Hedge funds that helped fuel a boom in US exchange-traded funds holding Bitcoin are in rapid retreat. Aggregate Bitcoin ETF allocations among the largest hedge fund holders fell 28% from the third to the fourth quarter of 2025, according to data compiled by CF Benchmarks, a wholly-owned subsidiary of crypto exchange Kraken. Most Read from Bloomberg Bitcoin is down almost 50% from its October peak of over $126,000. The token slid as much as 4.8% in early Asia trading on Monday to nearly $64,300, its low ...

Key Takeaways SEC staff will not object to a 2% haircut on proprietary “payment stablecoin” positions for broker-dealer net capital. The haircut is taken on the greater of the long or short position (not netted). The guidance is staff-level and applies only to “payment stablecoins” as defined in the FAQ. The Securities and Exchange Commission (SEC)’s Division of Trading and Markets has issued a narrow but consequential clarification for broker-dealers that hold stablecoins on their own books. In ...

This story was originally published on Utility Dive. To receive daily news and insights, subscribe to our free daily Utility Dive newsletter. PPL Corp.’s electric utilities continue to sign agreements with potential data centers and other large load customers in Pennsylvania and Kentucky, company officials said during an earnings conference call on Friday. At the same time, a PPL-Blackstone Infrastructure joint venture is in talks with hyperscalers to supply their data centers with generation, including o ...

Core Viewpoint - ConocoPhillips is considering the sale of certain assets in the Permian Basin valued at approximately $2 billion, with discussions in early stages and no guarantee of a transaction proceeding [1] Group 1: Asset Sale Considerations - The assets under review are located in the Delaware Basin, part of the larger Permian Basin spanning West Texas and New Mexico, acquired through previous deals with Concho Resources and Shell [2] - ConocoPhillips completed the acquisition of Shell Enterprises' Delaware Basin operations for $9.5 billion in December 2021, gaining approximately 225,000 net acres and over 600 miles of operated pipelines [3] - The potential divestment aligns with ConocoPhillips' broader efforts to streamline its portfolio following a $17 billion acquisition of Marathon Oil in 2024 [3] Group 2: Financial Performance - ConocoPhillips initially identified around $2 billion in asset sales but increased that target to $5 billion in August 2025 [4] - In Q4 2025, the company reported earnings of $1.4 billion, or $1.17 per share, down from $2.3 billion, or $1.90 per share, in the same period the previous year [4] - Adjusted Q4 earnings totaled $1.3 billion, or $1.02 per share, compared to $2.4 billion, or $1.98 per share, a year earlier [5] Group 3: Yearly Financial Overview - For FY25, reported earnings were $8 billion, or $6.35 per share, compared to $9.2 billion, or $7.81 per share, for FY24 [6] - Adjusted earnings for 2025 reached $7.7 billion, or $6.16 per share, compared to adjusted earnings of $9.2 billion, or $7.79 per share, for the preceding year [6] Group 4: Production and Integration - Production totals for 2025 included 2.38 million barrels of oil equivalent per day globally and 1.44 million barrels per day in the Lower 48 in the US [7] - The integration of Marathon Oil was completed during the year, with synergy capture exceeding an annual run rate of $1 billion [7]

Core Insights - Marsh Risk has launched Nimbus Casualty, an insurance facility aimed at providing excess general liability coverage during the construction phase of digital infrastructure projects in the US [1][2] - The facility offers coverage capacity of up to $75 million, with a minimum attachment point of $25 million, and is backed by A+ rated insurers from Lloyd's and the London market [1][2] - The introduction of Nimbus Casualty is part of Marsh Risk's strategy to address the complexities and challenges faced by clients in the US casualty market, particularly those involved in large-scale digital infrastructure projects [2][3] Coverage and Features - Nimbus Casualty employs Marsh Risk's proprietary XSellence excess casualty form, which simplifies claims handling and enhances coverage clarity [2] - The facility is designed to provide clients with the necessary advice and coverage certainty to protect their digital infrastructure investments effectively [3] Market Context and Financial Performance - The launch of Nimbus Casualty follows the extension of Marsh Risk's Nimbus facility, which supports large-scale data center construction with coverage limits of up to $2.7 billion for various insurance types [3] - In the fourth quarter of 2025, Marsh Risk reported an increase of $3.7 billion in revenues, marking a 10% growth compared to the same period in 2024 [4]

