Dear investors,
⏰ It’s time for our weekly commentary!
📊 The major development this week is the peace agreement between the United States and Iran. With the midterm elections approaching, President Trump had strong incentives to resolve the conflict. The closure of the Strait of Hormuz lasted nearly four months, and its inflationary impact was significant, contributing to higher interest rates in Europe and creating a difficult backdrop for Kevin Warsh’s first Fed meeting. For risk assets broadly, the end of the conflict is a positive development. As supply chains gradually normalize, investor attention is likely to shift back toward the unprecedented wave of AI-related capital expenditure. Technology companies are investing heavily in data center infrastructure, a trend that should continue to support manufacturing activity and economic growth. We are also witnessing a surge of capital raising and public listings among firms seeking to finance these investments. This represents a notable shift from the market regime of the past fifteen years, which was largely characterized by aggressive share buybacks that mechanically supported equity indices and dampened volatility. Going forward, markets are likely to be less predictable and potentially more volatile. Bitcoin and broader crypto markets have recently come under pressure from the repricing of monetary policy expectations, as well as the substantial capital commitments required to participate in several high-profile IPOs. Our chart of the week highlights a notable milestone: the first genuine net outflow from $BTC ETFs since their inception (previous outflows linked to the unwinding of carry-trade positions). Looking ahead, the main source of inflationary pressure appears set to fade in the near term, while the broader adoption of AI technologies could exert deflationary effects over the medium term. This combination should create a more favorable backdrop for Bitcoin over the coming months. At the same time, financial advisors are increasingly able to recommend Bitcoin to clients, and current price levels may offer an attractive entry point for portfolio allocation, particularly as inflation-related concerns begin to recede.
🎯 Our $Napoleon-X portfolio is up 1.6% over the past 7 days and down 14% over the past 30 days. Exposure was reduced three weeks ago by 70%, in line with our risk management process responding to deteriorating trend signals. The portfolio remains underexposed to the crypto market, but started to rebuild some exposure today as the situation is improving from a price point of view. If the nascent trend continues to develop, exposure will gradually increase.
🔎 What happened last week:
👉 Citigroup has launched a blockchain-based platform enabling wealthy and institutional clients to trade tokenized interests in private companies, the Wall Street Journal reported on 11 Jun 2026. The bank completed its first transaction, in which clients invested in digital asset firm Kaleido via depositary receipts, on infrastructure operated by Switzerland-based SIX. Citigroup is in discussions with major private companies about participation and is positioning the platform as a potential industry standard for other financial institutions. The timing reflects rising demand for access to late-stage private companies, particularly ahead of anticipated listings for SpaceX and Anthropic.
👉 Traditional finance is taking direct token and equity positions in on-chain infrastructure. Digital Asset, the company behind the Canton Network institutional blockchain, raised $355M in equity led by a16z crypto, with HSBC, Apollo, BNP Paribas and Citadel Securities among the backers. Paris-founded DeFi lending protocol Morpho raised $175M in a token round co-led by Paradigm, a16z crypto and Ribbit Capital, with Apollo and VanEck also participating; the protocol holds over $11B in deposits. Janus Henderson, the $480B asset manager, took a direct position in Ethena's governance token ENA, committing to integrate its AAA-rated CLO strategy into USDe reserves and targeting regulated ETPs tied to both USDe and ENA for H2 2026.
👉 Figure Technology Solutions announced a definitive agreement to acquire Kiavi, one of the largest non-bank lenders to residential real estate investors in the US, for $717M. A joint venture between Figure and Sixth Street will purchase Kiavi's balance-sheet loan assets, while Figure acquires the technology and operating platform. The deal brings over $7B in annual first-lien volume onto Figure's blockchain-native marketplace. Figure co-founder Mike Cagney described it as a "bold move to bring entire asset classes on-chain".
🔗 You can find the weekly wrap up of our $CS.ST Macro Research Team here: coinshares.com/corp/insights/research-data/market-update-12-06-2026/
Thank you for your support 🙏
$CSHR $BITC.DE (CoinShares Bitcoin ETP)... Show More
Not investment advice. The author may have financial interests in the mentioned instruments.
Why ain’t it notifying me your weekly comments since two weeks ago, thought you didn’t do them. Might be the problem for several people.
Thank you.... Show More
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Wed Aug 19 2026 23:35:23 GMT+0000 (Coordinated Universal Time)
