Podcasts about blackrock

In this post–Fourth of July breakdown, Matty A and Ryan dive into a fiery mix of politics, policy, and financial strategy. From the potential September rate cuts and a sluggish real estate season to massive institutional plays and controversial political shifts, the guys don't hold back. They unpack the good, the bad, and the ugly of Trump's latest bill—bonus depreciation is back, tariffs are rising, and trust is getting tested. Plus, they tackle the Epstein case fallout, Elon Musk's “American Party,” and a bold new baby investment account plan that could shape the next generation's financial future.Timestamps: [00:00] Kicking off with July 4th laughs and family reflections [01:30] Fed's July pause and September rate cut speculation [03:00] The Powell dilemma: lower rates vs. inflation risk [05:00] Real estate slowdown and unconventional buying season [06:45] Best time to be a buyer (despite higher payments) [07:30] Lessons from institutional investors: follow the smart money [08:45] BlackRock's $7.3B play and what it signals [10:00] Risk, timing, and the importance of calculated boldness [11:30] Trump's “Big Beautiful Bill” signed on July 4th – key highlights [12:45] Bonus depreciation, opportunity zones, and spending backlash [14:00] Tariff revenues hit record highs—what it means [17:30] Trump's tariff timeline, market reactions, and potential trade deals [20:00] Semiconductor, copper, pharma tariffs, and BRICS crackdown [22:00] Banning foreign adversaries from buying U.S. farmland [23:30] Epstein case fallout: No client list, public outrage [25:00] The erosion of trust in Trump's cabinet over unfulfilled promises [28:00] The frustrating lack of transparency and accountability [30:00] Trump's Ukraine funding flip and political ripple effects [32:00] Elon Musk's “American Party” and the risk of splintering votes [34:00] Baby Bonds! $1,000 government-funded investment accounts [35:30] Building generational wealth with small, consistent contributions [36:00] Final thoughts, Napa mastermind promo, and closing cheersWhat You'll Learn:Why September may be a pivotal month for interest rate cutsHow smart institutional capital is positioning in real estateWhat Trump's new bill means for investors (the good & the ugly)How tariffs are reshaping global trade and impacting U.S. marketsWhy Epstein file backlash could cost Trump political capitalHow the new “Baby Bonds” program could build future wealthNotable Quotes:“Fortune favors the bold — but the smart bold.” – Matty A“Institutional capital doesn't chase trends… they create them.” – Ryan Breedwell“If it was easy, everybody would do it. But that's not when wealth is made.” – Matty A“Tariffs work if you want to balance the trade scale… it's not emotional, it's strategic.” – Ryan BreedwellCalls-to-Action: Text XRAY to 844.447.1555 – Get your financial x-ray Text DEALS to 844.447.1555 – Find off-market investment opportunities Follow @officialmattya on social Visit Shop.MillionaireMindcast.com – Mindset, Money & Motivation gear Want to mastermind in Napa with top real estate investors? Text NAPA to 844.447.1555 to claim your seat (limited spots)

Crypto News: Blackrock now holds 700,00 Bitcoin in its ETF. Trump's Truth Social files for index-based crypto ETF which includes XRP, Solana, CRO, Ethereum, and Bitcoin.Show Sponsor -

This Week on the Black Rock Podcast: "Asking Pastor Josh Anything!" Get ready for a fun and thoughtful episode as we put Pastor Josh in the hot seat! This week, we're asking him all kinds of questions—some about faith, some just for laughs, and all of them the things you've always wanted to ask. Don't miss this honest, lighthearted, hilarious and meaningful conversation on the Black Rock Podcast!

Today's blockchain and cryptocurrency news  Bitcoin is down slightly at $108,783 Eth is up half a percent at $2,576 XRP, is down slightly at $2.29 Robinhood in talks with European regulators about 'stock token' program BlackRock's IBIT passes 700k BTC in AUM BioSig Tech secures $1.1B to fund pivot Metaplanet to borrow against BTC holdings. TON foundation seeks VP of marketing Learn more about your ad choices. Visit megaphone.fm/adchoices

BlackRock's spot Bitcoin ETF has just crossed over 700,000 BTC, worth approximately $75.5 billion, which is 55% of the total Bitcoin held across all US spot Bitcoin ETFs, after registering another $164.6 million inflow on Monday. Learn more about your ad choices. Visit megaphone.fm/adchoices

DAMIONThe next phase of Starbucks' turnaround plan is offering executives up to $6 million in stock grants, as baristas scrap to get annual raises above 2%Starbucks will reward company executives with up to $6 million in stock grants should they effectively fulfill cost-saving and timely rollout goals of the company's “Back to Starbucks” turnaround strategy. Starbucks Workers United representatives dubbed the move “ridiculous and irresponsible” amid contract negotiations over barista wages.WHO DO YOU BLAME?Double boomerang CEO and founder Howard Schultz1987-2000; 2008-2017; 2022-2023CEO and Chair Brian Niccol and his $113 million golden hello packageThe company's work-from-home policy which allows its CEO to work remotely from his home in Newport Beach, California, while the company's headquarters are in Seattle, Washington. As part of his employment agreement, Starbucks pays for him to travel between his home and the Seattle headquarters on the company's private jet.Former failure Yahoo! CEO Marissa Mayer who was appointed as a director to Starbucks 4 days before the announcement of the new retention awards. Compensation Committee chair Ritch Allison: The guy passes every pay plan for whoever; is the former CEO of Domino's Pizza so is here to enrich executives; and owns $3M is SBUX stock so doesn't really care: someone should be responsible for a CEO pay ratio of 6666:1Agios Appoints Dr. Jay Backstrom to Board of DirectorsJay Backstrom appointed as Class III director as of July 8, 2025, 20 days after the company held an election to appoint two Class III directors.WHO DO YOU BLAME?The top 4 institutional investors (35% of voting power):Farallon Capital 10% Vanguard 10%BlackRock 9% BB Biotech 6%The company's childish bylaws which separate directors into three classes that are voted on every three yearsFormer CEO Jacqualyn Fouse (23%) who stuck around to serve as board chair after being CEO for only 3 yearsNominating Committee chair and Lead independent director Kaye FosterEmasculated CEO Brian GOff (15%) who presides over a board with a +7% gender influence gapAn anti-DEI investment firm postponed its Tesla ETF, saying Elon Musk has 'gone too far' by launching a political partyWHO DO YOU BLAME?Its BS mission statement: “Azoria is an investment firm with the mission of compounding capital for investors through a commitment to free thinking, excellence, and meritocracy.”Wouldn't that include Elon?James T. Fishback, Founder and CEO of Azoria, a free-thinking investment firm“We have an anti-American subculture that cancels the science fair in favor of drag queen story hour, forces colleges to spend more time teaching micro-aggressions than microbiology, and teaches kids in America that Cardi B is a role model and Thomas Jefferson is a racist.”“Fishback will become a major Gen Z star in our pro-American movement.” — Vivek Ramaswamy, 2024 Presidential Candidate.“dropped out of Georgetown University to establish a hedge fund at 21 years old”Azoria partner Sol Ehrlich:“For my last day at Spectra, it's important that I share just how much this opportunity has meant to me. In June of 2023, I was a 28 year old mediocre Euro League baseball player with no job prospects outside of coaching. My only qualification to work in finance was my work ethic, which Brent Donnelly recognized when he met with me over Zoom and saw the litany of Post-It tabs I used to annotate his book”“It's with great excitement that I'll be taking this skillset to Azoria as a partner and its Head Trader- an opportunity I couldn't have imagined 18 months ago.”While the internet was introduced to James Fishback's talents this year, I've been aware of them since 2009 when we competed against each other in high school debate. (His meme game was A+ even then- I still remember him closing a speech on U.S. sanctions with 4 Russian leader puns.)”Me. Because somehow I'm connected to Fishback on linkedin.Greenlight Capital, for making James angry:In a lawsuit: “Greenlight Capital says James Fishback is a liar. The 29-year-old hedge fund manager and former employee, contrary to his own proclamations, was never “head of macro” at Greenlight, never had any “authority or discretion” over investments, and certainly wasn't responsible for an “insane” $100 million in profits as a mere research analyst. In fact, his contributions were so not “insane” that the hedge fund was about to fire him before he chose to leave of his own accord.”Greenlight's alleged former head of macro is hoping to get at least $5 million from David Einhorn, claiming age discrimination"Mr. Einhorn dismissively told Mr. Fishback that his compensation was 'a lot of money for a kid,'" the filing states, and Fishback argues the comment "demonstrates that Defendants' decision about Mr. Fishback's compensation was driven largely by his age — a protected characteristic."Tech founders call on Sequoia Capital to denounce VC Shaun Maguire's Mamdani commentsMaguire, an outspoken supporter of President Trump, posted on X over the weekend that Democratic mayoral candidate Zohran Mamdani “comes from a culture that lies about everything.”WHO DO YOU BLAME?Shaun Maguire: “My whole life I've sought out people that I think are really talented but a little bit off the radar.”Shaun Maguire: “[E]ven more important to me is someone that's just irrationally motivated. For whatever reason, it's their life mission to try to revolutionize the industry they're going after.”Shaun Maguire: “Should I go public with the story about the time I was told I can't be promoted for being a white man? Fuck it, This happened at Google. That company is an absolute trash can dumspeter fire.”Sequoia Capital: for proudly endorsing some of its most insipid founders: Sam Altman, Elon Musk, Vlad Tenev (Robinhood, online betting on stocks), Keller Rinaudo (Zipline, autonomous delivery), Winston Weinberg (Harvey, AI for lawfirms), Brian Chesky (Airbnb, rent killer)MATTForward Air, after their AGM battle with Ancora, still hasn't released their 8K after a MONTH despite Ancora announcing it was a “landslide” directly afterWHO DO YOU BLAME for not releasing an 8k?Charles Anderson, Robert Edwards Jr, Michael Hodge who own roughly 25% of the voting power, even if FF data doesn't properly show them as having all the influence on the boardAncora, who just couldn't help but IMMEDIATELY put out a press release stating: “Absent the more than 30% of shares that were legally committed to vote for the incumbent Board, Chairman George Mayes, Jr., Javier Polit, and Laurie Tucker lost in a landslide, highlighting the substantial level of concern regarding the legitimacy of the Board's strategic review. We believe the resignations of these legacy directors will empower the Board to carry out a thorough assessment of value-maximizing opportunities.”Christine Gorjanc, chair of the audit committee, who was chair of the audit committee at Invitae from 2015 to 2024 when it declared bankruptcy despite getting her degree in accounting and a MS in “taxation”Michael L. Hance, chief counsel who also holds a masters in Divinity, who couldn't find the “submit” button on his iPhoneNo, Carnival Cruises is not banning rap musicCarnival Cruise Lines denied reports circulating online that DJs aren't playing hip-hop.The cruise line has responded to claims circulating online that DJs aren't including hip-hop music in their sets or honoring song requests, with some social media users saying the alleged move is racially motivated.WHO DO YOU BLAME for this malicious rumor?Carnival's ZERO BLACK leadership team, lead by Mickey Arison - they do have two Hispanic men, Enrique Miguez (General Counsel) and Gustavo Antorcha (President of Princess Cruises), but it's balanced out by the Scandinavian (Lars Ljoen, Chief Maritime Officer) and other Euro men (Felix Eichhorn, Paul Ludlow)Carnival's Board of Directors, which has 11 members and is 91% white, with one black woman, Nelda Connors. Nelda's background is in hydraulics and metals with a degree in mechanical engineering, so she's probably too “nerdy” for rap anywayChristine Duffy, the head of Carnival Cruises, whose prior role was President of the Cruise Lines International Association which put out a report in 2008 showing that 93% of cruise passengers were white, and in 2025 said that 1 in 4 passengers came from either Texas or Florida. Duffy grew up in Northwood Philadelphia, which in 1950 was three quarters white but by 2020 is 93% black.Thinking hip hop is “black music”DAMIONPeople are boycotting Etsy over ‘Alligator Alcatraz' merchCalls to boycott Etsy are growing since “Alligator Alcatraz” merch popped up on its marketplace. The term refers to the Trump administration's new migrant detention facility in the Florida Everglades.WHO DO YOU BLAME?The 48% influence duo: CEO Josh Silverman (25%) and longest-tenured director (2007): Board Chair and Nominating Committee chair Fred Wilson (23%)The -13% gender influence gap at a company where: “approximately 80% of Etsy's buyers and sellers are women.Leadership is 6 men and 2 women, one of who is CHROThe company's dumb classified board structureThis year's 3 directors: 24%, 28%, 22% againstTokens to Access Private Companies, or to Investor Trouble?Robinhood is the latest to offer investors a novel, and potentially risky, investment opportunity: crypto that's meant to give exposure to the likes of OpenAI.WHO DO YOU BLAME?CEO/founder/Chair Vladimir Tenev: 47% influence; 24% voting power Baiju Bhatt: 37% influence; 36% voting powerThe pesky Class B share: for being worth ten votes per shareThe non-democratic Founders' Voting Agreement: Our Co-Founders have agreed: “to vote all of their shares in favor of the election of each Co-Founder”Lead Independent Director Jonathan Rubinstein: for being the most pointless Lead Independent Director of all time: Lead Independent Director at Robinhood since 2021 and Lead Independent Director at Amazon.com from 2017-2023OpenAI Says It's Hired a Forensic Psychiatrist as Its Users Keep Sliding Into Mental Health Crises"We're developing ways to scientifically measure how ChatGPT's behavior might affect people emotionally."WHO DO YOU BLAME?Sam AltmanBret Taylor (Chair)Sam AltmanMatt: AI itself for being a jerk

