Bitcoin edged slightly higher overnight after yesterday’s dip below $63.5K, stabilising as institutional news flow picks up ahead of Friday’s SEC meeting on token safe harbor rules. The week’s biggest institutional move just landed. Goldman Sachs is spending billions to enter the Bitcoin ETF space. Fidelity is adding staking payouts to its Ethereum fund. And a crypto market maker with $10 billion in daily volume is pivoting hard into traditional finance. Let’s dive in.
Fidelity Just Filed to Add Staking Payouts to Its Ethereum ETF
Fidelity filed with the SEC on August 12 to add staking and quarterly cash distributions to its Ethereum Fund, which holds $898 million in net assets. The fund could stake up to 100% of its ETH, retaining 85% of gross staking rewards after fees. Distributions are not guaranteed and the fund may sell ETH to generate cash for payouts if needed. Which three node operators did Fidelity name for the staking arrangement? Read more.
Wintermute Is Spending a Billion Dollars to Enter Traditional Finance
Crypto market maker Wintermute plans to invest up to $1 billion over five years in AI infrastructure and high-frequency trading across stocks, commodities, and foreign exchange. CEO Evgeny Gaevoy said the firm wants non-crypto markets to exceed 50% of total revenue by end-2027. Daily trading volume has already fallen from $15 billion in 2025 to $10 billion in 2026. What specific traditional market categories is Wintermute targeting with its expansion? Read more.
Kalshi Just Started Streaming Live Market Data to Trading Firms
Kalshi connected its order book to DoubleZero Edge on August 12, giving institutional trading firms direct access to live Level 1 and Level 2 prediction market data without building custom systems. The feed covers sports event contracts and crypto perpetual futures, Kalshi’s two most active categories by volume. Kalshi will waive its share of subscription fees during the first year. What share of Kalshi’s weekly volume do sports contracts currently represent? Read more.
Hong Kong’s First Licensed Stablecoin Just Went Live
Anchorpoint Financial opened beta access to HKDAP, its Hong Kong dollar-pegged stablecoin, on August 12, with HashKey Exchange and OSL Group joining as authorized distributors. The token is backed by Standard Chartered infrastructure and targets cross-border payments and tokenized asset settlement. Anchorpoint holds one of Hong Kong’s first two stablecoin issuer licenses alongside HSBC. What two use cases has Anchorpoint prioritised for HKDAP in its initial phase? Read more.
Goldman Sachs Just Bought Its Way Into Bitcoin ETFs
Goldman Sachs agreed to acquire NEOS Investments for up to $2.25 billion on August 12, gaining three crypto-focused ETFs including the Bitcoin High Income ETF with over $1 billion in net assets. NEOS uses covered call strategies to generate monthly income from Bitcoin and Ethereum exposure. Goldman had filed for its own Bitcoin income ETF in April but never launched it. Why does Goldman’s NEOS acquisition put it ahead of BlackRock’s competing Bitcoin income ETF? Read more.
How do covered call Bitcoin ETFs generate yield and what do investors give up in return?
TLDR: Covered call Bitcoin ETFs generate yield by selling call options on their BTC, and investors give up part of the upside in strong rallies.
- The ETF earns option premiums by writing covered calls on its Bitcoin, which are paid out as yield.
- In exchange, upside is capped above the option strike price, so the ETF can lag spot BTC in big bull runs.
- Returns become more “income plus partial participation” in BTC moves, not pure exposure, and performance can lag in choppy or sharply trending markets.
Disclaimer: This alpha is provided by CryptoMx. CryptoMx can make mistakes—please DYOR. Not financial advice.
