Wall Street increased its Bitcoin exposure in the second quarter, adding positions as well as spot Bitcoin exchange sales funds (ETF) Also, new filings with the Securities and Exchange Commission say that US stocks are closely tied to cryptocurrency prices. (seconds).

Brevan Howard almost doubles BlackRock’s position on iShares Bitcoin Trust (go) According to the securities application, in the second quarter. The macro-focused hedge fund held 37.9 million shares at the end of June, at the end of March, with approximately 21.5 million shares in March.

The shares are worth more than $2.6 billion based on IBit’s closing price on June 28th, and Brevan Howard became one of IBIT’s biggest institutional owners, increasing its position to $3.3 billion in Ibit and Fidelity’s wise origin Bitcoin Trust. (FBTC). The banking giant also owned an iShares Ethereum Trust worth $489 million (Eta)according to the submission.

Ownership of Goldman’s ETF is not a direct bet by the trading desk at the price of Bitcoin. Rather, it is more likely to represent the position held by Goldman Sachs Asset Management on behalf of the client.

However, Brevan Howard, best known for his macro trading, has been active in the Crypto space for a long time, running a dedicated digital asset division called BH Digital. The unit manages billions of assets and invests in blockchain infrastructure, decentralized finance and related technologies.

Harvard, Wells Fargo, etc.

Other major IBIT investors include Harvard University, which reported $1.9 billion in ETF shares, and Abu Dhabi’s Mubadara Investment Company, which continues to hold $681 million.

When it comes to US banks, Wells Fargo almost quadrupled its IBIT holdings to $160 million from $26 million in the last quarter, maintaining a $200,000 stake in the grayscale Bitcoin fund. (GBTC).

Canter Fitzgerald also increased its holdings to more than $250 million, increasing its shares in crypto-related stocks, including its strategy. (MSTR)Coinbase (coin) And Robin Hood (Food)especially.

Trading company Jane Street has revealed that it holds $1.46 billion in stake in IBIT. (TSLA) $1.4 billion. We increased our MSTR stake while reducing our FBTC holdings.

Spotting Bitcoin ETFs like IBIT, which launched in January, allows investors to get in touch with the price of Bitcoin without directly holding cryptocurrency. Its structure provides traditional institutions with the means to participate in the crypto market through familiar securities and custody arrangements.

Norway buys more

For some overseas entities, it is easier to be exposed to Bitcoin through US listed companies that have a large amount of BTC on their balance sheets.

This is an approach that Norwegian sovereign wealth funds are being tackled with investors backed by several other European states, choosing to stocks in crypto adjacent companies rather than directly retaining the crypto.

Norges Bank Investment Management (nbim)According to a new memo from the K33 survey, the entities that manage the investment sector of the Norwegian Central Bank and the country’s $2 trillion pension funds currently hold 7,161 BTC indirectly. That figure is up 192% from 2,446 BTC a year ago and 87% from 3,821 BTC held at the end of 2024.

The biggest part of the exposure, 3,005 BTC, comes through strategic stocks. The rest spreads to companies like Marathon Digital, Coinbase, Block and Metaplanet. K33 also counted GME (GameStop) And some small holdings that contribute to the total.

Still, exposure remains small in context. Norwegian funds own stocks in thousands of companies across the global market, and the value of their Bitcoin-related investments is only a small fraction of their total holdings. At its current market price of $117,502 per BTC, the fund’s 7,161 BTC is approximately $841 million, or less than 0.05% of its $2 trillion portfolio.

The sudden increase over the past year could indicate an increased institutional amenity with the asset class, but that is not a major strategic change.

A Goldman Sachs executive is warning that the US economy is losing momentum after a sharp downward revision in job creation over the past few months.

On Friday, the Bureau of Labor Statistics (BLS) revised down the job growth figures for June from 147,000 to 14,000, a 90% drop.

Figures for May were also revised down from 144,000 to 19,000, bringing the combined two-month downward revision to 258,000 jobs.

In a new CNBC interview, Goldman Sachs chief economist Jan Hatzius says the jobs data suggest that the US economy is losing steam.

“Weeks ago, we wrote a report with the title ‘Stall Speed.’ We have only a little more than 1% growth in GDP in the first half and with this jobs number, I think that brings the picture to clearly stall speed image. 