Віталій Сич та Сергій Фурса, на Radio NV  про знищену реформу БЕБ, кому з чиновників міг загрожувати чесний БЕБ, чи з'явився в Україні новий гаманець від влади, котрий почав скуповувати все в Києві, в чому новий скандал навколо застави за Олексія Чернишова, чому у нас влада не стала рушієм реформ, чому влада направляє всі свої зусилля на збиття політичних опонентів, чому Єрмак не бажає набувати суб'єктності, чи є голова Офісу Президента другою особою в державі, чому здається, що Шахедів збивають менше, як Китай спалився на підтримці Росії, чому вони хотіли, щоб це виплило, як протидіяти мотоциклістам під час російських штурмів, про форум відновлення України у Римі, чому американський фонд Black Rock припинив збирати кошти на відбудову України, про падіння нафтогазових доходів в Росії, як це вплинуло на падіння ВВП та військові доходи, про самогубство російського міністра Старовойта, про впровадження 18 пакету санкцій від ЄС, чи вдарить він по ресурсах Путіна для продовження війни, про відновлення постачання озброєння Україні зі США, чи дійсно Трамп не причетний до попереднього зупинення постачання, про зміну посла України в США, про очікувані зміни в Уряді, чи створить Ілон Маск свою партію та про російські атаки по ТЦК

En este episodio de Encuentro, conversamos con Benjamín Souza, director de estrategia deinversión para América Latina en iShares de BlackRock, sobre las oportunidades y desafíos de inversión en 2025. Analizamos el sorpresivo desempeño de México, el regreso del excepcionalismo de Estados Unidos, y cómo la normalización de tasas está redefiniendo las estrategias de portafolio.Exploramos temas clave como las estrategias de diversificación de divisas y por qué la tecnología se ha convertido en un bien básico comparable a utilities y consumer staples.Una conversación imprescindible para inversionistas institucionales e individuales que buscan construir portafolios más resilientes en un entorno de volatilidad global, nuevas administraciones, y la reconfiguración de flujos comerciales internacionales.

Hijo de padres judíos, Larry Fink estudió ciencias políticas en la Universidad de California, pero se inclinó por las finanzas y luego obtuvo su máster en administración de empresas. Años después, cofundó BlackRock, una multinacional estadounidense de inversión que, para 2024, administraba 11.500 billones de dólares en activos. Como CEO de BlackRock, Larry Fink ha sido reconocido como uno de los mejores líderes del mundo en el ámbito de las finanzas. Accede a sus pensamientos sobre los mercados financieros en la actualidad.

And Another Thing With Dave, by Dave SmithIn this episode of And Another Thing With Dave, the conversation dives headfirst into the disillusionment with American politics. Dave and his guest explore the frustrating similarities between Republicans and Democrats, the corporatization of government, and the myth that voters are being offered a real choice.Key Topics Covered:False Dichotomy of U.S. Politics Both Trump and Biden are portrayed as different sides of the same corrupt coin—puppets of corporate interests and the military-industrial complex.Government Doesn't Work for the People The hosts argue that the government has evolved to serve the elite, not the citizens, with corporations like BlackRock and Vanguard pulling the strings.Media Manipulation and Manufactured Consent Media outlets are criticized for pushing divisive narratives while ignoring the bipartisan consensus on war, corporate welfare, and censorship.Trump's Theater and the Real Agenda Trump's showmanship is discussed as a distraction—masking his alignment with the establishment on key issues like deregulation and tax breaks for the rich.Biden's Failures and Democratic Complicity Biden is called out for backtracking on promises, like canceling student loan debt and protecting abortion rights, and for enabling war and surveillance just as much as Republicans.Where's the Real Change? The hosts discuss how grassroots movements and third-party candidates are systematically suppressed, keeping the population trapped in a binary that benefits the elite."They don't care which puppet we vote for, as long as we keep playing their game."Thank you for tuning in!If you are digging what I am doing, and picking up what I'm putting down, please follow, subscribe, and share the podcast on social media and with friends. Reviews are greatly appreciated. You can leave a review on Apple Podcasts, or Spotify.Links below Apple Podcastshttps://podcasts.apple.com/us/podcast/and-another-thing-with-dave/id1498443271Spotifyhttps://open.spotify.com/show/1HLX3dqSQgeWZNXVZ1Z4EC?Thanks again!!!Follow me and find More of My Content with link belowhttps://linktr.ee/andanotherthingwithdave#AndAnotherThingWithDave#AmericanPolitics#TrumpVsBiden#TwoPartySystem#PoliticalCorruption#CorporateControl#Election2024#MediaManipulation#WakeUpAmerica#BlackRock#Vanguard#DeepState#VoteSmart#SystemicChange#DemocracyOrIllusion

In this week's episode of the Coin Stories News Block powered exclusively by Gemini, we cover these major headlines related to Bitcoin, macroeconomics, and global finance: Trump's Massive Spending Bill Signed Trump Pressures Powell to Cut Rates BlackRock's Bitcoin ETF Drives More Revenue Than its S&P 500 Fund Strategy Becomes Eligible for S&P 500 Inclusion ---- Read every story in the News Block with visuals and charts! Join our mailing list and subscribe to our free Bitcoin newsletter: thenewsblock.substack.com ---- References mentioned in the episode: Trump's Big Bill Puts U.S. on a Perilous Fiscal Path Trump Calls for Powell to “Resign Immediately”  Director Pulte Urges Congress to Investigate Powell Pulte Criticizes Powell for Not Cutting Interest Rates Luke Gromen Tweets on the U.S. Fiscal Situation President Trump's “Fiscal Dominance” Play  Trump Says Cutting Rates Will Save on Costs Bessent Says He Will Issue on the Short End  Ray Dalio's Tweet on the Impact of the Spending Bill Deutsche Bank to Launch Digital Asset Custody Services  BlackRock's IBIT Drives More Revenue Than S&P 500 Fund Eric Balchunas Highlights BlackRock's IBIT Revenues Troy Cross Shares Nakamoto Project's Survey Results  MARA Now Holds More Than 50,000 Bitcoin  Strategy to Join Wall Street Elite After $14 Billion Windfall Strategy Becomes Eligible for S&P 500 Inclusion  Ric Edelman Recommends 10% to 40% Crypto Allocation ---- Natalie's Bitcoin Product and Event Links: Earn 2-4% back in Bitcoin on all your purchases with the orange Gemini Bitcoin credit card: https://www.gemini.com/natalie   Secure your Bitcoin with collaborative custody and set up your inheritance plan with Casa: https://www.casa.io/natalie  Block's Bitkey Cold Storage Wallet was named to TIME's prestigious Best Inventions of 2024 in the category of Privacy & Security. Get 20% off using code STORIES at https://bitkey.world   Master your Bitcoin self-custody with 1-on-1 help and gain peace of mind with the help of The Bitcoin Way: https://www.thebitcoinway.com/natalie  For easy, low-cost, instant Bitcoin payments, I use Speed Lightning Wallet. Get 5000 sats when you download using this link and promo code COINSTORIES10: https://www.speed.app/sweepstakes-promocode/  Bitcoin 2026 will be here before you know it. Get 10% off Early Bird passes using the code HODL: https://tickets.b.tc/event/bitcoin-2026?promoCodeTask=apply&promoCodeInput=  Protect yourself from SIM Swaps that can hack your accounts and steal your Bitcoin. Join America's most secure mobile service, trusted by CEOs, VIPs and top corporations: https://www.efani.com/natalie   Your Bitcoin oasis awaits at Camp Nakamoto: A retreat for Bitcoiners, by Bitcoiners. Code HODL for discounted passes: https://massadoptionbtc.ticketspice.com/camp-nakamoto      ---- This podcast is for educational purposes and should not be construed as official investment advice. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories #money #Bitcoin #investing

CME Group faces former pit traders as its $2 billion trial gets underway. Crain's finance reporter Mark Weinraub talks with host Amy Guth about the trial that will decide if traders will be compensated for the shift to screen-based trading.Plus: Baxter names a new CEO, Ald. Walter Burnett in the running to lead the Chicago Housing Authority, BlackRock to buy real estate firm with $7.3 billion in assets and Chicago area ranks among nation's most expensive rental markets.

