projects require sustained adoption to validate their models.
Still, the core premise addresses a visible inefficiency: siloed liquidity across dominant ecosystems. Through its crypto presale, staking model, and layered settlement design, LiquidChain positions itself around the idea that cross-chain capital coordination may become a defining theme in the next phase of decentralized finance.
Explore LiquidChain and its ongoing crypto presale:
Presale: https://liquidchain.com/
Social: https://x.com/getliquidchain
Whitepaper: https://liquidchain.com/whitepaper
The post Can BTC, ETH, and SOL Liquidity Work Together? LiquidChain (LIQUID) Crypto Presale Focuses on Staking and Settlement appeared first on Cryptonews.
TLDR:
- USD1 now updates reserve backing every second, eliminating reporting gaps found in quarterly and monthly attestations.
- Chainlink oracles pull BitGo custody data onchain to show live supply, reserves, and collateralization ratios.
- The open-source dashboard allows any user to verify backing without paid tools or private access.
- Real-time proof of reserves shifts stablecoin transparency from delayed reports to continuous public verification.
USD1 has introduced a live, onchain proof of reserves system that updates every second. The move replaces delayed accounting reports with continuous blockchain verification.
The system connects reserve custody data directly to smart contracts. It aims to close long-standing transparency gaps in the stablecoin market.
USD1 Real-Time Proof of Reserves Sets New Transparency Standard
The announcement first appeared in posts shared by Axel Bitblaze and WLFI on X. They described a system that streams reserve data onto the blockchain without manual updates.
The design removes waiting periods linked to quarterly or monthly attestations.
Most stablecoins still rely on delayed reporting cycles. Tether publishes quarterly attestations, while Circle updates monthly. Both approaches leave short-term gaps between reserve changes and public disclosure.
USD1’s structure focuses on continuous validation instead of periodic snapshots. The dashboard displays total supply across supported blockchains. It also shows total reserve backing and the current collateralization ratio.
Developers made the dashboard code open source on GitHub. Users can clone the repository and run their own verification interface. The project states that no paid services or closed tools are required for inspection.
How Chainlink and BitGo Power Continuous Onchain Verification
The system runs through a Chainlink CRE job that pulls reserve figures from BitGo’s custody platform.
Chainlink validates the data and writes it onchain in real time. BitGo serves as the reserve custodian supplying balance information.
This workflow removes manual accounting steps that slow traditional attestations. Data updates occur continuously rather than at fixed reporting intervals. Anyone can track backing levels as transactions change supply.
The dashboard aggregates supply from all supported chains. It then compares that figure with reserves held in custody. The collateralization ratio updates automatically as values change.
WLFI said the system addresses a structural transparency problem in stablecoins. Monthly attestations still include reporting delays due to accounting processes. The new setup aims to show backing status without interruption.
The posts describe USD1 as the first stablecoin to offer real-time, trustless proof of reserves.
The emphasis rests on public verifiability rather than internal reporting. Developers argue the technology already existed, but few issuers adopted it.
By publishing the code and reserve feed logic, the project allows independent review. Market participants can confirm balances without relying on third-party statements. The approach reframes transparency as a live metric instead of a periodic disclosure.
Perpetual futures tied to oil prices trading on decentralized exchange Hyperliquid surged Saturday after the U.S. and Israel launched coordinated missile strikes on Iran, a key oil producer, igniting explosions across Tehran and multiple other cities.
Oil-USDH perpetuals climbed more than 5% to $71.26, while another contract, USOIL-USDH, advanced above $86.00. Combined, the two saw nearly $4 million in trading volume and over $5 million in notional open interest, data from Hyperliquid showed.
Gold and silver contracts also rose, likely on haven demand as markets reacted to heightened geopolitical risk.
Price gains followed after the U.S. and Israel launched a coordinated missile strike on Iran on Saturday, triggering massive explosions across Tehran and several other cities in a dramatic escalation that threatens to push the oil-rich Middle East into prolonged uncertainty.
Iran retaliated soon after, targeting multiple U.S. airbases in the region.
Iran is not only a major oil producer but also controls much of the Strait of Hormuz, through which more than $500 billion worth of oil and gas passes annually. Its designated shipping lanes fall entirely within the territorial waters of Iran and Oman. Worries have long circulated that an all-out war could see Iran weaponize its control of the strait, potentially sparking a massive global oil surge.
Rising oil prices could feed into inflation, making it harder for central banks to cut borrowing costs, prioritize growth, and encourage risk-taking in financial markets.
Venture capital firm Paradigm is preparing a new $1.5 billion fund aimed at artificial intelligence, robotics and other emerging technologies, marking its clearest push yet beyond the crypto sector that built its reputation.
Key Takeaways:
- Paradigm is raising a $1.5B fund to invest in AI, robotics and other frontier technologies while continuing crypto backing.
- The firm will use its existing technical team as it expands beyond blockchain-only investments.
- Paradigm sees growing overlap between AI and crypto, including applications like autonomous payments and smart contract security.
The San Francisco-based investor will continue backing blockchain startups while expanding into adjacent industries, according to people familiar with the plan cited by the Wall Street Journal.
Paradigm intends to rely on its existing technical investment team to source deals in frontier technologies rather than building a separate unit.
Paradigm Manages $12.7B After Launching Record Crypto Funds
Regulatory filings show the firm manages about $12.7 billion in assets.
It previously launched a $2.5 billion flagship fund in November 2021, at the time the largest dedicated crypto fund, and followed it in 2024 with an $850 million vehicle focused on early-stage blockchain projects.
Managers reportedly concluded that limiting investments to crypto alone risked missing promising opportunities developing across computing and automation.