I’m looking at an economy that is still growing but is growing very slowly. And the unemployment rate is drifting higher, gradually. But I do think that the downside risks in the labor market…. are definitely there.”

According to Hatzius, the Fed now has the green light to cut rates in the coming months to support the labor market.

“I think it makes it even more likely that they’re going to cut in September. We have had a series of 25 basis point cuts in September, October, December and to me that seems very likely.

And it could be more. 

It’s certainly a reasonable idea that we’re in the restrictive territory, but this sort of data suggests that maybe we should get back to neutral a little bit more quickly. We have that happening over a longer period of time, but you could accelerate the process.”

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Clients at the brokerage giant Charles Schwab believe the next three months will be bullish for the stock market.

In the firm’s Q3 2025 Trader Client Sentiment Report, Charles Schwab reveals that 57% of its clients are bullish in the stock market for this quarter, with only 29% having a bearish bias.

The survey also shows that 53% of respondents plan to invest in individual stocks this quarter, as 42% say they intend to add more funds to their portfolio. Only 19% plan to take money out of their investment account.

As Charles Schwab traders express their market sentiment over the next few months, 62% say they are most bullish on artificial intelligence (AI) stocks, 56% say growth stocks are their top pick and 55% say they see the most upside potential in domestic stocks.

Meanwhile, 55% say they are bullish on the equities market in general.

The survey results come as banking giant Goldman Sachs unveils a trade it says could spark an investor stampede driven by fear of missing out (FOMO). In a new podcast episode, Kunal Shah, the co-CEO of Goldman Sachs International, says that a Fed rate cut will negatively impact the value of the US dollar and trigger rallies in European stocks, fueled by cheap dollars and a rising euro.

4:50 “I think from here. One of the key drivers beyond the long-term capital allocation theme is really just relative monetary policy. We’re at the point now where the ECB (European Central Bank) may be done [cutting rates], at least for now. But there is pressure on the Fed to cut. 

Now you need to figure out when they are getting a green light from a data perspective, but there is definitely room there for further easing in the front end of the US curve, and that can catalyze another move higher in the euro.

And when the euro is rallying, it is the ultimate FOMO trade that I think people now are going to have to re-risk into.”

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Banking giant Goldman Sachs is looking to take over smaller financial institutions, with several firms already on its radar, the New York Post reports.

In an op-ed for NYP, finance journalist Charles Gasparino says that a CEO of a financial services giant revealed that, because of more lax regulations, banks are on the prowl for acquisitions.

Says the unnamed source,

“Because of the Fed’s supervisory relaxation, big bank deals are going to happen… Everyone is talking.”

Gasparino says that one possible takeover target for Goldman is State Street, the Boston-based financial services giant serving institutional investors with a market valuation of about $30 billion. A State Street spokesperson had no comment on the matter, however.

BNY, formerly known as Bank of New York Mellon, is reportedly another target for Goldman.

Goldman and BNY recently announced a joint venture to launch tokenized money market fund services using a blockchain developed by Goldman. Gasparino says the venture is the precursor to a merger later on.

According to “people close to Goldman,” a more immediate deal could unfold within the private credit or non-bank lenders space.

Besides looking to invest in smaller financial firms, Goldman is also bullish on US equities, while leaning bearish on US Treasury yields.

Due to a forecast of rate cuts coming earlier than expected, Goldman Sachs strategists raised their 12-month outlook for the S&P 500 index from 6,500 to 6,900. They also increased their year-end target from 6,100 to 6,600.

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Banking titan Goldman Sachs believes the US dollar’s poor performance over the last few months is just the beginning of a downtrend that will likely last for years.

In a new podcast, Goldman Sachs chief economist and head of global investment research Jan Hatzius calls the US dollar the “dog that didn’t bark.”

Hatzius says the US economy has stabilized since April, when the stock market plunged amid Trump’s trade war. However, he points out that the dollar has continued to weaken, depreciating even as the economy rebounds.

The economist says the dollar’s bearish price action suggests it’s being driven by long-term structural factors rather than the near-term economic outlook.

“The dollar is still very highly valued on a broad trade-weighted basis, and that historically sets up for depreciation in the coming years. 

The US still runs a very large current account deficit that needs to be financed by equal-sized capital inflows.