Artificial intelligence and other mega forces are transforming the world – and disrupting traditional long-term macro anchors like stable inflation and predictable growth. To navigate this, the BlackRock Investment Institute outlines three key themes in our 2025 Midyear Outlook. Wei Li, Global Chief Investment Strategist at BlackRock, shares more.General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast.In the U.S. and Canada, this material is intended for public distribution.In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel:+ 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20- 549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.For Investors in Switzerland: This document is marketing material.In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdictionIn Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx©2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners.BIIM0725U/M-4638158

I know some of you are tired of hearing about Bitcoin and digital currencies. That's not what this week's show is about. This week's podcast conversation is broader—it touches the entire global economy. But…you just can't talk about macroeconomic trends anymore without talking about digital dollars and Bitcoin. Leaving them out today would be like ignoring gold when discussing commodities. There's a section this week in my interview with Ian Reynolds that dives deep into the bond market and the growing influence of stablecoins. And I realized—it might be helpful to give you a bit of context up front. If you're already familiar, consider this a refresher. If not, this will make the second half of our conversation a lot more useful. Let's start with the 10-year U.S. Treasury—arguably the most important interest rate in the world. This one number influences everything from mortgage rates to stock valuations to how much it costs the government to borrow money. Historically, when inflation drops, yields on the 10-year tend to fall as well. That's the standard relationship: lower inflation usually leads to lower yields. But that's not what's happening right now. Despite a year of cooling inflation, the 10-year Treasury yield has stayed surprisingly high. Why? The answer boils down to supply and demand. On the supply side, the U.S. government is flooding the market with Treasuries—over a trillion dollars' worth every quarter—to finance its growing deficits. That's a lot of new bonds entering the market. At the same time, demand isn't keeping up. Foreign central banks like China and Japan, which used to be some of the biggest buyers of our debt, are pulling back. Some are dealing with their own domestic issues. Others are deliberately reducing their exposure to the dollar as a reaction to U.S. foreign policy over the past year. So: more supply, less demand—what happens? Bond prices go down, resulting in higher yields for bond investors. That, in turn, means higher borrowing costs for everyone—including the U.S. government, businesses, and consumers. That's why, even with inflation falling, the 10-year hasn't followed the script. But here's where things get interesting. A new kind of buyer has started stepping in: stablecoin issuers. Stablecoins—like USDC and Tether—are digital tokens pegged to the U.S. dollar. They've become essential plumbing for the crypto economy, but their growth is increasingly relevant to the broader financial system. Why? Because in order to maintain their dollar peg, these companies need to back their coins with something stable—and that “something” is often short-term U.S. Treasuries. It turns out, that's a great business to be in. These stablecoin issuers collect real dollars, turn around, and invest them in T-bills yielding 5% or more. That spread—between what they earn and what they pay out—is pure profit. It's essentially a 21st-century version of a money market fund, just running on blockchain. And it's growing fast. Tether now holds more Treasuries than countries like Australia or Mexico. BlackRock has launched a tokenized Treasury fund that already has nearly $3 billion under management. And just this week, Mastercard announced that it's integrating USDC and other stablecoins for cross-border settlement. In other words, this isn't fringe anymore. It's moved into the mainstream, and it's growing quickly. Even lawmakers are catching up. Just this month, the U.S. Senate passed the GENIUS Act, a bipartisan bill that sets clear regulatory guidelines for stablecoins. It requires full backing by liquid assets—like Treasuries—and regular public disclosures. It's now headed to the House, and while not law yet, the momentum is clearly there. The takeaway? Regulatory clarity is coming, and that opens the door for large institutions, payment processors, and even governments to scale up stablecoin usage with confidence. So why does this matter for bond yields?

Layoffs have been in the headlines a fair amount recently, with some companies cutting jobs in stages. Microsoft, Amazon and BlackRock are among the employers that have reportedly had repeated rounds of layoffs in recent months. Plus, it's been 10 years since Ireland became the first country in the world to legalize same-sex marriage by popular vote. A decade later, these couples are contributing significantly to the wedding business in Ireland at a time when overall marriage numbers are falling. Our BBC colleague Leanna Byrne visited her hometown of Dublin to speak to couples and vendors about how the wedding industry has changed.

Layoffs have been in the headlines a fair amount recently, with some companies cutting jobs in stages. Microsoft, Amazon and BlackRock are among the employers that have reportedly had repeated rounds of layoffs in recent months. Plus, it's been 10 years since Ireland became the first country in the world to legalize same-sex marriage by popular vote. A decade later, these couples are contributing significantly to the wedding business in Ireland at a time when overall marriage numbers are falling. Our BBC colleague Leanna Byrne visited her hometown of Dublin to speak to couples and vendors about how the wedding industry has changed.

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we're joined by Jon Charbonneau and Ryan Watkins to unpack the bombshell news of Robinhood Chain—an Arbitrum-based network debuting tokenized U.S. stocks, 3× crypto perps, and that head-scratching $500 K liquidity cap. From riffing on whether proof-of-stake yields are just “money in a box,” to debating Solana's first U.S. staked ETF, to sizing up the looming perp wars between Robinhood and Coinbase, the crew maps a common thread: corporate chains and regulatory work-arounds are colliding with crypto's decentralization ideals, forcing builders, traders, and even ETF hawks to rethink where real security, fairness, and opportunity will live next. Show highlights

01:00:45 – 01:01:07Libertarian Party Courts Elon MuskThe Libertarian Party is criticized for abandoning its principles by attempting to partner with Elon Musk, a figure labeled a crony capitalist. 01:02:29 – 01:03:26Musk's Sudden Praise for Trump Sparks SpeculationFollowing Trump's deportation threat, Musk reverses his critical stance and praises Trump's handling of international conflicts, raising questions about motive and sincerity. 01:09:12 – 01:10:07Critique of Libertarian Party's Shift Toward MuskThe Libertarian Party is accused of abandoning principle in favor of courting Musk for funding and influence, likened to previous compromises with Gary Johnson. 01:19:28 – 01:20:15Bannon and MAGA Turn on MuskSteve Bannon slams Musk for opposing the spending bill and for proposing a third party, reigniting internal GOP conflicts over fiscal policy. 01:25:45 – 01:27:46Musk Discusses AI and Brain Chip AgendaMusk predicts imminent digital superintelligence and promotes Neuralink's human augmentation, raising serious ethical and societal concerns. 01:33:32 – 01:35:20Pastor Robert Jeffress Celebrates Trump and the VaccineA televised interview shows Jeffress gleefully promoting the vaccine as a moral Christian act, even linking it to a phone call from Trump, sparking criticism of his theological justifications. 01:55:38 – 02:07:17UN-Backed Religious Unity Agenda Promotes Climate MoralityUN, globalist institutions, and religious leaders push a unified spiritual movement centered on environmentalism, unveiling a new "climate Ten Commandments" and calling for a global moral reset away from Biblical ethics. 02:17:41 – 02:24:24Robert Jeffress Defends Israel's Military Actions in SermonJeffress supports Trump's attacks on Iran and promotes unconditional support for modern Israel as a Christian duty, drawing backlash for conflating political actions with divine will and rejecting critiques of Israeli policy. 02:55:30 – 03:01:45Property Tax as Modern SerfdomCritics argue that property tax turns Americans into permanent renters of government-owned land, echoing feudal systems and undermining genuine property ownership. 03:01:46 – 03:06:01BlackRock and Central Banks Reshape Housing and CurrencyConcerns grow over BlackRock buying up single-family homes and central banks de-dollarizing. Commentary frames this as elite-driven economic warfare against the middle class. 03:25:46 – 03:26:32Del Monte Files for BankruptcyAfter 140 years, Del Monte enters bankruptcy as consumers reject canned, preservative-heavy foods. The collapse highlights broader food industry shifts. 03:28:26 – 03:31:06Mass Layoffs and Job Market Collapse Under Trump-Era PoliciesReports reveal over 744,000 job cuts in the first half of 2025, with critics attributing economic instability to Trump's lockdown and trade tariff disruptions. 03:34:38 – 03:37:12Criticism of Trump's Vietnam Trade DealTrump's deal with Vietnam is labeled economically backwards, imposing new import tariffs while offering little in export gains due to Vietnam's low purchasing power. 03:47:58 – 03:49:17Amazon's Robots Raise Short-Term vs. Long-Term Job Threat DebateCoverage of Amazon's million-robot milestone leads to concerns over whether automation will displace workers. While current staffing is stable, long-term consequences remain uncertain. Follow the show on Kick and watch live every weekday 9:00am EST – 12:00pm EST https://kick.com/davidknightshow Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code KNIGHTFind out more about the show and where you can watch it at TheDavidKnightShow.comIf you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

01:00:45 – 01:01:07Libertarian Party Courts Elon MuskThe Libertarian Party is criticized for abandoning its principles by attempting to partner with Elon Musk, a figure labeled a crony capitalist. 01:02:29 – 01:03:26Musk's Sudden Praise for Trump Sparks SpeculationFollowing Trump's deportation threat, Musk reverses his critical stance and praises Trump's handling of international conflicts, raising questions about motive and sincerity. 01:09:12 – 01:10:07Critique of Libertarian Party's Shift Toward MuskThe Libertarian Party is accused of abandoning principle in favor of courting Musk for funding and influence, likened to previous compromises with Gary Johnson. 01:19:28 – 01:20:15Bannon and MAGA Turn on MuskSteve Bannon slams Musk for opposing the spending bill and for proposing a third party, reigniting internal GOP conflicts over fiscal policy. 01:25:45 – 01:27:46Musk Discusses AI and Brain Chip AgendaMusk predicts imminent digital superintelligence and promotes Neuralink's human augmentation, raising serious ethical and societal concerns. 01:33:32 – 01:35:20Pastor Robert Jeffress Celebrates Trump and the VaccineA televised interview shows Jeffress gleefully promoting the vaccine as a moral Christian act, even linking it to a phone call from Trump, sparking criticism of his theological justifications. 01:55:38 – 02:07:17UN-Backed Religious Unity Agenda Promotes Climate MoralityUN, globalist institutions, and religious leaders push a unified spiritual movement centered on environmentalism, unveiling a new "climate Ten Commandments" and calling for a global moral reset away from Biblical ethics. 02:17:41 – 02:24:24Robert Jeffress Defends Israel's Military Actions in SermonJeffress supports Trump's attacks on Iran and promotes unconditional support for modern Israel as a Christian duty, drawing backlash for conflating political actions with divine will and rejecting critiques of Israeli policy. 02:55:30 – 03:01:45Property Tax as Modern SerfdomCritics argue that property tax turns Americans into permanent renters of government-owned land, echoing feudal systems and undermining genuine property ownership. 03:01:46 – 03:06:01BlackRock and Central Banks Reshape Housing and CurrencyConcerns grow over BlackRock buying up single-family homes and central banks de-dollarizing. Commentary frames this as elite-driven economic warfare against the middle class. 03:25:46 – 03:26:32Del Monte Files for BankruptcyAfter 140 years, Del Monte enters bankruptcy as consumers reject canned, preservative-heavy foods. The collapse highlights broader food industry shifts. 03:28:26 – 03:31:06Mass Layoffs and Job Market Collapse Under Trump-Era PoliciesReports reveal over 744,000 job cuts in the first half of 2025, with critics attributing economic instability to Trump's lockdown and trade tariff disruptions. 03:34:38 – 03:37:12Criticism of Trump's Vietnam Trade DealTrump's deal with Vietnam is labeled economically backwards, imposing new import tariffs while offering little in export gains due to Vietnam's low purchasing power. 03:47:58 – 03:49:17Amazon's Robots Raise Short-Term vs. Long-Term Job Threat DebateCoverage of Amazon's million-robot milestone leads to concerns over whether automation will displace workers. While current staffing is stable, long-term consequences remain uncertain. Follow the show on Kick and watch live every weekday 9:00am EST – 12:00pm EST https://kick.com/davidknightshow Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code KNIGHTFind out more about the show and where you can watch it at TheDavidKnightShow.comIf you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

Bitcoin is heating up again as it reclaims the $109K level, but can macro and policy headwinds push it to new highs? I'm joined by Edan Yago from Bitcoin OS and David Duong from Coinbase to break down the jobs report, BlackRock's massive ETF lead, and what the Fed might do next. We also dig into the crypto industry's tokenization war, Solana's staking ETF launch, and whether corporate Bitcoin treasuries are already fading. Edan Yago: https://x.com/EdanYago David Duong: https://x.com/Dav1dDuong ►► JOIN THE WOLF PACK - FREE Telegram group where I share daily updates on everything I'm watching and chat directly with all of you.

