Happy Wednesday!

Michael Saylor said on Tuesday’s Strategy earnings call that the company may sell Bitcoin. Is MSTR about to break a taboo?

Morgan Stanley is entering the crypto game and plans to undercut Coinbase and Robinhood on trading fees: here’s the entire plan.

Plus, SpaceX is set to be the largest IPO ever. But pre-IPO shares are locked behind a velvet rope reserved for hedge funds and Silicon Valley insiders. This ‘SpaceX Backdoor Blueprint’ reveals 8 little-known tickers with major exposure baked right in. Get the Free ‘SpaceX Backdoor Blueprint’

TOP STORY

Michael Saylor Says Strategy Will 'Probably' Sell Bitcoin, But What Do Prediction Markets Say?

Michael Saylor just cracked the "never sell" doctrine.

On Tuesday's Q1 earnings call, the Strategy chairman said the company will "probably sell some Bitcoin to fund a dividend" — sending the stock down more than 4% in after-hours before it pared losses Wednesday as Bitcoin climbed back above $82,000.

The quarter itself was brutal: a record $12.54 billion net loss driven by a $14.46 billion unrealized impairment after BTC slid 23% to start the year. Polymarket repriced fast — odds Strategy sells any Bitcoin before Dec. 31 surged from 10% to 48% in the sharpest move since the contract launched.

BTIG analyst Andrew Harte took the other side, lifting his MSTR target to $350 from $250 on management flexibility.

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Bitcoin, Ethereum, XRP are pumping on Wednesday as a peace agreement in the Middle East seems within reach: here’s what else is driving markets today.

Bitcoin tapped $82,000 on Wednesday, boosted among other factors by the increasing tokenization push by these banking giants.

ZCash has surged 30% in 24 hours and is the hottest coin on the market now: here’s what’s driving the rally.

FINTECH FOCUS

Morgan Stanley Undercuts Coinbase, Robinhood On BTC, ETH, SOL Trading Fees

Morgan Stanley is bringing crypto trading to E*Trade's 8.6 million clients at 50 basis points — undercutting every major competitor before it even fully launches.

Robinhood $HOOD charges 95 bps, Coinbase charges 60 bps, Charles Schwab announced 75 bps last month.

The platform launches with Bitcoin, Ether, and Solana, with Morgan Stanley's head of wealth management Jed Finn framing it bluntly: "The strategy is disintermediating the disintermediators."

The pricing war is one piece of a much larger buildout — Morgan Stanley debuted the first Wall Street bank Bitcoin ETF last month, has Ether and Solana ETFs on the way, applied for a national trust bank charter to custody digital assets, and is preparing a crypto-to-ETF conversion product for clients.

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