Core Insights - Bitcoin Munari is currently in Phase 2 of its public presale, maintaining a fixed price of $0.22 per token, with the presale nearing completion ahead of its January 2026 launch as a Solana SPL token [3][4] - The presale is structured with predetermined pricing increments, aiming for a projected return of 2,627% based on a reference price of $6.00 [4] - The project emphasizes a fixed supply of 21 million BTCM tokens, ensuring predictability and stability in its economic model [7][13] Presale Details - The presale operates through a fixed-stage distribution model, with all tokens unlocking simultaneously at launch without vesting requirements [3][4] - Each round of the presale follows a consistent pricing and allocation structure, avoiding dynamic adjustments based on market conditions [5][4] Market Context - The presale coincides with renewed institutional interest in Ethereum, highlighted by significant net inflows into US spot ETH ETFs, totaling $92.28 million, with BlackRock's ETHA fund contributing $88.22 million [5][6] - This shift in institutional engagement is seen as a positive indicator for the broader digital asset market, including emerging projects like Bitcoin Munari [6] Economic Model - Bitcoin Munari's economic model is anchored by a fixed supply of 21 million BTCM, with allocations for presale distribution, validator rewards, and team segments governed by vesting schedules [7][13] - The project follows the MUNARI framework, which emphasizes a Modern, Unified, Network, Autonomous, Resilient Infrastructure [8][13] Development Plans - The project will initially launch on Solana to facilitate high-throughput transactions and compatibility with existing DeFi infrastructure, while concurrently developing an independent Layer-1 blockchain [9][13] - A public testnet is scheduled for 2026, with plans for validation trials and performance testing before the mainnet rollout in 2027 [10][11] Migration and Integrity - Tokens distributed during the presale will migrate to the mainnet on a one-to-one basis, preserving the fixed supply and initial distribution structure [11] - Independent evaluations, including smart contract audits and KYC verification, have been completed to support Bitcoin Munari's development [12]

Core Viewpoint - The US Securities and Exchange Commission (SEC) is set to hold a meeting on December 4 to discuss the tokenization of stocks, a significant shift in regulatory approach towards digital assets and their integration into traditional finance [1][2]. Group 1: Tokenization and Its Implications - Tokenization transforms ownership of assets like company shares and bonds into digital tokens on a blockchain, allowing for faster trades, lower costs, and fractional ownership [2]. - The SEC's meeting will explore how existing securities laws can adapt to accommodate tokenized assets without overhauling decades of regulation [2][8]. - The SEC has noted a significant increase in the issuance of tokenized securities, indicating that the meeting is responding to a growing trend in the market [9]. Group 2: Regulatory Framework and Leadership - Chairman Paul Atkins, who took over the SEC earlier this year, is advocating for a regulatory framework that recognizes the evolving nature of digital assets and their potential to operate outside traditional oversight [3][5]. - Atkins categorizes digital assets into four groups, with tokenized securities being the focus of the upcoming meeting [6]. Group 3: Industry Participation and Legislative Context - The December meeting will feature executives from major crypto exchanges and asset management firms, discussing practical aspects of tokenized securities [9][13]. - The timing of the meeting aligns with broader legislative efforts, including the CLARITY bill, which aims to establish a clearer regulatory framework for the crypto market [11][12]. Group 4: Future Outlook - The outcome of the December meeting may clarify whether regulators can keep pace with industry developments or if firms will continue to innovate in a regulatory gray area [13]. - The potential for ordinary investors to purchase fractions of company stock with smaller amounts of capital could democratize access to investment opportunities [8].

Climate Change Engagement - Brad Lander has been engaging with BlackRock on climate change since 2022 [2] - BlackRock, along with 49 other asset managers, submitted plans to hold portfolio companies accountable to climate change by June 30th [2] - Lander has been reviewing these recommendations for the past five months [3] Asset Manager Recommendations - Lander is recommending that the pension funds stay with 46 out of 49 asset managers [4] - BlackRock's mandate is recommended to be dropped at $42 billion [5] - Fidelity Investments and Panera have a combined $750 million of assets under management for the pension funds and are also recommended to be dropped [5] BlackRock's Response - A BlackRock managing director alleges the firm is abdicating its financial duty and undermining the retirement security of hardworking New Yorkers [3]

Core Viewpoint - The article discusses the ongoing efforts by Brad Lander to engage asset managers, particularly BlackRock, in addressing climate change accountability for portfolio companies [2][3]. Group 1: Engagement with Asset Managers - In 2022, Brad Lander initiated discussions with BlackRock regarding their engagement with portfolio companies on climate change [2]. - By June 30 of this year, BlackRock and 49 other asset managers were required to submit plans detailing their steps to hold portfolio companies accountable for climate change [2]. Group 2: Review and Recommendations - Lander has been reviewing the submitted recommendations for approximately five months, leading to a recent announcement [3]. - Out of the 49 asset managers, 46 met the criteria set forth, and Lander recommends that the pension funds continue their relationships with these 46 [4]. Group 3: Financial Implications - BlackRock has the largest mandate recommended for termination, amounting to $42 billion, while Fidelity Investments and Panera combined manage approximately $750 million for the pension funds [5].