So far, 2025 has been a year of sharp policy shifts and heightened macroeconomic uncertainty. With volatility becoming the new normal, how can investors stay grounded? In this episode of The Bid, host Oscar Pulido welcomes back Glenn Purves, Global Head of Macro at the BlackRock Investment Institute, to break down the firm's 2025 Midyear Outlook.They explore why the long-term economic picture has become less predictable, how mega forces like AI and geopolitical fragmentation are reshaping global economic markets, and what “investing in the here and now” really means. From the role of private capital in funding infrastructure and energy to the balance between strategic and tactical asset allocation, Glenn shares how investors can find opportunity amid uncertainty in the economy—and what risks investors should watch for in the second half of the year.Sources: 2025 Midyear Outlook, BlackRock Investment InstituteKey moments in this episode:00:00 Introduction to 2025 Market Volatility01:55 Introducing the Investment Midyear Outlook02:46 Geopolitical Fragmentation and Mega Forces03:48 3 Investment Themes In 202505:10 Navigating Uncertainty and Risk08:47 The Role of AI and Energy in Investments13:19 Geopolitical Landscape and Trade Policies16:49 Conclusion and Key Takeaways19:30 Summer Series on The Bid

►► Discover Bitcoin Yield: https://archpublic.com/ Bitcoin ETFs have pulled in nearly $5 billion in just 15 trading days – and BlackRock's IBIT is leading the charge. Meanwhile, Trump-backed American Bitcoin raised $220 million to accumulate BTC and mining equipment, signaling a new wave of U.S. political and institutional adoption. I'm joined by Andrew Parish from Arch Public to break it all down on The Wolf Of All Streets. Andrew Parish: https://x.com/AP_Abacus ►► JOIN THE WOLF PACK - FREE Telegram group where I share daily updates on everything I'm watching and chat directly with all of you.

Michael's background and transition to AI @ 13:38 Michael reveals his unexpected background in the arts and theatre, and how he later transitioned into finance before becoming interested in the implications of AI. He shares insights about the resistance to change and adoption of new technologies within the finance industry. Observations on AI adoption and impact @ 30:22 Michael shares two key observations about the adoption of AI: 1) Finance professionals initially dismissed the potential of machine learning, but then quickly embraced it for commercial reasons rather than scientific merit. 2) Highly experienced and successful finance professionals were often the most resistant to acknowledging the disruptive impact of AI on their industry. Episode Highlights: AI will be the next cautionary tale about companies and individuals who ignore new technology, rather than embrace it. (Think Kodak & Blockbuster.) Don't think of AI as exclusively a technology tool, think of it as a writing and development tool. Humans drive AI by desire, the "I want to..." AI doesn't create or change because it desires to do so. Quotes: "It's not 'how is AI going to change my industry', it's 'how am I going to use AI to change my industry?" On the difference between an AI and human approach: “It's not so much a skills question, it's a will or a desire question, that I want to do something is not within AI's remit..." Meet Michael Kollo: Michael Kollo is a finance professional turned AI strategist with a PhD in Finance from the London School of Economics. With over 15 years of experience at the intersection of quantitative finance and technology, he has held roles at BlackRock, Fidelity, AXA, and HESTA. AI represents the most significant shift in financial services since the rise of algorithmic trading. However, the real challenge lies in deploying AI to create tangible value. Through Evolved AI, Michael works directly with financial firms to ensure AI adoption is practical, secure, and aligned with industry needs. Whether through executive training or micro-automations, he focuses on bridging the gap between AI capability and financial business objectives. Committed to making AI an augmentative tool rather than a black box, he helps firms navigate this transformation with clarity, strategy, and execution. Follow Michael on Instagram and Connect with him on LinkedIn. About Sarah "Uncovering the right stories for the right audiences so executives, leaders, public speakers, and job seekers can clearly and actively demonstrate their character, values, and vision." In my work with coaching clients, I guide people to improve their communication using storytelling as the foundation of our work together. What I've realized over years of coaching and podcasting is that the majority of people don't realize the impact of the stories they share - on their internal messages, and on the people they're sharing them with. My work with leaders and people who aspire to be leaders follows a similar path to the interviews on my podcast, uncovering pivotal moments in their lives and learning how to share them to connect more authentically with others, to make their presentations and speaking more engaging, to reveal patterns that have kept them stuck or moved them forward, and to improve their relationships at work and at home. The audiobook, Your Stories Don't Define You, How You Tell Them Will is now available! Included with your purchase are two bonus tracks, songs recorded by Sarah's band, Spare Change, in her living room in Montana. Be sure to check out my Storytelling For Professionals Course as well to make sure you nail that next interview!

Tom Bodrovics welcomes Edward Dowd, founder of Phinance Technologies, to the show to discuss the unfolding economic landscape and the probable looming recession. Dowd explains that initial recession predictions for late 2023 and early 2024 were incorrect due to an unprecedented economic variable: mass illegal immigration. He estimates that between 20 million people were brought into the U.S. over three-and-a-half years, supported by deficit spending ranging from $500 billion to $2 trillion. This influx of labor and spending temporarily propped up the economy, masking underlying weaknesses, particularly in the housing market. However, with the Trump administration now halting immigration flows and initiating deportations, Dowd expects a significant economic impact. Housing, which constitutes 20% of the consumption economy and 45% of the CPI, is already rolling over, with new home sales plummeting and delinquencies rising. Dowd predicts this will lead to a housing-driven recession, similar to the 2008 crisis but less systemic, barring an oil price shock. Inflation, which Dowd believes is overstated due to faulty shelter cost metrics, is expected to fall below 2% by year-end. This deflationary trend will likely prompt the Fed to cut rates, but Dowd warns that rate cuts during an economic downturn are bearish for stocks, as seen in 2000 and 2008. He advises investors to focus on U.S. Treasury bonds and gold, which is being re-monetized as a tier-one capital asset. Dowd also highlights the potential for fiscal dominance to worsen, with governments globally struggling under unsustainable debt burdens. He points to Europe and Japan as particularly vulnerable due to demographic declines and debt crises, which could lead to currency collapses or conflicts. In the U.S., he emphasizes the need for fiscal discipline and warns that the current debt trajectory, exacerbated by the Biden administration's spending, will require painful adjustments. Despite the challenges, Dowd sees opportunities for younger generations should a reset come for the housing markets and for investors during the eventual market correction. Timestamps:00:00:00 - Introduction00:00:36 - Metrics & U.S Outlook00:05:16 - Real Estate & Oil Crisis00:08:04 - U.S. Employment Stats00:11:47 - Fiscal Hangover & DXY00:14:34 - Fear & Dollar Safety?00:15:30 - Fiscal Dominance & Fed00:17:47 - Asset Allocation Changes00:19:27 - CPI & Fed Reactions00:25:50 - Powell's Replacment & Q.E.00:27:23 - Recession & Risk Assets00:28:48 - Conflicts, Truth, & Timing00:32:16 - Gold's Behavior & Oil00:34:05 - Trump, Threats, Econ Shocks00:36:24 - Finding Good Information00:39:41 - Distractions & Geopolitics00:40:13 - Euro & Asian Demographics00:45:12 - Taxes & Gov't Desperation00:47:44 - Macro Econ. Alt. Hedge Fund00:48:48 - Depressions & Commodities00:50:05 - Wrap Up Guest Links:X: https://x.com/DowdEdwardGETTR: @EdwardDowdLinkedIn: https://www.linkedin.com/in/edward-dowd-87902158/ Edward Dowd is a founding partner with Phinance Technologies. Edward worked on Wall Street the majority of his career most notably at Blackrock as a portfolio manager where he managed a $14 billion Growth equity portfolio for ten years. His book 'Cause Unknown: The Epidemic of Sudden Death in 2021 & 2022' propelled him as an alternative voice during the pandemic and the economic implications that continue to plague us today. Their unique alternative macroeconomic analysis of the global debt crisis and what may unfold has given many a deeper understanding of the global nature of our problems today.

Two major narratives unfold — one on Wall Street, the other in Washington. We kick things off with market insight from Richard Bernstein of Richard Bernstein Advisors and Citi's Scott Chronert. Stifel's Brian Gardner breaks down the latest from D.C.. Evercore Chairman Emeritus and BlackRock Co-Founder Ralph Schlosstein weighs in on global M&A and the policy landscape. Plus, Morgan digs deep on the Army's autonomous push. Rocket Lab CEO Peter Beck on space demand and the stock's huge run. 