Then there are some of these more tail risk concerns around things like Fed independence that probably also have an impact on how foreign investors perceive investments in the US…

This is not about a fire sale. It’s about making it a little bit more difficult to obtain the capital inflows that are needed to cover the current account deficit.”

In April of this year, Hatzius said that the US had a current account deficit of $1.1 trillion, which needed to be financed by foreign investments in US assets such as Treasuries and equities.

The current account deficit exists because the US spends more than it earns from the global economy. By consuming more than it produces, the country relies on foreign investment to bridge the gap. But when foreign funding slows, pressure builds on the dollar as capital flows outward, increasing the global supply of USD and contributing to its devaluation.

At time of writing, the US dollar index (DXY), which tracks the performance of the dollar against a basket of major currencies, is down about 10% year-to-date.

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The growing intersection between traditional finance and digital asset infrastructure has taken another step forward, as Goldman Sachs and BNY Mellon announced a joint initiative aimed at integrating blockchain technology into the money market fund (MMF) ecosystem.

The collaboration will see BNY Mellon leverage Goldman Sachs’ GS DAP® (also known as its private blockchain) to maintain a mirrored tokenized record of customer ownership in select MMFs. This marks the first instance in the United States where mirrored tokenization will be used to reflect ownership in MMFs through a blockchain-based ledger.

The rollout includes major asset managers such as BlackRock, BNY Mellon Investment Management’s Dreyfus, Federated Hermes, Fidelity Investments, and Goldman Sachs Asset Management.

Investors will now be able to subscribe to and redeem MMF shares using BNY’s Liquidity management platform, which has been integrated with its digital assets platform to connect with the private blockchain.

The mirror tokens created on the Goldman Sachs’ private blockchain platform do not replace official records but serve as a complementary layer that increases the accessibility and potential use cases of MMF shares in a digitized financial ecosystem.

Blockchain Integration to Expand MMF Utility

The mirrored tokenization of MMF shares using blockchain represents a new model for fund management infrastructure. Although the underlying assets remain managed through traditional custodial and compliance channels, the blockchain layer enhances interoperability and real-time transferability.

Goldman Sachs’ GS DAP®, is built on smart contract technology from the startup Digital Asset and offers programmable finance functionality for institutions.

BNY Mellon’s LiquidityDirectSM platform is also one of the leading portals for institutional cash investors, and the integration of the private blockchain opens the door to extending MMF shares into use cases like collateral optimization and intraday liquidity management.

According to Laide Majiyagbe, BNY Mellon’s Global Head of Liquidity, Financing and Collateral, “Mirrored tokenization of MMF shares is a first step in this transition,” noting the company’s position as a link between established financial systems and new technology.

GS DAP® was previously piloted for bond issuance on blockchain networks in Asia and Europe. Its adaptation for MMF share representation in the US signals a broader vision for tokenizing real-world assets beyond equities and debt, potentially reshaping capital markets infrastructure.

This particular use case focuses on liquidity and settlement efficiency in short-term investment vehicles, valued at over $7 trillion globally, according to ICI data.

A Step Toward Collateral Utility and Global Scalability

Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, emphasized the potential benefits of using tokenized MMF shares as collateral in various trading and settlement contexts.

“Using tokens representing the value of shares of Money Market Funds on GS DAP® would enable us to unlock their utility as a form of collateral and open up more seamless transferability in the future,” he said in a statement.

BNY Mellon will continue to serve as the official recordkeeper, maintaining existing regulatory compliance and settlement protocols. However, the addition of tokenized mirrors creates new flexibility for financial institutions seeking to modernize collateral management and liquidity strategies.

While this initiative currently focuses on US MMFs, both institutions signaled interest in expanding the model globally, potentially applying similar technology to other fund structures and asset classes.

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Macroeconomics expert Raoul Pal says risk assets could witness massive eruptions if the US dollar continues to weaken.

In a new video, Pal tells his 242,000 YouTube subscribers that if the US dollar index (DXY) falls further amid an improving business cycle, risk assets such as stocks and crypto could experience an extended bullish phase.

“So what happens is when the business cycle picks up, there’s more disposable income and businesses have more investment income and that gets driven out of the risk curve always…

And I think the inverse to the business cycle being so low for so long will be the flip side of the cycle will be longer than people expected because we’ve got this slight dislocation still working through post-Covid that then extends the business cycle…

But if financial conditions keep moving, if they really have done some sort of Mar-a-Lago Accord, and they get the dollar [DXY] below 90. Okay, then we’re going on further and yeah, maybe it’s a full bubble cycle then.”