（来源：吴说） 吴说获悉，据 MacroScope 分享的文件显示，贝莱德旗下 Strategic Income Opportunities Portfolio 截至 9 月 30 日持有 2,397,423 份 IBIT 份额，按当时价格计约 1.558 亿美元，较 6 月份申报的 2,096,447 份增加 约 14%。 来源：市场资讯 ...

Core Viewpoint - New York City's outgoing Comptroller Brad Lander is urging the city's top pension funds to sever ties with BlackRock due to allegations that the firm is not adequately addressing climate change concerns [1][3]. Group 1: Allegations Against BlackRock - Lander accused BlackRock of scaling back its climate engagement, which he claims puts investments at unnecessary risk [3]. - He criticized the firm for allegedly succumbing to pressure from the White House and Republicans, leading to a reversal on green investments [1][11]. - BlackRock's recent withdrawal from the United Nations-backed Net Zero Asset Managers Initiative is highlighted as a significant shift in its climate commitments [13]. Group 2: Pension Funds and Investment Management - Lander has specifically called on the New York City Employees' Retirement System, Teachers' Retirement System, and Board of Education Retirement System to consider moving their investments to firms with a stronger commitment to combating climate change [3][8]. - BlackRock manages approximately $42.3 billion in retirement funds for city workers, indicating its significant role in the city's pension system [8]. - The total assets under management by BlackRock globally reached a record $13.46 trillion as of September 30, 2023, reflecting its substantial market presence [10]. Group 3: Political Context - Lander's comments come as he prepares to leave office, with socialist Mayor-elect Zohran Mamdani set to influence the city's pension system starting January 1 [8][14]. - The political landscape is shifting, with Mamdani's administration expected to pursue an aggressive agenda that may impact investment strategies [14].

Core Insights - JPMorgan is shifting from traditional spot ETFs to complex Bitcoin-linked derivatives, indicating a new trading approach for Bitcoin amid the upcoming halving cycle [1] - The newly filed structured note linked to BlackRock's IBIT Bitcoin ETF promises significant returns but carries the risk of total principal loss [2][3] Summary by Sections Structured Note Details - The proposed note offers 16% fixed returns if IBIT reaches JPMorgan's price target by the end of 2026 and over 50% returns if the target is met by 2028 [3][6] - A critical risk is that if the ETF drops more than 30% at any point before maturity, investors could lose their entire principal [3][4] Market Dynamics - The transition from spot ETFs to derivatives reflects a broader trend among Wall Street institutions, focusing on contracts that depend on ETF performance rather than direct ownership of Bitcoin [4] - The structured note is categorized as high-yield/high-volatility, typically reserved for sophisticated clients, utilizing mechanisms like barriers and auto-call triggers [5] Risk and Return Mechanics - The note features a 1.5x upside, resembling a leveraged derivative payoff, with a 30% downside barrier that mirrors derivative-style risk protection [7]

The NYC comptroller said he has “significant concerns regarding BlackRock’s restrictive approach” to engaging with public companies it owns more than 5% of the equities. The asset manager said it will not proactively reach out to on proxy voting issues to align with a “conservative interpretation” of the Securities and Exchange Commission’s updated engagement guidelines.“The systemic risk of the climate crisis threatens the long-term value of New York City’s pension funds,” Lander said. “Our Net Zero plan i ...

New York City Comptroller Brad Lander is urging three of the city’s pension funds to drop BlackRock because of “inadequate” climate plans https://t.co/whlED6YTcD ...

By Ross Kerber (Reuters) -New York City Comptroller Brad Lander is urging city pension fund officials to rebid $42.3 billion managed by BlackRock over climate concerns, the first major move by a Democrat to ​counter pressure on financial companies from Republican allies of the fossil-fuel industry. Lander's term in office ends on December 31,‌ but his recommendation, to be unveiled on Wednesday, will put Mayor-elect Zohran Mamdani in the hot seat when he takes office in about five ‌weeks. Mamdani's appoi ...