Core Viewpoint - Rocket Lab's stock has experienced a nearly 20% decline prior to its fourth-quarter earnings report, but there is optimism that the stock may rebound post-earnings due to anticipated improvements in sales and earnings [1][5]. Financial Performance - Analysts predict Rocket Lab will report a loss of $0.10 in Q4 2025, consistent with the losses reported in Q4 2024, despite expectations of nearly 35% year-over-year sales growth [4]. - The company launched nearly twice as many missions in Q4 2025 compared to Q4 2024, suggesting potential for increased revenue and reduced losses [4]. Stock Valuation - Rocket Lab's current share price is overvalued, trading at a price-to-sales ratio exceeding 62, with no profits yet earned [2][3]. - Even with a 20% price drop, the stock is still considered overvalued [3]. Future Prospects - The company is expected to clarify the launch date for its new Neutron reusable rocket during the earnings report, which could impact investor sentiment [6]. - There is speculation that the launch may be targeted for Q2 2026, which could lead to disappointment among investors if delays are announced [7].

Group 1 - Swiss Re Corporate Solutions has agreed to acquire the Global Trade Credit and Surety division from QBE Insurance Group, pending regulatory approval [1][3] - The acquisition aims to enhance Swiss Re's credit and surety insurance business and expand its services for corporate clients, aligning with its strategy for diversification and growth [1][4] - QBE's Global Trade Credit and Surety business is expected to generate approximately $200 million (SFr154.44 million) in annual revenue [2] Group 2 - QBE Group CEO Andrew Horton stated that the divestment supports QBE's strategic focus on optimizing its portfolio and reallocating resources towards growth opportunities that align with its long-term strategy [3] - Swiss Re Corporate Solutions plans to collaborate with QBE during the transition to ensure continuity for policyholders, brokers, and staff [4] - Swiss Re Corporate Solutions CEO Ivan Gonzalez emphasized that the acquisition will strengthen their global credit and surety platform with a profitable portfolio and experienced team [4][5]

Core Insights - HaysMac, a London-based chartered accountants and tax advisory firm, has acquired a specialist US tax team from Moore DM, enhancing its capabilities in US tax compliance for US nationals and high-net-worth individuals in the UK [1][2] Group 1: Acquisition Details - The acquisition includes a group of US tax specialists, with Chris Baker joining as director, which will allow HaysMac to manage US tax returns from its London office [1][2] - This move adds a US-focused service to HaysMac's existing UK tax work, aligning with the firm's strategy to expand its global practice and deepen its presence in the private wealth market [2] Group 2: Market Demand and Strategy - There is a growing demand among US and internationally connected individuals in the UK for reliable support regarding their US tax obligations, which HaysMac aims to address with this acquisition [2] - The acquisition is part of HaysMac's long-term plan to broaden support for clients with cross-border assets and interests, reinforcing its position as a trusted partner for international private wealth clients [3] Group 3: Leadership and Team Expansion - Graeme Privett, head of private clients at HaysMac, emphasized that the addition of Chris Baker and his team enhances the firm's ability to support both new and existing clients [3] - The firm recently rehired Andrew Roberts as audit director in its Social Purpose team, indicating ongoing growth and development within the organization [3]

The Stamford, Connecticut-based United Rentals, Inc. (URI) is a global force in the equipment rental arena. With a market cap of approximately $57.3 billion, the company supplies construction machinery, aerial platforms, power and climate systems, trench safety solutions, and modular spaces. United Rentals has outpaced the broader market, reinforcing its relative strength. Over the past 52 weeks, URI stock has climbed 30.9%, and it added another 12.3% year-to-date (YTD). In contrast, the S&P 500 Index ($S ...

This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. As builds in the booming semiconductor and advanced technology sectors gain more prominence, Suffolk is bolstering its presence in the market with a new hire. The Boston-based contractor has brought on industry veteran Clem Wood as the company’s executive vice president of advanced technology, according to a news release shared with Construction Dive.  Th ...