The Climate Finance Fund is a philanthropic platform that helps to mobilize capital for climate solutions. Supported by the Hewlett Foundation and hosted by the European Climate Foundation, they're focused on China, the European Union, and the United States.–Previously, Marilyn led energy and cleantech investments at Village Capital, managed nuclear and renewable energy projects at AREVA (now Orano), and served as a Senior Research Fellow at Project Drawdown, where she led a team to analyze, model, and forecast energy solutions to climate change. Marilyn also worked at the intersection of science and policy at the U.S. National Academy of Sciences and in economic development at the United Nations in Madagascar. She is a multilingual speaker and author of Sustainability at Work: Careers that Make a Difference.–In this podcast, we talked about the $450T of global capital relative to the $4T needed each year to mitigate the worst economic and public health effects of climate change, her blended finance work with BlackRock, why each dollar can accomplish more climate mitigation inthe Global South, what a hummingbird in Jamaica might have foretold about her work at the Global Climate Finance Forum, and how to find a job in this field in her book, Sustainability at Work.–

As the end of the 90-day tariff pause looms, we think immutable economic laws will limit extreme policy changes. Nicholas Fawcett, Senior Economist at the BlackRock Investment Institute, discusses how the U.S. administration is shifting to more market-friendly policies, including tax cuts and regulatory reforms. General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast.In the U.S. and Canada, this material is intended for public distribution.In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel:+ 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20- 549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.For Investors in Switzerland: This document is marketing material.In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdictionIn Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx©2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners.BIIM0625U/M-4622331

In a recent BlackRock survey of registered voters, more than 75% of retirees said they wished they had saved more money for retirement. And with the recent passage of the SECURE 2.0 Act now in effect, opening up new opportunities for savers, investors are considering how to save and build wealth for the future. Shoring up emergency savings is protective of retirement savings, according to research by The BlackRock Foundation. So how can investors ensure they're pulling all the levers at their disposal to retire on their own terms?Rob Crothers, Head of U.S. Retirement for BlackRock, will discuss the current state of the retirement landscape and help us unpack a toolkit for retirement savers that's been proposed by the Bipartisan Policy Center and how investors and employers can plan for the future.Key moments in this episode:00:00 Introduction: The Importance of Saving for Retirement00:17 Exploring the SECURE 2.0 Act and Retirement Universals02:01 Current Retirement Landscape and Policy Changes04:06 BlackRock's D.C. Retirement Summit and Key Recommendations06:28 Mechanisms for Better Saving Behavior11:40 Encouraging Early Financial Education14:24 Market Volatility and Long-Term Saving Strategies16:50 Actionable Retirement Considerations18:18 Conclusion and Upcoming TopicsCheck out this playlist on investing for retirement here: https://open.spotify.com/playlist/08Fx1iZaBwLclqpswIbjUq

Tune in to this episode of the Security Token Show where this week Herwig Konings and Kyle Sonlin cover the industry leading headlines and market movements, including Grove's $1B allocation, Digital Asset's $135M raise, tokenized stocks and more RWA news!   Company of the Week - Herwig: Dinari Company of the Week - Kyle: Davis Commodities   Companies covered include Grove, Janus Henderson, Anemoy, Centrifuge, Republic, SpaceX, Dinari, Upexi, Superstate, Digital Asset, Canton Network, DRW, Tradeweb, FalconX, Lynq Network, Wormhole, Ripple, Nasdaq, QCP, Davis Commodities, Plume, Blocksense, Jarsy, Baillie Gifford, Archax, BlackRock, Ethena, Securitize, KfW, SDX, MTCM Securitization Architects, Tokeny, Matrixdock, SPiCE VC, Clearpool, Fiserv, Solana, Mastercard, Paxos, PayPal, Particula, Agora, and EFAMA ==== TokenizeThis 2025 Conference Review: https://docsend.com/v/k8bn7/tt25  STM Predicts $30-50T in RWAs by 2030: https://docsend.com/view/7jx2nsjq6dsun2b9    More STM.co Reports: https://reports.stm.co/  Join the RWA Foundation and Read the Whitepaper: RWAF.xyz  Learn More About WALLY DAO: WallyDAO.xyz  ==== ⏰ TABLE OF CONTENTS ⏰ 0:00 Introduction 0:16 Welcome 1:56 Market Movements 18:00 RWA Foundation Updates 20:18 Token Debrief 40:14 Companies of The Week  

 Lex chats with Edward Woodford - CEO of Zerohash. They discuss Zerohash's growth, the rise of stablecoins, and the evolving fintech landscape. Edward explains how stablecoins now make up half of Zerohash's volume, highlights regulatory shifts in the U.S. and abroad, and explores the distinction between crypto and stablecoins. The conversation covers usability challenges, emerging payment use cases, and the future of embedded finance, emphasizing the need for regulatory clarity and collaboration between fintechs and traditional financial institutions. Notable discussion points: 1. Stablecoins Overtake Crypto in Volume: Stablecoins now make up over 50% of Zerohash's volume, driven by regulatory clarity and real-world use cases like payments and treasury. Institutions prefer them for their centralized control and ease of integration.2. Brokerage and Payments Are Converging: Zerohash sees strong demand across brokerage and payment rails, with banks and fintechs embedding stablecoin infrastructure. Global payouts, account funding, and subscriptions are key growth areas despite UX friction.3. Regulatory Climate Is Rapidly Improving: U.S. policy has shifted from regulatory overreach to bipartisan support for stablecoin legislation. This change is unlocking institutional adoption, with banks now moving aggressively into crypto and digital assets. MENTIONED IN THE CONVERSATION Topics: Zerohash, MoonPay, Transak, Ramp, Stripe, BlackRock, Franklin Templeton, Hamilton Lane, Morgan Stanley, Charles Schwab, SoFi, Uniswap, fintech, web3, digital assets, blockchain, tokenization, rwas, stablecoin, crypto, regulation ABOUT THE FINTECH BLUEPRINT 

