Core Insights - Brett Harrison, former president of FTX US, is launching a new perpetual futures exchange named Architect, which will not include crypto markets [1][3] - Harrison criticizes leveraged trading on volatile crypto assets as "irresponsible" and highlights concerns about excessive leverage in the crypto market following a significant market crash [2][5] Company Overview - Architect will offer perpetual futures on traditional stocks, foreign exchange markets, and rare metals, while allowing the use of stablecoins as collateral [3] - The exchange will initially be available to institutional investors, with plans to open to retail investors in the near future [3] Industry Context - Perpetual futures are derivative contracts with no expiration, allowing traders to leverage their positions on asset price movements [3][4] - High leverage ratios, such as 100 or 1000 times the initial capital, on volatile markets can lead to significant risks, including account liquidation [5][6]

Core Viewpoint - Arthur Hayes believes the U.S. Federal Reserve is preparing to adopt yield curve control, which involves fixing interest rates on government bonds by purchasing unlimited amounts of debt [1][5]. Group 1: Yield Curve Control - Yield curve control is defined as a policy where a central bank fixes the rate on government bonds [1]. - The Federal Reserve may expand its balance sheet by purchasing government bonds until bond prices rise and yields fall to a predetermined level [2]. - The Bank of Japan has successfully implemented this approach for nearly two decades, capping rates at desired levels [2]. Group 2: Federal Reserve's Third Mandate - Hayes indicates that the Federal Reserve is signaling a potential move towards yield curve control through discussions of a "third mandate" in the Federal Reserve Act of 1913, which aims to maintain moderate government bond levels [5]. - The interpretation of what constitutes "moderate levels" is left ambiguous, allowing for flexibility in implementation [5]. Group 3: Political Influence - Former President Trump is cited as advocating for low government bond yields and increased money supply to stimulate the economy, which aligns with the potential for yield curve control [6]. Group 4: Impact on Cryptocurrency - Hayes predicts that the adoption of yield curve control will likely lead to an increase in the value of Bitcoin and other digital assets, as these assets tend to perform well when credit expands [7]. - The comparison is made to the 2008 financial crisis, suggesting that similar monetary policies could lead to significant upward movements in Bitcoin prices [8].

Institutional adoption has long been crypto’s holy grail. But since the U.S. approval of spot Bitcoin ETFs in January 2024, the debate has moved to how much exposure is enough. The new battleground is whether large investors should allocate over 5% of assets under management to crypto. Any allocation above the pre-2025 “standard risk-adjusted threshold of 1-5%” would be a win for Bitcoin. That’s because it shows not only confidence, but also that institutions now consider crypto assets as a structural part ...

The U.S. Securities and Exchange Commission (SEC) has said it will not pursue enforcement action against investment advisers and registered funds that use state-chartered trust companies to custody crypto assets, providing temporary clarity in a sector that has long operated in regulatory uncertainty. In a letter issued on September 30, the SEC’s Division of Investment Management responded to a request from Simpson Thacher & Bartlett LLP on behalf of financial advisers. The letter confirmed that, for now ...

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Core Viewpoint - Cruz Battery Metals Corp. has approved a strategic initiative to diversify a portion of its free cash into select crypto assets, aiming to enhance shareholder value and align with emerging global trends [1][2][3]. Group 1: Strategic Initiative - The decision to invest in crypto assets is part of Cruz's commitment to exploring innovative investment avenues while maintaining its core focus on battery metals exploration, particularly lithium and cobalt [2][3]. - This diversification strategy is intended to strengthen the company's balance sheet by gaining exposure to digital assets with long-term growth potential [2][3]. Group 2: Management Commentary - The President of Cruz Battery Metals stated that this strategic step reflects a proactive approach to capital management, presenting an additional opportunity to enhance shareholder value alongside core operations [3]. - The crypto market has seen renewed momentum, and companies in this space have demonstrated strong investor interest, which supports Cruz's decision to diversify [3]. Group 3: Core Operations - Cruz's primary business remains focused on advancing its U.S.-based battery metals projects, including the 4,938-acre Solar Lithium Project, Clayton Valley lithium brine assets, and Idaho Cobalt Belt Project [3][4]. - The company will continue to evaluate all investment opportunities prudently, with the goal of sustainable, long-term growth [3].

Company Overview - Galaxy Digital ($GLXY) is positioned as a crypto bank and infrastructure provider [1] - The company holds over $3 billion (>$3B) in crypto assets on its balance sheet [1] - Crypto assets include Bitcoin ($BTC), Ethereum ($ETH), Solana ($SOL), and HYPE [1] AI Data Center Development - Galaxy Digital is constructing a large AI data center in the US [1] - The data center has 800 MW of approved power capacity [1] - An additional 1.7 GW of power capacity is under study for the data center [1] Market Valuation - Galaxy Digital's market capitalization is $10 billion ($10B) [1] - The author suggests a potential 5-10x increase in market capitalization to align with peers [1]