Blackrock's new cashcow.

BlackRock’s Bitcoin fund outpaces the S&P500.

BlackRock is now earning more from its Bitcoin ETF than from its S&P500 index fund. That’s remarkable, considering the latter has long been one of its most popular products. The Bitcoin ETF has only been live for six months — and it’s already more profitable.

It’s a clear signal of how strong demand for bitcoin is among investors, especially institutions seeking crypto exposure through regulated products.

The rise of crypto banks begins.

This week marked the beginning of a new chapter: the rise of crypto-first banks. Ripple announced it’s applying for a banking license, as did stablecoin issuer Circle. At the same time, PayPal co-founder Peter Thiel is launching a new bank focused specifically on crypto businesses.

With traditional banks often hesitant to work with crypto, there’s space for new players. Banks that treat crypto not as a side product, but as the core. A necessary evolution as crypto becomes increasingly intertwined with the broader financial system.

Stocks are moving on-chain.

It was a big week for tokenized stocks — equities being brought on-chain through blockchain technology. Robinhood announced the launch of its own Ethereum-based chain, which will host tokenized U.S. stocks. Backed Finance launched tradable tokens on Kraken, Bybit and Solana, and Gemini listed its first tokenized stock.

While this isn’t yet the final form — many of these are tokenized claims rather than direct shares — it marks an important first step. It opens the door to equities that trade globally, 24/7, just like crypto. A development that’s blurring the line between traditional finance and the crypto world.