The decision reflects a broader shift among technology investors as artificial intelligence reshapes both software and financial infrastructure.
Executives have long argued that the fields are interconnected. One example is agent-driven payments, in which autonomous software systems execute transactions using blockchain rails.
The concept relies on both AI decision-making and decentralized settlement.
Paradigm’s interest in AI is not new. As early as 2023, observers noticed the firm quietly removed Web3-specific language from parts of its website, fueling speculation that it was pivoting away from digital assets.
Co-founder and managing partner Matt Huang rejected that interpretation but acknowledged the firm was studying AI’s implications.
“We’ve never been more excited about crypto,” Huang wrote at the time, adding that developments in AI were too important to ignore. He argued the technologies should not be seen as rivals, predicting overlap between the two ecosystems.
That overlap has already appeared in practice.
Earlier this month, Paradigm partnered with OpenAI to release EVMbench, a benchmark designed to test whether machine-learning models can identify and patch vulnerabilities in smart contracts, a persistent security challenge in decentralized finance.
AI Startups Drew $258.7B in VC Funding in 2025, OECD Says
The fundraising effort also comes as venture capital flows heavily into AI startups.
According to OECD data, AI companies attracted $258.7 billion in venture funding during 2025, accounting for 61% of total VC investment and roughly doubling their share since 2022.
Generative AI firms alone represented 14% of AI-focused funding, with US startups receiving the largest portion.
Last month, Andreessen Horowitz secured more than $15 billion in fresh capital, strengthening its standing as one of the most powerful venture capital firms in the US tech sector.
The funds span multiple strategies, including infrastructure, applications, healthcare, growth investments and its “American Dynamism” initiative.
In 2025 alone, the firm represented over 18% of total venture capital deployed in the United States.
Co-founder Ben Horowitz said the fundraising reflects the firm’s core philosophy that venture capital exists to give people opportunities to build companies and create value.
The post Crypto VC Paradigm Plans $1.5B Fund Expansion Into AI and Robotics appeared first on Cryptonews.
Key Highlights
- Morgan Stanley has submitted an application to the OCC for a national trust bank charter designed for cryptocurrency custody services
- The proposed entity, dubbed “Morgan Stanley Digital Trust,” would facilitate digital asset custody, trading activities, swaps, staking services, and transfers
- Citigroup is preparing to roll out institutional bitcoin custody services within the current year, embedding them into existing traditional asset management frameworks
- Citi’s vision includes unified account management where clients handle bitcoin together with securities and cash, featuring cross-margining functionality
- Major financial institutions are building out crypto capabilities in response to rising institutional client interest in digital asset services
Morgan Stanley has submitted a request for a de novo national trust bank charter through the Office of the Comptroller of the Currency (OCC). The submission, which arrived on February 18, bears the designation “Morgan Stanley Digital Trust, National Association.”
This charter would grant Morgan Stanley authorization to provide digital asset custody services for its client base. The planned subsidiary intends to facilitate buying, selling, swapping, transferring, and staking of cryptocurrencies.
A national trust bank charter empowers financial institutions to conduct fiduciary operations including asset protection and custody services. This represents Morgan Stanley’s inaugural trust charter designed exclusively for cryptocurrency operations.
Morgan Stanley has demonstrated aggressive expansion into digital assets recently. The firm brought aboard equity markets veteran Amy Oldenburg in January to spearhead its cryptocurrency division and submitted applications for spot Bitcoin and Solana ETFs, subsequently filing for a staked Ether ETF as well.
The financial institution, which manages approximately $8 trillion in client assets, is simultaneously deploying spot cryptocurrency trading capabilities through its E*TRADE platform. The bank is also considering lending products and yield-generating opportunities connected to digital currencies.
Current job postings reveal Morgan Stanley is recruiting for positions such as digital assets strategy director and digital assets product lead. The institution is additionally investigating wallet technology implementation throughout its wealth management platform.
Citi Plans Institutional Bitcoin Custody
Citigroup has revealed intentions to introduce institutional bitcoin custody services before year-end. Nisha Surendran, who oversees Citi’s digital asset custody development, shared these details during Thursday’s World Strategy Forum.
Surendran characterized the objective as rendering “bitcoin bankable.” Citi aims to incorporate bitcoin into identical custody, reporting, and taxation systems currently deployed for conventional assets such as stocks and bonds.
Clients would gain the ability to initiate transactions through SWIFT messaging, APIs, or graphical user interfaces. Citi would manage all clearing and settlement procedures behind the scenes.
The financial institution additionally intends to enable clients to maintain bitcoin positions alongside U.S. Treasuries, international bonds, and tokenized money market funds within a unified custody account. This framework would permit cross-margining between cryptocurrency holdings and traditional asset classes.
Citi conducted research among its institutional client base and discovered they prefer not to handle wallets and private keys directly. Instead, they seek bitcoin access through established banking infrastructure.
The Broader Push by Major Banks
Citi maintains connections to over 220 payment and settlement networks worldwide. The bank has introduced Citi Token Services for cash management, a continuously operating blockchain-based network utilized for internal global fund transfers.
JPMorgan has pursued a comparable strategy through its JPM Coin offering. The New York Stock Exchange similarly unveiled intentions for a round-the-clock blockchain-powered trading platform for tokenized equities and ETFs launching later in 2025.
The OCC granted conditional approval to five cryptocurrency-focused national trust bank applications in December, encompassing Ripple, BitGo, Fidelity Digital Assets, and Paxos. Stablecoin infrastructure provider Bridge, acquired by Stripe, along with Crypto.com have subsequently obtained conditional approvals.
Payoneer similarly submitted a national trust bank charter application this month, potentially positioning it to issue stablecoins and deliver cryptocurrency services.
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