Today we're talking with health and nutrition expert Dr. Stuart Gillespie, author of a new book entitled Food Fight: from Plunder and Profit to People and Planet. Using decades of research and insight gathered from around the world, Dr. Gillespie wants to reimagine our global food system and plot a way forward to a sustainable, equitable, and healthy food future - one where our food system isn't making us sick. Certainly not the case now. Over the course of his career, Dr. Gillespie has worked with the UN Standing Committee on Nutrition in Geneva with UNICEF in India and with the International Food Policy Research Institute, known as IFPRI, where he's led initiatives tackling the double burden of malnutrition and agriculture and health research. He holds a PhD in human nutrition from the London School of Hygiene and Tropical Medicine. Interview Summary So, you've really had a global view of the agriculture system, and this is captured in your book. And to give some context to our listeners, in your book, you describe the history of the global food system, how it's evolved into this system, sort of warped, if you will, into a mechanism that creates harm and it destroys more than it produces. That's a pretty bold statement. That it destroys more than it produces, given how much the agriculture around the world does produce. Tell us a bit more if you would. Yes, that statement actually emerged from recent work by the Food Systems Economic Commission. And they costed out the damage or the downstream harms generated by the global food system at around $15 trillion per year, which is 12% of GDP. And that manifests in various ways. Health harms or chronic disease. It also manifests in terms of climate crisis and risks and environmental harms, but also. Poverty of food system workers at the front line, if you like. And it's largely because we have a system that's anachronistic. It's a system that was built in a different time, in a different century for a different purpose. It was really started to come together after the second World War. To mass produce cheap calories to prevent famine, but also through the Green Revolution, as that was picking up with the overproduction of staples to use that strategically through food aid to buffer the West to certain extent from the spread of communism. And over time and over the last 50 years of neoliberal policies we've got a situation where food is less and less viewed as a human right, or a basic need. It's seen as a commodity and the system has become increasingly financialized. And there's a lot of evidence captured by a handful of transnationals, different ones at different points in the system from production to consumption. But in each case, they wield huge amounts of power. And that manifests in various ways. We have, I think a system that's anachronistic The point about it, and the problem we have, is that it's a system revolves around maximizing profit and the most profitable foods and products of those, which are actually the least healthy for us as individuals. And it's not a system that's designed to nourish us. It's a system designed to maximize profit. And we don't have a system that really aims to produce whole foods for people. We have a system that produces raw ingredients for industrial formulations to end up as ultra processed foods. We have a system that produces cattle feed and, and biofuels, and some whole foods. But it, you know, that it's so skewed now, and we see the evidence all around us that it manifests in all sorts of different ways. One in three people on the planet in some way malnourished. We have around 12 million adult deaths a year due to diet related chronic disease. And I followed that from colonial times that, that evolution and the way it operates and the way it moves across the world. And what is especially frightening, I think, is the speed at which this so-called nutrition transition or dietary transition is happening in lower income or middle income countries. We saw this happening over in the US and we saw it happening in the UK where I am. And then in Latin America, and then more Southeast Asia, then South Asia. Now, very much so in Sub-Saharan Africa where there is no regulation really, apart from perhaps South Africa. So that's long answer to your intro question. Let's dive into a couple of things that you brought up. First, the Green Revolution. So that's a term that many of our listeners will know and they'll understand what the Green Revolution is, but not everybody. Would you explain what that was and how it's had these effects throughout the food systems around the world? Yes, I mean around the, let's see, about 1950s, Norman Borlag, who was a crop breeder and his colleagues in Mexico discovered through crop breeding trials, a high yielding dwarf variety. But over time and working with different partners, including well in India as well, with the Swaminathan Foundation. And Swaminathan, for example, managed to perfect these new strains. High yielding varieties that doubled yields for a given acreage of land in terms of staples. And over time, this started to work with rice, with wheat, maize and corn. Very dependent on fertilizers, very dependent on pesticides, herbicides, which we now realize had significant downstream effects in terms of environmental harms. But also, diminishing returns in as much as, you know, that went through its trajectory in terms of maximizing productivity. So, all the Malthusian predictions of population growth out running our ability to feed the planet were shown to not to be true. But it also generated inequity that the richest farmers got very rich, very quickly, the poorer farmers got slightly richer, but that there was this large gap. So, inequity was never really properly dealt with through the Green Revolution in its early days. And that overproduction and the various institutions that were set in place, the manner in which governments backed off any form of regulation for overproduction. They continued to subsidize over production with these very large subsidies upstream, meant that we are in the situation we are now with regard to different products are being used to deal with that excess over production. So, that idea of using petroleum-based inputs to create the foods in the first place. And the large production of single crops has a lot to do with that Green Revolution that goes way back to the 1950s. It's interesting to see what it's become today. It's sort of that original vision multiplied by a billion. And boy, it really does continue to have impacts. You know, it probably was the forerunner to genetically modified foods as well, which I'd like to ask you about in a little bit. But before I do that, you said that much of the world's food supply is governed by a pretty small number of players. So who are these players? If you look at the downstream retail side, you have Nestle, PepsiCo, Coca-Cola, General Mills, Unilever. Collectively around 70% of retail is governed by those companies. If you look upstream in terms of agricultural and agribusiness, you have Cargill, ADM, Louis Dreyfus, and Bunge. These change to a certain extent. What doesn't change very much are the numbers involved that are very, very small and that the size of these corporations is so large that they have immense power. And, so those are the companies that we could talk about what that power looks like and why it's problematic. But the other side of it's here where I am in the UK, we have a similar thing playing out with regard to store bought. Food or products, supermarkets that control 80% as Tesco in the UK, Asta, Sainsbury's, and Morrisons just control. You have Walmart, you have others, and that gives them immense power to drive down the costs that they will pay to producers and also potentially increase the cost that they charge as prices of the products that are sold in these supermarkets. So that profit markup, profit margins are in increased in their favor. They can also move around their tax liabilities around the world because they're transnational. And that's just the economic market and financial side on top of that. And as you know, there's a whole raft of political ways in which they use this power to infiltrate policy, influence policy through what I've called in Chapter 13, the Dark Arts of Policy Interference. Your previous speaker, Murray Carpenter, talked about that with regard to Coca-Cola and that was a very, yeah, great example. But there are many others. In many ways these companies have been brilliant at adapting to the regulatory landscape, to the financial incentives, to the way the agriculture system has become warped. I mean, in some ways they've done the warping, but in a lot of ways, they're adapting to the conditions that allow warping to occur. And because they've invested so heavily, like in manufacturing plants to make high fructose corn syrup or to make biofuels or things like that. It'd be pretty hard for them to undo things, and that's why they lobby so strongly in favor of keeping the status quo. Let me ask you about the issue of power because you write about this in a very compelling way. And you talk about power imbalances in the food system. What does that look like in your mind, and why is it such a big part of the problem? Well, yes. And power manifests in different ways. It operates sometimes covertly, sometimes overtly. It manifests at different levels from, you know, grassroots level, right up to national and international in terms of international trade. But what I've described is the way markets are captured or hyper concentrated. That power that comes with these companies operating almost like a cartel, can be used to affect political or to dampen down, block governments from regulating them through what I call a five deadly Ds: dispute or dispute or doubt, distort, distract, disguise, and dodge. And you've written very well Kelly, with I think Kenneth Warner about the links between big food and big tobacco and the playbook and the realization on the part of Big Tobacco back in the '50s, I think, that they couldn't compete with the emerging evidence of the harms of smoking. They had to secure the science. And that involved effectively buying research or paying for researchers to generate a raft of study shown that smoking wasn't a big deal or problem. And also, public relations committees, et cetera, et cetera. And we see the same happening with big food. Conflicts of interest is a big deal. It needs to be avoided. It can't be managed. And I think a lot of people think it is just a question of disclosure. Disclosure is never enough of conflict of interest, almost never enough. We have, in the UK, we have nine regulatory bodies. Every one of them has been significantly infiltrated by big food, including the most recent one, which has just been designated to help develop a national food stretch in the UK. We've had a new government here and we thought things were changing, beginning to wonder now because big food is on that board or on that committee. And it shouldn't be, you know. It shouldn't be anywhere near the policy table anyway. That's so it's one side is conflict of interest. Distraction: I talk about corporate social responsibility initiatives and the way that they're designed to distract. On the one hand, if you think of a person on a left hand is doing these wonderful small-scale projects, which are high visibility and they're doing good. In and off themselves they're doing good. But they're small scale. Whereas the right hand is a core business, which is generating harm at a much larger scale. And the left hand is designed to distract you from the right hand. So that distraction, those sort of corporate CSR initiatives are a big part of the problem. And then 'Disguise' is, as you know, with the various trade associations and front groups, which acted almost like Trojan horses, in many ways. Because the big food companies are paying up as members of these committees, but they don't get on the program of these international conferences. But the front groups do and the front groups act on in their interests. So that's former disguise or camouflage. The World Business Council on Sustainable Development is in the last few years, has been very active in the space. And they have Philip Morris on there as members, McDonald's and Nestle, Coke, everybody, you know. And they deliberately actually say It's all fine. That we have an open door, which I, I just can't. I don't buy it. And there are others. So, you know, I think these can be really problematic. The other thing I should mention about power and as what we've learned more about, if you go even upstream from the big food companies, and you look at the hedge funds and the asset management firms like Vanguard, state Capital, BlackRock, and the way they've been buying up shares of big food companies and blocking any moves in annual general meetings to increase or improve the healthiness of portfolios. Because they're so powerful in terms of the number of shares they hold to maximize profit for pension funds. So, we started to see the pressure that is being put on big food upstream by the nature of the system, that being financialized, even beyond the companies themselves, you know? You were mentioning that these companies, either directly themselves or through their front organizations or the trade association block important things that might be done in agriculture. Can you think of an example of that? Yes, well actually I did, with some colleagues here in the UK, the Food Foundation, an investigation into corporate lobbying during the previous conservative government. And basically, in the five years after the pandemic, we logged around 1,400 meetings between government ministers and big food. Then we looked at the public interest NGOs and the number of meetings they had over that same period, and it was 35, so it was a 40-fold difference. Oh goodness. Which I was actually surprised because I thought they didn't have to do much because the Tory government was never going to really regulate them anyway. And you look in the register, there is meant to be transparency. There are rules about disclosure of what these lobbying meetings were meant to be for, with whom, for what purpose, what outcome. That's just simply not followed. You get these crazy things being written into the those logs like, 'oh, we had a meeting to discuss business, and that's it.' And we know that at least what happened in the UK, which I'm more familiar with. We had a situation where constantly any small piecemeal attempt to regulate, for example, having a watershed at 9:00 PM so that kids could not see junk food advertised on their screens before 9:00 PM. That simple regulation was delayed, delayed. So, delay is actually another D you know. It is part of it. And that's an example of that. That's a really good example. And you've reminded me of an example where Marian Nestle and I wrote an op-ed piece in the New York Times, many years ago, on an effort by the WHO, the World Health Organization to establish a quite reasonable guideline for how much added sugar people should have in their diet. And the sugar industry stepped in in the biggest way possible. And there was a congressional caucus on sugar or something like that in our US Congress and the sugar industry and the other players in the food industry started interacting with them. They put big pressure on the highest levels of the US government to pressure the WHO away from this really quite moderate reasonable sugar standard. And the US ultimately threatened the World Health Organization with taking away its funding just on one thing - sugar. Now, thankfully the WHO didn't back down and ultimately came out with some pretty good guidelines on sugar that have been even stronger over the years. But it was pretty disgraceful. That's in the book that, that story is in the book. I think it was 2004 with the strategy on diet, physical activity. And Tommy Thompson was a health secretary and there were all sorts of shenanigans and stories around that. Yes, that is a very powerful example. It was a crazy power play and disgraceful how our government acted and how the companies acted and all the sort of deceitful ways they did things. And of course, that's happened a million times. And you gave the example of all the discussions in the UK between the food industry and the government people. So, let's get on to something more positive. What can be done? You can see these massive corporate influences, revolving doors in government, a lot of things that would argue for keeping the status quo. So how in the world do you turn things around? Yeah, good question. I really believe, I've talked about a lot of people. I've looked a lot of the evidence. I really believe that we need a systemic sort of structural change and understanding that's not going to happen overnight. But ultimately, I think there's a role for a government, citizens civil society, media, academics, food industry, obviously. And again, it's different between the UK and US and elsewhere in terms of the ability and the potential for change. But governments have to step in and govern. They have to set the guardrails and the parameters. And I talk in the book about four key INs. So, the first one is institutions in which, for example, there's a power to procure healthy food for schools, for hospitals, clinics that is being underutilized. And there's some great stories of individuals. One woman from Kenya who did this on her own and managed to get the government to back it and to scale it up, which is an incredible story. That's institutions. The second IN is incentives, and that's whereby sugar taxes, or even potentially junk food taxes as they have in Columbia now. And reforming the upstream subsidies on production is basically downregulating the harmful side, if you like, of the food system, but also using the potential tax dividend from that side to upregulate benefits via subsidies for low-income families. Rebalancing the system. That's the incentive side. The other side is information, and that involves labeling, maybe following the examples from Latin America with regard to black octagons in Chile and Mexico and Brazil. And dietary guidelines not being conflicted, in terms of conflicts of interest. And actually, that's the fourth IN: interests. So ridding government advisory bodies, guideline committees, of conflicts of interests. Cleaning up lobbying. Great examples in a way that can be done are from Canada and Ireland that we found. That's government. Citizens, and civil society, they can be involved in various ways exposing, opposing malpractice if you like, or harmful action on the part of industry or whoever else, or the non-action on the part of the government. Informing, advocating, building social movements. Lots I think can be learned through activist group in other domains or in other disciplines like HIV, climate. I think we need to make those connections much more. Media. I mean, the other thought is that the media have great, I mean in this country at least, you know, politicians tend to follow the media, or they're frightened of the media. And if the media turned and started doing deep dive stories of corporate shenanigans and you know, stuff that is under the radar, that would make a difference, I think. And then ultimately, I think then our industry starts to respond to different signals or should do or would do. So that in innovation is not just purely technological aimed at maximizing profit. It may be actually social. We need social innovation as well. There's a handful of things. But ultimately, I actually don't think the food system is broken because it is doing the wrong thing for the wrong reason. I think we need to change the system, and I'll say that will take time. It needs a real transformation. One, one last thing to say about that word transformation. Where in meetings I've been in over the last 10 years, so many people invoke food system transformation when they're not really talking about it. They're just talking about tweaking the margins or small, piecemeal ad hoc changes or interventions when we need to kind of press all the buttons or pull all the levers to get the kind of change that we need. And again, as I say, it was going to take some time, but we have to start moving that direction. Do you think there's reason to be hopeful and are there success stories you can point to, to make us feel a little bit better? Yeah, and I like that word, hope. I've just been reading a lot of essays from, actually, Rebecca Solnit has been writing a lot about hope as a warrior emotion. Radical hope, which it's different to optimism. Optimism went, oh, you know, things probably will be okay, but hope you make it. It's like a springboard for action. So I, yes, I'm hopeful and I think there are plenty of examples. Actually, a lot of examples from Latin America of things changing, and I think that's because they've been hit so fast, so hard. And I write in the book about what's happened in the US and UK it's happened over a period of, I don't know, 50, 60 years. But what's happened and is happening in Latin America has happened in just like 15 years. You know, it's so rapid that they've had to respond fast or get their act together quickly. And that's an interesting breed of activist scholars. You know, I think there's an interesting group, and again, if we connect across national boundaries across the world, we can learn a lot from that. There are great success stories coming out Chile from the past that we've seen what's happening in Mexico. Mexico was in a terrible situation after Vicente Fox came in, in the early 2000s when he brought all his Coca-Cola pals in, you know, the classic revolving door. And Mexico's obesity and diabetes went off to scale very quickly. But they're the first country with the sugar tax in 2014. And you see the pressure that was used to build the momentum behind that. Chile, Guido Girardi and the Black Octagon labels with other interventions. Rarely is it just one thing. It has to be a comprehensive across the board as far as possible. So, in Brazil, I think we will see things happening more in, in Thailand and Southeast Asia. We see things beginning to happen in India, South Africa. The obesity in Ghana, for example, changed so rapidly. There are some good people working in Ghana. So, you know, I think a good part of this is actually documenting those kind of stories as, and when they happen and publicizing them, you know. The way you portrayed the concept of hope, I think is a really good one. And when I asked you for some examples of success, what I was expecting you, you might say, well, there was this program and this part of a one country in Africa where they did something. But you're talking about entire countries making changes like Chile and Brazil and Mexico. That makes me very hopeful about the future when you get governments casting aside the influence of industry. At least long enough to enact some of these things that are definitely not in the best interest of industry, these traditional food companies. And that's all, I think, a very positive sign about big scale change. And hopefully what happens in these countries will become contagious in other countries will adopt them and then, you know, eventually they'll find their way to countries like yours and mine. Yes, I agree. That's how I see it. I used to do a lot of work on single, small interventions and do their work do they not work in this small environment. The problem we have is large scale, so we have to be large scale as well. BIO Dr. Stuart Gillespie has been fighting to transform our broken food system for the past 40 years. Stuart is a Non-Resident Senior Fellow in Nutrition, Diets and Health at theInternational Food Policy Research Institute (IFPRI). He has been at the helm of the IFPRI's Regional Network on AIDs, Livelihoods and Food Security, has led the flagship Agriculture for Nutrition and Health research program, was director of the Transform Nutrition program, and founded the Stories of Change initiative, amongst a host of other interventions into public food policy. His work – the ‘food fight' he has been waging – has driven change across all frontiers, from the grassroots (mothers in markets, village revolutionaries) to the political (corporate behemoths, governance). He holds a PhD in Human Nutrition from the London School of Hygiene and Tropical Medicine. 