The DXY, a measure of the value of the dollar relative to a basket of six other leading currencies from major economies, is currently at 98.

Pal further says an increase in global liquidity could also act as a bullish catalyst for asset prices amid high government debt levels.

“Just using the liquidity framework, the business cycle framework, the financial conditions framework, it’s all suggesting that the probability is because they need to roll the debt, they’re going to have to increase more liquidity, and this is just going to drive assets up strongly.”

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A Goldman Sachs executive is outlining potentially tactical stock trades as second-quarter earnings reports begin to roll out in mid-July.

John Marshall, Goldman’s head of derivatives research, says in a new interview with CNBC that the brokerages Interactive Brokers (IBKR) and Charles Schwab (SCHW) are benefiting from a surge in retail trading activity, which could boost their stock prices.

“The retail activity – while they may not have been buying intensely over the last couple of months, they’ve been very active, and that should be a tailwind for both of them.” 

Marshall also says Goldman believes the equipment and machinery giant John Deere (DE) could benefit from the agricultural cycle, which the firm believes is at a cyclical bottom.

Goldman Sachs’ other tactical trades related to Q2 earnings reports include the cloud-based data storage firm Snowflake (SNOW), the aircraft leasing company Air Lease Corporation (AL), the restaurant franchise giant YUM! (YUM) and the global branded food company Hormel Foods (HRL).

In terms of stocks that could slide in price due to earnings reports, Marshall mentions the furniture giant Restoration Hardware (RH).

“While they don’t report until September, that’s a name which has tough compares.”

Other stocks that Goldman thinks could have potential downside include the airline giant Southwest (LUV) and the Boston Beer Company (SAM).

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Analysts at the financial giant Goldman Sachs upgraded their S&P 500 projections amid new predictions for rate cuts from the U.S. Federal Reserve.

Goldman Sachs Research economists say there’s more than a 50% chance of the Fed cutting rates at the Federal Open Market Committee (FOMC) meeting in September, three months earlier than their previous prediction.

Goldman economists predict 25-basis-point cuts in September, October, and December, and March and June of 2026.

The upgraded forecast is due to early evidence that indicates the impact of President Donald Trump’s tariffs has been somewhat less dramatic than initially expected. David Mericle, chief US economist in Goldman Sachs Research, also notes that it has become harder to find a job in the US, though he says the labor market remains healthy overall.

The CME FedWatch Tool estimates there’s a 62.7% chance the Fed will cut the rate by 25 basis points at the FOMC meeting in September. The FedWatch Tool generates probabilities using the 30-day Fed Funds futures prices.

Due to the upgraded forecast, Goldman Sachs strategists raised their 12-month forecast for the S&P 500 index from 6,500 to 6,900, Bloomberg reports. They also increased their year-end target from 6,100 to 6,600.

The S&P 500 is trading at 6,225.52 at time of writing. The leading index is up 0.5% in the past five days and 3.66% in the past month.

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US banking titan Goldman Sachs is reportedly highlighting its bullishness on one under-the-radar artificial intelligence (AI) stock that’s up over 68% since March.

Goldman has put Taiwan Semiconductor Manufacturing Company Limited (TWSC:2330) on its “Conviction Buy” list after already being on its buy list, Insider Monkey reports.

TSMC is Taiwan’s largest company, and shares of TSMC are often considered a “pure play” on semiconductors as the firm manufactures chips for some of the world’s biggest tech firms, including Apple, Nvidia and Qualcomm.

Goldman says it is raising its price target on TSMC based on cooling concerns about large AI-chip order cuts and increasing demand for the company’s CoWoS (Chip on Wafer on Substrate with silicon interposer) tech designed to power ultra-high-performance computing for AI and other applications.

The bank also believes that more smartphone, server and networking customers of TSMC will start adopting CoWoS tech.

Goldman is projecting the company’s dollar revenue to grow by 29% this year and 17% in 2026.

The firm has upped its price target for TSM to NT$1,210 from NT$1,145.

At time of writing, TSMC is trading at NT$1,080. Reaching Goldman’s price target suggests a 12% rally from current prices.

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