Dear investors,
β° Itβs time for our weekly commentary!
π Financial conditions in the U.S. have improved markedly in recent weeks, a trend that has historically been supportive for Bitcoin, as highlighted in our chart of the week. . At the same time, optimism around the Clarity Act is building, with Senate Banking Committee Chairman Tim Scott indicating that consensus is near and a markup could take place as early as next week, a key step toward eventual passage. However, the legislative calendar is tight due to upcoming recesses and elections, meaning the bill likely needs to advance within the next few weeks to maintain a realistic path to becoming law in 2026. Risky assets are also pricing in a near-term resolution in Iran, as prolonged production cuts would risk damaging oil infrastructure that is designed to operate continuously. Combined with mid-term election pressures, investors expect the situation to improve quickly.
π― Our portfolio is up 5.39% over the past 7 days and up 9.55% over the past 30 days. It is also benefiting from strong inflows into the crypto market, supported by both digital asset treasury activity and traditional investors, with ETFs posting a sixth consecutive week of inflows, including $858 million last week alone.
π What happened last week:
π Morgan Stanley has begun a pilot rollout of spot bitcoin, ether and solana trading on E*Trade, charging 50 basis points on the dollar value of each transaction β below Coinbase, Robinhood and Charles Schwab. The pilot is live now, with all 8.6 million E*Trade clients expected to gain access later this year. The move complements the bank's recently launched spot bitcoin ETF (MSBT) and is part of a broader strategy that includes potential custody services, crypto-to-ETF conversions, and tokenised equity trading.
π Premier of Bermuda, David Burt, confirmed at Consensus Miami 2026 that Bermuda will conduct a second USDC airdrop tied to next week's Bermuda Digital Finance Forum, while continuing to onboard merchants that can accept digital payments. The initiative builds on the 2025 forum, where 100 USDC was distributed to every attendee for use with newly onboarded local merchants, and is being executed in partnership with Circle and Coinbase, first announced at the World Economic Forum in January. Burt's framing was deliberate: "You cannot regulate out failure, but you can put in place the items which allow responsible innovation to happen."
π Speaking on Strategy's Q1 2026 earnings call, Michael Saylor told analysts the firm will "probably sell some Bitcoin to fund a dividend just to inoculate the market β just to send the message that we did it". CEO Phong Le added that selling bitcoin to buy US dollars or retire debt is something the company would consider going forward, provided it is "accretive to bitcoin per share". The shift comes after Strategy reported a $12.54B net loss for Q1, driven by a $14.46B unrealised loss on its bitcoin holdings, with the company holding 818,334 BTC, roughly 3.9% of total supply. The market reaction was telling: on the Myriad prediction market, the probability of Strategy selling any bitcoin in 2026 jumped from 12% pre-announcement to over 40% afterwards.
π You can find the weekly wrap up of our $CS.ST Macro Research Team here: coinshares.com/corp/insights/research-data/market-update-08-05-2026/
Thank you for your support π
$CSHR $BITC.DE (CoinShares Bitcoin ETP)... Show More
Not investment advice. The author may have financial interests in the mentioned instruments.
The Morgan Stanley bitcoin trading rollout with 50bp fees is a significant institutional adoption step. Financial conditions improvement historically supporting bitcoin makes sense from a risk asset perspective.... Show More
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Tue Aug 11 2026 23:14:27 GMT+0000 (Coordinated Universal Time)