Indra, Morgan Stanley, Acciona Energía, Banco Sabadell, BlackRock, BBVA, TSB e Inditex, bajo la lupa de Adrián Jiménez, del departamento de Análisis y Distribución de Producto Andbank España.

In this insightful episode of Kiln DeFi Rendez-Vous, host Laszlo Szabo, CEO & Co-Founder at Kiln, sits down with Duncan Moir, President of 21Shares, the world's largest crypto ETP issuer, for a deep dive into the explosive growth of Bitcoin ETFs, the evolving landscape of institutional crypto adoption, and what's next for digital asset investing.Less than a year after their launch, Bitcoin ETFs have captured nearly 70% of the trading volume of gold ETFs (GLD)—a staggering milestone that underscores the pent-up demand for crypto exposure in traditional finance. Duncan breaks down why this is just the beginning, with the $40 trillion US pension fund market still largely on the sidelines.The conversation explores how major players like Goldman Sachs are entering the space, why Ethereum ETFs haven't seen the same success as Bitcoin (yet), and the critical role of staking in ETPs—especially in Europe, where 21Shares has pioneered innovative products. Duncan shares his unique perspective on regulation, from the UK's recent shift allowing retail crypto ETNs to the SEC's cautious approach in the US.With over 40 crypto ETPs under its belt, 21Shares has become a bellwether for institutional crypto adoption. Duncan reveals how the company selects new assets, from blue-chip tokens to emerging altcoins, and why Dogecoin—often dismissed as a memecoin—has surprising institutional potential. He also discusses the growing intersection of traditional finance and on-chain assets, including the tokenization of real-world assets (RWA) like BlackRock's BUIDL money market fund.Before joining 21Shares, Duncan spent years in hedge funds and asset management, eventually leading Aberdeen's digital asset division and serving on the board of Hedera Hashgraph. He shares lessons from his journey, including how blockchain can streamline archaic financial systems and why crypto is maturing beyond speculative trading into a strategic portfolio allocation.PODCAST INFO:

Mike Armstrong and Marc Fandetti discuss why presidents shouldn't interfere with the Fed and push for lower rates. How vibes became a nearly undefeated economic indicator. BlackRock deepens push into private investments for the masses. SPACs are back. What could go wrong this time? Fears over US debt load and inflation ignite exodus from long-term bonds.

Join Kris and friends as they dive into fun discussions on pop culture, music, trending topics, and everything in between! Whether you're looking for laughs, hot takes, or just something to vibe to, KrisCross Corner has got you covered. 

As tensions flare between Iran and Israel, investors are watching oil, gold, and, of course, crypto. In this episode of Bits + Bips, the panel digs into the market response to war risk, the chances the Fed will actually cut rates, and how Circle's IPO is being treated more like a meme stock than a fintech play. Plus: Why Scaramucci says we're all living in a surveillance state  Whether stablecoins are being kneecapped by U.S. regulation  When altcoin ETFs are coming And what BlackRock's Larry Fink secretly told Scaramucci about Bitcoin in 2021

HELP SUPPORT US AS WE DOCUMENT HISTORY HERE: https://gogetfunding.com/help-keep-wam-alive/# DITCH YOUR DOCTOR! https://www.livelongerformula.com/wam Get a natural health practitioner and work with Christian Yordanov! Mention WAM and get a FREE masterclass! You will ALSO get a FREE metabolic function assessment! GET YOUR APRICOT SEEDS at the life-saving Richardson Nutritional Center HERE: https://rncstore.com/r?id=bg8qc1 Use code JOSH to save money! Josh Sigurdson reports on the announcement by RFK Jr. calling for all Americans to have wearable tracking devices within 4 years, claiming it's his "vision." RFK Jr. who had long spoken out against surveillance technology claims his vision is that all Americans have "wearables" in the next 4 years allowing all health related issues to be tracked and traced in the moment. A clear Trojan Horse. He says this leads to "early detection" which in turn would mean big pharma can put you on drugs faster. He claims this is about "Making America Healthy Again." Of course this opens a massive door to surveillance under the guise of "convenience" as always. This is being called for at the same time Trump taps Palantir to create a massive database on all Americans following his meeting with Alex Karp, Larry Find of BlackRock, Sam Altman of OpenAI and Elon Musk in Saudi Arabia, developing a massive AI surveillance and military system. This also comes as more propaganda comes out pushing people to get Neuralink so they can play video games with their brains. Of course, neuralink is connected to a Pentagon funded mesh network. That reminds us... Yuval Noah Harari claims his dream is to seem people placated on drugs playing video games. How convenient that the World Economic Forum agenda is exactly that of Elon Musk's and the Trump administration's. Meanwhile in the UK, as they roll out their digital ID, they're now mandating that all newborn babies have to receive DNA testing. On top of this, nanotechnology in vaccines continues to be a persisting problem and the US government is still pushing self amplifying mRNA vaccines for Bird Flu. Do people see the overall agenda yet? Stay tuned for more from WAM! GET NON-MRNA FREEZE DRIED MEAT HERE: https://wambeef.com/ Use code WAMBEEF to save 20%! GET HEIRLOOM SEEDS & NON GMO SURVIVAL FOOD HERE: https://heavensharvest.com/ USE Code WAM to save 5% plus free shipping! Get local, healthy, pasture raised meat delivered to your door here: https://wildpastures.com/promos/save-20-for-life/bonus15?oid=6&affid=321 USE THE LINK & get 20% off for life and $15 off your first box! SIGN UP FOR HOMESTEADING COURSES NOW: https://freedomfarmers.com/link/17150/ Get Prepared & Start The Move Towards Real Independence With Curtis Stone's Courses! GET YOUR WAV WATCH HERE: https://buy.wavwatch.com/WAM Use Code WAM to save $100 and purchase amazing healing frequency technology! GET ORGANIC CHAGA MUSHROOMS HERE: https://alaskachaga.com/wam Use code WAM to save money! See shop for a wide range of products! GET AMAZING MEAT STICKS HERE: https://4db671-1e.myshopify.com/discount/WAM?rfsn=8425577.918561&utm_source=refersion&utm_medium=affiliate&utm_campaign=8425577.918561 USE CODE WAM TO SAVE MONEY! GET YOUR FREEDOM KELLY KETTLE KIT HERE: https://patriotprepared.com/shop/freedom-kettle/ Use Code WAM and enjoy many solutions for the outdoors in the face of the impending reset! BUY GOLD HERE: https://firstnationalbullion.com/schedule-consult/ PayPal: ancientwonderstelevision@gmail.com FIND OUR CoinTree page here: https://cointr.ee/joshsigurdson JOIN US on SubscribeStar here: https://www.subscribestar.com/world-alternative-media For subscriber only content! Pledge here! Just a dollar a month can help us alive! https://www.patreon.com/user?u=2652072&ty=h&u=2652072 BITCOIN ADDRESS: 18d1WEnYYhBRgZVbeyLr6UfiJhrQygcgNU World Alternative Media 2025

The news of Texas covered today includes:Our Lone Star story of the day: The called Special Session of the 89th Texas Legislature will begin on 21 July; what will be on the call?Much followup on bills signed and vetoed by Governor Greg “Get High” Abbott. And followup on yesterday's big news on the veto of SB3. (Story mentioned today.)Our Lone Star story of the day is sponsored by Allied Compliance Services providing the best service in DOT, business and personal drug and alcohol testing since 1995.Texas wins again! Texas Named Best Business Climate In Nation For Third Year In A Row.I don't like the Blackrock group but I love this Texas ETF. I bet Mark Miller of Edward Jones could get you started!A group of campaign / political stories: Retired Houston astronaut jumps into the Democrat race to take on U.S. Sen. John Cornyn – clearly just another bureaucracy loving liberal Democrat who hates Trump and Republicans. State Senator Joan Huffman Launches Campaign for Texas Attorney General – nope State Rep. Nate Schatzline launches bid for Texas Senate seat vacated by Hancock (SD9.) Jasmine Crockett drops bid for top Democrat Oversight Committee post, citing leadership resistance. Crocked is crocked. Even Most Democrats Say No To Latest Attention-Seeking Trump Impeachment Attempt from Grumpy Al Green of Houston Listen on the radio, or station stream, at 5pm Central. Click for our radio and streaming affiliates.www.PrattonTexas.com

Our conversation outlines the current landscape for fixed income investors and where to locate opportunity within the asset class. We also discuss the convergence of public and private credit, along with the risks and opportunities within private credit to be mindful of. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office, and Amanda Lynam, Head of Macro Credit Research within the Portfolio Management Group, BlackRock. Host: Daniel Cassidy

Alas; New sode of #GlitterLedger Buona Sera from my suite in Sardegna Italy where stablecoin slash wedding summer season has been thrust upon us like an ETF wrapped blunt no one asked for.I am unclear whether stables or matrimony make me want to induce my bulimia more violently but what about when combined into a nonsensical party without booze or pretentious intellectuals.Alas, I am here and high for a stablecoin themed wedding of two pathetic founders who found love at Fyre Festival. They each attended #Vassar Suma Cum F me, graduating 15 years part each worth half a bill in fiat and had the audacity to have a cash bar with no hard liquor. Sweating my spray tan and botox over fear of having to socialize with my contemporaries with more asbergers than I.   More gauche than #hemorrhoids. Crypto fixes this. Kay Bella. How does crypto fix a cash bar? Each themed table is a different stable token including both English and Italian translations; which made cocktail hour less boring but more awkward.  My lover and I were placed at Terra Luna alongside #AyatollahKhomeni and Amy Coney Barret and arbitrary low tier Blackrock analysts.   I know the bride well as I funded her last scam company liposuction in the metaverse. Her claim two fame was she was Ms Teen Runner up of Beverly Hills, but Like Saylor says there is no second best. We have a long love hate somewhat  lesbionic but glamorous history as during the #Obama years she tried to poison me with Ethereum wrapped sufuric Acid on chain after I slept with her father. But that was only because he was dying and I was trying to get a board seat at lululemon or a chic footnote in the will for the #MarkRothko in their living room. I digress, my guest today is one of my best friends Jesuit Julian M Sevillano Sevillano fellow Board Member at PayPal Digital, CEO of Wen Acquisition Corp. Wen Token. He was kind enough to stop by Glitter Ledger Headquarters just as I was coming down from my Lithium Johnny Walker Buzz. We met on a First Class #RedEye From #Burning Man to #Teterboro back when he was at McKinsey and I was at OnlyFans. We bonded over love for rare filet mignon and mutual friends in Argentinian and Wyoming Government. We unfortunately for my sponsors @Casa, Swan Bitcoin, LVMH, and GEICO had to discuss the most boring topics ever like crypto regulation but luckily Julian drops important wisdom like traditional custody is a zero money making business and read good books like  what Got You Here Won't Get You There by Marshall Goldsmith; another friend of the show. Thats all for now and see you in Cannes but not for EthCC because ETH is for poor people and I am afraid of getting poisoned for the second time. #GlitterLedgerSupport the show

