Fintech

TODAY: Morgan Stanley has filed a registration with the SEC for a spot $ETH Trust, following recent applications for spot Bitcoin and Solana products.

Bitcoin is good for USD. It creates competition in a way that’s healthy for the dollar, which helps to provide a check and balance against high inflation and deficit spending.

🚨 NEW: AI models competing in a trading tournament are now all in the red, with every system posting losses.

Institutional-grade asset custody just got supercharged. We're acquiring @palisadeinc: on.ripple.com/4hPt4XG Palisade offers a fast and scalable wallet solution, ideal for on/off ramps and global corporate payments – this integration accelerates value transfer across Ripple Payments and Ripple Custody. Secure custody enables the onchain economy. From safe storage to seamless transfer, we're building the Internet of Value. →

At @sequoia we have a long-standing tradition of stewardship and working together as an intergenerational partnership to serve founders and LPs. Today it's my turn to entrust the next generation of Sequoia's leadership to @Alfred_Lin and @gradypb. I'm proud of our incredible team and confident that Sequoia will continue to thrive.

An interesting trend we're noticing at Stripe: US startups are pulling ahead of their peers elsewhere. These charts show averaged revenue growth for software startups in each location. US startups typically grow somewhat faster than those elsewhere. However, since mid-2023, US companies have accelerated a lot. Interestingly, this is not just because of AI startups: if we strip those out, there's still a big divergence. Our leading hypothesis is that US startups (even those that aren't AI companies as such) are adopting new technologies (AI, stablecoins, etc.) faster than companies elsewhere. (This pattern of faster adoption among US companies was also seen with the internet itself.) Whatever the cause, the pattern is striking. [Methodological note: this pattern appears to hold beyond Europe as well.]

I am deeply honored, humbled, and will have big shoes to fill. @roelofbotha changed my life. He believed in me, brought me to Sequoia, and taught me how to grow from a builder into an investor. He’s demanding and deeply caring — the rare kind of friend, mentor, partner who pushes you and stands with you through every storm.

Since 2020, over $3.2 trillion in deposits have flowed through Aave. DeFi will win.

We’re excited to share our 2025 State of Crypto report. This year’s story: the maturation of the crypto industry — with growing institutional adoption, the rise of stablecoins, better infrastructure, new consumer experiences, and long-awaited regulatory clarity. Read the full report → a16zcrypto.com/posts/article/… Here are the biggest trends of 2025…

SEMI-SHOCK: T Rowe Price just filed for an Active Crypto ETF. They are a Top 5 active manager by assets (mostly mutual funds). Did not expect it but I get it. There’s gonna be land rush for this space too.

@villi disagree. 90% of the best companies i have worked w over the last decade hired one early.

Spend dollars, get Bitcoin. The Coinbase One Card is fully live in the US! You can apply now to get one. It’s the best looking card with the best rewards, it might make sense to get one in case it catches on.

This could send the investment bank IPO operating margin from 81% up towards 89 or even 90%. AI FTW. 👍

🇺🇸 NEW: Jack Dorsey's Square launches Bitcoin payment service for US merchants, allowing them to accept $BTC at checkout and hold it in a built-in wallet.

HSBC offers $13.6bn deal to delist local Hong Kong unit on.ft.com/4qjFJ9d

Feeling very bullish on regulatory progress for crypto in the US. Clear rules are coming. This helps builders and innovators. We won’t stop until it happens 💪

OAI. 10x more compute = ~ 10x more revs? @altcap 🧐

🔥 NEW: Fintech mortgage platform Pineapple Financial launched its $100M $INJ treasury, with initial purchase of 678,353 $INJ tokens worth $8.9M.

The crypto market is global, and we need uniform national rules to protect every consumer as the market continues to evolve. That’s why we’ve applied for a @USOCC national trust charter and the federal regulatory oversight and clarity that it provides.

The first half of 2025 has been a story of resilience and recalibration. Despite geopolitical headwinds and consumer caution, key sectors are showing remarkable strength. Here are the top 10 economic highlights from the latest earnings season. 🧵 🧵🧵🧵🧵🧵🧵🧵🧵🧵🧵🧵🧵🧵 🤖1: AI is the Undisputed Growth Engine: From ASML to Alibaba, AI is driving the market. Cloud and tech giants are seeing triple-digit growth in AI-related revenue, fueling massive infrastructure investment and accelerating innovation across all industries. 💹 2: Corporate Resilience Shines Through: Global giants like Alphabet & Lilly posted double-digit revenue growth, beating expectations. Strong execution is helping many navigate a volatile environment, demonstrating the durability of their business models. 🤷 3: The Cautious Consumer: Spending remains healthy, but a divide is emerging. While Visa saw strong holiday spending, McDonald's noted that low and middle-income consumers are pulling back amid economic uncertainty. Value and affordability are paramount. 🗺️ 4: Tariffs & Geopolitics Cast a Shadow: The specter of tariffs is a recurring theme. Companies are actively managing supply chains to mitigate impacts, but the uncertainty is a significant headwind for the second half of the year. ⚕️ 5: Healthcare & Pharma Power Ahead: Blockbuster drugs for obesity & diabetes are fueling unprecedented growth for companies like Novo Nordisk and Lilly. AbbVie's diverse portfolio also shows strong performance, highlighting innovation as a key economic driver. 🪙 6: Shareholders Rewarded: Confidence is high in the boardroom. Companies like ExxonMobil, Alibaba, and JPMorgan Chase are returning billions to shareholders via dividends and buybacks, signaling strong cash flow and a positive outlook. ☁️ 7: Cloud Boom Continues: The AI revolution is supercharging cloud growth. Microsoft Cloud revenue surpassed $42B in Q3, up 22%, while Oracle forecasts over 70% growth for its cloud infrastructure next fiscal year, indicating sustained, massive demand. 🇨🇳 8: A Mixed Picture in China: The Chinese market presents a complex landscape. L'Oréal and Coca-Cola are seeing a recovery, while luxury brands like Hermès face challenging comparisons to a strong 2024. Domestic consumer sentiment is the key variable to watch. 💎 9: Luxury Market Adapts: High-end brands are navigating shifting consumer behaviors. Hermès sees solid local demand in Europe & the Americas, but LVMH reports a slowdown in Japan as tourist spending normalizes from last year's highs. 📊 10: Financial Sector Remains Stable: Major banks are posting solid results. Bank of America and JPMorgan Chase report strong earnings and consistent deposit growth, providing a stable foundation for the broader economy. #Fintech #Economy2025 #Earnings #Investing #MarketTrends