In der heutigen Folge sprechen die Finanzjournalisten Daniel Eckert und Nando Sommerfeldt über das Talent von Tesla, den Super-Micro-Downer und das letzte große Börsen-Risiko im Iran-Israel-Konflikt. Außerdem geht es um Bitcoin, Volkswagen, Mobileye, UBS Group, Blackrock, WisdomTree WTI Crude Oil 2x Daily Leveraged (A2BC41), WisdomTree WTI Crude Oil (A0KRKU), WisdomTree Brent Crude Oil 3x Daily Short (A3GL7F), Xtrackers MSCI World Energy ETF (WKN: A113FF), SPDR S&P U.S. Energy Select Sector ETF (WKN: A14QB0), SPDR MSCI Europe Energy ETF (WKN: A1191P) Wir freuen uns über Feedback an aaa@welt.de. Noch mehr "Alles auf Aktien" findet Ihr bei WELTplus und Apple Podcasts – inklusive aller Artikel der Hosts und AAA-Newsletter.[ Hier bei WELT.](https://www.welt.de/podcasts/alles-auf-aktien/plus247399208/Boersen-Podcast-AAA-Bonus-Folgen-Jede-Woche-noch-mehr-Antworten-auf-Eure-Boersen-Fragen.html.) [Hier] (https://open.spotify.com/playlist/6zxjyJpTMunyYCY6F7vHK1?si=8f6cTnkEQnmSrlMU8Vo6uQ) findest Du die Samstagsfolgen Klassiker-Playlist auf Spotify! Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Hörtipps: Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. +++ Werbung +++ Du möchtest mehr über unsere Werbepartner erfahren? [**Hier findest du alle Infos & Rabatte!**](https://linktr.ee/alles_auf_aktien) Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

Own and Control | The BlackRock ModelSometimes you've just got to take a look at how the heavy hitters do it! Let's see if we can learn a thing or two from BlackRock on the way they get power, enjoy!

The geopolitical fragmentation mega force is evolving, with a big focus now on rising defense spending. Catherine Kress, Head of Geopolitical Research & Strategy at BlackRock, highlights how we're refining our investment preferences across regions and sectors in response. General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast.In the U.S. and Canada, this material is intended for public distribution.In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel:+ 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20- 549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.For Investors in Switzerland: This document is marketing material.In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdictionIn Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx©2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners.BIIM0625U/M-4603777

The global investment environment is full of uncertainty — from inflation, growth dynamics, to policy shifts and geopolitical tensions. Investors are seeking clarity and ways to unlock more consistent investment outcomes during a period of unpredictable conditions. Innovations in data analytics and technology are helping investors better understand markets not just in during turbulent times, but in everyday decision making. But is AI the answer to consistent investment performance, and how can human judgment have the potential to create more resilient investment results? Enter systematic investing, that blends human insight and machine learning to pursue consistent alpha in volatile markets through disciplined processes, alternative data, and continuous innovation.Ronald Kahn, Global Head of Systematic Investment Research at BlackRock, has played a foundational role in shaping the field of quantitative investing over the past few decades. He joins host Oscar Pulido to talk about what it means to pursue consistent alpha in today's markets, how data and technology have evolved investors' expectations and how systematic investing continues to deliver potential in uncertain conditions.Key moments in this episode:00:00 Investment Uncertainty in 202502:23 Pursuing Consistent Alpha in Volatile Markets04:02 The Role of Data and Technology04:26 Alternative Data in Action07:53 Systematic Investing and Technology12:44 Human and Machine Collaboration16:07 Considerations for Individual Investors18:47 Conclusion and Next Episode PreviewCheck out the full series covering tariffs and market volatility on The Bid: https://open.spotify.com/playlist/3iiZbbNz3eI08zXGZ4n3LI?si=TNiOrYRoSxyXVsbwsBs68Q

Tune in to this episode of the Security Token Show where this week Herwig Konings, Kyle Sonlin, and Adrian Alvarez from InvestReady cover the industry leading headlines and market movements, including Global Settlement tokenizing a $75M oil & gas deal, JPMorgan's deposit tokens, and more RWA news! Company of the Week - Herwig: Global Settlement Network Company of the Week - Kyle: Oxbridge Re Companies covered include JPMorgan, Base, Coinbase, SEC, Luxembourg, Plume, Centrifuge, Converge, XDC, Archax, Deutsche Bank, DTCC, Fnality, ICE, OSTTRA, Partior, PPIH, BlackRock, Deribit, Crypto.com, Oxbridge Re/ SurancePlus, Midnight Foundation ⏰ TABLE OF CONTENTS ⏰ 0:00 Introduction 0:16 Welcome 0:48 Special Announcement from Global Settlement Network 6:47 Market Movements 37:35  RWA Foundation Updates 39:17 Token Debrief 46:10 Companies of The Week

I interviewed Brett Tejpaul, Head of Coinbase Institutional, at the Coinbase State of Crypto Summit. We discussed the rising institutional demand for crypto and Coinbase's suite of institutional services.

Got a pension? Or a savings account? Arguably, its purpose is to align your interests with the interests of capitalism: when the market goes up, you benefit too. All this means that the working class actually already owns lots of the assets around us, from companies to houses. But how much control do we actually […]

In this episode, I chat with Eric Balchunas, senior ETF analyst at Bloomberg Intelligence and author of The Bogle Effect. We dive into the life and legacy of Jack Bogle, the founder of Vanguard, and explore the evolution of Bitcoin ETFs. ––– Offers & Discounts ––– Theya is the world's simplest Bitcoin self-custody solution. Download Theya Now at theya.us/cedric Get up to $100 in Bitcoin on River at river.com/Matrix The best Team Bitcoin merch is at HodlersOfficial.com. Use the code Matrix for a discount on your order. Become a sponsor of the show: https://thebitcoinmatrix.com/sponsors/ ––– Get To Know Today's Guest ––– • Eric Balchunas on X: https://x.com/EricBalchunas ––– Socials ––– • Check out our new website at https://TheBitcoinMatrix.Com • Follow Cedric Youngelman on X: https://x.com/cedyoungelman • Follow The Bitcoin Matrix Podcast on X: https://x.com/_bitcoinmatrix • Follow Cedric Youngelman on Nostr: npub12tq9jxmt707gd5vnce3tqllpm67ktr0mqskcvy58qqa4d074pz9s4ukdcs ––– Chapters ––– 00:00 - Intro 01:12 - Eric's Background: Journalism to Finance 05:53 - Investing Philosophy and Personal Strategy  09:24 - Exploring The Bogle Effect  12:09 - Comparing Bogle and Satoshi  22:19 - Origin Story of Vanguard  24:45 - Launching the First Index Fund  28:51 - The Sacrificial Ethos of Bogle 34:46 - Buffett's Tribute and Endorsement  37:03 - Who Are the Bogleheads?  42:09 - Bogle's Take on ETFs and Trading  44:59 - Frankenstein's Monster: Thematic ETFs  49:46 - The Art of Doing Nothing  50:56 - Inflation, Bitcoin, and the Real Return  53:18 - Comparing Bitcoin and U.S. Stocks 54:45 - Bogle's Take on Trustless Money and Banks  58:33 - Eric's Journey into Bitcoin via ETF Filings  01:04:55 - TradFi's Shift After the Bitcoin ETF Approval  01:05:37 - BlackRock, Fidelity & the Legitimization of Bitcoin  1:13:17 - ETFs response to a Major Drop in Bitcoin's Price  1:19:40 - The Two Things that Convinced Eric About Bitcoin  1:24:10 - How Has Bitcoin Changed Eric  DISCLAIMER: All views in this episode are our own and DO NOT reflect the opinions/views of any of our guests or sponsors.  I want to take a moment to express my heartfelt gratitude to all of you for tuning in, supporting the show, and contributing.  Thank you for listening!

Bitcoin just crossed $100,000, and you're probably thinking: “I missed it.” And you wouldn't be alone. That's how most people feel. They heard about it at $1,000… were told it was a scam at $10,000… waited for a pullback at $30,000… and now that it's over six figures, they've mentally closed the door on the opportunity. It's human nature to assume that if you're not early, you're too late. But that's not how this works—not with Bitcoin. In fact, this might actually be the best risk-adjusted time in Bitcoin's history to buy. I know that sounds counterintuitive, but it's true—and the data backs it up. Let's talk supply and demand. Since the halving in April, Bitcoin's issuance has dropped to just 3.125 BTC every 10 minutes. That's about 450 new coins per day, or just over 3,100 per week. Meanwhile, U.S. spot Bitcoin ETFs alone are buying more than 30,000 BTC a week—ten times what's being mined. And that's just the activity we know about from public filings. It doesn't include over-the-counter purchases from sovereign wealth funds, corporate treasuries, family offices, or high-net-worth individuals quietly accumulating behind the scenes. So where's the extra Bitcoin coming from? It's coming from long-time holders—early adopters who've sat on their coins for a decade or more and are only willing to part with them at much higher prices. This isn't hype-driven retail mania like in the past. It's a slow, deliberate transfer of supply from the original believers to large institutions. And here's the key: those institutions don't trade. They hold. Often for years—if not indefinitely—as part of their long-term strategic allocation. You are witnessing Bitcoin being monetized in real time.It's not speculation anymore. BlackRock's IBIT already has over $20 billion under management. Fidelity's FBTC is acquiring thousands of coins per week. El Salvador and Bhutan are actively accumulating. Even the U.S. government holds over 210,000 BTC from seizures—and here's what no one's talking about: they're not auctioning it off like foreclosed houses or impounded cars. They're holding it. The price isn't rising because of FOMO. It's rising because it now takes higher and higher prices to pry loose coins from the hands of holders who have no urgency to sell. Those coins are disappearing into cold storage, long-term trusts, and sovereign wallets—and they aren't coming back. This is what a supply shock looks like when the buyers have deep pockets and decade-long time horizons. And yet, the most dramatic shift in Bitcoin isn't even the price—it's the risk profile. Five years ago, Bitcoin was still speculative. Custody was clunky. Regulation was unclear. Access was limited. Today, institutions can buy it through BlackRock. Fidelity and Coinbase Prime offer secure custody. Legal frameworks and compliance protocols are firmly in place. Sure, volatility still exists—but existential risk? That's largely off the table. Bitcoin is no longer a “maybe.” It's a “when.” And that's why the opportunity still exists.Not because people are afraid to lose money, but because they still don't quite believe they're allowed to be this early to something this massive. The truth is, you didn't miss the train. You missed the garage-band phase. But now? You're standing right as Bitcoin steps onto the global stage—surrounded by the biggest asset managers in the world, all scrambling to buy up what little supply is left. The demand is relentless. The supply is fixed. The equilibrium price is rising. I truly believe we'll see a 10X in Bitcoin over the next five years. And if you still feel like you're playing catch-up, you're not out of options. There are ways to amplify your exposure—like Bitcoin treasury companies. MicroStrategy now holds over 214,000 BTC and has effectively become a leveraged Bitcoin vehicle traded on the stock market. In past cycles, it's outperformed Bitcoin itself. Metaplanet in Japan is following the same blueprint,...